Document:

EX-4.1

 Exhibit 4.1 
  

 
 Dated August 1, 2018 

Base Indenture 
 between

 Planet Fitness Master Issuer LLC, 

as Master Issuer, 
 and 

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

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Cross-References	  	 	1	 
	 Section 1.3
	 	Accounting Terms; Accounting and Financial Determinations; No Duplication	  	 	2	 
	 Section 1.4
	 	Rules of Construction	  	 	2	 
		
	ARTICLE II THE NOTES	  	 	3	 
			
	 Section 2.1
	 	Designation and Terms of Notes	  	 	3	 
	 Section 2.2
	 	Notes Issuable in Series	  	 	4	 
	 Section 2.3
	 	Series Supplement for Each Series	  	 	10	 
	 Section 2.4
	 	Execution and Authentication	  	 	11	 
	 Section 2.5
	 	Registrar and Paying Agent	  	 	12	 
	 Section 2.6
	 	Paying Agent to Hold Money in Trust	  	 	12	 
	 Section 2.7
	 	Noteholder List	  	 	14	 
	 Section 2.8
	 	Transfer and Exchange	  	 	14	 
	 Section 2.9
	 	Persons Deemed Owners	  	 	16	 
	 Section 2.10
	 	Replacement Notes	  	 	16	 
	 Section 2.11
	 	Treasury Notes	  	 	17	 
	 Section 2.12
	 	Book-Entry Notes	  	 	17	 
	 Section 2.13
	 	Definitive Notes	  	 	18	 
	 Section 2.14
	 	Cancellation	  	 	19	 
	 Section 2.15
	 	Principal and Interest	  	 	20	 
	 Section 2.16
	 	Tax Treatment	  	 	20	 
	 Section 2.17
	 	Tax Withholding	  	 	20	 
		
	ARTICLE III SECURITY	  	 	21	 
			
	 Section 3.1
	 	Grant of Security Interest	  	 	21	 
	 Section 3.2
	 	Certain Rights and Obligations of the Master Issuer Unaffected	  	 	23	 
	 Section 3.3
	 	Performance of Collateral Transaction Documents	  	 	24	 
	 Section 3.4
	 	Stamp, Other Similar Taxes and Filing Fees	  	 	24	 
	 Section 3.5
	 	Authorization to File Financing Statements	  	 	24	 
		
	ARTICLE IV REPORTS	  	 	25	 
			
	 Section 4.1
	 	Reports and Instructions to Trustee	  	 	25	 
	 Section 4.2
	 	Rule 144A Information	  	 	27	 
	 Section 4.3
	 	Reports, Financial Statements and Other Information to Noteholders	  	 	28	 
	 Section 4.4
	 	Manager	  	 	29	 
	 Section 4.5
	 	No Constructive Notice	  	 	29	 

  
 i 

							
	ARTICLE V ALLOCATION AND APPLICATION OF COLLECTIONS	  	 	29	 
			
	 Section 5.1
	 	Administration of Accounts and Additional Accounts	  	 	29	 
	 Section 5.2
	 	Management Accounts and Additional Accounts	  	 	30	 
	 Section 5.3
	 	Senior Notes Interest Reserve Account	  	 	31	 
	 Section 5.4
	 	Senior Subordinated Notes Interest Reserve Account	  	 	32	 
	 Section 5.5
	 	Cash Trap Reserve Account	  	 	32	 
	 Section 5.6
	 	Collection Account	  	 	33	 
	 Section 5.7
	 	Collection Account Administrative Accounts	  	 	34	 
	 Section 5.8
	 	Hedge Payment Account	  	 	36	 
	 Section 5.9
	 	Trustee as Securities Intermediary	  	 	36	 
	 Section 5.10
	 	Establishment of Series Accounts; Legacy Accounts	  	 	38	 
	 Section 5.11
	 	Collections and Investment Income	  	 	38	 
	 Section 5.12
	 	Application of Collections on Interim Allocation Dates	  	 	44	 
	 Section 5.13
	 	Quarterly Payment Date Applications	  	 	49	 
	 Section 5.14
	 	Determination of Quarterly Interest	  	 	62	 
	 Section 5.15
	 	Determination of Quarterly Principal	  	 	62	 
	 Section 5.16
	 	Prepayment of Principal	  	 	62	 
	 Section 5.17
	 	Retained Collections Contributions	  	 	62	 
	 Section 5.18
	 	Interest Reserve Letters of Credit	  	 	63	 
	 Section 5.19
	 	Replacement of Ineligible Accounts	  	 	64	 
	 Section 5.20
	 	Instructions and Directions	  	 	64	 
		
	ARTICLE VI DISTRIBUTIONS	  	 	65	 
			
	 Section 6.1
	 	Distributions in General	  	 	65	 
		
	ARTICLE VII REPRESENTATIONS AND WARRANTIES	  	 	66	 
			
	 Section 7.1
	 	Existence and Power	  	 	66	 
	 Section 7.2
	 	Company and Governmental Authorization	  	 	66	 
	 Section 7.3
	 	No Consent	  	 	67	 
	 Section 7.4
	 	Binding Effect	  	 	67	 
	 Section 7.5
	 	Litigation	  	 	67	 
	 Section 7.6
	 	No ERISA Plans	  	 	67	 
	 Section 7.7
	 	Tax Filings and Expenses	  	 	68	 
	 Section 7.8
	 	Disclosure	  	 	68	 
	 Section 7.9
	 	1940 Act	  	 	68	 
	 Section 7.10
	 	Regulations T, U and X	  	 	69	 
	 Section 7.11
	 	Solvency	  	 	69	 
	 Section 7.12
	 	Ownership of Equity Interests; Subsidiaries	  	 	69	 
	 Section 7.13
	 	Security Interests	  	 	70	 
	 Section 7.14
	 	Related Documents	  	 	71	 
	 Section 7.15
	 	Non-Existence of Other Agreements	  	 	71	 
	 Section 7.16
	 	Compliance with Contractual Obligations and Laws	  	 	71	 
	 Section 7.17
	 	Other Representations	  	 	71	 
	 Section 7.18
	 	No Employees	  	 	72	 
	 Section 7.19
	 	Insurance	  	 	72	 

  
 ii 

							
	 Section 7.20
	 	Environmental Matters	  	 	72	 
	 Section 7.21
	 	Intellectual Property	  	 	73	 
		
	ARTICLE VIII COVENANTS	  	 	74	 
			
	 Section 8.1
	 	Payment of Notes	  	 	74	 
	 Section 8.2
	 	Maintenance of Office or Agency	  	 	75	 
	 Section 8.3
	 	Payment and Performance of Obligations	  	 	75	 
	 Section 8.4
	 	Maintenance of Existence	  	 	75	 
	 Section 8.5
	 	Compliance with Laws	  	 	76	 
	 Section 8.6
	 	Inspection of Property; Books and Records	  	 	76	 
	 Section 8.7
	 	Actions under the Collateral Transaction Documents and Related Documents	  	 	76	 
	 Section 8.8
	 	Notice of Defaults and Other Events	  	 	78	 
	 Section 8.9
	 	Notice of Material Proceedings	  	 	78	 
	 Section 8.10
	 	Further Requests	  	 	78	 
	 Section 8.11
	 	Further Assurances	  	 	79	 
	 Section 8.12
	 	Liens	  	 	80	 
	 Section 8.13
	 	Other Indebtedness	  	 	80	 
	 Section 8.14
	 	Employee Benefit Plans	  	 	81	 
	 Section 8.15
	 	Mergers	  	 	81	 
	 Section 8.16
	 	Asset Dispositions	  	 	81	 
	 Section 8.17
	 	Acquisition of Assets	  	 	83	 
	 Section 8.18
	 	Dividends, Officers’ Compensation, etc.	  	 	84	 
	 Section 8.19
	 	Legal Name, Location Under Section 9-301 or 9-307	  	 	84	 
	 Section 8.20
	 	Charter Documents	  	 	84	 
	 Section 8.21
	 	Investments	  	 	85	 
	 Section 8.22
	 	No Other Agreements	  	 	85	 
	 Section 8.23
	 	Other Business	  	 	85	 
	 Section 8.24
	 	Maintenance of Separate Existence	  	 	85	 
	 Section 8.25
	 	Covenants Regarding the Securitization IP	  	 	87	 
	 Section 8.26
	 	1940 Act	  	 	89	 
	 Section 8.27
	 	Real Property	  	 	90	 
	 Section 8.28
	 	No Employees	  	 	90	 
	 Section 8.29
	 	Insurance	  	 	90	 
	 Section 8.30
	 	Litigation	  	 	90	 
	 Section 8.31
	 	Environmental	  	 	90	 
	 Section 8.32
	 	Enhancements	  	 	91	 
	 Section 8.33
	 	Series Hedge Agreements; Derivatives Generally	  	 	91	 
	 Section 8.34
	 	Additional Securitization Entity	  	 	91	 
	 Section 8.35
	 	Subordinated Notes Repayments	  	 	92	 
	 Section 8.36
	 	Tax Lien Reserve Amount	  	 	92	 
	 Section 8.37
	 	Bankruptcy Proceedings	  	 	93	 
		
	ARTICLE IX REMEDIES	  	 	93	 
			
	 Section 9.1
	 	Rapid Amortization Events	  	 	93	 
	 Section 9.2
	 	Events of Default	  	 	94	 

  
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	 Section 9.3
	 	Rights of the Control Party and Trustee upon Event of Default	  	 	98	 
	 Section 9.4
	 	Waiver of Appraisal, Valuation, Stay and Right to Marshaling	  	 	100	 
	 Section 9.5
	 	Limited Recourse	  	 	101	 
	 Section 9.6
	 	Optional Preservation of the Securitized Assets	  	 	101	 
	 Section 9.7
	 	Waiver of Past Events	  	 	101	 
	 Section 9.8
	 	Control by the Control Party	  	 	102	 
	 Section 9.9
	 	Limitation on Suits	  	 	102	 
	 Section 9.10
	 	Unconditional Rights of Noteholders to Receive Payment	  	 	103	 
	 Section 9.11
	 	The Trustee May File Proofs of Claim	  	 	103	 
	 Section 9.12
	 	Undertaking for Costs	  	 	104	 
	 Section 9.13
	 	Restoration of Rights and Remedies	  	 	104	 
	 Section 9.14
	 	Rights and Remedies Cumulative	  	 	104	 
	 Section 9.15
	 	Delay or Omission Not Waiver	  	 	105	 
	 Section 9.16
	 	Waiver of Stay or Extension Laws	  	 	105	 
		
	 ARTICLE X THE TRUSTEE
	  	 	105	 
			
	 Section 10.1
	 	Duties of the Trustee	  	 	105	 
	 Section 10.2
	 	Rights of the Trustee	  	 	109	 
	 Section 10.3
	 	Individual Rights of the Trustee	  	 	112	 
	 Section 10.4
	 	Notice of Events of Default and Defaults	  	 	112	 
	 Section 10.5
	 	Compensation and Indemnity	  	 	112	 
	 Section 10.6
	 	Replacement of the Trustee	  	 	113	 
	 Section 10.7
	 	Successor Trustee by Merger, etc.	  	 	114	 
	 Section 10.8
	 	Eligibility Disqualification	  	 	115	 
	 Section 10.9
	 	Appointment of Co-Trustee or Separate Trustee	  	 	115	 
	 Section 10.10
	 	Representations and Warranties of Trustee	  	 	116	 
		
	 ARTICLE XI CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY
	  	 	117	 
			
	 Section 11.1
	 	Controlling Class Representative	  	 	117	 
	 Section 11.2
	 	Resignation or Removal of the Controlling Class Representative	  	 	119	 
	 Section 11.3
	 	Expenses and Liabilities of the Controlling Class Representative	  	 	120	 
	 Section 11.4
	 	Control Party	  	 	121	 
	 Section 11.5
	 	Note Owner List	  	 	122	 
		
	 ARTICLE XII DISCHARGE OF INDENTURE
	  	 	123	 
			
	 Section 12.1
	 	Termination of the Master Issuer’s and Guarantors’ Obligations	  	 	123	 
	 Section 12.2
	 	Application of Trust Money	  	 	126	 
	 Section 12.3
	 	Repayment to the Master Issuer	  	 	126	 
	 Section 12.4
	 	Reinstatement	  	 	127	 
		
	 ARTICLE XIII AMENDMENTS
	  	 	127	 
			
	 Section 13.1
	 	Without Consent of the Control Party, the Controlling Class Representative or the Noteholders	  	 	127	 
	 Section 13.2
	 	With Consent of the Controlling Class Representative or the Noteholders	  	 	130	 

  
 iv 

							
	 Section 13.3
	 	Supplements	  	 	131	 
	 Section 13.4
	 	Revocation and Effect of Consents	  	 	132	 
	 Section 13.5
	 	Notation on or Exchange of Notes	  	 	132	 
	 Section 13.6
	 	The Trustee to Sign Amendments, etc.	  	 	132	 
	 Section 13.7
	 	Amendments and Fees	  	 	132	 
		
	ARTICLE XIV MISCELLANEOUS	  	 	133	 
			
	 Section 14.1
	 	Notices	  	 	133	 
	 Section 14.2
	 	Communication by Holders With Other Holders	  	 	136	 
	 Section 14.3
	 	Officer’s Certificate as to Conditions Precedent	  	 	136	 
	 Section 14.4
	 	Statements Required in Certificate	  	 	136	 
	 Section 14.5
	 	Rules by the Trustee	  	 	137	 
	 Section 14.6
	 	Benefits of Indenture	  	 	137	 
	 Section 14.7
	 	Payment on Business Day	  	 	137	 
	 Section 14.8
	 	Governing Law	  	 	137	 
	 Section 14.9
	 	Successors	  	 	137	 
	 Section 14.10
	 	Severability	  	 	137	 
	 Section 14.11
	 	Counterpart Originals	  	 	138	 
	 Section 14.12
	 	Table of Contents, Headings, etc.	  	 	138	 
	 Section 14.13
	 	No Bankruptcy Petition Against the Securitization Entities	  	 	138	 
	 Section 14.14
	 	Recording of Indenture	  	 	138	 
	 Section 14.15
	 	Waiver of Jury Trial	  	 	138	 
	 Section 14.16
	 	Submission to Jurisdiction; Waivers	  	 	139	 
	 Section 14.17
	 	Permitted Asset Dispositions; Release of Collateral	  	 	139	 
	 Section 14.18
	 	Calculation of Holdco Leverage Ratio and Senior ABS Leverage Ratio	  	 	139	 
	 Section 14.19
	 	Instructions and Directions on Behalf of the Master Issuer	  	 	141	 

 ANNEXES 
  

					
	Annex A	 	—  	  	Base Indenture Definitions List

 EXHIBITS 
  

					
	Exhibit A	 	—  	  	Interim Manager’s Certificate
	Exhibit B-1	 	—  	  	Form of Notice of Grant of Security Interest in Trademarks
	Exhibit B-2	 	—  	  	Form of Notice of Grant of Security Interest in Patents
	Exhibit B-3	 	—  	  	Form of Grant of Security Interest in Copyrights
	Exhibit C-1	 	—  	  	Form of Supplemental Notice of Grant of Security Interest in Trademarks
	Exhibit C-2	 	—  	  	Form of Supplemental Notice of Grant of Security Interest in Patents
	Exhibit C-3	 	—  	  	Form of Supplemental Grant of Security Interest in Copyrights
	Exhibit C-4	 	—  	  	Form of Supplemental Notice of Grant of Security Interest (Canada)
	Exhibit D	 	—  	  	Form of Investor Request Certification
	Exhibit E	 	—  	  	Form of CCR Election Notice

  
 v 

					
	Exhibit F	 	—  	  	Nomination for Controlling Class Representative
	Exhibit G	 	—  	  	Ballot for Controlling Class Representative
	Exhibit H	 	—  	  	Form of CCR Acceptance Letter
	Exhibit I	 	—  	  	Form of Note Owner Certificate

 SCHEDULES 
  

					
	Schedule 7.13(a)	 	—  	  	Non-Perfected Liens
	Schedule 7.19	 	—  	  	Insurance

  

  
 vi 

 BASE INDENTURE, dated as of August 1, 2018, by and between Planet Fitness Master Issuer
LLC, a Delaware limited liability company (the “Master Issuer”), and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the “Trustee”) and as securities intermediary (in such capacity, the
“Securities Intermediary”). 
 W I T N E S S E T H: 

WHEREAS, the Master Issuer has duly authorized the execution and delivery of this Base Indenture to provide for the issuance from time to time
of one or more Series of asset backed notes (the “Notes”), as provided in this Base Indenture and any Series Supplement; and 

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

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. 

(a) Capitalized terms used herein and not otherwise defined herein (including the preamble and the recitals hereto) shall have the meanings
assigned to such terms in the Base Indenture Definitions List attached hereto as Annex A (the “Base Indenture Definitions List”), as such Base Indenture Definitions List may be amended, supplemented or
otherwise modified from time to time in accordance with the provisions hereof. 
 (b) Any terms used in the Indenture (including without
limitation, for purposes of Article III) that are defined in the UCC shall be construed and defined as set forth in the UCC, unless otherwise defined in the Indenture. 

Section 1.2 Cross-References. 

Unless otherwise specified, references in the Indenture and in each other Related Document to any Article or Section are references to such
Article or Section of the Indenture or such other Related Document, as the case may be, and, unless otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such Article, Section or
definition. 

 Section 1.3 Accounting Terms; Accounting and Financial Determinations; No
Duplication. 
 (a) All accounting terms not specifically or completely defined in the Indenture or the Related Documents shall be
construed in conformity with GAAP. 
 (b) Where the character or amount of any asset or liability or item of income or expense is required to
be determined, or any accounting computation is required to be made, for the purpose of the Indenture or any other Related Document, such determination or calculation shall be made, to the extent applicable and except as otherwise specified in the
Indenture or such other Related Document, in accordance with GAAP. When used herein, the term “financial statement” shall include the notes and schedules thereto. All accounting determinations and computations hereunder or under any other
Related Documents shall be made without duplication. 
 Section 1.4 Rules of Construction. 

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

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

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

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

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

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

(h) with respect to the determination of any period of time, except as otherwise specified, “from” means “from and
including” and “to” means “to but excluding”; 
 (i) the use of Subclass designations, Tranche designations or other
designations to differentiate Note characteristics within a Class will not alter priority of the requirement to pay among the Class pro rata unless expressly provided for in the applicable Series Supplement for such Subclass or
Tranche; 

  
 2 

 (j) if (i) any funds deposited to an Account are to be paid or allocated, or any action
described in an Interim Manager’s Certificate is to be taken, on (or prior to) the “following Interim Allocation Date”, the “Interim Allocation Date immediately following” or on the “immediately following Interim
Allocation Date”, such payment, allocation or action shall occur on (or prior to, if applicable) the Interim Allocation Date related to the Interim Collection Period in which such deposit occurs or to the Interim Allocation Date to which the
Interim Manager’s Certificate relates, as applicable, and (ii) an action or event is to occur with respect to a Monthly Fiscal Period immediately preceding an Interim Allocation Date, such action or event shall occur with respect to the
most recent Monthly Fiscal Period ending prior to such Interim Allocation Date; 
 (k) if any payment is due, or any action described in a
Quarterly Noteholders’ Report is to be taken, on (or prior to) the “related Quarterly Payment Date”, on the “following Quarterly Payment Date”, on the “immediately succeeding Quarterly Payment Date”, on the
“next succeeding Quarterly Payment Date” or on the “immediately following Quarterly Payment Date”, such payment shall be due, or such action shall occur, as applicable, either (i) on (or prior to, if applicable) the
Quarterly Payment Date related to the Quarterly Collection Period in which such payment accrues or to the Quarterly Payment Date to which such Quarterly Noteholders’ Report relates or (ii) on the Quarterly Payment Date related to the
applicable Quarterly Calculation Date on which such payment is calculated; and 
 (l) references to (i) the “preceding Interim
Collection Period” means the most recent Interim Collection Period ending prior to the indicated date, (ii) the “immediately preceding Quarterly Collection Period” means the most recent Quarterly Collection Period ending prior to
the indicated date and (iii) “immediately preceding Quarterly Calculation Date” means the most recent Quarterly Calculation Date. 

ARTICLE II 
 THE NOTES

 Section 2.1 Designation and Terms of Notes. 

(a) Each Series of Notes shall be substantially in the form specified in the Series Supplement for such Series and shall bear, upon its face,
the designation for such Series to which it belongs as selected by the Master Issuer, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted hereby or by the Series Supplement for such
Series and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined to be appropriate by any Authorized Officer of the Master Issuer executing such
Notes, as evidenced by execution of such Notes by such Authorized Officer. All Notes of any Series shall, except as specified in the Series Supplement for such Series and in the Base Indenture, be equally and ratably entitled as provided herein to
the benefits hereof without preference, priority or distinction on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Base Indenture and the Series Supplement for such Series.
The aggregate principal amount of Notes which may be authenticated and delivered under this Base Indenture is unlimited. The Notes of each Series shall be issued in the denominations set forth in the Series Supplement for such Series. 

  
 3 

 (b) Class A-1 Notes. Any Series of Notes that
includes Class A-1 Notes may include within the Variable Funding Note Purchase Agreement any terms, provisions, forms and other matters that affect the
Class A-1 Notes (other than the form of Class A-1 Notes, which will be an exhibit to the Series Supplement for such Series). With respect to any Variable
Funding Note Purchase Agreement entered into by the Master Issuer in connection with the issuance of any Class A-1 Notes, whether or not any of the following shall have been specifically provided for in
the applicable provision of the Indenture Documents, the following shall apply (except to the extent that the Series Supplement or Variable Funding Note Purchase Agreement with respect to such Class A-1
Notes provides otherwise): 
 (i) for purposes of any provision of any Indenture Document relating to any vote, consent, direction, waiver or
the like to be given by such Class on any date, with respect to the Class A-1 Notes of any Series Outstanding, the relevant amount of each such Class A-1
Notes to be used in tabulating the percentage of such Series voting, directing, consenting or waiving or the like (the “Class A-1 Notes Voting Amount”) will be the greater
of (1) the Class A-1 Notes Maximum Principal Amount for such Class A-1 Notes (after giving effect to any cancelled commitments) and (2) the
Outstanding Principal Amount of such Class A-1 Notes; 
 (ii) for purposes of any provisions of
any Indenture Document relating to termination, discharge or the like, such Class A-1 Notes of a Series shall continue to be deemed Outstanding unless and until both (x) all commitments to extend
credit under such Variable Funding Note Purchase Agreement have been terminated thereunder and (y) the Outstanding Principal Amount of such Class A-1 Notes shall have been reduced to zero; and 

(iii) notwithstanding the foregoing, and for the avoidance of doubt, a Series Supplement or a Variable Funding Note Purchase Agreement may
provide for different treatment of commitments of a Noteholder of a Class A-1 Note subject to such Series Supplement or Variable Funding Note Purchase Agreement that (1) has failed to make a payment
required to be made by it under the terms of the Variable Funding Note Purchase Agreement, (2) has provided written notification that it does not intend to make a payment required to be made by it thereunder when due or (3) has become the
subject of an Event of Bankruptcy. 
 Section 2.2 Notes Issuable in Series. 

(a) The Notes may be issued in one or more Series. Each Series of Notes shall be created by a Series Supplement. A Series of Notes may include
separate Classes, Subclasses or Tranches as set forth in the related Series Supplement. Any reference to a Series shall, unless the context requires otherwise, also include any Class, Subclass or Tranche of such Series. 

(b) So long as each of the certifications described in clause (vi) below are true and correct as of the applicable
Series Closing Date, Notes of a new Series may, from time to time, be executed by the Master Issuer and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered by the Trustee upon the receipt by
the Trustee of a 

  
 4 

 
Company Order at least three (3) Business Days (except in the case of the issuance of the Series of Notes on the Closing Date) in advance of the related Series Closing Date (which Company
Order may be delivered at the end of such Business Day and will be revocable by the Master Issuer upon notice to the Trustee no later than 5:00 p.m. (Eastern time) two (2) Business Days prior to the related Series Closing Date) and upon
performance or delivery by the Master Issuer to the Trustee and the Control Party, and receipt by the Trustee and the Control Party, of the following: 

(i) a Company Order authorizing and directing the authentication and delivery of the Notes of such new Series by the Trustee and
specifying the designation of such new Series, the Initial Principal Amount (or the method for calculating the Initial Principal Amount) of such new Series to be authenticated and the Note Rate with respect to such new Series; 

(ii) a Series Supplement satisfying the criteria set forth in Section 2.3 executed by the Master Issuer and the
Trustee and specifying the Principal Terms of such new Series; 
 (iii) if there is one or more Series of Notes Outstanding (other than a
Series of Notes Outstanding that will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing Date), written confirmation from the Manager that the Rating Agency Condition with respect
to the issuance of such Additional Notes is satisfied;  
 (iv) any related Enhancement
Agreement entered into in connection with such issuance and executed by each of the parties thereto in compliance with Section 8.32; 

(v) any related Series Hedge Agreement entered into in connection with such issuance and executed by each of the parties thereto in compliance
with Section 8.33; 
 (vi) one or more Officer’s Certificates, each executed by an Authorized Officer of the
Master Issuer, dated as of the applicable Series Closing Date to the effect that: 
 (A) the Senior ABS Leverage Ratio as of
the applicable Series Closing Date is less than or equal to 6.50x after giving pro forma effect to the issuance of such Additional Notes and any repayment of existing Indebtedness from such Additional Notes; 

(B) the Holdco Leverage Ratio is less than or equal to 7.00x after giving pro forma effect to the issuance of such Additional
Notes and any repayment of existing Indebtedness from such Additional Notes; 
 (C) no Potential Rapid Amortization Event,
Rapid Amortization Event, Default or Event of Default has occurred and is continuing or will occur as a result of the issuance of the new Series of Notes; 

(D) all representations and warranties of the Master Issuer in this Base Indenture and the other Related Documents are true and
correct, and will continue to be true and correct after giving effect to such issuance on the Series Closing Date, in all material respects (other than any representation or warranty that, by its terms, is made only as of an earlier date); 

  
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 (E) no Cash Trapping Period is in effect or will commence as a result of the
issuance of the new Series of Notes; 
 (F) the New Series Pro Forma DSCR is greater than or equal to 2.00x; 

(G) no Manager Termination Event or Potential Manager Termination Event has occurred and is continuing or will occur as a
result of such issuance; 
 (H) the proposed issuance does not alter or change the terms of any Series of Notes Outstanding
or the Series Supplement relating thereto without such consents (if any) as are required under this Base Indenture or the applicable Series Supplement; 

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

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

(L) if such new Series of Notes includes Subordinated Notes, the terms of any such new Series of Notes include the Subordinated
Notes Provisions to the extent applicable; 
 (M) the legal final maturity date for any new Class of Senior Notes will
not be prior to the legal final maturity of any Class of Senior Notes then Outstanding; provided, that the legal final maturity of any new Class A-1 Notes may be prior to the legal final
maturity of any Class of Senior Notes (other than Class A-1 Notes that will not be simultaneously repaid) then Outstanding; 

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

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

  
 6 

 (P) each of the parties to the Related Documents with respect to such new
Series of Notes has covenanted and agreed in the Related Documents that, prior to the date which is one (1) year and one (1) day after the payment in full of the latest maturing Note, it will not institute against, or join with any other
Person in instituting against, any Securitization Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law; 

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

(R) if such issuance is of a Series of Senior Subordinated Notes or Subordinated Notes, the Master Issuer has established the
applicable Collection Account Administrative Accounts set forth in Section 5.7(a) and such accounts are subject to an Account Control Agreement in accordance with the terms herein; 

provided that none of the conditions set forth in the foregoing clauses (A), (B), (C), (E), (F), (G), (H), (M), (N), and (O) of this clause
(vi) shall apply and no Officer’s Certificates shall be required to include such representations under this clause (vi), in each case, if there are no Series of Notes Outstanding (apart from the new Series of
Notes) on the applicable Series Closing Date, or if all Series of Notes Outstanding (apart from the new Series of Notes) will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing
Date; 
 (vii) a Tax Opinion dated the applicable Series Closing Date; provided, however, that, if there are no Notes
Outstanding or if all Series of Notes Outstanding will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing Date or defeased in accordance with
Section 12.1(c), only the opinions set forth in clauses (b) and (c) of the definition of Tax Opinion are required to be given in connection with the issuance of such new Series of
Notes; 
 (viii) one or more Opinions of Counsel, supported by one or more Officer’s Certificates, addressed to the Trustee and the
Control Party, subject to customary assumptions and qualifications, and in a form reasonably acceptable to the Control Party, dated the applicable Series Closing Date, substantially to the effect that: 

(A) all of the instruments described in this Section 2.2(b) furnished to the Trustee and the Control
Party conform to the requirements of this Base Indenture and the related Series Supplement (or to the extent applicable, any Variable Funding Note Purchase Agreement) and the new Series of Notes is permitted to be authenticated by the Trustee
pursuant to the terms of this Base Indenture and the related Series Supplement (or to the extent applicable, any Variable Funding Note Purchase Agreement); 

  
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 (B) the related Series Supplement and any Variable Funding Note Purchase
Agreement have been duly authorized, executed and delivered by the Master Issuer and constitute valid and binding agreements of the Master Issuer, enforceable against the Master Issuer in accordance with their terms; 

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

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

(E) the Lien and the security interests created by this Base Indenture and the Guarantee and Collateral Agreement on the
Collateral remain perfected or recorded as of such date to the extent required by this Base Indenture and the Guarantee and Collateral Agreement and such Lien and security interests as of such date extend to any assets transferred to the
Securitization Entities through the date of the issuance of such new Series of Notes; 
 (F) based on a reasoned analysis,
(i) in the event of a bankruptcy or insolvency of a Non-Securitization Entity no Securitization Entity would be substantively consolidated with such
Non-Securitization Entity and (ii) as of the applicable Series Closing Date, each transfer of Collateral to any Securitization Entity pursuant to a Contribution Agreement would be treated as a “true
sale” or absolute transfer; 
 (G) neither the execution and delivery by each Securitization Entity of the Indenture
Documents to which it is a party nor the performance by such Securitization Entity of its obligations under such Indenture Documents: (i) conflicts with the Charter Documents of such Securitization Entity, (ii) constitutes a violation of,
or a default under, any material agreement to which such Securitization Entity is a party (which agreements may be set forth in a schedule to such opinion), or (iii) contravenes any order or decree that is applicable to such Securitization
Entity (which order and decree may be set forth in a schedule to such opinion); 
 (H) neither the execution and delivery by
the Master Issuer of such Notes and the related Series Supplement (and, to the extent applicable, any Variable Funding Note Purchase Agreement) nor the performance by the Master Issuer of its obligations under each of such Notes and the related
Series Supplement (and, to the extent applicable, any Variable Funding Note Purchase Agreement): (i) violates any law, rule or regulation of any relevant jurisdiction, or (ii) requires the consent, approval, licensing or authorization of,
or any filing, recording or registration with, any Governmental Authority under any law, rule or regulation of any relevant jurisdiction except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings
and registrations already made; 

  
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 (I) unless such Notes are being offered pursuant to a registration statement
that has been declared effective under the 1933 Act, it is not necessary in connection with the offer and sale of such Notes by the Master Issuer to the initial purchaser thereof or by the initial purchaser to the initial investors in such Notes to
register such Notes under the 1933 Act; 
 (J) unless the issuance of the Notes requires otherwise, the Base Indenture is not
required to be qualified under the United States Trust Indenture Act of 1939, as amended; and 
 (K) all conditions precedent
to such issuance have been satisfied and that the related Series Supplement is authorized or permitted pursuant to the terms and conditions of this Base Indenture (except that no Opinion of Counsel relating to the satisfaction of conditions
precedent shall be required to be delivered in connection with the issuance of Notes on the Closing Date); and 
 (ix) such other documents,
instruments, certifications, agreements or other items as the Trustee may reasonably require. 
 (c) Upon satisfaction, or waiver by the
Control Party (as directed by the Controlling Class Representative) (which waiver shall be in writing), of the conditions set forth in Section 2.2(b), the Trustee shall authenticate and deliver, as provided above, such
Series of Notes upon execution thereof by the Master Issuer. 
 (d) With regard to any new Series of Notes issued pursuant to this
Section 2.2 that constitutes Senior Notes, Senior Subordinated Notes or Subordinated Notes, the proceeds from such issuance may be used at any time prior to the Series Anticipated Repayment Date for such Series of Notes to
repay either Senior Notes, Senior Subordinated Notes or Subordinated Notes of any Series of Notes Outstanding; provided, however, that at any time on or after the Series Anticipated Repayment Date for any Series of Notes that remains
Outstanding, the proceeds from such issuance may only be used to repay (i) Senior Subordinated Notes if all Senior Notes have been repaid and (ii) Subordinated Notes if all Senior Notes and Senior Subordinated Notes have been repaid. 

(e) The issuance of Additional Notes shall not be subject to the consent of the Holders of any Series of Notes Outstanding. Subject to
Section 2.2(d), Additional Notes may be issued for any purpose consistent with the Related Documents, including acquisitions by the Securitization Entities. 

  
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 Section 2.3 Series Supplement for Each Series. 

In conjunction with the issuance of a new Series, the parties hereto shall execute a Series Supplement (and, in the case of Class A-1 Notes, a Variable Funding Note Purchase Agreement), which document(s) shall specify the relevant terms with respect to such new Series of Notes, which may include, without limitation: 

(a) its name or designation; 
 (b)
the Initial Principal Amount with respect to such new Series of Notes or, to the extent applicable, each Class, Subclass or Tranche of such new Series of Notes; 

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

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

(g) the principal amortization schedule with respect to such new Series of Notes or, to the extent applicable, each Class, Subclass or Tranche
of such new Series of Notes, if any; 
 (h) each Rating Agency rating such new Series of Notes, or, to the extent applicable, each Class,
Subclass or Tranche of such new Series of Notes; 
 (i) the name of the Clearing Agency, if any, for such new Series of Notes or, to the
extent applicable, each Class, Subclass or tranche of such new Series of Notes; 
 (j) the names of the Series Distribution Accounts and any
other Series Accounts to be used with respect to such Series and the terms governing the operation of any such account and the use of moneys therein; 

(k) the method of allocating amounts deposited into any Series Distribution Account with respect to such Series; 

(l) whether the Notes of such new Series will be issued in multiple Classes, Subclasses or Tranches, and the rights and priorities of each such
Class, Subclass or Tranche, if any; 
 (m) any deposit of funds to be made in any Base Indenture Account or any Series Account on the Series
Closing Date; 
 (n) whether the Notes of such Series may be issued as either Definitive Notes or Book-Entry Notes and any limitations
imposed thereon; 

  
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 (o) whether the Notes of such Series include Senior Notes, Senior Subordinated Notes and/or
Subordinated Notes; 
 (p) whether the Notes of such Series include Class A-1 Notes or
subfacilities of Class A-1 Notes issued pursuant to a Variable Funding Note Purchase Agreement; 

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

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

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

provided, the Series Supplement for any Series of Notes may alter the terms of this Base Indenture solely as those terms apply to the terms of such
Series. 
 Section 2.4 Execution and Authentication. 

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

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

  
 11 

 “This is one of the Notes of a Series issued under the within mentioned Indenture. 

 

			
	Citibank, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory”

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

(e) Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Master
Issuer, and the Master Issuer shall deliver such Note to the Trustee for cancellation as provided in Section 2.14 together with a written statement to the Trustee and the Servicer (which need not comply with
Section 14.3) stating that such Note has never been issued and sold by the Master Issuer, for all purposes of the Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall not be
entitled to the benefits of the Indenture. 
 Section 2.5 Registrar and Paying Agent. 

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

(b) The Master Issuer shall enter into an appropriate agency agreement with any Agent not a party to this Base Indenture. Such agency agreement
shall implement the provisions of this Base Indenture that relate to such Agent. If the Master Issuer fails to maintain a Registrar or Paying Agent, the Trustee hereby agrees to act as such, and shall be entitled to appropriate compensation in
accordance with this Base Indenture until the Master Issuer shall appoint a replacement Registrar or Paying Agent, as applicable. 

Section 2.6 Paying Agent to Hold Money in Trust. 

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

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

(ii) give the Trustee notice of any default by the Master Issuer of which it has Actual Knowledge in the making of any payment required to be
made with respect to the Notes; 
 (iii) at any time during the continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by the Paying Agent; 
 (iv) immediately resign as the Paying Agent and forthwith pay
to the Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Trustee set forth in Section 10.8 at the time of its appointment; and 

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

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

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

  
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 Section 2.7 Noteholder List. 

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

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

  
 14 

 (b) Every Note presented or surrendered for registration of transfer or exchange shall be
(i) duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing
with a medallion signature guarantee and (ii) accompanied by such other documents as the Trustee and the Registrar may require. The Master Issuer shall execute and deliver to the Trustee or the Registrar, as applicable, Notes in such amounts
and at such times as are necessary to enable the Trustee to fulfill its responsibilities under the Indenture and the Notes. 
 (c) All Notes
issued and authenticated upon any registration of transfer or exchange of the Notes shall be the valid obligations of the Master Issuer, evidencing the same Indebtedness, and entitled to the same benefits under the Indenture, as the Notes
surrendered upon such registration of transfer or exchange. 
 (d) The preceding provisions of this Section 2.8
notwithstanding, (i) the Master Issuer or the Registrar shall not be required (A) to issue, register the transfer of or exchange any Note for a period beginning at the opening of business fifteen (15) days preceding the selection of
any Note for redemption and ending at the close of business on the day of the mailing of the relevant notice of redemption or (B) to register the transfer of or exchange any Note so selected for redemption, and (ii) no assignment or
transfer of a Note or any commitment in respect thereof shall be effective until such assignment or transfer shall have been recorded in the Note Register and in the books and records of the Trustee, as applicable, pursuant to
Section 2.5(a). 
 (e) Unless otherwise provided in the applicable Series Supplement, no service charge shall be
payable for any registration of transfer or exchange of Notes, but the Master Issuer, the Registrar or the Trustee, as the case may be, may require payment by the Noteholder of a sum sufficient to cover any Tax or other governmental charge that may
be imposed in connection with any transfer or exchange of Notes. 
 (f) Unless otherwise provided in the applicable Series Supplement,
registration of transfer of Notes containing a legend relating to the restrictions on transfer of such Notes (which legend shall be set forth in the applicable Series Supplement or, to the extent applicable, any Variable Funding Note Purchase
Agreement) shall be effected only if the conditions set forth in such applicable Series Supplement and, to the extent applicable, any Variable Funding Note Purchase Agreement are satisfied. Notwithstanding any other provision of this
Section 2.8 and except as otherwise provided in Section 2.13, the typewritten Note or Notes representing Book-Entry Notes for any Series, Class, Subclass or Tranche may be transferred, in
whole but not in part, only to another nominee of the Clearing Agency for such Series, Class, Subclass or Tranche, or to a successor Clearing Agency for such Series, Class, Subclass or Tranche selected or approved by the Master Issuer or to a
nominee of such successor Clearing Agency, only if in accordance with this Section 2.8 and Section 2.12. 

  
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 Section 2.9 Persons Deemed Owners. 

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

Section 2.10 Replacement Notes. 

(a) If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss
or theft of any Note and (ii) there is delivered to the Master Issuer and the Trustee such security or indemnity as may be required by them to hold the Master Issuer and the Trustee harmless, then, provided that the requirements of
Section 2.8(f) and Section 8-405 of the New York UCC are met, the Master Issuer shall execute and upon its request the Trustee or an authenticating agent appointed by the Trustee
shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the
preceding sentence, a protected purchaser (within the meaning of Section 8-303 of the New York UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such
original Note, the Master Issuer and the Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note
was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Master Issuer or the
Trustee in connection therewith. 
 (b) Upon the issuance of any replacement Note under this Section 2.10, the
Master Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any Tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the
Trustee and the Registrar) connected therewith. 
 (c) Every replacement Note issued pursuant to this Section 2.10
in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Master Issuer and such replacement Note shall be entitled to all the benefits of the Indenture equally and
proportionately with any and all other Notes duly issued under the Indenture (in accordance with the priorities and other terms set forth herein and in each applicable Series Supplement). 

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

  
 16 

 Section 2.11 Treasury Notes. 

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

Section 2.12 Book-Entry Notes. 

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

(i) the provisions of this Section 2.12 shall be in full force and effect with respect to each such Series, Class,
Subclass and/or Tranche; 
 (ii) the Master Issuer, the Paying Agent, the Registrar, the Trustee, the Servicer and the Controlling
Class Representative shall deal with the Clearing Agency and the applicable Clearing Agency Participants for all purposes (including the payment of principal of, premium, if any, and interest on the Notes and the giving of instructions or
directions hereunder or under the applicable Series Supplement) as the sole Holder of the Notes, and shall have no obligation to the Note Owners; 

(iii) to the extent that the provisions of this Section 2.12 conflict with any other provisions of the Indenture, the
provisions of this Section 2.12 shall control with respect to each such Tranche, Subclass, Class or Series of the Notes; 

(iv) subject to the rights of the Servicer and the Controlling Class Representative under the Indenture, and except for the rights granted
pursuant to Section 11.5, the rights of Note Owners of each such Series, Class, Subclass or Tranche of Notes shall be exercised only through the Clearing Agency and the applicable Clearing Agency Participants and shall be
limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants, and all references in the Indenture to actions by the Noteholders shall refer to actions taken by the
Clearing Agency upon instructions from the Clearing Agency 

  
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Participants, and all references in the Indenture to distributions, notices, reports and statements to the Noteholders shall refer to distributions, notices, reports and statements to the
Clearing Agency, as registered Holder of the Notes of such Series, Class, Subclass or Tranche for distribution to the Note Owners in accordance with the Applicable Procedures of the Clearing Agency; and 

(v) subject to the rights of the Servicer and the Controlling Class Representative under the Indenture, and except for the rights granted
pursuant to Section 11.5, whenever the Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Aggregate Outstanding Principal Amount
of Notes or the Outstanding Principal Amount of a Series, Class, Subclass or Tranche of a Series of Notes, the applicable Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such
effect from Note Owners and/or their related Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Outstanding Notes or such Series, Class, Subclass or Tranche of Notes
Outstanding, as the case may be, and has delivered such instructions in writing to the Trustee. 
 (b) Pursuant to the Depository Agreement
applicable to a Series, Class, Subclass or Tranche, unless and until Definitive Notes of such Series, Class, Subclass or Tranche are issued pursuant to Section 2.13, the initial Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and transmit distributions of principal, premium, if any, and interest on the Notes to such Clearing Agency Participants. 

(c) Whenever notice or other communication to the Holders is required under the Indenture, unless and until Definitive Notes shall have been
issued to Note Owners pursuant to Section 2.13, the Trustee and the Master Issuer shall give all such notices and communications specified herein to be given to Noteholders to the applicable Clearing Agency for distribution
to the Note Owners in accordance with the Applicable Procedures of the Clearing Agency. 
 Section 2.13 Definitive Notes. 

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

(b) With respect to the Notes of any Series, Class, Subclass or Tranche of any Series issued in the form of typewritten Notes representing
Book-Entry Notes, if (i) (A) the Master Issuer advises the Trustee in writing that the Clearing Agency with respect to any such Series of Notes is no longer willing or able to discharge properly its responsibilities under the applicable
Depository Agreement and (B) the Trustee or the Master Issuer are unable to locate a qualified successor or (ii) after the occurrence of a Rapid Amortization Event, with respect to any Series, Class, Subclass or Tranche of Notes
Outstanding, Note Owners holding a beneficial interest in excess of 50% of the aggregate Outstanding Principal Amount of such Series, Class, Subclass or Tranche of Notes advise the Trustee and the applicable Clearing Agency through the
applicable Clearing Agency Participants in writing that the continuation of a book-entry system through the 

  
 18 

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

Section 2.14 Cancellation. 

The Master Issuer may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the
Master Issuer or an Affiliate thereof may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. Upon the written instruction of the Master Issuer (or the Manager on its behalf), the Trustee
shall cancel any repurchased Notes delivered to it by the Master Issuer (or the Manager on its behalf), either in certificated form or through the Applicable Procedures of DTC. Such cancelled Notes shall not be reissued and upon cancellation shall
not be considered outstanding for purposes of calculating the DSCR, the Holdco Leverage Ratio or the Senior ABS Leverage Ratio. Immediately upon the delivery of any Notes by the Master Issuer to the Trustee for cancellation pursuant to this
Section 2.14, the security interest of the Secured Parties in such Notes shall automatically be deemed to be released by the Trustee, and the Trustee shall execute and deliver to the Master Issuer any and all documentation
reasonably requested and prepared by the Master Issuer at its expense to evidence such automatic release. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or
payment. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. Except as provided in any Variable Funding Note Purchase Agreement executed and delivered in connection with the
issuance of any Notes, the Master Issuer may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance
with the Trustee’s standard disposition procedures unless the Master Issuer shall direct that cancelled Notes be returned to it for destruction pursuant to a Company Order. No cancelled Notes may be reissued. No provision of this Base Indenture
or any Series Supplement that relates to prepayment procedures, penalties, fees, make-whole payments or any other related matters shall be applicable to any Notes cancelled pursuant to and in accordance with this
Section 2.14. 

  
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 Section 2.15 Principal and Interest. 

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

(b) Each Series, Class, Subclass and Tranche of Notes shall accrue interest as provided in the applicable Series Supplement (and, to the extent
applicable, each Variable Funding Note Purchase Agreement) and such interest shall be due and payable for such Notes on each Quarterly Payment Date in accordance with the Priority of Payments. 

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

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

Section 2.16 Tax Treatment. 

The Master Issuer has structured this Base Indenture and the Notes have been (or will be) issued with the intention that the Notes will qualify
under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other entity, and any entity acquiring any direct or indirect interest in any
Note by acceptance of its Notes (or, in the case of a Note Owner, by virtue of such Note Owner’s acquisition of a beneficial interest therein) agrees to treat the Notes (or beneficial interests therein) for all purposes of United States
federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes,
such other entity. 
 Section 2.17 Tax Withholding. 

The Paying Agent and the Master Issuer (or other Person responsible for withholding of Taxes) has the right to withhold on payments with
respect to a Note (without any corresponding gross-up) where an applicable party fails to provide the Paying Agent or the Master Issuer, as applicable, with appropriate tax certifications (which includes, but
is not limited to, (i) an IRS 

  
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Form W-9 for United States persons (as defined under Section 7701(a)(30) of the Code) or any applicable successor form or (ii) an applicable IRS
Form W-8 and any required attachments, for Persons other than United States persons, or applicable successor form, or the Paying Agent or the Master Issuer (or other Person responsible for withholding of
Taxes) is otherwise required to so withhold under applicable law. 
 ARTICLE III 

SECURITY 

Section 3.1 Grant of Security Interest. 

(a) To secure the Obligations, the Master Issuer hereby pledges, assigns, conveys, delivers, transfers and sets over to the Trustee, for the
benefit of the Secured Parties, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in the Master Issuer’s right, title and interest in, to and under all accounts, chattel paper, commercial tort claims,
deposit accounts, documents, equipment, fixtures, general intangibles, health-care-insurance receivables, instruments, inventory, securities, securities accounts and other investment property and letter-of-credit rights (in each case, as defined in the New York UCC), including all of the following property to the extent now owned or at any time
hereafter acquired by the Master Issuer (collectively, the “Indenture Collateral”): 
 (i) the limited liability company
membership interests and stock owned by the Master Issuer that represent the 100% ownership interest in the Securitization Entities owned by the Master Issuer; 

(ii) the Accounts and all amounts on deposit in or otherwise credited to the Accounts; 

(iii) any Interest Reserve Letter of Credit; 

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

(v) the rights, powers, remedies and authorities of the Master Issuer under each of the Related Documents (other than the Indenture and the
Notes) to which it is a party; 
 (vi) any and all other property of the Master Issuer now owned or hereafter acquired; and 

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

provided that (A) the Indenture Collateral shall exclude the Collateral Exclusions; (B) the Master Issuer shall not be required to pledge
more than 65% of the Equity Interests (and any rights associated with such Equity Interests) of (i) any foreign Subsidiary of any of the Master Issuer or the Guarantors that is a Controlled Foreign Corporation or (ii) any domestic
Subsidiary, 

  
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substantially all of the assets of which are the equity interests of Controlled Foreign Corporations (each, a “Foreign Subsidiary Holding Company”), and in no circumstance will
any such foreign Subsidiary that is a Controlled Foreign Corporation, any U.S. Subsidiary of a foreign Subsidiary that is a Controlled Foreign Corporation or any Foreign Subsidiary Holding Company be required to pledge any assets, serve as
Guarantor, or otherwise guarantee the Notes; (C) the security interest in (1) the Senior Notes Interest Reserve Account and the related property shall only be for the benefit of the Senior Noteholders and the Trustee, in its capacity as
trustee for the Senior Noteholders, (2) the Senior Subordinated Notes Interest Reserve Account and the related property shall only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as trustee for the
Senior Subordinated Noteholders and (3) each Series Distribution Account and the related property thereto shall only be for the benefit of the applicable Series Noteholders as set forth in the applicable Series Supplement; and (D) any Cash
Collateral deposited by any Non-Securitization Entities with the Master Issuer to secure such Non-Securitization Entities’ obligations under any Letter of Credit
Reimbursement Agreement shall not constitute Indenture Collateral until such time (if any) as the Master Issuer is entitled to withdraw such funds from the applicable bank account pursuant to the terms of such Letter of Credit Reimbursement
Agreement to reimburse the Master Issuer for any amounts due by such Non-Securitization Entities to the Master Issuer pursuant to such Letter of Credit Reimbursement Agreement that such Non-Securitization Entities have not paid to the Master Issuer in accordance with the terms thereof. 

“Collateral Exclusions” means the following property of the Securitization Entities: (i) any lease, sublease, license,
or other contract or permit, in each case if the grant of a Lien or security interest in any of the Securitization Entities’ right, title and interest in, to or under such lease, sublease, license, contract or permit (or any rights or interests
thereunder) in the manner contemplated by the Indenture (a) is prohibited by the terms of such lease, sublease, license, contract or permit (or any rights or interests thereunder) or would require the consent of a third party (unless such
consent has been obtained), (b) would constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the applicable Securitization Entity therein or (c) would otherwise result in a breach thereof or
the termination or a right of termination thereof, except to the extent that any such prohibition, breach, termination or right of termination is rendered ineffective pursuant to the UCC or any other applicable law, (ii) the Excepted
Securitization IP Assets, (iii) any leasehold interests in real property, (iv) the Excluded Amounts, (v) the Lease Obligations, (vi) Store Operating Expenses and (vii) Equipment Distribution Operating Expenses. The Trustee,
on behalf of the Secured Parties, acknowledges that it shall have no security interest in any Collateral Exclusions. 
 (b) The foregoing
grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Base Indenture and the other Indenture Documents to which the Master Issuer is a party. The Trustee, on behalf of the Secured Parties, acknowledges
such grant, accepts the trusts under this Base Indenture in accordance with the provisions of this Base Indenture and agrees to perform its duties required in this Base Indenture. The Indenture Collateral shall secure the Obligations equally and
ratably without prejudice, priority or distinction (except, with respect to any Series, Class, Subclass or Tranche of Notes, as otherwise stated in the applicable Series Supplement or in the applicable provisions of this Base Indenture). 

  
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 (c) The parties hereto agree and acknowledge that each certificated Equity Interest may be
held by a custodian on behalf of the Trustee. 
 Section 3.2 Certain Rights and Obligations of the Master Issuer Unaffected.

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

(c) The Master Issuer hereby agrees to indemnify and hold harmless the Trustee and each Secured Party (including its directors, officers,
employees and agents) from and against any and all losses, liabilities (including liabilities for penalties), claims, demands, actions, suits, judgments, reasonable and documented
out-of-pocket costs and expenses arising out of or resulting from the security interest granted hereby, whether arising by virtue of any act or omission on the part of
the Master Issuer or otherwise, including, without limitation, the reasonable out-of-pocket costs, expenses and disbursements (including reasonable attorneys’ fees
and expenses) incurred by the Trustee or any Secured Party in enforcing the Indenture or any other Related Document or preserving any of its rights to, or realizing upon, any of the Collateral or, to the extent permitted by applicable law, the
Securitized Assets; provided, however, that the foregoing indemnification shall not extend to any action by the Trustee or any Secured Party which constitutes gross negligence, bad faith or willful misconduct by the Trustee or any
Secured Party or any other indemnified Person hereunder. The indemnification provided for in this Section 3.2 shall survive the removal of, or a resignation by, any Person as Trustee as well as the termination of this Base
Indenture or any Series Supplement. 

  
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 Section 3.3 Performance of Collateral Transaction Documents. 

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

Section 3.4 Stamp, Other Similar Taxes and Filing Fees. 

The Master Issuer shall indemnify and hold harmless the Trustee and each Secured Party from any present or future claim for liability for any
stamp, documentary or other similar tax and any penalties or interest and expenses with respect thereto, that may be assessed, levied or collected by any jurisdiction in connection with the Indenture, any other Related Document or the Securitized
Assets. The Master Issuer shall pay, and indemnify and hold harmless each Secured Party against, any and all amounts in respect of all search, filing, recording and registration fees, excise taxes and other similar imposts that may be payable or
determined to be payable in respect of the execution, delivery, performance and/or enforcement of the Indenture or any other Related Document. 

Section 3.5 Authorization to File Financing Statements. 

(a) The Master Issuer hereby irrevocably authorizes the Control Party on behalf of the Secured Parties at any time and from time to time to
file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or instruments with respect to the Indenture Collateral to perfect the security interests of the Trustee for the benefit

  
 24 

 
of the Secured Parties under this Base Indenture; provided that with respect to Intellectual Property, this authorization is applicable only in Perfected Countries. The Master Issuer
authorizes the filing of any such financing statement naming the Trustee as secured party and indicating that the Indenture Collateral includes “all assets” or words of similar effect or import regardless of whether any particular assets
comprised in the Indenture Collateral fall within the scope of Article 9 of the UCC, including, without limitation, any and all Securitization IP. The Master Issuer agrees to furnish any information necessary to accomplish the foregoing promptly
upon the Servicer’s request. The Master Issuer also hereby ratifies and authorizes the filing on behalf of the Secured Parties of any financing statement with respect to the Indenture Collateral made prior to the date hereof. 

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

ARTICLE IV 
 REPORTS

 Section 4.1 Reports and Instructions to Trustee. 

(a) Interim Manager’s Certificate. By 4:30 p.m. (Eastern time) on the Business Day prior to each Interim Allocation Date, the
Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee and the Servicer a certificate substantially in the form of Exhibit A specifying the allocation of Collections on the following Interim Allocation
Date (each a “Interim Manager’s Certificate”); provided that such Interim Manager’s Certificate shall be deemed confidential information and shall not be disclosed by the Trustee or the Servicer to any Holder or any
other Person without the prior written consent of the Master Issuer or the Manager. Notwithstanding anything herein to the contrary, the initial Interim Manager’s Certificate shall not be required to be delivered, and amounts credited to the
Accounts shall not be required to be allocated pursuant to the Priority of Payments, until the first Interim Allocation Date that occurs after the Cut-Off Date. 

(b) Quarterly Noteholders’ Report. On or before the third (3rd) Business Day
prior to each Quarterly Payment Date, the Master Issuer shall furnish, or cause the Manager to furnish, a Quarterly Noteholders’ Report with respect to each Series of Notes Outstanding to the Trustee, each Rating Agency with respect to such
Series, the Servicer and each Paying Agent, with a copy to the Back-Up Manager. 
 (c) Quarterly
Compliance Certificates. On or before the third (3rd) Business Day prior to each Quarterly Payment Date, the Master Issuer shall deliver, or cause the Manager to deliver, to the Trustee and
each Rating Agency with respect to each Series of Notes Outstanding (with a copy to each of the Servicer, the Manager and the Back-Up Manager) an Officer’s Certificate to the effect that, except as
provided in a notice delivered pursuant to Section 8.8, no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred or is continuing (each, a “Quarterly Compliance
Certificate”). 

  
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 (d) Scheduled Principal Payments Deficiency Notices. On the Quarterly Calculation
Date with respect to any Quarterly Collection Period, the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee and each Rating Agency (with a copy to each of the Servicer and the
Back-Up Manager) written notice of any Scheduled Principal Payments Deficiency Event with respect to any Series, Class, Subclass or Tranche of Notes that occurred with respect to such Quarterly Collection
Period (any such notice, a “Scheduled Principal Payments Deficiency Notice”). 
 (e) Annual
Accountants’ Reports. Within one hundred twenty (120) days after the end of each fiscal year, commencing with the fiscal year ending on or around December 31, 2018, the Master Issuer shall furnish, or cause to be
furnished, to the Trustee, the Servicer and each Rating Agency with respect to each Series of Notes Outstanding the reports of the Independent Auditors or the Back-Up Manager required to be delivered to the
Master Issuer by the Manager pursuant to Section 3.3 of the Management Agreement. 
 (f) Securitization Entity
Financial Statements. The Manager on behalf of the Securitization Entities shall provide to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency with respect to each Series of Notes
Outstanding, the following financial statements: 
 (i) within sixty (60) days after the end of each of the first three (3) fiscal
quarters of each fiscal year (commencing with the fiscal quarter ending December 31, 2018), an unaudited combined consolidated balance sheet of the Securitization Entities as of the end of such quarter and unaudited combined consolidated
statements of income or operations, changes in members’ equity and cash flows of the Securitization Entities for such fiscal quarter and for the fiscal year-to-date
period then ended (in the case of the second and third fiscal quarters of each fiscal year); and 
 (ii) within one hundred twenty
(120) days after the end of each fiscal year (commencing with the fiscal year ending on or around December 31, 2018), an audited combined consolidated balance sheet of the Securitization Entities as of the end of such fiscal year and
audited combined consolidated statements of income or operations, changes in members’ equity and cash flows of the Securitization Entities for such fiscal year, setting forth in comparative form (where appropriate) the comparable amounts for
the previous fiscal year, prepared in accordance with GAAP and accompanied by an opinion thereon of the Independent Auditors stating that such audited financial statements present fairly, in all material respects, the financial position of the
Securitization Entities as of the end of such fiscal year and the results of their operations and cash flows for such fiscal year in accordance with GAAP. 

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

  
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 (i) within sixty (60) days after the end of each of the first three (3) fiscal
quarters of each fiscal year, an unaudited consolidated balance sheet of Holdco and its Subsidiaries as of the end of such fiscal quarter and unaudited consolidated statements of income or operations, changes in stockholder’s equity and cash
flows of Holdco and its Subsidiaries for such fiscal quarter and for the fiscal year-to-date period then ended (in the case of the second and third fiscal quarters of
each fiscal year); and 
 (ii) within one hundred and twenty (120) days after the end of each fiscal year, an audited consolidated
balance sheet of Holdco and its Subsidiaries as of the end of such fiscal year and audited consolidated statements of income or operations, changes in stockholder’s equity and cash flows of Holdco and its Subsidiaries for such fiscal year,
setting forth in comparative form the comparable amounts for the previous fiscal year prepared in accordance with GAAP and accompanied by an opinion thereon of the Independent Auditors stating that such audited financial statements present fairly,
in all material respects, the consolidated financial position of Holdco and its Subsidiaries as of the end of such fiscal year and the consolidated results of their operations and cash flows for such fiscal year in accordance with GAAP. 

(iii) Notwithstanding the foregoing, the obligations set forth in this Section 4.1(g) may be satisfied by furnishing
Holdco’s Form 10-K or 10-Q, as applicable, filed with the SEC on the timeframe that the SEC shall provide or permit from time to time. 

(h) Additional Information. The Master Issuer will furnish, or cause to be furnished, from time to time such additional information
regarding the financial position, results of operations or business of Holdco or any Securitization Entity as the Trustee, the Servicer, the Manager or the Back-Up Manager may reasonably request, subject to
Requirements of Law and to the confidentiality provisions of the Related Documents to which such recipient is a party. 
 (i) Instructions
as to Withdrawals and Payments. The Master Issuer will furnish, or cause to be furnished, to the Trustee or the Paying Agent, as applicable (with a copy to each of the Servicer, the Manager and the Back-Up
Manager), written instructions to make withdrawals and payments from the Collection Account and any other Base Indenture Account or Series Account and to make drawings under any Enhancement, as contemplated herein and in any Series Supplement. The
Trustee and the Paying Agent shall promptly follow any such written instructions. 
 (j) Copies to Rating Agency. The Master Issuer
shall deliver, or shall cause the Manager to deliver, a copy of each report, certificate or instruction, as applicable, described in this Section 4.1 to each Rating Agency at its address as listed in or otherwise designated
pursuant to Section 14.1 or in the applicable Series Supplement, including any e-mail address. 

Section 4.2 Rule 144A Information. 

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

  
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 Section 4.3 Reports, Financial Statements and Other Information to Noteholders.

 Subject to the last paragraph of this Section 4.3, the Trustee shall make this Base Indenture, the Guarantee and
Collateral Agreement, the applicable offering circular, each Series Supplement, the Quarterly Noteholders’ Reports, the Quarterly Compliance Certificates, the financial statements referenced in Section 4.1(f) and
Section 4.1(g) and the reports referenced in Section 4.1(e) available to (a) each Rating Agency pursuant to Section 4.1(j) above and (b) the Holders and
prospective noteholders (provided that each Series Supplement and any related offering circular with respect to a Series of Notes shall only be made available to the Holders and prospective noteholders of such Series of Notes), the Servicer,
the Manager, the Back-Up Manager and each Rating Agency via the Trustee’s internet website at www.sf.citidirect.com or such other address as the Trustee may specify from time to time. Assistance in using
such website can be obtained by calling the Trustee’s customer service desk at 888-855-9695 or such other telephone number as the Trustee may specify from time to
time. The foregoing materials will only be accessible in a password-protected area of the internet website and the Trustee will require each party (other than the Servicer, the Manager, the Back-Up Manager and
each Rating Agency) accessing such password-protected area to register as a Holder and to make, for the benefit of the Master Issuer, the applicable representations and warranties described below in an Investor Request Certification in the form of
Exhibit D. The Trustee may disclaim responsibility for any information distributed by it for which the Trustee was not the original source. Each time a Holder accesses the internet website, it will be deemed to have confirmed such
representations and warranties as of the date thereof. The Trustee will provide the Servicer and the Manager with copies of such Investor Request Certifications, including the identity, address, contact information, email address and telephone
number of such Holder upon request, but shall have no responsibility for any of the information contained therein. The Trustee shall have the right to change the way such statements are electronically distributed in order to make such distribution
more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. 

The Trustee shall (or shall request that the Manager) make available, upon reasonable advance notice and at the expense of the requesting
party, copies of the related offering memorandum, this Base Indenture, the Guarantee and Collateral Agreement, each Series Supplement, the Quarterly Noteholders’ Reports, the Quarterly Compliance Certificates, the financial statements
referenced in Section 4.1(f) and Section 4.1(g) and the reports referenced in Section 4.1(e) to any Holder and to any prospective investor that provides the Trustee with
an Investor Request Certification in the form of Exhibit D to the effect that such party (i) is a Holder or prospective investor, as applicable, (ii) understands that the items contain confidential information,
(iii) is requesting the information solely for use in evaluating such party’s investment or potential investment, as applicable, in the Notes and will keep such information strictly confidential (provided, however,
(x) such materials have not been filed or furnished with the SEC and are not otherwise publicly available and (y) that such party may disclose such information only (A) to (1) those personnel employed by it who need to know such
information, which have agreed to keep such information strictly confidential and to use such information only for evaluating such party’s investment or potential investment in the Notes, (2) its attorneys and outside auditors which have
agreed to keep such information strictly confidential and to use such 

  
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information only for evaluating such party’s investment or possible investment in the Notes, or (3) a regulatory or self-regulatory authority pursuant to applicable law or regulation or
(B) by judicial process; provided, that it may disclose to any and all Persons without limitation of any kind, the tax treatment and tax structure of the transaction and any related tax strategies to the extent necessary to prevent the
transaction from being described as a “confidential transaction” under U.S. Treasury Regulations Section 1.6011-4(b)(3)), and (iv) who is not a Competitor). 

Section 4.4 Manager. 

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

Section 4.5 No Constructive Notice. 

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

ALLOCATION AND APPLICATION OF COLLECTIONS 

Section 5.1 Administration of Accounts and Additional Accounts.  

Each Account and any additional accounts described in this Article V, as of the Closing Date and at all times thereafter, shall be (A) an
Eligible Account, (B) pledged by the Master Issuer or such other Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 of the Guarantee and Collateral Agreement
(C) except as provided in the immediately succeeding sentence or in Section 5.2(a) below, if not established with the Trustee or otherwise controlled by the Trustee under the New York UCC, subject to an Account Control
Agreement and (D) subject to the jurisdiction of the State of New York (i) for purposes of the UCC and (ii) for all issues specified in Article 2(1) of the Hague Securities Convention. For any Account required to be subject to an
Account Control Agreement on the Closing Date pursuant to the 

  
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preceding sentence, such Account shall not be in violation of the requirements to be subject to an Account Control Agreement for a period of 60 (sixty) days following the Closing Date, so long as
any amounts on deposit in such Account are transferred on a daily basis to an Account meeting the requirements of the prior sentence. 

Section 5.2 Management Accounts and Additional Accounts. 

(a) Establishment of the Management Accounts. Each of the Concentration Accounts is owned by a Securitization Entity. The Franchisor
Capital Accounts are owned by the Franchisor. The Securitized Corporate-Owned Store Accounts are owned by Planet Fitness Assetco. The Equipment Distributor Operating Accounts are owned by the Equipment Distributor. The Lease Obligations Accounts are
owned by Planet Fitness Assetco. The Insurance Proceeds Account is owned by the Master Issuer. The Asset Disposition Proceeds Account is owned by the Master Issuer. Each Management Account shall be an Eligible Account and, in addition, from time to
time, the Master Issuer or any other Securitization Entity (other than the Holding Company Guarantor) may establish additional accounts (each of which shall be an Eligible Account) for the purpose of depositing Collections, Franchisee Lease Payments
or funds necessary to meet large-franchisor exemptions or similar exemptions under applicable franchise laws therein (each such account and any investment accounts related thereto into which funds are transferred for investment purposes pursuant to
Section 5.2(b), an “Additional Management Account”). Each Additional Management Account that is to be a Franchisor Capital Account, a Lease Obligations Account, a Securitized Corporate-Owned Store Account
or an Equipment Distributor Operating Account shall be designated as such by the Manager. Notwithstanding anything to the contrary in this paragraph (a), in the case of any Management Account established after the Closing
Date, the applicable Securitization Entity shall be permitted a period of fifteen (15) Business Days after the establishment of such deposit account to cause such deposit account to be subject to an Account Control Agreement; provided
that if the aggregate balance of any group of Additional Management Accounts does not exceed $250,000 at any time, each such Additional Management Account in such group of Additional Management Account shall not be required to be subject to an
Account Control Agreement. 
 (b) Administration of the Management Accounts. The Securitization Entities (or the Manager on their
behalf) may invest or reinvest any amounts held in the Management Accounts in Eligible Investments and such amounts may be transferred by the applicable Securitization Entity (or the Manager on their behalf) into an investment account for the sole
purpose of investing in Eligible Investments; provided, however, that any such investment in any Management Account (or in any such investment account) shall mature not later than the Business Day prior to the next succeeding Interim
Allocation Date. Notwithstanding anything herein or in any other Related Document, the applicable Securitization Entity and the Manager shall not transfer any funds into any such investment account until such time as an Account Control Agreement is
entered into with respect thereto (if such account is not established with the Trustee or otherwise controlled by the Trustee under the New York UCC). All income or other gain from such Eligible Investments shall be credited to the related
Management Account, and any loss resulting from such investments shall be charged to the related Management Account. The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such
disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

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

(d) Franchisor Capital Accounts. The Franchisor and any Additional Securitization Entity that from time to time acts as the
“franchisor” with respect to New Franchise Agreements and New Area Development Agreements entered into by the Additional Securitization Entity may (i) deposit to the Franchisor Capital Accounts the proceeds of capital contributions
thereto directed to be made to such account necessary to meet large-franchisor exemptions or similar exemptions under applicable franchise laws therein and (ii) disburse funds from the Franchisor Capital Accounts to fund any loan or advance
made in accordance with Section 8.21. 
 (e) No Duty to Monitor. The Trustee shall have no duty or
responsibility to monitor the amounts of deposits into or withdrawals from any Management Account. 
 Section 5.3 Senior Notes
Interest Reserve Account. 
 (a) Establishment of the Senior Notes Interest Reserve Account. The Master Issuer has established
with the Trustee the Senior Notes Interest Reserve Account in the name of a Securitization Entity or the Trustee and has pledged such Senior Notes Interest Reserve Account to the Trustee for the benefit of the Senior Noteholders and the Trustee,
solely in its capacity as trustee for the Senior Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the foregoing Secured Parties. The Senior Notes Interest Reserve Account may also
serve as a Franchisor Capital Account. The Senior Notes Interest Reserve Account shall be an Eligible Account. 
 (b) Administration of
the Senior Notes Interest Reserve Account. All amounts held in the Senior Notes Interest Reserve Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager
on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments; provided, however, that any such investment in
the Senior Notes Interest Reserve Account (or any such investment account) shall mature not later than the Business Day prior to the next succeeding Interim Allocation Date. In the absence of written investment instructions hereunder, funds on
deposit in the Senior Notes Interest Reserve Account shall be invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the definition thereof. All income or other gain from
such Eligible Investments shall be credited to the Senior Notes Interest Reserve Account, and any loss resulting from such investments shall be charged to the Senior Notes Interest Reserve Account. The Master Issuer shall not direct (or permit) the
disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

  
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 (c) Earnings from the Senior Notes Interest Reserve Account. All interest and
earnings (net of losses and investment expenses) paid on funds on deposit in the Senior Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with
Section 5.11. 
 Section 5.4 Senior Subordinated Notes Interest Reserve Account. 

(a) Establishment of the Senior Subordinated Notes Interest Reserve Account. The Master Issuer shall, prior to the issuance of any
Series of Senior Subordinated Notes, establish with the Trustee the Senior Subordinated Notes Interest Reserve Account in the name of a Securitization Entity or the Trustee and shall pledge such Senior Subordinated Notes Interest Reserve Account to
the Trustee for the benefit of the Senior Subordinated Noteholders and the Trustee, solely in its capacity as trustee for the Senior Subordinated Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the foregoing Secured Parties. The Senior Subordinated Notes Interest Reserve Account may also serve as a Franchisor Capital Account. The Senior Subordinated Notes Interest Reserve Account, once established, shall be an Eligible Account.

 (b) Administration of the Senior Subordinated Notes Interest Reserve Account. All amounts held in the Senior Subordinated Notes
Interest Reserve Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the
Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments; provided, however, that any such investment in the Senior Subordinated Notes Interest Reserve Account (or in any such
investment account) shall mature not later than the Business Day prior to the next succeeding Interim Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Senior Subordinated Notes Interest Reserve
Account shall be invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the definition thereof. All income or other gain from such Eligible Investments shall be credited
to the Senior Subordinated Notes Interest Reserve Account, and any loss resulting from such investments shall be charged to the Senior Subordinated Notes Interest Reserve Account. The Master Issuer shall not direct (or permit) the disposal of any
Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

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

 Section 5.5 Cash Trap Reserve Account. 

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

  
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 (b) Administration of the Cash Trap Reserve Account. All amounts held in the Cash
Trap Reserve Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager
on its behalf) into an investment account for the sole purpose of investing in Eligible Investments; provided, however, that any such investment in the Cash Trap Reserve Account (or in any such investment account) shall mature not
later than the Business Day prior to the next succeeding Interim Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Cash Trap Reserve Account shall be invested as fully as practicable in one or more
Eligible Investments of the type described in clause (b) of the definition thereof. All income or other gain from such Eligible Investments shall be credited to the Cash Trap Reserve Account, and any loss resulting from
such investments shall be charged to the Cash Trap Reserve Account. The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the
initial purchase price of such Eligible Investment. 
 (c) Earnings from the Cash Trap Reserve Account. All interest and earnings (net
of losses and investment expenses) paid on funds on deposit in the Cash Trap Reserve Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with Section 5.11.

 Section 5.6 Collection Account. 

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

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

(c) Earnings from Collection Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the
Collection Account shall be deemed to be Investment Income on deposit for distribution in accordance with Section 5.12. 

  
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 Section 5.7 Collection Account Administrative Accounts. 

(a) Establishment of Collection Account Administrative Accounts. The Master Issuer has established, or, in the case of any account
relating to any Series of Senior Subordinated Notes or Subordinated Notes, if such account has not already been established, will establish on or prior to the issuance of such Series of Senior Subordinated Notes or Subordinated Notes, the following
administrative accounts associated with the Collection Account, each of which shall be an Eligible Account, in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein
are held for the benefit of the Secured Parties (collectively, the “Collection Account Administrative Accounts”): 
 (i) an
account no. [reserved] entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Senior Notes Interest Payment Account” for the deposit of the Senior Notes Quarterly Interest Amount (together with any successor account, the
“Senior Notes Interest Payment Account”); 
 (ii) an account entitled “Citibank, N.A. f/b/o Planet Fitness Master
Issuer LLC, Senior Subordinated Notes Interest Payment Account” for the deposit of the Senior Subordinated Notes Quarterly Interest Amount (together with any successor account, the “Senior Subordinated Notes Interest Payment
Account”); 
 (iii) an account entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Subordinated Notes Interest
Payment Account” for the deposit of the Subordinated Notes Quarterly Interest Amount (together with any successor account, the “Subordinated Notes Interest Payment Account”); 

(iv) an account no. [reserved] entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC,
Class A-1 Notes Commitment Fees Account” for the deposit of the Class A-1 Quarterly Commitment Fee Amount (together with any successor account, the
“Class A-1 Notes Commitment Fees Account”); 
 (v) an account no.
[reserved] entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Senior Notes Principal Payment Account” for the deposit of the amounts allocable to the payment of principal of the Senior Notes (together with any successor
account, the “Senior Notes Principal Payment Account”); 
 (vi) an account entitled “Citibank, N.A. f/b/o Planet
Fitness Master Issuer LLC, Senior Subordinated Notes Principal Payment Account” for the deposit of the amounts allocable to the payment of principal of the Senior Subordinated Notes (together with any successor account, the “Senior
Subordinated Notes Principal Payment Account”); 
 (vii) an account entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer
LLC, Subordinated Notes Principal Payment Account” for the deposit of the amounts allocable to the payment of principal of the Subordinated Notes (together with any successor account, the “Subordinated Notes Principal Payment
Account”); 

  
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 (viii) an account no. [reserved] entitled “Citibank, N.A. f/b/o Planet Fitness Master
Issuer LLC, Senior Notes Post-ARD Contingent Interest Account” for the deposit of the Senior Notes Quarterly Post-ARD Contingent Interest Amount (together with any
successor account, the “Senior Notes Post-ARD Contingent Interest Account”); 
 (ix)
an account entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Senior Subordinated Notes Post-ARD Contingent Interest Account” for the deposit of the Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount (together with any successor account, the “Senior Subordinated Notes Post-ARD Contingent Interest Account”); 

(x) an account entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Subordinated Notes
Post-ARD Contingent Interest Account” for the deposit of the Subordinated Notes Quarterly Post-ARD Contingent Interest Amount (together with any successor account,
the “Subordinated Notes Post-ARD Contingent Interest Account”); and 
 (xi) an
account no. [reserved] entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Securitization Operating Expense Account” for the deposit of Securitization Operating Expenses (together with any successor account, the
“Securitization Operating Expense Account”). 
 (b) Administration of the Collection Account Administrative Accounts.
All amounts held in the Collection Account Administrative Accounts shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be
transferred by the Master Issuer (or the Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments; provided, however, that any such investment in the Collection Account Administrative
Accounts (or in any such investment account) shall mature not later than the Business Day prior to the next succeeding Interim Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Collection Account
Administrative Accounts shall be invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the definition thereof. All income or other gain from such Eligible Investments
shall be credited to the related Collection Account Administrative Account, and any loss resulting from such investments shall be charged to the related Collection Account Administrative Account. The Master Issuer shall not direct (or permit) the
disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment. 

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

  
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 Section 5.8 Hedge Payment Account. 

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

(b) Administration of the Hedge Payment Account. All amounts held in the Hedge Payment Account shall be invested in Eligible Investments
at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its behalf) into an investment account for the sole purpose
of investing in Eligible Investments; provided, however, that any such investment in the Hedge Payment Account (or in any such investment account) shall mature not later than the Business Day prior to the next succeeding Interim
Allocation Date. In the absence of written investment instructions hereunder, funds on deposit in the Hedge Payment Account shall be invested as fully as practicable in one or more Eligible Investments of the type described in
clause (b) of the definition thereof. All income or other gain from such Eligible Investments shall be credited to the Hedge Payment Account, and any loss resulting from such investments shall be charged to the Hedge
Payment Account. The Master Issuer shall not shall direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible
Investment. 
 (c) Earnings from the Hedge Payment Account. All interest and earnings (net of losses and investment expenses) paid on
funds on deposit in the Hedge Payment Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with Section 5.11. 

Section 5.9 Trustee as Securities Intermediary. 

(a) The Trustee or other Person holding any Base Indenture Account held in the name of the Trustee for the benefit of the Secured Parties
(collectively the “Trustee Accounts”) shall be the “Securities Intermediary.” If the Securities Intermediary in respect of any Trustee Account is not the Trustee, the Master Issuer shall obtain the express agreement
of such other Person to the obligations of the Securities Intermediary set forth in this Section 5.9. 
 (b) The
Securities Intermediary agrees that: 
 (i) the Trustee Accounts are accounts to which “financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York (the “New York UCC”) will or may be credited; 

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

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

  
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 (iv) all property delivered to the Securities Intermediary pursuant to this Base Indenture
will be promptly credited to the appropriate Trustee Account; 
 (v) each item of property (whether investment property, security, instrument
or cash) credited to a Trustee Account shall be treated as a Financial Asset under Article 8 of the New York UCC; 
 (vi) if at any time
the Securities Intermediary shall receive any entitlement order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Trustee Accounts, the Securities Intermediary shall comply with such
entitlement order without further consent by the Master Issuer or any other Person; 
 (vii) For purposes of all applicable UCCs, New York
shall be deemed to be the Securities Intermediary’s jurisdiction and the Trustee Accounts (as well as the “securities entitlements” (as defined in Section 8-102(a)(17) of the New York UCC)
related thereto) shall be governed by the laws of the State of New York; For purposes of the Hague Securities Convention, the local law of the jurisdiction of the Trustee as Securities Intermediary is the law of the State of New York; 

(viii) the Securities Intermediary has not entered into, and until termination of this Base Indenture, will not enter into, any agreement with
any other Person relating to the Trustee Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the
New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Base Indenture will not enter into, any agreement with the Master Issuer purporting to limit or condition the obligation of
the Securities Intermediary to comply with entitlement orders as set forth in Section 5.9(b)(vi); and 
 (ix)
except for the claims and interest of the Trustee, the Secured Parties, the Master Issuer and the other Securitization Entities in the Trustee Accounts, neither the Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of
any claim to, or interest in, the Trustee Accounts or in any Financial Asset credited thereto. If the Securities Intermediary or, in the case of the Trustee, a Trust Officer has Actual Knowledge of the assertion by any other Person of any Lien,
encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Trustee Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify
the Trustee, the Servicer, the Manager, the Back-Up Manager and the Master Issuer thereof. 
 (c) At
any time after the occurrence and during the continuation of an Event of Default, the Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trustee Accounts and in all Proceeds thereof, and (acting at
the direction of the Controlling Class Representative) shall be the only Person authorized to originate entitlement orders in respect of the Trustee Accounts; provided, however, that at all other times the Master Issuer shall,
subject to the terms of the Indenture and the other Related Documents, be authorized to instruct the Trustee to originate entitlement orders in respect of the Trustee Accounts. 

  
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 Section 5.10 Establishment of Series Accounts; Legacy Accounts. 

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

(b) Legacy Accounts. In the case of any mandatory or optional redemption in full of any Series, Class, Subclass or Tranche of Notes
issued pursuant to this Base Indenture, on the Notes Discharge Date with respect to such Series, Class, Subclass or Tranche of Notes, the Master Issuer may (but is not required to) elect to have all or any portion of the funds held in any Legacy
Account with respect to such Series, Class, Subclass or Tranche of Notes transferred to the applicable distribution account for such Series, Class, Subclass or Tranche of Notes, for application toward the prepayment of such Series, Class, Subclass
or Tranche of Notes. If the Master Issuer does not elect to have such funds so transferred, or if the Master Issuer elects to have only a portion of such funds so transferred, any funds remaining in the applicable Legacy Account after the applicable
Notes Discharge Date shall be deposited into the Collection Account for application in accordance with the Priority of Payments. When the balance of any Legacy Account has been reduced to zero, the Trustee may close such account. The Trustee shall
make the distributions and transfers and shall close any accounts as contemplated by this Section 5.10 pursuant to instructions delivered by the Master Issuer to the Trustee. 

Section 5.11 Collections and Investment Income. 

(a) Deposits to the Securitized Corporate-Owned Store Accounts. After the Cut-Off Date, the
Manager (on behalf of Planet Fitness Assetco) will deposit (or cause to be deposited) into the Securitized Corporate-Owned Store Accounts, all Securitized Corporate-Owned Stores Collections within two (2) Business Days following Planet Fitness
Assetco’s receipt thereof. 
 (b) Withdrawals from the Securitized Corporate-Owned Store Accounts. The Manager may withdraw
available amounts on deposit in the Securitized Corporate-Owned Store Accounts at any time in accordance with the Managing Standard and as otherwise set forth in the Related Documents in order to pay any Store Operating Expenses. 

(c) Deposits to the Equipment Distributor Operating Accounts. After the Cut-Off Date, the
Manager (on behalf of the Equipment Distributor) will deposit (or cause to be deposited) into the Equipment Distributor Operating Account all Equipment Revenue Payments within two (2) Business Days following the Equipment Distributor’s
receipt thereof. 
 (d) Withdrawals from the Equipment Distributor Operating Accounts. The Manager may withdraw available amounts on
deposit in the Equipment Distributor Operating Accounts at any time in accordance with the Managing Standard and as otherwise set forth in the Related Documents in order to pay any Equipment Distribution Operating Expenses. 

  
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 (e) Deposits to the Concentration Accounts. Until the Indenture is terminated
pursuant to Section 12.1, the Master Issuer, the Franchisor, the Equipment Distributor or Planet Fitness Assetco, as the case may be, shall deposit (or cause to be deposited) the following amounts to the applicable
Concentration Account to the extent owed to it or (in the case of the Master Issuer) its Subsidiaries and promptly after receipt (unless otherwise specified below and, except in the case of (i) Securitized Corporate-Owned Store Accounts,
amounts held as Securitized Corporate-Owned Store Working Capital Reserve Amounts and (ii) Equipment Distributor Operating Accounts, amounts held as Equipment Distributor Working Capital Reserve Amounts): 

(i) all Royalty Payments received by a Securitization Entity via credit card payment, ACH payment, third-party processor or other online
payment will be deposited directly to a Concentration Account (or, in the case of any misdirected payments, deposited to the applicable Concentration Account as soon as practicable, and in any event within three (3) Business Days of receipt,
unless such deposit requires an international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt); 

(ii) all Other Franchisee Payments, Webjoin Fees, Payment Processor Rebates and Vendor Commissions will be deposited directly to a
Concentration Account (or, in the case of any misdirected payments, deposited to the applicable Concentration Account as soon as practicable, and in any event within three (3) Business Days of receipt, unless such deposit requires an
international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt); provided, that for a transition period of up to sixty (60) days following
the Closing Date, a portion of Other Franchisee Payments, Webjoin Fees, Payment Processor Rebates and Vendor Commissions may be paid to the Manager and deposited by the Manager in the applicable Concentration Account so long as the Manager is in
compliance with the Manager Deposit Requirements); 
 (iii) all Franchisee Lease Payments that are not deposited directly in the Lease
Obligations Account will be deposited directly to a Concentration Account (or, in the case of any misdirected payments, deposited to the applicable Concentration Account as soon as practicable, and in any event within three (3) Business Days of
receipt, unless such deposit requires an international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt); 

(iv) as soon as practicable, and in any event within five (5) Business Days of receipt, amounts repaid to the related Securitization
Entity from any tax escrow account held by a landlord under a lease with such Securitization Entity; 
 (v) as soon as practicable, and in
any event within three (3) Business Days of receipt, equity contributions, if any, made (directly or indirectly) by any Non-Securitization Entity to the Holding Company Guarantor and by the Holding
Company Guarantor to the Master Issuer to the extent such equity contributions are directed to be made to a Concentration Account; 

  
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 (vi) as soon as practicable, and in any event within three (3) Business Days of receipt
(unless such deposit requires an international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt), all amounts, including Securitized Corporate-Owned
Store IP License Fees, Canadian IP License Fees, International IP License Fees, Retained Corporate-Owned Store IP License Fees and Additional IP License Fees received under the IP License Agreements and all other license fees and all other amounts
received in respect of the Securitization IP, including recoveries from the enforcement of the Securitization IP; and 
 (vii) as soon as
practicable, and in any event within five (5) Business Days of receipt, all other amounts constituting Collections not referred to in the preceding clauses other than Indemnification Amounts, Insurance/Condemnation Proceeds, Asset Disposition
Proceeds and other amounts required to be deposited directly to other Management Accounts or to the Collection Account. 
 (f) Withdrawals
from the Concentration Accounts. The Manager may, and with respect to clause (iii), (iv), (v) and (vi) shall, withdraw available amounts on deposit in any Concentration Account to make the following payments and deposits: 

(i) on a daily basis, as necessary, to the extent of amounts deposited to any Concentration Account that the Manager determines were required
to be deposited to another account or were deposited to such Concentration Account in error; 
 (ii) on a daily basis, as necessary, to
distribute any Excluded Amounts; 
 (iii) on a daily basis, as necessary, to pay to an Equipment Distributor Operating Account amounts
received from Franchisees and the Retained Corporate-Owned Stores for purchases of equipment; 
 (iv) on a daily basis, as necessary, to make
payments of any refunds, credits or other amounts owing to Franchisees or any Retained Corporate-Owned Store; 
 (v) as and when required to
transfer amounts in respect of Franchisee Lease Payments deposited into a Concentration Account to the Lease Obligations Account; and 
 (vi)
on or before 4:00 p.m. (Eastern time) on the Business Day prior to each Interim Allocation Date, all Retained Collections with respect to the preceding Interim Collection Period then on deposit in the Concentration Accounts to the Collection Account
for application to make payments and deposits in the order of priority set forth in the Priority of Payments. 
 (g) Deposits to and
Withdrawals from the Asset Disposition Proceeds Account. All Asset Disposition Proceeds received by any Securitization Entity shall be deposited promptly following receipt thereof to the Asset Disposition Proceeds Account. At the election of any
Securitization Entity, the Securitization Entities may direct the reinvestment of such Asset Disposition Proceeds in Eligible Assets within one (1) calendar year following receipt of such Asset Disposition Proceeds or, with respect to
Refranchising Asset Dispositions, within eighteen (18) months following receipt of such Asset Disposition Proceeds (each such period, an “Asset Disposition Reinvestment Period”); provided that after the occurrence and
during the continuance of any Rapid Amortization Period, (A) all amounts withdrawn from the Asset Disposition Proceeds Account shall be withdrawn substantially in accordance with a calendar month budget

  
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submitted to, and approved by, the Control Party (in consultation with the Back-Up Manager) prior to such withdrawal and (B) withdrawals of any
amounts from the Asset Disposition Proceeds Account in excess in any material respect of amounts set forth in the calendar month budget will be subject to (i) the delivery by the Manager to the Control Party and
Back-Up Manager of an explanation in reasonable detail for the variance together with related information and (ii) the prior approval of the Control Party (in consultation with the Back-Up Manager). To the extent such Asset Disposition Proceeds have not been so reinvested in Eligible Assets within the Asset Disposition Reinvestment Period, the Master Issuer shall withdraw an amount equal to
all such uninvested Asset Disposition Proceeds no later than the Business Day immediately succeeding the expiration of the applicable Asset Disposition Reinvestment Period and deposit such amount to the Collection Account to be applied in accordance
with priority (i) of the Priority of Payments on the Interim Allocation Date immediately following the deposit of such Asset Disposition Proceeds to the Collection Account. In the event that such Securitization Entity has elected not to
reinvest such Asset Disposition Proceeds, such Asset Disposition Proceeds shall be deposited to the Collection Account promptly following such decision and applied in accordance with priority (i) of the Priority of Payments on the
following Interim Allocation Date. 
 (h) Deposits to and Withdrawals from the Insurance Proceeds Account. All Insurance/Condemnation
Proceeds received by or on behalf of any Securitization Entity in respect of the Securitized Assets shall be deposited promptly following receipt thereof to the Insurance Proceeds Account (subject to annual materiality thresholds). At the election
of such Securitization Entity (as notified by the Manager to the Trustee, the Servicer and the Back-Up Manager promptly after receipt of the Insurance/Condemnation Proceeds) and so long as no Rapid
Amortization Event shall have occurred and is continuing, the Securitization Entities may reinvest such Insurance/Condemnation Proceeds in Eligible Assets and/or to repair or replace the assets in respect of which such proceeds were received, in
each case, within one (1) calendar year following receipt of such Insurance/Condemnation Proceeds; provided that in the event the Manager has repaired or replaced the assets with respect to which such Insurance/Condemnation Proceeds have
been received prior to the receipt of such Insurance/Condemnation Proceeds, such Insurance/Condemnation Proceeds shall be used to reimburse the Manager for any expenditures in connection with such repair or replacement. To the extent such
Insurance/Condemnation Proceeds have not been so reinvested within such one (1) calendar year period (each such period, a “Casualty Reinvestment Period”), the Master Issuer shall withdraw an amount equal to all such uninvested
Insurance/Condemnation Proceeds no later than the Business Day immediately succeeding the expiration of the applicable Casualty Reinvestment Period and deposit such amounts to the Collection Account to be applied in accordance with priority
(i) of the Priority of Payments on the following Interim Allocation Date. In the event that such Securitization Entity has elected to not reinvest such Insurance/Condemnation Proceeds, such Insurance/Condemnation Proceeds shall instead be
deposited to the Collection Account promptly following such decision to pay principal of each Series of Notes Outstanding in accordance with priority (i) of the Priority of Payments on the following Interim Allocation Date. 

(i) Deposits to and Withdrawals from Lease Obligations Accounts. All Franchisee Lease Payments received by Planet Fitness Assetco shall
be deposited as soon as practicable, and in any event within three (3) Business Days of receipt into the applicable Concentration Account or the Lease Obligations Accounts (unless such deposit requires an

  
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international funds transfer, in which case such funds shall be deposited to the applicable Concentration Account or the Lease Obligations Account within five (5) Business Days of receipt).
Franchisee Lease Payments that have been deposited into a Concentration Account shall be transferred to the Lease Obligations Account on or before the second (2nd) Business Day following the last day of each Interim Collection Period. Any amounts
repaid from any tax escrow account held by a third-party landlord with respect to a Securitized Franchisee Lease will be deposited into the Lease Obligations Account as soon as practicable, and in any event within five (5) Business Days,
following receipt by the applicable Securitization Entity. Planet Fitness Assetco (or the Manager on its behalf) shall withdraw amounts on deposit in any Lease Obligation Account in order to pay any Lease Obligations. On or before 4:00 p.m. (Eastern
time) on the Business Day prior to the first Interim Allocation Date during each Monthly Fiscal Period, Planet Fitness Assetco shall disburse (or cause to be disbursed) the Net Franchisee Lease Payments with respect to the preceding Interim
Collection Period from the Lease Obligations Account to the Collection Account; provided that, notwithstanding the foregoing, Planet Fitness Assetco shall be entitled on each such Interim Allocation Date to deduct from the amount of such Net
Franchisee Lease Payments that would otherwise be required to be transferred from the Lease Obligations Account to the Collection Account an amount, not to exceed on any Interim Allocation Date the greater of (i) $5,000,000 and (ii) 10% of the
aggregate Collections attributable to Franchisee Lease Payments over the four immediately preceding Quarterly Collection Periods, reasonably anticipated by the Manager to be required to pay Lease Obligations within the next month (which amount shall
be retained in the Lease Obligations Account pending application to pay Lease Obligations or, at the election of the Manager, transferred to the Collection Account on a future date). 

(j) Deposits to the Collection Account. In addition to the interim deposits of funds from the Concentration Accounts in accordance with
Section 5.11(f)(vi), and the Lease Obligations Accounts in accordance with Section 5.11(i), the Manager (or with respect to deposits in connection with an Interest Reserve Release Event, the
Trustee at the direction of the Master Issuer) shall also deposit or cause to be deposited to the Collection Account the following amounts, in each case promptly after receipt (unless otherwise specified below): 

(i) on or before 4:00 p.m. (Eastern time) on the Business Day prior to the Interim Allocation Date with respect to the Interim
Collection Period ended on the 13th day of the calendar month, an amount, if positive, equal to the Monthly Fiscal Period Estimated Securitized Corporate-Owned Store Profits Amount with respect to
the Monthly Fiscal Period immediately preceding such second Interim Allocation Date, plus, with respect to all prior Monthly Fiscal Periods, any unpaid Monthly Fiscal Period Securitized Corporate-Owned Store Profits True-up Amount, in each case from amounts on deposit in the Securitized Corporate-Owned Store Accounts in excess of the Securitized Corporate-Owned Store Working Capital Reserve Amount; 

(ii) on or before 4:00 p.m. (Eastern time) on the Business Day prior to the Interim Allocation Date with respect to the Interim
Collection Period ended on the 13th of the calendar month, an amount, if positive, equal to the Monthly Fiscal Period Estimated Equipment Distribution Profits Amounts with respect to the

  
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Monthly Fiscal Period immediately preceding such second Interim Allocation Date, plus, with respect to all prior Monthly Fiscal Periods, any unpaid Monthly Fiscal Period Equipment
Distribution Profits True-up Amount, in each case from amounts on deposit in the Equipment Distributor Operating Accounts in excess of the Equipment Distributor Working Capital Reserve Amount; 

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

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

(vii) upon the occurrence of any Interest Reserve Release Event, the Master Issuer shall instruct the Trustee in writing to
withdraw the amounts on deposit on the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, to the extent that no Senior Notes Interest Reserve Account Deficiency Amount or Senior
Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, is outstanding on the related Quarterly Payment Date and to deposit, directly to the Collection Account for distribution in accordance with the Priority of Payments; and

 (viii) any other amounts required to be deposited to the Collection Account hereunder or under any other Related
Documents. 
 The Trustee shall deposit or cause to be deposited into the Collection Account amounts obtained by the Trustee or the Control
Party on account of or as a result of the exercise by the Trustee or the Control Party of any of its rights under the Indenture, including without limitation under Article IX hereof upon receipt thereof. 

  
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 (k) Investment Income. On or prior to 4:30 p.m. (Eastern time) on the Business
Day prior to each Interim Allocation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to transfer any Investment Income on deposit in the Indenture Trust Accounts (other than the Collection Account) to the
Collection Account for application as Collections on that Interim Allocation Date. 
 (l) Payment Instructions. In accordance with and
subject to the terms of the Management Agreement, the Master Issuer shall cause the Manager to cause (i) each Franchisee obligated at any time to make any Royalty Payments, Other Franchisee Payments, Equipment Revenue Payments or Franchisee
Lease Payments to make such payment, either directly or indirectly (including through a third-party payment processor, third-party financing company or otherwise), to a Concentration Account, an Equipment Distributor Operating Account or the Lease
Obligations Account, as applicable, and (ii) any other Person (not an Affiliate of the Master Issuer) obligated at any time to make any payments with respect to the Securitized Assets, including, without limitation, the Securitization IP, to
make such payment to a Management Account or the Collection Account, as determined by the Master Issuer or the Manager. 
 (m) Misdirected
Collections. The Master Issuer agrees that if any Collections shall be received by the Master Issuer or any other Securitization Entity in an account other than an Account or in any other manner, such monies, instruments, cash and other proceeds
will not be commingled by the Master Issuer or such other Securitization Entity with any of their other funds or property, if any, but will be held separate and apart therefrom and shall be held in trust by the Master Issuer or such other
Securitization Entity for, and, within one (1) Business Day of the identification of such payment, paid over to, the Trustee, with any necessary endorsement. The Trustee shall withdraw from the Collection Account any monies on deposit therein
that the Manager certifies to it and the Servicer are not Retained Collections and pay such amounts to or at the direction of the Manager. In addition, the Trustee shall withdraw any amounts from the Collection Account that are required to be
returned to a deposit bank under any Account Control Agreement and remit such funds in accordance with such Account Control Agreement. All monies, instruments, cash and other proceeds of the Securitized Assets received by the Trustee pursuant to the
Indenture shall be immediately deposited in the Collection Account and shall be applied as provided in this Article V. 

Section 5.12 Application of Collections on Interim Allocation Dates. On each Interim Allocation Date (unless the Manager shall
have failed to deliver by 4:30 p.m. (Eastern time) on the Business Day prior to such Interim Allocation Date the Interim Manager’s Certificate relating to such Interim Allocation Date, in which case the application of Retained Collections
relating to such Interim Allocation Date shall occur on the Business Day immediately following the day on which such Interim Manager’s Certificate is delivered), commencing on August 17, 2018, the Trustee shall, based solely on the
information contained in the Interim Manager’s Certificate, withdraw the amount on deposit in the Collection Account as of 10:00 a.m. (Eastern time) in respect of such preceding Interim Collection Period for allocation or payment in the
following order of priority: 

  
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 (i) first, solely with respect to any funds on deposit in the Collection Account on
such Interim Allocation Date consisting of Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds, in the following order of priority: 

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

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

(F) to make an allocation to the Senior Subordinated Notes Principal Payment Account, to prepay, until paid in full, the Outstanding Principal
Amount of all Senior Subordinated Notes; and then 
 (G) to make an allocation to the Subordinated Notes Principal Payment Account, to
prepay, until paid in full, the Outstanding Principal Amount of all Subordinated Notes; 
 provided that any prepayments pursuant to clauses (C),
(D), (E), (F) or (G) of this clause first shall be made on the Quarterly Payment Date indicated in the Interim Manager’s Certificate; 

(ii) second, (A) to reimburse the Trustee, and then, the Servicer, for any unreimbursed Advances (and accrued
interest thereon at the Advance Interest Rate), then (B) to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance Interest Rate), and then (C) to pay the Servicer all
Servicing Fees, Liquidation Fees, if any, and Workout Fees, if any, for such Interim Allocation Date; 
 (iii)
third, to pay Successor Manager Transition Expenses, if any; 
 (iv) fourth, to pay the Management Fee to the Manager; 

  
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 (v) fifth, pro rata,  

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

(B) so long as an Event of Default has occurred and is continuing, to pay to the Trustee the Post-Default Capped Trustee Expenses
Amount for such Interim Allocation Date. 
 (vi) sixth, to deposit to the applicable Indenture Trust Account, ratably according to
the amounts required to be deposited as set forth in subclauses (A) through (C) below, the following amounts until the amount required to be deposited pursuant to each of subclauses (A)
through (C) below is deposited in full: 
 (A) to allocate to the Senior Notes Interest Payment Account for each Series of
Senior Notes, pro rata by amount due within each Series, an amount equal to the Senior Notes Accrued Quarterly Interest Amount; 

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

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

(viii) eighth, to allocate to the Senior Subordinated Notes Interest Payment Account, an amount equal to the Senior Subordinated
Notes Accrued Quarterly Interest Amount, if any, in respect of the Senior Subordinated Notes; 

  
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 (ix) ninth, first, to deposit in the Senior Notes Interest Reserve Account, an amount
equal to any Senior Notes Interest Reserve Account Deficiency Amount; and second, to deposit in the Senior Subordinated Notes Interest Reserve Account, an amount equal to any Senior Subordinated Notes Interest Reserve Account Deficiency
Amount; provided, however, that no amounts, with respect to any Series of Notes, will be deposited into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as
applicable, pursuant to this priority (ix) on any Interim Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series Legal Final Maturity Date relating to such Series of Notes; 

(x) tenth, to allocate to the Senior Notes Principal Payment Account an amount equal to the sum of (1) any Senior Notes Accrued
Quarterly Scheduled Principal Amount, (2) any Senior Notes Quarterly Scheduled Principal Deficiency Amount and (3) amounts then known by the Manager that will become due under each Variable Funding Note Purchase Agreement prior
to the immediately succeeding Quarterly Payment Date with respect to the cash collateralization of letters of credit issued under each Variable Funding Note Purchase Agreement; 

(xi) eleventh, to pay any Supplemental Management Fee, together with any previously accrued and unpaid Supplemental Management
Fee; 
 (xii) twelfth, so long as no Rapid Amortization Period is continuing, if a Class A-1 Notes Amortization Event has occurred and is continuing, to the Senior Notes Principal Payment Account to allocate to the Class A-1 Notes affected by such Class A-1 Notes Amortization Event, on a pro rata basis based on commitment amounts, in an amount sufficient to reduce the Outstanding Principal Amount of the Class A-1 Notes to zero and to fully cash collateralize all outstanding letters of credit thereunder on the next Quarterly Payment Date after giving effect to all deposits in the Senior Notes Principal Payment
Account allocable to the Class A-1 Notes; 
 (xiii) thirteenth, so long as (x) no
Rapid Amortization Period is continuing and (y) such Interim Allocation Date occurs during a Cash Trapping Period, to deposit into the Cash Trap Reserve Account an amount equal to the Cash Trapping Amount, if any, on such Interim
Allocation Date; 
 (xiv) fourteenth, so long as a Rapid Amortization Period is continuing, to allocate first, to the Senior Notes
Principal Payment Account to allocate to the Class A Notes (sequentially, in alphanumerical order of Class A Notes) in an amount sufficient to reduce the Outstanding Principal Amount of the Class A Notes to zero
and to fully cash collateralize all outstanding letters of credit thereunder on the next Quarterly Payment Date after giving effect to all deposits in the Senior Notes Principal Payment Account, and second, to the Senior Subordinated Notes Principal
Payment Account in an amount sufficient to reduce the Outstanding Principal Amount of the Senior Subordinated Notes to zero (sequentially, in alphanumerical order of the Senior Subordinated Notes) on the next Quarterly Payment Date after
giving effect to all deposits in the Senior Subordinated Notes Principal Payment Account; 
 (xv) fifteenth, so long as no Rapid
Amortization Period is continuing, to allocate to the Senior Subordinated Notes Principal Payment Account, an amount equal to the sum of (1) the Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount, if any, and
(2) the Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount, if any; 

  
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 (xvi) sixteenth, to deposit to the Securitization Operating Expense Account an amount
equal to any accrued and unpaid Securitization Operating Expenses (together with any Securitization Operating Expenses that are expected to be payable prior to the immediately following Interim Allocation Date) in excess of the Capped Securitization
Operating Expense Amount after giving effect to priority (v) above; 
 (xvii) seventeenth, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement for payment of the Excess Class A-1 Notes
Administrative Expenses Amounts due under each Variable Funding Note Purchase Agreement for such Interim Allocation Date pro rata based on amounts due under each such Variable Funding Note Purchase Agreement on such
Interim Allocation Date; 
 (xviii) eighteenth, to each Class A-1 Administrative Agent
pursuant to the related Variable Funding Note Purchase Agreement for payment of the Class A-1 Notes Other Amounts due under such Variable Funding Note Purchase Agreement for such
Interim Allocation Date pro rata based on amounts due under each such Variable Funding Note Purchase Agreement; 

(xix) nineteenth, to allocate to the Subordinated Notes Interest Payment Account, an amount equal to the Subordinated Notes Accrued
Quarterly Interest Amount, if any, in respect of the Subordinated Notes; 
 (xx) twentieth, so long as no Rapid
Amortization Period is continuing, to allocate to the Subordinated Notes Principal Payment Account, (1) an amount equal to the Subordinated Notes Accrued Quarterly Scheduled Principal Amount, if any, and then (2) an amount equal to
the Subordinated Notes Quarterly Scheduled Principal Deficiency Amount, if any; 
 (xxi) twenty-first, so long as a Rapid
Amortization Period is continuing, to allocate to the Subordinated Notes Principal Payment Account, with respect to the Subordinated Notes (to be allocated sequentially, in alphanumerical order of the Subordinated Notes) until the Outstanding
Principal Amount of the Subordinated Notes will be reduced to zero on the next Quarterly Payment Date after giving effect to all deposits in the Subordinated Notes Principal Payment Account; 

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

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

  
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 (xxiv) twenty-fourth, to allocate to the Subordinated Notes Post-ARD Contingent Interest Account, any Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount, for such Interim Allocation Date; 

(xxv) twenty-fifth, to deposit to the Hedge Payment Account, (A) any accrued and unpaid Series Hedge Payment Amount that
constitutes a termination payment payable to a Hedge Counterparty and (B) any other amount payable to a Hedge Counterparty, pursuant to the related Series Hedge Agreement, in each case pro rata to each Hedge
Counterparty, if any, according to the amount due and payable to each of them; 
 (xxvi) twenty-sixth, to allocate to the Senior Notes
Principal Payment Account an amount equal to any unpaid premiums and make-whole prepayment premiums with respect to Senior Notes; 

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

(xxix) twenty-ninth, to make any other payments to or for the benefit of any Series of Notes as provided in the related Series
Supplement; and 
 (xxx) thirtieth, to pay the Residual Amount at the direction of the Master Issuer. 

Section 5.13 Quarterly Payment Date Applications. 

(a) Senior Notes Interest Payment Account. 

(i) On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on
the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the Senior Notes Interest Payment Account on each Interim Allocation Date with respect to the
immediately preceding Quarterly Collection Period (or, to the extent necessary to cover any Class A-1 Interest Adjustment Amount, the then-current Quarterly Collection Period), and, if applicable, funds
allocated to the Senior Notes Interest Payment Account pursuant to subclause (ii) below, to be paid for the benefit of the Holders of the Senior Notes, up to the accrued and unpaid Senior Notes Quarterly Interest Amount due on such
Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon the amount of the Senior Notes Quarterly
Interest Amount payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts. 

  
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 (ii) If the amount of funds allocated to the Senior Notes Interest Payment Account referred
to in subclause (i) with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the accrued and unpaid Senior Notes Quarterly Interest Amount due on such Quarterly Payment Date, then a
Quarterly Reallocation Event pursuant to Section 5.13(p) shall be triggered and any funds reallocated as a result thereof into the Senior Notes Interest Payment Account shall be distributed in accordance with subclause
(i) above. If such insufficiency is not eliminated following the reallocation of funds as set forth in Section 5.13(p), the Master Issuer shall instruct the Trustee in writing to withdraw an amount equal to any
remaining insufficiency from first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent
Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payment Account, fifth, the Subordinated Notes Interest Payment
Account, sixth, the Senior Subordinated Notes Principal Payment Account, seventh, the Senior Subordinated Notes Interest Payment Account, eighth, the Cash Trap Reserve Account and ninth, the Senior Notes Principal Payment
Account, and deposit such funds into the Senior Notes Interest Payment Account for further deposit to the applicable Series Distribution Accounts pursuant to subclause (i). On each Quarterly Payment Date, after the application of funds under the
Priority of Payments, the funds on deposit in the Senior Notes Interest Reserve Account (or, if the funds on deposit in the Senior Notes Interest Reserve Account are insufficient for such purpose, funds available to be drawn under any Interest
Reserve Letter of Credit relating to the Senior Notes) shall be applied by the Trustee at the written instruction of the Manager (acting on behalf of the Master Issuer) to pay, pro rata, any accrued and unpaid Senior Notes
Quarterly Interest Amount on the Senior Notes Outstanding and any accrued and unpaid Class A-1 Quarterly Commitment Fee Amounts to the extent that amounts deposited into the applicable Series Distribution
Accounts in accordance with this Section 5.13(a)(ii) are insufficient for such purposes. 
 (iii) If the result of
(i) the accrued and unpaid Senior Notes Quarterly Interest Amount for the Interest Accrual Period with respect to each Class of Senior Notes ending most recently prior to the next succeeding Quarterly Payment Date over (ii) the
amount that will be available to make payments of interest on the Senior Notes in accordance with subclauses (i) and (ii) above on such Quarterly Payment Date, is greater than zero (a “Senior Notes Quarterly Interest
Shortfall Amount”), then in accordance with the terms and conditions of the Servicing Agreement, by 3:00 p.m. (Eastern time) on the Business Day preceding such Quarterly Payment Date, the Servicer shall make a Debt Service Advance in
such amount unless the Servicer notifies the Master Issuer, the Manager, the Back-Up Manager and the Trustee by such time that it has, reasonably and in good faith, determined such Debt Service Advance (and
interest thereon) is a Nonrecoverable Advance. If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and interest thereon) would be a Nonrecoverable
Advance), pursuant to Section 10.1(k), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance. In determining whether any Debt
Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer. All Debt Service Advances shall be deposited into the Senior Notes Interest Payment Account. If, after giving
effect to all Debt Service Advances made with respect to any Quarterly Payment Date, the Senior Notes Quarterly Interest Shortfall Amount with respect to such Quarterly Payment Date remains greater than zero, then the payment of the Senior Notes
Quarterly Interest Amount as reduced by such Senior Notes Quarterly Interest Shortfall Amount to be distributed on such Quarterly Payment Date to the Senior Notes shall be paid to the Senior 

  
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Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon
the amount of the Senior Notes Quarterly Interest Amount payable with respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior Notes Quarterly
Interest Shortfall Amount. An additional amount of interest may accrue on the Senior Notes Quarterly Interest Shortfall Amount for each subsequent Interest Accrual Period until the Senior Notes Quarterly Interest Shortfall Amount is paid in full, as
set forth in the applicable Series Supplement. 
 (b) Class A-1 Notes Commitment Fees Account.

 (i) On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw
on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the Class A-1 Notes Commitment Fees Account on each
Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period (or, to the extent necessary to cover any Class A-1 Commitment Fee Adjustment Amount, the then-current
Quarterly Collection Period), and, if applicable, funds allocated to the Class A-1 Notes Commitment Fees Account pursuant to subclause (ii) below, to be paid for the benefit of the Holders of
the applicable Class A-1 Notes, up to the Class A-1 Quarterly Commitment Fee Amount accrued and unpaid with respect to the applicable Class A-1 Notes, pro rata among each Series of Class A-1 Notes based upon the Class A-1
Quarterly Commitment Fee Amount payable with respect to each such Series, and deposit such funds into the applicable Series Distribution Account. 

(ii) If the amount of funds allocated to the Class A-1 Notes Commitment Fees Account referred to
in subclause (i) with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the accrued and unpaid Class A-1 Quarterly Commitment Fee Amount due
on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.13(p) shall be triggered and any funds reallocated as a result thereof into the
Class A-1 Notes Commitment Fees Account shall be distributed in accordance with subclause (i) above. If such insufficiency is not eliminated following the reallocation of funds as set forth in
Section 5.13(p), the Master Issuer shall instruct the Trustee in writing to withdraw an amount equal to any remaining insufficiency from first, the Subordinated Notes Post-ARD
Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent
Interest Account, fourth, the Subordinated Notes Principal Payment Account, fifth, the Subordinated Notes Interest Payment Account, sixth, the Senior Subordinated Notes Principal Payment Account, seventh, the Senior
Subordinated Notes Interest Payment Account, eighth, the Cash Trap Reserve Account and ninth, the Senior Notes Principal Payment Account, and deposit such funds into the Class A-1 Notes
Commitment Fees Account for further deposit to the applicable Series Distribution Accounts pursuant to subclause (i). On each Quarterly Payment Date, after the application of funds under the Priority of Payments, the funds on deposit in the Senior
Notes Interest Reserve Account (or, if the funds on deposit in the Senior Notes Interest Reserve Account are insufficient for such purpose, funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes) shall
be applied by the Trustee at the written instruction of the Manager (acting on behalf of the Master Issuer) to pay, pro rata, any accrued and unpaid Senior Notes Quarterly Interest Amount on the Senior Notes Outstanding and any accrued and
unpaid Class A-1 Quarterly Commitment Fee Amounts to the extent that amounts deposited into the applicable Series Distribution Accounts in accordance with this
Section 5.13(b)(ii) are insufficient for such purposes. 

  
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 (iii) If the result of (i) the accrued and unpaid
Class A-1 Quarterly Commitment Fee Amounts for the Interest Accrual Period ending most recently prior to the next succeeding Quarterly Payment Date over (ii) the amount that shall be available
to make payments on the Class A-1 Quarterly Commitment Fee Amount in accordance with subclauses (i) and (ii) on such Quarterly Payment Date, is greater than zero (a
“Class A-1 Quarterly Commitment Fees Shortfall Amount”), then such amount available to be distributed on such Quarterly Payment Date to the
Class A-1 Notes shall be paid to the Class A-1 Notes, pro rata among each Series of Class A-1 Notes based
upon the amount of Class A-1 Quarterly Commitment Fee Amounts payable with respect to each such Series of Class A-1 Notes; provided that such reduction
shall not be deemed to be a waiver of any default caused by the existence of such Class A-1 Quarterly Commitment Fees Shortfall Amount. An additional amount of interest may accrue on each such Class A-1 Quarterly Commitment Fees Shortfall Amount for each subsequent Interest Accrual Period until each such Class A-1 Quarterly Commitment Fees Shortfall Amount
is paid in full, as set forth in the applicable Series Supplement or Variable Funding Note Purchase Agreement, and as set forth in the Quarterly Noteholders’ Report. 

(c) Senior Subordinated Notes Interest Payment Account. 

(i) To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the
Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the Senior Subordinated
Notes Interest Payment Account, on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Senior Subordinated Notes Interest Payment Account pursuant to
subclause (ii) below, to be paid for the benefit of the Holders of the Senior Subordinated Notes, up to the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date, sequentially in order
of alphanumerical designation and pro rata among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of the Senior Subordinated Notes Quarterly Interest Amount payable
with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts. 
 (ii) If the amount of funds
allocated to the Senior Subordinated Notes Interest Payment Account referred to in subclause (i) is insufficient to pay the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount due on such Quarterly
Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.13(p) shall be triggered and any funds reallocated as a result thereof into the Senior Subordinated Notes Interest Payment Account shall be distributed
in accordance with subclause (i) above. If such insufficiency is not eliminated following the reallocation of funds as set forth in Section 5.13(p), the Master Issuer shall instruct the Trustee in writing to
withdraw an amount equal to any remaining insufficiency from first, the Senior Subordinated Notes Interest Reserve Account to the extent of funds on deposit therein and second, from funds available to be drawn under any Interest
Reserve Letter of Credit relating to the Senior Subordinated Notes, and deposit such funds into the Senior Subordinated Notes Interest Payment Account for further deposit to the applicable Series Distribution Accounts pursuant to subclause
(i). 

  
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 (iii) If the result of (i) the accrued and unpaid Senior Subordinated Notes Quarterly
Interest Amount due on such Quarterly Payment Date over (ii) the amount that shall be available to make payments of interest on the Senior Subordinated Notes on such Quarterly Payment Date in accordance with subclauses
(i) and (ii) above, is greater than zero (a “Senior Subordinated Notes Quarterly Interest Shortfall”), then such amount available to be distributed on such Quarterly Payment Date to the Senior Subordinated Notes
shall be paid to the Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the
amount of the Senior Subordinated Notes Quarterly Interest Amount payable with respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior Subordinated
Notes Quarterly Interest Shortfall. An additional amount of interest may accrue on the Senior Subordinated Notes Quarterly Interest Shortfall for each subsequent Interest Accrual Period until the Senior Subordinated Notes Quarterly Interest
Shortfall is paid in full, as set forth in the applicable Series Supplement. 
 (d) Senior Notes Principal Payment Account. 

(i) On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on
the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the Senior Notes Principal Payment Account on each Interim Allocation Date with respect to the
immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to priority (i) of the Priority of Payments, the Holders of each applicable Class of Senior Notes up
to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth in priority (i) of the Priority of Payments and (B) in the case of
funds allocated pursuant to priorities (x), (xii), (xiv) and (xxvi) of the Priority of Payments and subclause (ii) below, if applicable, excluding any applicable Principal Release
Amounts, the Holders of each applicable Class of Senior Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (x), (xii), (xiv) and (xxvi), in each
case sequentially in order of alphanumerical designation and pro rata among each such applicable Class of Senior Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior
Notes of such Class, and deposit such funds into the applicable Series Distribution Account. 
 (ii) If the aggregate amount of funds
allocated to the Senior Notes Principal Payment Account pursuant to priorities (x), (xii), (xiv) and (xxvi) of the Priority of Payments on each Interim Allocation Date with respect to the
immediately preceding Quarterly Collection Period is insufficient to pay the sum (without duplication) of (A) the Senior Notes Quarterly Scheduled Principal Amounts or any Senior Notes Quarterly Scheduled Principal Deficiency Amounts due with
respect to each applicable Class of Senior Notes on such Quarterly Payment Date, (B) so long as no Rapid Amortization Period is continuing, if a Class A-1 Notes Amortization Event has occurred
and is continuing, the Outstanding Principal Amount of the Class A-1 Notes affected by such Class A-1 Notes Amortization Event and (C) if a Rapid
Amortization Event has occurred and is continuing, the Outstanding Principal Amount of the Senior Notes, on the next Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.13(p) shall be triggered
and any funds reallocated as a result thereof into the Senior Notes Principal Payment Account shall be distributed in accordance with subclause (i) above. 

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

(i) To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the
Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the Senior Subordinated
Notes Principal Payment Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to priority (i) of the
Priority of Payments, the Holders of each applicable Class of Senior Subordinated Notes up to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth in
priority (i) of the Priority of Payments and (B) in the case of funds allocated pursuant to priorities (xiv), (xv) and (xxvii) of the Priority of Payments, and subclause
(ii) below, if applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Senior Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such
priorities (xiv), (xv) and (xxvii), in each case sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Subordinated Notes of the same alphanumerical
designation based upon the Outstanding Principal Amount of the Senior Subordinated Notes of such Class, and deposit such funds into the applicable Series Distribution Account. 

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

  
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 (f) Subordinated Notes Interest Payment Account. 

(i) To the extent any Series of Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the Manager on
its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the Subordinated Notes Interest
Payment Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Subordinated Notes Interest Payment Account pursuant to subclause
(ii) below, to be paid for the benefit of the Holders of the Subordinated Notes, up to the accrued and unpaid Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical
designation and pro rata among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of the Subordinated Notes Quarterly Interest Amount payable with respect to each such Class,
and deposit such funds into the applicable Series Distribution Accounts. 
 (ii) If the amount of funds allocated to the Subordinated Notes
Interest Payment Account referred to in subclause (i) is insufficient to pay the accrued and unpaid Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event
pursuant to Section 5.13(p) shall be triggered and any funds reallocated as a result thereof into the Subordinated Notes Interest Payment Account shall be distributed in accordance with subclause (i) above. 

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

(g) Subordinated Notes Principal Payment Account. 

(i) To the extent any Series of Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the Manager on
its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the Subordinated Notes Principal
Payment Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to priority (i) of the Priority of
Payments, the Holders of each applicable Class of Subordinated Notes up to the aggregate amount of Indemnification Amounts, 

  
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Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth in priority (i) of the Priority of Payments and (B) in the case of
funds allocated pursuant to priorities (xx), (xxi) and (xxviii) of the Priority of Payments, and subclause (ii) below, if applicable, excluding any applicable Principal Release Amounts, the
Holders of each applicable Class of Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (xx), (xxi) and (xxviii), in each case sequentially in
order of alphanumerical designation and pro rata among each such Class of Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Subordinated Notes of such
Class and deposit such funds into the applicable Series Distribution Account. 
 (ii) If the aggregate amount of funds allocated to the
Subordinated Notes Principal Payment Account pursuant to priorities (xx), (xxi) and (xxviii) of the Priority of Payments on each Interim Allocation Date with respect to the immediately preceding Quarterly
Collection Period is insufficient to pay the sum (without duplication) of (A) the Subordinated Notes Quarterly Scheduled Principal Amounts and any Subordinated Notes Quarterly Scheduled Principal Deficiency Amounts due with respect to each
applicable Class of Subordinated Notes on such Quarterly Payment Date and (B) if a Rapid Amortization Period is continuing, the Outstanding Principal Amount of the Subordinated Notes, on the next Quarterly Payment Date, then a Quarterly
Reallocation Event pursuant to Section 5.13(p) shall be triggered and any funds reallocated as a result thereof into the Subordinated Notes Principal Payment Account shall be distributed in accordance with subclause
(i) above. 
 (h) Senior Notes Post-ARD Contingent Interest Account. 

(i) On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on
the related Quarterly Payment Date the funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection
Period, and, if applicable, funds allocated to the Senior Notes Post-ARD Contingent Interest Account pursuant to subclause (ii) below, to be paid for the benefit of the Holders of each
applicable Class of Senior Notes, up to the accrued and unpaid Senior Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical
designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based upon the Senior Notes Quarterly Post-ARD Contingent Interest Amount
payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 
 (ii) If the aggregate amount of funds
allocated to the Senior Notes Post-ARD Contingent Interest Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the Senior Notes
Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.13(p) shall be triggered and any funds
reallocated as a result thereof into the Senior Notes Post-ARD Contingent Interest Account shall be distributed in accordance with subclause (i) above. 

  
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 (i) Senior Subordinated Notes Post-ARD Contingent
Interest Account. 
 (i) To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the
Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date the funds allocated to the Senior Subordinated Notes Post-ARD Contingent
Interest Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, the funds allocated to the Senior Subordinated Notes Post-ARD
Contingent Interest Account pursuant to subclause (ii) below, to be paid for the benefit of the Holders of each applicable Class of Senior Subordinated Notes, up to the accrued and unpaid Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Subordinated
Notes of the same alphanumerical designation based upon the Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount payable on each such Class, and deposit such funds into the applicable Series
Distribution Accounts. 
 (ii) If the aggregate amount of funds allocated to the Senior Subordinated Notes
Post-ARD Contingent Interest Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to subclause (i) above is
insufficient to pay the Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to
Section 5.13(p) shall be triggered and any funds reallocated as a result thereof into the Senior Subordinated Notes Post-ARD Contingent Interest Account shall be distributed in
accordance with subclause (i) above. 
 (j) Subordinated Notes Post-ARD Contingent
Interest Account. 
 (i) To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the
Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date the funds allocated to the Subordinated Notes Post-ARD Contingent Interest
Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Subordinated Notes Post-ARD Contingent Interest Account
pursuant to subclause (ii) below, to be paid for the benefit of the Holders of each applicable Class of Subordinated Notes, up to the accrued and unpaid Subordinated Notes Quarterly Post-ARD
Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each such Class of Subordinated Notes of the same alphanumerical designation based
upon the Subordinated Notes Quarterly Post-ARD Contingent Interest Amount payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 

(ii) If the aggregate amount of funds allocated to the Subordinated Notes Post-ARD Contingent Interest
Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to subclause (i) above is insufficient to pay the Subordinated Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.13(p) shall be triggered and any funds reallocated as a
result thereof into the Subordinated Notes Post-ARD Contingent Interest Account shall be distributed in accordance with subclause (i) above. 

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

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

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

(iv) Amounts on deposit in the Cash Trap Reserve Account will be available to make optional prepayments of principal of the Senior Notes, at
the sole discretion of the Master Issuer (or the Manager acting on its behalf). Any such amounts used to make optional prepayments (1) will be allocated (after giving effect to all other payments to be made as of the related Quarterly Payment
Date, including all other releases and payments from the Cash Trap Reserve Account) pursuant to priorities (ii) through (xxix) of the Priority of Payments (except for priority (xiii) thereof), and then (2) will be
allocated to the applicable Series Distribution Accounts to make optional prepayments of principal on the Senior Notes (either (a) if a Class A-1 Notes Amortization Event has occurred and is
continuing, first, to prepay and permanently reduce the commitments under all Class A-1 Notes affected by such Class A-1 Notes Amortization
Event, on a pro rata basis based on commitment amounts and then, to prepay all Senior Notes of all Series other than the Class A-1 Notes in alphanumeric order on a pro rata basis
based on principal outstanding or 

  
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(b) if a Class A-1 Notes Amortization Event is not continuing, to prepay all Senior Notes of all Series other than the
Class A-1 Notes on a pro rata basis based on principal outstanding so long as, immediately after giving effect to such prepayment, an amount is retained in the Cash Trap Reserve Account that is
equal to the aggregate principal amount outstanding under the Class A-1 Notes at such time); provided that any such optional prepayment will be accompanied by the payment of any make-whole
prepayment premiums related thereto, to the extent such prepayment premiums are otherwise payable in connection with the optional prepayment of such Notes in accordance with the applicable Series Supplement. 

(v) If the Master Issuer (or the Manager on its behalf) determines, with respect to any Series of Senior Notes, that the amount to be deposited
in any Series Distribution Account in accordance with this Section 5.13 on any Series Legal Final Maturity Date related to such Series of Senior Notes is less than the Outstanding Principal Amount of such Series of Senior
Notes, on the Quarterly Calculation Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such
instruction on such Series Legal Final Maturity Date, withdraw from the Senior Notes Interest Reserve Account an amount equal to such insufficiency (and, to the extent the amount in the Senior Notes Interest Reserve Account is insufficient, the
Master Issuer (or the Manager on its behalf) shall instruct the Control Party to draw on the applicable Interest Reserve Letter of Credit) and deposit such amount into the applicable Series Distribution Accounts, to be paid to the Senior Notes
sequentially in order of alphanumeric designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Notes of each such Class.

 (vi) If the Master Issuer (or the Manager on its behalf) determines, with respect to any Series of Senior Subordinated Notes, that the
amount to be deposited in any Series Distribution Account in accordance with this Section 5.13 on any Series Legal Final Maturity Date related to such Series of Senior Subordinated Notes is less than the Outstanding
Principal Amount of such Series of Senior Subordinated Notes, on the Quarterly Calculation Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee thereof in
writing, and the Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the Senior Subordinated Notes Interest Reserve Account an amount equal to such insufficiency (and, to the extent the amount
in the Senior Subordinated Notes Interest Reserve Account is insufficient, the Master Issuer (or the Manager on its behalf) shall instruct the Control Party to make a draw on the applicable Interest Reserve Letter of Credit) and deposit such amount
into the applicable Series Distribution Accounts, to be paid to the Senior Subordinated Notes sequentially in order of alphanumeric designation and pro rata among each Class of Senior Subordinated Notes of the same
alphanumerical designation based upon the Outstanding Principal Amount of the Senior Subordinated Notes of each such Class. 
 (vii) On any
date on which no Senior Notes are Outstanding, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Notes Interest Reserve Account and to deposit all
remaining funds into the Collection Account and/or to return any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Notes Interest Reserve Account to the issuer thereof for cancellation. 

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

(l) Principal Release Amount. 

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

(ii) So long as no Rapid Amortization Period, Event of Default or Class A-1 Notes Amortization
Event is continuing, on each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date any Principal Release Amount from the Senior Notes
Principal Payment Account, Senior Subordinated Notes Principal Payment Account or Subordinated Notes Principal Payment Account, as applicable, and apply such funds on such Quarterly Payment Date to the extent necessary to pay, in the following order
of priority, (A) unreimbursed Advances of the Trustee (with interest thereon at the Advance Interest Rate), (B) unreimbursed Advances of the Servicer (with interest thereon at the Advance Interest Rate), (C) unreimbursed Manager Advances
(with interest thereon at the Advance Interest Rate), (D) pro rata, Senior Notes Quarterly Interest Amounts, Class A-1 Quarterly Commitment Fee Amounts, and Series Hedge
Payment Amounts, and (E) Senior Subordinated Notes Quarterly Interest Amounts, in each case, after giving effect to other amounts available for payment thereof as described in this Section 5.13. The Master Issuer (or
the Manager on its behalf) shall instruct the Trustee in writing to distribute the remainder of such Principal Release Amount, if any, in the priority set forth in the Priority of Payments, beginning at priority (xi), but excluding
(i) priority (xv) in the case of a Principal Release Amount with respect to any Series of Senior Subordinated Notes or (ii) priority (xx) in the case of a Principal Release Amount with respect to any Series of Subordinated
Notes. 
 (iii) If no Rapid Amortization Period or Event of Default is continuing, but a
Class A-1 Notes Amortization Event is continuing, on each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related
Quarterly Payment Date any Principal Release Amount from the Senior Notes Principal Payment Account, Senior Subordinated Notes Principal Payment Account or Subordinated Notes Principal Payment Account, as applicable, to the extent necessary to pay
the Outstanding Principal Amount of the applicable Class A-1 Notes, and deposit such funds into the applicable Series Distribution Account for distribution to the Holders of the applicable Class A-1 Notes, pro rata, after giving effect to other amounts available for payment thereof. The Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to
distribute the remainder of the Principal Release Amount, if any, in the priority set forth in the Priority of Payments, beginning at priority (xi), but excluding (i) priority (xv) in the case of a Principal Release Amount with
respect to any Series of Senior Subordinated Notes or (ii) priority (xx) in the case of a Principal Release Amount with respect to any Series of Subordinated Notes. 

  
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 (m) Securitization Operating Expense Account. On or prior to the time specified in
Section 4.1(a) hereof for the delivery of an Interim Manager’s Certificate with respect to an Interim Allocation Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the related Interim
Allocation Date an amount equal to the lesser of (i) the sum of all Securitization Operating Expenses then due and payable and (ii) the amount on deposit in the Securitization Operating Expense Account after giving effect to any deposits
thereto pursuant to the Priority of Payments on such date and apply such funds to pay any Securitization Operating Expenses then due and payable. 

(n) Hedge Payment Account. 

(i) On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on
the related Quarterly Payment Date the funds allocated to the Hedge Payment Account on each Interim Allocation Date with respect to the immediately preceding Quarterly Collection Period and, if applicable, funds allocated to the Hedge Payment
Account pursuant to subclause (ii) below, up to the accrued and unpaid amount of Series Hedge Payment Amount, and distribute such funds among each Hedge Counterparty, pro rata based upon the Series Hedge Payment Amount payable to
each Hedge Counterparty. 
 (ii) if the amount of funds allocated to the Hedge Payment Account on each Interim Allocation Date with respect
to the immediately preceding Quarterly Collection Period is insufficient to pay the aggregate accrued and unpaid Series Hedge Payment Amount due and payable since the prior Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to
Section 5.13(p) shall be triggered and any funds reallocated as a result thereof into the Hedge Payment Account shall be distributed in accordance with subclause (i) above. 

(o) Optional Prepayments. The Master Issuer shall have the right to optionally prepay the Outstanding Principal Amount of any Series,
Class, Subclass or Tranche of Notes, in whole or in part in accordance with the related Series Supplement or, to the extent applicable, the Variable Funding Note Purchase Agreement; provided that following a Series Anticipated Repayment Date
for any Series of Notes that remains Outstanding, all optional prepayments must be applied first, pro rata among each Class in order of priority, to Senior Notes, second, pro rata among each Class in order of
priority, to Senior Subordinated Notes and third, pro rata among each Class in order of priority, to Subordinated Notes. The Master Issuer shall instruct the Trustee in writing to withdraw on each applicable optional prepayment
date, including such prepayment dates that do not occur on Quarterly Payment Dates, the prepayment amounts on deposit in the applicable Series Distribution Account in accordance with the applicable Series Supplement or, to the extent applicable, the
Variable Funding Note Purchase Agreement, and as set forth in the Quarterly Noteholders’ Report. 

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

Section 5.14 Determination of Quarterly Interest. 

Quarterly payments of interest and fees on each Series of Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement and, to the extent applicable, the Variable Funding Note Purchase Agreement, and as set forth in the Quarterly Noteholders’ Report. 

Section 5.15 Determination of Quarterly Principal. 

Quarterly payments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement and, to the extent applicable, the Variable Funding Note Purchase Agreement, and as set forth in the Quarterly Noteholders’ Report. 

Section 5.16 Prepayment of Principal. 

Mandatory prepayments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement, and to the extent applicable, the Variable Funding Note Purchase Agreement, in each case, if not otherwise described herein, and as set forth in the Quarterly Noteholders’ Report. 

Section 5.17 Retained Collections Contributions. 

With respect to any Quarterly Collection Period, the Master Issuer may designate Retained Collections Contributions made to the Master Issuer
during such period to be included in Net Cash Flow, but not more than $7,500,000 in any Quarterly Collection Period or more than $15,000,000 during any period of four (4) consecutive Quarterly Collection Periods or more than $30,000,000 from
the Closing Date to the latest Series Legal Final Maturity Date for any Notes Outstanding; provided that any Retained Collections Contribution made shall be excluded from the Net Cash Flow for purposes of calculations undertaken in the
following circumstances: (a) to determine compliance with any Series Non-Amortization Test and (b) to determine the New Series Pro Forma DSCR. The amount of any Retained Collections
Contribution included in Net Cash Flow for the purpose of calculating the DSCR shall be retained in the Collection Account until the Interim Allocation Date on which either (i) the DSCR for the period of four (4) Quarterly Collection
Periods ended immediately prior to such Interim Allocation Date is at least 1.75x without giving effect to the inclusion of such Retained Collections Contribution or (ii) such Retained Collections Contribution is required to pay any shortfall
in the amounts payable under priorities (ii) through (xxix) of the Priority of Payments, to the extent of any shortfall on such Interim Allocation Date. 

  
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 Section 5.18 Interest Reserve Letters of Credit. 

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

Each such Interest Reserve Letter of Credit (a) shall name each of the Trustee, for the benefit of the Senior Noteholders or the Senior
Subordinated Noteholders, as applicable, and the Control Party as the beneficiary thereof; (b) shall allow the Trustee (or the Control Party on the Trustee’s behalf) to submit a notice of drawing in respect of such Interest Reserve Letter
of Credit whenever amounts would otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to Section 5.13;
(c) shall have an expiration date of no later than ten (10) Business Days prior to the Class A-1 Notes Renewal Date specified in the related Variable Funding Note Purchase Agreement pursuant to
which such Interest Reserve Letter of Credit was issued; and (d) shall indicate by its terms that the proceeds in respect of drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve
Account or the Senior Subordinated Notes Interest Reserve Account, as applicable. 
 If, on the date that is five (5) Business Days
prior to the expiration of any such Interest Reserve Letter of Credit, such Interest Reserve Letter of Credit has not been replaced or renewed and the Master Issuer has not otherwise deposited funds into the Senior Notes Interest Reserve Account or
the Senior Subordinated Notes Interest Reserve Account, as applicable, in the amounts that would otherwise be required had such Interest Reserve Letter of Credit not been issued, the Control Party (on behalf of the Trustee) shall submit a notice of
drawing under such Interest Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account (as directed in writing by the Manager), as
applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount on such date, as applicable, in each case calculated as if such Interest
Reserve Letter of Credit had not been issued. 
 If, on any day an Interest Reserve Letter of Credit is outstanding, such Interest Reserve
Letter of Credit becomes an Ineligible Interest Reserve Letter of Credit, then (a) on the fifth (5th) Business Day after such day, either (i) the Master Issuer shall fund a deposit into
the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, or (ii) the Trustee (at the direction of the Master Issuer) or the Control Party (on the

  
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Master Issuer’s behalf) shall submit a notice of drawing under such Interest Reserve Letter(s) of Credit and apply the proceeds of such drawing to fund such account, in either case in an
amount equal to the Senior Notes Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount on such date, in each case calculated as if such Interest Reserve Letter(s) of Credit had not
been issued or (b) prior to the fifth (5th) Business Day after such day, the Master Issuer shall obtain one or more replacement Interest Reserve Letters of Credit on substantially the same
terms as each such Interest Reserve Letter of Credit being replaced. 
 The (i) Trustee (at the direction of the Master Issuer) shall
or (ii) the Control Party (at the Master Issuer’s request and on the Master Issuer’s behalf) may submit a notice of drawing under such Interest Reserve Letter of Credit issued by such L/C Provider and the proceeds of any such draw
shall be deposited into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable. 

Section 5.19 Replacement of Ineligible Accounts. 

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

Section 5.20 Instructions and Directions. 

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

  
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 ARTICLE VI 

DISTRIBUTIONS 

Section 6.1 Distributions in General. 

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

(b) Unless otherwise specified in the applicable Series Supplement, in this Base Indenture or in any applicable Variable Funding Note Purchase
Agreement, all distributions to Noteholders of all Classes within a Series of Notes shall be made from amounts allocated in accordance with the Priority of Payments among each Class of Notes in alphanumerical order (i.e., A-1, A-2, B-1, B-2 and not A-1, B-1, A-2, B-2) and pro rata among Holders of Notes within each Class or Tranche of the same alphanumerical designation;
provided, however, that any roman numeral denominated Tranche within an alphanumerical Class of Notes shall be deemed to have the same alphanumerical priority, i.e.
“Class A-2-I Notes” will be pari passu and pro rata in right of payment according to the amount then due and payable with respect to “Class A-2-II Notes” except to the extent specified in this Base Indenture, the related Series Supplement or the related Variable Funding Note Purchase
Agreement; provided, further, however, that unless otherwise specified in the Series Supplement, in this Base Indenture or in any applicable Variable Funding Note Purchase Agreement, all distributions to Noteholders of all
Classes or Tranches within a Series of Notes having the same alphabetical designation shall be pari passu with each other with respect to the distribution of Securitized Assets proceeds resulting from exercise of remedies upon an Event of
Default. The use of Subclass designations or Tranche designations or other designations to differentiate Note characteristics within a Class shall not alter priority or the requirement to pay among the Class pro rata unless
expressly provided for in the applicable Series Supplement. 
 (c) Unless otherwise specified in the applicable Series Supplement, the
Trustee shall distribute all amounts owed to the Noteholders of any Class of Notes pursuant to the instructions of the Master Issuer whether set forth in a Quarterly Noteholders’ Report, Company Order or otherwise. 

  
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 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES 

The Master Issuer hereby represents and warrants, for the benefit of the Trustee and the Noteholders, as follows as of the date hereof and as
of each Series Closing Date: 
 Section 7.1 Existence and Power. 

Each Securitization Entity (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of
organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under the
Related Documents make such qualification necessary, and (c) has all limited liability company, corporate or other powers and all governmental licenses, authorizations, consents and approvals required (i) to carry on its business as now
conducted and (ii) for consummation of the transactions contemplated by the Indenture and the other Related Documents except, in the case of clauses (b) and (c)(i), to the extent the failure to do so would not, individually
or in the aggregate, be reasonably likely to result in a Material Adverse Effect. 
 Section 7.2 Company and Governmental
Authorization. 
 The execution, delivery and performance by the Master Issuer of this Base Indenture and any Series Supplement and by
the Master Issuer and each other Securitization Entity of the other Related Documents to which it is a party (a) is within such Securitization Entity’s limited liability company, corporate or other powers and has been duly authorized by
all necessary limited liability company, corporate or other action, (b) requires no action by or in respect of, or filing with, any Governmental Authority which has not been obtained (other than any actions or filings that may be undertaken
after the Closing Date pursuant to the terms of this Base Indenture or any other Related Document) and (c) does not contravene, or constitute a default under, any Requirements of Law with respect to such Securitization Entity or any Contractual
Obligation with respect to such Securitization Entity or result in the creation or imposition of any Lien on any property of any Securitization Entity (other than Permitted Liens), except for Liens created by this Base Indenture or the other Related
Documents, except in the case of clauses (b) and (c) above, solely with respect to the Contribution Agreements, the violation of which would not reasonably be expected to result in a Material Adverse Effect. This Base Indenture and each of the
other Related Documents to which each Securitization Entity is a party has been executed and delivered by a duly Authorized Officer of such Securitization Entity. 

  
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 Section 7.3 No Consent. 

No consent, action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental
Authority or other Person is required for the valid execution and delivery by the Master Issuer of this Base Indenture and any Series Supplement and by the Master Issuer and each other Securitization Entity of any Related Document to which it is a
party or for the performance of any of the Securitization Entities’ obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations, declarations or filings (a) as shall have been obtained or made by
such Securitization Entity prior to the Closing Date as are permitted to be obtained subsequent to the Closing Date in accordance with Section 7.13 or Section 8.25 or (b) relating to the
performance of any Collateral Business Documents, the failure of which to obtain would not reasonably be expected to result in a Material Adverse Effect. 

Section 7.4 Binding Effect. 

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

Section 7.5 Litigation. 

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

Section 7.6 No ERISA Plans. 

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

  
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 Section 7.7 Tax Filings and Expenses. 

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

Section 7.8 Disclosure. 

No written report, financial statements, certificate or other information furnished in writing (other than projections, budgets, other
estimates and general market, industry and economic data) to the Trustee or the Holders by or on behalf of the Securitization Entities pursuant to any provision of the Indenture or any other Related Document, or in connection with or pursuant to any
amendment or modification of, or waiver under, the Indenture or any other Related Document (when taken together with all other information furnished by or on behalf of the Non-Securitization Entities to the
Trustee or the Holders, as the case may be), contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein not materially misleading in each case when taken as a whole and in the light of the
circumstances under which they were made, and the furnishing of the same to the Trustee or the Holders, as the case may be, shall constitute a representation and warranty by the Master Issuer made on the date the same are furnished to the Trustee or
the Holders, as the case may be, to the effect specified herein. 
 Section 7.9 1940 Act. 

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

  
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 Section 7.10 Regulations T, U and X. 

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

Section 7.11 Solvency. 

Both before and after giving effect to the transactions contemplated by the Indenture and the other Related Documents, (i) the fair value
of the assets of the Securitization Entities, when taken as a whole, will exceed their debts and liabilities, including contingent liabilities; (ii) the present fair saleable value of the property of the Securitization Entities, when taken as a
whole, will be greater than the amount that will be required to pay the probable liability of their debts and other liabilities as such debts and other liabilities become absolute and matured; (iii) the Securitization Entities, taken as a
whole, do not intend to, and do not believe that they will, incur debts or liabilities beyond their ability to pay such debts and liabilities as they mature; and (iv) the Securitization Entities, taken as a whole, will not have unreasonably
small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to be conducted after the Closing Date, and no Event of Bankruptcy has occurred with respect to any Securitization Entity.

 Section 7.12 Ownership of Equity Interests; Subsidiaries. 

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

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

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

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

  
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 (e) As of the Closing Date, (i) the Holding Company Guarantor has no direct
Subsidiaries and owns no Equity Interests in any other Person, other than the Master Issuer, (ii) the Master Issuer has no direct Subsidiaries and owns no Equity Interests in any other Person, other than the Franchisor, the Equipment
Distributor and Planet Fitness Assetco, (iii) the Franchisor has no Subsidiaries and owns no Equity Interests in any other Person, (iv) the Equipment Distributor has no Subsidiaries and owns no Equity Interests in any other Person and
(iv) Planet Fitness Assetco has no Subsidiaries and owns no Equity Interests in any other Person. 
 Section 7.13 Security
Interests. 
 (a) The Master Issuer and each Guarantor owns and has good title to its Securitized Assets, free and clear of all Liens
other than Permitted Liens. Other than the Accounts, the Securitized Franchisee Leases and Intellectual Property, the Indenture Collateral consists of securities, loans, investments, accounts, commercial tort claims, inventory, equipment, fixtures,
health care insurance receivables, chattel paper, money, deposit accounts, instruments, financial assets, documents, investment property, general intangibles, letter of credit rights, or other supporting obligations (in each case, as defined in the
UCC). Except in the case of the Intellectual Property, which is subject to Section 8.25(c) and Section 8.25(d) or as described on Schedule 7.13(a), this Base Indenture and the Guarantee and
Collateral Agreement constitute a valid and continuing Lien on the Collateral in favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the Collateral has been perfected, and is prior to all other Liens (other
than Permitted Liens), and is enforceable as such as against creditors of and purchasers from the Master Issuer and each Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity, and by an implied covenant of good faith and fair
dealing. Except as set forth in Schedule 7.13(a), the Master Issuer and the Guarantors have received all consents and approvals required by the terms of the Collateral to the pledge of the Collateral to the Trustee hereunder and under the
Guarantee and Collateral Agreement. The Master Issuer and the Guarantors have caused, or shall have caused, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order
to perfect the first-priority security interest (subject to Permitted Liens) in the Collateral (other than the Accounts and Intellectual Property) granted to the Trustee hereunder or under the Guarantee and Collateral Agreement within ten
(10) days of the date hereof. 
 (b) Other than the security interest granted to the Trustee in the Collateral hereunder or pursuant to
the other Related Documents or any other Permitted Lien, the Master Issuer has not, and no Guarantor has, pledged, assigned, sold or granted a security interest in the Securitized Assets. All action necessary (including the filing of UCC-1 financing statements) to protect and evidence the Trustee’s security interest in the Collateral (other than the Intellectual Property) in the United States has been duly and effectively taken. No security
agreement, financing statement, equivalent security or lien instrument or continuation statement authorized by the Master Issuer and any Guarantor and listing the Master Issuer or Guarantor as debtor covering all or any part of the Securitized
Assets is on file or of record in any jurisdiction, except in respect of Permitted Liens or such as may have been filed, recorded or made by the Master Issuer or such Guarantor in favor of the Trustee on behalf of the Secured Parties in connection
with this Base Indenture and the Guarantee and Collateral Agreement, and the Master Issuer has not, and no Guarantor has, authorized any such filing. 

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

Section 7.14 Related Documents. 

The Indenture Documents, the Collateral Transaction Documents, the Account Agreements, the Depository Agreements, any Variable Funding Note
Purchase Agreement, any Swap Contract, any Series Hedge Agreement and any Enhancement Agreement with respect to each Series of Notes are in full force and effect. There are no outstanding defaults thereunder nor have events occurred which, with the
giving of notice, the passage of time or both, would constitute a default thereunder. 
 Section 7.15
Non-Existence of Other Agreements. 
 Other than as permitted by
Section 8.22, (a) no Securitization Entity is a party to any contract or agreement of any kind or nature and (b) no Securitization Entity is subject to any material obligations or liabilities of any kind or nature in
favor of any third party, including, without limitation, Contingent Obligations. No Securitization Entity has engaged in any activities since its formation (other than those incidental to its formation, the authorization and the issuance of Series
of Notes, the execution of the Related Documents to which such Securitization Entity is a party and the performance of the activities referred to in or contemplated by such agreements). 

Section 7.16 Compliance with Contractual Obligations and Laws. 

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

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

  
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 Section 7.18 No Employees. 

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

The Securitization Entities shall maintain, or cause to be maintained, the insurance coverages (or self-insurance for such risks) described on
Schedule 7.19 hereto, in such amounts and covering such risks as is adequate for the conduct of their respective businesses and the value of their respective properties and as is customary for companies engaged in
similar businesses in similar industries. All policies of insurance of the Securitization Entities are in full force and effect and the Securitization Entities are in compliance with the terms of such policies in all material respects. None of the
Securitization Entities has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at
a cost that would not reasonably be expected to result in a Material Adverse Effect. All such insurance is primary coverage, all premiums therefor due on or before the date hereof have been paid in full, and the terms and conditions thereof are no
less favorable to the Securitization Entities than the terms and conditions of insurance maintained by their Affiliates that are not Securitization Entities. 

Section 7.20 Environmental Matters. 

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

(i) The Securitization Entities: (x) are, and within the period of all applicable statutes of limitation have been, in compliance with all
applicable Environmental Laws, (y) hold all Environmental Permits (each of which is in full force and effect) required for their current operations and (z) are, and within the period of all applicable statutes of limitation have been, in
compliance with all of their Environmental Permits. 
 (ii) Materials of Environmental Concern are not present at, on, under, in, or about
any Securitized Franchisee Leases now or, to the knowledge of the Master Issuer, formerly owned, leased or operated by any Securitization Entity, or at any other location (including, without limitation, any location to which Materials of
Environmental Concern have been sent by the Master Issuer for re-use or recycling or for treatment, storage or disposal) in a condition or circumstance that would reasonably be expected to (x) give rise
to liability of any Securitization Entity under any applicable Environmental Law or otherwise result in costs to any Securitization Entity, (y) interfere with any Securitization Entity’s continued operations or (z) impair the fair
saleable value of any real property owned by any Securitization Entity. 

  
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 (iii) There is no judicial, administrative, or arbitral proceeding (including, without
limitation, any notice of violation or alleged violation) under or relating to any Environmental Law to which any Securitization Entity is, or to the knowledge of the Securitization Entities will be, named as a party that is pending or, to the
knowledge of the Securitization Entities, threatened. 
 (iv) No Securitization Entity has received any written request for information, or
been notified in writing that it is a potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation and Liability Act, as amended, or that it is liable under any other Environmental Law, or in
either case, with respect to the release of any Materials of Environmental Concern to the environment. 
 (v) No Securitization Entity has
entered into or agreed to any consent decree, order, or settlement or other agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating to
compliance with or liability under any Environmental Law that has not been fully and finally resolved. 
 Section 7.21 Intellectual
Property. 
 (a) The Securitization IP comprises all the Intellectual Property used in or necessary for the Securitization Entities to
conduct the business as now conducted and as proposed to be conducted after the Closing Date except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. All of the issuances, registrations
and applications included in the Securitization IP are subsisting, unexpired and have not been abandoned or cancelled in any applicable jurisdiction except where such expiration, abandonment or cancellation would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (b) (i) The use of the Securitization IP and the operation of
the Planet Fitness System (including any products or services sold, marketed, offered for sale in connection therewith) did not and do not infringe, misappropriate, dilute or otherwise violate the Intellectual Property rights of any third party in a
manner that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (ii) to the Master Issuer’s knowledge, the Securitization IP is not being infringed, misappropriated, diluted or otherwise
violated by any third party in a manner that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect and (iii) there is no action, proceeding or investigation pending or to the Master Issuer’s
knowledge, threatened, alleging the foregoing that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

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

  
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 (d) The Franchisor is the sole and exclusive owner of all right, title, and interest in and
to Owned Securitization IP and has a valid right to use the Licensed Securitization IP, free and clear of all Liens, encumbrances, set-offs, defenses and counterclaims of whatsoever kind or nature, other than
the Permitted Liens (including the IP License Agreements and licenses permitted pursuant to Section 8.16). 
 (e)
The Master Issuer has not made and will not hereafter make any assignment, pledge, mortgage, hypothecation or transfer of any of the Securitization IP other than Permitted Liens and Permitted Asset Dispositions under
Section 8.16(d). 
 (f) The Securitization Entities have since their inception maintained commercially reasonable
policies, practices and procedures regarding the confidentiality, integrity and availability of its data (including Securitization IP) and information technology and have been, and remain, in material compliance with all applicable laws,
regulations, contracts, policies, and guidance, except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

ARTICLE VIII 
 COVENANTS

 Section 8.1 Payment of Notes. 

(a) The Master Issuer shall pay or cause to be paid the principal of, and premium, if any, and interest, subject to
Section 2.15(d), on the Notes when due pursuant to the provisions of this Base Indenture, any applicable Series Supplement and, to the extent applicable, any Variable Funding Note Purchase Agreement. Principal, premium, if
any, and interest shall be considered paid on the date due if the Paying Agent holds on that date money designated for and sufficient to pay all principal, premium, if any, and interest then due. Except as otherwise provided pursuant to a Variable
Funding Note Purchase Agreement or any other Related Document, amounts properly withheld under the Code or any applicable state, local or foreign law by any Person from a payment to any Noteholder of interest or principal or premium, if any, shall
be considered as having been paid by the Master Issuer to such Noteholder for all purposes of the Indenture and the Notes. 
 (b) By
acceptance of its Notes, each Holder agrees that the failure to provide the Paying Agent with appropriate tax certifications (which includes but is not limited to (i) an IRS Form W-9 for United
States persons (as defined under Section 7701(a)(30) of the Code) or any applicable successor form or (ii) an applicable IRS Form W-8 and any required attachments, for Persons other than United
States persons, or applicable successor form) may result in amounts being withheld from payments to such Holder under this Base Indenture and any Series Supplement and that amounts withheld pursuant to applicable laws shall be considered as having
been paid by the Master Issuer as provided in clause (a) above. 

  
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 Section 8.2 Maintenance of Office or Agency. 

(a) The Master Issuer shall maintain an office or agency (which, with respect to the surrender for registration of, or transfer or exchange or
the payment of principal and premium, may be an office of the Trustee, the Registrar or co-registrar or Paying Agent) where Notes may be surrendered for registration of transfer or exchange, where notices and
demands to or upon the Master Issuer in respect of the Notes and the Indenture may be served, and where, at any time when the Master Issuer is obligated to make a payment of principal of, and premium, if any, on the Notes, the Notes may be
surrendered for payment. The Master Issuer shall give prompt written notice to the Trustee and the Servicer of the location, and any change in the location, of such office or agency. If at any time the Master Issuer shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee and the Servicer with the address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office and notices and demands may be made at the address set
forth in Section 14.1 hereof. 
 (b) The Master Issuer may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may, from time to time, rescind such designations. The Master Issuer shall give prompt written notice to the Trustee and the Servicer of any such
designation or rescission and of any change in the location of any such other office or agency. The Master Issuer hereby designates the applicable Corporate Trust Office as one such office or agency of the Master Issuer. 

Section 8.3 Payment and Performance of Obligations. 

The Master Issuer shall, and shall cause each other Securitization Entity to, pay and discharge and fully perform, at or before maturity, all
of their respective material obligations and liabilities, including, without limitation, Tax liabilities and other governmental claims levied or imposed upon each such Securitization Entity or upon the income, properties or operations of such
Securitization Entity, judgments, settlement agreements and all obligations of each Securitization Entity under the Collateral Transaction Documents, except where the same may be contested in good faith by appropriate proceedings (and without
derogation from the material obligations of the Master Issuer hereunder and the Guarantors under the Guarantee and Collateral Agreement regarding the protection of the Securitized Assets from Liens (other than Permitted Liens)), and shall maintain,
in accordance with GAAP, reserves as appropriate for the accrual of any of the same. 
 Section 8.4 Maintenance of Existence.

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

  
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 Section 8.5 Compliance with Laws. 

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

Section 8.6 Inspection of Property; Books and Records. 

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

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

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

  
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 (b) Except as otherwise provided in Section 3.2(a) or
Section 8.7(d), the Master Issuer shall not, and shall not permit any Securitization Entity to, take any action which would permit any other Person party to a Collateral Business Document to have the right to refuse to
perform any of its respective obligations under such Collateral Business Document or that would result in the amendment, waiver, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, such Collateral
Business Document if such action when taken on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement. 

(c) Except as otherwise provided in Section 3.2(a), the Master Issuer agrees that it shall not, and shall cause each
Securitization Entity not to, without the prior written consent of the Control Party, exercise any right, remedy, power or privilege available to it with respect to any obligor under a Collateral Transaction Document or under any instrument or
agreement included in the Securitized Assets, take any action to compel or secure performance or observance by any such obligor of its obligations to the Master Issuer or such other Securitization Entity or give any consent, request, notice,
direction or approval with respect to any such obligor if such action when taken on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement. 

(d) The Master Issuer agrees that it shall not, and shall cause each Securitization Entity not to, without the prior written consent of the
Control Party, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any of the Related Documents; provided, however, that the
Securitization Entities may agree to any amendment, modification, supplement or waiver of any such term of any Related Document without any such consent (x) to the extent permitted under the terms of such other Related Documents, (y) as
contemplated by Section 13.1 hereof and (z) as follows: 
 (i) to add to the covenants of any Securitization
Entity for the benefit of the Secured Parties; or to add to the covenants of any Non-Securitization Entity for the benefit of any Securitization Entity; 

(ii) to terminate any Related Document if any party thereto (other than a Securitization Entity) becomes, in the reasonable judgment of the
Master Issuer, unable to pay its debts as they become due, even if such party has not yet defaulted on its obligations under the Related Document, so long as the Master Issuer enters into a replacement agreement with a new party within ninety
(90) days of the termination of the Related Document; 
 (iii) to make such other provisions in regard to matters or questions arising
under the Related Documents as the parties thereto may deem necessary or desirable, which are not inconsistent with the provisions thereof and which shall not materially and adversely affect the interests of any Holder or any other Secured Party;
provided that an Opinion of Counsel and an Officer’s Certificate shall be delivered to the Trustee, each Rating Agency and the Servicer to such effect; or 

(iv) in the case of this Base Indenture, any applicable Series Supplement, and to the extent applicable, any Variable Funding Note Purchase
Agreement, to which the related Series, Class, Subclass or Tranche of Notes is issued or any Related Document for such Series, Class, Subclass or Tranche of Notes, to the extent that the consent of the Control Party is not required, pursuant to the
terms of such agreement, for such amendment, modification, supplement or waiver. 

  
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 (e) Upon the occurrence of a Manager Termination Event under the Management Agreement,
(i) the Master Issuer shall not, and shall cause each other Securitization Entity not to, without the prior written consent of the Control Party, terminate the Manager and appoint any Successor Manager in accordance with the Management
Agreement and (ii) the Master Issuer shall, and shall cause each other Securitization Entity to, terminate the Manager and appoint one or more Successor Managers in accordance with the Management Agreement if and when so directed by the Control
Party. 
 Section 8.8 Notice of Defaults and Other Events. 

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

Section 8.9 Notice of Material Proceedings. 

Without limiting Section 8.25(b) or Section 8.30, promptly (and in any event within ten
(10) days) of a determination by an Authorized Officer of the Securitization Entities that the commencement or existence of any litigation, arbitration or other proceeding with respect to any
Non-Securitization Entity would reasonably be expected to result in a Material Adverse Effect), the Master Issuer shall give written notice thereof to the Trustee, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and each Rating Agency with respect to each Series of Notes Outstanding. 

Section 8.10 Further Requests. 

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

  
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 Section 8.11 Further Assurances. 

(a) The Master Issuer shall, and shall cause each other Securitization Entity to, do such further acts and things, and execute and deliver to
the Trustee and the Servicer such additional assignments, agreements, powers of attorney and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral or the Securitized Assets required
to be part of the Collateral on behalf of the Secured Parties as a perfected security interest (other than with regard to Collateral located in countries that are not Perfected Countries) subject to no prior Liens (other than Permitted Liens), to
carry into effect the purposes of the Indenture or the other Related Documents or to better assure and confirm unto the Trustee, the Servicer, the Holders or the other Secured Parties their rights, powers and remedies hereunder including, without
limitation, the filing of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby and by the Guarantee and Collateral Agreement, in each case
except as set forth on Schedule 7.13(a) and in accordance with Section 8.25(c) or Section 8.25(d). If the Master Issuer fails to perform any of its agreements or
obligations under this Section 8.11(a), then the Servicer may perform such agreement or obligation, and the expenses of the Servicer incurred in connection therewith shall be payable by the Master Issuer upon the
Servicer’s demand therefor. The Servicer is hereby authorized to execute and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate to perfect or maintain the perfection of the
Trustee’s security interest in the Collateral (other than with regard to Excepted Securitization IP Assets) or the Securitized Assets required to be part of the Collateral.  

(b) If any amount payable under or in connection with any of the Securitized Assets shall be or become evidenced by any promissory note,
chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and within three (3) Business Days physically delivered to the Trustee hereunder, and shall, subject to the
rights of any Person in whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly; provided, that no Securitization Entity shall be required to deliver any
Franchisee Note. 
 (c) Notwithstanding the provisions set forth in clauses (a) and (b) above, the
Master Issuer and the Guarantors shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing statement) or any Franchisee Note. 

(d) If during any Quarterly Collection Period, the Master Issuer or any Guarantor shall obtain an interest in any commercial tort claim or
claims (as such term is defined in the New York UCC) and such commercial tort claim or claims (when added to any past commercial tort claim or claims that were obtained by any Securitization Entity prior to such Quarterly Collection Period that are
still outstanding) have an aggregate value equal to or greater than $2,000,000 as of the last day of such Quarterly Collection Period, the Master Issuer or such Guarantor shall notify the Servicer on or before the third Business Day prior to the
next succeeding Quarterly Payment Date that it has obtained such an interest and shall sign and deliver documentation reasonably acceptable to the Servicer granting a security interest under this Base Indenture or the Guarantee and Collateral
Agreement, as the case may be, in and to such commercial tort claim or claims whether obtained during such Quarterly Collection Period or prior to such Quarterly Collection Period. 

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

  
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 (f) On or before September 30 of each calendar year, commencing with September 30,
2019, the Master Issuer shall furnish to the Trustee, each Rating Agency for each Series of Notes Outstanding and the Servicer (with a copy to the Back-Up Manager) an Opinion of Counsel either stating that, in
the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Base Indenture, any indentures supplemental hereto, the Guarantee and Collateral
Agreement and any other requisite documents and with respect to the execution and filing of any financing statements, continuation statements and amendments to financing statements and such other documents as are, subject to
clause (c) above, necessary to maintain the perfection of the Lien and security interest created by this Base Indenture and the Guarantee and Collateral Agreement under Article 9 of the New York UCC in the United
States and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such Lien and security interest. Each such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Base Indenture, any indentures supplemental hereto, the Guarantee and Collateral Agreement and any other requisite documents and the execution and filing of any
financing statements, continuation statements and amendments or other documents that will, in the opinion of such counsel, be required, subject to clause (c) above, to maintain the perfection of the Lien and security
interest of such security interest of this Base Indenture and the Guarantee and Collateral Agreement under Article 9 of the New York UCC in the Collateral in the United States until September 30 in the following calendar year. 

Section 8.12 Liens. 

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

Section 8.13 Other Indebtedness. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, create, assume, incur, suffer to exist or otherwise
become or remain liable in respect of any Indebtedness other than (i) Indebtedness hereunder or under the Guarantee and Collateral Agreement or any other Related Document, (ii) any Guarantee by any Securitization Entity of the obligations
of any other Securitization Entity, (iii) Indebtedness of a Securitization Entity owed to a Securitization Entity, (iv) any purchase money Indebtedness incurred in order to finance the acquisition, lease or improvement of equipment in the
ordinary course of such Securitization Entity’s business, (v) Indebtedness to a bank or other financial institution arising from cash management services provided by such bank or financial institution to one or more of the Securitization
Entities in the ordinary course of business; provided that such Indebtedness is extinguished within ten (10) Business Days of notification to the applicable Securitization Entity of its incurrence; or (vi) guarantees for the benefit
of Franchisees of Indebtedness in an aggregate principal amount at any time outstanding of up to the greater of (x) $20,000,000 and (y) 5.0% of the Net Cash Flow for the preceding four (4) Quarterly Collection Periods most recently ended as of
such date and for which financial statements have been prepared. 

  
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 Section 8.14 Employee Benefit Plans. 

No Securitization Entity, and no member of a Controlled Group that includes a Securitization Entity shall, establish, sponsor, maintain,
contribute to, incur any obligation to contribute to or incur any liability in respect of any Plan to the extent the liabilities under such Plan would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 Section 8.15 Mergers. 

On and after the Closing Date, the Master Issuer shall not, and shall not permit any other Securitization Entity to, merge or consolidate with
or into any other Person (whether by means of a single transaction or a series of related transactions) other than any merger or consolidation of any Securitization Entity with any other Securitization Entity or any merger or consolidation of any
Securitization Entity with any other entity to which the Control Party has given prior written consent. 
 Section 8.16 Asset
Dispositions. 
 The Master Issuer shall not, and shall not permit any other Securitization Entity to, sell, transfer, lease, license,
liquidate or otherwise dispose of any of its property (whether by means of a single transaction or a series of related transactions), including any Equity Interests of any other Securitization Entity, except in the case of the following (each, a
“Permitted Asset Disposition”): 
 (a) (i) any disposition of obsolete, surplus, damaged or worn out property or property
that is no longer used or useful in the business of the Securitization Entities, and (ii) any abandonment, cancellation, or lapse of Securitization IP (including any issuances, registrations or applications thereof) that is no longer used or
useful in the business of the Securitization Entities or in the reasonable good faith judgment of the Manager are no longer commercially reasonable to maintain; 

(b) any disposition of (i) Eligible Investments and (ii) inventory (including exercise equipment) in the ordinary course of the
Securitization Entity’s business; 
 (c) any disposition of equipment to the extent that (x) such equipment is exchanged for credit
against the purchase price or other payment obligations in respect of similar replacement equipment or other Eligible Assets (including, without limitation, credit against rental obligations under a real estate lease) or (y) the proceeds
thereof are applied to the purchase price of such replacement equipment or other Eligible Assets in accordance with this Base Indenture; 

(d) (i) any licenses of Securitization IP under the IP License Agreements and to the Manager in connection with the performance of its Services
under the Management Agreement and (ii) other non-exclusive licenses of Securitization IP (x) granted in the ordinary course of the Franchisor’s or the Equipment Distributor’s business,
(y) that when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement and (z) that would not reasonably be expected to materially and adversely impact the
Securitization IP (taken as a whole); 

  
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 (e) any dispositions of property of a Securitization Entity to any other Securitization
Entity not otherwise prohibited under the Related Documents; 
 (f) any dispositions of property relating to repurchases of Contributed
Assets in exchange for the payment of Indemnification Amounts; 
 (g) Investments permitted under Section 8.21,
Liens permitted under Section 8.12 and distributions permitted under Section 8.18; 
 (h)
transfers of properties subject to condemnation or casualty events; 
 (i) any termination,
non-renewal, expiration, amendment or other modification of any Collateral Business Document that when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the
Manager of the Management Agreement; 
 (j) any decision to abandon, fail to pursue, settle, or otherwise resolve any claim, proceeding,
investigation or cause of action to enforce or seek remedy for the infringement, misappropriation, dilution or other violation of any Securitization IP, or other remedy against any third party where it is not commercially reasonable to pursue such
claim or remedy in light of the cost, potential remedy, or other factors; provided that such action (or failure to act) would not reasonably be expected to materially and adversely impact the Securitization IP (taken as whole); 

(k) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or other litigation claims in
the ordinary course of the Securitization Entity’s business, in each case that would not reasonably be expected to result in a Material Adverse Effect; 

(l) assignments, subleases and terminations of leases and subleases that do not, individually or in the aggregate, materially interfere with
the business of the Securitization Entities; 
 (m) any sale, transfer or other disposition of the operations and assets of a Securitized
Corporate-Owned Store to a Franchisee which, upon such sale, transfer or other disposition becomes a Franchise Store (a “Refranchising Asset Disposition”); 

(n) any other sale, lease, license, transfer or other disposition of property to which the Control Party has given the relevant Securitization
Entity prior written consent; or 
 (o) any other sale, lease, license, liquidation, transfer or other disposition of property not directly
or indirectly constituting any asset dispositions permitted by clauses (a) through (n) above and so long as such disposition when effected on behalf of any Securitization Entity by the Manager does not
constitute a breach by the Manager of the Management Agreement; provided, it being understood that any delivery to the Trustee of any Note, at any time and in any amount, by the Manager or any Securitization Entity, together with any
cancellation thereof pursuant to Section 2.14, shall be deemed to be a Permitted Asset Disposition. 

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

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

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

Section 8.17 Acquisition of Assets. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, acquire, by long-term or operating lease or otherwise,
any property (i) if such acquisition when effected on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement or (ii) that is a lease, sublease, license (other than the IP
License Agreements or permitted sublicenses thereunder, licenses for Intellectual Property obtained in the ordinary course of business, the Securitized Corporate-Owned Store Leases and any leases with respect to Franchise Stores in respect of which
a Securitization Entity is the prime lessee) or other contract or permit, if the grant of a Lien or security interest in any of the Securitization Entities’ right, title and interest in, to or under such lease, sublease, license, contract or
permit in the manner contemplated by the Indenture and the Guarantee and Collateral Agreement (a) would be prohibited by the terms of such lease, sublease, license, contract or permit, (b) would constitute or result in the abandonment,
invalidation or unenforceability of any right, title or interest of the applicable Securitization Entity therein or (c) would otherwise result in a breach thereof or the termination or a right of termination thereof, except to the extent that
any such prohibition, breach, termination or right of termination is rendered ineffective pursuant to the UCC or any other applicable law. Unless prohibited by a Series Supplement, the Master Issuer may purchase Notes on the open market or accept as
a capital contribution from a direct or indirect parent of the Master Issuer one or more Notes, and such Notes may be cancelled in accordance with Section 2.14. 

  
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 Section 8.18 Dividends, Officers’ Compensation, etc. 

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

Section 8.19 Legal Name, Location Under Section 9-301 or 9-307. 
 The Master Issuer shall not, and shall not permit any other Securitization Entity to, change
its location (within the meaning of Section 9-301 or 9-307 of the applicable UCC) or its legal name without at least thirty (30) days’ prior written
notice to the Trustee, the Servicer, the Manager, the Back-Up Manager and each Rating Agency with respect to each Series of Notes Outstanding. In the event that the Master Issuer or other Securitization Entity
desires to so change its location or change its legal name, the Master Issuer will, or will cause such other Securitization Entity to, make any required filings and prior to actually changing its location or its legal name the Master Issuer will, or
will cause such other Securitization Entity to, deliver to the Trustee and the Servicer (i) an Officer’s Certificate and an Opinion of Counsel confirming that all required filings have been made, subject to
Section 8.11(c), to continue the perfected interest or to record evidence of such security interest, as applicable, of the Trustee on behalf of the Secured Parties in the Collateral under Article 9 of the applicable
UCC in respect of the new location or new legal name of the Master Issuer or other Securitization Entity and (ii) copies of all such required filings with the filing information duly noted thereon by the office in which such filings were made.

 Section 8.20 Charter Documents. 

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

  
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 Section 8.21 Investments. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, make, incur, or suffer to exist any loan, advance,
extension of credit or other Investment if such Investment when made on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement, other than (a) Investments in the Accounts and
Eligible Investments, (b) Investments in any other Securitization Entity, (c) loans or advances by the Franchisor or any Additional Securitization Entity to any Non-Securitization Entity in
accordance with Section 8.24(a)(ii) using funds on deposit in the Franchisor Capital Account, (e) the transactions described in the proviso to Section 8.24(a)(vi), (f) guarantees with respect
to operating leases (or obligations that would have been accounted for as operating leases under GAAP as in effect on the Closing Date), (f) any Franchisee Note, the terms of which are negotiated by the Manager in accordance with the Managing
Standard or (g) guarantees for the benefit of Franchisees of Indebtedness in an aggregate principal amount at any time outstanding of up to the greater of (x) $20,000,000 and (y) 5.0% of the Net Cash Flow for the preceding four
(4) Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared. 

Section 8.22 No Other Agreements. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, enter into or be a party to any agreement or instrument
(other than any Related Document, any Collateral Business Document, any other document permitted by a Series Supplement, Variable Funding Note Purchase Agreement or the Related Documents, as the same may be amended, supplemented or otherwise
modified from time to time, any documents related to any Enhancement (subject to Section 8.32) or any Series Hedge Agreement (subject to Section 8.33), any documents relating to the transactions
described in the proviso to Section 8.24(a)(vi) or any documents or agreements incidental thereto) if such agreement when effected on behalf of any Securitization Entity by the Manager would constitute a breach by the
Manager of the Management Agreement. 
 Section 8.23 Other Business. 

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

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

  
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 (ii) ensure that all transactions between it and any of its Affiliates (other than the other
Securitization Entities), whether currently existing or hereafter entered into, shall be only on an arm’s length basis, it being understood and agreed that the transactions contemplated in the Related Documents and the transactions described in
the proviso to clause (vi) meet the requirements of this clause (ii); 
 (iii) to the
extent that it requires an office to conduct its business, conduct its business from an office at a separate address from that of any of its Affiliates (other than the other Securitization Entities); provided that segregated offices in the
same building shall constitute separate addresses for purposes of this clause (iii). To the extent that any Securitization Entity and any of its members or Affiliates (other than the other Securitization Entities) have
offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such entity shall bear its fair share of such expenses; 

(iv) issue, as required, separate financial statements from any of its Affiliates (other than the other Securitization Entities) prepared at
least quarterly and prepared in accordance with GAAP; 
 (v) conduct its affairs in its own name and in accordance with its Charter Documents
and observe all necessary, appropriate and customary limited liability company or corporate formalities (as applicable), including, but not limited to, holding all regular and special meetings appropriate to authorize all its actions, keeping
separate and accurate minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and
intercompany transaction accounts; 
 (vi) not assume or guarantee any of the liabilities of any of its Affiliates (other than the other
Securitization Entities); provided that the Securitization Entities may, pursuant to a Letter of Credit Reimbursement Agreement, cause letters of credit to be issued pursuant to Variable Funding Note Purchase Agreements that are for the sole
benefit of one or more Non-Securitization Entities if the Master Issuer receives a fee from each Non-Securitization Entity whose obligations are secured by such letter
of credit in an amount equal to the cost to the Master Issuer in connection with the issuance and maintenance of such letter of credit plus 25 basis points per annum, it being understood that such fee is an arm’s length fair market fee;

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

  
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 (viii) maintain at least two Independent Managers, on its board of managers or its Board of
Directors, as the case may be; 
 (ix) to the fullest extent permitted by law, so long as any Obligation remains outstanding, remove or
replace any Independent Manager only for Cause and only after providing the Trustee and the Control Party with no less than three (3) days’ prior written notice of (A) any proposed removal of such Independent Manager, and (B) the
identity of the proposed replacement Independent Manager, together with a certification that such replacement satisfies the requirements for an Independent Manager set forth in the Charter Documents of the applicable Securitization Entity; and 

(x) (A) provide, or cause the Manager to provide, to the Trustee and the Control Party, a copy of the executed agreement with respect to the
appointment of any replacement Independent Manager and (B) provide, or cause the Manager to provide, to the Trustee, the Control Party and each Holder, written notice of the identity and contact information for each Independent Manager on an
annual basis and at any time such information changes. 
 (b) The Master Issuer, on behalf of itself and each of the other Securitization
Entities, confirms that the statements relating to the Master Issuer referenced in the opinion of Ropes & Gray LLP regarding substantive consolidation matters delivered to the Trustee on each Series Closing Date are true and correct with
respect to itself and each other Securitization Entity, and that the Master Issuer will, and will cause each other Securitization Entity to, comply with any covenants or obligations assumed to be complied with by it therein as if such covenants and
obligations were set forth herein. 
 Section 8.25 Covenants Regarding the Securitization IP. 

(a) The Master Issuer shall not, and shall not permit any other Securitization Entity to, take or omit to take any action with respect to the
maintenance, enforcement or defense of the Franchisor’s rights in and to the Securitization IP that would constitute a breach by the Manager of the Management Agreement if such action were taken or omitted by the Manager on behalf of any
Securitization Entity. 
 (b) The Master Issuer shall notify the Trustee, the Back-Up Manager and the
Servicer in writing within fifteen (15) Business Days of the Master Issuer first knowing or having reason to know that any application or registration relating to any material Securitization IP (now or hereafter existing) may become abandoned
or dedicated to the public domain by a Securitization Entity or the Manager, or of any material adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the PTO, the United
States Copyright Office, the Canadian Intellectual Property Office or similar offices or agencies in any foreign countries in which the Securitization IP is located, or any court, but excluding office actions in the course of prosecution and any non-final determinations (other than in an adversarial proceeding) of the PTO, the United States Copyright Office, the Canadian Intellectual Property Office or any similar office or agency in any such foreign
country) regarding the validity of any Securitization Entity’s ownership of any material Securitization IP, its right to register the same, or to keep and maintain the same, or the validity or enforceability of the same. 

  
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 (c) With respect to the Securitization IP, the Master Issuer shall cause the Franchisor to:
(i) execute, deliver and file (within fifteen (15) Business Days of the Closing Date as to the PTO or the United States Copyright Office, as applicable, or any similar office in Canada) instruments substantially in the form attached as
Exhibit B-1 hereto with respect to Trademarks, Exhibit B-2 hereto with respect to Patents and Exhibit B-3
hereto with respect to Copyrights, or otherwise in form and substance satisfactory to the Control Party, and any other instruments or documents as may be reasonably necessary or, in the Control Party’s opinion, desirable to perfect or protect
the Trustee’s security interest granted under this Base Indenture and the Guarantee and Collateral Agreement in the Trademarks, Patents and Copyrights included in the Securitization IP in the United States and Canada, (ii) notify the
Trustee within thirty (30) days if a country becomes an Additional Perfected Country and (iii) use best efforts to execute, deliver and file with the applicable Governmental Authorities in each country other than the United States and
Canada which, at the end of any fiscal year, meets the definition of an Additional Perfected Country such instruments or documents as may be reasonably necessary (at the discretion of the Manager) under the laws of each such Additional Perfected
Country to perfect or protect the Trustee’s security interest granted under the Base Indenture and the Guarantee and Collateral Agreement in the registered and applied-for Patents, Trademarks and
Copyrights in such Additional Perfected Country included in the Securitization IP. The filings required by clause (iii) of the previous sentence will be made within one hundred fifty (150) days after a notice from the Master Issuer or the
Franchisor that a country has become an Additional Perfected Country; provided that such documents need not be executed, filed or delivered in any Additional Perfected Country if (x) so doing would be reasonably likely to have an adverse
effect on the validity, the enforceability or the Franchisor’s ownership of such Securitization IP, (y) the Manager determines that the filing fees are based upon a percentage of the Outstanding Principal Amount of the Notes or are
otherwise unreasonably expensive in comparison to the benefits to be gained by the Secured Parties and the Control Party has been notified of such determination and has not objected within ten (10) Business Days to such determination, or
(z) the “perfection” of the Trustee’s lien is not obtainable pursuant to the applicable law of such Additional Perfected Country through such filings. 

(d) If the Master Issuer or any Guarantor, either itself or through any agent, licensee or designee, shall file or otherwise acquire an
application for the registration of any Patent, Trademark or Copyright with the PTO, the United States Copyright Office or any successor agency thereto, or any similar office in Canada and any Additional Perfected Country, the Master Issuer or such
Guarantor in a reasonable time after such filing (and in any event within (y) ninety (90) days of such filing in the United States and Canada and (z) for any Additional Perfected Country (A) where the filing takes place during
the fiscal year in which such country becomes an Additional Perfected Country, within ninety (90) days after the end of the fiscal year of the Securitization Entities for the fiscal year in which such Additional Perfected Country became an
Additional Perfected Country or (B) in any subsequent year, within ninety (90) days of such filing) (i) shall give the Trustee and the Control Party written notice thereof and (ii) execute and deliver all instruments and
documents, and take all further action, that the Control Party may reasonably so request in order to continue, perfect or protect the security interest granted hereunder or under the Guarantee and Collateral Agreement in the United States and Canada
and, consistent with the obligations set forth in Section 8.25(c), any Additional Perfected Country, including, without limitation, executing and delivering (w) the Supplemental Notice of Grant of Security Interest in

  
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Trademarks substantially in the form attached as Exhibit C-1 hereto, (x) the Supplemental Notice of Grant of Security Interest in Patents
substantially in the form attached as Exhibit C-2 hereto (y) the Supplemental Grant of Security Interest in Copyrights substantially in the form attached as Exhibit C-3 hereto and/or the Supplemental Notice of Grant of Security Interest in Trademarks for the Canadian IP substantially in the form attached as Exhibit C-4 hereto,
as applicable; provided, however, that with respect to Additional Perfected Countries, the aforesaid filings must be made within ninety (90) days of such written notice; provided, further that such documents
need not be executed, filed or delivered in any Additional Perfected Country if so doing would be reasonably likely to have an adverse effect on the validity, the enforceability or the Franchisor’s ownership of such Securitization IP. 

(e) In the event that any Securitization IP is infringed upon, misappropriated, diluted or otherwise violated by a third party in a manner that
would reasonably be expected to result in a Material Adverse Effect, the Franchisor within a reasonable period of its becoming aware of such infringement, misappropriation, dilution or violation shall promptly notify the Trustee and the Control
Party in writing. The Franchisor or its duly authorized agent shall take all reasonable and appropriate actions, at its expense, to protect or enforce the Securitization IP, including suing for infringement, misappropriation, dilution or other
violation of, and seeking an injunction (including, if appropriate, temporary and/or preliminary injunctive relief) against such infringement, misappropriation, dilution or violation, unless the failure to take such actions on behalf of the
Franchisor by the Manager would not constitute a breach by the Manager of the Management Agreement; provided that if the Franchisor decides not to take any action with respect to an infringement, misappropriation, dilution or violation that
would reasonably be expected to result in a Material Adverse Effect, the Franchisor shall deliver written notice to the Trustee, the Manager, the Back-Up Manager and the Control Party setting forth in
reasonable detail the basis for its decision not to act, and none of the Manager, the Trustee, the Back-Up Manager or the Control Party will be required to take any actions to protect or enforce the
Securitization IP against such infringement, misappropriation, dilution or violation; provided, further, that the Manager will be required to act if failure to do so would constitute a breach of the Managing Standard. 

(f) With respect to any licenses of third-party Intellectual Property (other than “off-the-shelf” software or “click through” third party terms) entered into after the Closing Date by a Securitization Entity (including, for the avoidance of doubt, the Manager acting on
behalf of the Securitization Entities, as applicable) that is material to the business of such Securitization Entity, such Securitization Entity shall use commercially reasonable efforts to include terms permitting the grant by such Securitization
Entity of a security interest therein to the Trustee for the benefit of the Secured Parties and to allow the Manager (and any Successor Manager) the right to use such Intellectual Property in the performance of its duties under the Management
Agreement. 
 Section 8.26 1940 Act.

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

  
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 Section 8.27 Real Property. 

The Master Issuer shall not, and shall not permit any other Securitization Entity to, enter into any lease of real property (other than in
connection with any Permitted Asset Disposition or Securitized Leases). The Master Issuer shall not, and shall not permit any other Securitization Entity to, acquire any fee interest in real property. 

Section 8.28 No Employees. 

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

Section 8.29 Insurance. 

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

Section 8.30 Litigation. 

So long as Holdco is not then subject to Section 13 or 15(d) of the 1934 Act, the Master Issuer shall, on each Quarterly Payment Date,
provide a written report to the Servicer, the Manager, the Back-Up Manager and each Rating Agency for each Series of Notes Outstanding that sets forth all outstanding litigation, arbitration or other
proceedings against any Non-Securitization Entity that would have been required to be disclosed in Holdco’s annual reports, quarterly reports and other public filings which Holdco would have been required
to file with the SEC pursuant to Section 13 or 15(d) of the 1934 Act if Holdco were subject to such Sections. 
 Section 8.31
Environmental. 
 The Master Issuer shall, and shall cause each other Securitization Entity to, promptly notify the Servicer, the
Manager, the Back-Up Manager, the Trustee and each Rating Agency for each Series of Notes Outstanding, in writing, upon receipt of any written notice of which any Securitization Entity becomes aware from any
source (including but not limited to a governmental entity) relating in any way to any possible Material Adverse Effect of any Securitization Entity pursuant to any Environmental Law. In addition, other than exceptions to any of the following that
could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Master Issuer shall, and shall cause each other Securitization Entity to: 

(a) (i) comply with all applicable Environmental Laws, (ii) hold all Environmental Permits (each of which is in full force and effect)
required for any of their current operations or for any property owned, leased, or otherwise operated by any of them and obtain all Environmental Permits for any intended operations when such Environmental Permits are required and (iii) comply
with all of their Environmental Permits; and 
 (b) undertake all investigative and remedial action required by Environmental Laws with
respect to any Materials of Environmental Concern present at, on, under, in, or about any Securitized Franchisee Leases owned, leased, subleased or operated by the Master Issuer or any of its Affiliates, which would reasonably be expected to
(i) give rise to liability of the Master 

  
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Issuer or any of its Affiliates under any applicable Environmental Law or otherwise result in costs to the Master Issuer or any of its Affiliates, (ii) interfere with the Master
Issuer’s or any of its Affiliates’ continued operations or (iii) impair the fair saleable value of any Securitized Franchisee Leases owned by the Master Issuer or any of its Affiliates. 

Section 8.32 Enhancements. No Enhancement shall be provided in respect of any Series of Notes, nor will any Enhancement Provider
have any rights hereunder, as third-party beneficiary or otherwise, unless the Servicer has provided its prior written consent to such Enhancement, such consent not to be unreasonably withheld. 

Section 8.33 Series Hedge Agreements; Derivatives Generally. 

(a) No Series Hedge Agreement shall be provided in respect of any Series of Notes, nor will any Hedge Counterparty have any rights hereunder,
as third-party beneficiary or otherwise, unless the Control Party has provided its prior written consent to such Series Hedge Agreement, such consent not to be unreasonably withheld, and the Master Issuer has delivered a copy of such prior written
consent to each Rating Agency for each Series of Notes Outstanding (with a copy to the Servicer). 
 (b) Without the prior written consent of
the Control Party, the Master Issuer shall not, and shall not permit any other Securitization Entity to, enter into any derivative contract, swap, option, hedging contract, forward purchase contract or other similar agreement or instrument if any
such contract, agreement or instrument requires the Master Issuer to expend any financial resources to satisfy any payment obligations owed in connection therewith; provided that the Master Issuer shall deliver a copy of any such prior
written consent to each Rating Agency for each Series of Notes Outstanding (with a copy to the Servicer). 
 Section 8.34 Additional
Securitization Entity. 
 (a) The Master Issuer in accordance with and as permitted under the Related Documents, and upon prior
written notice to each Rating Agency, may form or cause to be formed Additional Securitization Entities without the consent of the Control Party; provided that such Additional Securitization Entity is a Delaware limited liability company or a
Delaware corporation (so long as the use of such corporate form is reasonably satisfactory to the Control Party) and has adopted Charter Documents substantially similar to the Charter Documents (including Specified Bankruptcy Opinion Provisions) of
the Securitization Entities that are Delaware limited liability companies as in existence on the Closing Date; provided, further, that such Additional Securitization Entity holds Securitized Assets or is being established in order to
act as a franchisor with respect to future New Franchise Agreements or to hold future assets. 
 (b) If the Master Issuer desires to create,
incorporate, form or otherwise organize an Additional Securitization Entity that does not comply with the requirements of the proviso set forth in clause (a) above, the Master Issuer shall first obtain the prior written consent of the
Control Party, such consent not to be unreasonably withheld; provided that the Master Issuer shall deliver a copy of any such prior written consent to each Rating Agency for each Series of Notes Outstanding (with a copy to the Servicer). 

  
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 (c) In connection with the organization of any Additional Securitization Entity in
conjunction with clause (a) or (b) above, the Master Issuer may (i) designate such Additional Securitization Entity as a “franchisor” or (ii) elect to apply the provisions hereunder and under the other Related
Documents applicable to any then-existing Securitization Entity to such Additional Securitization Entity; 
 (d) The Master Issuer shall
cause each Additional Securitization Entity to promptly execute an Assumption Agreement in form set forth as Exhibit A to the Guarantee and Collateral Agreement pursuant to which such Additional Securitization Entity shall become jointly and
severally obligated under the Guarantee and Collateral Agreement with the other Guarantors. 
 (e) Upon the execution and delivery of an
Assumption Agreement as required in clause (d) above, each Additional Securitization Entity party thereto will become a party to the Guarantee and Collateral Agreement with the same force and effect as if originally named therein as a
Guarantor and, without limiting the generality of the Guarantee and Collateral Agreement, will assume all Obligations and liabilities of a Guarantor thereunder. 

Section 8.35 Subordinated Notes Repayments. The Master Issuer shall not repay any Subordinated Notes or Senior Subordinated Notes
after the Series Anticipated Repayment Date with respect to any Series of Notes Outstanding with amounts obtained by the Master Issuer from the Holding Company Guarantor, Planet Fitness Holdings or any other direct or indirect owner of Equity
Interests of the Master Issuer in the form of any capital contributions or any portion of any Residual Amounts distributed to the Master Issuer pursuant to the Priority of Payments unless and until all Senior Notes Outstanding have been paid in full
and are no longer Outstanding. 
 Section 8.36 Tax Lien Reserve Amount. If the Holding Company Guarantor notifies the Master
Issuer that it has received any Tax Lien Reserve Amount, the Master Issuer shall direct the Holding Company Guarantor to remit such amount to the Master Issuer to be held in a collateral deposit account established with and controlled by the
Trustee, in which the Trustee shall have a security interest; provided that the Trustee will not release such Tax Lien Reserve Amount from such account unless: (a) the Servicer instructs the Trustee in writing to withdraw and pay all of
such Tax Lien Reserve Amount in accordance with the written instructions of the Master Issuer which may include returning such amounts to the Holding Company Guarantor for refund to Holdco or an Affiliate thereof upon receipt by the Trustee, the
Servicer, the Manager, the Back-Up Manager and the Controlling Class Representative of reasonably satisfactory evidence that the Lien for which such Tax Lien Reserve Amount was established has been
released by the IRS; (b) the Master Issuer, or the Manager on behalf of the Master Issuer, delivers written instructions to the Trustee to withdraw and pay all or a portion of such Tax Lien Reserve Amount to the IRS on behalf of the
Securitization Entities; provided that the Master Issuer shall deliver, or cause to be delivered, prior written notice of any such written instruction to the Servicer; or (c) the Control Party instructs the Trustee in writing to withdraw
and pay all or a portion of such Tax Lien Reserve Amount to the IRS (i) upon the occurrence and during the continuation of an Event of Default or (ii) upon receipt of written notice from any Securitization Entity stating that the IRS
intends to execute on the Lien for which such Tax Lien Reserve Amount was established in respect of any assets of any Securitization Entity; provided that the Control Party shall deliver a copy of any such written instruction to Planet
Fitness Holdings. 

  
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 Section 8.37 Bankruptcy Proceedings. The Master Issuer shall, and shall
cause the other Securitization Entities to, promptly object to the institution of any bankruptcy proceeding against it and to take all necessary or advisable steps to cause the dismissal of any such proceeding (including, without limiting the
generality of the foregoing, to timely file an answer and any other appropriate pleading objecting to (i) the institution of any proceeding to have any Securitization Entity, as the case may be, adjudicated as bankrupt or insolvent or
(ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition or in respect of any Securitization Entity, as the case may be, under applicable bankruptcy law or any other applicable law). 

ARTICLE IX 
 REMEDIES

 Section 9.1 Rapid Amortization Events. 

The Notes shall be subject to rapid amortization, following the occurrence of any of the following events as declared by the Control Party (at
the direction of the Controlling Class Representative) by written notice to the Master Issuer (with a copy to the Trustee) (each, a “Rapid Amortization Event”); provided that a Rapid Amortization Event described in
clause (e) below will occur automatically without any declaration by the Control Party unless the Control Party and 100% of the Noteholders have agreed to waive such event in accordance with
Section 9.7: 
 (a) the DSCR with respect to any Quarterly Payment Date is less than the Rapid Amortization DSCR
Threshold; 
 (b) Planet Fitness Systemwide Sales as calculated on any Quarterly Calculation Date are less than $1.25 billion; 

(c) a Manager Termination Event shall have occurred; 

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

(e) the Master Issuer has not repaid or refinanced a Series of Notes (or Class or Tranche thereof) in full on or prior to the Series
Anticipated Repayment Date relating to such Series of Notes (or Class or Tranche thereunder); provided that, if on the applicable Series Anticipated Repayment Date the Master Issuer certifies in writing to the Trustee and the
Control Party that the DSCR is greater than 2.00x as of such Series Anticipated Repayment Date, and such Series of Notes (or Class or Tranche thereunder) is repaid or refinanced within one (1) calendar year from such Series Anticipated
Repayment Date (such calendar year, the “Post-ARD Rapid Amortization Cure Period”), such Rapid Amortization Event shall no longer be in effect following such repayment or refinancing. 

For the avoidance of doubt, any Scheduled Principal Payments set forth in any Series Supplement shall continue to be made when due and payable
subsequent to the occurrence of a Rapid Amortization Event. 

  
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 Section 9.2 Events of Default. 

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

(a) the Master Issuer defaults in the payment of interest on any Series of Notes Outstanding when the same becomes due and payable and such
default continues for two (2) Business Days (or in the case of a failure to pay such interest when due resulting solely from an administrative error or omission by the Trustee, such default continues for a period of two (2) Business Days
after the Trustee receives written notice or an Authorized Officer of the Trustee has Actual Knowledge of such administrative error or omission); provided that failure to pay any Post-ARD Contingent
Interest on any Quarterly Payment Date (including on any applicable Series Legal Final Maturity Date) in excess of available amounts in accordance with the Priority of Payments will not be an Event of Default; 

(b) the Master Issuer (i) defaults in the payment of any principal of any Series of Notes on its Series Legal Final Maturity Date or as
and when due in connection with any mandatory or optional prepayment or (ii) fails to make any other principal payments or allocations due from funds available in the Collection Account in accordance with the Priority of Payments and the
applicable Series Supplement on any Interim Allocation Date; provided that in the case of a failure to pay or allocate principal resulting solely from an administrative error or omission by the Trustee, such default continues for a period of
two (2) Business Days after the Trustee receives written notice or an Authorized Officer of the Trustee has Actual Knowledge of such administrative error or omission; provided that the failure to pay any prepayment premium on any
prepayment of principal made during any Rapid Amortization Period occurring prior to the related Series Anticipated Repayment Date will not be an Event of Default; 

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

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

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

(f) the SEC or other regulatory body having jurisdiction reaches a final determination that any Securitization Entity is required to register
as an “investment company” under the 1940 Act or is under the “control” of a Person that is required to register as an “investment company” under the 1940 Act; 

(g) any of the Related Documents or any material portion thereof ceases to be in full force and effect or enforceable in accordance with its
terms (other than (i) in accordance with the express termination provisions thereof, (ii) a termination in the ordinary course of business, which termination could not reasonably be expected to result in a Material Adverse Effect or
(iii) as a result of actions, omissions or breaches of representations or warranties by any party to such Related Document that is not a Securitization Entity or a Non-Securitization Entity so long as
such Related Document, or any material portion thereof, is reinstated or replaced with a substantially similar document, agreement or arrangement within thirty (30) Business Days after such Related Document ceases to be in full force and effect
or enforceable in accordance with its terms) or any Non-Securitization Entity or Securitization Entity so asserts in writing; 

(h) other than with respect to Collateral with an aggregate fair market value of less than the greater of $25,000,000 or 20% of Retained
Collections, the Trustee ceases to have for any reason a valid and perfected first-priority security interest in the Collateral (subject to Permitted Liens), in which perfection can be achieved under the UCC or other applicable law in the United
States to the extent required by the Related Documents or any Securitization Entity or any Affiliate thereof so asserts in writing; 
 (i)
any Securitization Entity fails to perform or comply with any material provision of its organizational documents or any provision of Section 8.24 or the Guarantee and Collateral Agreement relating to legal separateness of
the Securitization Entities, which failure is reasonably likely to cause the contribution of the Securitized Assets to such Securitization Entity pursuant to the Contribution Agreements to fail to constitute a “true contribution” or other
absolute transfer of such Securitized Assets pursuant to such Contribution Agreement or is reasonably likely to cause a court of competent jurisdiction to disregard the separate existence of such Securitization Entity relative to any Person other
than another Securitization Entity and, in each case, such failure continues for more than thirty (30) consecutive days following the earlier to occur of the Actual Knowledge of an Authorized Officer of such Securitization Entity or written
notice to such Securitization Entity from the Trustee, the Back-Up Manager or the Control Party (at the direction of the Controlling Class Representative) of such failure; 

  
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 (j) a final non-appealable ruling has been made by a
court of competent jurisdiction that the contribution of the Securitized Assets (other than any immaterial Securitized Assets and any Securitized Assets that have been disposed of to the extent permitted or required under the Related Documents)
pursuant to a Contribution Agreement does not constitute a “true contribution” or other absolute transfer of such Securitized Assets pursuant to such agreement; 

(k) one or more outstanding final non-appealable judgments for the payment of money are rendered
against any Securitization Entity in an aggregate amount exceeding $25,000,000 (to the extent not covered by independent third-party insurance as to which the issuer is rated at least “A” by A.M. Best Company, has been notified of the
potential claim and does not dispute coverage), and either (i) enforcement proceedings are commenced by any creditor upon such judgment or order or (ii) there is any period of thirty (30) consecutive days during which a stay of
enforcement of such judgment or order, by reason of a pending appeal or otherwise, will not be in effect; 
 (l) the failure of
(i) Planet Fitness Holdings to own (directly or indirectly) 100% of the Equity Interests of the Holding Company Guarantor; (ii) the Holding Company Guarantor to own 100% of the Equity Interests of the Master Issuer; or (iii) the
Master Issuer to own (directly or indirectly) 100% of the Equity Interests of each other Securitization Entity; 
 (m) other than as
permitted hereunder or the other Related Documents, the Securitization Entities collectively fail to have good title or valid leasehold interest, as applicable, in or to any material portion of the Securitized Assets; 

(n) (i) any Securitization Entity engages in any non-exempt “prohibited transaction” (as
defined in Section 406 of ERISA or Section 4975 of the Code) involving any Single Employer Plan, (ii) any failure to meet the “minimum funding standard” (as defined in Section 302 of ERISA), whether or not waived,
exists with respect to any Plan and is not discharged within thirty (30) days thereafter, (iii) any Lien in an amount equal to at least $10,000,000 in favor of the PBGC or a Plan arises on the assets of any Securitization Entity and is not
discharged within thirty (30) days thereafter, (iv) a Reportable Event occurs with respect to, or proceedings are commenced in writing to have a trustee appointed, or a trustee is appointed, to administer or to terminate, any Single
Employer Plan, which Reportable Event or commencement of proceedings in writing or appointment of a trustee is, in the reasonable opinion of the Control Party, likely to result in the termination of such Single Employer Plan for purposes of
Title IV of ERISA, (v) any Single Employer Plan terminates for purposes of Title IV of ERISA or (vi) any Securitization Entity incurs, or in the reasonable opinion of the Control Party is likely to incur, any liability in
connection with a complete or partial withdrawal from, or the Insolvency or termination of, a Multiemployer Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all
other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect on any Securitization Entity; 

(o) the IRS files notice of a Lien pursuant to Section 6323 of the Code with regard to the assets of any Securitization Entity and such
Lien has not been released within sixty (60) days, unless (i) Holdco or a Subsidiary thereof has provided evidence that payment to satisfy the full amount of the asserted liability has been provided to the IRS, and the IRS has released
such asserted Lien within sixty (60) days of such payment, or (ii) such Lien or the asserted liability is being contested in good faith and Holdco or a Subsidiary thereof has contributed to the Holding Company Guarantor the Tax Lien
Reserve Amount, which such Tax Lien Reserve Amount is set aside and remitted to a collateral deposit account as provided in Section 8.36; or 

  
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 (p) a final non-appealable non-monetary judgment has been made by a court of competent jurisdiction that materially impairs (i) the Securitization Entities’ ability to conduct the Securitized Corporate-Owned Store Business and the
Securitized Franchise Store Business and the equipment distribution business related thereto as of such date, taken as a whole, or (ii) the exercise of the Securitization Entities’ or of the Trustee’s rights with respect to the
Securitized Assets, 
 then (i) in the case of any event described in each clause above (except for clause (d) thereof) that
is continuing the Trustee, at the direction of the Control Party (at the direction of the Controlling Class Representative) and on behalf of the Noteholders, by written notice to the Master Issuer, shall declare the Notes of all Series to
be immediately due and payable, and upon any such declaration the unpaid principal amount of the Notes of all Series, together with accrued and unpaid interest thereon through the date of acceleration, and all other amounts due to the Noteholders
and the other Secured Parties under the Indenture Documents shall become immediately due and payable or (ii) in the case of any event described in clause (d) above, the unpaid principal amount of the Notes of all
Series, together with interest accrued but unpaid thereon through the date of acceleration, and all other amounts due to the Noteholders and the other Secured Parties under the Indenture Documents, shall immediately and without further act become
due and payable. Promptly following the Trustee’s receipt of written notice hereunder of any Event of Default, the Trustee shall send a copy thereof to the Master Issuer, the Servicer, each Rating Agency for each Series of Notes Outstanding,
the Controlling Class Representative, the Manager, the Back-Up Manager, each Noteholder and each other Secured Party. 

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

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

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

(ii) (A) direct the Master Issuer to exercise (and the Master Issuer agrees to exercise) all rights, remedies, powers, privileges and claims of
the Master Issuer against any party to any Collateral Transaction Document arising as a result of the occurrence of such Event of Default or otherwise, including the right or power to take any action to compel performance or observance by any such
party of its obligations to the Master Issuer, and any right of the Master Issuer to take such action independent of such direction shall be suspended, and (B) if (x) the Master Issuer shall have failed, within ten (10) Business Days
of receiving the direction of the Trustee (given at the direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the

  
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Trustee, (y) the Master Issuer refuses to take such action or (z) the Control Party (at the direction of the Controlling Class Representative) reasonably determines that such
action must be taken immediately, take (or the Control Party on behalf of the Trustee shall take) such previously directed action (and any related action as permitted under the Indenture thereafter determined by the Trustee or the Control Party to
be appropriate without the need under this provision or any other provision under the Indenture to direct the Master Issuer to take such action); 

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

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

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

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

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

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

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

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

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

Section 9.4 Waiver of Appraisal, Valuation, Stay and Right to Marshaling. To the extent it may lawfully do so, the Master Issuer
for itself and for any Person who may claim through or under it hereby: 
 (a) agrees that neither it nor any such Person will step up,
plead, claim or in any manner whatsoever take advantage of any appraisal, valuation, stay, extension or redemption laws, now or hereafter in force in any jurisdiction, which may delay, prevent or otherwise hinder (i) the performance,
enforcement or foreclosure of the Indenture or the Guarantee and Collateral Agreement, (ii) the sale of any of the Collateral or Securitized Assets, to the extent permitted by applicable law or (iii) the putting of the purchaser or
purchasers thereof into possession of such property immediately after the sale thereof; 

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

(c) waives and releases all rights to have the Collateral and/or the Securitized Assets marshaled upon any foreclosure, sale or other
enforcement of the Indenture or the Guarantee and Collateral Agreement; and 
 (d) consents and agrees that, subject to the terms of the
Indenture and the Guarantee and Collateral Agreement, all the Collateral and all of the Securitized Assets (to the extent permitted by applicable law) may at any such sale be sold by the Trustee as an entirety or in such portions as the Trustee may
(upon direction by the Control Party (at the direction of the Controlling Class Representative)) determine. 
 Section 9.5
Limited Recourse. 
 Notwithstanding any other provision of the Indenture, the Notes or any other Related Document or otherwise, the
liability of the Securitization Entities to the Noteholders and any other Secured Parties under or in relation to the Indenture, the Notes or any other Related Document or otherwise, is limited in recourse to the assets of the Securitization
Entities. Following the proceeds of such assets having been applied in accordance with the terms hereof, none of the Noteholders or any other Secured Parties shall be entitled to take any further steps against any Securitization Entity to recover
any sums due but still unpaid hereunder, under the Notes or under any of the other agreements or documents described in this Section 9.5, all claims in respect of which shall be extinguished. 

Section 9.6 Optional Preservation of the Securitized Assets. 

If the maturity of the Outstanding Notes of each Series has been accelerated pursuant to Section 9.2 following
an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, at the direction of the Control Party (acting at the direction of the Controlling Class Representative), shall elect to maintain
possession of such portion, if any, of the Collateral and/or Securitized Assets (to the extent permitted by applicable law) as the Control Party (acting at the direction of the Controlling Class Representative) shall in its discretion
determine. 
 Section 9.7 Waiver of Past Events. 

Prior to the declaration of the acceleration of the maturity of each Series of Notes Outstanding as provided in
Section 9.2 and subject to Section 13.2, the Control Party (at the direction of the Controlling Class Representative) by notice to the Trustee, each Rating Agency and the Servicer, may waive
any existing Default or Event of Default described in any clause of Section 9.2 (except clause (d) thereof) and its consequences; provided, however, that before any waiver may be effective, the
Trustee and the Servicer must have received any reimbursement then due or payable in respect of unreimbursed Advances (including interest thereon) or any other amounts then due to the Servicer or the Trustee hereunder or under the Related Documents;

  
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provided, further, that the Control Party shall provide written notice of any such waiver to each Rating Agency for each Series of Notes Outstanding (with a copy to the Servicer).
Upon any such waiver, such Default shall cease to exist and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereon. A Default or an Event of Default described in Section 9.2(d) shall not be subject to waiver without the consent of the Control Party (acting at the direction of the Controlling
Class Representative) and each Noteholder. Subject to Section 13.2, the Control Party (at the direction of the Controlling Class Representative), by notice to the Trustee, each Rating Agency for each Series of
Notes Outstanding and the Servicer, may waive any existing Potential Rapid Amortization Event or any existing Rapid Amortization Event; provided however, that a Rapid Amortization Event described in
Section 9.1(e) relating to a particular Series, Class or Tranche of Notes shall not be permitted to be waived by any party unless 100% of the Noteholders have consented to such waiver in writing. 

Section 9.8 Control by the Control Party. 

Notwithstanding any other provision hereof, the Control Party (subject to Section 11.4(e), at the direction of the
Controlling Class Representative) may cause the institution of and direct the time, method and place of conducting any proceeding in respect of any enforcement of the Collateral (or, to the extent permitted by applicable law, other Securitized
Assets) or conducting any proceeding in respect of any enforcement of Liens on the Collateral and other rights and remedies against the other Securitized Assets (to the extent permitted by applicable law) or conducting any proceeding for any
contractual or legal remedy available to the Trustee or exercise any trust or power conferred on the Trustee; provided that: 
 (a)
such direction of time, method and place shall not be in conflict with any rule of law, the Servicing Standard or the Indenture; 
 (b) the
Control Party (at the direction of the Controlling Class Representative) may take any other action deemed proper by the Control Party (at the direction of the Controlling Class Representative) that is not inconsistent with such direction
(as the same may be modified by the Control Party (with the consent of the Controlling Class Representative)); and 
 (c) such direction
shall be in writing; 
 provided further that, subject to Section 10.1, the Trustee need not take any action that it
determines might involve it in liability unless it has received an indemnity for such liability as provided herein. The Trustee shall take no action referred to in this Section 9.8 unless instructed to do so by the Control
Party (at the direction of the Controlling Class Representative). 
 Section 9.9 Limitation on Suits. 

Any other provision of the Indenture to the contrary notwithstanding, a Noteholder may pursue a remedy with respect to the Indenture or any
other Related Document only if: 
 (a) the Noteholder gives to the Trustee, the Control Party and the Controlling Class Representative
written notice of a continuing Event of Default; 

  
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 (b) the Noteholders of at least 25% of the Aggregate Outstanding Principal Amount make a
written request to the Trustee, the Control Party and the Controlling Class Representative to pursue the remedy; 
 (c) such Noteholder
or Noteholders offer and, if requested, provide to the Trustee, the Control Party and the Controlling Class Representative indemnity satisfactory to the Trustee, the Control Party and the Controlling Class Representative against any loss,
liability or expense; 
 (d) the Trustee does not comply with the request within sixty (60) days after receipt of the request and the
offer and, if requested, the provision of indemnity reasonably satisfactory to it; 
 (e) during such sixty (60) day period, the
Majority of Senior Noteholders do not give the Trustee a direction inconsistent with the request; and 
 (f) the Control Party (at the
direction of the Controlling Class Representative) has consented to the pursuit of such remedy. 
 A Noteholder may not use the Indenture or any other
Related Document to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder. 

Section 9.10 Unconditional Rights of Noteholders to Receive Payment. 

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

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel), the Noteholders and any other Secured Party (as applicable) allowed in any judicial proceedings
relative to the Master Issuer (or any other obligor upon the Notes), its creditors or its property, and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claim and any
custodian in any such judicial proceeding is hereby authorized by each Noteholder and each other Secured Party to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the
Noteholders or any other Secured Party, to pay the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 10.5. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 10.5 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a 

  
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Lien on, and shall be paid out of, any and all distributions, dividends, money and other properties which any of the Noteholders or any other Secured Party may be entitled to receive in such
proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder or any
other Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Noteholder or any other Secured Party, or to authorize the Trustee to vote in respect of the claim of any
Noteholder or any other Secured Party in any such proceeding. 
 Section 9.12 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of any undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 9.12 does not apply to a suit by the Trustee (or by the Control
Party for any contractual or legal remedy available to the Trustee), a suit by a Noteholder pursuant to Section 9.9 or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of
Notes. 
 Section 9.13 Restoration of Rights and Remedies. 

If the Trustee, any Noteholder or any other Secured Party has instituted any Proceeding to enforce any right or remedy under the Indenture or
any other Related Document and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder or other Secured Party, then and in every such case the Trustee and the
Noteholders and any such other Secured Party shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee, the Noteholders
and the other Secured Parties shall continue as though no such Proceeding had been instituted. 
 Section 9.14 Rights and Remedies
Cumulative. 
 No right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Notes or any other Secured Party
is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under the Indenture or any other Related Document or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under the Indenture or any other Related Document, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy. 

  
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 Section 9.15 Delay or Omission Not Waiver. 

No delay or omission of the Trustee, the Control Party, the Controlling Class Representative, any Holder of any Note or any other Secured
Party to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Potential Rapid Amortization
Event, Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article IX or by law to the Trustee, the Control Party, the Controlling Class Representative, the Holders of
Notes or any other Secured Party may be exercised from time to time to the extent not inconsistent with the Indenture, and as often as may be deemed expedient, by the Trustee, the Control Party, the Controlling Class Representative, the Holders
of Notes or any other Secured Party, as the case may be. 
 Section 9.16 Waiver of Stay or Extension Laws. 

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

ARTICLE X 
 THE TRUSTEE

 Section 10.1 Duties of the Trustee. 

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

  
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 (b) Except during the occurrence and continuance of an Event of Default, Rapid Amortization
Event, Manager Termination Event or Servicer Termination Event of which a Trust Officer shall have Actual Knowledge: 
 (i) The Trustee
undertakes to perform only those duties that are specifically set forth in the Indenture or any other Related Document to which it is a party and no others, the Trustee shall not be liable except for the performance of such duties and obligations as
are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into the Indenture or any other Related Document against the Trustee; and 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of the Indenture and any other applicable Related Document; provided, however, in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine such certificates or opinions to determine whether or not they conform to the requirements of the
Indenture and shall promptly notify the party of any non-conformity. 
 (c) The Trustee may not be
relieved from liability for its own negligent action, bad faith or willful misconduct, except that: 
 (i) This
clause (c) does not limit the effect of clause (b) of this Section 10.1. 

(ii) The Trustee shall not be liable in its individual capacity for any error of judgment made in good faith by a Trust Officer, unless it is
proven that the Trustee was grossly negligent, acted in bad faith or engaged in willful misconduct in ascertaining the pertinent facts. 

(iii) The Trustee shall not be liable in its individual capacity with respect to any action taken or omitted to be taken by it in good faith at
the direction of the Manager, the Master Issuer, the Control Party and/or a Holder under circumstances in which such direction is required or permitted by the terms of this Base Indenture or applicable law. 

(iv) The Trustee shall not be charged with knowledge of any Default, Event of Default, Potential Rapid Amortization Event, Rapid Amortization
Event, Manager Termination Event, Potential Manager Termination Event or Servicer Termination Event or the commencement and continuation of a Cash Trapping Period until such time as a Trust Officer shall have Actual Knowledge or have received
written notice thereof. In the absence of such Actual Knowledge or receipt of such notice, the Trustee may conclusively assume that no such event has occurred or is continuing. 

  
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 (d) Notwithstanding anything to the contrary contained in the Indenture or any of the other
Related Documents, no provision of the Indenture or the other Related Documents shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or exercises of its rights
or powers hereunder, if it has reasonable grounds for believing that the repayment of such funds or adequate security or indemnity against such risk or liability is not reasonably assured to it by the terms of the Indenture or the Guarantee and
Collateral Agreement. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any risk, loss, liability or expense. 

(e) In the event that the Paying Agent or the Registrar shall fail to perform any obligation, duty or agreement in the manner or on the day
required to be performed by the Paying Agent or the Registrar, as the case may be, under the Indenture, the Trustee shall be obligated as soon as practicable upon Actual Knowledge of a Trust Officer thereof and receipt of appropriate records and
information, if any, to perform such obligation, duty or agreement in the manner so required. 
 (f) Subject to
Section 10.3, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the
extent required by law or the Indenture or any of the other Related Documents. 
 (g) Whether or not therein expressly so provided, every
provision of the Indenture and the other Related Documents relating to the conduct of, affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section 10.1. 

(h) The Trustee shall not be responsible for the existence, genuineness or value of any of the Securitized Assets or for the validity,
perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes
negligence, bad faith or willful misconduct on the part of the Trustee, for the validity or sufficiency of the Securitized Assets or any agreement or assignment contained therein, for the validity of the title of the Securitization Entities to the
Securitized Assets, for insuring the Securitized Assets or for the payment of Taxes, charges, assessments or Liens upon the Securitized Assets or otherwise as to the maintenance of the Securitized Assets. Except as otherwise provided herein, the
Trustee shall have no duty to inquire as to the performance or observance of any of the terms of the Indenture or the other Related Documents by the Securitization Entities. 

(i) The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with
the Indenture or at the direction of the Servicer, the Control Party, the Controlling Class Representative or the Holders of the requisite percentage of Notes, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under the Indenture, any other circumstances in which direction is required or permitted by the terms of the Indenture or applicable law. 

(j) The Trustee shall have no duty (i) to see to any recording, filing or depositing of this Base Indenture or any agreement referred to
herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recordings or filing or depositing or to any rerecording, refiling or redepositing of any thereof;

  
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(ii) to see to any insurance, (iii) except as otherwise provided by Section 10.1(e), to see to the payment or discharge of any Tax, assessment or other
governmental charge or any Lien or encumbrance of any kind or (iv) to confirm or verify the contents of any reports or certificates of the Manager, the Control Party, the Back-Up Manager or the Servicer
delivered to the Trustee pursuant to this Base Indenture or any other Related Document believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties. 

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

(i) Notwithstanding anything to the contrary in this Section 10.1, the Trustee shall make Debt
Service Advances to the extent and in the manner set forth in Section 5.12(a)(iii) hereof; provided, however, that notwithstanding anything herein or in any other Related Document to the contrary, the Trustee
will not be responsible for advancing any principal on the Senior Notes, any make-whole prepayment premiums, any Series Hedge Payment Amounts, any Class A-1 Notes Administrative Expenses, any Class A-1 Quarterly Commitment Fee Amounts, any Post-ARD Contingent Interest or any reserve amounts or any interest or principal payable on, or any other amount due with
respect to, the Senior Subordinated Notes or the Subordinated Notes. 
 (ii) Notwithstanding anything herein to the contrary,
no Debt Service Advance shall be required to be made hereunder by the Trustee if the Trustee determines such Debt Service Advance (including interest thereon) would, if made, constitute a Nonrecoverable Advance. The determination by the Trustee that
it has made a Nonrecoverable Advance or that any proposed Debt Service Advance, if made, would constitute a Nonrecoverable Advance, shall be made by the Trustee in its reasonable good faith judgment. The Trustee is entitled to conclusively rely on
the determination of the Servicer that an Advance is or would be a Nonrecoverable Advance. Any such determination will be conclusive and binding on the Holders. The Trustee may update or change its nonrecoverability determination at any time, and
may decide that a requested Debt Service Advance or Collateral Protection Advance that was previously deemed to be a Nonrecoverable Advance shall have become recoverable. Notwithstanding the foregoing, all outstanding Debt Service Advances and
Collateral Protection Advances made by the Trustee and any accrued interest thereon will be paid strictly in accordance with the Priority of Payments, even if the Trustee determines that any such advance is a Nonrecoverable Advance after such
Advance has been made. 
 (iii) The Trustee shall be entitled to receive interest at the Advance Interest Rate accrued on the
amount of each Debt Service Advance made thereby (with its own funds) for so long as such Debt Service Advance is outstanding. Such interest with respect to any Debt Service Advance made pursuant to this Section 10.1(l)
shall be calculated on the basis of a 360-day year of twelve 30-day months and shall be payable out of Collections in accordance with the Priority of Payments pursuant
to Section 5.11 hereof and the other applicable provisions of the Related Documents. 

  
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 Section 10.2 Rights of the Trustee. Except as otherwise provided by
Section 10.1: 
 (a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from
acting based upon any resolution, Officer’s Certificate, Opinion of Counsel, certificate, instrument, report, consent, order, document or other paper reasonably believed by it to be genuine and to have been signed by or presented by the proper
Person. 
 (b) The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through agents, custodians and nominees and shall not be liable for any negligence, bad faith or willful misconduct on
the part of, or for the supervision of, any such non-affiliated agent, custodian or nominee so long as such agent, custodian or nominee is appointed with due care; provided, however, the Trustee
shall have received the consent of the Servicer prior to the appointment of any agent, custodian or nominee performing any material obligation of the Trustee hereunder. 

(d) The Trustee shall not be liable for any action it takes, suffers or omits to take in the absence of gross negligence, bad faith or willful
misconduct which it believes to be authorized or within the discretion or rights or powers conferred upon it by the Indenture or the applicable Related Documents. 

(e) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Base Indenture, any Series Supplement
or any other Related Document, or to institute, conduct or defend any litigation hereunder or thereunder or in relation hereto or thereto, at the request, order or direction of the Servicer, the Control Party, the Controlling
Class Representative, any of the Holders or any other Secured Party, pursuant to the provisions of this Base Indenture or any Series Supplement, unless the Trustee shall have been offered security or indemnity reasonably satisfactory to the
Trustee against the costs, expenses and liabilities which may be incurred therein or thereby. 
 (f) Prior to the occurrence of an Event of
Default or Rapid Amortization Event, the Trustee shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or
other paper or document, unless requested in writing so to do by the Noteholders of at least 25% of the Aggregate Outstanding Principal Amount of all then Outstanding Notes. If the Trustee is so requested or determines in its own discretion to make
such further inquiry or investigation into such facts or matters as it sees fit, the Trustee shall be entitled to examine the books, records and premises of the Securitization Entities, personally or by agent or attorney, at the sole cost of the
Master Issuer and the Trustee shall incur no liability by reason of such inquiry or investigation. 

  
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 (g) The right of the Trustee to perform any discretionary act enumerated in this Base
Indenture shall not be construed as a duty, and the Trustee shall be not be liable in the absence of negligence, bad faith or willful misconduct for the performance of such act. 

(h) In accordance with Section 326 of the U.S.A. Patriot Act, to help fight the funding of terrorism and money laundering activities, the
Trustee will obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask for the name, address, tax identification number and other
information that will allow the Trustee to identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as articles of incorporation, an offering memorandum, or
other identifying documents to be provided. 
 (i) Notwithstanding anything to the contrary herein, any and all communications (both text and
attachments) by or from the Trustee that the Trustee in its sole discretion deems to contain confidential, proprietary or sensitive information and sent by electronic mail will be encrypted. The recipient of the email communication will be required
to complete a one-time registration process. 
 (j) The Trustee shall not be responsible or liable
for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires;
floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents; labor disputes; acts of civil or military authority or
governmental actions (it being understood that the Trustee shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances). 

(k) The Trustee shall not be required to give any bond or surety in respect of the execution of the trust created hereby or the powers granted
hereunder. 
 (l) All rights of action and claims under this Base Indenture may be prosecuted and enforced by the Trustee without the
possession of any of the Notes or the production thereof in any proceeding relating thereto, any such proceeding instituted by the Trustee shall be brought in its own name or in its capacity as Trustee. Any recovery of judgment shall, after
provision for the payments to the Trustee provided for in Section 10.5, be distributed in accordance with the Priority of Payments. 

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

(o) Whenever in the administration of the Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee may, in the absence of bad faith, gross negligence or willful misconduct on its part, rely upon an Officer’s Certificate of the Master Issuer, the Manager or the Servicer and shall incur
no liability for its reliance thereon. 

  
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 (p) The Trustee shall not be responsible for the accuracy of the books or records of, or for
any acts or omissions of, DTC, any transfer agent (other than the Trustee itself acting in that capacity), Clearstream, Euroclear, any calculation agent (other than the Trustee itself acting in that capacity), or any agent appointed by it with due
care or any Paying Agent (other than the Trustee itself acting in that capacity). 
 (q) The Trustee or its Affiliates are permitted to
receive additional compensation that could be deemed to be in the Trustee’s economic self-interest for (i) serving as an investment advisor, administrator, shareholder servicing agent, custodian or
sub-custodian with respect to certain Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments and (iii) effecting transactions in certain Eligible
Investments. The Trustee does not guarantee the performance of any Eligible Investments. 
 (r) The Trustee shall have no obligation to
invest and reinvest any cash held in the absence of timely and specific written investment direction from the Servicer or the Master Issuer. In no event shall the Trustee be liable for the selection of investments or for investment losses incurred
thereon. The Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of the Servicer or the Master Issuer to provide timely written investment
direction. 
 (s) The Trustee shall have no obligation to calculate nor shall it be responsible or liable for any calculation of the DSCR,
New Series Pro Forma DSCR or the Interest-Only DSCR. 
 (t) The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee, in each case, with respect to its capacities hereunder, and each agent, custodian and other Person employed to act
hereunder. 
 (u) The Trustee shall be afforded, in each Related Document, all of the rights, powers, immunities and indemnities granted to
it in this Base Indenture as if such rights, powers, immunities and indemnities were specifically set out in each such Related Document. 

(v) For any purpose under the Related Documents, the Trustee may conclusively assume without incurring liability therefor that no Notes are
held by any of the Securitization Entities, any other obligator upon the Notes, the Manager or any Affiliate of them unless a Trust Officer has received written notice at the Corporate Trust Office that any Notes are so held by any of the
Securitization Entities, any other obligator upon the Notes, the Manager or any Affiliate of them. 
 (w) The Trustee shall not have any
responsibility to make any inquiry or investigation as to, and shall have no obligation in respect of, the terms of an engagement of Independent Auditors by the Master Issuer (or the Manager on behalf of the Master Issuer) or the terms of any agreed
upon procedures in respect of such engagement; provided, however, that the 

  
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Trustee shall be authorized, upon receipt of a Company Order directing the same, to execute any acknowledgment or other agreement with the Independent Auditors required for the Trustee to receive
any of the reports or instructions provided herein, which acknowledgment or agreement may include, among other things, (i) acknowledgment that the Master Issuer had agreed that the procedures to be performed by the Independent Auditors are
sufficient for the Master Issuer’s purposes, (ii) releases by the Trustee (on behalf of itself and the Holders) of claims against the Independent Auditors, and (iii) restrictions or prohibitions on the disclosure of information or
documents provided to it by such firm of Independent Auditors (including to the Holders). Notwithstanding the foregoing, in no event shall the Trustee be required to execute any agreement in respect of the Independent Auditors that the Trustee
reasonably determines adversely affects it. 
 Section 10.3 Individual Rights of the Trustee. 

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

Section 10.4 Notice of Events of Default and Defaults. 

If an Event of Default, a Default, a Rapid Amortization Event or a Potential Rapid Amortization Event occurs and is continuing and if it is
actually known to a Trust Officer, or written notice of the existence thereof has been delivered to a Trust Officer, the Trustee shall promptly provide the Noteholders, the Servicer, the Manager, the Back-Up
Manager, the Master Issuer, any Class A-1 Administrative Agent and each Rating Agency for each Series of Notes Outstanding with notice of such Event of Default, Default, Rapid Amortization Event or
Potential Rapid Amortization Event, to the extent that the Notes of such Series are Book-Entry Notes, by telephone and facsimile and otherwise by first class mail. 

Section 10.5 Compensation and Indemnity. 

(a) The Master Issuer shall promptly pay to the Trustee from time to time compensation for its acceptance of the Indenture and services
hereunder and under the other Related Documents to which the Trustee is a party as the Trustee and the Master Issuer shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Master Issuer shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services in accordance with the
provisions of the Indenture (including, without limitation, the Priority of Payments). Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and outside counsel. The Master Issuer shall not
be required to reimburse any expense incurred by the Trustee through the Trustee’s own willful misconduct, bad faith or negligence. When the Trustee incurs expenses or renders services after an Event of Default or Rapid Amortization Event
occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under the Bankruptcy Code. 

  
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 (b) The Master Issuer shall indemnify and hold harmless the Trustee or any predecessor
Trustee and their respective directors, officers, agents and employees from and against any loss, liability, claim, expense (including Taxes, other than Taxes based upon, measured by or determined by the income of the Trustee or such predecessor
Trustee), damage or injury suffered or sustained by reason of any acts, omissions or alleged acts or omissions arising out of or in connection with (i) the activities of the Trustee or such predecessor Trustee pursuant to this Base Indenture,
any Series Supplement or any other Related Documents to which the Trustee is a party and (ii) the security interest granted hereby, whether arising by virtue of any act or omission on the part of the Master Issuer or otherwise, including but
not limited to any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses reasonably incurred in connection with the defense of any actual or threatened action, proceeding, claim (whether asserted by the Master
Issuer, the Servicer, the Control Party or any Noteholder or any other Person), liability in connection with the exercise or performance of any of its powers or duties hereunder or under any Related Document, the preservation of any of its rights
to, or the realization upon, any of the Collateral, or the Securitized Assets, to the extent permitted by applicable law, or in connection with enforcing the provisions of this Section 10.5(b); provided,
however, that the Master Issuer shall not indemnify the Trustee, any predecessor Trustee or their respective directors, officers, employees or agents if such acts, omissions or alleged acts or omissions constitute willful misconduct, bad
faith or negligence by the Trustee or such predecessor Trustee, as the case may be. 
 (c) The provisions of this
Section 10.5 shall survive the termination of the Indenture and the resignation and removal of the Trustee. 

Section 10.6 Replacement of the Trustee. 

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

(i) the Trustee fails to comply with Section 10.8; 

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

  
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 (iv) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Master Issuer shall promptly, with the prior
written consent of the Control Party, appoint a successor Trustee. Within one (1) year after the successor Trustee takes office, the Majority of Controlling Class Members (with the prior written consent of the Control Party) may appoint a
successor Trustee to replace the successor Trustee appointed by the Master Issuer. 
 (c) If a successor Trustee is not appointed and an
instrument of acceptance by a successor Trustee is not delivered to the Trustee within thirty (30) days after the retiring Trustee resigns or is removed, at the direction of the Control Party, the retiring Trustee, at the expense of the Master
Issuer, may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (d) If the Trustee after written
request by the Servicer or any Noteholder fails to comply with Section 10.8, the Servicer or such Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee. 
 (e) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee or removed Trustee and to
the Servicer and the Master Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Base Indenture, any Series
Supplement and any other Related Document to which the Trustee is a party. The successor Trustee shall mail a notice of its succession to the Noteholders and each Class A-1 Administrative Agent. The
retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided, however, that all sums owing to the retiring Trustee hereunder have been paid. Notwithstanding replacement of the Trustee
pursuant to this Section 10.6, the Master Issuer’s obligations under Section 10.5 shall continue for the benefit of the retiring Trustee. 

(f) No successor Trustee may accept its appointment unless at the time of such acceptance such successor is qualified and eligible under this
Base Indenture and a Rating Agency Notification has been provided and the Control Party has provided its consent with respect to such appointment. 

Section 10.7 Successor Trustee by Merger, etc. 

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

  
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 Section 10.8 Eligibility Disqualification. 

(a) There shall at all times be a Trustee hereunder which shall (i) be a bank or trust company organized and doing business under the laws
of the United States of America or of any state thereof authorized under such laws to exercise corporate trustee power, (ii) be subject to supervision or examination by federal or state authority, (iii) have a combined capital and surplus
of at least $250,000,000 as set forth in its most recent published annual report of condition, (iv) be reasonably acceptable to the Servicer and (v) have a long-term unsecured debt rating of at least “BBB” by S&P and, if it
has a rating by KBRA, “BBB” by KBRA. 
 (b) At any time the Trustee shall cease to satisfy the eligibility requirements of
Section 10.8(a), the Trustee shall resign after written request that it do so by the Master Issuer, or by the Control Party at the direction of the Controlling Class Representative, in the manner and with the effect
specified in Section 10.6. 
 Section 10.9 Appointment of
Co-Trustee or Separate Trustee. 
 (a) Notwithstanding any other provisions of this Base
Indenture, any Series Supplement or any other Related Document, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Securitized Assets may at the time be located, the Trustee shall have the
power upon notice to the Control Party, the Master Issuer and each Class A-1 Administrative Agent and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Securitized Assets, and to vest in such Person or Persons, in such capacity and
for the benefit of the Noteholders and the other Secured Parties, such title to the Collateral (or other rights in and to the Securitized Assets), or any part thereof, and, subject to the other provisions of this
Section 10.9, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. Any co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 10.8 or shall be otherwise acceptable to the Servicer. No notice to Noteholders of the appointment of any co-trustee
or separate trustee shall be required under Section 10.6. No co-trustee shall be appointed without the consent of the Servicer and the Master Issuer unless such appointment is
required as a matter of state law or to enable the Trustee to perform its functions hereunder. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i) the Notes of each Series shall be authenticated and delivered solely by the Trustee or an authenticating agent appointed by the Trustee;

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

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

(iv) the Trustee may at any time accept the resignation of or remove any separate trustee or
co-trustee. 
 (c) Any notice, request or other writing given to the Trustee shall be deemed to have
been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Base Indenture and the conditions of this Article X. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Base Indenture, any Series
Supplement and any other Related Documents to which the Trustee is a party, specifically including every provision of this Base Indenture, any Series Supplement, or any other Related Document which the Trustee is a party relating to the conduct of,
affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee and a copy thereof given to the Servicer and the Master Issuer. 

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

Section 10.10 Representations and Warranties of Trustee. 

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

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

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

  
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 ARTICLE XI 

CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY 

Section 11.1 Controlling Class Representative. 

(a) On the Closing Date and at any time when no Person is serving as the Controlling Class Representative in accordance with this
Article XI, (i) the Control Party shall exercise the rights of the Controlling Class Representative in accordance with the Servicing Standard; provided that the Control Party shall have no obligations to interact with any
Holders (including providing any notices or deliverables) and (ii) any deliverable or notice that is required to be provided to the Controlling Class Representative under a Related Document shall be delivered to the Control Party. 

(b) Within thirty (30) days after the Closing Date or any CCR Re-election Event, the Trustee shall
send via email to the Class A-1 Administrative Agent and via the Applicable Procedures of the Clearing Agency with respect to the Class A-2 Notes a written
notice (with copies to the Manager and the Master Issuer) in the form attached as Exhibit E hereto, announcing an election and soliciting nominations for a Controlling Class Representative (a “CCR Election
Notice”). Each Controlling Class Member will be allowed to nominate itself as a CCR Candidate (and will not be permitted to nominate any other Person or entity as a CCR Candidate) by submitting a nomination to the Trustee in the
form attached as Exhibit F hereto (a “CCR Nomination”) certifying that, as of a date not more than ten (10) Business Days prior to the date of the CCR Election Notice, such Controlling
Class Member was the Holder of the Outstanding Principal Amount of Notes of the Controlling Class specified in its CCR Nomination and that it is not a Competitor; provided that for purposes of such nomination and determining the CCR
Candidates pursuant to Section 11.1(c), with respect to any Series of Class A-1 Notes Outstanding, the Class A-1 Notes Voting Amount
shall be used in place of the Outstanding Principal Amount of such Series. For any nomination to be valid, the CCR Nomination shall be delivered to the Trustee within thirty (30) calendar days of the date of the CCR Election Notice (such
period, the “CCR Nomination Period”). 
 (c) Based upon the CCR Nominations that are received by the Trustee, within three
(3) Business Days following the end of the CCR Nomination Period, (i) if no nomination has been received and there is no Controlling Class Representative, the Trustee shall notify the Manager, the Master Issuer, the Servicer and the
Controlling Class Members that no nominations have been received and that no election will occur, (ii) if one or more nominations have been received, the Trustee shall prepare and send to each applicable Controlling Class Member a
ballot in the form of Exhibit G attached hereto (the “CCR Ballot”) naming the top three candidates based upon the highest aggregate Outstanding Principal Amount of Notes of Controlling Class Members
nominating such candidate (or, if fewer than three (3) candidates are nominated, the CCR Ballot will list all candidates) or (iii) if a Controlling Class Representative currently exists and no CCR Nominations are received prior to the
end of the CCR Nomination Period, then the Person serving as the current Controlling Class Representative will be deemed reelected and will remain the Controlling Class Representative. Each Controlling Class Member may, in its sole
discretion, indicate its vote for Controlling Class Representative by returning a completed CCR Ballot directly 

  
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to the Trustee certifying that, as of the date of the CCR Ballot (the “CCR Voting Record Date”), such Controlling Class Member was the owner or beneficial owner of the
Outstanding Principal Amount of Notes of the Controlling Class specified by such Controlling Class Member in the CCR Ballot; provided that for the purposes of such certification and the tabulation of votes pursuant to
Section 11.1(d), with respect to any Series of Class A-1 Notes Outstanding, the Class A-1 Notes Voting Amount shall be used in place
of the Outstanding Principal Amount of such Series. For any vote delivered on a CCR Ballot to be valid, such CCR Ballot must be delivered to the Trustee within thirty (30) calendar days of the date of such CCR Ballot (such period a “CCR
Election Period”). 
 (d) If a CCR Candidate receives votes from Controlling Class Members holding interests in excess of 50%
of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of Class A-1 Notes of the Controlling Class and (ii) the
Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than Class A-1 Notes), in each case, that are Outstanding as of the CCR Voting Record Date and with respect to which
votes were submitted (which may be less than the Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date), such CCR Candidate shall be appointed the Controlling Class Representative. Notes of the
Controlling Class held by the Master Issuer or any Affiliate of the Master Issuer will not be considered Outstanding for such voting purposes. If two CCR Candidates both receive votes from Controlling Class Members holding beneficial
interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class with respect to which votes were submitted, the Controlling Class Representative shall be the CCR Candidate chosen by the Master
Issuer (or the Manager on its behalf pursuant to the Management Agreement). In the event that there is no current Controlling Class Representative and no CCR Candidate receives 50% of the Aggregate Outstanding Principal Amount of Notes of the
Controlling Class with respect to which votes were submitted, the Trustee will notify the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, each Rating Agency and the Controlling
Class Members that no Controlling Class Representative has been appointed, and until a CCR Re-election Event occurs and a new Controlling Class Representative is elected then (i) the
Control Party shall exercise the rights of the Controlling Class Representative in accordance with the Servicing Standard and (ii) any deliverable or notice that is required to be provided to the Controlling Class Representative under
a Related Document shall be delivered to the Control Party. 
 (e) In the event that a Controlling Class Representative is elected,
deemed elected or chosen pursuant to Section 11.1(d), the Trustee shall forward an acceptance letter in the form of Exhibit H attached hereto (a “CCR Acceptance Letter”) to such
Controlling Class Representative. No Person shall be appointed Controlling Class Representative unless such Person delivers to the Trustee an executed CCR Acceptance Letter within fifteen (15) Business Days of receipt thereof. In the
CCR Acceptance Letter, the Person accepting the role of Controlling Class Representative shall (i) agree to act as the Controlling Class Representative, (ii) provide its name and contact information and permit such information to
be shared with the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, each Rating Agency and the Controlling Class Members and (iii) represent and warrant that it is a
Controlling Class Member and not a Competitor. Within two (2) Business Days of receipt of the executed CCR Acceptance Letter, the Trustee shall promptly forward copies thereof, or provide the new Controlling Class
Representative’s identity and contact information to the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, each Rating Agency and the Controlling Class Members. 

  
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 (f) Within two (2) Business Days of any other change in the name or address of the
Controlling Class Representative of which the Trustee has received notice from the Controlling Class Representative, the Trustee shall deliver to the Noteholder via the Applicable Procedures of the Clearing Agency, the Class A-1 Administrative Agent, the Master Issuer, the Manager, the Back-Up Manager and the Servicer a notice setting forth the name and address of the new Controlling
Class Representative. 
 (g) The Trustee shall be entitled to conclusively rely on, and will be fully protected in all actions taken or
not taken by it with respect to, (i) the email information provided by the Class A-1 Administrative Agent and the Applicable Procedures of the Clearing Agency for delivery of the CCR Election Notices
and CCR Ballots to Holders and beneficial owners of the Controlling Class and (ii) with respect to all CCR Re-election Events, the representations and warranties of the Persons submitting CCR
Nominations, CCR Ballots and CCR Acceptance Letters. 
 (h) The Servicer (in its capacity as Servicer and Control Party) shall be entitled to
rely on the identity of the Controlling Class Representative provided by the Trustee with respect to any obligation or right hereunder or under the other Related Documents that the Servicer (in its capacity as Servicer and Control Party) may
have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Noteholders of the Controlling Class, with no liability to it for such reliance. 

(i) The Controlling Class Representative shall be entitled to receive from the Trustee, upon request, any memoranda delivered to the
Trustee by the Back-Up Manager pursuant to the Back-Up Management Agreement; provided that it shall have first executed a confidentiality agreement, in form and
substance satisfactory to the Manager, and such confidentiality agreement remains in effect. Any such memoranda shall be deemed to contain confidential information. 

Section 11.2 Resignation or Removal of the Controlling Class Representative. The Controlling
Class Representative may at any time resign as such by giving written notice to the Trustee, the Servicer and to each Noteholder of the Controlling Class. As of any Record Date, a Majority of Controlling Class Members shall be entitled to
remove any existing Controlling Class Representative by giving written notice to the Trustee, the Servicer and such existing Controlling Class Representative. No resignation or removal of the Controlling Class Representative shall be
effective until a successor Controlling Class Representative has been appointed pursuant to Section 11.1 or until the end of the CCR Election Period (or, if no CCR Election Period has occurred after a CCR Nomination
Period, until the end of the related CCR Nomination Period) following such resignation or removal; provided that any Controlling Class Representative that has been removed pursuant to this Section 11.2 may
subsequently be nominated as a CCR Candidate pursuant to Section 11.1 (provided that such Controlling Class Representative candidate satisfies the requirements of this Base Indenture) and appointed as
Controlling Class Representative; provided, further, that an existing Controlling Class Representative shall cease to be the Controlling Class Representative at the end of a CCR Election Period, even if no successor is re-elected pursuant to Section 11.1, unless such Controlling Class Representative is elected during such CCR Election 

  
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Period (except that, in the event of a CCR Re-election Event or upon the occurrence of an Annual Election Date, if no CCR Nominations are received prior to
the end of the CCR Nomination Period, the current Controlling Class Representative will remain the Controlling Class Representative and no further action will be taken with respect to such CCR
Re-election Event or Annual Election Date). In addition to the foregoing, within two (2) Business Days of the selection, resignation or removal of the Controlling Class Representative, the Trustee
shall notify the Servicer and the parties to this Base Indenture of such event. 
 Section 11.3 Expenses and Liabilities of the
Controlling Class Representative. 
 (a) The Controlling Class Representative shall have no liability to the
Holders for any action taken, or for refraining from the taking of any action, in good faith pursuant to the Indenture or for errors in judgment; provided, however, that the Controlling Class Representative shall not be protected
against any liability that would otherwise be imposed by reason of gross negligence, bad faith or willful misconduct committed with respect to its obligations or duties under the Indenture. Each Holder acknowledges and agrees, by its acceptance of
its Notes or interests therein, that (i) the Controlling Class Representative may have special relationships and interests that conflict with those of Note Owners of one or more Classes of Notes, or that conflict with other Holders,
(ii) the Controlling Class Representative may act solely in the interests of the Controlling Class Members or in its own interest, (iii) the Controlling Class Representative does not have any duties to Holders other than the
Controlling Class Members, (iv) the Controlling Class Representative may take actions that favor the interests of the Controlling Class Members over the interests of Holders of one or more other Classes of Notes, or that favor
its own interests over those of other Holders or other Controlling Class Members, (v) the Controlling Class Representative shall not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in
willful misfeasance, by reason of its having acted solely in the interests of the Controlling Class Members or in its own interests, and (vi) the Controlling Class Representative shall have no liability whatsoever for having so acted
pursuant to clauses (i) through (v), and no Holder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal
thereof for having so acted. 
 (b) Any and all expenses of the Controlling Class Representative for acting in its capacity as
Controlling Class Representative shall be borne by the Controlling Class Members, pro rata according to their respective Outstanding Principal Amounts. Notwithstanding the foregoing, if a claim is made against the
Controlling Class Representative and the Servicer or the Trustee are also named parties to the same action and, in the sole judgment of the Servicer, the Controlling Class Representative had acted in good faith, without gross negligence or
willful misconduct, with regard to the particular matter at issue, and there is no potential for the Servicer or the Trustee to be an adverse party in such action as regards the Controlling Class Representative, the Servicer on behalf of the
Trustee shall be required to assume the defense (with any costs incurred in connection therewith being deemed to be reimbursable as a Collateral Protection Advance) of any such claim against the Controlling Class Representative. 

  
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 Section 11.4 Control Party. 

(a) Pursuant to the Indenture and the other Related Documents, the Control Party is authorized to consent to and implement, subject to the
Servicing Standard, Consent Requests that do not require the consent of any Noteholder or the Controlling Class Representative. 
 (b)
For any Consent Request that requires, pursuant to the terms of the Indenture and the other Related Documents, the consent or direction of the Controlling Class Representative, the Servicer, as Control Party, shall review such Consent Request
and shall formulate and present a Consent Recommendation to the Controlling Class Representative whether to approve or reject such Consent Request. The Control Party shall not be authorized to implement any such Consent Request until the
Control Party receives the consent of the Controlling Class Representative; provided that if the Controlling Class Representative fails to approve or reject a Consent Request within ten (10) Business Days after receipt of such
Consent Request and the related Consent Recommendation, or if there is no Person acting as the Controlling Class Representative at such time (including, without limitation, prior to the first CCR Election Period, prior to the election of a
Controlling Class Representative or following the resignation or removal of the Controlling Class Representative pursuant to Section 11.1, the Control Party shall be authorized (but not required) to implement such
Consent Request in accordance with the Servicing Standard, other than with respect to Servicer Termination Events. 
 (c) For any Consent
Requests that expressly require the consent of affected Noteholders or 100% of the Noteholders pursuant to Section 13.2 or the other Related Documents, the Control Party shall review such Consent Request and shall formulate
and present a Consent Recommendation to the Trustee, which shall forward the Consent Request and the Consent Recommendation to each Noteholder or each affected Noteholder, as applicable. The Trustee will be required to obtain the consent of the
applicable Noteholders, as required under the Related Documents, to implement such Consent Requests and until such time as the Control Party has been provided with copies of the consents received by the Trustee, the Control Party shall not be
authorized to implement such Consent Requests. 
 (d) The Control Party shall promptly notify the Trustee, the Manager, the Back-Up Manager, the Master Issuer and the Controlling Class Representative if the Control Party determines, in accordance with the Servicing Standard, not to implement a Consent Request or has not received the
requisite consent of the Controlling Class Representative or the Noteholders, if applicable, to implement a Consent Request. The Trustee shall promptly notify the Control Party, the Manager, the Back-Up
Manager, the Master Issuer and the Controlling Class Representative if the Trustee has not received the requisite consent of the required percentage of Noteholders to implement a Consent Request. 

(e) Notwithstanding anything herein to the contrary, no advice, direction or objection from or by the Controlling Class Representative may
(i) require or cause the Trustee or the Control Party to violate applicable law, the terms of this Indenture, the Notes, the Servicing Agreement or the other Related Documents, including, without limitation with respect to the Control Party,
the Control Party’s obligation to act in accordance with the Servicing Standard, (ii) expose the Control Party or the Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, to
any material claim, suit or liability, or 

  
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(iii) materially expand the scope of the Control Party’s responsibilities under the Servicing Agreement or the Trustee’s responsibility under this Indenture, the Notes and the
other Related Documents. The Trustee and the Control Party will not be required to follow any such advice, direction, or objection. In addition, notwithstanding anything herein or in the other Related Documents to the contrary, the Controlling
Class Representative shall not be able to prevent the Control Party from transferring the ownership of all or any portion of the Securitized Assets (including by way of foreclosure on the Equity Interests of the Master Issuer) if any Advance by
the Servicer has been outstanding for twelve (12) months (or longer) and the Control Party determines in accordance with the Servicing Standard that such transfer of ownership would be in the best interests of the Noteholders (taken as a
whole). 
 Section 11.5 Note Owner List. 

(a) To facilitate communication among Note Owners, the Manager, the Trustee, the Control Party and the Controlling Class Representative, a
Note Owner may elect, but is not required, to notify the Trustee of its name, address and other contact information, which will be kept in a register maintained by the Trustee. The Trustee will be required to furnish the Manager, the Control Party
and the Controlling Class Representative upon request with the information maintained in such register as of the most recent date of determination. Every Note Owner, by receiving and holding a beneficial interest in a Note, will agree that none
of the Trustee, the Master Issuer, the Servicer, the Controlling Class Representative nor any of their respective agents will be held accountable by reason of any disclosure of any such information as to the names and addresses of the Note
Owners in the register maintained by the Trustee. 
 (b) Noteholders under any Variable Funding Note Purchase Agreement (“VFN
Noteholders”) having interests of not less than 25% of the aggregate principal amount of Notes (including any unfunded commitments of any VFN Noteholder under any Variable Funding Note Purchase Agreement) or Note Owners having beneficial
interests of not less than 5% of the aggregate principal amount of Notes that wish to communicate with the other Note Owners and VFN Noteholders with respect to their rights under the Indenture or under the Notes may request in writing that the
Trustee deliver a notice or communication to the other Note Owners through the Applicable Procedures of each Clearing Agency, and to the VFN Noteholders through the applicable Class A-1 Administrative
Agent, with respect to all Series of Notes Outstanding. If such request states that such Note Owners or VFN Noteholders desire to communicate with other Note Owners and VFN Noteholders with respect to their rights under the Indenture or under the
Notes and is accompanied by (i) a certificate substantially in the form of Exhibit I certifying that such Note Owners hold beneficial interests of not less than 5% of the aggregate principal amount of Notes or that
such VFN Noteholders hold interests of not less than 5% of the aggregate principal amount of Notes (including any unfunded commitments of such VFN Noteholders under any Variable Funding Note Purchase Agreement) (each, a “Note Owner
Certificate”) (upon which the Trustee may conclusively rely) and (ii) a copy of the communication which such Note Owners or VFN Noteholders propose to transmit, then the Trustee, after having been adequately indemnified by such Note
Owners or VFN Noteholders, as applicable, for its costs and expenses, shall transmit the requested communication to all other Note Owners through the Applicable Procedures of each Clearing Agency and to all other VFN Noteholders through the
applicable Class A-1 Administrative Agent, with respect to all Series of Notes Outstanding, and shall give the Master 

  
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Issuer, the Servicer and the Controlling Class Representative notice that such request has been made, within five (5) Business Days after receipt of the request. The Trustee shall have
no obligation of any nature whatsoever with respect to any requested communication other than to transmit it in accordance with and subject to the terms hereof and to give notice of such request and transmission to the Master Issuer, the Servicer
and the Controlling Class Representative. 
 ARTICLE XII 

DISCHARGE OF INDENTURE 

Section 12.1 Termination of the Master Issuer’s and Guarantors’ Obligations. 

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

(b) Indenture Defeasance. The Master Issuer may terminate all of its obligations under the Indenture and all obligations of the
Guarantors under the Guarantee and Collateral Agreement in respect thereof and release all Collateral if: 
 (i) the Master Issuer
irrevocably deposits in trust with the Trustee or with a trustee reasonably satisfactory to the Control Party, the Trustee and the Master Issuer, U.S. Dollars and/or Government Securities in an amount sufficient (after giving effect to the
application of funds on deposit in the Collection Account in accordance with the Priority of Payments), in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered
to the Trustee, to pay all principal, premiums (including make-whole prepayment premiums), if any, and interest on the Outstanding Notes (including additional interest that accrues after an anticipated repayment date or renewal date, if applicable)
to the applicable prepayment date, redemption date or maturity date, as the case may be, and to pay other sums payable by them hereunder, under the Servicing Agreement and under each other Related Document and each Series Hedge Agreement;
provided that any Government Securities must provide for the scheduled payment of all principal and interest thereon not later than the Business Day prior to the applicable prepayment date, redemption date or maturity date, as the case may
be, and the Trustee must have been irrevocably instructed to apply such funds to the payment of principal, premiums, make-whole prepayment premiums and interest with respect to the Notes and such other sums; 

  
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 (ii) all commitments under all Variable Funding Note Purchase Agreements and all Series
Hedge Agreements are terminated on or before the date of deposit; 
 (iii) the Master Issuer delivers notice of prepayment, redemption or
maturity of the Notes in full to the Noteholders of Outstanding Notes, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager, each Rating Agency and the
Servicer, which notice is expressly stated to be, or has become as of the prepayment date, redemption date or maturity date, as applicable, irrevocable (provided that such notice may be conditioned upon the contemporaneous closing of a
financing the proceeds of which will be used to fund all or a portion of such deposit), and the date of prepayment, redemption or maturity as specified in such notice when delivered was not longer than twenty (20) Business Days after the date
of such notice; 
 (iv) the Master Issuer delivers notice of such deposit to the Control Party, the Manager, the Back-Up Manager and each Rating Agency, on or before the date of the deposit; and 
 (v) the Master Issuer
delivers to the Trustee and the Servicer an Opinion of Counsel to the effect that all conditions precedent to such termination have been satisfied. 
 Upon
satisfaction of such conditions, the Indenture and the Guarantee and Collateral Agreement shall cease to be of further effect; except that (i) the rights and obligations of the Trustee hereunder, including, without limitation, the
Trustee’s rights to compensation and indemnity under Section 10.5, and the Guarantor’s guaranty thereof, (ii) the Trustee’s and the Paying Agent’s obligations under
Section 12.2 and 12.3, (iii) the Noteholders’ and the Trustee’s obligations under Section 14.13, (iv) this Section 12.1(b) and (v) the
Noteholders’ rights to registration of transfer and exchange under Section 2.8 and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under Section 2.10(a) shall
survive. The Trustee, on demand of the Securitization Entities, shall execute proper instruments acknowledging confirmation of and discharge under the Indenture and the Guarantee and Collateral Agreement. 

(c) Series Defeasance. Except as may be provided to the contrary in any Series Supplement, the Master Issuer, solely in connection with
an optional prepayment in full, a mandatory prepayment in full or a redemption in full of all Outstanding Notes of a particular Series or in connection with the Series Legal Final Maturity Date of such Series of Notes, may terminate all of its
Obligations under the Indenture and all Obligations of the Guarantors under the Guarantee and Collateral Agreement in respect of such Series of Notes (the “Defeased Series”) on and as of any Business Day (the “Series
Defeasance Date”), provided: 
 (i) the Master Issuer irrevocably deposits in trust with the Trustee, or with a trustee
reasonably satisfactory to the Control Party, the Trustee and the Master Issuer, U.S. Dollars and/or Government Securities sufficient (after giving effect to the application of funds on deposit in the applicable Series Distribution Account), in the
opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay, without duplication: 

  
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 (1) all principal, premiums, if any, make-whole prepayment premiums, if
any, Series Hedge Payment Amounts, commitment fees, administration expenses, Class A-1 Notes Other Amounts, interest on the Outstanding Notes of such Defeased Series (including additional interest that
accrues after the anticipated repayment date or renewal date, if applicable) and any other amounts that will be due and payable by the Master Issuer solely with respect to the Defeased Series to the applicable prepayment date, redemption date or
maturity date, as the case may be, and to pay other sums payable by them under the Base Indenture, each other Related Document and each Series Hedge Agreement with respect to such Defeased Series; 

(2) all Management Fees, Supplemental Management Fees, unreimbursed Advances (and outstanding interest thereon) and Manager
Advances (and outstanding interest thereon), all fees, indemnities, reimbursements and expenses due to the Trustee, the Manager, the Servicer and the Back-Up Manager, and all Successor Manager Transition
Expenses and Successor Servicer Transition Expenses, in each case that will be due and payable as of the following Quarterly Calculation Date; and 

(3) all Securitization Operating Expenses, all Class A-1 Notes Administrative
Expenses for the Defeased Series, all Class A-1 Interest Adjustment Amounts for the Defeased Series and all Class A-1 Notes Other Amounts for the Defeased
Series, in each case, that are due and unpaid as of the Series Defeasance Date to the Actual Knowledge of the Manager; 
 provided,
any Government Securities must provide for the scheduled payment of all principal and interest thereon not later than the Business Day prior to the applicable prepayment date, redemption date or maturity date, as the case may be, and the Trustee
must have been irrevocably instructed to apply such funds to the payment of principal, premiums, make-whole prepayment premiums and interest with respect to the Notes of such Series and such other sums; 

(ii) all commitments under all Variable Funding Note Purchase Agreements and Series Hedge Agreements with respect to such Defeased Series are
terminated on or before the Series Defeasance Date; 
 (iii) the Master Issuer delivers notice of prepayment, redemption or maturity of such
Series of Notes to the Noteholders of the Defeased Series, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager and each Rating Agency not more than
twenty (20) Business Days prior to the Series Defeasance Date, and such notice is expressly stated to be, or as of the date of the deposit has become, irrevocable; provided that such notice may be conditioned upon the contemporaneous
closing of a financing the proceeds of which will be used to fund all or a portion of such deposit; 
 (iv) after giving effect to the
deposit, if any other Series of Notes is Outstanding, the Master Issuer delivers to the Trustee an Officer’s Certificate of the Master Issuer stating that no Potential Rapid Amortization Event, Rapid Amortization Event, Class A-1 Notes Amortization Event, Default or Event of Default has occurred and will be continuing; 

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

(vi) the Master Issuer delivers notice of such deposit to the Control Party, the Manager, the Back-Up
Manager and each Rating Agency on or before the date of the deposit; 
 (vii) such defeasance will not result in a breach or violation of, or
constitute a default under, the Indenture or any Indenture Documents; and 
 (viii) the Master Issuer delivers to the Trustee an Opinion of
Counsel to the effect that all conditions precedent to such termination have been satisfied. 
 Upon satisfaction of such conditions, the Indenture and the
Guarantee and Collateral Agreement shall cease to be of further effect with respect to such Defeased Series, the Master Issuer and the Guarantors shall be deemed to have paid and been discharged from their Series Obligations with respect to such
Defeased Series and thereafter such Defeased Series shall be deemed to be “Outstanding” only for purposes of (1) the Trustee’s and the Paying Agent’s obligations under Section 12.2 and
Section 12.3, (2) the Holders’ and the Trustee’s obligations under Section 14.13 and (3) the Noteholders’ rights to registration of transfer and exchange under
Section 2.8 and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under Section 2.10(a). The Trustee, on demand of the Securitization Entities, shall execute proper
instruments acknowledging confirmation of and discharge under the Indenture and the Guarantee and Collateral Agreement of such Series Obligations. 

(d) After the conditions set forth in Section 12.1(a) have been met, or after the irrevocable deposit is made
pursuant to Section 12.1(b) and satisfaction of the other conditions set forth therein have been met, the Trustee upon request of the Securitization Entities shall reassign (without recourse upon, or any warranty whatsoever
by, the Trustee) and deliver all Securitized Assets and documents then in the custody or possession of the Trustee promptly to the applicable Securitization Entities. 

Section 12.2 Application of Trust Money. 

The Trustee or a trustee satisfactory to the Servicer, the Trustee and the Master Issuer shall hold in trust money or Government Securities
deposited with it pursuant to Section 12.1. The Trustee shall apply the deposited money and the money from Government Securities through the Paying Agent in accordance with this Base Indenture and the other Related
Documents to the payment of principal, premium, if any, and interest on the Notes and the other sums referred to above. The provisions of this Section 12.2 shall survive the expiration or earlier termination of the
Indenture. 
 Section 12.3 Repayment to the Master Issuer. 

(a) The Trustee and the Paying Agent shall promptly pay to the Master Issuer upon written request any excess money or, pursuant to Sections
2.10 and 2.14, return any cancelled Notes held by them at any time. 

  
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 (b) Subject to Section 2.6(c), the Trustee and the Paying Agent
shall pay to the Master Issuer upon written request any money held by them for the payment of principal, premium or interest that remains unclaimed for two (2) years after the date upon which such payment shall have become due. 

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

Section 12.4 Reinstatement. 

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

ARTICLE XIII 

AMENDMENTS 

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

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

(i) to create a new Series of Notes (except that the consent of the Control Party is necessary to the extent required by
Section 2.2); 
 (ii) to add to the covenants of the Securitization Entities for the benefit of any Noteholders or
any other Secured Parties (and if such covenants are to be for the benefit of less than all Series of Notes, stating that such covenants are expressly being included solely for the benefit of such Series) or to surrender for the benefit of the
Noteholders and the other Secured Parties any right or power herein conferred upon the Securitization Entities; provided, however, that the Master Issuer will not pursuant to this Section 13.1(a)(ii) surrender
any right or power it has under the Related Documents; 

  
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 (iii) to mortgage, pledge, convey, assign and transfer to the Trustee any property or assets
as security for the Obligations and to specify the terms and conditions upon which such property or assets are to be held and dealt with by the Trustee and to set forth such other provisions in respect thereof as may be required by the Indenture or
as may, consistent with the provisions of the Indenture, be deemed appropriate by the Master Issuer, the Servicer and the Trustee, or to correct or amplify the description of any such property or assets at any time so mortgaged, pledged, conveyed
and transferred to the Trustee; 
 (iv) to correct any manifest error or defect or to cure any ambiguity, defect or inconsistency or to
correct or supplement any provisions herein, in any Series Supplement or in any other Indenture Document to which the Trustee is a party which may be inconsistent with any other provision herein or therein or with any related offering memorandum in
the case of a Series Supplement and each related offering memorandum in the case of this Base Indenture; 
 (v) to provide for uncertificated
Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code); 

(vi) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of one or more Series
and to add to or change any of the provisions of the Indenture or the Guarantee and Collateral Agreement as shall be necessary to provide for or facilitate the administration of the trusts hereunder or thereunder by more than one Trustee; 

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

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

(ix) to take any action necessary or helpful to avoid the imposition, under and in accordance with applicable law, of any Tax, including
withholding Tax; 
 (x) to take any action necessary and appropriate to facilitate the origination of Collateral Business Documents or the
management and preservation of the Collateral Business Documents, in each case, in accordance with the Managing Standard; 
 (xi) to allow
any international Intellectual Property to be contributed to, or acquired by, the Securitization Entities; or 
 (xii) to allow any Franchise
Agreements for International Franchise Stores to be contributed to, or acquired by, the Securitization Entities in accordance with the Managing Standard; 

provided, however, that in the case of any Supplement pursuant to any of clauses (iii), (iv), (ix) or
(x) above, the Trustee and the Servicer shall have received an Officer’s Certificate certifying that such action could not reasonably be expected to adversely affect in any material respect the interests of any Holder, the Servicer,
the Trustee or any other Secured Party. 

  
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 (b) Without the consent of any Noteholder, the Control Party, the Controlling
Class Representative or any other Secured Party, the relevant parties may at any time, and from time to time, enter into one or more Supplements to the Base Indenture or amend, modify or supplement any Supplement, the Guarantee and Collateral
Agreement or any other Indenture Document, in form satisfactory to the Trustee, to: 
 (i) allow any Future Brand to be contributed to, or
acquired by, the Securitization Entities in a manner that does not violate the Managing Standard; provided that any amendment, modification or supplement that alters the manner in which Net Cash Flow or DSCR is calculated (including by
any amendment, modification or supplement of any defined terms contained therein) may not be effected unless the Rating Agency Condition is satisfied with respect thereto; 

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

(iii) correct or supplement any provision in the Base Indenture, in any Supplement, in the Guarantee and Collateral Agreement or any other
Indenture Document that may be inconsistent with any other provision or to make consistent any other provisions with respect to matters or questions arising under the Base Indenture, in any Supplement, in the Guarantee and Collateral Agreement or
any other Indenture Document; provided that the execution of such amendment, modification or supplement shall be subject to a requirement that the Trustee and the Control Party have received an Officer’s Certificate certifying that such
action could not reasonably be expected to adversely affect in any material respect the interests of any Holder, the Servicer, the Trustee or any other Secured Party. 

(c) Upon the request of the Master Issuer and receipt by the Servicer and the Trustee of the documents described in
Section 2.2 and delivery by the Servicer of its consent thereto to the extent required by Section 2.2, the Trustee shall join with the Master Issuer in the execution of any Series Supplement
authorized or permitted by the terms of this Base Indenture and shall make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into such Series Supplement which affects
its own rights, duties or immunities under this Base Indenture or otherwise. 

  
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 Section 13.2 With Consent of the Controlling Class Representative
or the Noteholders. 
 (a) Except as provided in Section 13.1, the provisions of this Base Indenture, the
Guarantee and Collateral Agreement, any Supplement and any other Indenture Document to which the Trustee is a party (unless otherwise provided in such Supplement) may, from time to time, be amended, modified or waived, if such amendment,
modification or waiver is in writing in a Supplement and consented to in writing by the Control Party (at the direction of the Controlling Class Representative). Notwithstanding the foregoing: 

(i) any amendment, waiver or other modification that would reduce the percentage of the Aggregate Outstanding Principal Amount or the
Outstanding Principal Amount of any Series of Notes, the consent of the Noteholders of which is required for any Supplement under this Section 13.2 or the consent of the Noteholders of which is required for any waiver of
compliance with the provisions of the Indenture or any other Related Document or defaults hereunder or thereunder and their consequences provided for herein and therein or for any other action hereunder or thereunder shall require the consent of
each affected Noteholder; 
 (ii) any amendment, waiver or other modification that would permit the creation of any Lien ranking prior to or
on a parity with the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents with respect to any material part of the Collateral or except as otherwise permitted by the Related Documents, terminate the
Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents on any material portion of the Collateral at any time subject thereto or deprive any Secured Party of any material portion of the security provided
by the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents shall require the consent of each affected Noteholder and each other affected Secured Party; 

(iii) any amendment, waiver or other modification that would (A) extend the due date for, or reduce the amount of any scheduled repayment
or prepayment of principal of, premium, if any, or interest on any Note and any other Obligations (or reduce the principal amount of, premium, if any, or rate of interest on any Note and any other Obligations); (B) affect adversely the
interests, rights or obligations of any Noteholder individually in comparison to any other Noteholder; (C) change the provisions of the Priority of Payments or Section 5.13 (for the avoidance of doubt, amendments that
affect amounts payable under the Priority of Payments do not change the provisions of the Priority of Payments for purposes of this clause (C)); (D) change any place of payment where, or the coin or currency in which, any Notes and the other
Obligations or the interest thereon is payable; (E) impair the right to institute suit for the enforcement of the provisions of the Indenture requiring the application of funds available therefor, as provided in Article V, to the payment
of any such amount due on the Notes and the other Obligations on or after the respective due dates thereof, (F) subject to the ability of the Control Party (acting at the direction of the Controlling Class Representative) to waive certain
events as set forth in Section 9.7, amend or otherwise modify any of the specific language of the following definitions: “Default,” “Event of Default,” “Outstanding,”
“Potential Rapid Amortization Event” or “Rapid Amortization Event” (as defined herein or any applicable Series Supplement) or (G) amend, waive or otherwise modify this Section 13.2,
shall require the consent of each affected Noteholder and each other affected Secured Party; and 
 (iv) any amendment, waiver or other
modification that would change the time periods with respect to any requirement to deliver to any specific Noteholders notice with respect to any repayment, prepayment, redemption or election of any Extension Period shall require the consent of each
affected Noteholder. 

  
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 (b) Notwithstanding anything to the contrary herein, in addition to any amendment,
modification or waiver effected in accordance with the provisions of Section 13.1 or Section 13.2(a), (i) the provisions of this Base Indenture or any Series Supplement may be amended, modified or
waived in writing by the Master Issuer and the Trustee with the consent of the Noteholders required therefor pursuant to the related Variable Funding Note Purchase Agreements (but without the consent of any other Person), if such amendment,
modification or waiver is with respect to any of the terms hereof relating to a Series of Class A-1 Notes (regardless of whether such amendment, modification or waiver would have the effect of modifying
cash flows allocated pursuant to the Priority of Payments or otherwise affect any other Class or Series of Notes); provided, however, no such amendment may adversely affect (x) the Trustee without the Trustee’s prior
consent or (y) the Servicer without the Servicer’s prior consent and (ii) if at any time any change in GAAP (including a conversion of Holdco’s financial reporting to IFRS) would affect the computation of any covenant, incurrence
test or other restriction affecting any Securitization Entity or Non-Securitization Entity that is set forth in the Base Indenture or any Related Document (including the calculation of Adjusted EBITDA), the
Base Indenture or such Related Document may be amended with the consent of the Control Party to amend the provisions of the Base Indenture or such Related Document, as the case may be, related to such covenant, incurrence test or other restriction
to preserve the original intent thereof in light of such change in GAAP. 
 (c) No failure or delay on the part of any Noteholder, the
Trustee or any other Secured Party in exercising any power or right under the Indenture or any other Related Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or
further exercise thereof or the exercise of any other power or right. 
 (d) The express requirement, in any provision hereof, that the
Rating Agency Condition be satisfied as a condition to the taking of a specified action, shall not be amended, modified or waived by the parties hereto without satisfying the Rating Agency Condition. 

Section 13.3 Supplements. 

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

  
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 Section 13.4 Revocation and Effect of Consents. 

Until an amendment or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder and every
subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. Any such Holder or subsequent Holder, however, may revoke the consent as to
his Note or portion of a Note if the Trustee receives written notice of revocation before the date the amendment or waiver becomes effective. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every Holder.
The Master Issuer may fix a record date for determining which Holders must consent to such amendment or waiver. 
 Section 13.5
Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment or waiver on any Note thereafter
authenticated. The Master Issuer, in exchange for all Notes, may issue and the Trustee shall authenticate new Notes that reflect the amendment or waiver. Failure to make the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment or waiver. 
 Section 13.6 The Trustee to Sign Amendments, etc. 

The Trustee shall sign any Supplement authorized pursuant to this Article XIII if the Supplement does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing such Supplement, the Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and,
subject to Section 10.1, shall be fully protected in relying upon, an Officer’s Certificate of the Master Issuer and an Opinion of Counsel as conclusive evidence that such Supplement is authorized or permitted by this
Base Indenture and that all conditions precedent have been satisfied, and that it will be valid and binding upon the Master Issuer and the Guarantors in accordance with its terms. 

Section 13.7 Amendments and Fees. 

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

  
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 ARTICLE XIV 

MISCELLANEOUS 

Section 14.1 Notices. 

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

Planet Fitness Master Issuer LLC 

4 Liberty Lane West, Floor 2 

Hampton, NH 03842 
 Attention:
General Counsel 
 If to the Manager: 

Planet Fitness Holdings, LLC 
 4
Liberty Lane West 
 Hampton, NH 03842 

Attention: General Counsel 
 If
to the Master Issuer with a copy to (which shall not constitute notice): 
 Ropes & Gray LLP 

Prudential Tower, 800 Boylston Street 

Boston, MA 02199-3600 
 Attention:
Patricia C. Lynch 
 Facsimile: 617-235-9384 

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

Ropes & Gray LLP 

Prudential Tower, 800 Boylston Street 

Boston, MA 02199-3600 
 Attention:
Patricia C. Lynch 
 Facsimile: 617-235-9384 

  
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 If to the Back-Up Manager: 

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

Attention: [Reserved] 
 Facsimile:
[Reserved] 
 If to the Servicer: 

Midland Loan Services, a division of 

PNC Bank, National Association 

10851 Mastin Street 
 Building 82,
Suite 700 
 Overland Park, Kansas 66210 

Attention: President 
 Facsimile:
[Reserved] 
 If to the Trustee: 

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

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

Email: jacqueline.suarez@citi.com or call (888) 855-9695 to obtain Citibank, 

N.A. account manager’s email address 

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: [Reserved] 

If to KBRA: 
 Kroll Bond
Rating Agency, Inc. 
 845 Third Avenue, Fourth Floor 

New York, NY 10022 
 Attention:
ABS Surveillance Group 
 E-mail: [Reserved] 

If to an Enhancement Provider or an Hedge Counterparty: 

At the address provided in the applicable Enhancement Agreement or the applicable Series Hedge Agreement. 

  
 134 

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

 (c) Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class
mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by facsimile shall be deemed given on the date of delivery of such notice, (iv) delivered by overnight air courier shall be deemed
delivered one (1) Business Day after the date that such notice is delivered to such overnight courier, (v) when posted on a password-protected website shall be deemed delivered after notice of such posting has been provided to the
recipient and (vi) delivered by email shall be deemed delivered on the date of delivery of such notice. 
 (d) Notwithstanding any
provisions of the Indenture to the contrary, the Trustee shall have no liability based upon or arising from the failure to receive any notice required by or relating to the Indenture, the Notes or any other Related Document. 

(e) If the Master Issuer delivers a notice or communication to Noteholders, it shall deliver a copy to the
Back-Up Manager, the Servicer, the Controlling Class Representative and the Trustee at the same time. 

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

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

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

Section 14.2 Communication by Holders With Other Holders. 

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

Section 14.3 Officer’s Certificate as to Conditions Precedent. 

Upon any request or application by the Master Issuer to the Controlling Class Representative, the Servicer or the Trustee to take any
action under the Indenture or any other Related Document, the Master Issuer to the extent requested by the Controlling Class Representative, the Servicer or the Trustee shall furnish to the Controlling Class Representative, the Servicer
and the Trustee (a) an Officer’s Certificate of the Master Issuer in form and substance reasonably satisfactory to the Controlling Class Representative, the Servicer or the Trustee, as applicable (which shall include the statements
set forth in Section 14.4), stating that all conditions precedent and covenants, if any, provided for in the Indenture or such other Related Documents relating to the proposed action have been complied with and (b) an
Opinion of Counsel confirming the same. Such Opinion of Counsel shall be at the expense of the Master Issuer. 
 Section 14.4
Statements Required in Certificate. 
 Each certificate with respect to compliance with a condition or covenant provided for in the
Indenture or any other Related Document shall include: 
 (a) a statement that the Person giving such certificate has read such covenant or
condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements contained in
such certificate are based; 

  
 136 

 (c) a statement that, in the opinion of such Person, he has made such examination or
investigation as is necessary to enable him to reach an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not such condition or covenant has been complied with. 

Section 14.5 Rules by the Trustee. 

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

Section 14.6 Benefits of Indenture. 

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

Section 14.7 Payment on Business Day. 

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

Section 14.8 Governing Law. 

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

Section 14.9 Successors. 

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

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

  
 137 

 Section 14.11 Counterpart Originals. 

This Base Indenture may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single agreement. 
 Section 14.12 Table of Contents, Headings,
etc. 
 The Table of Contents and headings of the Articles and Sections of the Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 14.13 No Bankruptcy Petition Against the Securitization Entities. 

Each of the Holders, the Trustee and the other Secured Parties hereby covenants and agrees that, prior to the date which is one (1) year
and one (1) day after the payment in full of the latest maturing Note, it will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law; provided, however, that nothing in this Section 14.13 shall constitute a waiver of any right to
indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document. In the event that any such Holder or other Secured Party or the Trustee takes action in violation of this
Section 14.13, each affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Holder or Secured Party or
the Trustee against such Securitization Entity or the commencement of such action and raising the defense that such Holder or other Secured Party or the Trustee has agreed in writing not to take such action and should be estopped and precluded
therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 14.13 shall survive the termination of the Indenture and the resignation or removal of the Trustee.
Nothing contained herein shall preclude participation by any Holder or any other Secured Party or the Trustee in the assertion or defense of its claims in any such proceeding involving any Securitization Entity. 

Section 14.14 Recording of Indenture. 

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

EACH OF THE MASTER ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS BASE INDENTURE, THE NOTES, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. 

  
 138 

 Section 14.16 Submission to Jurisdiction; Waivers. 

Each of the Master Issuer and the Trustee hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to the Indenture and the other Related Documents to which it
is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York sitting in New York County, the courts of the
United States for the Southern District of New York, and appellate courts from any thereof; 
 (b) consents that any such action or
proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not
to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof
by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Master Issuer or the Trustee, as the case may be, at its address set forth in Section 14.1 or at such other address of
which the Trustee shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum
extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 14.16 any special, exemplary, punitive or consequential damages. 

Section 14.17 Permitted Asset Dispositions; Release of Collateral. 

After consummation of a Permitted Asset Disposition, all Liens with respect to the disposed property created in favor of the Trustee for the
benefit of the Secured Parties under the Base Indenture and the other Related Documents shall be automatically released, and upon request of the Master Issuer, the Trustee, at the written direction of the Control Party, shall execute and deliver to
the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at the Master Issuer’s expense to effect or evidence the release by the Trustee of the Secured Parties’ security interest in the property
disposed of in connection with such Permitted Asset Disposition. 
 Section 14.18 Calculation of Holdco Leverage Ratio and Senior
ABS Leverage Ratio. 
 (a) Holdco Leverage Ratio. For purposes of making the computation of the Holdco Leverage Ratio (including,
without limitation the calculation of Adjusted EBITDA used therein), investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations, in each case with respect to an operating unit of a business, and any
restructurings or reorganizations, that any of the Non-Securitization Entities has either determined 

  
 139 

 
to make or made during the preceding four Quarterly Collection Periods or subsequent to such preceding four Quarterly Collection Periods and on or prior to or simultaneously with the date as of
which such computation is made (each, for purposes of the calculations described in this Section 14.18, a “pro forma event”) shall, at the discretion of the Manager, be calculated on a
pro forma basis only assuming that all such investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations, restructurings and reorganizations (and the change in Adjusted EBITDA resulting therefrom) had
occurred on the first day of such preceding four Quarterly Collection Periods. If since the beginning of such period any Person that subsequently became a Non-Securitization Entity since the beginning of such
preceding four Quarterly Collection Periods shall have made any investment, acquisition, disposition, merger, consolidation, discontinued operation, restructurings or reorganizations, in each case with respect to an operating unit of a business,
that would have been subject to adjustment pursuant to this Section 14.18, then the Holdco Leverage Ratio shall, at the discretion of the Manager, be calculated giving pro forma effect thereto for such
period as if such investment, acquisition, disposition, discontinued operation, merger, consolidation, restructuring or reorganization had occurred at the beginning of the applicable preceding four Quarterly Collection Periods. 

(b) Senior ABS Leverage Ratio. For purposes of making the computation of the Senior ABS Leverage Ratio (including, without limitation
the calculation of Net Cash Flow used therein), any pro forma event shall, at the discretion of the Manager, be calculated on a pro forma basis assuming that all such investments, acquisitions, dispositions, mergers, amalgamations,
consolidations, discontinued operations, restructurings and reorganizations (and the change in Net Cash Flow resulting therefrom) had occurred on the first day of such preceding four Quarterly Collection Periods. If since the beginning of such
period any Person that subsequently became a Securitization Entity since the beginning of such preceding four Quarterly Collection Periods shall have made any investment, acquisition, disposition, merger, consolidation, discontinued operation,
restructurings or reorganizations in each case with respect to an operating unit of a business, that would have been subject to adjustment pursuant to this Section 14.18, then the Senior ABS Leverage Ratio shall, at the
discretion of the Manager, be calculated giving pro forma effect for any related thereto for such period as if such investment, acquisition, disposition, discontinued operation, merger, consolidation, restructurings or reorganizations had
occurred at the beginning of the applicable preceding four Quarterly Collection Periods. 
 (c) Calculations to be Made in Good Faith.
For purposes of the calculations described in this Section 14.18, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible
financial or accounting officer of the Manager. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Manager as set forth in an Officer’s Certificate delivered to the Trustee
(with respect to which the Trustee shall have no obligation of any nature whatsoever) to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable pro forma event,
and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” or “Net Cash Flow” as set forth in the definition thereof, to the extent such adjustments, without duplication, continue to
be applicable to such preceding four Quarterly Collection Periods. 

  
 140 

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

Section 14.19 Instructions and Directions on Behalf of the Master Issuer. 

Instructions, directions, notices or reports to be provided by the Master Issuer or any other Securitization Entity hereunder, may be provided
by the Manager on behalf of the Master Issuer. 
 [Signature Pages Follow] 

  
 141 

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

			
	 PLANET FITNESS MASTER ISSUER LLC, as

Master Issuer

		
	By:	 	 /s/ Justin Vartanian

		 	Name: Justin Vartanian
		 	Title: General Counsel and Secretary

 [Signature Page to Base Indenture] 

 
			
	 CITIBANK, N.A., in its capacity as Trustee and as

Securities Intermediary

		
	By:	 	 /s/ Anthony Bausa

		 	Name: Anthony Bausa
		 	Title: Senior Trust Officer

 [Signature Page to Base Indenture] 

 ANNEX A 

BASE INDENTURE DEFINITIONS LIST 

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

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

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

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

“Accounts” means, collectively, the Indenture Trust Accounts, the Management Accounts and any other account subject to an
Account Control Agreement. 
 “Actual Knowledge” means the actual knowledge of (i) in the case of Planet Fitness
Holdings, in its individual capacity or in its capacity as Manager, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel or any Senior Vice President of Planet Fitness Holdings, (ii) in the case of any
Securitization Entity, any manager or director (as applicable) or officer of such Securitization Entity who is also an officer of Planet Fitness Holdings described in clause (i) above, (iii) in the case of the Manager or any Securitization
Entity, with respect to a relevant matter or event, an Authorized Officer of the Manager or such Securitization Entity, as applicable, directly responsible for managing the relevant asset or for administering the transactions relevant to such matter
or event, (iv) with respect to the Trustee, an Authorized Officer of the Trustee responsible for administering the transactions relevant to the applicable matter or event or (v) with respect to any other Person, any member of senior
management of such Person. 
 “Additional IP License Fees” means any license fees that may be payable to the Franchisor
pursuant to any Additional IP License for the use of Intellectual Property granted by the Franchisor. 
 “Additional IP
Licenses” means any licenses of Intellectual Property granted by the Franchisor after the Closing Date. 
 “Additional
Management Account” has the meaning set forth in Section 5.1(a) of the Base Indenture. 

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

 Annex A-4 
  

 “Additional Perfected Country” means any country required to be included in
the Perfected Countries after the Closing Date. 
 “Additional Securitization Entity” means any entity that becomes a
direct or indirect wholly-owned Subsidiary of the Master Issuer or any other Securitization Entity after the Closing Date in accordance with and as permitted under the Related Documents and is designated by the Master Issuer as an “Additional
Securitization Entity” pursuant to Section 8.34 of the Base Indenture. 
 “Adjusted EBITDA”
means net income before interest, taxes, depreciation and amortization, adjusted for the impact of items that Planet Fitness does not consider in its evaluation of the ongoing performance of its core operations, as may be reported from time to time
in Holdco’s filings with the SEC (if applicable), which adjustments may include, among others, (i) purchase accounting adjustments, (ii) management fees, (iii) information technology system upgrade costs, (iv) transaction
fees, (v) stock offering-related costs, (vi) compensation expense, (vii) severance costs, (viii) pre-opening costs, (ix) early lease termination costs and (x) other costs, charges
and gains that Planet Fitness believes does not reflect its underlying business performance. 
 “Advance” means a
Collateral Protection Advance and a Debt Service Advance. 
 “Advance Interest Rate” means a rate equal to the Prime Rate
plus 3.0% per annum. 
 “Advertising Fees” means any fees payable in respect of Franchise Stores, Securitized
Corporate-Owned Stores and Retained Corporate-Owned Stores to fund the national marketing and advertising activities with respect to the Planet Fitness Brand. 

“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with, such specified Person; provided, however, that no equity holder of Holdco or any Affiliate of such equity holder shall be deemed to be an Affiliate of any Non-Securitization Entity or any Securitization Entity. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting securities or other ownership or beneficial interests, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings
correlative to the meaning of “control.” 
 “After-Acquired Securitization IP” means all Intellectual Property
(other than Excluded IP) created, developed, authored or acquired by or on behalf of, or licensed to or on behalf of, the Franchisor or any additional Securitization Entities after the Closing Date pursuant to the IP License Agreements or otherwise,
including, without limitation, all Manager-Developed IP and all Licensee-Developed IP. 
 “Agent” means any Registrar or
Paying Agent. 
 “Aggregate Outstanding Principal Amount” means the sum of the Outstanding Principal Amounts with respect
to all Series of Notes. 

 Annex A-5 
  

 “Allocated Note Amount” means, as of any date of determination, an amount
equal to the greater of (x) zero and (y) with respect to (i) any Franchise Asset, Contributed Corporate-Owned Store Assets, Contributed Corporate-Owned Store Lease, Securitized Equipment Supply Agreement or Securitized Franchisee
Leases in existence on the Closing Date, the pro rata portion of $1,200,000,000 allocated to such asset on the Closing Date based on such asset’s expected contribution to Retained Collections as estimated by the calculation of
Transaction-adjusted Securitized Net Cash Flow (as such term is used in the Offering Memorandum dated July 19, 2018 for the Notes issued on the Closing Date) and (ii) any Franchise Asset, New Contributed Corporate-Owned Store Assets, New
Contributed Corporate-Owned Store Lease, Securitized Equipment Supply Agreement or Securitized Franchisee Leases arising or entered into after the Closing Date, the Outstanding Principal Amount of the Notes allocated to such asset, on the date such
asset was included in the Securitized Assets, based on such asset’s contribution to Retained Collections during the then-most recently ended four Quarterly Collection Periods (or in the case of the first four Quarterly Collection Periods, the
estimated Retained Collections). With respect to any Franchise Asset, Securitized Corporate-Owned Store Assets, Securitized Corporate-Owned Store Lease, Securitized Equipment Supply Agreement or Securitized Franchisee Leases that does not have a
four Quarterly Collection Period operating period as of the date such asset was included in the Securitized Assets, such asset’s contribution to Retained Collections will equal (a) in the case of a New Franchise Agreement or New Area
Development Agreement, the average of all collected Franchisee Payments under all Franchise Agreements or Area Development Agreements, as the case may be, during the four Quarterly Collection Periods ending as of the date such Franchise Agreement or
Area Development Agreement, as the case may be, was included in the Securitized Assets, (b) in the case of a Franchisee Note, the aggregate scheduled payments due thereunder during the twelve-month period after such inclusion, (c) in the
case of any Securitized Franchisee Leases, the aggregate scheduled lease payments due to the applicable Securitization Entity in respect thereof during the twelve-month period after such inclusion (if applicable, net of the aggregate scheduled lease
payments payable by such Securitization Entity in respect thereof during such period), (d) in the case of any Securitized Corporate-Owned Store Assets or Securitized Corporate-Owned Store Leases, the average of all Monthly Fiscal Period Securitized
Corporate-Owned Store Accrual Profits Amount with respect to such Securitized Corporate-Owned Store during the twelve-month period after such inclusion and (e) in the case of a Securitized Equipment Supply Agreement, the average of all Monthly
Fiscal Period Equipment Distribution Accrual Profits Amount with respect to such Securitized Equipment Supply Agreement during the twelve-month period after such inclusion. 

“Annual Election Date” means June 1st of every calendar year beginning
on June 1, 2019, unless a Controlling Class Representative has been elected or re-elected on or after January 1st of that same calendar year, in
which case the Annual Election Date will be deemed to not occur during such calendar year. 
 “Applicable Procedures” means
the provisions of the rules and procedures of DTC, the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking”
and “Customer Handbook” of Clearstream, as in effect from time to time. 
 “Applicants” has the meaning set forth
in Section 2.7(a) of the Base Indenture. 

 Annex A-6 
  

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

“Asset Disposition Collections” has the meaning set forth in Section 8.16 of the Base Indenture.

 “Asset Disposition Proceeds” means, with respect to any disposition of property by a Securitization Entity, other than
dispositions resulting in Asset Disposition Collections, the excess, if any, of (i) the sum of cash and cash equivalents received in connection with such disposition (including any cash or cash equivalents received by way of deferred payment
pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness that is secured by the applicable property and that is required
to be repaid in connection with such disposition (other than Indebtedness under the Notes) to the extent such principal amount is actually repaid, (B) the reasonable and customary
out-of-pocket expenses incurred by the Securitization Entities in connection with such disposition and (C) income Taxes reasonably estimated to be actually payable
within two (2) years of such disposition as a result of any gain recognized in connection therewith. 
 “Asset Disposition
Proceeds Account” means the account maintained in the name of the Master Issuer, into which the Manager is required to cause Asset Disposition Proceeds to be deposited pursuant to Section 5.11(g) of the Base
Indenture or any successor account established for the Master Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for
investment purposes pursuant to Section 5.2(b) of the Base Indenture. 
 “Asset Disposition Reinvestment
Period” has the meaning specified in Section 5.11(g) of the Base Indenture. 
 “Authorized
Officer” means, with respect to (i) any Securitization Entity, any officer who is authorized to act for such Securitization Entity in matters relating to such Securitization Entity, including an Authorized Officer of the Manager
authorized to act on behalf of such Securitization Entity; (ii) Planet Fitness Holdings, in its individual capacity and in its capacity as the Manager, any officer who is authorized to act for Planet Fitness Holdings or any other officer of
Planet Fitness Holdings who is directly responsible for managing the Securitized Corporate-Owned Store Business or otherwise authorized to act for the Manager in matters relating to, and binding upon, the Manager with respect to the subject matter
of the request, certificate or order in question; (iii) Holdco, in its individual capacity, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel, the Treasurer or any Senior Vice President of Holdco,
(iv) the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer; (v) the Servicer, any officer of the Servicer who is duly authorized to act for the Servicer with respect to the
relevant matter; or (vi) the Control Party, any officer of the Control Party who is duly authorized to act for the Control Party with respect to the relevant matter. Each party may receive and accept a certification of the authority of any
other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary. 

 Annex A-7 
  

 “Authorized Vendor Contracts” means all contracts pursuant to which certain
third-party vendors are or will be designated as preferred vendors from which certain Stores located in the United States may purchase merchandise and services and will receive all Vendor Commissions payable in connection therewith. 

“Back-Up Management Agreement” means the
Back-Up Management and Consulting Agreement, dated as of the Closing Date, by and among the Master Issuer, the other Securitization Entities party thereto, the Manager, the Trustee and the Back-Up Manager, as amended, supplemented or otherwise modified from time to time. 
 “Back-Up Manager” means FTI Consulting, Inc., a Maryland corporation, in its capacity as Back-Up Manager pursuant to the
Back-Up Management Agreement, and any successor Back-Up Manager. 

“Back-Up Manager Fees” means amounts paid to the
Back-Up Manager to (i) reimburse for reasonable out-of-pocket expenses and (ii) pay a fee as agreed upon under a
separate fee letter among the Manager, the Securitization Entities and the Back-Up Manager, in each case incurred by the Back-Up Manager in performing services under the
Back-Up Management Agreement. 
 “Bankruptcy Code” means the provisions of Title 11
of the United States Code, 11 U.S.C. Section 101 et seq. 
 “Base Indenture” means the Base Indenture, dated
as of the Closing Date, by and among the Master Issuer and the Trustee, as amended, supplemented or otherwise modified from time to time, exclusive of any Series Supplement. 

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

“Base Indenture Definitions List” has the meaning set forth in Section 1.1 of the Base Indenture.

 “Board of Directors” means the Board of Directors of any corporation or any unlimited company, or any authorized
committee of such Board of Directors. 
 “Book-Entry Notes” means beneficial interests in the Notes of any Series,
ownership and transfers of which will be evidenced or made through book entries by a Clearing Agency as described in Section 2.12 of the Base Indenture; provided that, after the occurrence of a condition whereupon
book-entry registration and transfer are no longer permitted and Definitive Notes are issued to the Note Owners, such Definitive Notes will replace Book-Entry Notes. 

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

 Annex A-8 
  

 “Canadian Franchise IP License” means the Canadian Franchisor IP License,
dated as of the Closing Date, by and between the Franchisor, as licensor, and Canadian Franchisor, as licensee, as amended, supplemented or otherwise modified from time to time. 

“Canadian Franchisor” means Pla-Fit Canada Franchise Inc., a Canadian corporation,
and its successors and assigns. 
 “Canadian IP License Fees” means the licensing fees paid by Canada Franchisor to the
Franchisor pursuant to the Canadian Franchise IP License. 
 “Capitalized Lease Obligations” means the obligations of a
Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a
balance sheet of such Person under GAAP and, for the purposes of the Indenture, the amount of such obligations will be the capitalized amount thereof determined in accordance with GAAP. 

“Capped Class A-1 Notes Administrative Expenses Amount”
means, for each Interim Allocation Date with respect to any Quarterly Collection Period, an amount equal to the lesser of (a) the Class A-1 Notes Administrative Expenses that have become due and
payable prior to such Interim Allocation Date and have not been previously paid and (b) the amount by which (i) $100,000 exceeds (ii) the aggregate amount of Class A-1 Notes Administrative
Expenses previously paid on each preceding Interim Allocation Date that occurred (x) in the case of an Interim Allocation Date occurring during the period beginning on the Closing Date and ending on the date on which 24 full and consecutive
Interim Collection Periods have occurred, since the Closing Date and (y) in the case of an Interim Allocation Date occurring during any successive period of 24 consecutive Interim Collection Periods after the period in clause (x), since
the beginning of such period. 
 “Capped Securitization Operating Expense Amount” means, for any Interim Allocation Date
that occurs (x) during the period beginning on the Closing Date and ending on December 31, 2018 and (y) each successive calendar year, the amount by which $500,000 exceeds the aggregate Securitization Operating Expenses already paid
during such period; provided, however, that during any period that the Back-Up Manager is required to provide Warm Back-Up Management Duties or Hot Back-Up Management Duties pursuant to the Back-Up Management Agreement, the Control Party, acting at the direction of the Controlling Class Representative, may increase
the Capped Securitization Operating Expense Amount as calculated above in order to take account of any increased fees associated with the provision of such services. 

“Cash Collateral” has the meaning set forth in Section 5.13(d)(iii) of the Base Indenture. 

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

 Annex A-9 
  

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

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

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

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

“Cash Trapping Release Date” means any Quarterly Payment Date (i) on which a Cash Trapping Period is no longer
continuing or (ii) on which the Cash Trapping Percentage is equal to 50% and on the prior Quarterly Payment Date, the applicable Cash Trapping Percentage was equal to 100%. 

“Casualty Reinvestment Period” has the meaning specified in Section 5.11(h) of the Base Indenture.

 “Cause” means, with respect to an Independent Manager, (i) acts or omissions by such Independent Manager
constituting fraud, dishonesty, negligence, misconduct or other deliberate action which causes injury to any Securitization Entity or an act by such Independent Manager involving moral turpitude or a serious crime, (ii) that such Independent
Manager no longer meets the definition of “Independent Manager” as set forth in the applicable Securitization Entity’s Charter Documents or (iii) a material increase in fees charged by such Independent Manager; provided,
that the Independent Manager may only be removed for Cause pursuant to this clause (iii) with the consent of the Control Party. 

 Annex A-10 
  

 “CCR Acceptance Letter” has the meaning set forth in
Section 11.1(e) of the Base Indenture. 
 “CCR Ballot” has the meaning set forth in
Section 11.1(c) of the Base Indenture. 
 “CCR Candidate” means any nominee submitted to the
Trustee on a CCR Nomination pursuant to Section 11.1(b) of the Base Indenture. 
 “CCR Election”
means an election of a Controlling Class Representative as set forth in Section 11.1(a) and (b) of the Base Indenture. 

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

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

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

“CCR Nomination Period” has the meaning set forth in Section 11.1(b) of the Base Indenture. 

“CCR Re-election Event” means any of the following events: (i) an additional
Series of Notes of the Controlling Class is issued, (ii) the Controlling Class changes, (iii) the Trustee receives written notice of the resignation or removal of any acting Controlling Class Representative, (iv) the
Trustee receives a written request for an election for a Controlling Class Representative from a Controlling Class Member and such election has been consented to by the Control Party in its sole discretion, which election will be at the
expense of such Controlling Class Members (including Trustee expenses), (v) the Trustee receives written notice that an Event of Bankruptcy has occurred with respect to the acting Controlling Class Representative, (vi) there is
no Controlling Class Representative and the Control Party requests an election be held or (vii) an Annual Election Date occurs; provided that with respect to a CCR Re-election Event that
occurs as a result of clauses (iv), (vi) and (vii), no CCR Re-election Event will be deemed to have occurred if it would result in more than two (2) CCR Re-election
Events occurring in a single calendar year. 
 “CCR Voting Record Date” has the meaning set forth in
Section 11.1(c) of the Base Indenture. 
 “Charter Documents” means, with respect to any entity
and at any time, the certificate of incorporation, certificate of formation, operating agreement, by-laws, memorandum of association, articles of association, or such other similar document, as applicable to
such entity in effect at such time. 

 Annex A-11 
  

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

“Class A-1 Administrative Agent” means, with respect to any
Series of Class A-1 Notes, the Person identified as the “Class A-1 Administrative Agent” in the applicable Series Supplement or Variable Funding Note
Purchase Agreement. 
 “Class A-1 Commitment Fee Adjustment
Amount” means, for any Series of Class A-1 Notes for any Interest Accrual Period, the aggregate amount, if any, for such Interest Accrual Period that is identified as the “Class A-1 Commitment Fee Adjustment Amount” in the applicable Series Supplement or Variable Funding Note Purchase Agreement. 

“Class A-1 Interest Adjustment Amount” means, for any
Series of Class A-1 Notes for any Interest Accrual Period, the aggregate amount, if any, for such Interest Accrual Period that is identified as a
“Class A-1 Interest Adjustment Amount” in the applicable Series Supplement or Variable Funding Note Purchase Agreement. 

“Class A-1 Notes” means any Notes alphanumerically designated as “Class A-1” pursuant to the Series Supplement applicable to such Class of Notes. 

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

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

“Class A-1 Notes Commitment Fees Account” has the meaning
set forth in Section 5.7(a)(iv) of the Base Indenture. 
 “Class A-1 Notes Maximum Principal Amount” means, with respect to each Series of Class A-1 Notes Outstanding, the aggregate maximum principal amount of such Series of Class A-1 Notes as identified in the applicable Series Supplement or Variable Funding Note Purchase Agreement as reduced by any permanent reductions of commitments with respect to such Series of Class A-1 Notes and any cancellations of repurchased Class A-1 Notes thereunder. 

 Annex A-12 
  

 “Class A-1 Notes
Other Amounts” means all amounts due and payable pursuant to any Variable Funding Note Purchase Agreement that are identified as “Class A-1 Notes Other Amounts” in such Variable Funding
Note Purchase Agreement. 
 “Class A-1 Notes Renewal
Date” means, with respect to any Series of Class A-1 Notes, the date identified as the “Class A-1 Notes Renewal Date” in the applicable
Series Supplement or Variable Funding Note Purchase Agreement. 

“Class A-1 Notes Voting Amount” has the meaning set forth
in Section 2.1(b)(i) of the Base Indenture or Variable Funding Note Purchase Agreement. 

“Class A-1 Quarterly Commitment Fee Amounts” means, for any
Interest Accrual Period, with respect to each Series of Class A-1 Notes Outstanding, the aggregate amount of commitment fees due and payable, with respect to such Interest Accrual Period, on such Series
of Class A-1 Notes that is identified as “Class A-1 Quarterly Commitment Fee Amounts” in the applicable Series Supplement or Variable Funding Note
Purchase Agreement. 
 “Class A-1 Quarterly Commitment Fees Shortfall
Amount” has the meaning set forth in Section 5.13(b)(iii) of the Base Indenture. 
 “Clearing
Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the 1934 Act or any successor provision thereto or Euroclear or Clearstream. 

“Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to
time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Clearstream” means Clearstream Banking, societe anonyme and any successor entity. 

“Closing Date” means August 1, 2018. 

“Closing Date Securitization IP” means all Intellectual Property (other than the Excluded IP) created, developed, authored,
acquired or owned by or on behalf of, or licensed to or on behalf of, Planet Fitness Holdings, the Holding Company Guarantor, the Master Issuer or the Franchisor as of the Closing Date covering, reading on, embodied in or otherwise relating to
(i) the Planet Fitness System or Planet Fitness Brand, (ii) products or services sold or distributed via the Planet Fitness System under the Planet Fitness Brand, (iii) the Stores, (iv) the Securitized Franchise Store Business or
(v) the Securitized Corporate-Owned Store Business, and also including the Planet Fitness Mobile Apps. 
 “Code” means
the U.S. Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time, and any successor statute of similar import, in each case as in effect from time to time. 

“Collateral” means, collectively, the Indenture Collateral, the “Collateral” as defined in the Guarantee and
Collateral Agreement and any property subject to any other Indenture Document that grants a Lien to secure any Obligations. 

 Annex A-13 
  

 “Collateral Business Documents” means, collectively, the Franchise
Documents, the Securitized Leases, the Franchisee Notes, the Securitized Equipment Supply Agreements and the Contribution Agreements. 

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

“Collateral Protection Advance” means any advance of (a) payment of Taxes, rent, assessments, insurance premiums and
other costs and expenses necessary to protect, preserve or restore the Collateral and (b) payments of any expenses of any Securitization Entity, to the extent not previously paid pursuant to a Manager Advance, in each case made by the Servicer
pursuant to the Servicing Agreement in accordance with the Servicing Standard, or by the Trustee pursuant to the Indenture. 

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

“Collateralized Letters of Credit” has the meaning set forth in Section 5.13(d)(iii) of the Base
Indenture. 
 “Collection Account” means account no. [reserved] entitled “Citibank, N.A. f/b/o Planet Fitness
Master Issuer LLC, Collection Account”, which account is required to be maintained by the Trustee pursuant to Section 5.6 of the Base Indenture or any successor securities account maintained pursuant to
Section 5.6 of the Base Indenture. 
 “Collection Account Administrative Accounts” has the
meaning set forth in Section 5.7 of the Base Indenture. 
 “Collections” means, with respect to
each Interim Collection Period, all amounts received by or for the account of the Securitization Entities during such Interim Collection Period, including (without duplication): 

(i) Royalty Payments deposited into any Concentration Account; 

(ii) Other Franchisee Payments deposited into any Concentration Account; 

(iii) Webjoin Fees, Payment Processor Rebates and Vendor Commissions deposited into any Concentration Account; 

(iv) all Franchisee Lease Payments deposited into any Concentration Account or Lease Obligations Account; 

(v) all amounts received under the IP License Agreements and all other license fees, including Securitized Corporate-Owned
Store IP License Fees, Canadian IP License Fees, International IP License Fees, Retained Corporate-Owned Store IP License Fees, Additional IP License Fees and other amounts received in respect of the Securitization IP, including recoveries from the
enforcement of the Securitization IP; 

 Annex A-14 
  

 (vi) Equipment Revenue Payments deposited into any Concentration Account or
Equipment Distributor Operating Account; 
 (vii) Securitized Corporate-Owned Store Collections; 

(viii) Indemnification Amounts, Insurance/Condemnation Proceeds, Asset Disposition Proceeds and (without duplication) all other
amounts received upon the disposition of the Securitized Assets, including proceeds received upon the disposition of property expressly excluded from the definition of Asset Disposition Proceeds, in each case that are required to be deposited into
any Concentration Account or the Collection Account; 
 (ix) the Series Hedge Receipts, if any, received by the
Securitization Entities in respect of any Series Hedge Agreements entered into by the Securitization Entities in connection with the issuance of Additional Notes following the Closing Date; 

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

(xi) equity contributions made to the Master Issuer directed to be deposited to any Concentration Account; 

(xii) to the extent not otherwise included above, payments from Franchisees or any other Person deposited in any Concentration
Account or otherwise included in Collections; and 
 (xiii) any other payments or proceeds received with respect to the
Securitized Assets. 
 “Commitment” has the meaning set forth in the applicable Series Supplement. 

“Company Order” means a written order or request signed in the name of the Master Issuer by any Authorized Officer of the
Master Issuer and delivered to the Trustee, the Control Party or the Paying Agent. 
 “Competitor” means any Person that is
a direct or indirect franchisor, franchisee, owner or operator of a large regional or national fitness center concept (including a Franchisee); provided, however, that (i) a Person will not be a
“Competitor” solely by virtue of its direct or indirect ownership of less than 5.0% of the Equity Interests in a “Competitor” and (ii) a franchisee shall only be a “Competitor” if it, or its Affiliates, directly or
indirectly, owns, franchises or licenses, in the aggregate, ten or more individual locations of a particular concept; and provided, further, that (iii) a Person will not be a “Competitor” solely by virtue of its
direct or indirect ownership of between 5.0% and 15% of the Equity Interests in a “Competitor” so long as (a) such Person has policies and procedures that prohibit such Person from disclosing or making available any confidential
information that such Person may receive as a Holder or prospective investor in the Notes, to individuals involved in the business of buying, selling, holding or analyzing the Equity Interests of a “Competitor” or in the business of being
a franchisor, franchisee, owner or operator 

 Annex A-15 
  

 
of a large regional or national fitness center concept and (b) such Person is a passive investor in a “Competitor” as described in Rule
13d-1(b)(1) of the 1934 Act (or would be described as a passive investor under such rule if the “Competitor” were a publicly-traded company and the securities held were publicly-traded equity
securities) and is not a franchisor, franchisee, owner (other than in its capacity as a passive investor as described in Rule 13d-1(b)(1) of the 1934 Act) or operator of a large regional or national fitness
center concept (including a Franchisee). 
 “Concentration Accounts” means one or more deposit accounts maintained in the
name of the Master Issuer, the Franchisor, the Equipment Distributor or Planet Fitness Assetco, as applicable, in each case that is required to be subject to an Account Control Agreement, and required to be pledged to the Trustee into which the
Manager causes amounts to be deposited pursuant to Section 5.11(e) of the Base Indenture or any successor account established for the Master Issuer, the Franchisor, the Equipment Distributor or Planet Fitness Assetco, as
applicable, for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to
Section 5.11(b) of the Base Indenture. 
 “Consent Recommendation” means a written recommendation
by the Control Party to the Controlling Class Representative with respect to any Consent Request that requires the consent of the Controlling Class Representative. 

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

 Annex A-16 
  

 “Contractual Obligation” means, with respect to any Person, any provision of
any security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its
properties is subject. 
 “Contributed Area Development Agreements” means all Area Development Agreements and related
guaranty agreements existing as of the Closing Date that are contributed to any Securitization Entity on the Closing Date pursuant to the applicable Contribution Agreements. 

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

“Contributed Corporate-Owned Store Assets” means all of the assets associated with owning and operating the Contributed
Securitized Corporate-Owned Stores or New Securitized Corporate-Owned Stores (such as furnishings, fitness and other equipment and computer equipment), other than (i) the Contributed Corporate-Owned Store Leases and (ii) the Closing Date
Securitization IP, that are contributed to Planet Fitness Assetco on the Closing Date pursuant to the applicable Contribution Agreements. 

“Contributed Corporate-Owned Store Leases” means the Existing Corporate-Owned Store Leases that are contributed to Planet
Fitness Assetco on the Closing Date pursuant to the applicable Contribution Agreements. 
 “Contributed Franchise
Agreements” means all Franchise Agreements and related guaranty agreements existing as of the Closing Date that are contributed to any Securitization Entity on the Closing Date pursuant to the applicable Contribution Agreements. 

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

“Contributed Securitized Corporate-Owned Stores” means Corporate-Owned Stores existing on the Closing Date that are
contributed to Planet Fitness Assetco on the Closing Date pursuant to the applicable Contribution Agreement. 
 “Contributed
Securitized Equipment Supply Agreements” means all Equipment Supply Agreement existing as of the Closing Date that are contributed to the Equipment Distributor on the Closing Date pursuant to the applicable Contribution Agreements. 

“Contribution Agreements” means the following agreements: 

 

	 	1.	 New Hampshire Real Estate Distribution Agreement, dated as of August 1, 2018, among each entity listed on
Schedule I thereto and Planet Fitness Holdings; 

 Annex A-17 
  

	 	2.	 New Jersey Real Estate Distribution Agreement, dated as of August 1, 2018, among each entity listed on
Schedule I thereto and Pla-Fit Health NJNY LLC, a New Hampshire limited liability company; 

  

	 	3.	 New York Real Estate Distribution Agreement, dated as of August 1, 2018, among each entity listed on
Schedule I thereto and Pla-Fit Health NJNY LLC, a New Hampshire limited liability company; 

  

	 	4.	 California Real Estate Distribution Agreement, dated as of August 1, 2018, among PF Vallejo, LLC, a
California limited liability company and PFCA LLC, a New Hampshire limited liability company; 

  

	 	5.	 Pennsylvania Real Estate Distribution Agreement, dated as of August 1, 2018, among each entity listed on
Schedule I thereto and Pla-Fit Health, L.L.C., a New Hampshire limited liability company; 

  

	 	6.	 Planet Fitness Equipment Distribution Agreement, dated as of August 1, 2018, between Planet Fitness
Equipment LLC and Planet Fitness Holdings; 

  

	 	7.	 PFIP Contribution Agreement, dated as of August 1, 2018, between PFIP, LLC and the Franchisor;

  

	 	8.	 PFIP Distribution Agreement, dated as of August 1, 2018, among PFIP, LLC,
Pla-Fit Franchise LLC and the Franchisor; 

  

	 	9.	 NAF Distribution Agreement, dated as of August 1, 2018, between Planet Fitness NAF, LLC to Pla-Fit Franchise LLC; 

  

	 	10.	 Pla-Fit Franchise Contribution Agreement, dated as of August 1,
2018, between Pla-Fit Franchise LLC and the Franchisor; 

  

	 	11.	 Pla-Fit Franchise Distribution Agreement, dated as of August 1,
2018, among Pla-Fit Franchise LLC, Planet Fitness Holdings and the Franchisor; 

  

	 	12.	 Pla-Fit Health Distribution Agreement, dated as of August 1, 2018,
between Pla-Fit Health, L.L.C. to Planet Fitness Holdings; 

  

	 	13.	 Planet Fitness Holdings – Franchisor Contribution Agreement, dated as of August 1, 2018, between
Planet Fitness Holdings and the Franchisor. 

  

	 	14.	 Planet Fitness Holdings – Holding Company Guarantor Contribution Agreement, dated as of August 1,
2018, among Planet Fitness Holdings, the Holding Company Guarantor and the Franchisor. 

  

	 	15.	 Holding Company Guarantor Contribution Agreement, dated as of August 1, 2018, among the Holding Company
Guarantor, Master Issuer and the Franchisor. 

 Annex A-18 
  

	 	16.	 Master Issuer – Assetco Contribution Agreement, dated as of August 1, 2018, between Master Issuer and
Assetco; and 

  

	 	17.	 Master Issuer – Equipment Distributor Contribution Agreement, dated as of August 1, 2018, between the
Master Issuer and the Equipment Distributor. 

 “Control Party” means, at any time, the Servicer, who
will direct the Trustee to act (or refrain from acting) or will act on behalf of the Trustee in connection with Consent Requests. 

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

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

“Controlling Class” means the most senior Class of Notes then Outstanding among all Series of Notes then Outstanding.

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

“Controlling Class Representative” means, at any time during which one or more Series of Notes is
outstanding, the representative, if any, that has been elected pursuant to Section 11.1 of the Base Indenture by the Majority of Controlling Class Members; provided that, if no Controlling
Class Representative has been elected or if the Controlling Class Representative does not respond to a Consent Request within the time period specified in Section 11.4 of the Base Indenture, the Control Party will
be entitled (but not required) to exercise the rights of the Controlling Class Representative with respect to such Consent Request other than with respect to Servicer Termination Events. The Controlling Class Representative may not be a
Competitor. 
 “Copyrights” has the meaning set forth in the definition of “Intellectual Property.” 

“Corporate Trust Office” means the corporate trust office of the Trustee at (a) for Note transfer purposes and
presentment of the Notes for final payment thereon, Citibank, N.A., 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention: Agency & Trust – Planet Fitness Master Issuer LLC and (b) for all other purposes,
Citibank, N.A., 388 Greenwich Street, New York, New York 10013, Attention: Agency & Trust – Planet Fitness Master Issuer LLC, email: jacqueline.suarez@citi.com or call (888) 855-9695 to obtain
Citibank, N.A. account manager’s email address, or such other address as the Trustee may designate from time to time by notice to the holders, the Rating Agency and the Master Issuer or the principal corporate trust office of any successor
Trustee. 

 Annex A-19 
  

 “Corporate-Owned Store IP Licenses” means the Planet Fitness Assetco
Corporate-Owned Store IP License and the Retained Corporate-Owned Stores IP Licenses. 
 “Corporate-Owned Stores” means any
Store and any Future Brand store operating under a Corporate-Owned Store IP License. 

“Cut-Off Date” is on or about August 1, 2018. 

“Debt Service” means, with respect to any Quarterly Payment Date, the sum of (i) the Senior Notes Quarterly Interest
Amount plus (ii) the Senior Subordinated Notes Quarterly Interest Amount plus (iii) the Class A-1 Quarterly Commitment Fee Amount plus (iv) with respect to any
Class of Senior Notes Outstanding, the aggregate amount of Scheduled Principal Payments due and payable on such Quarterly Payment Date, as such Scheduled Principal Payments may be ratably reduced by the aggregate amount of any (A) payments
of Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds, (B) repurchases and cancellations of such Class of Notes or (C) optional prepayments of principal of such Class of Notes, but without
giving effect to any reductions of Scheduled Principal Payments available due to the satisfaction of the applicable Series Non-Amortization Test. 

“Debt Service Advance” means an advance made by the Servicer (or, if the Servicer fails to do so, the Trustee) on a Quarterly
Payment Date in respect of the Senior Notes Quarterly Interest Shortfall Amount on any Quarterly Payment Date. 
 “Default”
means any Event of Default or any occurrence that with notice or the lapse of time or both would become an Event of Default. 

“Defeased Series” has the meaning set forth in Section 12.1(c) of the Base Indenture. 

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

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

“DSCR” means, as of any Quarterly Payment Date, an amount equal to (i) the Net Cash Flow over the four
(4) immediately preceding Quarterly Collection Periods, divided by (ii) the Debt Service with respect to such four (4) Quarterly Collection Periods; provided that, for purposes of calculating the DSCR as of the
first four (4) Quarterly Calculation Dates, (a) “Net Cash Flow” for the Quarterly Collection Period ended January 13, 2018 will be deemed to be $53.332 million, “Net Cash Flow” for the Quarterly Collection Period
ended April 13, 2018 will be deemed to be $51.380 million, “Net Cash Flow” for the Quarterly Collection Period ended July 13, 2018 will be calculated by the Manager at the time of the first Quarterly Calculation Date and
will be based on Holdco’s financial results for the fiscal quarter ended June 30, 2018 and “Net Cash Flow” for the Quarterly Collection Period ended October 13, 2018 will be equal to actual Net Cash Flow for such Quarterly
Collection Period multiplied by 1.5 and (b) clause (ii) of such DSCR calculation will be deemed to equal the Debt Service measured for the most recently ended Quarterly 

 Annex A-20 
  

 
Collection Period times four (4). For the purposes of calculating the DSCR as of (and for the first Quarterly Payment Date, the Debt Service for the will be deemed to be the sum of (A) the
product of (x) the sum of the amounts referred to in clauses (i), (ii) and (iii) of the definition of “Debt Service” multiplied by (y) a fraction the numerator of which is ninety (90) and the
denominator of which is the actual number of days elapsed during the period commencing on and including the Closing Date and ending on but excluding the first Quarterly Payment Date plus (B) the amount referred to in clause
(iv) of the definition of “Debt Service”). “Interest-Only DSCR” means the calculation of DSCR without any application of clause (iv) of the definition of “Debt Service.” 

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

“EBITDA” represents net income (loss), adjusted to exclude interest expense, income tax expense or benefit and depreciation
and amortization. 
 “Eligible Account” means (a) a segregated identifiable trust account established in the trust
department of a Qualified Trust Institution or (b) a separately identifiable deposit or securities account established at a Qualified Institution. 

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

“Eligible Investments” means (a) time deposits with, or insured certificates of deposit or bankers’ acceptances of,
any commercial bank or trust company that (i) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws
of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) whose short-term debt is rated at least “P-1” (or then
equivalent grade) by Moody’s and at least “A-1+” (or then equivalent grade) by S&P and, if it has a short-term rating by KBRA, at least “K2” by KBRA and (iii) has combined
capital and surplus of at least $1,000,000,000, in each case with maturities of not more than one (1) year from the date of acquisition thereof; (b) readily marketable obligations issued or directly and fully guaranteed or insured by the
United States of America or any agency or instrumentality thereof having maturities of not more than one (1) year from the date of acquisition thereof; provided, that the full faith and credit of the United States of America is pledged
in support thereof; (c) commercial paper issued by any Person organized under the laws of any state of the United States of America and rated at least “P-1” (or the then equivalent grade) by
Moody’s and at least “A-1+” (or the then equivalent grade) by S&P and, if it has a short-term rating by KBRA, at least “K2” by KBRA, with maturities of not more than one hundred
eighty (180) days from the date of acquisition thereof; (d) repurchase obligations with a term of not more than thirty (30) days for underlying securities of the type described in clauses (a) and (b) above entered into with any
financial institution meeting the qualifications specified in clause (a) above and (e) investments, classified in accordance with GAAP as current assets of the relevant Person making such investment, in money market investment programs
registered under the 1940 Act, which have the highest rating obtainable from Moody’s and S&P and, if it has a short-term rating by KBRA, at least “K2” by KBRA, and the portfolios of which are invested primarily in investments of
the character, quality and maturity 

 Annex A-21 
  

 
described in clauses (a) though (d) of this definition. Notwithstanding the foregoing, all Eligible Investments must either (A) be at all times available for withdrawal or liquidation
at par (or for commercial paper issued at a discount, at the applicable purchase price) or (B) mature on or prior to the Business Day prior to the immediately succeeding Interim Allocation Date. 

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

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

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

“Environmental Permits” means any and all permits, licenses, approvals, registrations, notifications, exemptions and other
authorizations required under any Environmental Law. 
 “Equipment Distribution Operating Expenses” means, collectively,
operating expenses that are incurred by or allocated to, in accordance with the Managing Standard, the Equipment Distributor in the ordinary course of business relating to the operation of the Equipment Distributor, such as the cost of goods sold
(including all payments for the purchase and delivery of equipment under Equipment Supply Agreements or otherwise), installation, repairs and maintenance expenses to the extent not capitalized, insurance (including self-insurance), any advertising
expenses, equipment placement expenses, rebates payable in connection with purchases of fitness equipment, litigation and settlement costs relating to the Securitized Assets and other operating costs included in cost of sales. 

 Annex A-22 
  

 “Equipment Distributor” means Planet Fitness Distribution LLC, a Delaware
limited liability company, and its successors and assigns. 
 “Equipment Distributor Operating Account” means one or more
accounts maintained in the name of the Equipment Distributor, into which the Manager is required to cause amounts to be deposited pursuant to Section 5.11(c) of the Base Indenture or any successor account established for
the Equipment Distributor for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to
Section 5.2(b) of the Base Indenture. 
 “Equipment Distributor Working Capital Reserve Amount”
means, as of any date of determination, an amount determined by the Manager to be retained in an Equipment Distributor Operating Account for working capital expenses not to exceed in the aggregate for all Equipment Distributor Operating Accounts the
greater of (i) $5,000,000 and (ii) 10% of the aggregate Monthly Fiscal Period Equipment Distribution Accrual Profits Amount for the preceding four (4) Quarterly Collection Periods. 

“Equipment IP License” means the Equipment IP License, dated as of the Closing Date, by and between the Franchisor, as
licensor, and Planet Fitness Distribution LLC, as licensee, as amended, supplemented or otherwise modified from time to time. 

“Equipment Revenue Payments” means all amounts payable by any Franchisee located in the United States and Non-Securitization Entities in respect of the Retained Corporate-Owned Stores located in the United States, whether directly or through a third-party financing company, for the purchase and/or installation of such
fitness equipment. 
 “Equipment Supply Agreements” means all supply agreements with third-party equipment manufacturers to
purchase or supply fitness equipment. 
 “Equity Interest” means any (a) membership interest in any limited liability
company, (b) general or limited partnership interest in any partnership, (c) common, preferred or other stock interest in any corporation, (d) share, participation, unit or other interest in the property or enterprise of an issuer
that evidences ownership rights therein, (e) ownership or beneficial interest in any trust or (f) option, warrant or other right to convert any interest into or otherwise receive any of the foregoing. 

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

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

 Annex A-23 
  

 “Event of Bankruptcy” will be deemed to have occurred with respect to a
Person if: 
 (a) a case or other proceeding is commenced, without the application or consent of such Person, in any court, seeking the
liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all
or any substantial part of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding continues
undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person is entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in
effect; or 
 (b) such Person commences a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization,
debt arrangement, dissolution or other similar law now or hereafter in effect, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person
or for any substantial part of its property, or makes any general assignment for the benefit of creditors; or 
 (c) the Board of Directors
or board of managers (or similar body) of such Person votes to implement any of the actions set forth in clause (b) above. 

“Event of Default” means any of the events set forth in Section 9.2 of the Base Indenture. 

“Excepted Securitization IP Assets” means (i) any right to use third-party Intellectual Property pursuant to a license
to the extent such rights are not able or permitted to be pledged; and (ii) any application for registration of a Trademark that would be invalidated, canceled, voided or abandoned due to the grant and/or enforcement of an assignment or
security interest, including intent-to-use applications filed with the PTO pursuant to 15 U.S.C. Section 1051(b) prior to the filing of a statement of use or
amendment to allege use pursuant to 15 U.S.C. Section 1051(c) or (d); provided, that at such time as the grant and/or enforcement of the assignment or security interest would not cause such application to be invalidated, canceled,
voided or abandoned, such Trademark application will cease to be considered an Excepted Securitization IP Asset. 
 “Excess
Class A-1 Notes Administrative Expenses Amount” means, for each Interim Allocation Date, an amount equal to the amount by which (a) the
Class A-1 Notes Administrative Expenses that have become due and payable prior to such Interim Allocation Date and have not been previously paid exceed (b) the Capped
Class A-1 Notes Administrative Expenses Amount for such Interim Allocation Date. 

“Excluded Amounts” means, among other things, (i) fees and expenses paid by or on behalf of any Securitization Entity in
connection with registering, maintaining and enforcing the Securitization IP and paying third-party licensing fees, (ii) account expenses and fees paid to the banks at which the Management Accounts are held, (iii) Advertising Fees (to the
extent that any Advertising Fees are not paid directly to NAF by a third-party payment processor), (iv) insurance and condemnation proceeds payable by the Securitization Entities to Franchisees, (v) amounts in respect of sales Taxes and other
comparable Taxes and other amounts received from Franchise Stores that are due and payable to a Governmental Authority or other unaffiliated third party, (vi) any statutory Taxes included in Collections, but required to be remitted to a
Governmental Authority, (vii) amounts paid by Franchisees in respect of fees or expenses payable to unaffiliated third parties for services provided to Franchisees, (viii) amounts paid by Franchisees relating to

 Annex A-24 
  

 
corporate services provided by the Manager, including repairs and maintenance, employee training, point-of-sale
system maintenance and support and maintenance of other information technology systems, to the extent such services are not provided by the Manager pursuant to the Management Agreement, (ix) any amounts that are held for payment or
indemnification obligations owed by the Franchisor to any third-party payment processor, (x) any amounts that cannot be transferred to a Concentration Account due to applicable law and (xi) any other amounts deposited into any
Concentration Account or otherwise included in Collections that are not required to be deposited into the Collection Account. 

“Excluded IP” means (i) any commercially available,
off-the-shelf, uncustomized (other than Software and system configurations) Software licensed on standard terms and conditions to or on behalf of any Non-Securitization Entity and (ii) any Intellectual Property existing in any country other than the United States except for issued or registered Trademarks, Patents and Copyrights in Canada, unless the
Manager, in its sole discretion, causes such Intellectual Property to be created, developed, authored or acquired by or on behalf of, or licensed to or on behalf of, the Franchisor or another Securitization Entity. 

“Existing Corporate-Owned Store Leases” means the leases or subleases, as applicable, existing on the Closing Date pursuant
to which the Corporate-Owned Stores are leased or subleased, as applicable. 
 “Extension Period” means, with respect to
any Series or any Class of any Series of Notes, the period from the Series Anticipated Repayment Date (or any previously extended Series Anticipated Repayment Date) with respect to such Series or Class to the Series Anticipated Repayment
Date with respect to such Series or Class as extended in connection with the provisions of the applicable Series Supplement or, to the extent applicable, Variable Funding Note Purchase Agreement. 

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

“Financial Assets” has the meaning set forth in Section 5.9(b) of the Base Indenture. 

“Foreign Subsidiary Holding Company” has the meaning set forth in Section 3.1(a) of the Base
Indenture. 
 “Franchise Agreement” means a franchise agreement (including any related service or license agreement)
whereby a Franchisee agrees to operate a Store. 
 “Franchise Assets” means, with respect to the Franchisor, (A) the
Contributed Franchise Agreements, the Contributed Securitized Authorized Vendor Contracts, the Contributed Area Development Agreements, and all Royalty Payments, Vendor Commissions and Other Franchisee Payments payable thereunder or in respect
thereof; (B) the New Franchise Agreements, New Securitized Authorized Vendor Contracts, the New Area Development Agreements and all Royalty Payments, Vendor Commissions and Other Franchisee Payments payable thereunder or in respect thereof;
(C) all rights to enter into New Franchise Agreements, New Securitized Authorized Vendor Contracts and New Area Development Agreements; (D) all Webjoin Fees and Payment Processor Rebates; and (E) any and all other property of every
nature, now or hereafter 

 Annex A-25 
  

 
transferred, mortgaged, pledged, or assigned as security for payment or performance of any obligation of the Franchisees or other Persons, as applicable, to the Franchisor under the Franchise
Agreements, Securitized Authorized Vendor Contracts or the Area Development Agreements, as applicable, and all guarantees of such obligations and the rights evidenced by or reflected in the Franchise Agreements, Securitized Authorized Vendor
Contracts or the Area Development Agreements, as applicable. 
 “Franchise Documents” means all Franchise Agreements
(including master franchise agreements and related service or license agreements), Area Development Agreements and agreements related thereto, together with any modifications, amendments, extensions or replacements of the foregoing. 

“Franchise Stores” means all Stores that are owned and operated by a Franchisee that is unaffiliated with the Franchisor and
its Affiliates. 
 “Franchise Store Business” means the business of owning and operating the Franchise Stores and the
provision of ancillary goods and services in connection therewith. 
 “Franchisee” means any Person that is a franchisee
under a Franchise Agreement. 
 “Franchisee Lease Payments” means all lease payments, Taxes and any other amounts payable
by Franchisees to a Securitization Entity in respect of Securitized Franchisee Leases. 
 “Franchisee Note” means any
franchisee note or other franchisee financing agreement entered into in order to finance the payment of franchisee fees or other amounts owing by a Franchisee. 

“Franchisee Payments” means all amounts payable to a Securitization Entity by Franchisees, whether directly or indirectly,
pursuant to the Franchise Documents, including Royalty Payments and Other Franchisee Payments, but excluding Excluded Amounts. 

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

“Franchisor Capital Account” means the account maintained in the name of the Franchisor and any Additional Securitization
Entity that from time to time acts as the franchisor with respect to New Franchise Agreements and New Securitized Area Development Agreements, as applicable, into which such Securitization Entity causes amounts to be deposited pursuant to
Section 5.2(d) of the Base Indenture or any successor account established by such Securitization Entity for such purpose pursuant to the Base Indenture. 

“Future Brand” means any name or Trademark (including any Trademarks related to, based on or derivative thereof, but
excluding the Planet Fitness Brand or any Trademark owned by the Securitization Entities as of the Closing Date) that (i) is acquired or developed by Holdco or any of its Subsidiaries and subsequently contributed to one or more Securitization
Entities in a manner consistent with the terms of the Related Documents or (ii) that is acquired or developed by the Master Issuer or any one or more Securitization Entities in a manner consistent with the terms of the Related Documents. 

 Annex A-26 
  

 “GAAP” means the generally accepted accounting principles in the United
States promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors in effect from time to time; provided that, for purposes of computing the Holdco Leverage Ratio (including any financial and
accounting terms included in the components thereof), or determining whether an obligation constitutes a Capitalized Lease Obligation, GAAP shall mean generally accepted accounting principles in the United States promulgated or adopted by the
Financial Accounting Standards Board and its predecessors and successors in effect on the Closing Date. 
 “Government
Securities” means readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof and as to which obligations the full faith and credit of the United
States of America is pledged in support thereof. 
 “Governmental Authority” means the government of the United States of
America or any other nation or any political subdivision of the foregoing, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government. 
 “Gross EFT” means, with respect to a
Store, the total amount of revenue received from all monthly dues and annual membership fees. 
 “Guarantee” means, as to
any Person, any (a) obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “Primary
Obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation,
(iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other obligation,
or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or
in part), or (b) Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any
holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be (i) with respect to a Guarantee pursuant to clause (a) above, an amount equal to the stated or determinable amount
of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good
faith or (ii) with respect to a Guarantee pursuant to clause (b) above, the fair market value of the assets subject to (or that could be subject to) the related Lien. The term “Guarantee” as a verb has a
corresponding meaning. 

 Annex A-27 
  

 “Guarantee and Collateral Agreement” means the Guarantee and Collateral
Agreement, dated as of the Closing Date, by and among the Guarantors in favor of the Trustee, as amended, supplemented or otherwise modified from time to time. 

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

“Hague Securities Convention” means the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities
Held with an Intermediary, concluded 5 July 2006. 
 “Hedge Counterparty” means an institution that enters into a Swap
Contract with one or more Securitization Entities to provide certain financial protections with respect to changes in interest rates applicable to a Series of Notes if and as specified in the applicable Series Supplement. 

“Hedge Payment Account” means an account entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Hedge Payment
Account”, which account is required to be maintained by the Trustee pursuant to Section 5.8 of the Base Indenture or any successor securities account required to be maintained pursuant to
Section 5.8 of the Base Indenture. 
 “Holdco” means Planet Fitness, Inc., a Delaware
corporation, and its successors and assigns. 
 “Holdco Leverage Ratio” means, as of any date of determination, the ratio
of (a)(i) Indebtedness of the Non-Securitization Entities and the Securitization Entities (assuming that amounts available under each Class A-1 Note at such time
(after giving effect to any commitment reductions on such date) are fully drawn) as of the end of the most recently ended Quarterly Fiscal Period less (ii) the sum of (v) the cash and Eligible Investments of the Securitization Entities
credited to the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account and the Franchisor Capital Accounts as of the end of the most recently ended Quarterly Fiscal Period,
(w) the cash and Eligible Investments of the Securitization Entities maintained in the Management Accounts as of the end of the most recently ended Quarterly Fiscal Period that the Manager reasonably anticipates, pursuant to calculations set
forth in a certificate delivered by the Manager to the Trustee on or prior to such date, will be paid to the Manager or constitute the Residual Amount on the next two succeeding Interim Allocation Dates, (x) the Unrestricted Cash and Eligible
Investments of the Non-Securitization Entities as of the end of the most recently ended Quarterly Fiscal Period, (y) without duplication, the amount available under any Cash Collateralized Letters of
Credit and (z) without duplication, the available amount of each Interest Reserve Letter of Credit as of the end of the most recently ended Quarterly Fiscal Period to (b) the sum of the Adjusted EBITDA of the
Non-Securitization Entities and the Securitization Entities, for the immediately preceding four (4) Quarterly Fiscal Periods most recently ended as of such date and for which financial statements have
been finalized. The Holdco Leverage Ratio shall be calculated in accordance with Section 14.18(a) of the Base Indenture. 

 Annex A-28 
  

 “Holder” means each Noteholder and, to the extent Notes are held through a
Clearing Agency, each Note Owner. 
 “Holding Company Guarantor” means Planet Fitness SPV Guarantor LLC, a Delaware limited
liability company, and its successors and assigns. 
 “Hot Back-Up Management
Duties” has the meaning set forth in the Back-Up Management Agreement. 

“IFRS” means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable
to the relevant financial statements. 
 “Improvements” means, with respect to Intellectual Property, proprietary rights in
any additions, modifications, derivatives, developments, variations, refinements, enhancements or improvements that are derivative works as defined and recognized by applicable Requirements of Law or, with respect to real estate, the buildings,
structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on the real property constituting a part of each property. 

“Indebtedness” means, as to any Person as of any date, without duplication, (a) all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all Capitalized Lease Obligations of such Person, (c) the net obligations of such Person under any
swap contract, (d) all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business, (ii) any
earn-out obligation until such obligation appears in the liabilities section of the balance sheet of such Person, and (iii) liabilities associated with customer prepayments and deposits); and (e) the
maximum amount of all direct or contingent obligations of such Person arising under letters of credit, in the case of the foregoing clauses (a), (b), (c) and (d), to the extent such item would be classified as a liability on a consolidated balance
sheet of such Person as of such date; provided, however, that guarantees by Securitization Entities for the benefit of Franchisees in an aggregate principal amount at any time outstanding of up to the greater of (x) $20,000,000 and (y)
5.0% of the Net Cash Flow for the preceding four Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared shall not be considered Indebtedness. For purposes of the foregoing clause (c),
the amount of any net obligation under any swap contract on any date shall be deemed to the swap termination value thereof. For the avoidance of doubt, guarantees with respect to operating leases (or obligations that would have been accounted for as
operating leases under GAAP as in effect on the Closing Date) and product volumes shall not be considered Indebtedness. For the avoidance of doubt, “Indebtedness” shall not include cash collateralized letters of credit issued for the
purpose of paying Retained Lease Obligations. 
 “Indemnification Amount” means, with respect to any Franchise Asset,
Contributed Corporate-Owned Store Assets, Securitized Corporate-Owned Store Lease, Securitized Equipment Supply Agreement or Securitized Franchisee Leases, an amount equal to the Allocated Note Amount for such asset and with respect to any
Securitization IP, any amount required to reimburse the applicable Securitization Entity for the expenses related to defending or enforcing its rights in such Securitization IP. 

 Annex A-29 
  

 “Indemnitor” means Planet Fitness Holdings, as the Manager or in its
individual capacity, or any other Non-Securitization Entity. 
 “Indenture” means
the Base Indenture, together with all Series Supplements, as amended, supplemented or otherwise modified from time to time by Supplements thereto in accordance with its terms. 

“Indenture Collateral” has the meaning set forth in Section 3.1 of the Base Indenture. 

“Indenture Documents” means, collectively, with respect to any Series of Notes, the Base Indenture, the related Series
Supplement, the Notes of such Series, the Guarantee and Collateral Agreement, the related Account Control Agreements, any related Variable Funding Note Purchase Agreement and any other agreements relating to the issuance or the purchase of the Notes
of such Series or the pledge of Collateral under any of the foregoing. 
 “Indenture Trust Accounts” means each of the
Collection Account, the Collection Account Administrative Accounts, the Senior Notes Interest Reserve Account (which may also, at the election of the Manager, serve as a Franchisor Capital Account), the Senior Subordinated Notes Interest Reserve
Account, the Cash Trap Reserve Account, the Hedge Payment Account, the Series Distribution Accounts and such other accounts as the Master Issuer may establish with the Trustee or the Trustee may establish from time to time pursuant to its authority
to establish additional accounts pursuant to the Indenture. 
 “Independent” means, as to any Person, any other Person
(including, in the case of an accountant, or lawyer, a firm of accountants or lawyers and any member thereof or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material
indirect financial interest in such Person or in any Affiliate of such Person and (ii) is not connected with such Person or an Affiliate of such Person as an officer, employee, promoter, underwriter, voting trustee, partner, director or Person
performing similar functions. “Independent” when used with respect to any accountant may include an accountant who audits the books of such Person if, in addition to satisfying the criteria set forth above, the accountant is independent
with respect to such Person within the meaning of Rule 101 of the Code of Ethics of the American Institute of Certified Public Accountants. Whenever any Independent Person’s opinion or certificate is to be furnished to the Trustee, such
opinion or certificate shall state that the signer has read this definition and that the signer is Independent within the meaning hereof. 

“Independent Auditors” means the firm of Independent accountants appointed pursuant to the Management Agreement or any
successor Independent accountant. 
 “Independent Manager” means, with respect to any corporation, partnership, limited
liability company, association or other business entity, an individual who has prior experience as an independent director, independent manager or independent member with at least three (3) years of employment experience and who is provided by
Maples Fiduciary Services (Delaware) Inc., Corporation Service Company, CT Corporation, Global Securitization Services, LLC, Lord Securities Corporation, National Registered Agents, Inc., Stewart Management Company, Wilmington Trust Company, or, if
none of those companies is then providing professional independent managers, another nationally recognized company reasonably approved by the 

 Annex A-30 
  

 
Trustee, in each case that is not an Affiliate of the company and that provides professional independent managers and other corporate services in the ordinary course of its business, and which
individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager be, any of the following: 

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

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

(iii) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider;
or 
 (iv) a Person that controls (whether directly, indirectly or otherwise) any of (i), (ii) or (iii) above. 

A natural Person who otherwise satisfies the foregoing definition and satisfies subparagraph (i) by reason of being the Independent
Manager (or independent manager or director) of a “special purpose entity” which is an Affiliate of the company shall be qualified to serve as an Independent Manager of the company, provided that the fees that such individual earns
from serving as Independent Manager (or independent manager or director) of any Affiliate of the company in any given year constitute in the aggregate less than five percent (5.0%) of such individual’s annual income for that year. 

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

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

“Initial Principal Amount” means, with respect to any Series or Class (or Subclass) of Notes, the aggregate initial
principal amount of such Series or Class (or Subclass) of Notes specified in the applicable Series Supplement. 

 Annex A-31 
  

 “Initial Senior Notes Interest Reserve Amount” means, with respect to the
Notes issued on the Closing Date, an amount equal to $14.2 million to be deposited into the Senior Notes Interest Reserve Account and/or arranged for issuance as an Interest Reserve Letter of Credit by the Master Issuer. 

“Insolvency” means liquidation, insolvency, bankruptcy, rehabilitation, composition, reorganization or conservation; and,
when used as an adjective, “Insolvent.” 
 “Insurance/Condemnation Proceeds” means an amount equal to:
(i) any cash payments or proceeds received by the Securitization Entities (a) by reason of theft, physical destruction or damage or any other similar event with respect to any properties or assets of the Securitization Entities under any
policy of insurance (other than liability insurance) in respect of a covered loss thereunder or (b) as a result of any non-temporary condemnation, taking, seizing or similar event with respect to any
properties or assets of the Securitization Entities by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking minus
(ii)(a) any actual and reasonable costs incurred by the Securitization Entities in connection with the adjustment or settlement of any claims of the Securitization Entities in respect thereof and (b) any bona fide direct costs incurred in
connection with any disposition of such assets as referred to in clause (i)(b) of this definition, including Taxes (or distributions to a direct or indirect parent for Taxes) paid or reasonably expected to be actually payable with respect to
the Securitization Entities’ consolidated group as a result of any gain recognized in connection therewith. For the avoidance of doubt, “Insurance/Condemnation Proceeds” shall not include any proceeds of policies of insurance not
described above, such as business interruption insurance and other insurance procured in the ordinary course of business, which shall be treated as Collections. 

“Insurance Proceeds Account” means the account maintained in the name of the Master Issuer, into which the Manager is
required to cause Insurance/Condemnation Proceeds to be deposited. 
 “Intellectual Property” or “IP”
means all rights, title and interests in and to intellectual property of any type throughout the world, including: (i) Trademarks; (ii) Patents; (iii) rights in computer programs and mobile apps, including in both source code and object
code therefor, together with related documentation and explanatory materials and databases, including any Copyrights (as defined below), Patents and Trade Secrets (as defined below) therein (“Software”); (iv) copyrights (whether
registered or unregistered) in unpublished and published works, works of authorship (whether or not copyrightable), database or design rights, and all registrations and recordations thereof and all applications in connection therewith, along with
all reversions, extensions and renewals thereof (“Copyrights”); (v) trade secrets and other confidential or proprietary information, including with respect to technology, unpatented inventions, operating procedures, know how, data,
procedures and formulas, specifications, inventory methods, customer service methods, financial control methods, algorithms and training techniques (“Trade Secrets”); (vi) all Improvements of or to any of the foregoing;
(vii) all social media account names or identifiers (e.g., Twitter® handle or Facebook® account name); (viii) all registrations,
applications for registration or issuances, recordings, renewals and extensions relating to any of the foregoing; and (ix) for the avoidance of doubt, the sole and exclusive rights to prosecute and maintain any of the foregoing, to enforce any
past, present or future infringement, dilution misappropriation or other violation of any of the foregoing, and to defend any pending or future challenges to any of the foregoing. 

 Annex A-32 
  

 “Interest Accrual Period” means (a) solely with respect to any Series
of Class A-1 Notes of any Series of Notes, a period commencing on and including the day that is two (2) Business Days prior to a Quarterly Calculation Date and ending on but excluding the day that is
two (2) Business Days prior to the next succeeding Quarterly Calculation Date and (b) with respect to any other Class of Notes of any Series of Notes, the period from and including the fifth (5th) day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the fifth (5th) day of the
calendar month which includes the then-current Quarterly Payment Date; provided, however, that the initial Interest Accrual Period for any Series will commence on and include the Series Closing Date and end on the date specified above,
unless otherwise specified in the applicable Series Supplement; provided, further, that the Interest Accrual Period, with respect to each Series of Notes Outstanding, immediately preceding the Quarterly Payment Date on which the last
payment on the Notes of such Series is to be made will end on such Quarterly Payment Date. 
 “Interest-Only DSCR” has the
meaning assigned to such term under the definition of “DSCR.” 
 “Interest Reserve Letter of Credit” means any
letter of credit issued under a Variable Funding Note Purchase Agreement for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable. 

“Interest Reserve Release Event” means, as of any date of determination, and with respect to each Series of Senior Notes or
Senior Subordinated Notes Outstanding, as applicable, any reduction in (i) the Class A-1 Notes Maximum Principal Amount or (ii) the Outstanding Principal Amount of such Series of Notes,
disregarding any Series of Class A-1 Notes. 
 “Interim Allocation Date” means
the fourth Business Day immediately following the last day of each Interim Collection Period, commencing on August 17, 2018. 

“Interim Collection Period” means each period commencing (i) at 12:00 a.m. (Eastern time) on and including the 14th day of each calendar month and ending at 11:59:59 p.m. (Eastern time) on and including the 23rd day of such calendar month, (ii) at
12:00 a.m. (Eastern time) on and including the 24th day of each calendar month and ending at 11:59:59 p.m. (Eastern time) on and including the 13th day of the following calendar month, except that the first such period will be from 12:00 a.m. (Eastern time) on the Cut-Off Date to 11:59:59 p.m.
(Eastern time) on August 13, 2018. 
 “Interim Manager’s Certificate” has the meaning specified in
Section 4.1(a) of the Base Indenture. 
 “International Franchise Stores” means all Stores that
are located outside of the United States. 

 Annex A-33 
  

 “International Franchisor” means Planet Fitness International Franchise, LLC
and its successors and assigns. 
 “International Franchisor IP License” means the International Franchisor IP License,
dated as of the Closing Date, by and between the Franchisor, as licensor, and the International Franchisor, as licensee, as amended, supplemented or otherwise modified from time to time. 

“International IP License Fees” means the licensing fees paid by International Franchisor to the Franchisor pursuant to the
International Franchise IP License. 
 “Investment Income” means the investment income earned on a specified account during
a specified period, in each case net of all losses and expenses allocable thereto. 
 “Investments” means, with respect to
any Person(s), all investments by such Person(s) in other Persons in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel, moving
and other similar advances to officers, directors, employees and consultants of such Person(s) (including Affiliates) made in the ordinary course of business) and purchases or other acquisitions for consideration of Indebtedness, Equity Interests or
other securities issued by any other Person. 
 “IP License Agreements” means the Securitization Entity Licenses, the Non-Securitization Entity Licenses and the Manager IP License. 
 “IRS” means the U.S.
Internal Revenue Service. 
 “KBRA” means Kroll Bond Rating Agency, or any successor thereto. 

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

“Leadership Team” means the “executive officers” (as defined in Rule 3b-7
of the 1934 Act) of Holdco immediately prior to the date of the occurrence of a Change of Control. 
 “Lease Obligations”
means the amounts payable by Planet Fitness Assetco to third-party landlords (or with landlords that are Non-Securitization Entities, if the applicable leases are on arm’s length terms) under prime leases
with respect to Securitized Franchisee Leases. 
 “Lease Obligations Account” means the account maintained in the name of
Planet Fitness Assetco, into which the Manager is required to cause Franchisee Lease Payments to be deposited. 
 “Legacy
Account” means, on or after the date that any Class or Series of Notes issued pursuant to the Base Indenture is no longer Outstanding, any account maintained by the Trustee to which funds have been allocated in accordance with the
Priority of Payments for the payment of interest, fees or other amounts in respect of such Class or Series of Notes. 

 Annex A-34 
  

 “Letter of Credit Reimbursement Agreement” means (i) the Series 2018-1 Class A-1 Note Letter of Credit Reimbursement Agreement, dated as of the Closing Date, by and among Holdco, Planet Fitness Holdings and the Master Issuer, as
amended, supplemented or otherwise modified from time to time and (ii) any additional or replacement letter of credit reimbursement agreement entered into on substantially the same terms or otherwise with the consent of the Control Party. 

“Licensed Securitization IP” means (a) the portion of the Closing Date Securitization IP that is held or used by Planet
Fitness Holdings, the Holding Company Guarantor, the Master Issuer, or the Franchisor as of the Closing Date pursuant to license or similar arrangement; and (b) the portion of After-Acquired Securitization IP that, after the Closing Date, will
be held or used by Franchisor pursuant to license or similar arrangement. 
 “Licensee-Developed IP” means all Intellectual
Property (other than Excluded IP) created, developed, authored, acquired or owned by or on behalf of any licensee under any IP License Agreement or Franchise Agreement related to (i) the Planet Fitness Brand, (ii) products or services sold
or distributed under the Planet Fitness Brand, (iii) Stores, (iv) the Planet Fitness System, (v) the Franchise Store Business, (vi) the Securitized Corporate-Owned Store Business or (vii) the Retained Corporate-Owned Store
Business, and all goodwill appurtenant thereto, including, without limitation, all Improvements to any Securitization IP. 

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

“Majority of Controlling Class Members” means, (x) except as set forth in clause (y), with respect to
the Controlling Class Members (or, if specified, any subset thereof) and as of any day of determination, Controlling Class Members that hold in excess of 50% of the sum of (i) the Class A-1
Notes Voting Amount with respect to each Series of Class A-1 Notes of the Controlling Class and (ii) the Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than
Class A-1 Notes) or any beneficial interest therein as of such day of determination (excluding any Notes or beneficial interests in Notes held by any Securitization Entity or any Affiliate of any
Securitization Entity) and (y) with respect to the election of a Controlling Class Representative, Controlling Class Members that hold in excess of 50% of the sum of (i) the Class A-1
Notes Voting Amount with respect to each Series of Class A-1 Notes of the Controlling Class and (ii) the Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than
Class A-1 Notes) or any beneficial interest therein, in each case, that are Outstanding as of the CCR Voting Record Date and with respect to which votes were submitted by the applicable deadline for
voting (which may be less than the Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date). 

 Annex A-35 
  

 “Majority of Senior Noteholders” means Senior Noteholders holding in excess
of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of Class A-1 Notes Outstanding and (ii) the Outstanding
Principal Amount of each Series of Senior Notes other than Class A-1 Notes (excluding any Senior Notes or beneficial interests in Senior Notes held by any Securitization Entity or any Affiliate of any
Securitization Entity). 
 “Management Accounts” means, collectively, the Securitized Corporate-Owned Store Accounts, the
Equipment Distributor Operating Accounts, the Lease Obligations Accounts, the Franchisor Capital Accounts, the Concentration Accounts, the Asset Disposition Proceeds Account, the Insurance Proceeds Account, and such other accounts as may be
established by the Manager from time to time pursuant to the Management Agreement that the Manager designates as a “Management Account” for purposes of the Management Agreement. 

“Management Agreement” means the Management Agreement, dated as of the Closing Date, by and among the Securitization
Entities, the Trustee and the Manager, as amended, supplemented or otherwise modified from time to time. 
 “Management
Fee” has the meaning set forth in the Management Agreement. 
 “Manager” means Planet Fitness Holdings, as
Manager, under the Management Agreement, and any successor thereto. 
 “Manager Advances” has the meaning set forth in the
Management Agreement. 
 “Manager Deposit Requirements” has the meaning set forth in the Management Agreement. 

“Manager-Developed IP” means all Intellectual Property (other than Excluded IP) created, developed, authored, acquired or
owned by or on behalf of the Manager related to or intended to be used by (i) the Planet Fitness Brand, (ii) products or services sold or distributed under the Planet Fitness Brand, (iii) Stores, (iv) the Planet Fitness System
(v) the Franchise Store Business or (vi) the Securitized Corporate-Owned Store Business, including without limitation all Improvements to any Securitization IP. 

“Manager IP License” means the Manager IP License, dated as of the Closing Date, by and between the Franchisor, as licensor,
and Manager, as licensee, as amended, supplemented or otherwise modified from time to time. 
 “Manager Termination Event”
means the occurrence of an event specified in Section 7.1 of the Management Agreement. 
 “Managing
Standard” has the meaning set forth in the Management Agreement. 
 “Master Issuer” means Planet Fitness Master
Issuer LLC, a Delaware limited liability company, and its successors and assigns. 

 Annex A-36 
  

 “Material Adverse Effect” means 

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

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

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

“Monthly Fiscal Period” means each calendar month. 

“Monthly Fiscal Period Equipment Distribution Accrual Profits Amount” means, for each Monthly Fiscal Period, the amount (not
less than zero) equal to (a) all revenue accrued in respect of the Securitized Equipment Supply Agreements minus (b) all Equipment Distribution Operating Expenses accrued over such period. 

 Annex A-37 
  

 “Monthly Fiscal Period Equipment Distribution Cash Profits Amount” means for
each Monthly Fiscal Period, the amount (not less than zero) equal to (a) all Equipment Revenue Payments received during such period minus (b) all Equipment Distribution Operating Expenses paid in cash out of funds on deposit in the
Equipment Distributor Operating Accounts over such period. 
 “Monthly Fiscal Period Equipment Distribution Profits True-up Amount” means, with respect to each Monthly Fiscal Period of the Securitization Entities, the sum of (a) the amount (whether positive or negative) equal to (i) the Monthly Fiscal Period
Equipment Distribution Accrual Profits Amount for such Monthly Fiscal Period minus (ii) the Monthly Fiscal Period Estimated Equipment Distribution Profits Amount for such Monthly Fiscal Period plus (b) the unpaid amount of
all Monthly Fiscal Period Equipment Distribution Profits True-up Amounts for all prior Monthly Fiscal Periods. 

“Monthly Fiscal Period Estimated Equipment Distribution Profits Amount” means, with respect to each Monthly Fiscal Period of
the Securitization Entities, at the option of the Master Issuer, either (x) an estimate of the Monthly Fiscal Period Equipment Distribution Accrual Profits Amount for such period or (y) an estimate of the Monthly Fiscal Period Equipment
Distribution Cash Profits Amount for such period, in each case, as set forth in the relevant Interim Manager’s Certificate delivered with respect to the Interim Allocation Date immediately following the last day of such Monthly Fiscal
Period. 
 “Monthly Fiscal Period Securitized Corporate-Owned Store Accrual Profits Amount” means, for each Monthly Fiscal
Period, the amount (not less than zero) equal to (a) all revenue accrued in respect of the Securitized Corporate-Owned Stores minus (b) all Store Operating Expenses accrued over such period. 

“Monthly Fiscal Period Securitized Corporate-Owned Store Cash Profits Amount” means, for each Monthly Fiscal Period, the
amount (not less than zero) equal to (a) all Securitized Corporate-Owned Store Collections received during such period minus (b) all Store Operating Expenses paid in cash out of funds on deposit in the Securitized Corporate-Owned
Store Accounts over such period. 
 “Monthly Fiscal Period Estimated Securitized Corporate-Owned Store Profits Amount”
means, with respect to each Monthly Fiscal Period of the Securitization Entities, at the option of the Master Issuer, either (x) an estimate of the Monthly Fiscal Period Securitized Corporate-Owned Store Accrual Profits Amount for such period
or (y) an estimate of the Monthly Fiscal Period Securitized Corporate-Owned Store Cash Profits Amount for such period, in each case, as set forth in the Interim Manager’s Certificate delivered with respect to the Interim Allocation Date
immediately following the last day of such Monthly Fiscal Period. 
 “Monthly Fiscal Period Securitized Corporate-Owned Store
Profits True-up Amount” means, with respect to each Monthly Fiscal Period of the Securitization Entities, the sum of (a) the amount (whether positive or negative) equal to (i) the Monthly
Fiscal Period Securitized Corporate-Owned Store Accrual Profits Amount for such Monthly Fiscal Period minus (ii) the Monthly Fiscal Period Estimated Securitized Corporate-Owned Store Profits Amount for such Monthly Fiscal Period
plus (b) the unpaid amount of all Monthly Fiscal Period Securitized Corporate-Owned Store Profits True-up Amounts for all prior Monthly Fiscal Periods. 

 Annex A-38 
  

 “Moody’s” means Moody’s Investors Service, Inc. or any successor
thereto. 
 “Multiemployer Plan” means any Plan that is a “multiemployer plan” as defined in Section 3(37)
or Section 4001(a)(3) of ERISA. 
 “NAF” means Planet Fitness NAF, LLC, a New Hampshire limited liability company, and
its successors and assigns. 
 “Net Franchisee Lease Payments” means the net profit from the Securitized Franchisee Leases,
equal to the amount of Franchisee Lease Payments minus the Lease Obligations. 
 “Net Cash Flow” means, except as
described in the definition of “DSCR” for the first four (4) Quarterly Calculation Dates, with respect to any Quarterly Payment Date and the immediately preceding Quarterly Collection Period, the positive difference, if any, of: 

(a) the Retained Collections for such Quarterly Collection Period; minus 

(b) the amount (without duplication) equal to the sum of (i) the Securitization Operating Expenses paid on each Interim
Allocation Date with respect to such Quarterly Collection Period pursuant to priority (v) of the Priority of Payments, (ii) the Management Fees and Supplemental Management Fees paid on each Interim Allocation Date to
the Manager with respect to such Quarterly Collection Period, (iii) the Servicing Fees, Liquidation Fees, and Workout Fees paid to the Servicer on each Interim Allocation Date with respect to such Quarterly Collection Period; and (iv) the
amount of Class A-1 Notes Administrative Expenses paid on each Interim Allocation Date with respect to such Quarterly Collection Period; minus 

(c) the amount, if any, by which equity contributions included in such Retained Collections exceeds the relevant amount of
Retained Collections Contributions permitted to be included in Net Cash Flow pursuant to Section 5.17 of the Base Indenture; 

provided that funds released from the Cash Trap Reserve Account, the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest
Reserve Account shall not constitute Retained Collections for purposes of this definition. 
 “New Area Development
Agreements” means all Area Development Agreements and related guaranty agreements contributed to, or otherwise entered into or acquired by, any Securitization Entity following the Closing Date. 

“New Contributed Corporate-Owned Store Assets” means all of the assets associated with owning and operating the New
Securitized Corporate-Owned Stores (such as furnishings, fitness and other equipment and computer equipment), other than (i) the New Contributed Corporate-Owned Store Leases and (ii) the Securitization IP. 

“New Contributed Corporate-Owned Store Leases” means (i) leases with respect to Securitized Corporate-Owned Stores,
(ii) leases from landlord unaffiliated with Holdco (or with landlords that are Non-Securitization Entities, if such leases are on arm’s length terms), in respect of which a Securitization Entity is
the prime lessee, and (iii) Securitized Franchisee Leases, in each case, contributed to, or otherwise entered into or acquired by, a Securitization Entity following the Closing Date. 

 Annex A-39 
  

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

 “New Securitized Authorized Vendor Contracts” means all Authorized Vendor Contracts and related guaranty agreements
contributed to, or otherwise entered into or acquired by, any Securitization Entity following the Closing Date. 
 “New Securitized
Corporate-Owned Stores” means all Corporate-Owned Stores that are contributed and/or established by a Securitization Entity after the Closing Date. 

“New Securitized Equipment Supply Agreements” means all Equipment Supply Agreements that are acquired or entered into by a
Securitization Entity after the Closing Date. 
 “New Series Pro Forma DSCR” means,
at any time of determination and with respect to the issuance of any Additional Notes, the ratio calculated by dividing (i) the Net Cash Flow over the four immediately preceding Quarterly Collection Periods most recently ended by
(ii) the Debt Service due during such period, in each case on a pro forma basis, calculated as if (a) such Additional Notes had been outstanding and any assets acquired with the proceeds of such Additional Notes had been acquired at
the commencement of such period, and (b) any Notes that have been paid, prepaid or repurchased and cancelled during such period, or any Notes that will be paid, prepaid or repurchased and cancelled using the proceeds of such issuance, were so
paid, prepaid or repurchased and cancelled as of the commencement of such period. 
 “New York UCC” has the meaning set
forth in Section 5.9(b) of the Base Indenture. 
 “Nonrecoverable Advance” means any portion of
an Advance previously made and not previously reimbursed, or proposed to be made, which, together with any then-outstanding Advances, and the interest accrued or that would reasonably be expected to accrue thereon, in the reasonable and good faith
judgment of the Servicer or the Trustee, as applicable, would not be ultimately recoverable from subsequent payments or collections from any funds on deposit in the Collection Account or funds reasonably expected to be deposited in the Collection
Account following such date of determination, giving due consideration to allocations and disbursements of funds in such accounts and the limited assets of the Securitization Entities. 

“Non-Securitization Entity” means Holdco and each of its Affiliates (including each
of their Subsidiaries, but excluding any Securitization Entity) now existing or hereafter created. 
 “Note Owner” means,
with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds such Book-Entry Note, or on the books of a Person maintaining an account with such
Clearing Agency (directly or as an indirect participant, in accordance with the rules of such Clearing Agency). 

 Annex A-40 
  

 “Note Owner Certificate” has the meaning specified in
Section 11.5(b) of the Base Indenture. 
 “Note Rate” means, with respect to any Series or
any Class, Subclass or Tranche of any Series of Notes, the annual rate at which interest (other than contingent additional interest) accrues on the Notes of such Series or such Class, Subclass or Tranche of such Series of Notes (or the formula
on the basis of which such rate will be determined) as stated in the applicable Series Supplement. 
 “Note Register” means
the register maintained pursuant to Section 2.5(a) of the Base Indenture, providing for the registration of the Notes and transfers and exchanges thereof, subject to such reasonable regulations as the Master Issuer may
prescribe. 
 “Noteholder” means the Person in whose name a Note is registered in the Note Register. 

“Notes” has the meaning specified in the recitals to the Base Indenture. 

“Notes Discharge Date” means, with respect to any Class or Series of Notes, the first date on which such Class or
Series of Notes is no longer Outstanding. 
 “Obligations” means (a) all principal, interest and premium, if any, at
any time and from time to time, owing by the Master Issuer on the Notes or owing by the Guarantors pursuant to the Guarantee and Collateral Agreement, (b) the payment and performance of all other obligations, covenants and liabilities of the
Master Issuer or the Guarantors arising under the Indenture, the Notes, any other Indenture Document or the Servicing Agreement or of the Guarantors under the Guarantee and Collateral Agreement and (c) the obligation of the Master Issuer to pay
to the Trustee all fees and expenses payable to the Trustee under the Indenture and the other Related Documents to which it is a party when due and payable as provided in the Indenture. 

“Officer’s Certificate” means a certificate signed by an Authorized Officer of the party delivering such certificate.

 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee and the
Control Party, which may include one or more reliance letters. The counsel may be an employee of, or counsel to, the Securitization Entities, Holdco, the Manager or the Back-Up Manager, as the case may be.

 “Other Franchisee Payments” means any amounts other than Royalty Payments, Franchisee Lease Payments or Retained
Corporate-Owned Store IP License Fees that are payable by any Franchisee, or by any Non-Securitization Entity in respect of a Retained Corporate-Owned Store, to the Franchisor, including transfer and renewal
fees and fees payable in connection with new Franchise Agreements or Area Development Agreements. 

 Annex A-41 
  

 “Outstanding” means, with respect to the Notes, as of any time, all of the
Notes of any one or more Series, as the case may be, theretofore authenticated and delivered under the Indenture except: 

(i) Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation; 

(ii) Notes, or portions thereof, for whose payment or redemption funds in the necessary amount have been theretofore
irrevocably deposited with the Trustee in trust for the Noteholders of such Notes pursuant to the Indenture; provided that, if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to the
Indenture or provision therefore reasonably satisfactory to the Trustee has been made; 
 (iii) Notes in exchange for, or in
lieu of which other Notes have been authenticated and delivered pursuant to the Indenture, unless proof reasonably satisfactory to the Trustee is presented that any such Notes are held by a Holder in due course; 

(iv) Notes that have been defeased in accordance with the Base Indenture; and 

(v) Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided in
the Indenture; 
 provided that, (A) in determining whether the Noteholders of the requisite Outstanding Principal Amount have given any
request, demand, authorization, direction, notice, consent, waiver or vote under the Indenture, the following Notes shall be disregarded and deemed not to be Outstanding: (x) Notes owned by the Securitization Entities or any other obligor upon
the Notes or any Affiliate of any of them and (y) Notes held in any accounts with respect to which the Manager or any Affiliate thereof exercises discretionary voting authority; provided, further, that in determining whether the
Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or vote, only Notes as described under clause (x) or (y) above that a Trust Officer actually knows to be so owned shall
be so disregarded; and (B) Notes owned in the manner indicated in clause (x) or (y) above that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Notes and that the pledgee is not a Securitization Entity or any other obligor or the Manager, an Affiliate thereof, or an account for which the Manager or an Affiliate of the Manager exercises
discretionary voting authority. 
 “Outstanding Principal Amount” means, with respect to each Series of Notes, the amount
calculated in accordance with the applicable Series Supplement or Variable Funding Note Purchase Agreement, which amount with respect to any Series of Class A-1 Notes may include outstanding amounts under
swingline or letter of credit subfacilities thereunder. 
 “Owned Securitization IP” means (a) the portion of the
Closing Date Securitization IP that is owned by Planet Fitness Holdings, the Holding Company Guarantor, the Master Issuer, or the Franchisor as of the Closing Date; and (b) the portion of the After-Acquired Securitization IP that, after the
Closing Date, will be owned by the Franchisor. 

 Annex A-42 
  

 “Parent Company Support Agreement” means that certain Parent Company Support
Agreement, dated the Closing Date, by Holdco in favor of the Trustee, as amended, modified or supplemented from time to time. 

“Pass-Through Amounts” means amounts in respect of sales Taxes and other comparable Taxes, payroll Taxes, wage garnishments
and other amounts received by Securitized Corporate-Owned Stores that are due and payable to a Governmental Authority or other unaffiliated third party. 

“Patents” means United States and non-U.S. patents (including, during the term of the
patent, the inventions claimed thereunder), patent disclosures, industrial designs, inventions (whether or not patentable or reduced to practice), invention disclosures, and applications, divisions, continuations, continuations-in-part, provisionals, reexaminations and reissues for any of the foregoing. 

“Paying Agent” has the meaning specified in Section 2.5(a) of the Base Indenture. 

“Payment Processor Rebates” means any amounts that are payable to the Franchisor (other than Webjoin Fees, Royalty Payments,
Retained Corporate-Owned Store IP License Fees, Franchisee Lease Payments or Other Franchisee Payments), including transaction fee rebates, by a third-party payment processor pursuant to a Securitized Payment Processor Contract. 

“PBGC” means the Pension Benefit Guaranty Corporation established under Section 4002 of ERISA. 

“Perfected Countries” means a country or countries necessary to keep the Perfection Ratio at or above 90%; provided
that the specific country or countries will be chosen in Planet Fitness’ sole discretion. As of the Closing Date, the Perfected Countries shall include the United States and Canada. 

“Perfection Ratio” means (a) the aggregate sum of all Royalty Payments in respect of the Perfected Countries divided
by (b) the aggregate sum of all Royalty Payments included in the Retained Collections in all countries in which the Planet Fitness System operates. 

“Permitted Asset Dispositions” has the meaning set forth in Section 8.16 of the Base Indenture.

 “Permitted Lien” means (a) Liens for (i) Taxes, assessments or other governmental charges not delinquent or
(ii) Taxes, assessments or other charges being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (b) all Liens
created or permitted under the Related Documents in favor of the Trustee for the benefit of the Secured Parties, (c) Liens existing on the Closing Date, which shall be released on such date, provided that Intellectual Property
recordations of Liens need not have been terminated of record on the Closing Date so long as such Intellectual Property recordations of Liens are terminated of record within sixty (60) days of the Closing Date, (d) encumbrances in the
nature of (i) a lessor’s fee interest, (ii) zoning, building code and similar laws or rights reserved or vested in any Governmental Authority to control or regulate 

 Annex A-43 
  

 
the use of any real property, (iii) easements, rights-of-way, covenants, restrictions and other title matters
shown by the public records, (iv) overlaps, encroachments and any matters not of record which would be disclosed by an accurate survey or a personal inspection of the property, (v) conditions, encroachments, protrusions and other similar
charges and encumbrances and minor defects in title and survey affecting real property which, in each case (as described in clauses (d)(i) through (v) above), individually or in the aggregate, do not materially
detract from the value of the affected property, or impair the use thereof, or materially interfere with the ordinary conduct of the business of any Securitization Entity and (vi) the interest of a lessee in property leased to a Franchisee,
(e) in the case of any interest in real estate consisting of a Securitized Corporate-Owned Store Lease, (i) the terms of the applicable Securitized Corporate-Owned Store Lease, (ii) Liens affecting the underlying fee interest in the
real estate and/or any of the property of the lessor grantor under the applicable lease (including, without limitation, any mortgages on the landlord’s fee interest in the leased real estate) and (iii) Liens with respect to which the
Securitized Corporate-Owned Store Lease has priority, (f) deposits or pledges made (i) in connection with casualty insurance maintained in accordance with the Related Documents, (ii) to secure the performance of bids, tenders,
contracts or leases (including, for the avoidance of doubt, cash collateralized letters of credit issued for the purpose of paying Retained Lease Obligations) (iii) to secure statutory obligations or surety or appeal bonds or (iv) to
secure indemnity, performance or other similar bonds in the ordinary course of business of any Securitization Entity, (g) statutory or common law Liens of landlords, lessors, carriers, warehousemen, mechanics, materialmen, repairmen,
construction contractors or other like Liens arising in the ordinary course of business, in each case securing obligations (i) that are not yet due and payable or not overdue for more than forty-five (45) days from the date of creation
thereof or (ii) being contested in good faith by any Securitization Entity in appropriate proceedings (so long as such Securitization Entity shall, in accordance with GAAP, have set aside on its books adequate reserves with respect thereto),
(h) restrictions under federal, state or foreign securities laws on the transfer of securities, (i) any Liens arising under law or pursuant to documentation governing permitted accounts in connection with the Securitization Entities’
cash management system (including credit card and processing arrangements), (j) Liens arising from judgment, decrees or attachments in circumstances not constituting an Event of Default, (k) Liens arising in connection with any Capitalized
Lease Obligations, sale-leaseback transaction or in connection with any Indebtedness, in each case that is permitted under the Indenture, (l) Liens not securing Indebtedness that attach to any Collateral in an aggregate outstanding amount not
exceeding $20,000,000 at any time, (m) Liens on Collateral that has been pledged pursuant to a Variable Funding Note Purchase Agreement with respect to letters of credit issued thereunder, and (n) any encumbrance on Securitization IP
created by entering into (i) any licenses of Securitization IP under the IP License Agreements and to the Manager in connection with the performance of its Services under the Management Agreement and (ii) other non-exclusive licenses of Securitization IP (A) granted in the ordinary course of business, (B) that when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the
Manager of the Management Agreement and (C) that would not reasonably be expected to materially and adversely impact the Securitization IP (taken as a whole). 

“Person” means an individual, corporation (including a business trust), partnership, limited liability partnership, limited
liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof. 

 Annex A-44 
  

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

“Planet Fitness Assetco” means Planet Fitness Assetco, LLC, a Delaware limited liability company, and its successors and
assigns. 
 “Planet Fitness Assetco Corporate-Owned Store IP License” means the Planet Fitness Assetco Corporate-Owned
Store IP License, dated as of the Closing Date, by and between the Franchisor, as licensor, and Planet Fitness Assetco, as licensee, as amended, supplemented or otherwise modified from time to time. 

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

“Planet Fitness Holdings” means Planet Fitness Holdings, LLC, a New Hampshire limited liability company, and its successors
and assigns. 
 “Planet Fitness Mobile Apps” means all consumer-facing Planet Fitness Brand mobile applications, including
those contributed to the Franchisor on the Closing Date or acquired by the Franchisor following the Closing Date. 
 “Planet Fitness
System” means the system of stores operating under the Planet Fitness Brand. 
 “Planet Fitness Systemwide Sales”
means, with respect to any Quarterly Calculation Date, global monthly dues and annual membership fees billed from members (which will be permitted to include an estimated increase of up to 5% of such total) of all Stores for the four Quarterly
Collection Periods ended immediately prior to such Quarterly Calculation Date. 
 “Post-ARD
Contingent Interest” means any Senior Notes Quarterly Post-ARD Contingent Interest Amount, Senior Subordinated Notes Quarterly Post-ARD Contingent Interest
Amount and Subordinated Notes Quarterly Post-ARD Contingent Interest Amount. 
 “Post-ARD Rapid Amortization Cure Period” has the meaning set forth in Section 9.1 of the Base Indenture. 

“Post-Default Capped Trustee Expenses” has the meaning set forth in the definition of “Post-Default Capped Trustee
Expenses Amount.” 
 “Post-Default Capped Trustee Expenses Amount” means an amount equal to the lesser of (a) all
reasonable expenses payable by the Master Issuer to the Trustee pursuant to the Indenture after the occurrence and during the continuation of an Event of Default in connection with any obligations of the Trustee in connection with such Event of
Default that are in excess of the Capped Securitization Operating Expense Amount (“Post-Default Capped Trustee Expenses”) and (b) the 

 Annex A-45 
  

 
amount by which (i) $100,000 exceeds (ii) the aggregate amount of Post-Default Capped Trustee Expenses previously paid on each Interim Allocation Date that occurred in the annual period
(measured from the Closing Date to the anniversary thereof and from each anniversary thereof to the next succeeding anniversary thereof) in which such Interim Allocation Date occurs. 

“Potential Manager Termination Event” means any occurrence or event which, with the giving of notice, the passage of time or
both, would constitute a Manager Termination Event. 
 “Potential Rapid Amortization Event” means any occurrence or event
which, with the giving of notice, the passage of time or both, would constitute a Rapid Amortization Event; provided that any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Rapid
Amortization Event as described in clause (e) of the definition of Rapid Amortization Event, shall not constitute a Potential Rapid Amortization Event. 

“Prime Rate” means the rate of interest publicly announced from time to time by a commercial bank mutually agreed upon by the
Manager and the Servicer as its reference rate, base rate or prime rate. 
 “Principal Release Amount” means, with respect
to any Series and any Quarterly Payment Date on which the related Series Non-Amortization Test is satisfied in accordance with the applicable Series Supplement, all or part of the amounts allocated with
respect to such Scheduled Principal Payment to the applicable Collection Account Administrative Account pursuant to the Priority of Payments during the immediately preceding Quarterly Collection Period which the Master Issuer does not elect to make
as a Scheduled Principal Payment with respect to such Series on such Quarterly Payment Date. 
 “Principal Terms” has the
meaning specified in Section 2.3 of the Base Indenture. 
 “Priority of Payments” means the
allocation and payment obligations described in Section 5.12 and Section 5.13 of the Base Indenture as supplemented by the allocation and payment obligations with respect to each Series of Notes
described in each Series Supplement. 
 “pro forma event” has the meaning set forth in
Section 14.18 of the Base Indenture. 
 “Proceeding” means any suit in equity, action at law or
other judicial or administrative proceeding. 
 “Proceeds” has the meaning specified in
Section 9-102(a)(64) of the applicable UCC. 
 “PTO” means the U.S. Patent and
Trademark Office and any successor U.S. federal office. 
 “Qualified Institution” means a depository institution organized
under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and
examination by federal or state banking authorities that at all times has the Required Rating and, in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC. 

 Annex A-46 
  

 “Qualified Trust Institution” means an institution organized under the laws
of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal
or state banking authorities that at all times (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii) has capital, surplus and undivided profits of not less than $250,000,000 as set forth in its most
recent published annual report of condition and (iii) has a long term deposits rating of not less than “Baa1” by Moody’s and “BBB+” by S&P. 

“Quarterly Calculation Date” means the date four (4) Business Days prior to each Quarterly Payment Date. 

“Quarterly Collection Period” means (i) in the case of the initial Quarterly Collection Period, the period from the
Closing Date to and including October 13, 2018 and (ii) for each Quarterly Collection Period thereafter, the period from the 14th calendar day of the current fiscal quarter to and
including the 13th calendar day of the immediately following calendar quarter. 

“Quarterly Compliance Certificate” has the meaning specified in Section 4.1(c) of the Base
Indenture. 
 “Quarterly Fiscal Period” means each calendar quarter. 

“Quarterly Noteholders’ Report” means, with respect to any Series of Notes, a statement substantially in the form of an
Exhibit C to the applicable Series Supplement, including the Manager’s statement specified in such exhibit. 

“Quarterly Payment Date” means, unless otherwise specified in any Series Supplement for the related Series of Notes, the
fifth (5th) day of each March, June, September and December, or if such day is not a Business Day, the next succeeding Business Day, commencing on December 5, 2018. Any reference to a
Quarterly Collection Period relating to a Quarterly Payment Date means the Quarterly Collection Period most recently ended prior to such Quarterly Payment Date, and any reference to an Interest Accrual Period relating to a Quarterly Payment Date
means the Interest Accrual Period most recently ended prior to such Quarterly Payment Date. 
 “Rapid Amortization DSCR
Threshold” means a DSCR equal to 1.20x. 
 “Rapid Amortization Event” has the meaning specified in
Section 9.1 of the Base Indenture. 
 “Rapid Amortization Period” means the period commencing on
the date on which a Rapid Amortization Event occurs and ending on the earlier to occur of the waiver of the occurrence of such Rapid Amortization Event in accordance with Section 9.7 of the Base Indenture and the date on
which there are no Notes Outstanding. 

 Annex A-47 
  

 “Rating Agency” means any of S&P, KBRA and any successor or successors
thereto. In the event that at any time the rating agencies rating the Notes do not include S&P and/or KBRA, references to rating categories of S&P and/or KBRA in the Indenture will be deemed instead to be references to the equivalent
categories of such other rating agency as then is rating the Notes as of the most recent date on which such other rating agency and S&P and/or KBRA published ratings for the type of security in respect of which such alternative rating agency is
used. If the applicable Series Supplement or Variable Funding Note Purchase Agreement specifies an additional rating agency, then “Rating Agency” as used herein also refers to such additional rating agency. 

“Rating Agency Condition” means, with respect to any Outstanding Series of Notes and any event or action to be taken or
proposed to be taken requiring satisfaction of the Rating Agency Condition in the Indenture or in any other Related Document, a condition that is satisfied if the Manager has notified the Master Issuer, the Servicer and the Trustee in writing that
the Manager has provided the Rating Agency and the Servicer with a written notification setting forth in reasonable detail such event or action and has actively solicited (by written request and by request via email and telephone) a Rating Agency
Confirmation from the Rating Agency, and the Rating Agency has either provided the Manager with a Rating Agency Confirmation with respect to such event or action or informed the Manager that it declines to review such event or action;
provided that: 
 (i) except in connection with the issuance of Additional Notes, as to which the conditions of
clause (ii) below will apply in all cases, the Rating Agency Condition in respect of any Rating Agency will be required to be satisfied in connection with any such event or action only if the Manager determines in its sole discretion
that the policies of such Rating Agency permit it to deliver such Rating Agency Confirmation; and 
 (ii) the Rating Agency
Condition will not be required to be satisfied in respect of any Rating Agency if the Manager provides an Officer’s Certificate (along with copies of all written requests for such Rating Agency Confirmation and copies of all related email
correspondence) to the Master Issuer, the Servicer and the Trustee certifying that: 
 (a) the Manager has not received any
response from such Rating Agency after the Manager has repeated such active solicitation (by request via telephone and by email) on or about the tenth (10th) Business Day and the fifteenth (15th) Business Day following the date of delivery of the
initial solicitation; and 
 (b) the Manager has no reason to believe that such event or action would result in such Rating
Agency withdrawing its credit ratings on such Outstanding Series of Notes or assigning credit ratings on such Outstanding Series of Notes below the lower of (1) the then-current credit ratings on such Outstanding Series of Notes or (2) the
initial credit ratings assigned to such Outstanding Series of Notes by such Rating Agency (in each case, without negative implications); and 

(c) solely in connection with any issuance of Additional Notes, either: 

(1) at least one (1) Rating Agency has provided a Rating Agency Confirmation; or 

 Annex A-48 
  

 (2) the Rating Agency has rated the Additional Notes no lower than the lower
of (x) the then-current credit rating assigned by such Rating Agency or (y) the initial credit rating assigned by such Rating Agency (in each case, without negative implications) to each Outstanding Series of Notes ranking on the same
priority as the Additional Notes, or, if no Outstanding Series of Notes ranks on the same priority as such Additional Notes, the Control Party will have provided its written consent to the issuance of such Additional Notes. 

provided, that in the case of clause (c), a Rating Agency Confirmation of S&P will be required for each Series of Notes then rated by S&P at
the time of such issuance of Additional Notes (other than any Series of Notes that will be repaid in full from the proceeds of issuance of the Additional Notes or otherwise on the applicable Series Closing Date for such Additional Notes). 

“Rating Agency Confirmation” means, with respect to any Outstanding Series of Notes, a confirmation from each Rating Agency
that a proposed event or action will not result in (i) a withdrawal of its credit ratings on such Outstanding Series of Notes or (ii) the assignment of credit ratings on such Outstanding Series of Notes below the lower of (A) the
then-current credit ratings on such Outstanding Series of Notes or (B) the initial credit ratings assigned to such Outstanding Series of Notes by such Rating Agency (in each case, without negative implications). 

“Rating Agency Notification” means, with respect to any prospective action or occurrence, a written notification to each
Rating Agency for each Series of Notes Outstanding setting forth in reasonable detail such action or occurrence. 
 “Record
Date” means, with respect to any Quarterly Payment Date, the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which such Quarterly Payment Date occurs. 

“Refranchising Asset Disposition” has the meaning set forth in Section 8.16(l) of the Base
Indenture. 
 “Registrar” has the meaning specified in Section 2.5(a) of the Base Indenture. 

“Related Documents” means the Indenture, the Notes, the Guarantee and Collateral Agreement, each Account Control Agreement,
the Management Agreement, the Servicing Agreement, the Back-Up Management Agreement, any Series Hedge Agreement, the Contribution Agreements, any agreement pursuant to which New Contributed Assets are
contributed to the Securitization Entities, any Variable Funding Note Purchase Agreement, each other note purchase agreement pursuant to which Notes are purchased, the IP License Agreements, any Enhancement Agreement, the Charter Documents, each
Letter of Credit Reimbursement Agreement, the Parent Company Support Agreement and any additional document identified as a “Related Document” in the Series Supplement for any Series of Notes Outstanding and any other material agreements
entered into, or certificates delivered, pursuant to the foregoing documents. 
 “Reportable Event” means any
“reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Single Employer Plan (other than an event for which the 30-day notice period is
waived). 

 Annex A-49 
  

 “Required Rating” means (i) a short-term certificate of deposit rating
from S&P of at least “A-2” and if it is rated by KBRA, from KBRA of at least “K2” and (ii) a long-term unsecured debt rating of not less than
“BBB-” by S&P and if it is rated by KBRA, of an unsecured debt rating of not less than “BBB-” by KBRA. 

“Requirements of Law” means, with respect to any Person or any of its property, the certificate of incorporation or articles
of association and by-laws, limited liability company agreement, partnership agreement or other organizational or governing documents of such Person or any of its property, and any law, treaty, rule or
regulation, or determination of any arbitrator or Governmental Authority, in each case applicable to, or binding upon, such Person or any of its property or to which such Person or any of its property is subject, “whether federal, state, local
or foreign (including, without limitation, usury laws, the Federal Truth in Lending Act, state franchise laws and retail installment sales acts). 

“Residual Amount” means for any Interim Allocation Date with respect to any Quarterly Collection Period the amount, if any,
by which the amount allocated to the Collection Account on such Interim Allocation Date exceeds the sum of the amounts to be paid and/or allocated on such Interim Allocation Date pursuant to priorities (i) through (xxix) of
the Priority of Payments. 
 “Retained Collections” means, with respect to any specified period of time, the amount equal
to (A) the sum of (i) Collections (other than Securitized Corporate-Owned Store Collections, Equipment Revenue Payments and Franchisee Lease Payments) received over such period plus, without duplication, (ii) Monthly Fiscal
Period Estimated Securitized Corporate-Owned Store Profits Amount for the Monthly Fiscal Period most recently ended plus, without duplication, (iii) with respect to all prior Monthly Fiscal Periods, any unpaid Monthly Fiscal Period
Securitized Corporate-Owned Store Profits True-up Amounts, plus, without duplication, (iv) Monthly Fiscal Period Estimated Equipment Distribution Profits Amount for the Monthly Fiscal Period
most recently ended, plus, without duplication, (v) with respect to all prior Monthly Fiscal Periods, any unpaid Monthly Fiscal Period Equipment Distribution Profits True-up Amount, plus,
without duplication, (vi) Net Franchisee Lease Payments for the Monthly Fiscal Period most recently ended, minus (B), without duplication, the Excluded Amounts over such period. 

“Retained Collections Contribution” means, with respect to any Quarterly Collection Period, an equity contribution made to
the Master Issuer, at any time prior to the Series Legal Final Maturity Date with respect the last Series of Notes Outstanding, to be included in Net Cash Flow in accordance with Section 5.17 of the Base Indenture, which
for all purposes of the Related Documents, except as otherwise specified therein, will be treated as Retained Collections received during such Quarterly Collection Period; provided that any Retained Collections Contribution made will be
excluded from Net Cash Flow for purposes of calculations undertaken in the following circumstances: (i) the New Series Pro Forma DSCR or (ii) compliance with the applicable Series Non-Amortization
Test. 
 “Retained Corporate-Owned Store Business” means the business of owning and operating the Retained Corporate-Owned
Stores and the provision of ancillary goods and services in connection therewith. 

 Annex A-50 
  

 “Retained Corporate-Owned Stores IP License Fees” means royalty payments
payable by Retained Corporate-Owned Stores to the Franchisor at a rate equal to at a rate equal to seven percent (7%) of the Member Payments. 

“Retained Corporate-Owned Stores IP Licenses” means, collectively, any licenses to a
Non-Securitization Entity as the owner and operator of a Retained Corporate-Owned Store, as licensee, from the Franchisor, as licensor, as amended, supplemented or otherwise modified from time to time. 

“Retained Corporate-Owned Stores” means the Corporate-Owned Stores held after the Closing Date by one or more Non-Securitization Entities. 
 “Retained Lease Obligations” means any lease obligations
required to be paid for Retained Corporate-Owned Stores. 
 “Royalty Payments” means the portion of any member’s
annual or monthly membership fees that are payable by any Franchisee to the Franchisor, including those payable through a third-party payment processor. 

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

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

“Scheduled Principal Payments” means, with respect to each Series or any Class of any Series of Notes, each payment
scheduled to be made pursuant to the applicable Series Supplement that reduces the amount of principal Outstanding with respect to such Series or Class on a periodic basis that is identified as “Scheduled Principal Payments” in
the applicable Series Supplement. 
 “Scheduled Principal Payments Deficiency Event” means, with respect to any Quarterly
Collection Period, as of the last Interim Allocation Date with respect to such Quarterly Collection Period, the occurrence of the following event: the amount of funds on deposit in the Senior Notes Principal Payment Account after the last Interim
Allocation Date with respect to such Quarterly Collection Period is less than the aggregate amount of Senior Notes Quarterly Scheduled Principal Amounts due and payable on all such Senior Notes for the next succeeding Quarterly Payment Date. 

“Scheduled Principal Payments Deficiency Notice” has the meaning specified in Section 4.1(d) of the
Base Indenture. 
 “SEC” means the United States Securities and Exchange Commission. 

“Secured Parties” means the Trustee, for the benefit of (i) itself, (ii) the Noteholders, (iii) the Servicer,
(iv) the Control Party, (v) the Manager, (vi) the Back-Up Manager, (vii) each Hedge Counterparty, if any, and (viii) the Enhancement Provider, if any, together with their respective
successors and assigns. 
 “Securities Intermediary” has the meaning set forth in Section 5.9(a)
of the Base Indenture. 

 Annex A-51 
  

 “Securitization Entities” means, collectively, the Master Issuer and the
Guarantors, and each Subsidiary thereof. 
 “Securitization Entity Licenses” means, collectively, the Equipment IP License
and the Planet Fitness Assetco Corporate-Owned Store IP License. 
 “Securitization IP” means, collectively, the Owned
Securitization IP and the Licensed Securitization IP; except that (i) “Securitization IP” will not include, solely for purposes of the licenses granted under the IP License Agreements, any rights to use licensed third-party Intellectual
Property to the extent that such rights are not sublicensable without the consent of or any payment to such third party, or any other action by the licensee thereof, unless such consent has been obtained or payment has been made; and (ii) as
used in the Related Documents, the terms “owns,” “holds,” and similar terms mean, with regard to Owned Securitization IP, the holding of legal title, and with regard to Licensed Securitization IP, the holding of valid rights to
use under a license or similar arrangement. 
 “Securitization Operating Expense Account” has the meaning set forth in
Section 5.7(a)(xi) of the Base Indenture. 
 “Securitization Operating Expenses” means all
expenses incurred by the Securitization Entities and payable to third parties in connection with the maintenance and operation of the Securitization Entities and the transactions contemplated by the Related Documents to which they are a party (other
than those paid for from the Concentration Accounts, Securitized Corporate-Owned Store Accounts, Equipment Distributor Operating Accounts or Lease Obligations Accounts as described below), including (i) accrued and unpaid Taxes (other than
federal, state, local and foreign Taxes based on income, profits or capital, including franchise, excise, withholding or similar Taxes), filing fees and registration fees payable by and attributable to the Securitization Entities to any federal,
state, local or foreign Governmental Authority; (ii) fees and expenses payable to (A) the Trustee under the Indenture or the other Related Documents to which it is a party, (B) the Back-Up
Manager as Back-Up Manager Fees, (C) each Rating Agency, (D) independent certified public accountants (including, for the avoidance of doubt, any incremental auditor costs) or external legal counsel
and (E) any stock exchange on which any Notes may be listed; (iii) the indemnification obligations of the Securitization Entities under the Related Documents to which they are a party (including any interest thereon at the Advance Interest
Rate, if applicable); and (iv) independent director and independent manager fees and expenses. 
 “Securitized Assets”
means all assets owned by the Securitization Entities, including but not limited to the Collateral and the Securitized Leases. 

“Securitized Authorized Vendor Contracts” means the Contributed Securitized Authorized Vendor Contracts and the New
Securitized Authorized Vendor Contracts. 
 “Securitized Corporate-Owned Store Assets” means the assets associated with
owning and operating the Securitized Corporate-Owned Stores, such as equipment, furnishings, cleaning supplies, computer equipment. 

 Annex A-52 
  

 “Securitized Corporate-Owned Store Account” means one or more accounts
maintained in the name of Planet Fitness Assetco, that is required to be subject to an Account Control Agreement, and required to be pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to
Section 5.11(a) of the Base Indenture or any successor account established for Planet Fitness Assetco for such purpose pursuant to this Base Indenture and the Management Agreement, including any investment accounts related
thereto into which funds are transferred for investment purposes pursuant to Section 5.2(b) of the Base Indenture. 

“Securitized Corporate-Owned Store Business” means the business of owning and operating the Securitized Corporate-Owned
Stores and the provision of ancillary goods and services in connection therewith. 
 “Securitized Corporate-Owned Store
Collections” means all funds received by Planet Fitness Assetco in its capacity as owner of the Securitized Corporate-Owned Stores including, without limitation, amounts consisting of tenant improvement allowances and similar amounts
received from landlords with respect to the Securitized Corporate-Owned Store Leases. 
 “Securitized Corporate-Owned Store IP
License Fees” means the licensing fee payable by each Securitized Corporate-Owned Store at a rate equal to seven percent (7%) of the Member Payments with respect to such Securitized Corporate-Owned Store. 

“Securitized Corporate-Owned Store Leases” means the Contributed Corporate-Owned Store Leases and the New Contributed
Corporate-Owned Store Leases. 
 “Securitized Corporate-Owned Store Working Capital Reserve Amount” means, as of any date
of determination, an amount determined by the Manager to be retained in a Securitized Corporate-Owned Store Account for working capital expenses not to exceed in the aggregate for all Securitized Corporate-Owned Store Accounts the greater of (i)
$5,000,000 and (ii) 10% of Monthly Fiscal Period Securitized Corporate-Owned Store Accrual Profits Amount for the preceding four (4) Quarterly Collection Periods. 

“Securitized Corporate-Owned Stores” means the Contributed Securitized Corporate-Owned Stores and the New Securitized
Corporate-Owned Stores. 
 “Securitized Equipment Supply Agreements” means the Contributed Securitized Equipment Supply
Agreements and the New Securitized Equipment Supply Agreements. 
 “Securitized Franchise Store Business” means the
business of franchising or licensing Stores. 
 “Securitized Franchisee Leases” means subleases in respect of which Planet
Fitness Assetco is the sublessor and a Franchisee is the sublessee. On the Closing Date there are no such Securitized Franchisee Leases. 

“Securitized Leases” means, collectively, the Securitized Corporate-Owned Store Leases and the Securitized Franchisee Leases
and any leases with respect to Franchise Stores with third-party landlords (or with landlords that are Non-Securitization Entities, if such leases are on arm’s length terms) in respect of which a
Securitization Entity is the prime lessee. 

 Annex A-53 
  

 “Securitized Payment Processor Contracts” means a contract between the
Franchisor and a third party for use of such third party’s services in collecting Member Payments. 
 “Senior ABS Leverage
Ratio” means, as of any date of determination, the ratio of (a)(i) the aggregate Outstanding Principal Amount of each Series of Senior Notes Outstanding (assuming the amounts available under each
Class A-1 Note at such time (after giving effect to any commitment reductions on such date) are fully drawn) as of the end of the most recently ended Quarterly Collection Period less (ii) the sum of
(x) the cash and Eligible Investments of the Securitization Entities credited to the Senior Notes Interest Reserve Account, the Cash Trap Reserve Account and the Franchisor Capital Accounts as of the end of the most recently ended Quarterly
Collection Period, and (y) the available amount of the Interest Reserve Letter of Credit with respect to the Senior Notes as of the end of the most recently ended Quarterly Collection Period to (b) the sum of the Net Cash Flow for the
preceding four (4) Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared. The Senior ABS Leverage Ratio shall be calculated in accordance with
Section 14.18(b) of the Base Indenture. 
 “Senior Noteholder” means any Holder of Senior Notes
of any Series. 
 “Senior Notes” or “Class A Notes” means the issuance of Notes under
the Indenture by the Master Issuer that by its terms (through its alphabetical designation as “Class A” pursuant to the Series Supplement applicable to such Indebtedness) is senior in the right to receive interest and principal on
such Notes to the right to receive interest and principal on any Subordinated Notes. 
 “Senior Notes Accrued Quarterly Interest
Amount” means, for each Interim Allocation Date with respect to a Quarterly Collection Period, and with respect to any Senior Notes Outstanding, the amount identified as “Senior Notes Accrued Quarterly Interest Amount” in the
applicable Series Supplement. 
 “Senior Notes Accrued Quarterly Post-ARD Contingent
Interest Amount” means, for each Interim Allocation Date with respect to a Quarterly Collection Period, and with respect to any Senior Notes Outstanding, the amount identified as “Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount” in the applicable Series Supplement. 
 “Senior Notes
Accrued Quarterly Scheduled Principal Amount” means with respect to each Interim Allocation Date, and with respect to all Senior Notes Outstanding, the aggregate amounts identified as the “Senior Notes Accrued Quarterly Scheduled
Principal Amount” in each applicable Series Supplement. 
 “Senior Notes Interest Payment Account” has the meaning set
forth in Section 5.7(a)(i) of the Base Indenture. 
 “Senior Notes Interest Reserve Account”
means account no. [reserved] entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Senior Notes Interest Reserve Account”, which account is maintained by the Trustee pursuant to Section 5.3 of the
Base Indenture or any successor securities account maintained pursuant to Section 5.3 of the Base Indenture. 

 Annex A-54 
  

 “Senior Notes Interest Reserve Account Deficiency Amount” means, as of any
date of determination the excess, if any, of the Senior Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account and (b) the amount available under any Interest Reserve
Letter of Credit relating to the Senior Notes. 
 “Senior Notes Interest Reserve Amount” means, with respect to any
Quarterly Payment Date (and any Interim Allocation Date related thereto), an amount equal to the Senior Notes Quarterly Interest Amount due on the next Quarterly Payment Date (assuming (i) that amounts available under each Class A-1 Note at such time (after giving effect to any commitment reductions and corresponding principal payments on such date) are fully drawn and (ii) the rate on each
Class A-1 Note is equivalent to the rate on a Class A-2 Note with the shortest time until its Series Anticipated Repayment Date); provided that, with
respect to the first Interest Accrual Period following the Closing Date, the Senior Notes Interest Reserve Amount will be an amount equal to the Initial Senior Notes Interest Reserve Amount. 

“Senior Notes Post-ARD Contingent Interest Account” has the meaning set forth in
Section 5.6 of the Base Indenture 
 “Senior Notes Principal Payment Account” has the meaning set
forth in Section 5.7 of the Base Indenture. 
 “Senior Notes Quarterly Interest Amount” means for
each Quarterly Payment Date, with respect to each Class of Senior Notes Outstanding, the aggregate amounts identified as the “Senior Notes Quarterly Interest Amount” in the applicable Series Supplement. 

“Senior Notes Quarterly Interest Shortfall Amount” has the meaning set forth in
Section 5.13(a)(iii) of the Base Indenture. 
 “Senior Notes Quarterly
Post-ARD Contingent Interest Amount” means for each Quarterly Payment Date, with respect to each Class of Senior Notes Outstanding, the amounts identified as “Senior Notes Quarterly Post-ARD Contingent Interest Amount” in the applicable Series Supplement. 
 “Senior Notes
Quarterly Scheduled Principal Amounts” means, with respect to each Class of Senior Notes Outstanding, each Scheduled Principal Payment with respect to such Class of Senior Notes. 

“Senior Notes Quarterly Scheduled Principal Deficiency Amount” means with respect to each Interim Allocation Date, and with
respect to all Senior Notes Outstanding, the aggregate amounts identified as the “Senior Notes Quarterly Scheduled Principal Deficiency Amount” in each applicable Series Supplement. 

“Senior Subordinated Noteholder” means any Holder of Senior Subordinated Notes of any Series. 

 Annex A-55 
  

 “Senior Subordinated Notes” means any issuance of Notes under the Indenture
by the Master Issuer that are part of a Class with an alphanumerical designation that contains any letter from “B” through “L” of the alphabet, together with all Subclasses or Tranches thereof. 

“Senior Subordinated Notes Accrued Quarterly Interest Amount” means, for each Interim Allocation Date with respect to a
Quarterly Collection Period, and with respect to any Senior Subordinated Notes Outstanding, the amount identified as the “Senior Subordinated Notes Accrued Quarterly Interest Amount” in the applicable Series Supplement. 

“Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount”
means, for each Interim Allocation Date with respect to a Quarterly Collection Period, and with respect to any Senior Subordinated Notes Outstanding, the amount identified as “Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount” in the applicable Series Supplement. 
 “Senior
Subordinated Notes Accrued Quarterly Scheduled Principal Amount” means, with respect to each Interim Allocation Date, and with respect to all Senior Subordinated Notes Outstanding, the aggregate amounts identified as the “Senior
Subordinated Notes Accrued Quarterly Scheduled Principal Amount” in each applicable Series Supplement. 
 “Senior Subordinated
Notes Interest Payment Account” has the meaning set forth in Section 5.7(a)(ii) of the Base Indenture. 

“Senior Subordinated Notes Interest Reserve Account” means an account entitled “Citibank, N.A. f/b/o Planet Fitness
Master Issuer LLC, Senior Subordinated Notes Interest Reserve Account” maintained by the Trustee pursuant to Section 5.4(a) of the Base Indenture or any successor securities account maintained pursuant to
Section 5.4(a) of the Base Indenture. 
 “Senior Subordinated Notes Interest Reserve Account Deficiency
Amount” means, as of any date of determination, the excess, if any, of the Senior Subordinated Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Subordinated Notes Interest Reserve Account and
(b) the amount available under any Interest Reserve Letter of Credit relating to the Senior Subordinated Notes. 
 “Senior
Subordinated Notes Interest Reserve Amount” means, with respect to any Quarterly Payment Date (and any Interim Allocation Date related thereto), an amount equal to the Senior Subordinated Notes Quarterly Interest Amount due on the next
Quarterly Payment Date. 
 “Senior Subordinated Notes Post-ARD Contingent Interest
Account” has the meaning set forth in Section 5.7 of the Base Indenture. 
 “Senior Subordinated
Notes Principal Payment Account” has the meaning set forth in Section 5.7 of the Base Indenture. 

“Senior Subordinated Notes Quarterly Interest Amount” means, for each Quarterly Payment Date, with respect to each
Class of Senior Subordinated Notes Outstanding, the aggregate amounts identified as the “Senior Subordinated Notes Quarterly Interest Amount” in the applicable Series Supplement. 

 Annex A-56 
  

 “Senior Subordinated Notes Quarterly Post-ARD
Contingent Interest Amount” means, for each Quarterly Payment Date, with respect to each Class of Senior Subordinated Notes Outstanding, the amounts identified as “Senior Subordinated Notes Quarterly
Post-ARD Contingent Interest Amount” in the applicable Series Supplement. 
 “Senior
Subordinated Notes Quarterly Scheduled Principal Amounts” means, with respect to each Class of Senior Subordinated Notes Outstanding, each Scheduled Principal Payment with respect to such Class of Senior Subordinated Notes. 

“Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount” means with respect to each Interim Allocation
Date, and with respect to all Senior Subordinated Notes Outstanding, the aggregate amounts identified as the “Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount” in each applicable Series Supplement. 

“Series Account” means any account or accounts established pursuant to a Series Supplement for the benefit of a Series of
Notes (or any Class thereof). 
 “Series Anticipated Repayment Date” means, with respect to any Series of Notes,
Class, Subclass or Tranche thereunder, the “Anticipated Repayment Date” as set forth in the related Series Supplement, which will be the Series Anticipated Repayment Date for such Series of Notes, or Class, Subclass or Tranche thereunder,
as adjusted pursuant to the terms of the applicable Series Supplement. 
 “Series Closing Date” means, with respect to any
Series of Notes, the date of issuance of such Series of Notes, as specified in the applicable Series Supplement. 
 “Series
Defeasance Date” has the meaning set forth in Section 12.1(c) of the Base Indenture. 
 “Series
Distribution Account” means, with respect to any Series of Notes or any Class of any Series of Notes, an account established to receive distributions to be paid to the Noteholders of such Class or such Series of Notes pursuant to
the applicable Series Supplement. 
 “Series Hedge Agreement” means, with respect to any Series of Notes, the relevant Swap
Contract, if any, described in the applicable Series Supplement. 
 “Series Hedge Payment Amount” means all amounts payable
by the Master Issuer under a Series Hedge Agreement including any termination payment payable by the Master Issuer. 
 “Series Hedge
Receipts” means all amounts received by the Securitization Entities under a Series Hedge Agreement. 
 “Series Legal Final
Maturity Date” means, with respect to any Series, the “Legal Final Maturity Date” set forth in the related Series Supplement. 

 Annex A-57 
  

 “Series Non-Amortization Test”
means, with respect to any Series or Class of Notes, the test specified in the applicable Series Supplement or, if not specified therein, means a test that will be satisfied on any Quarterly Payment Date only if both (a) the Holdco
Leverage Ratio is less than or equal to 5.00x as calculated on the Quarterly Calculation Date immediately preceding such Quarterly Payment Date and (b) no Rapid Amortization Event has occurred and is continuing. 

“Series Obligations” means, with respect to a Series of Notes, (a) all principal, interest, premiums, make-whole
payments and Series Hedge Payment Amounts, at any time and from time to time, owing by the Master Issuer on such Series of Notes or owing by the Guarantors pursuant to the Guarantee and Collateral Agreement on such Series of Notes and (b) the
payment and performance of all other obligations, covenants and liabilities of the Master Issuer or the Guarantors arising under the Indenture, the Notes or any other Indenture Document, in each case, solely with respect to such Series of Notes.

 “Series of Notes” or “Series” means each series of Notes issued and authenticated pursuant to the Base
Indenture and the applicable Series Supplement. 
 “Series Supplement” means a supplement to the Base Indenture in
conjunction with the issuance of a Series of Notes complying (to the extent applicable) with the terms of Section 2.3 of the Base Indenture. 

“Servicer” means Midland Loan Services, a division of PNC Bank, National Association, as servicer under the Servicing
Agreement, and any successor thereto. 
 “Servicer Termination Event” has the meaning set forth in the Servicing Agreement.

 “Services” has the meaning set forth in the Management Agreement. 

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

“Servicing Fees” has the meaning set forth in the Servicing Agreement. 

“Servicing Standard” has the meaning set forth in the Servicing Agreement. 

“Single Employer Plan” means any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan. 

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

“Specified Bankruptcy Opinion Provisions” means the provisions contained in the legal opinion(s) delivered in connection with
the issuance of each Series of Notes relating to the non-substantive consolidation of the Securitization Entities with Holdco. 

 Annex A-58 
  

 “Specified Indenture Trust Accounts” shall mean the Senior Notes Interest
Payment Account, the Class A-1 Notes Commitment Fees Account, the Senior Subordinated Notes Interest Payment Account, the Subordinated Notes Interest Payment Account, the Senior Notes Principal Payment
Account, the Senior Subordinated Notes Principal Payment Account, the Subordinated Notes Principal Payment Account, the Senior Notes Post-ARD Contingent Interest Account, the Senior Subordinated Notes Post-ARD Contingent Interest Account, the Subordinated Notes Post-ARD Contingent Interest Account, the Hedge Payment Account and the Cash Trap Reserve Account. 

“Store Operating Expenses” means, collectively, (a) operating expenses that are incurred by or allocated to, in
accordance with the Managing Standard, Securitized Corporate-Owned Stores in the ordinary course of business relating to the operation of Securitized Corporate-Owned Stores, such as the cost of merchandise sold, food, supplies, utilities, point of
sale fees, payments in respect of labor costs (including wages, incentive compensation, workers’ compensation-related expenses and other labor-related expenses for employees of Securitized Corporate-Owned Stores), repair and maintenance
expenses to the extent not capitalized, insurance (including self-insurance), local advertising expenses, amounts in respect of sales Taxes and personal property Taxes, litigation and settlement costs relating to the Securitized Assets and other
store operating costs, (b) Securitized Corporate-Owned Store IP License Fees, (c) payments pursuant to Securitized Franchisee Leases, (d) Pass-Through Amounts, and (e) lease payments pursuant to Securitized Corporate-Owned Store
Leases. 
 “Stores” means, as of any date of determination, any gyms operated in the United States or internationally under
the Planet Fitness Brand. 
 “Subclass” means, with respect to any Class of any Series of Notes, any one of the
subclasses of Notes of such Class as specified in the applicable Series Supplement. 
 “Subordinated Notes” means any
issuance of Notes under the Indenture by the Master Issuer that are part of a Class with an alphanumerical designation that contains any letter from “M” through “Z” of the alphabet, together with all Subclasses or Tranches
thereof. 
 “Subordinated Notes Accrued Quarterly Interest Amount” means, for each Interim Allocation Date with respect to
a Quarterly Collection Period, and with respect to any Subordinated Notes Outstanding, the amount identified as “Subordinated Notes Accrued Quarterly Interest Amount” in the applicable Series Supplement. 

“Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for
each Interim Allocation Date with respect to a Quarterly Collection Period, and with respect to any Subordinated Notes Outstanding, the amount identified as “Subordinated Notes Accrued Quarterly Post-ARD
Contingent Interest Amount” in the applicable Series Supplement. 
 “Subordinated Notes Accrued Quarterly Scheduled Principal
Amount” means, with respect to each Interim Allocation Date, and with respect to all Subordinated Notes Outstanding, the aggregate amounts identified as the “Subordinated Notes Accrued Quarterly Scheduled Principal Amount” in each
applicable Series Supplement. 
 “Subordinated Notes Interest Payment Account” has the meaning set forth in
Section 5.7(a)(iii) of the Base Indenture. 

 Annex A-59 
  

 “Subordinated Notes Post-ARD Contingent
Interest Account” has the meaning set forth in Section 5.7 of the Base Indenture. 

“Subordinated Notes Principal Payment Account” has the meaning set forth in Section 5.7 of the Base
Indenture. 
 “Subordinated Notes Provisions” means, with respect to the issuance of any Series of Notes that includes
Subordinated Notes, the terms of such Subordinated Notes will include the following provisions: (a) if there is an Extension Period in effect with respect to the Senior Notes issued on the Closing Date, the principal of any Subordinated Notes
will not be permitted to be repaid out of the Priority of Payments unless such Senior Notes are no longer Outstanding, (b) if the Senior Notes issued on the Closing Date are refinanced on or prior to the Series Anticipated Repayment Date of
such Senior Notes and any such Subordinated Notes having a Series Anticipated Repayment Date on or before the Series Anticipated Repayment Date of such Senior Notes are not refinanced on or prior to the Series Anticipated Repayment Date of such
Senior Notes, such Subordinated Notes will begin to amortize on the date that the Senior Notes are refinanced pursuant to a scheduled principal payment schedule to be set forth in the applicable Series Supplement and (c) if the Senior Notes
issued on the Closing Date are not refinanced on or prior to the Quarterly Payment Date following the seventh anniversary of the Closing Date, such Subordinated Notes will not be permitted to be refinanced. 

“Subordinated Notes Quarterly Interest Amount” means for each Quarterly Payment Date, with respect to each Class of
Subordinated Notes Outstanding, the aggregate amounts identified as the “Subordinated Notes Quarterly Interest Amount” in the applicable Series Supplement. 

“Subordinated Notes Quarterly Interest Shortfall” has the meaning set forth in Section 5.13(f)(iii)
of the Base Indenture. 
 “Subordinated Notes Quarterly Post-ARD Contingent Interest
Amount” means, for each Quarterly Payment Date, with respect to each Class of Subordinated Notes Outstanding, the amounts identified as “Subordinated Notes Quarterly Post-ARD Contingent
Interest Amount” in the applicable Series Supplement. 
 “Subordinated Notes Quarterly Scheduled Principal Amounts”
means, with respect to each Class of Subordinated Notes Outstanding, each Scheduled Principal Payment with respect to such Class of Subordinated Notes. 

“Subordinated Notes Quarterly Scheduled Principal Deficiency Amount” means with respect to each Interim Allocation Date, and
with respect to all Subordinated Notes Outstanding, the aggregate amounts identified as the “Subordinated Notes Quarterly Scheduled Principal Deficiency Amount” in each applicable Series Supplement. 

“Subsidiary” means, with respect to any Person (herein referred to as the “parent”), any corporation,
partnership, limited liability company, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the
general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent or (b) that is, at the time any determination is being made, otherwise controlled, by the parent or one or more subsidiaries
of the parent or by the parent and one or more subsidiaries of the parent. 

 Annex A-60 
  

 “Subsidiary Guarantors” means, collectively, the Franchisor, Equipment
Distributor, Planet Fitness Assetco and the Additional Securitization Entities. 
 “Successor Manager” means any successor
to the Manager selected by the Control Party (at the direction of the Controlling Class Representative) upon the resignation or removal of the Manager pursuant to the terms of the Management Agreement. 

“Successor Manager Transition Expenses” means all costs and expenses incurred by a Successor Manager in connection with the
termination, removal and replacement of the Manager under the Management Agreement. 
 “Successor Servicer Transition
Expenses” means all costs and expenses incurred by a successor Servicer in connection with the termination, removal and replacement of the Servicer under the Servicing Agreement. 

“Supplement” means a supplement to the Base Indenture complying (to the extent applicable) with the terms of
Article XIII of the Base Indenture. 
 “Supplemental Management Fee” means for each Interim
Allocation Date with respect to any Quarterly Collection Period the amount (if any) by which, with respect to such Quarterly Collection Period, (A) the sum of (i) the expenses incurred or other amounts charged by the Manager since the
beginning of such Quarterly Collection Period in connection with the performance of the Manager’s obligations under the Management Agreement, approved in writing by the Control Party acting at the direction of the Controlling
Class Representative and (ii) any current or projected Tax Payment Deficiency, if applicable, approved in writing by the Control Party (with such approval not to be unreasonably withheld) exceeds (B) the Management Fees received and
to be received by the Manager on such Interim Allocation Date and each preceding Interim Allocation Date with respect to such Quarterly Collection Period. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any
options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement,
together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

 Annex A-61 
  

 “Tax” means (i) any U.S. federal, state, local or foreign income, gross
receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, environmental, customs duties, capital stock, profits, documentary, property, franchise, withholding, social security (or similar), unemployment, disability, real
property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, or other tax of any kind whatsoever, including any interest, penalty, fine, assessment or addition
thereto and (ii) any transferee liability in respect of any items described in clause (i) above. 
 “Tax Lien Reserve
Amount” means any funds contributed by Holdco or a Subsidiary thereof to satisfy Liens filed by the IRS pursuant to Section 6323 of the Code against any Securitization Entity. 

“Tax Opinion” means an opinion of tax counsel of nationally recognized standing in the United States experienced in such
matters to be delivered in connection with the issuance of each new Series of Notes to the effect that, for U.S. federal income tax purposes, (a) the issuance of such new Series of Notes will not affect adversely the U.S. federal income tax
characterization of any Series of Notes Outstanding or Class thereof that was (based upon an Opinion of Counsel) treated as debt at the time of their issuance, (b) each Securitization Entity organized in the United States in existence as
of the date of the delivery of such opinion (other than any Additional Securitization Entity that is a corporation) (i) has been at all times since formation and will as of the date of issuance be treated as a disregarded entity for U.S.
federal income tax purposes and (ii) has not been and will not as of the date of issuance be classified as a corporation or as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and
(c) such new Series of Notes will as of the date of issuance be treated as debt for U.S. federal income tax purposes. 
 “Tax
Payment Deficiency” means any Tax liability of Holdco (or, if Holdco is not the taxable parent entity of any Securitization Entity, such other taxable parent entity) (including Taxes imposed under U.S. Treasury regulations Section 1.1502-6 (or any similar provision of state, local or foreign law)) attributable to the operations of the Securitization Entities that the Manager determines cannot be satisfied by Holdco (or such other
taxable parent entity) from its available funds. 
 “Trade Secrets” has the meaning set forth in the definition of
“Intellectual Property.” 
 “Trademarks” means all trademarks, service marks, trade names, trade dress, designs,
logos, slogans and other indicia of source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, internet domain names, and all goodwill of any business connected with the use of or
symbolized thereby. 
 “Tranche” means, with respect to any Class of Notes, any one of the tranches of Notes of such
Class as specified in the applicable Series Supplement. 
 “Trust Officer” means any officer within the corporate
trust department of the Trustee, including any Vice President, Assistant Vice President or Assistant Treasurer of the Corporate Trust Office, or any trust officer, or any officer customarily performing functions similar to those performed by the
person who at the time will be such officers, in each case having direct responsibility for the administration of this Indenture, and also any officer to whom any corporate trust matter is referred because of his knowledge of and familiarity with a
particular subject. 

 Annex A-62 
  

 “Trustee” means the party named as such in the Indenture until a successor
replaces it in accordance with the applicable provisions of the Indenture and thereafter means the successor serving thereunder. On the Closing Date, the Trustee shall be Citibank, N.A., a national banking association. 

“Trustee Accounts” has the meaning set forth in Section 5.9(a) of the Base Indenture. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the specified jurisdiction or any applicable
jurisdiction, as the case may be. 
 “United States” or “U.S.” means the United States of America, its
fifty states and the District of Columbia. 
 “Unrestricted Cash” means as of any date, unrestricted cash and Eligible
Investments owned by the Non-Securitization Entities that are not, and are not presently required under the terms of any agreement or other arrangement binding any
Non-Securitization Entity on such date to be, (a) pledged to or held in one or more accounts under the control of one or more creditors of any Non-Securitization
Entity or (b) otherwise segregated from the general assets of the Non-Securitization Entities, in one or more special accounts or otherwise, for the purpose of securing or providing a source of payment
for Indebtedness or other obligations that are or from time to time may be owed to one or more creditors of the Non-Securitization Entities. It is agreed that cash and Eligible Investments held in ordinary
deposit or security accounts and not subject to any existing or contingent restrictions on transfer by any Non-Securitization Entity will not be excluded from Unrestricted Cash by reason of setoff rights or
other Liens created by law or by applicable account agreements in favor of the depositary institutions or security intermediaries. 

“U.S. Dollars” or “$” refers to lawful money of the United States of America. 

“Variable Funding Note Purchase Agreement” means any note purchase agreement entered into by the Master Issuer in connection
with the issuance of Class A-1 Notes that is identified as a “Variable Funding Note Purchase Agreement” in the applicable Series Supplement. 

“Vendor Commissions” means any amount that are payable by any vendor to the Franchisor as commissions on services or
merchandise (other than fitness equipment pursuant to Equipment Supply Agreements) sold by such vendor to a Franchisee, or to a Non-Securitization Entity in respect of a Retained Corporate-Owned Store,
pursuant to a Securitized Authorized Vendor Contract. 
 “Warm Back-Up Management
Duties” has the meaning set forth in the Back-Up Management Agreement. 

 Annex A-63 
  

 “Warm Back-Up Management Trigger
Event” means the occurrence and continuation of (i) any event that causes a Cash Trapping Period to begin and that continues for at least two (2) consecutive Quarterly Calculation Dates or (ii) a Rapid Amortization Event, in
each case, that has not been waived or approved by the Controlling Class Representative, provided that any Rapid Amortization Event pursuant to clause (ii) of the definition thereof shall not be a Warm Back-Up Management Trigger Event unless such Rapid Amortization Event has not been cured within six (6) months from the date of such Rapid Amortization Event. 

“Webjoin Fees” means any amounts that are payable to the Franchisor in respect of any new member that joins a Store using a
website maintained by a third-party payment processor. 
 “Welfare Plan” means any “employee welfare benefit
plan” as such term is defined in Section 3(1) of ERISA. 
 “Workout Fees” has the meaning set forth in the
Servicing Agreement. 

 Exhibit A 

FORM OF INTERIM MANAGER’S CERTIFICATE 

[ATTACHED] 

  
 A-1 

					
	

	  	Interim Manager’s Report	  	
	  	  
 PLANET FITNESS MASTER ISSUER, LLC
	  	
			
		  	Issuer	  	

  

 
  

					
			 
	Interim Allocation Date	  		  	 
			
	Dates / Periods	  		  	
			 
	Next Quarterly Payment Date	  		  	 
		  		  	
			 
	Quarterly Collection Period	  	Beginning Date	  	 
		  	Ending Date	  	
			 
	Interim Collection Period	  	Beginning Date	  	 
		  	Ending Date	  	
			 
	Interim Allocation Date	  		  	 
		  		  	

  

			
	Collections and Retained Collections	  	
		
	Collections	  	Total
		
	 Royalty Payments deposited into any Concentration Account
	  	$                
		
	 Other Franchise Payments deposited into any Concentration Account
	  	$                
		
	 Webjoin Fees, Payment Processor Rebates and Vendor Commissions deposited into any Concentration Account
	  	$                
		
	 All Franchise Lease Payments deposited into any Concentration Account or Lease Obligations Account
	  	$                
		
	 All amounts received under the IP License Agreements and all other license fees, including Securitized Corporate-Owned
Store IP License Fees, Canadian IP License Fees, International IP License Fees, Retained Corporate-Owned Store IP License Fees, Additional IP License Fees and other amounts received in respect of the Securitization IP
	  	$                
		
	 Equipment Revenue Payments deposited into any Concentration Account or Equipment Distributor Operating Account
	  	$                
		
	 Securitized Corporate-Owned Store Collections
	  	$                
	 Indemnification Amounts, Insurance/Condemnation Proceeds, and Asset Disposition Proceeds deposited into any
Concentration Account or the Collection Account
	  	$                
		
	 Series Hedge Receipts if any received
	  	$                
		
	 Investment Income earned on amounts on deposit in the Accounts
	  	$                
		
	 Equity contributions made to the Master Issuer directed to be deposited to any Concentration Account
	  	                  
	 Payments from Franchisees or any other Person in respect of Excluded Amounts deposited in any Concentration Account or
otherwise included in Collections
	  	$                
		
	 Other payments or proceeds received with respect to the Securitized Assets
	  	$                
		
	 Total Collections during Quarterly Collection Period
	  	$                
		
	 PLUS: Monthly Fiscal Period Estimated Securitized Corporate-Owned Store Profits Amount
	  	$                

					
			
	 PLUS:
	  	Monthly Fiscal Period Estimated Securitized Corporate-Owned Store True-Up Amount	  	$                
			
	 PLUS:
	  	Monthly Fiscal Period Estimated Equipment Distribution Profits Amount	  	$                
			
	 PLUS:
	  	Monthly Fiscal Period Estimated Equipment Distribution True-Up Amount	  	$                
			
	 PLUS:
	  	Net Franchisee Lease Payments for the Monthly Fiscal Period	  	$                
			
	 LESS:
	  	Excluded Amounts	  	
			
		  	 Fees and expenses paid in connection with registering, maintaining and enforcing the Securitization IP and paying
third-party licensing fees
	  	$                
			
		  	 Account expenses and fees paid to the banks at which the Management Accounts are held
	  	$                
			
		  	 Advertising Fees (to the extent that any Advertising Fees are not paid directly to NAF by a third-party payment
processor)
	  	$                
			
		  	 Insurance and Condemnation proceeds payable to Franchisees
	  	$                
			
		  	 Amounts in respect of sales Taxes and other comparable Taxes and other amounts due and payable to a Governmental
Authority
	  	$                
			
		  	 Any statutory Taxes included in Collections, but required to be remitted to a Governmental Authority
	  	$                
			
		  	 Amounts paid by Franchisees in respect of fees or expenses payable to unaffiliated third parties for services
	  	$                
			
		  	 Amounts paid by Franchisees relating to corporate services provided by the Manager
	  	$                
			
		  	 Any amounts that are held for payment or indemnification obligations owed by the Franchisor to any third party payment
processor
	  	$                
			
		  	 Any amounts that cannot be transferred to a Concentration Account due to applicable law
	  	$                
			
		  	 Other amounts deposited into any Concentration Account or otherwise included in Collections that are not required to be
deposited into the Collection Account
	  	$                
		
	 Total Retained Collections during Quarterly Collection Period
	  	$                
		
	 Manager Advances During Quarterly Collection Period
	  	$                
		
	 Working Capital Reserve Amount Increase / Decrease
	  	$                
		
	 Corporate-Owned Store Working Capital Reserve Amounts
	  	$                
		
	 Equipment Distributor Operating Accounts Working Capital Reserve Amounts
	  	$                
		
	 Retained Collections Contributions During Quarterly Collections Period (up to $7.5 million)
	  	$                
		
	 Retained Collections Contributions During Past 4 Consecutive Quarterly Collections Period (up to $15
million)
	  	$                
		
	 Total Retained Collections Since Closing Date (up to $30 million)
	  	$                
		
	Management Fee Amount	  	
		
	 Base Annual Management Fee
	  	$                
		
	 Additional Mgmt Fee (per Franchised/CO Retained U.S. Store)
	  	$                
		
	 Additional Mgmt Fee (per Franchised International Store)
	  	$                
		
	 Additional Mgmt Fee (per CO Contributed Store)
	  	$                
		
	 Annual inflation factor
	  	                  
		
	 Management Fee Pre-Inflation Adjustment
	  	$                
		
	       Deal Year
	  	                  
		
	 Management Fee Post-Inflation Adjustment
	  	$                
		
	 Total Weekly Management Fee Amount Paid in Quarterly Collection Period
	  	$                

													
	 Fees, Expenses and Debt Service
	  				  				  			
				
	Fees and expenses payable on Interim Allocation Date	  	Current
Amount	 	  	Catch-up
Amount	 	  	Total	 
	 Reimbursement of Trustee Advances, Servicer Advances and Manager Advances
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Servicer Fees, Liquidation Fees, Workout Fees
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Successor Manager Transition Expenses Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Management Fee Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Capped Securitization Operating Expenses Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Post-Default Capped Trustee Expenses Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Class A-1 Notes Accrued Quarterly Commitment Fee
Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Capped Class A-1 Notes Administrative Expenses
Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Supplemental Management Fee
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Excess Class A-1 Administrative Expenses
Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Class A-1 Notes Other Amounts
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	Interim accrued amounts related to the Notes	  	Current
Amount	 	  	Catch-up
Amount	 	  	Total	 
	 Senior Notes Accrued Quarterly Interest Amounts and Series Hedge Payment Amount (if
applicable)
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Senior Subordinated Notes Accrued Quarterly Interest Amounts
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Senior Notes Accrued Scheduled Principal Payments Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Senior Subordinated Notes Accrued Scheduled Principal Payments Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Subordinated Notes Accrued Quarterly Interest Amounts
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Senior Notes Accrued Quarterly Post-ARD Contingent
Interest Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Senior Subordinated Notes Accrued Quarterly Post-ARD
Contingent Interest Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Subordinated Notes Accrued Quarterly Post-ARD Contingent
Interest Amount
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Senior Notes Make-Whole
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Senior Subordinated Notes Make-Whole
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Subordinated Notes Make-Whole
	  	$	                 	 	  	$	                 	 	  	$	                 	 
				
	 Cumulative quarterly accrued amounts related to Notes
	  				  				  	 	                  	 
	 Senior Notes Accrued Quarterly Interest Amounts and Series Hedge Payment Amount (if
applicable)
	  				  				  	$	                 	 
				
	 Senior Subordinated Notes Accrued Quarterly Interest Amounts
	  				  				  	$	                 	 
				
	 Senior Notes Accrued Scheduled Principal Payments Amount
	  				  				  	$	                 	 
				
	 Senior Subordinated Notes Accrued Scheduled Principal Payments Amount
	  				  				  	$	                 	 
				
	 Subordinated Notes Accrued Quarterly Interest Amounts
	  				  				  	$	                 	 
				
	 Senior Notes Accrued Quarterly Post-ARD Contingent
Interest Amount
	  				  				  	$	                 	 
				
	 Senior Subordinated Notes Accrued Quarterly Post-ARD
Contingent Interest Amount
	  				  				  	$	                 	 
				
	 Subordinated Notes Accrued Quarterly Post-ARD Contingent
Interest Amount
	  				  				  	$	                 	 
				
	 Senior Notes Make-Whole
	  				  				  	$	                 	 
				
	 Senior Subordinated Notes Make-Whole
	  				  				  	$	                 	 
				
	 Subordinated Notes Make-Whole
	  				  				  	$	                 	 
				
	 Quarterly Debt Service
	  				  				  			
	 Senior Notes Quarterly Interest Amount
	  				  				  	$	                 	 

					
	 Senior Subordinated Notes Quarterly Interest Amount
	  	$	                 	 
		
	 Class A-1 Quarterly Commitment Fee Amount
	  	$	                 	 
		
	 Senior Notes Quarterly Scheduled Principal Payment
	  	$	                 	 
		
	 Senior Subordinated Notes Scheduled Principal Payment
	  	$	                 	 
	 Principal Balances
	  			
	 Series 20181-1
Class A-1 Outstanding Principal Amount
	  			
		
	 Beginning of Interim Collection Period
	  	$	                 	 
		
	 End of Interim Collection Period
	  	$	                 	 
		
	 Series 2018-1 L/C outstanding
	  			
		
	 Beginning of Interim Collection Period
	  	$	                 	 
		
	 End of Interim Collection Period
	  	$	                 	 
		
	 Series 2018-1
Class A-2 Outstanding Principal Amount
	  			
		
	 Beginning of Interim Collection Period
	  	$	                 	 
		
	 End of Interim Collection Period
	  	$	                 	 
		
	 Interim Allocation of Funds
	  			
		
	 Triggers
	  			
		 
	 Class A-2
Non-Amortization Test
	  	 	 	 
		 
	 Class A-1 Amortization Period
	  	 	 	 
		 
	 Cash Trapping Percentage
	  	 	 	 
		 
	 Rapid Amortization Period
	  	 	 	 
		
	 Transfers Between Accounts
	  			
		
	 From Class A-1 Interest Account to Class A-1 Commitment Fee Account
	  	$	                 	 
		
	 From Class A-1 Commitment Fee Account to Class A-1 Interest Account
	  	$	                 	 
		
	 Funds Available
	  			
		
	 Retained Collections during Interim Collection Period
	  	$	                 	 
		
	 PLUS Manager Advances
	  	$	                 	 
		
	 LESS amounts retained in the Concentration Accounts in lieu of net payment of Residual
Amounts
	  	$	                 	 
		
	 LESS amounts on deposit in the Collection Account to be applied through the waterfall
	  	$	                 	 
		
	 Total Transferred to the Collection Account
	  	$	                 	 
		
	 Interim Allocations
	  			
		
	 i With respect to Indemnification, Asset Disposition and Insurance/Condemnation Payment Amounts
(only):
	  			
		
	 A     Reimbursement of the Trustee, then to the Servicer for any Unreimbursed
Advances
	  	$	                 	 
		
	 B     Reimbursement of Manager Advances to the Manager
	  	$	                 	 
		
	 C     Following Class A-1 Notes
Renewal Date, to the Senior Notes Principal Payment Account to reduce Class A-1 Notes commitments
	  	$	                 	 
		
	 D     To the Senior Notes Principal Payment Account to prepay all other Senior
Notes except Class A-1 Notes
	  			
		
	 Pro rata Series 2018-1
Class A-2-I Notes
	  	$	                 	 
		
	 Pro rata Series 2018-1
Class A-2-II Notes
	  	$	                 	 
		
	 E Provided (C) does not apply, to the Senior Notes Principal Payment Account to the Senior
Notes Principal Payment Account, to reduce Class A-1 Notes commitments
	  			

											
		  	F	  		  	To the Senior Subordinated Notes Principal Payment Account	  			
					
		  	G	  		  	To the Subordinated Notes Principal Payment Account	  	$	                 	 
					
	ii	  	A	  		  	Reimbursement of Advances first to the Trustee, then to the Servicer for any unreimbursed Advances	  	$	                 	 
					
		  	B	  		  	Reimbursement of Manager Advances to the Manager	  	$	                 	 
					
		  	C	  		  	Servicing Fees, Liquidation Fees and Workout Fees to the Servicer	  	$	                 	 
					
	iii	  		  		  	Successor Manager Transition Expenses	  	$	                 	 
					
	iv	  		  		  	Management Fee to the Manager	  	$	                 	 
					
	v	  		  		  	pro rata:	  			
					
		  	A	  		  	Capped Securitization Operating Expense Amount to the Securitization Operating Expense Account	  	$	                 	 
					
		  	B	  		  	Post-Default Capped Trustee Expenses Amount to the Trustee	  	$	                 	 
					
	vi	  	A	  		  	Senior Notes Accrued Quarterly Interest Amount to the Senior Notes Interest Payment Account:	  			
					
		  		  		  	First, for the Series 2018-1 Class A-1 Notes	  	$	                 	 
					
		  		  		  	Second, to the Series 2018-1 Class A-2 Notes	  	$	                 	 
					
		  	B	  		  	Class A-1 Notes Accrued Quarterly Commitment Fee Amount to the Class A-1 Notes Commitment Fees Account	  	$	                 	 
					
		  	C	  		  	Series Hedge Payment Amount to the Hedge Payment Account	  	$	                 	 
					
	vii	  		  		  	Capped Class A-1 Notes Administrative Expense Amount to Class A-1 Administrative Agents	  	$	                 	 
					
	viii	  		  		  	Senior Subordinated Notes Accrued Quarterly Interest Amount to the Senior Subordinated Notes Interest Payment Account	  	$	                 	 
					
	ix	  		  		  	Senior Notes Interest Reserve Account Deficit Amount to the Senior Notes Interest Reserve Account	  	$	                 	 
					
	x	  		  	1	  	To the Senior Notes Principal Payment Account	  			
					
		  		  		  	Pro rata Series 2018-1 Class A-2-I Notes	  	$	                 	 
					
		  		  		  	Pro rata Series 2018-1 Class A-2-II Notes	  	$	                 	 
					
		  		  	2	  	Senior Notes Scheduled Principal Payment Deficiency Amount to the Senior Notes Principal Payment Account	  	$	                 	 
					
		  		  	3	  	Amounts that will become due under the Class A-1 NPA for the next period to the Senior Notes Principal Payment Account	  	$	                 	 
					
	xi	  		  		  	Supplemental Management Fee (including any unpaid or accrued amounts)	  	$	                 	 
					
	xii	  		  		  	If no Rapid Amortization Event has occurred and is continuing, following a Class A-1 Notes Renewal Event, all amounts remaining on deposit in the Collection Account to the
Senior Notes Principal Payment Account for the Class A-1 Notes	  	$	                 	 
		  		  	
					
	xiii	  		  		  	If no Rapid Amortization Event has occurred and is continuing, during a Cash Trapping Period, deposit of Cash Trapping Amount to the	  			
					
		  		  		  	Cash Trap Reserve Account	  	$	                 	 
					
	xiv	  		  		  	If a Rapid Amortization Event has occurred and is continuing, all amounts remaining on deposit in the Collection Account:	  			
					
		  	A	  		  	To the Senior Notes Principal Payment Account for the Class A Notes:	  			
					
		  		  		  	First, to the Class A-1 Notes	  	$	                 	 
					
		  		  		  	Second, pro rata to the Series 2018-1 Class A-2 Notes	  	$	                 	 
					
		  	B	  		  	To the Senior Subordinated Notes Principal Payment Account for the Senior Subordinated Notes	  	$	                 	 
					
	xv	  		  		  	If no Rapid Amortization Event has occurred and is continuing, to the Senior Subordinated Notes Principal Payment Account:	  			
					
		  	1	  		  	Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount	  	$	                 	 
					
		  	2	  		  	Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount	  	$	                 	 
					
	xvi	  		  		  	Excess Securitization Operating Expenses Amounts to the Securitization Operating Expense Account	  	$	                 	 
					
	xvii	  		  		  	Excess Class A-1 Notes Administrative Expenses Amounts to Class A-1 Administrative Agents	  	$	                 	 
					
	xviii	  		  		  	Class A-1 Notes Other Amounts to Class A-1 Administrative Agents	  	$	                 	 
					
	xix	  		  		  	Subordinated Notes Accrued Quarterly Interest Amount to the Subordinated Notes Interest Payment Account	  	$	                 	 

											
					
		  	xx	  		  	If no Rapid Amortization Event has occurred and is continuing, to the Subordinated Notes Principal Payment Account, Subordinated Notes Accrued Scheduled Principal Payments Amount and Subordinated Notes Scheduled
Principal Payment Deficiency Amount	  			
		  		  		  	$	                 	 
					
		  	xxi	  		  	If a Rapid Amortization Event has occurred and is continuing, all amounts remaining on deposit in the Collection Account to the Subordinated Notes Principal Payment Account for the Subordinated Notes	  			
		  		  		  	$	                 	 
		  	xxii	  		  	Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount to the Senior Notes Post-ARD Contingent Interest Account	  			
					
		  		  		  	First, to the Class A-1 Notes	  	 	$                	 
					
		  		  		  	Second, to the Series 2018-1 Class A-2 Notes	  	 	$                	 
					
		  	xxiii	  		  	Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount to the Senior Subordinated Notes Post-ARD	  			
					
		  		  		  	Contingent Interest Account	  	 	$                	 
					
	        	  	xxiv	  		  	Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount to the Subordinated Notes Post-ARD Contingent	  			
					
		  		  		  	Interest Account	  	 	$                	 
					
		  	xxv	  	A	  	Series Hedge Payment Amount constituting a termination payment to the Hedge Payment Account	  	 	$                	 
					
		  		  	B	  	Other amounts payable to a Hedge Counterparty pursuant to Hedge Agreement to the Hedge Payment Account	  	 	$                	 
					
		  	xxvi	  		  	Any unpaid premiums and prepayment consideration (sequentially in alphanumeric order)	  			
					
		  		  		  	First, Series 2018-1 Class A-2 Notes	  	 	$                	 
					
		  		  		  	Second, to Senior Subordinated Notes	  	 	$                	 
					
		  		  		  	Third, to Subordinated Notes	  	 	$                	 
					
		  	xxvii	  		  	to the Manager	  	 	$                	 
			
		  	“Recapture” of prior period Class A-1 Interest allocations during this interim period	  	 	$                	 
			
		  	“Recapture” of prior period Class A-1 Commitment Fee allocations this interim period	  	 	$                	 
		
		  	Allocations to the Notes	  

				
		  	(a)	  	Indemnification, Asset Disposition and Insurance/Condemnation Payments	  			
					
		  		  		  	Allocated to Series 2018-1 Class A-1 Notes	  	 	$                	 
					
		  		  		  	Allocated to Series 2018-1 Class A-2 Notes	  	 	$                	 
				
		  	(b)	  	Senior Notes Quarterly Interest Amount	  			
					
		  		  		  	Allocated to Series 2018-1 Class A-1 Notes	  	 	$                	 
					
		  		  		  	Allocated to Series 2018-1 Class A-2 Notes	  	 	$                	 
				
		  	(c)	  	Class A-1 Quarterly Commitment Fees	  			
					
		  		  		  	Series 2018-1 Class A-1 Quarterly Commitment Fees	  	 	$                	 
				
		  	(d)	  	Class A-1 Notes Administrative Expenses Amounts	  			
					
		  		  		  	Series 2018-1 Class A-1 Notes Administrative Expenses	  	 	$                	 
				
		  	(e)	  	Senior Notes Accrued Scheduled Principal Payments Amount	  			
					
		  		  		  	Allocated to Series 2018-1 Class A-2 Notes	  	 	$                	 
				
		  	(f)	  	Allocation of Funds for Payment of Senior Notes during Class A-1 Notes Amortization Period	  			
					
		  		  		  	Allocated to Series 2018-1 Class A-1 Notes	  	 	$                	 
				
		  	(g)	  	Cash Trapping Amount	  			
					
		  		  		  	Series 2018-1 Cash Trapping Amount	  	 	$                	 
				
		  	(h)	  	Allocation of funds for payment of principal on Senior Notes during Rapid Amortization Period	  			
					
		  		  		  	Allocated to Series 2018-1 Class A-1 Notes	  	 	$                	 
					
		  		  		  	Allocated to Series 2018-1 Class A-2 Notes	  	 	$                	 
				
		  	(i)	  	Class A-1 Notes Other Amounts	  			
					
		  		  		  	Series 2018-1 Class A-1 Other Amounts	  	 	$                	 

									
				
		  	(j)	  	Senior Notes Accrued Quarterly Post-ARD Interest Amount	  	
					
		  		  		  	Allocated to Series 2018-1 Class A-1 Notes	  	$                
					
		  		  		  	Allocated to Series 2018-1 Class A-2 Notes	  	$                
				
		  	(k)	  	Senior Notes Unpaid Premiums and Prepayment Consideration	  	

  

							
		  	Series 2018-1 Notes Unpaid Premiums and Prepayment Consideration	  	$	                 	 
		
	Reserve Accounts Related to the Notes	  			
		
	Senior Notes Interest Reserve Account	  			
	 Available Senior Notes Interest Reserve Account Amount at beginning of Interim
Collection Period (including any Interest Reserve Letters of Credit)
	  	$	                 	 
			
		  	Less Withdrawals / Decrease in Letter of Credit Related to:	  			
			
		  	 the accrued and unpaid Senior Notes Quarterly Interest Amount
	  	$	                 	 
			
		  	 the accrued and unpaid Class A-1 Quarterly Commitment Fee Amount
	  	$	                 	 
			
		  	 Amount withdrawn following Rapid Amortization Event
	  	$	                 	 
			
		  	 Withdrawal related to reduction in Senior Notes Interest Reserve Amount
	  	$	                 	 
			
		  	Plus Deposits Related to:	  			
		  	 Senior Notes Interest Reserve Account Deficit Amount deposited pursuant to (ix) of Priority of Payments
	  	$	                 	 
	 Available Interest Reserve Account Amount at end of Interim Collection Period
(including any Interest Reserve Letters of Credit)
	  	$	                 	 
		
	Cash Trap Reserve Account	  			
		
	 Cash Trapping Amounts on deposit in Cash Trap Reserve Account at beginning of
Quarterly Collection Period
	  	$	                 	 
			
		  	Less Withdrawals Related to:	  			
			
		  	 the accrued and unpaid Senior Notes Quarterly Interest Amount
	  	$	                 	 
			
		  	 the accrued and unpaid Class A-1 Quarterly Commitment Fee Amount
	  	$	                 	 
			
		  	 Cash Trapping Release Amount
	  	$	                 	 
			
		  	 Amount withdrawn following Rapid Amortization Event
	  	$	                 	 
			
		  	Plus Deposits:	  			
			
		  	 Cash Trapping Amounts deposited pursuant to (xiii) of Priority of Payments
	  	$	                 	 
		
	 Available Cash Trapping Amounts on deposit in Cash Trap Reserve Account at end of Interim Collection
Period
	  	$	                 	 
		
	Working Capital Amounts	  			
		
	 Working Capital Reserve Amount
	  			
		
	 Securitized Corporate-Owned Store Working Capital Reserve Amounts
	  	 	                  	 
		
	 Equipment Distributor Working Capital Reserve Amounts
	  	$	                 	 
		
	Manager Certification	  			
		
	IN WITNESS HEREOF, the undersigned has duly executed and delivered this Interim Manager’s Certificate
this
                                         
                   	  			
		
	PLANET FITNESS HOLDINGS, LLC as Manager on behalf of the Issuer and certain subsidiaries thereto,	  			
			
	    By:	  	                                      
                                  	  			
			
	    Title:	  	                                      
                                  	  			

 Exhibit B-1 

FORM OF NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS 

This NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS (the “Notice”) is made and entered into as of
[    ], by and between [SECURITIZATION ENTITY] a [Delaware limited liability company] located at [4 Liberty Lane West, Floor 2, Hampton, NH 03842] (“Grantor”), in favor of CITIBANK, N.A., a national banking
association (“Citibank”), as trustee, located at 388 Greenwich Street, New York, NY 10013 (“Trustee”). 

WHEREAS, Grantor is the owner of the United States trademarks and service marks set forth in Schedule 1 attached hereto, including the
associated registrations and applications for registration set forth in Schedule 1 attached hereto (collectively, the “Trademarks”) and the goodwill connected with the use of or symbolized by such Trademarks; and 

WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as of August 1, 2018, by and among Grantor, PLANET FITNESS
DISTRIBUTION LLC, a Delaware limited liability company, PLANET FITNESS ASSETCO LLC, a Delaware limited liability company, and PLANET FITNESS SPV GUARANTOR LLC, a Delaware limited liability company, each as a Guarantor, and in favor of the Trustee
(as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee for the benefit of the Secured Parties, a security interest
in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Trademarks and the goodwill connected with the use of or symbolized by the Trademarks, and the right to bring an action at law or in
equity for any infringement, misappropriation, dilution or other violation thereof, and to collect all damages, settlements and proceeds relating thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations and
accrued and future rights to payment with respect to the foregoing (collectively, the “Trademark Collateral”); and 

WHEREAS, pursuant to Section 5.3) of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to the Trustee this
Notice for purposes of filing the same with the PTO to confirm, evidence and perfect the security interest in the Trademark Collateral granted under the Guarantee and Collateral Agreement; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to all
applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the Obligations, Grantor hereby grants to the Trustee, for the benefit of the
Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Trademark Collateral, to the extent now owned or at any time hereafter acquired by Grantor; provided that the grant of security interest
hereunder shall not include any application for registration of a Trademark that would be invalidated, canceled, voided or abandoned due to the grant and/or enforcement of such security interest, including intent-to-use applications filed with the PTO pursuant to 15 USC Section 1051(b) prior to the filing of a statement of use or amendment to allege use pursuant to 15 USC Section 1051(c) or (d),
provided that at such time that the grant and/or enforcement of the security interest will not cause such Trademark to be invalidated, cancelled, voided or abandoned such Trademark application will not be excluded from the Notice. 

  
 B-1-1 

 Capitalized terms used in this Notice (including the preamble and the recitals hereto), and
not defined in this Notice, shall have the meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of August 1, 2018, by and between Planet Fitness Master Issuer LLC, a Delaware limited liability company, and
Citibank, as Trustee and Securities Intermediary (as amended, supplemented or otherwise modified from time to time, the “Indenture”). 

1. The parties intend that this Notice is for recordation purposes. The terms of this Notice shall not modify the applicable terms and
conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Trademark Collateral and which shall control in the event of any conflict. Grantor hereby acknowledges the sufficiency and
completeness of this Notice to create a security interest in the Trademark Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the PTO to file and record this Notice together with the annexed
Schedule 1. 
 2. Grantor and Trustee hereby acknowledge and agree that the grant of security interest in, to and under the Trademark
Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the termination of the Indenture or the Guarantee and Collateral Agreement.

 3. THIS NOTICE 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. 
 4. This Notice may be executed by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 
 [Remainder of this page
intentionally left blank] 

  
 B-1-2 

 IN WITNESS WHEREOF, the undersigned has caused this NOTICE OF GRANT OF SECURITY INTEREST IN
TRADEMARKS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [SECURITIZATION ENTITY],
 as
Grantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 Notice of Grant of Security Interest in Trademarks 

  
 B-1-3 

 Schedule 1 

Trademarks 
  

															
	 Mark
	  	Class	  	App. No.	  	App. Date	  	Reg. No.	  	Reg. Date	  	Owner	  	Status
		  		  		  		  		  		  		  	

  
 B-1-4 

 Exhibit B-2 

FORM OF NOTICE OF GRANT OF SECURITY INTEREST IN PATENTS 

This NOTICE OF GRANT OF SECURITY INTEREST IN PATENTS (the “Notice”) is made and entered into as of
[    ], by and between [SECURITIZATION ENTITY], a [Delaware limited liability company] located at [4 Liberty Lane West, Floor 2, Hampton, NH 03842] (“Grantor”), in favor of CITIBANK, N.A., a national banking
association (“Citibank”), as trustee, located at 388 Greenwich Street, New York, NY 10013 (“Trustee”). 

WHEREAS, Grantor is the owner of the United States patents and patent applications set forth in Schedule 1 attached hereto
(collectively, the “Patents”); and 
 WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as of
August 1, 2018, by and among Grantor, PLANET FITNESS DISTRIBUTION LLC, a Delaware limited liability company, PLANET FITNESS ASSETCO LLC, a Delaware limited liability company, and PLANET FITNESS SPV GUARANTOR LLC, a Delaware limited liability
company, each as a Guarantor, and in favor of the Trustee (as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee
for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Patents, and the right to bring an action at law or in equity for any
infringement, misappropriation, or other violation thereof, and to collect all damages, settlements and proceeds relating thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations and accrued and future
rights to payment with respect to the foregoing (collectively, the “Patent Collateral”); and 
 WHEREAS, pursuant to
Section 5.3 of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to the Trustee this Notice for purposes of filing the same with the PTO to confirm, evidence and perfect the security interest in the Patent Collateral
granted under the Guarantee and Collateral Agreement; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and subject to all applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the Obligations, Grantor
hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Patent Collateral, to the extent now owned or at any time hereafter acquired by Grantor. 

Capitalized terms used in this Notice (including the preamble and the recitals hereto), and not defined in this Notice, shall have the
meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of August 1, 2018, by and between Planet Fitness Master Issuer LLC, a Delaware limited liability company, and Citibank, as Trustee and Securities Intermediary
(as amended, supplemented or otherwise modified from time to time, the “Indenture”). 
 1. The parties intend that this
Notice is for recordation purposes. The terms of this Notice shall not modify the applicable terms and conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Patent Collateral and which
shall control in the event of any conflict. Grantor hereby acknowledges the sufficiency and completeness of this Notice to create a security interest in the Patent Collateral in favor of the Trustee for the benefit of the Secured Parties, and
Grantor hereby requests the PTO to file and record this Notice together with the annexed Schedule 1. 

  
 B-2-1 

 2. Grantor and Trustee hereby acknowledge and agree that the grant of security interest in,
to and under the Patent Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the termination of the Indenture or the Guarantee
and Collateral Agreement. 
 3. THIS NOTICE 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. 
 4. This Notice may be executed by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 B-2-2 

 IN WITNESS WHEREOF, the undersigned has caused this NOTICE OF GRANT OF SECURITY INTEREST IN
PATENTS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [SECURITIZATION ENTITY],
 as
Grantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 Notice of Grant of Security Interest in Patents 

  
 B-2-3 

 Schedule 1 

Patents 
  

																									
	 Title
	  	App. No.	 	  	Filing Date	 	  	Patent No.	 	  	Issue Date	 	  	Owner	 	  	Status	 
		  				  				  				  				  				  			

  
 B-2-4 

 Exhibit B-3 

FORM OF GRANT OF SECURITY INTEREST IN COPYRIGHTS 

This GRANT OF SECURITY INTEREST IN COPYRIGHTS (the “Grant”) is made and entered into as of [    ], by and
between [SECURITIZATION ENTITY], a [Delaware limited liability company] located at [4 Liberty Lane West, Floor 2, Hampton, NH 03842] (“Grantor”), in favor of CITIBANK, N.A., a national banking association
(“Citibank”), as trustee, located at 388 Greenwich Street, New York, NY 10013 (“Trustee”). 
 WHEREAS,
Grantor is the owner of the United States copyright registrations set forth in Schedule 1 attached hereto (collectively, the “Copyrights”); and 

WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as of August 1, 2018, by and among Grantor, PLANET FITNESS
DISTRIBUTION LLC, a Delaware limited liability company, PLANET FITNESS ASSETCO LLC, a Delaware limited liability company, and PLANET FITNESS SPV GUARANTOR LLC, a Delaware limited liability company, each as a Guarantor, and in favor of the Trustee
(as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee for the benefit of the Secured Parties, a security interest
in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Copyrights and the right to bring an action at law or in equity for any infringement, misappropriation or other violation thereof,
and to collect all damages, settlements and proceeds relating thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations and accrued and future rights to payment with respect to the foregoing (collectively,
the “Copyright Collateral”); and 
 WHEREAS, pursuant to Section 5.3 of the Guarantee and Collateral Agreement,
Grantor agreed to execute and deliver to the Trustee this Grant for purposes of filing the same with the United States Copyright Office to confirm, evidence and perfect the security interest in the Copyright Collateral granted under the Guarantee
and Collateral Agreement;     
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and subject to all applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the Obligations, Grantor
hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Copyright Collateral, to the extent now owned or at any time hereafter acquired by Grantor.

 Capitalized terms used in this Grant (including the preamble and the recitals hereto), and not defined in this Grant, shall have the
meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of August 1, 2018, by and between Planet Fitness Master Issuer LLC, a Delaware limited liability company, and Citibank, as Trustee and Securities Intermediary
(as amended, supplemented or otherwise modified from time to time, the “Indenture”). 

  
 B-3-1 

 1. The parties intend that this Grant is for recordation purposes. The terms of this Grant
shall not modify the applicable terms and conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Copyright Collateral and which shall control in the event of any conflict. Grantor
hereby acknowledges the sufficiency and completeness of this Grant to create a security interest in the Copyright Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the United States Copyright
Office to file and record this Grant together with the annexed Schedule 1. 
 2. Grantor and Trustee hereby acknowledge and agree that
the grant of security interest in, to and under the Copyright Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the
termination of the Indenture or the Guarantee and Collateral Agreement. 
 3. THIS GRANT 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. 
 4. This Grant may be executed by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 B-3-2 

 IN WITNESS WHEREOF, the undersigned has caused this GRANT OF SECURITY INTEREST IN COPYRIGHTS
to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [SECURITIZATION ENTITY],
 as
Grantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 Notice of Grant of Security Interest in Copyrights 

  
 B-3-3 

 Schedule 1 

Copyrights 
  

																	
	 Title
	  	Reg. No.	 	  	Reg. Date	 	  	Owner	 	  	Status	 
		  				  				  				  			

 Notice of Grant of Security Interest in Copyrights 

  
 B-3-4 

 Exhibit C-1 

FORM OF SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS 

This SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS (the “Notice”) is made and entered into as of
[    ], by and between [SECURITIZATION ENTITY] a [Delaware limited liability company] located at [4 Liberty Lane West, Floor 2, Hampton, NH 03842] (“Grantor”), in favor of CITIBANK, N.A., a national banking
association (“Citibank”), as trustee, located at 388 Greenwich Street, New York, NY 10013 (“Trustee”). 

WHEREAS, Grantor is the owner of the United States trademarks and service marks set forth in Schedule 1 attached hereto, including the
associated registrations and applications for registration set forth in Schedule 1 attached hereto (collectively, the “Trademarks”) and the goodwill connected with the use of or symbolized by such Trademarks; and 

WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as of August 1, 2018, by and among Grantor, PLANET FITNESS
DISTRIBUTION LLC, a Delaware limited liability company, PLANET FITNESS ASSETCO LLC, a Delaware limited liability company, and PLANET FITNESS SPV GUARANTOR LLC, a Delaware limited liability company, each as a Guarantor, and in favor of the Trustee
(as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee for the benefit of the Secured Parties, a security interest
in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Trademarks and the goodwill connected with the use of or symbolized by the Trademarks, and the right to bring an action at law or in
equity for any infringement, misappropriation, dilution or other violation thereof, and to collect all damages, settlements and proceeds relating thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations and
accrued and future rights to payment with respect to the foregoing (collectively, the “Trademark Collateral”); and 

WHEREAS, pursuant to Section 5.3 of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to the Trustee this
Notice for purposes of filing the same with the PTO to confirm, evidence and perfect the security interest in the Trademark Collateral granted under the Guarantee and Collateral Agreement; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to all
applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the Obligations, Grantor hereby grants to the Trustee, for the benefit of the
Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Trademark Collateral, to the extent now owned or at any time hereafter acquired by Grantor; provided that the grant of security interest
hereunder shall not include any application for registration of a Trademark that would be invalidated, canceled, voided or abandoned due to the grant and/or enforcement of such security interest, including intent-to-use applications filed with the PTO pursuant to 15 USC Section 1051(b) prior to the filing of a statement of use or amendment to allege use pursuant to 15 USC Section 1051(c) or (d),
provided that at such time that the grant and/or enforcement of the security interest will not cause such Trademark to be invalidated, cancelled, voided or abandoned such Trademark application will not be excluded from the Notice. 

  
 C-1-1 

 Capitalized terms used in this Notice (including the preamble and the recitals hereto), and
not defined in this Notice, shall have the meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of August 1, 2018, by and between Planet Fitness Master Issuer LLC, a Delaware limited liability company, and
Citibank, as Trustee and Securities Intermediary (as amended, supplemented or otherwise modified from time to time, the “Indenture”). 

1. The parties intend that this Notice is for recordation purposes. The terms of this Notice shall not modify the applicable terms and
conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Trademark Collateral and which shall control in the event of any conflict. Grantor hereby acknowledges the sufficiency and
completeness of this Notice to create a security interest in the Trademark Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the PTO to file and record this Notice together with the annexed
Schedule 1. 
 2. Grantor and Trustee hereby acknowledge and agree that the grant of security interest in, to and under the Trademark
Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the termination of the Indenture or the Guarantee and Collateral Agreement.

 3. THIS NOTICE 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. 
 4. This Notice may be executed by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 
 [Remainder of this
page intentionally left blank] 

  
 C-1-2 

 IN WITNESS WHEREOF, the undersigned has caused this SUPPLEMENTAL NOTICE OF GRANT OF SECURITY
INTEREST IN TRADEMARKS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [SECURITIZATION ENTITY],
 as
Grantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 Supplemental Notice of Grant of Security Interest in Trademarks 

  
 C-1-3 

 Schedule 1 

Trademarks 
  

																													
	 Mark
	  	Class	 	  	App. No.	 	  	App. Date	 	  	Reg. No.	 	  	Reg. Date	 	  	Owner	 	  	Status	 
		  				  				  				  				  				  				  			

  
 C-1-4 

 Exhibit C-2 

FORM OF SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN PATENTS 

This SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN PATENTS (the “Notice”) is made and entered into as of
[    ], by and between [SECURITIZATION ENTITY], a [Delaware limited liability company] located at [4 Liberty Lane West, Floor 2, Hampton, NH 03842] (“Grantor”), in favor of CITIBANK, N.A., a national banking
association (“Citibank”), as trustee, located at 388 Greenwich Street, New York, NY 10013 (“Trustee”). 

WHEREAS, Grantor is the owner of the United States patents and patent applications set forth in Schedule 1 attached hereto
(collectively, the “Patents”); and 
 WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as of
August 1, 2018, by and among Grantor, PLANET FITNESS DISTRIBUTION LLC, a Delaware limited liability company, PLANET FITNESS ASSETCO LLC, a Delaware limited liability company, and PLANET FITNESS SPV GUARANTOR LLC, a Delaware limited liability
company, each as a Guarantor, and in favor of the Trustee (as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee
for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Patents, and the right to bring an action at law or in equity for any
infringement, misappropriation, or other violation thereof, and to collect all damages, settlements and proceeds relating thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations and accrued and future
rights to payment with respect to the foregoing (collectively, the “Patent Collateral”); and 
 WHEREAS, pursuant to
Section 5.3 of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to the Trustee this Notice for purposes of filing the same with the PTO to confirm, evidence and perfect the security interest in the Patent Collateral
granted under the Guarantee and Collateral Agreement; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and subject to all applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the Obligations, Grantor
hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Patent Collateral, to the extent now owned or at any time hereafter acquired by Grantor. 

Capitalized terms used in this Notice (including the preamble and the recitals hereto), and not defined in this Notice, shall have the
meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of August 1, 2018, by and between Planet Fitness Master Issuer LLC, a Delaware limited liability company, and Citibank, as Trustee and Securities Intermediary
(as amended, supplemented or otherwise modified from time to time, the “Indenture”). 

  
 C-2-1 

 1. The parties intend that this Notice is for recordation purposes. The terms of this Notice
shall not modify the applicable terms and conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Patent Collateral and which shall control in the event of any conflict. Grantor hereby
acknowledges the sufficiency and completeness of this Notice to create a security interest in the Patent Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the PTO to file and record this Notice
together with the annexed Schedule 1. 
 2. Grantor and Trustee hereby acknowledge and agree that the grant of security interest in,
to and under the Patent Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the termination of the Indenture or the Guarantee
and Collateral Agreement. 
 3. THIS NOTICE 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. 
 4. This Notice may be executed by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 C-2-2 

 IN WITNESS WHEREOF, the undersigned has caused this SUPPLEMENTAL NOTICE OF GRANT OF SECURITY
INTEREST IN PATENTS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [SECURITIZATION ENTITY],
 as
Grantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 Supplemental Notice of Grant of Security Interest in Patents 

  
 C-2-3 

 Schedule 1 

Patents 
  

																									
	 Title
	  	App. No.	 	  	Filing Date	 	  	Patent No.	 	  	Issue Date	 	  	Owner	 	  	Status	 
		  				  				  				  				  				  			

  
 C-2-4 

 Exhibit C-3 

FORM OF SUPPLEMENTAL GRANT OF SECURITY INTEREST IN COPYRIGHTS 

This SUPPLEMENTAL GRANT OF SECURITY INTEREST IN COPYRIGHTS (the “Grant”) is made and entered into as of
[    ], by and between [SECURITIZATION ENTITY], a [Delaware limited liability company] located at [4 Liberty Lane West, Floor 2, Hampton, NH 03842] (“Grantor”), in favor of CITIBANK, N.A., a national banking
association (“Citibank”), as trustee, located at 388 Greenwich Street, New York, NY 10013 (“Trustee”). 

WHEREAS, Grantor is the owner of the United States copyright registrations set forth in Schedule 1 attached hereto (collectively, the
“Copyrights”); and 
 WHEREAS, pursuant to the Guarantee and Collateral Agreement, dated as of August 1, 2018, by and
among Grantor, PLANET FITNESS DISTRIBUTION LLC, a Delaware limited liability company, PLANET FITNESS ASSETCO LLC, a Delaware limited liability company, and PLANET FITNESS SPV GUARANTOR LLC, a Delaware limited liability company, each as a Guarantor,
and in favor of the Trustee (as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), to secure the Obligations, Grantor has granted to the Trustee for the benefit of the Secured
Parties, a security interest in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Copyrights and the right to bring an action at law or in equity for any infringement, misappropriation
or other violation thereof, and to collect all damages, settlements and proceeds relating thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations and accrued and future rights to payment with respect to the
foregoing (collectively, the “Copyright Collateral”); and 
 WHEREAS, pursuant to Section 5.3 of the Guarantee and
Collateral Agreement, Grantor agreed to execute and deliver to the Trustee this Grant for purposes of filing the same with the United States Copyright Office to confirm, evidence and perfect the security interest in the Copyright Collateral granted
under the Guarantee and Collateral Agreement;     
 NOW, THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and subject to all applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the
Obligations, Grantor hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Copyright Collateral, to the extent now owned or at any time hereafter
acquired by Grantor. 
 Capitalized terms used in this Grant (including the preamble and the recitals hereto), and not defined in this
Grant, shall have the meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of August 1, 2018, by and between Planet Fitness Master Issuer LLC, a Delaware limited liability company, and Citibank, as Trustee and
Securities Intermediary (as amended, supplemented or otherwise modified from time to time, the “Indenture”). 

  
 C-3-1 

 1. The parties intend that this Grant is for recordation purposes. The terms of this Grant
shall not modify the applicable terms and conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Copyright Collateral and which shall control in the event of any conflict. Grantor
hereby acknowledges the sufficiency and completeness of this Grant to create a security interest in the Copyright Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the United States Copyright
Office to file and record this Grant together with the annexed Schedule 1. 
 2. Grantor and Trustee hereby acknowledge and agree that
the grant of security interest in, to and under the Copyright Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the
termination of the Indenture or the Guarantee and Collateral Agreement. 
 3. THIS GRANT 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. 
 4. This Grant may be executed by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 C-3-2 

 IN WITNESS WHEREOF, the undersigned has caused this SUPPLEMENTAL GRANT OF SECURITY INTEREST
IN COPYRIGHTS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [SECURITIZATION ENTITY],
 as
Grantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 Supplemental Grant of Security Interest in Copyrights 

  
 C-3-3 

 Schedule 1 

Copyrights 
  

																	
	 Title
	  	Reg. No.	 	  	Reg. Date	 	  	Owner	 	  	Status	 
		  				  				  				  			

  
 C-3-4 

 Exhibit C-4 

FORM OF SUPPLEMENTAL GRANT OF SECURITY INTEREST IN TRADEMARKS (Canada) 

This SUPPLEMENTAL NOTICE OF GRANT OF SECURITY INTEREST IN TRADEMARKS (the “Notice”) is made and entered into as of [ ], by
and between [SECURITIZATION ENTITY] a Delaware limited liability company located at 4 Liberty Lane West, Floor 2, Hampton, NH 03842 (“Grantor”), in favor of CITIBANK, N.A., a national banking association
(“Citibank”), as trustee, located at 388 Greenwich Street, New York, NY 10013 (“Trustee”). 
 WHEREAS,
Grantor is the owner of the Canadian trademarks and service marks set forth in Schedule 1 attached hereto, including the associated registrations and applications for registration set forth in Schedule 1 attached hereto (collectively,
the “Trademarks”) and the goodwill connected with the use of or symbolized by such Trademarks; and 
 WHEREAS, pursuant to the
Guarantee and Collateral Agreement, dated as of August 1, 2018, by and among Grantor, PLANET FITNESS DISTRIBUTION LLC, a Delaware limited liability company, PLANET FITNESS ASSETCO LLC, a Delaware limited liability company, and PLANET FITNESS
SPV GUARANTOR, LLC, a Delaware limited liability company, each as a Guarantor, and in favor of the Trustee (as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”), to secure the
Obligations, Grantor has granted to the Trustee for the benefit of the Secured Parties, a security interest in Grantor’s right, title and interest in, to and under certain intellectual property of Grantor, including the Trademarks and the
goodwill connected with the use of or symbolized by the Trademarks, and the right to bring an action at law or in equity for any infringement, misappropriation, dilution or other violation thereof, and to collect all damages, settlements and
proceeds relating thereto, and, to the extent not otherwise included, all payments, proceeds, supporting obligations and accrued and future rights to payment with respect to the foregoing (collectively, the “Trademark Collateral”);
and 
 WHEREAS, pursuant to Section 5.3 of the Guarantee and Collateral Agreement, Grantor agreed to execute and deliver to the Trustee
this Notice for purposes of filing the same with the Canadian Intellectual Property Office to confirm and evidence the security interest in the Trademark Collateral granted under the Guarantee and Collateral Agreement; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to all
applicable terms and conditions of the Indenture and the Guarantee and Collateral Agreement, which are incorporated by reference as if fully set forth herein, to secure the Obligations, Grantor hereby grants to the Trustee, for the benefit of the
Secured Parties, a security interest in Grantor’s right, title and interest in, to and under the Trademark Collateral, to the extent now owned or at any time hereafter acquired by Grantor; provided that the grant of security interest
hereunder shall not include any application for registration of a Trademark that would be invalidated, canceled, voided or abandoned due to the grant and/or enforcement of such security interest, provided that at such time that the grant
and/or enforcement of the security interest will not cause such Trademark to be invalidated, cancelled, voided or abandoned such Trademark application will not be excluded from the Notice. 

  
 C-4-1 

 Capitalized terms used in this Notice (including the preamble and the recitals hereto), and
not defined in this Notice, shall have the meanings assigned to such terms in Annex A attached to the Base Indenture, dated as of August 1, 2018, by and between Planet Fitness Master Issuer LLC, a Delaware limited liability company, and
Citibank, as Trustee and Securities Intermediary (as amended, supplemented or otherwise modified from time to time, the “Indenture”). 

1. The parties intend that this Notice is for recordation purposes. The terms of this Notice shall not modify the applicable terms and
conditions of the Indenture or the Guarantee and Collateral Agreement, which govern the Trustee’s interest in the Trademark Collateral and which shall control in the event of any conflict. Grantor hereby acknowledges the sufficiency and
completeness of this Notice to create a security interest in the Trademark Collateral in favor of the Trustee for the benefit of the Secured Parties, and Grantor hereby requests the Canadian Intellectual Property Office to file and record this
Notice together with the annexed Schedule 1. 
 2. Grantor and Trustee hereby acknowledge and agree that the grant of security
interest in, to and under the Trademark Collateral made hereby may be terminated only in accordance with the terms of the Indenture and the Guarantee and Collateral Agreement and shall terminate automatically upon the termination of the Indenture or
the Guarantee and Collateral Agreement. 
 3. THIS NOTICE 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. 
 4. This Notice may be executed by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 

[Remainder of this page intentionally left blank] 

  
 C-4-2 

 IN WITNESS WHEREOF, the undersigned has caused this SUPPLEMENTAL NOTICE OF GRANT OF SECURITY
INTEREST IN TRADEMARKS to be duly executed by its duly authorized officer as of the date and year first written above. 
  

			
	 [SECURITIZATION ENTITY], as
Grantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-4-3 

 Schedule 1 

Canadian Trademarks 
  

					
	 No.
	  	 Trademark
	  	 Canadian Registration No. /
Application
No.

	1.	  		  	

  
 C-4-4 

 Exhibit D 

FORM OF INVESTOR REQUEST CERTIFICATION 

Citibank, N.A., as Trustee 
 388 Greenwich Street 

New York, NY 10013 
 Attention: Citibank Agency & Trust
– Planet Fitness Master Issuer LLC 
 Pursuant to Section 4.3 of the Base Indenture, dated as of August 1, 2018, by and between Planet
Fitness Master Issuer LLC, as Master Issuer, and Citibank, N.A. as Trustee and Securities Intermediary (as amended, supplemented or otherwise modified from time to time, the “Base Indenture”), the undersigned hereby certifies and
agrees to the following conditions. Capitalized terms used herein but not otherwise defined herein shall have the respective meanings ascribed thereto in Annex A to the Base Indenture. 

1. The undersigned is a [Noteholder][Note Owner][prospective investor] of [    ]% [Fixed][Floating] Rate Series
[        ] Notes, Class [        ] (the “Notes”). 
 2. In
the case that the undersigned is a prospective investor, the undersigned has been designated by a Noteholder or a Note Owner as a prospective transferee of Notes. 

3. The undersigned is requesting all information and copies of all documents that the Trustee is required to deliver to such Noteholder, Note Owner or
prospective investor, as the case may be, pursuant to Section 4.3 of the Base Indenture. In the case that the undersigned is a Noteholder or a Note Owner, pursuant to Section 4.3 of the Base Indenture, the undersigned is also requesting
access for the undersigned to the password-protected area of the Trustee’s website at www.sf.citidirect.com (or such other address as the Trustee may specify from time to time) relating to the Notes. 

4. The undersigned is requesting such information solely for use in evaluating the undersigned’s investment or potential investment, as applicable, in the
Notes. 
 5. The undersigned is not a Competitor. 
 6. The
undersigned understands the information it has requested contains confidential information. 
 7. In consideration of the Trustee’s disclosure to the
undersigned, the undersigned will keep the information strictly confidential, and such information will not be disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives in any manner whatsoever,
without the prior written consent of the Trustee or used for any purpose other than evaluating the undersigned’s investment or possible investment in the Notes; provided, however, that the undersigned shall be permitted to disclose such
information to: (A) to (1) those personnel employed by it who need to know such information which have agreed to keep such information strictly confidential and to use such information only for evaluating the undersigned’s investment or
possible investment in the Notes, (2) its attorneys and outside auditors which have agreed to keep such 

  
 D-1 

 
information strictly confidential and to use such information only for evaluating the undersigned’s investment or potential investment in the Notes, or (3) a regulatory or
self-regulatory authority pursuant to applicable law or regulation or (B) by judicial process; provided, that it may disclose to any and all Persons without limitation of any kind, the tax treatment and tax structure of the transaction and any
related tax strategies to the extent necessary to prevent the transaction from being described as a “confidential transaction” under U.S. Treasury Regulations Section 1.6011-4(b)(3). 

8. The undersigned will not use or disclose the information in any manner which could result in a violation of any provision of the 1933 Act or the 1934 Act or
would require registration of any non-registered security pursuant to the 1933 Act. 
 IN WITNESS WHEREOF, the
undersigned has caused its name to be signed hereto by its duly authorized officer. 
 [Name of [Noteholder][Note Owner][prospective investor]] 

 

							
	By:	  	  
	  	Date:	  	  

		  	Name:	  		  	
		  	Title:	  		  	

  
 D-2 

 Exhibit E 

FORM OF CCR ELECTION NOTICE 

NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT NOTES. IF APPLICABLE, ALL
DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER. 

 

					
	 Notice Date:
	  	                 , 20    	  	
	 Notice Record Date:
	  	                 , 20    	  	
	 Responses Due By:
	  	                 , 20    	  	

  

	To:	 The Controlling Class Members described below: 

 

													
	 CLASS
	  	CUSIP	 	  	ISIN	 	  	Common Code	 
		  				  				  			
		  				  				  			
		  				  				  			

  

	Re:	 Election for Controlling Class Representative 

Reference is hereby made to the Base Indenture, dated as of August 1, 2018 (as amended, supplemented, or otherwise modified from time to
time, the “Base Indenture”), by and among Planet Fitness Master Issuer LLC, a Delaware limited liability company (the “Master Issuer”), and Citibank, N.A., a national banking association, as trustee (in such
capacity, the “Trustee”) and as securities intermediary (in such capacity, the “Securities Intermediary”), as supplemented by the Series Supplement heretofore executed and delivered (the “Series
Supplement”) among the Master Issuer, the Trustee and the Securities Intermediary. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture and the Series
Supplement, as applicable. 
 Pursuant to Section 11.1(b) of the Base Indenture, you are hereby notified that:

 1. There will be an election for a Controlling Class Representative. 

2. If you wish to make a nomination, please do so by submitting a completed nomination form in the form of Exhibit F to the Base
Indenture within thirty (30) calendar days of the date of this CCR Election Notice to the below address: 
 Citibank, N.A. 

388 Greenwich Street 
 New York,
NY 10013 
 Attention: Citibank Agency & Trust – Planet Fitness Master Issuer LLC 

Email: jacqueline.suarez@citi.com or call (888) 855-9695 to obtain Citibank, 

N.A. account manager’s email address 

  
 E-1 

 This Notice shall be construed in accordance with, and this Notice and any matters arising
out of or relating in any way whatsoever to this Notice (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York. 

[Signature Page Follows] 

CCR Election Notice 

  
 E-2 

			
	Very truly yours,
	
	CITIBANK, N.A., as Trustee

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

  

	cc:	 Planet Fitness Master Issuer LLC 

Planet Fitness Holdings, LLC, as manager 

CCR Election Notice 

  
 E-3 

 Exhibit F 

FORM OF NOMINATION FOR 

CONTROLLING CLASS REPRESENTATIVE 

PLANET FITNESS MASTER ISSUER LLC 

I hereby submit the following nomination for election as the Controlling Class Representative: 

I hereby nominate myself for election as the Controlling Class Representative. 

By my signature below, I, (please print name)
                                    hereby certify that: 

(1) As of [insert a date that is not more than ten (10) Business Days prior to the date of the CCR Election Notice], I was the (please
check one): 
  

	☐	 Note Owner 

  

	☐	 Noteholder 

of the [Outstanding Principal Amount of Notes][Class A-1 Notes Voting Amount] of the Controlling Class set forth
below: 
 $        ______________________ 

(2) I am not a Competitor. 

[Signature Page Follows] 

  
 F-1 

			
		
	By:	 	 

			
	Name:	 	

 Date submitted: ____________ 

STATE OF ____________ 
 COUNTY OF ____________ 

On this    day of                ,
20    , before me, the undersigned, a notary public, personally appeared
                                , who proved to me on the basis of satisfactory evidence
to be the person whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in their authorized capacity, and that, by their signature on the instrument, the person, or the entity upon behalf of which
the person acted, executed the instrument. 
 WITNESS my hand and official seal. 

 

	
	  

	Notary Public
	Print Name:
	My commission expires:

 Nomination for Controlling Class Representative 

  
 F-2 

 Exhibit G 

CITIBANK, N.A. 
 PLANET FITNESS
MASTER ISSUER LLC 
 BALLOT FOR 

CONTROLLING CLASS REPRESENTATIVE 

NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT NOTES. IF APPLICABLE, ALL
DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER. 

 

					
	 Notice Date:
	  	                 , 20    	  	
	 Notice Record Date:
	  	                 , 20    	  	
	 Responses Due By:
	  	                 , 20    	  	

  

	To:	 The Controlling Class Members described below: 

 

													
	 CLASS
	  	CUSIP	 	  	ISIN	 	  	Common Code	 
		  				  				  			
		  				  				  			
		  				  				  			

  

	Re:	 Election for Controlling Class Representative 

Reference is hereby made to the Base Indenture, dated as of August 1, 2018 (as amended, supplemented or otherwise modified from time to
time, the “Base Indenture”), by and among Planet Fitness Master Issuer LLC, a Delaware limited liability company (the “Master Issuer”), and Citibank, N.A., a national banking association, as trustee (in such
capacity, the “Trustee”) and as securities intermediary (in such capacity, the “Securities Intermediary”), as supplemented by the Series Supplement heretofore executed and delivered (the “Series
Supplement”) among the Master Issuer, the Trustee and the Securities Intermediary. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture and the Series
Supplement, as applicable. 
 Pursuant to Section 11.1(c) of the Base Indenture, please indicate your vote by
submitting the attached Exhibit A with respect to your vote for Controlling Class Representative within thirty (30) calendar days of the date of this Ballot for Controlling Class Representative by email to
jacqueline.suarez@citi.com or call (888) 855-9695 to obtain the Citibank, N.A. account manager’s email address. 

  
 G-1 

 This Notice shall be construed in accordance with, and this Notice and any matters arising
out of or relating in any way whatsoever to this Notice (whether in contract, tort or otherwise), shall be governed by the law of the State of New York. 
  

			
	Very truly yours,
	
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 Ballot for Controlling Class Representative 

  
 G-2 

 EXHIBIT A 

BALLOT FOR 

CONTROLLING CLASS REPRESENTATIVE 

PLANET FITNESS MASTER ISSUER LLC 
  

					
	 Notice Date:
	  	                 , 20    	  	
	 Notice Record Date:
	  	                 , 20    	  	
	 Responses Due By:
	  	                 , 20    	  	

 Please indicate your vote by checking the “Yes” or “No” box next to each candidate. You may only select
“Yes” below for a single candidate. 
 The election outcome will be determined by reference to the number of votes actually submitted and received
by the Trustee by the end of the CCR Election Period. Abstentions shall not be considered in the determination of the election outcome. 
  

									
	 Yes        
	  	 No        
	  	 Nominee
	  	
CUSIP            
	  	 Outstanding Principal Amount/Class A-1 Notes
Voting Amount

	 ☐
	  	☐	  	[Nominee 1]	  		  	
	 ☐
	  	☐	  	[Nominee 2]	  		  	
	 ☐
	  	☐	  	[Nominee 3]	  		  	

 By my signature below, I, (please print
name)                        *, hereby certify that as of the date of the Ballot for Controlling Class Representative, I am
an owner or beneficial owner of the [Outstanding Principal Amount of Notes][Class A-1 Notes Voting Amount] of the Controlling Class set forth below: 

$__________________________ 
  

	*	 If the beneficial owner of a book-entry position is completing this, please indicate your DTC custodian’s
information below. (To avoid duplication of your vote, please do not respond additionally via your custodian.) 

Bank:____________________________                DTC # _____

 [Signature Page Follows] 

  
 G-3 

			
		
	By:	 	 

			
	Name:	 	
	Date:	 	

 STATE OF ____________ 
 COUNTY OF
____________ 
 On this    day of                ,
20    , before me, the undersigned, a notary public, personally appeared                        , who proved
to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he or she executed the same in their authorized capacity, and that, by their signature on the instrument, the
person, or the entity upon behalf of which the person acted, executed the instrument. 
 WITNESS my hand and official seal. 

 

	
	  

	Notary Public
	Print Name:
	My commission expires:

  
 G-4 

 Exhibit H 

FORM OF CCR ACCEPTANCE LETTER 

Citibank, N.A., as Trustee 
 388 Greenwich Street 

New York, NY 10013 
 Attention: Citibank Agency & Trust
– Planet Fitness Master Issuer LLC 
 Email: jacqueline.suarez@citi.com or call (888) 855-9695 to obtain
Citibank, N.A. account manager’s email address 
 Re: Acceptance Letter for Controlling Class Representative

 Dear Citibank, N.A.: 
 Reference is hereby
made to the Base Indenture, dated as of August 1, 2018 (as amended, supplemented or otherwise modified from time to time, the “Base Indenture”), by and among Planet Fitness Master Issuer LLC, a Delaware limited liability
company (the “Master Issuer”), and Citibank, N.A., a national banking association, as trustee (in such capacity, the “Trustee”) and as securities intermediary (in such capacity, the “Securities
Intermediary”), as supplemented by the Series Supplement heretofore executed and delivered (the “Series Supplement”) among the Master Issuer, the Trustee and the Securities Intermediary. Unless otherwise defined herein, all
capitalized terms used herein shall have the meanings assigned to such terms in the Base Indenture and the Series Supplement, as applicable. 

Pursuant to Section 11.1(e) of the Base Indenture, the undersigned, as the elected or chosen Controlling
Class Representative, hereby agrees (i) to act as the Controlling Class Representative and (ii) to provide its name and contact information in the space provided below and permits such information to be shared with the Manager,
the Securitization Entities, the Servicer, the Back-Up Manager, each Rating Agency and the Controlling Class Members. In addition, the undersigned, as the elected or chosen Controlling
Class Representative, hereby represents and warrants that it is a Controlling Class Member and not a Competitor. 
 [Signature
Page Follows] 

  
 H-1 

 Very truly yours, 
  

			
	By:	 	  

			
	Name:	 	

			
	Title:	 	Controlling Class Representative

  
 Date: ________________________ 

Contact Information: 
  

					
		  	Address:                                     
                               	  	
			
		  	                                      
                                         
   	  	
			
		  	Telephone:                                    
                            	  	
			
		  	Email:                                     
                                   	  	

 STATE OF ____________ 
 COUNTY OF
____________ 
 On this     day
of                    , 20    , before me, the undersigned, a notary public, personally
appeared                        , who proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that he or she executed the same in their authorized capacity, and that, by their signature on the instrument, the person, or the entity upon behalf of which the person acted, executed the
instrument. 
 WITNESS my hand and official seal. 

 

	
	  

	Notary Public
	Print Name:
	My commission expires:

 CCR Acceptance Letter 

  
 H-2 

 Exhibit I 

FORM OF NOTE OWNER CERTIFICATION 

Citibank, N.A., as Trustee 
 388 Greenwich Street 

New York, NY 10013 
 Attention: Citibank Agency & Trust
– Planet Fitness Master Issuer LLC 
 Email: jacqueline.suarez@citi.com or call (888) 855-9695 to obtain
Citibank, N.A. account manager’s email address 
  

	Re:	 Request to Communicate with Note Owners 

Reference is made to Section 11.5(b) of the Base Indenture, dated as of August 1, 2018, by and among Planet
Fitness Master Issuer LLC, as Master Issuer, and Citibank, N.A., as Trustee and Securities Intermediary (as amended, supplemented or otherwise modified from time to time, the “Base Indenture”). Capitalized terms used herein but not
otherwise defined herein shall have the respective meanings ascribed thereto in Annex A to the Base Indenture. 
 The undersigned hereby
certify that they are [Note Owners who collectively hold beneficial interests of not less than 5% in aggregate principal amount of Notes][VFN Noteholders who collectively hold interest of not less than 5% of the aggregate principal amount of Notes
(including any unfunded commitments of such VFN Noteholders under any Variable Funding Note Purchase Agreement). 
 The undersigned wish to
communicate with other Note Owners and VFN Noteholders with respect to their rights under the Indenture or under the Notes and hereby request that the Trustee deliver the enclosed notice or communication to all other Note Owners through the
Applicable Procedures of each Clearing Agency, and to VFN Noteholders through the applicable Class A-1 Administrative Agent, with respect to all Series of Notes Outstanding. 

Attached as Exhibit A hereto is a copy of the communication which the undersigned propose[s] to transmit. 

The undersigned agree to indemnify the Trustee for its costs and expenses in connection with the delivery of the enclosed notice or
communication. 
  

			
	Dated:	 	  

		
	Signed:	 	  

		
	Printed Name:	 	  

 Note Owner Certification 

  
 I-1 

 
			
	Dated:	 	  

		
	Signed:	 	  

		
	Printed Name:	 	  

 Enclosure(s): [                ] 

  
 I-2EX-4.2

 Exhibit 4.2 
  

 
 PLANET FITNESS MASTER ISSUER LLC,

 as Master Issuer, 

and 
 CITIBANK, N.A.,

 as Trustee and Series 2018-1 Securities Intermediary 

SERIES 2018-1 SUPPLEMENT 

Dated as of August 1, 2018 

to 
 BASE INDENTURE

 Dated as of August 1, 2018 
  

 
 $75,000,000 Series 2018-1 Variable Funding Senior Notes, Class A-1 
 $575,000,000
Series 2018-1 4.262% Fixed Rate Senior Secured Notes, Class A-2-I 

$625,000,000 Series 2018-1 4.666% Fixed Rate Senior Secured Notes, Class A-2-II 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 PRELIMINARY STATEMENT
	  	 	1	 
		
	 DESIGNATION
	  	 	1	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 ARTICLE II INITIAL ISSUANCE, INCREASES AND DECREASES OF SERIES 2018-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT
	  	 	2	 
			
	 Section 2.1
	 	Procedures for Issuing and Increasing Initial Issuance and Increases of the Series 2018-1 Class A-1 Outstanding Principal Amount	  	 	2	 
	 Section 2.2
	 	Procedures for Decreasing the Series 2018-1 Class A-1 Outstanding Principal Amount	  	 	3	 
		
	 ARTICLE III SERIES 2018-1 ALLOCATIONS;
PAYMENTS
	  	 	4	 
			
	 Section 3.1
	 	Allocations with Respect to the Series 2018-1 Notes	  	 	4	 
	 Section 3.2
	 	Interim Allocation Date Applications; Quarterly Payment Date Applications	  	 	4	 
	 Section 3.3
	 	Certain Distributions from the Series 2018-1 Distribution Accounts	  	 	4	 
	 Section 3.4
	 	Series 2018-1 Class A-1 Interest and Certain Fees.	  	 	5	 
	 Section 3.5
	 	Series 2018-1 Class A-2 Interest.	  	 	6	 
	 Section 3.6
	 	Payment of Series 2018-1 Note Principal	  	 	7	 
	 Section 3.7
	 	Series 2018-1 Class A-1 Distribution Account	  	 	12	 
	 Section 3.8
	 	Series 2018-1 Class A-2 Distribution Account	  	 	13	 
	 Section 3.9
	 	Trustee as Securities Intermediary	  	 	14	 
	 Section 3.10
	 	Manager	  	 	15	 
	 Section 3.11
	 	Replacement of Ineligible Accounts	  	 	15	 
		
	 ARTICLE IV FORM OF SERIES 2018-1
NOTES
	  	 	16	 
			
	 Section 4.1
	 	Issuance of Series 2018-1 Class A-1 Notes	  	 	16	 
	 Section 4.2
	 	Issuance of Series 2018-1 Class A-2 Notes	  	 	17	 
	 Section 4.3
	 	Transfer Restrictions of Series 2018-1 Class A-1 Notes	  	 	18	 
	 Section 4.4
	 	Transfer Restrictions of Series 2018-1 Class A-2 Notes	  	 	20	 
	 Section 4.5
	 	Note Owner Representations and Warranties	  	 	25	 
	 Section 4.6
	 	Limitation on Liability	  	 	26	 
		
	 ARTICLE V GENERAL
	  	 	26	 
			
	 Section 5.1
	 	Information	  	 	26	 
	 Section 5.2
	 	Exhibits	  	 	27	 
	 Section 5.3
	 	Ratification of Base Indenture	  	 	27	 
	 Section 5.4
	 	Certain Notices to the Rating Agencies	  	 	27	 
	 Section 5.5
	 	Prior Notice by Trustee to the Controlling Class Representative and Control Party	  	 	27	 
	 Section 5.6
	 	Counterparts	  	 	28	 
	 Section 5.7
	 	Governing Law	  	 	28	 

  
 i 

							
	 Section 5.8
	 	Amendments	  	 	28	 
	 Section 5.9
	 	Termination of Series Supplement	  	 	28	 
	 Section 5.10
	 	Entire Agreement	  	 	28	 
	 Section 5.11
	 	1934 Act	  	 	28	 

 ANNEXES 
  

			
	Annex A	  	Series 2018-1 Supplemental Definitions List
		
	EXHIBITS	  	
		
	Exhibit A-1-1:	  	Form of Series 2018-1 Class A-1 Advance Note
	Exhibit A-1-2:	  	Form of Series 2018-1 Class A-1 Swingline Note
	Exhibit A-1-3:	  	Form of Series 2018-1 Class A-1 L/C Note
	Exhibit A-2-1:	  	Form of Rule 144A Global Series 2018-1 Class A-2-I Note
	Exhibit A-2-2:	  	Form of Rule 144A Global Series 2018-1 Class A-2-II Note
	Exhibit A-2-3:	  	Form of Temporary Regulation S Global Series 2018-1 Class A-2-I Note
	Exhibit A-2-4:	  	Form of Temporary Regulation S Global Series 2018-1 Class A-2-II Note
	Exhibit A-2-5:	  	Form of Permanent Regulation S Global Series 2018-1 Class A-2-I Note
	Exhibit A-2-6:	  	Form of Permanent Regulation S Global Series 2018-1 Class A-2-II Note
	Exhibit B-1:	  	Form of Transferee Certificate
	Exhibit B-2:	  	Form of Transferee Certificate
	Exhibit B-3:	  	Form of Transferee Certificate
	Exhibit B-4:	  	Form of Transferee Certificate
	Exhibit C:	  	Form of Quarterly Noteholders’ Report

  
 ii 

 SERIES 2018-1 SUPPLEMENT, dated as of August 1,
2018 (this “Series Supplement”), by and between PLANET FITNESS MASTER ISSUER 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 2018-1 Securities Intermediary, to the Base Indenture, dated as of the date hereof, by and between the Master Issuer and CITIBANK, N.A., as trustee and
as securities intermediary (as amended, modified or supplemented from time to time, exclusive of Series Supplements, the “Base Indenture”). 

PRELIMINARY STATEMENT 

WHEREAS, Sections 2.2 and 13.1 of the Base Indenture provide, among other things, that the Master Issuer and
the Trustee may at any time and from time to time enter into a Series Supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes (as defined in Annex A of the Base Indenture)
upon satisfaction of the conditions set forth therein; and 
 WHEREAS, all such conditions have been met for the issuance of the Series of
Notes authorized hereunder. 
 NOW, THEREFORE, the parties hereto agree as follows: 

DESIGNATION 
 There is
hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series Supplement, and such Series of Notes shall be designated as Series 2018-1 Notes. On the Closing Date, two Classes of
Notes of such Series shall be issued: (a) Series 2018-1 Variable Funding Senior Notes, Class A-1 (as referred to herein, the “Series 2018-1 Class A-1 Notes”) and (b) Series 2018-1 Senior Notes,
Class A-2 (as referred to herein, the “Series 2018-1 Class A-2 Notes”). The Series 2018-1 Class A-1 Notes shall be issued in three Subclasses: (i) Series 2018-1
Class A-1 Advance Notes (as referred to herein, the “Series 2018-1 Class A-1 Advance
Notes”), (ii) Series 2018-1 Class A-1 Swingline Notes (as referred to herein, the “Series 2018-1
Class A-1 Swingline Notes”) and (iii) Series 2018-1 Class A-1 L/C Notes (as referred to
herein, the “Series 2018-1 Class A-1 L/C Notes”). The Series 2018-1 Class A-2 Notes shall be issued in two Tranches: (i) Series 2018-1 4.262% Fixed Rate Senior Secured Notes, Class A-2-I (as referred to herein, the “Series 2018-1
Class A-2-I Notes”) and (ii) Series 2018-1 4.666% Fixed Rate Senior Secured Notes, Class A-2-II (as referred to herein, the “Series 2018-1 Class A-2-II Notes”) and, together with the Series 2018-1 Class A-1 Notes and the Series 2018-1 Class A-2-I Notes, the “Series 2018-1 Notes”. For purposes of the
Base Indenture and this Series Supplement, the Series 2018-1 Class A-1 Notes and the Series 2018-1 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 2018-1 Supplemental Definitions
List attached hereto as Annex A (the “Series 2018-1 Supplemental Definitions List”) as such Series 2018-1 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 2018-1 Notes and not to any other Series of Notes issued by the Master Issuer. The rules of construction set forth in Section 1.4 of
the Base Indenture shall apply for all purposes under this Series Supplement. 
 ARTICLE II 

INITIAL ISSUANCE, INCREASES AND DECREASES OF 

SERIES 2018-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT

 Section 2.1 Procedures for Issuing and Increasing Initial Issuance and Increases of the Series 2018-1 Class A-1 Outstanding Principal Amount. 

(a) Subject to satisfaction of the conditions precedent to the making of Series 2018-1 Class A-1 Advances set forth in the Series 2018-1 Class A-1 Note Purchase Agreement, (i) on the Closing Date, the Master
Issuer may cause the Series 2018-1 Class A-1 Initial Advance Principal Amount to become outstanding by drawing ratably, at par, the initial principal amounts of the
Series 2018-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2018-1 Class A-1 Advances made on the Closing Date (the “Series 2018-1 Class A-1 Initial
Advance”) and (ii) on any Business Day during the Series 2018-1 Class A-1 Commitment Term that does not occur during a Cash Trapping Period, the
Master Issuer may increase the Series 2018-1 Class A-1 Outstanding Principal Amount (such increase referred to as an “Increase”), by drawing
ratably (or as otherwise set forth in the Series 2018-1 Class A-1 Note Purchase Agreement), at par, additional principal amounts on the Series 2018-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2018-1
Class A-1 Advances made on such Business Day; provided that at no time may the Series 2018-1 Class A-1
Outstanding Principal Amount exceed the Series 2018-1 Class A-1 Notes Maximum Principal Amount. The Series 2018-1 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 2018-1 Class A-1 Note Purchase Agreement and shall be ratably (except as otherwise set forth in the Series 2018-1 Class A-1 Note
Purchase Agreement) allocated among the Series 2018-1 Class A-1 Noteholders (other than the Series 2018-1 Class A-1 Subfacility Noteholders in their capacity as such) as provided therein. Proceeds from the Series 2018-1 Class A-1
Initial Advance and each Increase shall be paid as directed by the Master Issuer in the applicable Series 2018-1 Class A-1 Advance Request or as otherwise set forth
in the Series 2018-1 Class A-1 Note Purchase Agreement. Upon receipt of written notice from the Master Issuer or the Administrative Agent of the Series 2018-1 Class A-1 Initial Advance and any Increase, the Trustee shall indicate in its books and records the amount of the Series
2018-1 Class A-1 Initial Advance or such Increase, as applicable. 

(b) Subject to satisfaction of the applicable conditions precedent set forth in the Series 2018-1 Class A-1 Note Purchase Agreement, on the Series 2018-1 Closing Date, the Master Issuer may cause (i) the Series 2018-1
Class A-1 Initial Swingline Principal Amount to become outstanding by drawing, at par, the initial principal amounts of the Series 2018-1 Class A-1 Swingline
Notes corresponding to the aggregate amount of the Series 2018-1 Class A-1 Swingline Loans made on the Closing Date pursuant to
Section 2.06 of the Series 2018-1 Class A-1 Note Purchase Agreement and (ii) the Series
2018-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount to become outstanding by drawing, at par, the initial principal amounts of the Series 2018-1 Class A-1 L/C Notes corresponding to the aggregate Undrawn L/C Face Amount of the Letters of Credit issued on the Closing Date pursuant to
Section 2.07 of the Series 2018-1 Class A-1 Note Purchase Agreement; provided that at no time may the Series 2018-1 Class A-1 Outstanding Principal Amount exceed the Series 2018-1 Class A-1
Notes Maximum Principal Amount. The procedures relating to increases in the Series 2018-1 Class A-1 Outstanding Subfacility Amount (each such increase, a
“Subfacility Increase”) through borrowings of Series 2018-1 Class A-1 Swingline Loans 

  
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and issuance or incurrence of Series 2018-1 Class A-1 L/C Obligations are set forth in the Series 2018-1 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 2018-1 Class A-1 Initial Swingline Principal Amount and the Series 2018-1 Class A-1
Initial Aggregate Undrawn L/C Face Amount and any Subfacility Increase, the Trustee shall indicate in its books and records the amount of each such issuance and Subfacility Increase. 

Section 2.2 Procedures for Decreasing the Series 2018-1 Class A-1 Outstanding Principal Amount. 
 (a) Mandatory Decrease. Whenever a Series 2018-1 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 2018-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2018-1 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 2018-1 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 2018-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2018-1
Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2018-1 Class A-1
Outstanding Principal Amount to zero (each decrease of the Series 2018-1 Class A-1 Outstanding Principal Amount pursuant to this
Section 2.2(a), or any other required payment of principal in respect of the Series 2018-1 Class A-1 Notes pursuant to
Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) any associated Series 2018-1
Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2018-1
Class A-1 Note Purchase Agreement). Such Mandatory Decrease shall be allocated among the Series 2018-1 Class A-1
Noteholders in accordance with the Class A-1 Order of Distribution. Upon obtaining knowledge of such a Series 2018-1
Class A-1 Excess Principal Event, the Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice (which may be given by
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 2.2(d), on any Business Day, the Master Issuer may
decrease the Series 2018-1 Class A-1 Outstanding Principal Amount (each such decrease of the Series 2018-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(b), a “Voluntary Decrease”) by depositing in the Series
2018-1 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 2.2(b)) up to the Series 2018-1 Class A-1 Outstanding Principal Amount equal to the amount of such Voluntary Decrease, plus
(ii) any associated Series 2018-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2018-1 Class A-1 Note Purchase Agreement); provided that to the extent the deposit into the Series 2018-1 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 2018-1 Class A-1 Investor and the Administrative Agent; provided, further, that the Master Issuer shall provide written notice to the Trustee

  
 3 

 
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 2018-1 Class A-1 Note Purchase Agreement. In connection with any Voluntary Decrease, the Master Issuer shall reimburse the Trustee,
the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate). 

(c) The Trustee shall indicate in its books and records any such reduction in the Series 2018-1 Class A-1 Commitments. 
 (d) The Series 2018-1 Class A-1 Note Purchase Agreement sets forth additional procedures relating to decreases in the Series 2018-1 Class A-1
Outstanding Subfacility Amount (each such decrease, together with any Voluntary Decrease or Mandatory Decrease allocated to the Series 2018-1 Class A-1 Subfacility
Noteholders, a “Subfacility Decrease”) through (i) borrowings of Series 2018-1 Class A-1 Advances to repay Series 2018-1 Class A-1 Swingline Loans and Series 2018-1 Class A-1L/C Obligations or
(ii) optional prepayments of Series 2018-1 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 2018-1 Class A-1 Note Purchase Agreement
also sets forth procedures relating to permanent reductions in the Series 2018-1 Class A-1 Notes Maximum Principal Amount. 

ARTICLE III 
 SERIES 2018-1 ALLOCATIONS; PAYMENTS 
 With respect to the Series
2018-1 Notes only, the following shall apply: 
 Section 3.1 Allocations with Respect to the
Series 2018-1 Notes. On the Series 2018-1 Closing Date, a portion of the net proceeds from the initial sale of the Series
2018-1 Notes shall be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Series
2018-1 Closing Date. The remainder of the net proceeds from the sale of the Series 2018-1 Notes shall be paid to, or at the direction of, the Master Issuer. 

Section 3.2 Interim Allocation Date Applications; Quarterly Payment Date Applications. On each Interim 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 2018-1 Notes pursuant to, and to the extent that funds are
available therefor in accordance with the provisions of, the Priority of Payments. 
 Section 3.3 Certain Distributions from the
Series 2018-1 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 6.1 of the Base Indenture, remit (i) to the Series 2018-1 Class A-1 Noteholders from the Series 2018-1 Class A-1 Distribution Account, in accordance with the Class A-1 Order of Distribution, the amounts deposited in the Series 2018-1 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 2018-1 Class A-1 Notes on such
Quarterly Payment Date and (ii) to the Series 2018-1 Class A-2 Noteholders from the Series 2018-1 Class A-2 Distribution Account, the amounts deposited in the Series 2018-1 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 2018-1 Class A-2 Notes on such
Quarterly Payment Date. On each Interim 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. 

  
 4 

 Notwithstanding anything to the contrary herein or in the Base Indenture, except as
(i) provided under Section 3.6(f) or (ii) explicitly directed by the Master Issuer (or the Manager on its behalf) with respect to payments of Quarterly Scheduled Principal Amounts made under
Section 3.6(c)(ii) on Quarterly Payment Dates with respect to which the Series 2018-1 Non-Amortization Test has been satisfied, each payment in
respect of the Series 2018-1 Class A-2 Notes shall be distributed between 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 2018-1 Class A-2 Outstanding Principal Amount of each Tranche or (B) if not explicitly provided hereunder, ratably based on the Series 2018-1
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 2018-1 Class A-2 Outstanding
Principal Amount of such Tranche. 
 Section 3.4 Series 2018-1 Class A-1 Interest and Certain Fees. 
 (a) Series
2018-1 Class A-1 Notes Interest and L/C Fees. From and after the Closing Date, the applicable portions of the Series 2018-1 Class A-1 Outstanding Principal Amount shall accrue (i) interest at the Series 2018-1
Class A-1 Note Rate and (ii) L/C Quarterly Fees at the applicable rates provided therefor in the 2018-1 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 Interim Allocation Date in
accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, commencing on December 5, 2018; provided that in any event all accrued
but unpaid interest and fees shall be paid in full on the Series 2018-1 Legal Final Maturity Date, on any Series 2018-1 Prepayment Date with respect to a prepayment in
full of the Series 2018-1 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 2018-1 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 2018-1 Class A-1 Note Rate. 

(b) Undrawn Commitment Fees. From and after the Closing Date, Undrawn Commitment Fees shall accrue as provided in the Series 2018-1 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 Interim Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, commencing on
December 5, 2018. To the extent any such amount is not paid on a Quarterly Payment Date when due (a “Series 2018-1 Class A-1 Quarterly
Commitment Fees Shortfall Amount”), such unpaid amount shall accrue interest at the Series 2018-1 Class A-1 Note Rate. 

(c) Series 2018-1 Class A-1 Post-Renewal
Date Contingent Interest. Following a Series 2018-1 Class A-1 Notes Amortization Event additional interest shall accrue on the Series 2018-1 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 2018-1 Class A-1 Post-Renewal Date Contingent Interest Rate”), calculated in accordance with Section 3.01(f) of the
Series 2018-1 Class A-1 Note Purchase Agreement, in addition to the regular interest that shall continue to accrue at the Series
2018-1 Class A-1 

  
 5 

 
Note Rate. Any Series 2018-1 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 Interim Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in
accordance with Section 5.12 of the Base Indenture, in the amount so made available, and failure to pay any Series 2018-1 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 2018-1 Class A-1 Initial
Interest Accrual Period. The initial Interest Accrual Period for the Series 2018-1 Class A-1 Notes shall commence on the Closing Date and end on (but exclude)
December 5, 2018. 
 Section 3.5 Series 2018-1 Class A-2 Interest. 
 (a) Series 2018-1 Class A-2 Notes Interest. From the Series 2018-1 Closing Date until the Series 2018-1
Class A-2 Outstanding Principal Amount with respect to a Tranche has been paid in full, the Series 2018-1 Class A-2
Outstanding Principal Amount with respect to such Tranche (after giving effect to all payments of principal made to Series 2018-1 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 2018-1 Class A-2 Notes during such Interest Accrual Period) shall accrue interest at the Series 2018-1 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 Interim 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 December 5, 2018; provided that in any event all accrued but unpaid interest on the Series 2018-1 Class A-2 Outstanding Principal Amount shall be due and payable in full on the Series 2018-1 Legal Final Maturity Date, on
any Series 2018-1 Class A-2 Prepayment Date with respect to a prepayment in full of any Tranche or on any other day on which all of the Series 2018-1 Class A-2 Outstanding Principal Amount is required to be paid in full. To the extent any interest accruing at the Series
2018-1 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 2018-1 Class A-2 Note Rate for such Tranche. All computations of interest at the Series 2018-1 Class A-2 Note Rate shall be made on
the basis of a year of 360 days and twelve 30-day months. 
 (b) Series 2018-1 Class A-2 Quarterly Post-ARD Contingent Interest. 

(i) Post-ARD Contingent Interest. From and after the Series
2018-1 Anticipated Repayment Date, as applicable to each Tranche, until the Series 2018-1 Class A-2 Outstanding Principal
Amount with respect to such Tranche has been paid in full, additional interest (“Series 2018-1 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 2018-1 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 2018-1 Class A-2-I Notes, 1.400% and (2) with respect to the Series 2018-1
Class A-2-II Notes, 1.800%, exceeds (b) such Tranche’s applicable Series 2018-1
Class A-2 Note Rate. In addition, regular interest shall continue to accrue at the Tranche’s Offered Notes Rate from and after such Tranche’s Series
2018-1 Anticipated Repayment Date. All computations of Series 2018 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 2018-1
Class A-2 Quarterly Post-ARD Contingent Interest. Any Series 2018-1
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 Interim Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, in the amount
so available. For the avoidance of doubt, Series 2018-1 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 2018-1 Class A-2 Note Rate. The failure to pay any Series 2018-1 Class A-2 Quarterly Post-ARD Contingent Interest on any Quarterly Payment Date (including on the Series 2018-1 Legal Final Maturity Date) 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. 

(c) Series 2018-1 Class A-2 Initial
Interest Accrual Period. The initial Interest Accrual Period for the Series 2018-1 Class A-2 Notes shall commence on the Series
2018-1 Closing Date and end on (but exclude) December 5, 2018. 
 Section 3.6 Payment
of Series 2018-1 Note Principal. 
 (a) Series 2018-1
Notes Principal Payment at Legal Maturity. The Series 2018-1 Outstanding Principal Amount shall be due and payable on the Series 2018-1 Legal Final Maturity Date.
The Series 2018-1 Outstanding Principal Amount is not prepayable, in whole or in part, except as set forth in this Section 3.6 and, in respect of the Series 2018-1 Class A-1 Outstanding Principal Amount, Section 2.2 of this Series Supplement. 

(b) Series 2018-1 Class A-2 Anticipated
Repayment Date; Series 2018-1 Class A-1 Renewal Date. The “Series 2018-1 Anticipated Repayment
Date” means, (i) with respect to the Series 2018-1 Class A-2-I Notes, the Quarterly Payment Date occurring in
September 2022 and (ii) with respect to the Series 2018-1 Class A-2-II Notes, the Quarterly Payment Date occurring in
September 2025. The initial Series 2018-1 Class A-1 Notes Renewal Date shall be the Quarterly Payment Date occurring in September 2023, unless extended as provided
below in this Section 3.6(b). 
 (i) First Extension Election. Subject to the conditions set forth in
Section 3.6(b)(iii) of this Series Supplement, the Manager shall have the option to elect (the “Series 2018-1 First Extension Election”) to extend the Series 2018-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in September 2024 by delivering written notice to the Administrative Agent, the Trustee and
the Control Party no later than the Quarterly Payment Date occurring in September 2023 to the effect that the conditions precedent to such Series 2018-1 First Extension Election have been satisfied. 

(ii) Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series
Supplement, if the Series 2018-1 First Extension Election has been made and become effective, the Manager shall have the option to elect (the “Series 2018-1
Second Extension Election”) to extend the Series 2018-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in September 2025 by
delivering written notice to the Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in September 2024 to the effect that the conditions precedent to such Series
2018-1 Second Extension Election have been satisfied. 
 (iii) Conditions Precedent to Extension
Elections. It shall be a condition to each applicable extension of the Series 2018-1 Class A-1 Notes Renewal Date that, in the case of
Section 3.6(b)(i), on the Quarterly Payment Date occurring in September 2023, or in the case of Section 3.6(b)(ii), on the Quarterly Payment Date occurring in September 2024 (a) the DSCR is
greater than or equal to 2.00x 

  
 7 

 
(calculated with respect to the most recently ended Quarterly Collection Period); (b) either the rating assigned to the Series 2018-1 Class A-2 Notes by (x) S&P has not been downgraded below “BBB-” or withdrawn and (y) by KBRA 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 3.6(b)(i) or
(ii) of this Series Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.6(b)(iii) are not met as of the applicable extension date, the election set
forth in such notice shall automatically be deemed ineffective. For the avoidance of doubt, no consent of the Trustee, the Control Party, the Administrative Agent or any Noteholder shall be necessary for the effectiveness of the Series 2018-1 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 2018-1 Class A-2 Notes. 
 (i) Class A-2 Accrued Quarterly Scheduled Principal Amounts shall be allocated on each Interim 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 2018-1 Anticipated Repayment Date, commencing on the Quarterly Payment Date in December 5, 2018, 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 shall 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 2018-1 Non-Amortization Test is not satisfied with respect to such Quarterly
Payment Date; provided, further that if the Series 2018-1 Non-Amortization Test is satisfied, the Master Issuer may, at its option, prior to the Series 2018-1 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 Interim Allocation Date and each Quarterly Payment Date, the Quarterly Scheduled Principal Deficiency Amount, if any, with
respect to such Interim 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 Interim 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 2018-1 Class A-2 Notes Mandatory Payments of Principal. 

(i) During any Rapid Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the applicable Classes
of Series 2018-1 Class A-2 Notes as and when amounts are made available for payment thereof (x) on any related Interim 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 2018-1 Class A-2 Make-Whole Prepayment Premium required to be paid in connection therewith pursuant to Section 3.6(e) of this Series Supplement; provided, for avoidance of doubt, that
it shall not constitute an Event of Default if any such Series 2018-1 Class A-2 Make-Whole Prepayment Premium is not paid because insufficient funds are available
to pay such Series 2018-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments. Such payments shall be ratably allocated among the
Series 2018-1 Class A-2 Noteholders within each applicable Class and Tranche, based on their respective portion of the Series
2018-1 Class A-2 Outstanding Principal Amount of such Class and Tranche, as applicable (or, in the case of the Series
2018-1 Class A-1 Noteholders, in accordance with the Class A-1 Order of Distribution. 

  
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 (ii) During any Series 2018-1 Class A-1 Notes Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the applicable Series 2018 -1 Class A-1 Notes as and when amounts are made available for payment thereof (i) on any related Interim Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment
Date in accordance with Section 5.12 of the Base Indenture, in the amount so available. Such payments shall be allocated among the Series 2018 -1
Class A-1 Noteholders, in accordance with the Class A-1 Order of Distribution. For the avoidance of doubt, no Series
2018-1 Class A-2 Make-Whole Prepayment Premium will be due in connection with any principal payments on the Series 2018-1 Class A-1 Notes. 
 (e) Series 2018-1 Class A-2 Make-Whole Prepayment Premium Payments. In connection with any (i) mandatory prepayment of any Series 2018-1
Class A-2 Notes made during a Rapid Amortization Period pursuant to Section 3.6(d), (ii) prepayments funded by Asset Disposition Proceeds pursuant to
Section 3.6(j) or (iii) any optional prepayment of any Series 2018-1 Class A-2 Notes or a Tranche made pursuant to
Section 3.6(f) (each, a “Series 2018-1 Class A-2 Prepayment”), in each case prior to (I) with respect
to the Series 2018-1 Class A-2-I Notes, the Quarterly Payment Date in the 18th month prior to the Series 2018-1 Anticipated Repayment Date for such Tranche and (II) with respect to the Series 2018-1
Class A-2-II Notes, the Quarterly Payment Date in the 36th month prior to the Series 2018-1 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 2018-1 Class A-2
Make-Whole Prepayment Premium; provided that no such Series 2018-1 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 2018-1 Non-Amortization Test has been satisfied) or Quarterly Scheduled Principal Deficiency Amounts. 

(f) Optional Prepayment of Series 2018-1
Class A-2 Notes. Subject to Section 3.6(e) and (g) of this Series Supplement, the Master Issuer shall have the option to prepay the Outstanding
Principal Amount of (I) either or both of the Tranches in whole on any Business Day and/or (II) either or both of the Tranches in part on any Quarterly Payment Date or on any date a mandatory prepayment may be made and that is specified as
the Series 2018-1 Prepayment Date in the applicable Prepayment Notices; provided that the Master Issuer shall not make any optional prepayment in part of any Tranche pursuant to this
Section 3.6(f) in a principal amount for any single prepayment of less than $5 million on any Quarterly Payment Date (except that any such prepayment may be in a principal amount less than such amount if effected on
the same day as any partial mandatory prepayment or repayment pursuant to this Series Supplement); provided, further, that no such optional prepayment may be made unless (i) the amount on deposit in the Series 2018-1 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 2018-1
Class A-2 Make-Whole Prepayment Premium required pursuant to Section 3.6(e), in each case, payable on the relevant Series 2018-1
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 2018-1 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 2018-1
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 2018-1 Class A-2 

  
 9 

 
Notes is sufficient to pay the Series 2018-1 Class A-2 Quarterly
Post-ARD Contingent Interest accrued through such Series 2018-1 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 2018-1
Class A-2 Notes on the next Interim Allocation Date or, in each case, such amounts have been deposited to the Series 2018-1
Class A-2 Distribution Account pursuant to Section 3.6(h); and (iii) the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any
unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate). The Master Issuer may prepay either or both Tranche(s) of Series 2018-1 Class A-2 Notes in full on any Business Day regardless of the number of prior optional prepayments or any minimum payment requirement. 

(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 2018-1 Class A-2 Prepayment Date with respect to a Tranche
pursuant to Section 3.6(f) to each Series 2018-1 Class A-2 Noteholder of such Tranche, each of the Rating Agencies, the Servicer, the
Control Party and the Trustee; provided that at the request of the Master Issuer, such notice to the Series 2018-1 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 3.6(k) of this Series Supplement. With respect to each such Series 2018-1 Class A-2
Prepayment, the related Prepayment Notice shall specify (i) the Series 2018-1 Class A-2 Prepayment Date on which such prepayment will be made, which in all
cases shall be a Business Day, (ii) the Series 2018-1 Prepayment Amount and (iii) the date on which the applicable Series 2018-1
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 2018-1 Class A-2 Prepayment Date (the “Series 2018-1 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 Agencies and the Series 2018-1 Class A-2 Noteholders of the applicable Tranche, to withdraw, or amend the Series 2018-1 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 2018-1 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. The Master Issuer shall have the option to provide in any Prepayment Notice that the payment
of the amounts set forth in Section 3.6(f) and the performance of the Master Issuer’s obligations with respect to such optional prepayment may be performed by another Person. All Prepayment Notices shall be
(i) transmitted by email to (A) each Series 2018-1 Class A-2 Noteholder that will receive a prepayment to the extent such Series 2018-1 Class A-2 Noteholder has provided an email address to the Trustee and (B) each of the Rating Agencies, the Servicer and the Trustee and (ii) sent by
registered mail to each Series 2018-1 Noteholder that will receive a payment. For the avoidance of doubt, a Voluntary Decrease or a Subfacility Decrease in respect of the Series
2018-1 Class A-1 Notes is governed by Section 2.2 of this Series Supplement and not by this Section 3.6(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 2018-1 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 2018-1 Class A-2 Noteholder previously sent a Prepayment Notice for such series 2018-1 Class A-2 Prepayment Date. 

(h) Series 2018-1 Prepayments. On each Series 2018-1
Prepayment Date with respect to any Series 2018-1 Prepayment, the Series 2018-1 Prepayment Amount, the Series 2018-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2018-1 Class A-1 Breakage Amounts

  
 10 

 
applicable to such Series 2018-1 Prepayment shall be due and payable. The Master Issuer shall pay the Series 2018-1
Prepayment Amount together with the applicable Series 2018-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2018-1 Class A-1 Breakage Amounts applicable to such Series 2018-1 Prepayment by depositing such amounts in the applicable
Indenture Trust Accounts in accordance with the Priority of Payments or the applicable Series 2018-1 Distribution Account pursuant to Section 3.6(f), in each case, on or prior to the
related Series 2018-1 Prepayment Date to be distributed in accordance with Section 5.13 of the Base Indenture, Section 3.3, or
Section 3.6(k), as applicable. 
 (i) Prepayment Premium Not Payable. For the avoidance of doubt, there is
no Series 2018-1 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 2018-1 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 2018-1 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 2018-1 Distribution Accounts and used to prepay first,
if a Series 2018-1 Class A-1 Notes Amortization Period is continuing, the Series 2018-1
Class A-1 Notes (in accordance with the Class A-1 Order of Distribution), second, the Series 2018-1 Class A-2 Notes (to be allocated between the Tranches ratably based on the Series 2018-1 Class A-2 Outstanding Principal
Amount of each Tranche) and third, provided that clause first does not apply, the Series 2018-1 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 3.6(j), the Master Issuer shall not be obligated to pay any prepayment premium. The Master Issuer shall, however, be obligated to pay any applicable Series
2018-1 Class A-2 Make-Whole Prepayment Premium required to be paid pursuant to Section 3.6(e) of this Series Supplement in connection with
any prepayment made with Asset Disposition Proceeds pursuant to this Section 3.6(j); provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2018-1 Class A-2 Make-Whole Prepayment Premium is not paid because insufficient funds are available to pay such Series 2018-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments. 
 (k)
Distributions of Series 2018-1 Class A-2 Optional Prepayment. On the Series 2018-1 Prepayment Date for
a Series 2018-1 Class A-2 Prepayment to be made pursuant to Section 3.6(f) for a Tranche, the Trustee shall, in accordance with
Section 6.1 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 2018-1 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 2018-1 Class A-2 Noteholders of record for such Tranche on the preceding Prepayment Record Date the amount deposited in the Series
2018-1 Class A-2 Distribution Account pursuant to Section 3.6(h) with respect to such Series
2018-1 Class A-2 Prepayment, in order to repay the applicable portion of the Series 2018-1
Class A-2 Outstanding Principal Amount of such Tranche. All accrued and unpaid interest on the Series 2018-1 Class A-2
Outstanding Principal Amount prepaid and any related Series 2018-1 Class A-2 Make-Whole Prepayment Premium due to the Series
2018-1 Class A-2 Noteholders shall be payable on the immediately following Quarterly Payment Date in accordance with the Priority of Payments. 

  
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 (l) Series 2018-1 Notices of Final Payment.
The Master Issuer shall notify the Trustee, the Servicer and each of the Rating Agencies on or before the Prepayment Record Date preceding the Series 2018-1 Prepayment Date that will be the Series 2018-1 Final Payment Date; provided, however, that with respect to any Series 2018-1 Final Payment that is made in connection with any mandatory or optional
prepayment in full, the Master Issuer shall not be obligated to provide any additional notice to the Trustee or the Rating Agencies of such Series 2018-1 Final Payment beyond the notice required to be given in
connection with such prepayment pursuant to Section 3.6(g) of this Series Supplement. The Trustee shall provide any written notice required under this Section 3.6(l) to each Person in whose name a
Series 2018-1 Note is registered at the close of business on such Prepayment Record Date of the Series 2018-1 Prepayment Date that will be the Series 2018-1 Final Payment Date. Such written notice to be sent to the Series 2018-1 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 2018-1 Final Payment will be made and shall specify that such Series
2018-1 Final Payment will be payable only upon presentation and surrender of the Series 2018-1 Notes and shall specify the place where the Series 2018-1 Notes may be presented and surrendered for such Series 2018-1 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 12.1(c) (other than the conditions set forth under Section 12.1(c)(ii)) of the Base Indenture with
respect to the Defeased Tranche have been satisfied; provided that no amounts in respect of the Class A-1 Notes or the other Tranche shall be required to be paid in accordance with
Section 12.1(c)(i)(1) of the Base Indenture. 
 Section 3.7 Series
2018-1 Class A-1 Distribution Account. 

(a) Establishment of Series 2018-1
Class A-1 Distribution Account. The Master Issuer has established with the Trustee the Series 2018-1
Class A-1 Distribution Account in the name of the Trustee for the benefit of the Series 2018-1 Class A-1 Noteholders,
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2018-1 Class A-1 Noteholders. The Series 2018-1 Class A-1 Distribution Account shall be an Eligible Account. Initially, the Series 2018-1
Class A-1 Distribution Account will be established with the Trustee. 
 (b) Series 2018-1 Class A-1 Distribution Account Constitutes Additional Collateral for Series 2018-1 Class A-1 Notes. In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2018-1
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
2018-1 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 2018-1 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 2018-1 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 2018-1 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 2018-1 Class A-1 Distribution Account Collateral”). 

  
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 (c) Termination of Series 2018-1
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
2018-1 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 2018-1 Class A-1 Note Purchase Agreement (after giving effect to the provisions of Section 4.04 of the Series 2018-1 Class A-1 Note Purchase Agreement), (3) all fees and expenses and other amounts then due and payable under the Series
2018-1 Class A-1 Note Purchase Agreement have been paid and (4) all Series 2018-1
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 2018-1 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 2018-1 Class A-1 Distribution Account created in favor of the Trustee for the benefit of the Series 2018-1 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
2018-1 Class A-1 Noteholders’ security interest in the Series 2018-1
Class A-1 Distribution Account Collateral. 
 Section 3.8 Series 2018-1 Class A-2 Distribution Account. 

(a) Establishment of Series 2018-1
Class A-2 Distribution Account. The Master Issuer has established with the Trustee the Series 2018-1
Class A-2 Distribution Account in the name of the Trustee for the benefit of the Series 2018-1 Class A-2 Noteholders,
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2018-1 Class A-2 Noteholders. The Series 2018-1 Class A-2 Distribution Account shall be an Eligible Account. Initially, the Series 2018-1
Class A-2 Distribution Account will be established with the Trustee. 
 (b) Series 2018-1 Class A-2 Distribution Account Constitutes Additional Collateral for Series 2018-1 Class A-2 Notes. In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2018-1
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
2018-1 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 2018-1 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 2018-1 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 2018-1 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 2018-1 Class A-2 Distribution Account Collateral”). 

(c) Termination of Series 2018-1
Class A-2 Distribution Account. On or after the date on which all accrued and unpaid interest on and principal of all Outstanding Series 2018-1 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
2018-1 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 2018-1 Class A-2 Distribution Account created in favor of the Trustee for the benefit of the Series 2018-1 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
2018-1 Class A-2 Noteholders’ security interest in the Series 2018-1
Class A-2 Distribution Account Collateral. 

  
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 Section 3.9 Trustee as Securities Intermediary. 

(a) The Trustee or other Person holding the Series 2018-1 Distribution Accounts shall be the
“Series 2018-1 Securities Intermediary”. If the Series 2018-1 Securities Intermediary in respect of any Series
2018-1 Distribution Account is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Series 2018-1
Securities Intermediary set forth in this Section 3.9. 
 (b) The Series
2018-1 Securities Intermediary agrees that: 
 (i) The Series
2018-1 Distribution Accounts are accounts to which Financial Assets will or may be credited; 
 (ii)
The Series 2018-1 Distribution Accounts are “securities accounts” within the meaning of Section 8-501 of the New York UCC and the Series 2018-1 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
2018-1 Distribution Account shall be registered in the name of the Series 2018-1 Securities Intermediary, indorsed to the Series
2018-1 Securities Intermediary or in blank or credited to another securities account maintained in the name of the Series 2018-1 Securities Intermediary, and in no case
will any Financial Asset credited to any Series 2018-1 Distribution Account be registered in the name of the Master Issuer, payable to the order of the Master Issuer or specially indorsed to the Master Issuer;

 (iv) All property delivered to the Series 2018-1 Securities Intermediary pursuant to this Series
Supplement will be promptly credited to the appropriate Series 2018-1 Distribution Account; 
 (v)
Each item of property (whether investment property, security, instrument or cash) credited to any Series 2018-1 Distribution Account shall be treated as a Financial Asset; 

(vi) If at any time the Series 2018-1 Securities Intermediary shall receive any entitlement order from
the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Series 2018-1 Distribution Accounts, the Series 2018-1 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 2018-1 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 2018-1 Securities Intermediary’s jurisdiction and the Series 2018-1 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 2018-1 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; 

  
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 (viii) The Series 2018-1 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 2018-1 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 2018-1 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 2018-1 Securities Intermediary to comply with entitlement orders as set forth in Section 3.9(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 2018-1 Distribution Accounts, neither the Series 2018-1 Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest in, any
Series 2018-1 Distribution Account or any Financial Asset credited thereto. If the Series 2018-1 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
2018-1 Distribution Account or any Financial Asset carried therein, the Series 2018-1 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 2018-1 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 2018-1 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 2018-1 Distribution Accounts. 

Section 3.10 Manager. Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices,
instructions and other services on behalf of the Master Issuer. The Series 2018-1 Noteholders by their acceptance of the Series 2018-1 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 2018-1 Noteholders hereunder will be made
available on the Trustee’s website in the manner set forth in Section 4.5 of the Base Indenture. 

Section 3.11 Replacement of Ineligible Accounts. If, at any time, either of the Series
2018-1 Class A-1 Distribution Account or the Series 2018-1 Class A-2
Distribution Account shall cease to be an Eligible Account (each, a “Series 2018-1 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 2018-1 Ineligible Account, (B) following the establishment of such new Eligible Account, transfer or, with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing
to transfer all cash and investments from such Series 2018-1 Ineligible Account into such new Eligible Account and (C) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the
benefit of the Secured Parties and, if such new Eligible Account is not established with the Trustee, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party and
the Trustee. 

  
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 ARTICLE IV 

FORM OF SERIES 2018-1 NOTES 

Section 4.1 Issuance of Series 2018-1
Class A-1 Notes. 
 (a) The Series
2018-1 Class A-1 Advance Notes will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth
in Exhibit A-1-1 hereto, and will be issued to the Series 2018-1
Class A-1 Noteholders (other than the Series 2018-1 Class A-1 Subfacility Noteholders) pursuant to and in accordance
with the Series 2018-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in
Section 2.4 of the Base Indenture. Other than in accordance with this Series Supplement and the Series 2018-1 Class A-1 Note Purchase
Agreement, the Series 2018-1 Class A-1 Advance Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by such Series 2018-1 Class A-1 Noteholders. The Series 2018-1 Class A-1 Advance Notes shall bear a
face amount equal in the aggregate to up to the Series 2018-1 Class A-1 Notes Maximum Principal Amount as of the Series
2018-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2018-1
Class A-1 Initial Advance Principal Amount pursuant to Section 2.1(a) of this Series Supplement. The Trustee shall record any Increases or Decreases with respect to the Series 2018-1 Class A-1 Outstanding Principal Amount such that, subject to Section 4.1(d) of this Series Supplement, the principal amount of the Series
2018-1 Class A-1 Advance Notes that are Outstanding accurately reflects all such Increases and Decreases. The Series 2018-1 Class A-1 Swingline Notes will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-1-2 hereto, and will be issued to the Swingline Lender pursuant to and in accordance with the Series 2018-1 Class A-1
Note Purchase Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance with this Series Supplement and
the Series 2018-1 Class A-1 Note Purchase Agreement, the Series 2018-1
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 2018-1 Class A-1 Swingline Note shall bear a face amount equal in the aggregate to up to the Swingline Commitment as of the Closing Date, and shall be initially issued in an aggregate outstanding principal amount
equal to the Series 2018-1 Class A-1 Initial Swingline Principal Amount pursuant to Section 2.1(b)(i) of this Series Supplement.
The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to the Swingline Loans such that, subject to Section 4.1(d) of this Series Supplement, the aggregate principal amount of the
Series 2018 -1 Class A-1 Swingline Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases. 

(b) The Series 2018-1 Class A-1 L/C Notes will be issued
in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-1-3 hereto, and will be issued
to the L/C Provider pursuant to and in accordance with the Series 2018-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Master Issuer and
authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance with this Series Supplement and the Series 2018-1 Class A-1 Note Purchase Agreement, the Series 2018-1 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 2018-1 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 2018-1 Closing Date, and shall be initially issued in an aggregate amount equal to the Series 2018-1
Class A-1 Initial Aggregate Undrawn L/C Face Amount pursuant to Section 2.1(b)(ii) of this Series Supplement. The Trustee shall record any Subfacility Increases or Subfacility
Decreases with respect to the Undrawn L/C Face Amounts of Unreimbursed L/C Drawings, as applicable, such that, subject to Section 4.1(d) of this Series Supplement, the aggregate amount of the Series 2018-1 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 2018-1 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. 

  
 16 

 (c) For the avoidance of doubt, notwithstanding that the aggregate face amount of the Series
2018-1 Class A-1 Notes will exceed the Series 2018-1 Class A-1 Notes Maximum
Principal Amount, at no time will the principal amount actually outstanding of the Series 2018-1 Class A-1 Advance Notes, the Series
2018-1 Class A-1 Swingline Notes and the Series 2018-1 Class A-1 L/C Notes in
the aggregate exceed the Series 2018-1 Class A-1 Notes Maximum Principal Amount. 

(d) The Series 2018-1 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 2018-1 Class A-1 Notes, as evidenced by their execution of the Series 2018-1 Class A-1 Notes. The Series 2018-1 Class A-1 Notes may be produced in any manner, all as determined by the Authorized
Officers executing such Series 2018-1 Class A-1 Notes, as evidenced by their execution of such Series 2018-1 Class A-1 Notes. The initial sale of the Series 2018-1 Class A-1 Notes is limited to Persons who have executed the Series 2018-1 Class A-1 Note Purchase Agreement. The Series 2018-1 Class A-1 Notes may be
resold only to the Master Issuer and its Affiliates and Persons who are not Competitors (except that Series 2018-1 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 2018-1 Class A-1 Note Purchase Agreement. 

Section 4.2 Issuance of Series 2018-1
Class A-2 Notes. The Series 2018-1 Class A-2 Notes in the aggregate may be offered and sold in the
Series 2018-1 Class A-2 Initial Principal Amount on the Closing Date by the Master Issuer pursuant to the Series 2018-1 Class A-2 Note Purchase Agreement. The Series 2018-1 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 2018-1 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 2018-1 Class A-2 Notes will be
Book-Entry Notes and DTC will be the Depository for the Series 2018-1 Class A-2 Notes. The Applicable Procedures shall apply to transfers of beneficial interests in
the Series 2018-1 Class A-2 Notes. The Series 2018-1 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 2018-1 Class A-2 Notes offered and sold in their initial distribution in reliance upon Rule 144A will be issued in the form of one or
more global notes in fully registered form, without coupons, substantially in the form set forth in Exhibit A-2-1 and Exhibit A-2-2, 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 4.2 and Section 4.4, the “Rule 144A Global Notes”). The aggregate initial principal amount of the Rule 144A Global Notes may from time to
time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding decrease or increase in the aggregate initial principal amount of the corresponding class of Temporary
Regulation S Global Notes or Permanent Regulation S Global Notes, as hereinafter provided. 
  

  
 17 

 (b) Temporary Regulation S Global Notes and Permanent
Regulation S Global Notes. Any Series 2018-1 Class A-2 Notes offered and sold on the 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-2-3 and Exhibit A-2-4, 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 2018-1 Class A-2 Note, such Series 2018-1 Class A-2 Notes shall be referred to herein collectively, for purposes of this
Section 4.2 and Section 4.4, as the “Temporary Regulation S Global Notes”. After such time as the Restricted Period shall have terminated, the Temporary
Regulation S Global Notes shall be exchangeable, in whole or in part, for interests in one or more permanent global notes in registered form without interest coupons, substantially in the form set forth in Exhibit A-2-5 and Exhibit A-2-6, as applicable, hereto, as hereinafter provided
(collectively, for purposes of this Section 4.2 and Section 4.4, the “Permanent Regulation S Global Notes”). The aggregate principal amount of the Temporary
Regulation S Global Notes or the Permanent Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding decrease or
increase of aggregate principal amount of the corresponding Rule 144A Global Notes, as hereinafter provided. 
 (c) Definitive
Notes. The Series 2018-1 Global Notes shall be exchangeable in their entirety for one or more definitive notes in registered form, without interest coupons (collectively, for purposes of this
Section 4.2 and Section 4.4 of this Series Supplement, the “Definitive Notes”) pursuant to Section 2.13 of the Base Indenture and this
Section 4.2(c) in accordance with their terms and, upon complete exchange thereof, such Series 2018-1 Global Notes shall be surrendered for cancellation at the applicable Corporate
Trust Office. 
 Section 4.3 Transfer Restrictions of Series 2018-1 Class A-1 Notes. 
 (a) Subject to the terms of the Indenture and the Series 2018-1 Class A-1 Note Purchase Agreement, the holder of any Series 2018-1 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 2018-1 Class A-1 Advance
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 2018-1
Class A-1 Advance Note transfers, in whole or in part, its interest in any Series 2018-1 Class A-1 Advance Note
pursuant to (i) an Assignment and Assumption Agreement substantially in the form of Exhibit B to the Series 2018-1 Class A-1 Note Purchase Agreement or
(ii) an Investor Group Supplement substantially in the form of Exhibit C to the Series 2018-1 Class A-1 Note Purchase Agreement hereto, then such Series 2018-1 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 2018-1 Class A-1 Advance Note. In exchange for any Series 2018-1 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 2018-1
Class A-1 Advance Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2018-1
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 2018-1 Class A-1 Notes for the aggregate principal amount that was not
transferred. No transfer of any Series 2018-1 Class A-1 Advance Note shall be made 

  
 18 

 
unless the request for such transfer is made by the Series 2018-1 Class A-1 Noteholder at such office. Neither
the Master Issuer nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of transferred Series 2018-1 Class A-1 Advance Notes, the Trustee shall recognize the holders of such Series 2018-1
Class A-1 Advance Note as Series 2018-1 Class A-1 Noteholders. 

(b) Subject to the terms of the Indenture and the Series 2018 -1
Class A-1 Note Purchase Agreement, the Swingline Lender may transfer the Series 2018-1 Class A-1 Swingline Notes in
whole but not in part by surrendering such Series 2018-1 Class A-1 Swingline Notes at the applicable Corporate Trust Office, with the form of transfer endorsed on
it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an
“eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to Section 9.17(d) of the Series 2018-1
Class A-1 Note Purchase Agreement. In exchange for any Series 2018-1 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 2018-1 Class A-1 Swingline Note for the same aggregate principal amount as was transferred. No
transfer of any Series 2018-1 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 2018-1 Class A-1 Swingline Note, the Trustee shall recognize the holder of such Series 2018-1
Class A-1 Swingline Note as a Series 2018-1 Class A-1 Noteholder. 

(c) Subject to the terms of the Indenture and this Series 2018-1
Class A-1 Note Purchase Agreement, the L/C Provider may transfer any Series 2018-1 Class A-1 L/C Note in whole or in
part, in an amount equivalent to an authorized denomination, by surrendering such Series 2018-1 Class A-1 L/C Note at the applicable Corporate Trust Office, with
the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing,
with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other “signature guarantee program” as
may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to Section 9.17(e) of the Series 2018-1 Class A-1 Note Purchase Agreement. In exchange for any Series 2018-1 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 2018-1 Class A-1 L/C Notes for the same aggregate principal amount as was transferred. In the case of the
transfer of any Series 2018-1 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 2018-1
Class A-1 L/C Notes for the aggregate principal amount that was not transferred. No transfer of any Series 2018-1
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 2018-1
Class A-1 L/C Note, the Trustee shall recognize the holder of such Series 2018-1 Class A-1 L/C Note as a Series 2018-1 Class A-1 Noteholder. 

  
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 (d) Each Series 2018-1 Class A-1 Note shall bear the following legend: 
 THE ISSUANCE AND SALE OF THIS SERIES 2018-1 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 PLANET FITNESS MASTER ISSUER 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 JULY 19, 2018 BY AND AMONG THE MASTER ISSUER, PLANET FITNESS
HOLDINGS, LLC, AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND ING CAPITAL LLC, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

The required legend set forth above shall not be removed from the Series 2018-1
Class A-1 Notes except as provided herein. 
 Section 4.4 Transfer Restrictions of
Series 2018-1 Class A-2 Notes. 
 (a)
A Series 2018-1 Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such
transfer to any such other Person may be registered; provided, however, that this Section 4.4(a) shall not prohibit any transfer of a Series 2018-1 Class A-2 Note that is issued in exchange for a Series 2018-1 Global Note in accordance with Section 2.8 of the Base Indenture and shall not
prohibit any transfer of a beneficial interest in a Series 2018-1 Global Note effected in accordance with the other provisions of this Section 4.4. 

(b) The transfer by a Series 2018-1 Note Owner holding a beneficial interest in a Series 2018-1 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. 

(c) If a Series 2018-1 Note Owner holding a beneficial interest in a Series 2018-1 Class A-2 Note in the form of a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the
Temporary Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Temporary Regulation S Global Note, such exchange or transfer may be effected,
subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.4(c). Upon receipt by the Registrar, at the 

  
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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 2018-1 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 2018-1 Note Owner holding a beneficial interest in a Rule 144A Global Note wishes
at any time to exchange its interest in such Rule 144A Global Note for an interest in the Permanent Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest
in the Permanent Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.4(d). Upon receipt by the Registrar,
at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency
Participant’s account a beneficial interest in the Permanent Regulation S Global Note in a principal amount equal to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, (ii) a written
order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the
Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form of Exhibit B-3 hereto given by the Series
2018-1 Note Owner holding such beneficial interest in such Rule 144A Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Rule 144A
Global Note, and to increase the principal amount of the Permanent Regulation S Global Note, by the principal amount of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, and to credit or cause to be
credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Permanent Regulation S Global Note
having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange or transfer. 

(e) If a Series 2018-1 Note Owner holding a beneficial interest in a Temporary Regulation S Global
Note or a Permanent Regulation S Global Note wishes at any time to exchange its interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note for an interest in the Rule 144A Global Note, or to
transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with
the provisions of this Section 4.4(e). Upon receipt by the Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance 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 

  
 21 

 
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 2018-1 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 2018-1 Global Note or any portion thereof is exchanged for Series 2018-1 Class A-2 Notes other than Series 2018-1 Global Notes, such other Series 2018-1 Class A-2 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2018-1 Class A-2 Notes that are not Series 2018-1 Global Notes or for a beneficial interest in a Series 2018-1 Global Note (if any is then outstanding) only in accordance with such procedures as may be adopted from
time to time by the Master Issuer and the Registrar, which shall be substantially consistent with the provisions of Section 4.4(a) through Section 4.4(e) and
Section 4.4(g) of this Series Supplement (including the certification requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2018-1 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 2018-1 Class A-2 Note, interests in the Regulation S Global Notes representing such Series 2018-1 Class A-2 Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and Clearstream; provided that this
Section 4.4(g) shall not prohibit any transfer in accordance with Section 4.4(d) of this Series Supplement. After the expiration of the applicable Restricted Period, interests in the Permanent
Regulation S Global Notes may be transferred without requiring any certifications other than those set forth in this Section 4.4. 

(h) The Rule 144A Global Notes, the Temporary Regulation S Global Notes and the Permanent Regulation S Global Notes shall bear
the following legend: 
 THE ISSUANCE AND SALE OF THIS SERIES 2018-1 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 PLANET FITNESS MASTER ISSUER LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY
BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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

  
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PERSON WHO IS NOT A COMPETITOR AND WHO 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 [TEMPORARY REGULATION S GLOBAL NOTE] [RULE 144A GLOBAL NOTE] OR [PERMANENT REGULATION S GLOBAL NOTE] WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE
APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. 
 ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND
EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN 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. 
 IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS
DETERMINED TO 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. 

  
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 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 2018-1 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. 
 (j) The Series 2018-1 Global Notes issued in connection with the Series 2018-1 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. 

  
 24 

 (k) The required legends set forth above shall not be removed from the applicable Series 2018-1 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 2018-1 Class A-2 Note or Series
2018-1 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 2018-1 Class A-2 Note as provided above, no other Series 2018-1
Class A-2 Note issued in exchange for all or any part of such Series 2018-1 Class A-2 Note shall bear such legend,
unless the Master Issuer has reasonable cause to believe that such other Series 2018-1 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 4.5 Note Owner
Representations and Warranties. Each Person who becomes a Note Owner of a beneficial interest in a Series 2018-1 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 2018-1 Note as follows: 
 (a) With respect
to any sale of Series 2018-1 Notes pursuant to Rule 144A, it is a QIB pursuant to Rule 144A, and is aware that any sale of Series 2018-1 Notes to it will be
made in reliance on Rule 144A. Its acquisition of Series 2018-1 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 2018-1 Notes pursuant to Regulation S, at the time the buy order
for such Series 2018-1 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 2018-1 Notes. 
 (d) It understands that the Master Issuer, the Manager and the Servicer may
receive a list of participants holding positions in the Series 2018-1 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 and (ii) copies of Noteholder confirmations of representations and warranties executed to obtain access to the Trustee’s
password-protected website. 
 (f) It will provide to each person to whom it transfers Series 2018-1
Notes notices of any restrictions on transfer of such Series 2018-1 Notes. 
 (g) It understands that
(i) the Series 2018-1 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 2018-1 Notes have not been registered under the 1933 Act, (iii) such Series 2018-1 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, and (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 2018-1 Note is required to, notify any subsequent purchaser of a Series 2018-1 Note of the resale restrictions set forth in clause (iii) above. 

 

  
 25 

 (h) It understands that the certificates evidencing the Rule 144A Global Notes will
bear legends substantially similar to those set forth in Section 4.4(h) of this Series Supplement. 
 (i) It
understands that the certificates evidencing the Temporary Regulation S Global Notes will bear legends substantially similar to those set forth in Section 4.4(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 4.4(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 2018-1 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) It understands that any subsequent transfer of the
Series 2018-1 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
2018-1 Notes or any interest therein except in compliance with, such restrictions and conditions and the 1933 Act. 

(m) It is not a Competitor. 

Section 4.6 Limitation on Liability. None of the Master Issuer, Planet Fitness Holdings, 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, Planet Fitness Holdings, 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 5.1 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 2018-1 Notes to the Trustee, substantially in the form of Exhibit C hereto, setting forth, inter alia,
the following information with respect to such Quarterly Payment Date: 
 (i) the total amount available to be distributed to Series 2018-1 Noteholders on such Quarterly Payment Date and payment instructions with respect thereto; 

  
 26 

 (ii) the amount of such distribution allocable to the payment of interest on each
Class and Tranche of the Series 2018-1 Notes; 
 (iii) the amount of such distribution
allocable to the payment of principal of each Class and Tranche of the Series 2018-1 Notes; 

(iv) the amount of such distribution allocable to the payment of any Series 2018-1 Class A-2 Make-Whole Prepayment Premium, if any, on each Tranche; 
 (v) the amount of such
distribution allocable to the payment of any fees or other amounts due to the Series 2018-1 Class A-1 Noteholders; 

(vi) whether, to the Actual Knowledge of the Master Issuer, any Potential Rapid Amortization Event, Rapid Amortization Event, Default, Event
of Default, Potential Manager Termination Event, 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; 

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

(viii) the number of Franchise Stores and Corporate-Owned Stores that are open for business as of the last day of the preceding Quarterly
Fiscal Period; 
 (ix) the amount of Planet Fitness Systemwide Sales for the related Quarterly Fiscal Period; and 

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

Any Series 2018-1 Noteholder may obtain copies of each Quarterly Noteholders’ Report in
accordance with the procedures set forth in Section 4.4 of the Base Indenture. 
 Section 5.2
Exhibits. The annexes, exhibits and schedules attached hereto and listed on the table of contents hereto supplement the annexes, exhibits and schedules included in the Base Indenture. 

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

Section 5.4 Certain Notices to the Rating Agencies. The Master Issuer shall provide to each Rating Agency a copy of each Opinion
of Counsel and Officer’s Certificate delivered to the Trustee pursuant to this Series Supplement or any other Related Document. 

Section 5.5 Prior Notice by Trustee to the Controlling Class Representative and Control Party. Subject to
Section 10.1 of the Base Indenture, the Trustee agrees that it shall not exercise any rights or remedies available to it as a result of the occurrence of a Rapid Amortization Event or an Event of Default until after the
Trustee has given prior written notice thereof to the Controlling Class Representative and the Control Party and obtained the direction of the Control Party (subject to Section 11.4(e) of the Base Indenture, at the
direction of the Controlling Class Representative). 

  
 27 

 Section 5.6 Counterparts. This Series Supplement may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

Section 5.7 Governing Law. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK . 
 Section 5.8 Amendments. This Series Supplement may not be modified or amended except in
accordance with the terms of the Base Indenture. In addition to the foregoing, in addition to amendments, modifications or waivers effected in accordance with the Base Indenture, this Series Supplement may be amended or modified, or any of the terms
hereof waived in writing by the Master Issuer and the Trustee with the consent of the Investors required pursuant to the Series 2018-1 Class A-1 Note Purchase
Agreement, but without the consent of any other Person if such amendment, modification or waiver is with respect to any of the terms hereof relating to the Series 2018-1
Class A-1 Notes only, and not the Series 2018-1 Class A-2 Notes; provided, however, that no such
amendment may adversely affect (x) the Trustee, without the Trustee’s prior consent or (y) the Servicer, without the Servicer’s prior consent. 

Section 5.9 Termination of Series Supplement. This Series Supplement shall cease to be of further effect when (i) all
Outstanding Series 2018-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2018-1 Notes that have been
replaced or paid) to the Trustee for cancellation and all Letters of Credit have expired, have been cash collateralized in full pursuant to the terms of the Series 2018-1
Class A-1 Note Purchase Agreement or are deemed to no longer be outstanding in accordance with Section 4.04 of the Series 2018-1 Class A-1 Note Purchase Agreement, (ii) all fees and expenses and other amounts under the Series 2018-1 Class A-1 Note
Purchase Agreement have been paid in full and all Series 2018-1 Class A-1 Commitments have been terminated, (iii) the Master Issuer has paid all sums payable
hereunder and, without duplication (iv) the conditions set forth in Section 12.1(c) of the Base Indenture have been satisfied with respect to the Series 2018-1 Notes;
provided that any provisions of this Series Supplement required for the Series 2018-1 Final Payment to be made shall survive until the Series 2018-1 Final Payment
is paid to the Series 2018-1 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. 

Section 5.11 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. 

[Signature Pages Follow] 

  
 28 

 IN WITNESS WHEREOF, each of the Master Issuer, the Trustee and the Series 2018-1 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. 

 

			
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	By:	 	 /s/ Justin Vartanian

		 	Name: Justin Vartanian
		 	Title:   General Counsel and Secretary

 [Signature Page to Series 2018-1 Supplement] 

 
			
	CITIBANK, N.A., not in its individual capacity but solely as Trustee and as Series 2018-1 Securities Intermediary
		
	By:	 	 /s/ Anthony Bausa

		 	Name: Anthony Bausa
		 	Title:   Senior Trust Officer

 [Signature Page to Series 2018-1 Supplement] 

 ANNEX A 

SERIES 2018-1 

SUPPLEMENTAL DEFINITIONS LIST 

“Administrative Agent” has the meaning set forth in the preamble to the Series 2018-1
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 2018-1 Class A-1 VFN Fee Letter. 
 “Advance
Request” has the meaning set forth in Section 7.03(d) of the Series 2018-1 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 2018-1 Class A-1 Note Purchase Agreement. 

“Base Rate” has the meaning set forth in Section 1.02 of the Series
2018-1 Class A-1 Note Purchase Agreement. 

“Base Rate Advance” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Breakage Amount” has the meaning set forth in Section 3.06(c) of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Cede” has the meaning set forth in Section 4.1 of the Series
2018-1 Supplement. 
 “Class A-1
Accrued Quarterly Commitment Fee Shortfall” means (a) for the first Interim Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Interim 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
2018-1 Class A-1 Notes on each preceding Interim 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 Interim 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 2018-1 Class A-1 Note Purchase Agreement. 

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

 (a) with respect to any Eurodollar Advance outstanding on such day, the result of
(i) the product of (x) the Eurodollar Rate in effect for such Interest Accrual Period and (y) the principal amount of such Series 2018-1 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 2018-1
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 2018-1 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 2018-1 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 2018-1 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 3.4(b). 
 “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 3.4(a).

 “Class A-1 Extension Fees” means the fees payable pursuant to
the Series 2018-1 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. 

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

  

 “Class A-1 Notes Accrued
Quarterly Commitment Fee Amount” means, for each Interim 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 (iii) below) an amount equal to the sum of: 

(i) the sum of (A) the product of (1) the Interim Accrual 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
Interim 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; 
 (ii) if such Interim Allocation Date is the sixth (6th) Interim Allocation Date in such Quarterly Collection Period, the Commitment Fee Interim Adjustment Amount, if positive, with respect to such Interest Accrual Period (without duplication of
clause (i)); and 
 (iii) if such Interim Allocation Date is the last Interim 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” shall mean the priorities of
distribution set forth in in Section 4.02(a) and (b) of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Class A-1 Quarterly Commitment Fee Amount” means, for any
Interest Accrual Period, with respect to all Outstanding Series 2018-1 Class A-1 Notes, the Undrawn Commitment Fees due and payable on all such Outstanding Series 2018-1 Class A-1 Notes with respect to such Interest Accrual Period. For purposes of the Base Indenture, the “Class A-1
Quarterly Commitment Fee Amount” shall be deemed to be a “Class A-1 Quarterly Commitment Fee Amount”. 

“Class A-2 Accrued Quarterly Scheduled Principal Amount” means,
for each Interim Allocation Date during any Quarterly Collection Period, an amount equal to the sum of (i) the product of (1) the Interim Accrual 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 Interim 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 Interim Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Interim 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 Interim 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 Interim Allocation Date. 

 “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 2018-1 Class A-2
Note Rate on the Series 2018-1 Class A-2 Outstanding Principal Amount (excluding, for the avoidance of doubt, Senior Notes Accrued Quarterly Post-ARD Contingent Interest), 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 3.5(a). 

“Closing Date” means August 1, 2018. For purposes of the Base Indenture, the Closing Date shall be deemed the
“Series Closing Date” with respect to the Series 2018-1 Notes. 

“Commitments” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

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

“Commitment Fee Interim Adjustment Amount” means, with respect to any Interest Accrual Period, as of any date of
determination prior to the ending of such Interest Accrual Period, the result (if positive) of (a) the expected aggregate of the Daily Commitment Fees Amounts for each day in such Interest Accrual Period as of such date of determination, as
determined by the Manager in accordance with the Managing Standard minus (b) the aggregate amount allocated pursuant to clauses (i)—(iii) 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 2018-1 Class A-1 Note Purchase Agreement. 

“Committed Note Purchaser” has the meaning set forth in the preamble to the Series
2018-1 Class A-1 Note Purchase Agreement. 

“Conduit Investors” has the meaning set forth in the preamble to the Series 2018-1 Class A-1 Note Purchase Agreement. 
 “CP Advance” has the meaning set forth in
Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“CP Rate” has the meaning set forth in Section 1.02 of the Series
2018-1 Class A-1 Note Purchase Agreement. 

“Daily Commitment Fees Amount” means, for any day during any Interest Accrual Period, the Undrawn Commitment Fees that accrue
for such day. 
 “Daily Post-Renewal Date Contingent Interest Amount” means, for any day during any Interest Accrual Period
commencing on or after the Series 2018-1 Class A-1 Notes Renewal Date, the sum of (a) the result of (i) the product of (x) the Series 2018-1 Class A-1 Post-Renewal Date Contingent Interest Rate and (y) the Series 2018-1
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 2018-1 Class A-1 Post-Renewal Date Contingent Interest Rate and (y) any Base Rate Advances included in the
Series 2018-1 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 4.2(c) of the Series 2018-1 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. 
 “Estimated
Class A-1 Daily Interest Amount” means (a) for the first Interest Accrual Period, the Class A-1 Daily Interest Amount as of the
Closing Date and (b) for any other Interest Accrual Period, the Class A-1 Daily Interest Amount for the first day of the Quarterly Collection Period during which such Interest Accrual Period
commenced. 
 “Estimated Daily Commitment Fees Amount” means (a) for the first Interest Accrual Period, the Daily
Commitment Fees Amount as of the Closing Date and (b) for any other Interest Accrual Period, the Daily Commitment Fees Amount for the first day of the Quarterly Collection Period during which such Interest Accrual Period commenced. 

“Eurodollar Advance” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Eurodollar Rate” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

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

“Funding Agent” has the meaning set forth in the preamble to the Series 2018-1 Class A-1 Note Purchase Agreement. 
 “Increase” has the meaning set forth in
Section 2.1(a) of the Series 2018-1 Supplement.” 
 “Initial
Purchasers” means, collectively, Guggenheim Securities, LLC, Citigroup Global Markets, Inc. and ING Financial Markets LLC. 

“Interim Accrual Percentage” means 20.0%. 

“Investor” has the meaning set forth in Section 1.02 of the Series
2018-1 Class A-1 Note Purchase Agreement. 

“Investor Group Supplement” has the meaning set forth in Section 9.17(c) of the Series 2018-1 Class A-1 Note Purchase Agreement. 
 “L/C
Commitment” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“L/C Issuing Bank” has the meaning set forth in Section 2.07(g) of the Series 2018-1 Class A-1 Note Purchase Agreement. 

 “L/C Quarterly Fees” has the meaning set forth in
Section 2.07(d) of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“L/C Obligations” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 
 “L/C
Provider” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Letter of Credit” has the meaning set forth in the Series 2018-1 Class A-1 Note Purchase Agreement. 
 “Make-Whole End Date” has the meaning set
forth in Section 3.6(e) of the Series 2018-1 Supplement. 

“Mandatory Decrease” has the meaning set forth in the Series 2018-1 Class A-1 Note Purchase Agreement. 
 “Offering Memorandum” means the offering
memorandum for the offering of the Series 2018-1 Class A-2 Notes, dated July 19, 2018, prepared by the Master Issuer. 

“Outstanding Series 2018-1
Class A-1 Notes” means, with respect to the Series 2018-1 Class A-1 Notes, all Series 2018-1 Class A-1 Notes theretofore authenticated and delivered under the Base Indenture, except: 

(i) Series 2018-1 Class A-1 Notes
theretofore canceled by the Registrar or delivered to the Registrar for cancellation; 
 (ii) Series 2018-1 Class A-1 Notes, or portions thereof, for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited in the Series 2018-1 Class A-1 Distribution Account and are available for payment of such Series 2018-1
Class A-1 Notes and the Series 2018-1 Class A-1 Commitments with respect to which have terminated; provided that
if such Series 2018-1 Class A-1 Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision
therefore reasonably satisfactory to the Trustee has been made; 
 (iii) Series
2018-1 Class A-1 Notes that have been defeased in accordance with Section 12.1 of the Base Indenture; 

(iv) Series 2018-1 Class A-1 Notes in
exchange for, or in lieu of which other Series 2018-1 Class A-1 Notes have been authenticated and delivered pursuant to the Indenture, unless proof reasonably
satisfactory to the Trustee is presented that any such Series 2018-1 Class A-1 Notes are held by a holder in due course or protected purchaser; and 

(v) Series 2018-1 Class A-1 Notes alleged
to have been mutilated, destroyed, lost or stolen for which replacement Series 2018-1 Class A-1 Notes have been issued as provided in the Indenture. 

“Outstanding Series 2018-1
Class A-2 Notes” means, with respect to the Series 2018-1 Class A-2 Notes, all Series 2018-1 Class A-2 Notes theretofore authenticated and delivered under the Base Indenture, except: 

 (i) Series 2018-1 Class A-2 Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation; 

(ii) Series 2018-1 Class A-2 Notes, or
portions thereof, for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited in the Series 2018-1 Class A-2
Distribution Account and are available for payment of such Series 2018-1 Class A-2 Notes; provided that if such Series
2018-1 Class A-2 Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefore
reasonably satisfactory to the Trustee has been made; 
 (iii) Series 2018-1 Class A-2 Notes that have been defeased in accordance with Section 12.1 of the Base Indenture; 

(iv) Series 2018-1 Class A-2 Notes in
exchange for, or in lieu of which other Series 2018-1 Class A-2 Notes have been authenticated and delivered pursuant to the Indenture, unless proof reasonably
satisfactory to the Trustee is presented that any such Series 2018-1 Class A-2 Notes are held by a holder in due course or protected purchaser; and 

(v) Series 2018-1 Class A-2 Notes alleged
to have been mutilated, destroyed, lost or stolen for which replacement Series 2018-1 Class A-2 Notes have been issued as provided in the Indenture; 

provided that (A) in determining whether the Noteholders of the requisite Outstanding Principal Amount have given any request, demand,
authorization, direction, notice, consent, waiver or vote under the Indenture, the following Series 2018-1 Class A-2 Notes shall be disregarded and deemed not to be
Outstanding: (x) Series 2018-1 Class A-2 Notes owned by the Securitization Entities or any other obligor upon the Series
2018-1 Class A-2 Notes or any Affiliate of any of them and (y) Series 2018-1
Class A-2 Notes held in any accounts with respect to which the Manager or any Affiliate thereof exercises discretionary voting authority; provided, further, that in determining whether the
Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or vote, only Series 2018-1 Class A-2 Notes
as described under clause (x) or (y) above that a Trust Officer actually knows to be so owned shall be so disregarded; and (B) Series 2018-1 Class A-2 Notes owned in the manner indicated in clause (x) or (y) above that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right so to act with respect to such Series 2018-1 Class A-2 Notes and that the pledgee is not a Securitization
Entity or any other obligor or the Manager, an Affiliate thereof, or an account for which the Manager or an Affiliate of the Manager exercises discretionary voting authority. 

“Outstanding Series 2018-1 Notes” means, collectively, all Outstanding Series 2018-1 Class A-1 Notes and all Outstanding Series 2018-1 Class A-2 Notes. 

“Permanent Regulation S Global Notes” has the meaning set forth in
Section 4.2(b) of the Series 2018-1 Supplement. 
 “Prepayment
Notice” has the meaning set forth in Section 3.6(g) of the Series 2018-1 Supplement. 

“Prepayment Record Date” means, with respect to the date of any Series 2018-1
Prepayment, the last day of the calendar month immediately preceding the date of such Series 2018-1 Prepayment unless such last day is less than ten (10) Business Days prior to the date of such Series 2018-1 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 2018-1
Prepayment. 

 “Quarterly Scheduled Principal Amount” means, with respect to any Quarterly
Payment Date, (i) with respect to the Series 2018-1 Class A-2-I Notes, $1,437,500 and (ii) with respect to the
Series 2018-1 Class A-2-II Notes, $1,562,500; provided that amounts paid to the Series
2018-1 Class A-2 Noteholders in respect of the Series 2018-1 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 3.6(f) shall reduce all remaining Quarterly Scheduled Principal Amounts with respect to the applicable Tranche ratably. Series 2018-1 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 2018-1 Anticipated Repayment Date ratably based on the Outstanding Principal Amount of such Series 2018-1 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. 
 “Rating Agencies” means, collectively, S&P, KBRA and any respective successor
or successors thereto. Solely with respect to the Series 2018-1 Class A-2 Notes, in the event that at any time the rating agencies rating the Series 2018-1 Class A-2 Notes do 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 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. 
 “Restricted Period” means, with respect to any Series 2018-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on the Series 2018-1 Closing Date and ending on the 40th day after the Series 2018-1 Closing Date. 

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

“Rule 144A Global Notes” has the meaning set forth in Section 4.2(a) of the
Series 2018-1 Supplement. 
 “Senior Notes Accrued Quarterly Interest Amount” means, for each Interim 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 Interim 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 Interim 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
Interim Accrual 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 Interim 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; 

(ii) if such Interim Allocation Date is the sixth (6th) Interim Allocation Date in such
Quarterly Collection Period, the Class A-1 Interim Interest Adjustment Amount, if positive, with respect to such Interest Accrual Period (without duplication of clause (i)); and 

(iii) if such Interim Allocation Date is the last Interim 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 Interim 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 Interim Accrual 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 Interim 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 Interim Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Interim 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 Interim 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 Interim Allocation Dates. 

“Senior Notes Accrued Quarterly Interest Shortfall (Class A-2)” means (a) for
the first Interim Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Interim 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 Interim 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 Interim Allocation Dates. 

“Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each
Interim Allocation Date with respect to a Quarterly Collection Period, an amount equal to the sum of (i) the product of (1) the Interim Accrual 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 Interim 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 Interim Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other
Interim 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 2018-1 Notes on each preceding Interim 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 Interim Allocation Dates. 
 “Series 2018-1 Anticipated Repayment Date” has the meaning set forth in Section 3.6(b) of the Series 2018-1 Supplement. For purposes of the Base
Indenture, the “Series 2018-1 Anticipated Repayment Date” shall be deemed to be an “Anticipated Repayment Date”. 

“Series 2018-1 Class A-1
Administrative Expenses” means, for any Interim 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 2018-1 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 2018-1
Class A-1 Administrative Expenses” shall be deemed to be “Class A-1 Notes Administrative Expenses”. 

“Series 2018-1 Class A-1
Advance” has the meaning set forth in the recitals to the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Series 2018-1 Class A-1 Advance
Notes” has the meaning set forth in “Designation” in the Series 2018-1 Supplement. 

“Series 2018-1 Class A-1 Advance
Request” has the meaning set forth under “Advance Request” in this Annex A. 
 “Series 2018-1 Class A-1 Breakage Amount” has the meaning set forth under the “Breakage Amount” in this Annex A. 

“Series 2018-1 Class A-1
Commitments” has the meaning set forth under “Commitments” in this Annex A. 
 “Series 2018-1 Class A-1 Commitment Term” has the meaning set forth in under “Commitment Term” in Section 1.02 of the
Series 2018-1 Class A-1 Note Purchase Agreement. 

“Series 2018-1 Class A-1
Distribution Account” means account no. [reserved] entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Series 2018-1 – Series 2018-1
Distribution Account” maintained by the Trustee pursuant to Section 3.7(a) of the Series 2018-1 Supplement or any successor securities account maintained pursuant to
Section 3.7(a) of the Series 2018-1 Supplement. 
 “Series 2018-1 Class A-1 Distribution Account Collateral” has the meaning set forth in Section 3.7(b) of the Series 2018-1 Supplement. 

 “Series 2018-1 Class A-1 Excess Principal Event” shall be deemed to have occurred if, on any date, the Series 2018-1 Class A-1
Outstanding Principal Amount exceeds the Series 2018-1 Class A-1 Notes Maximum Principal Amount. 

“Series 2018-1 Class A-1 Initial
Advance” has the meaning set forth in Section 2.1(a) of the Series 2018-1 Supplement. 

“Series 2018-1 Class A-1 Initial
Advance Principal Amount” means the aggregate initial outstanding principal amount of the Series 2018-1 Class A-1 Advance Notes corresponding to the
aggregate amount of the Series 2018-1 Class A-1 Initial Advances made on the Closing Date pursuant to Section 2.1(a) of the Series 2018-1 Supplement, which is $0. 
 “Series 2018-1
Class A-1 Initial Aggregate Undrawn L/C Face Amount” means the aggregate initial outstanding principal amount of the Series 2018-1 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 Closing Date pursuant to Section 2.07 of the
Series 2018-1 Class A-1 Note Purchase Agreement, which is $0. 

“Series 2018-1 Class A-1 Initial
Swingline Principal Amount” means the aggregate initial outstanding principal amount of the Series 2018-1 Class A-1 Swingline Notes corresponding to the
aggregate amount of the Swingline Loans made on the Closing Date pursuant to Section 2.06 of the Series 2018-1 Class A-1 Note Purchase
Agreement, which is $0. 
 “Series 2018-1
Class A-1 Investor” has the meaning set forth under “Investor” in this Annex A. 

“Series 2018-1 Class A-1 L/C
Notes” has the meaning set forth in “Designation” in the Series 2018-1 Supplement. 

“Series 2018-1 Class A-1 L/C
Obligations” has the meaning set forth under “L/C Obligations” in this Annex A. 
 “Series 2018-1 Class A-1 Legal Final Maturity Date” is the Quarterly Payment Date occurring in September 2048. 

“Series 2018-1 Class A-1 Note
Purchase Agreement” means the Class A-1 Note Purchase Agreement, dated as of July 19, 2018, by and among the Master Issuer, the Guarantors, the Manager, the Series 2018-1 Class A-1 Investors, the Series 2018-1 Class A-1 Noteholders and ING Capital
LLC, as administrative agent thereunder, pursuant to which the Series 2018-1 Class A-1 Noteholders have agreed to purchase the Series
2018-1 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 2018-1 Class A-1 Note Purchase Agreement” shall be deemed to be a “Variable Funding Note
Purchase Agreement”. 
 “Series 2018-1 Class A-1 Note Rate” means, for any day, (a) with respect to any portion of the Series 2018-1 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 2018-1 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 2018-1
Class A-1 Note Rate, the Base Rate in effect for such day. 
 “Series 2018-1 Class A-1 Noteholder” means the Person in whose name a Series 2018-1
Class A-1 Note is registered in the Note Register. 

 “Series 2018-1 Class A-1 Notes” has the meaning set forth in “Designation” in the Series 2018-1 Supplement. 

“Series 2018-1 Class A-1 Notes
Amortization Event” means that the Outstanding Principal Amount of the Series 2018-1 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 2018-1 Class A-1 Notes Renewal Date. For purposes of the Base Indenture, a
“Series 2018-1 Class A-1 Notes Amortization Event” shall be deemed to be a “Class A-1 Notes Amortization
Event”. 
 “Series 2018-1
Class A-1 Notes Amortization Period” means the period commencing on the date on which a Series 2018-1
Class A-1 Notes Amortization Event occurs and ending on the date on which there are no Series 2018-1 Class A-1 Notes
Outstanding. For purposes of the Base Indenture, a “Series 2018-1 Class A-1 Notes Amortization Period” shall be deemed to be a “Class A-1 Notes Amortization Period”. 
 “Series
2018-1 Class A-1 Notes Maximum Principal Amount” means $75,000,000, as such amount may be reduced pursuant to
Section 2.05 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Series 2018-1 Class A-1 Notes
Renewal Date” means (i) the Quarterly Payment Date in September 2023, (ii) if the date in clause (i) is extended at such time to the Quarterly Payment Date in September 2024, the Quarterly Payment Date in September 2024, and
(iii) if the date in clause (ii) is extended at such time to the Quarterly Payment Date in September 2025, the Quarterly Payment Date in September 2025, in each case pursuant to Section 3.6(b) of this Series
Supplement. For purposes of the Base Indenture, the “Series 2018-1 Class A-1 Notes Renewal Date” shall be deemed to be a
“Class A-1 Notes Renewal Date”. 
 “Series
2018-1 Class A-1 Outstanding Principal Amount” means, when used with respect to any date, an amount equal to (a) the Series 2018-1 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 2018-1 Class A-1 Advance Notes on or prior to such date plus (c) any Increases in the Series 2018-1 Class A-1 Outstanding Principal Amount pursuant to Section 2.1 of the Series 2018-1 Supplement
resulting from Series 2018-1 Class A-1 Advances made on or prior to such date and after the Closing Date plus (d) any Series 2018-1 Class A-1 Outstanding Subfacility Amount on such date; provided that at no time may the Series 2018-1 Class A-1 Outstanding Principal Amount exceed the Series 2018-1 Class A-1 Notes Maximum Principal Amount. For purposes of the
Base Indenture, the “Series 2018-1 Class A-1 Outstanding Principal Amount” shall be deemed to be an “Outstanding Principal Amount”. 

“Series 2018-1 Class A-1
Outstanding Subfacility Amount” means, when used with respect to any date, the aggregate principal amount of any Series 2018-1 Class A-1 Swingline Notes
and Series 2018-1 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 2018-1 Class A-1 Note Purchase Agreement or the Series 2018-1 Supplement). 

“Series 2018-1 Class A-1
Post-Renewal Date Contingent Interest Amount” means, for any Interest Accrual Period commencing on or after the Series 2018-1 Class A-1 Notes Renewal Date,
an amount equal to the sum of the aggregate of the Daily Post-Renewal Date Contingent Interest Amounts for each day in such Interest Accrual Period. For purposes of the Base Indenture, Series 2018-1 Class A-1 Post-Renewal Date Contingent Interest Amount shall be deemed to be a “Senior Notes Quarterly Post-ARD Contingent Interest Amount”. 

 “Series 2018-1 Class A-1 Post-Renewal Date Contingent Interest Rate” has the meaning set forth in Section 3.4(c) of the Series 2018-1 Supplement. 

“Series 2018-1 Class A-1
Subfacility Noteholder” means the Person in whose name a Series 2018-1 Class A-1 Swingline Note or Series 2018-1 Class A-1 L/C Note is registered in the Note Register. 
 “Series 2018-1 Class A-1 Swingline Loan” has the meaning set forth under “Swingline Loan” in this Annex A. 

“Series 2018-1 Class A-1 Swingline
Notes” has the meaning set forth in “Designation” of the Series 2018-1 Supplement. 

“Series 2018-1 Class A-1 VFN Fee
Letter” means the Fee Letter, dated as of the Closing Date, by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, the Committed Note Purchasers, the Funding Agents, the L/C Provider, the Swingline Lender, and
the Administrative Agent, as the same may be amended, supplemented or otherwise modified from time to time pursuant to the terms thereof. 

“Series 2018-1 Class A-2
Distribution Account” means account no. [reserved] entitled “Citibank, N.A. f/b/o Planet Fitness Master Issuer LLC, Series 2018-1 – Series 2018-1
Distribution Account” maintained by the Trustee pursuant to Section 3.8(a) of the Series 2018-1 Supplement or any successor securities account maintained pursuant to
Section 3.8(a) of the Series 2018-1 Supplement. 
 “Series 2018-1 Class A-2 Distribution Account Collateral” has the meaning set forth in Section 3.8(b) of the Series 2018-1 Supplement. 
 “Series 2018-1 Class A-2 Initial Principal Amount” means the aggregate initial outstanding principal amount of the Series 2018-1
Class A-2 Notes, which is $1,200,000,000. 
 “Series
2018-1 Class A-2 Legal Final Maturity Date” means the Quarterly Payment Date occurring in September 2048. 

“Series 2018-1 Class A-2 Make-Whole
Prepayment Premium” means, with respect to a Series 2018-1 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 2018-1 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 2018-1 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 2018-1 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 2018-1 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 2018-1 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 2018-1
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 2018-1 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 2018-1 Class A-2 Note Purchase Agreement” means the Purchase Agreement, dated as of July 19, 2018, by and among Guggenheim Securities, LLC, on behalf of itself and as representative of the Initial Purchasers,
the Master Issuer, the Guarantors, the Manager, Planet Fitness, Inc., Planet Intermediate, LLC and Pla-Fit Holdings, LLC as amended, supplemented or otherwise modified from time to time. 

“Series 2018-1 Class A-2 Note
Rate” means (i) with respect to the Series 2018-1 Class A-2-I Notes, the Series
2018-1 Class A-2-I Note Rate and (ii) with respect to the Series 2018-1 Class A-2-II, the Series 2018-1 Class A-2-II
Note Rate. 
 “Series 2018-1
Class A-2 Noteholder” means the Person in whose name a Series 2018-1 Class A-2 Note is
registered in the Note Register. 
 “Series 2018-1 Class A-2-I Note Rate” means 4.262% per annum. 

“Series 2018-1 Class A-2-II Note Rate” means 4.666% per annum. 
 “Series 2018-1 Class A-2 Notes” has the meaning specified in “Designation” of the Series 2018-1
Supplement. 
 “Series 2018-1
Class A-2 Outstanding Principal Amount” means, when used with respect to any date, an amount equal to (a) the Series 2018-1 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 2018-1 Class A-2 Noteholders with respect to Series 2018-1
Class A-2 Notes on or prior to such date. For purposes of the Base Indenture, the “Series 2018-1 Class A-2
Outstanding Principal Amount” shall be deemed to be an “Outstanding Principal Amount”. 
 “Series 2018-1 Class A-2 Prepayment” has the meaning set forth in Section 3.6(e) of the Series
2018-1 Supplement. 
 “Series 2018-1
Class A-2 Prepayment Date” means the date on which any prepayment on the Series 2018-1 Class A 2 Notes is made pursuant to
Section 3.6(d), Section 3.6(f) or Section 3.6(j) of this Series Supplement, which shall be, with respect to any Series 2018-1 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 2018-1 Class A-2 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date. 

“Series 2018-1 Class A-2 Quarterly Post-ARD Contingent Interest” has the meaning set forth in Section 3.5(b)(i). For purposes of the Base Indenture, Series 2018-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be deemed to be a “Senior Notes Quarterly Post-ARD Contingent Interest
Amount”. 

 “Series 2018-1 Closing Date” means
August 1, 2018. For purposes of the Base Indenture, the Series 2018-1 Closing Date shall be deemed the “Series Closing Date” with respect to the Series
2018-1 Notes. 
 “Series 2018-1 Distribution
Accounts” means, collectively, the Series 2018-1 Class A-1 Distribution Account and the Series 2018-1 Class A-2 Distribution Account. For purposes of the Base Indenture, the Series 2018-1 Distribution Accounts shall be deemed to be “Series Distribution
Accounts”. 
 “Series 2018-1 Final Payment” means the payment of all accrued
and unpaid interest on and principal of all Outstanding Series 2018-1 Notes, the expiration or cash collateralization in accordance with the terms of the Series 2018-1 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 2018-1 Class A-1 Note Purchase Agreement), the payment of all fees and expenses and other amounts then due and payable under the Series 2018-1
Class A-1 Note Purchase Agreement and the termination in full of all Series 2018-1 Class A-1 Commitments. 

“Series 2018-1 Final Payment Date” means the date on which the Series 2018-1 Final Payment is made. 
 “Series 2018-1 First
Extension Election” has the meaning set forth in Section 3.6(b)(i) of the Series 2018-1 Supplement. 

“Series 2018-1 Global Notes” means, collectively, the Regulation S Global Notes
and the Rule 144A Global Notes. 
 “Series 2018-1 Ineligible Account” has the
meaning set forth in Section 3.11 of the Series 2018-1 Supplement. 

“Series 2018-1 Legal Final Maturity Date” means, (i) with respect to the Series 2018-1 Class A-1 Notes, the Series 2018-1 Class A-1 Legal Final Maturity Date and
(ii) with respect to the Series 2018-1 Class A-2 Notes, the Series 2018-1
Class A-2 Legal Final Maturity Date. For purposes of the Base Indenture, the “Series 2018-1 Legal Final Maturity Date” shall be deemed to be a
“Series Legal Final Maturity Date”. 
 “Series 2018-1 Class A-2 Make-Whole Premium Calculation Date” has the meaning set forth in Section 3.6(g) of the Series 2018-1 Supplement. 

“Series 2018-1 Non-Amortization Test” means a
test that will be satisfied on any Quarterly Payment Date if (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 2018-1 Non-Amortization Test” shall be deemed to be a
“Series Non-Amortization Test”. 
 “Series
2018-1 Note Owner” means, with respect to a Series 2018-1 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 2018-1 Noteholders” means, collectively, the Series 2018-1 Class A-1 Noteholders and the Series 2018-1 Class A-2 Noteholders. 

 “Series 2018-1 Notes” has the
meaning set forth in “Designation” in the Series 2018-1 Supplement. 
 “Series 2018-1 Outstanding Principal Amount” means, with respect to any date, the sum of the Series 2018-1 Class A-1 Outstanding
Principal Amount, plus the Series 2018-1 Class A-2 Outstanding Principal Amount. 

“Series 2018-1 Prepayment” means a Series
2018-1 Class A-2 Prepayment or any other prepayment in respect of the Series 2018-1 Notes pursuant to
Section 3.6(d) and (j). 
 “Series 2018-1 Prepayment
Amount” means the aggregate principal amount of the applicable Class of Notes to be prepaid on any Series 2018-1 Prepayment Date, together with all accrued and unpaid interest thereon to such
date. 
 “Series 2018-1 Prepayment Date” means the date on which any prepayment on
the Series 2018-1 Class A-1 Notes or the Series 2018-1 Class A-2 Notes is made
pursuant to Section 3.6(d)(i), Section 3.6(d)(ii), Section 3.6(f) or Section 3.6(j) of this Series Supplement, which shall be, with respect to
any Series 2018-1 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 2018-1 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date. 

“Series 2018-1 Securities Intermediary” has the meaning set forth in
Section 3.9(a) of the Series 2018-1 Supplement. 
 “Series 2018-1 Second Extension Election” has the meaning set forth in Section 3.6(b)(ii) of the Series 2018-1 Supplement. 

“Series 2018-1 Senior Notes” means, collectively, the Series 2018-1 Class A-1 Notes and the Series 2018-1 Class A-2 Notes. 

“Series 2018-1 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 Interim Interest Adjustment Amount and the Senior Notes Accrued Quarterly Interest Shortfall (Class A-2) for
each applicable Interim Allocation Date were equal to zero) net of any allocated but unpaid negative Class A-1 Final Interest Adjustment Amount with respect to all such amounts are paid when due, and as
adjusted with respect to any estimates used in connection with the accrual of interest on the Series 2018-1 Class A-1 Notes) for the related Interest Accrual
Period. While not otherwise used herein, for purposes of the Base Indenture, the “Series 2018-1 Senior Notes Quarterly Interest Amount” shall be deemed to be a “Senior Notes Quarterly Interest
Amount”. 
 “Series 2018-1 Supplement” means the Series 2018-1 Supplement, dated as of the Series 2018-1 Closing Date by and among the Master Issuer, the Trustee and the Series 2018-1
Securities Intermediary, as amended, supplemented or otherwise modified from time to time. 
 “Series
2018-1 Supplemental Definitions List” has the meaning set forth in Article I of the Series 2018-1 Supplement. 

“STAMP” has the meaning set forth in Section 4.3(a) of the Series
2018-1 Supplement. 
 “Subfacility Decrease” has the meaning set forth in
Section 2.2(d) of the Series 2018-1 Supplement. 

 “Subfacility Increase” has the meaning set forth in
Section 2.1(b) of the Series 2018-1 Supplement. 
 “Swingline
Commitment” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Swingline Lender” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Swingline Loans” has the meaning set forth in Section 2.06(a) of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Temporary Regulation S Global Notes” has the meaning set forth in
Section 4.2(b) of the Series 2018-1 Supplement. 

“Tranche” means (i) the Series 2018-1 Class A-2-I Notes and (ii) the Series 2018-1 Class A-2-II Notes, each of
which is hereby designated as a “Tranche” of the Series 2018-1 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 2018-1 Class A-1 Note Purchase Agreement. 
 “Undrawn
L/C Face Amounts” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 

“Unreimbursed L/C Drawings” has the meaning set forth in Section 1.02 of the Series 2018-1 Class A-1 Note Purchase Agreement. 
 “U.S.
Person” has the meaning set forth in Section 4.2 of the Series 2018-1 Supplement. 

“Voluntary Decrease” has the meaning set forth in Section 2.2(b) of the Series 2018-1 Supplement. 

 EXHIBIT A-1-1

 FORM OF SERIES 2018-1 VARIABLE FUNDING SENIOR NOTE, CLASS
A-1 
 SUBCLASS: SERIES 2018-1 CLASS A-1 ADVANCE NOTE 
 THE ISSUANCE AND SALE OF THIS SERIES 2018-1
VARIABLE FUNDING SENIOR NOTE, CLASS A-1 (THIS “NOTE”), WHICH IS A SERIES 2018-1 CLASS A-1 ADVANCE 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 PLANET FITNESS MASTER ISSUER
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 JULY 19, 2018 BY AND AMONG THE MASTER ISSUER, PLANET FITNESS HOLDINGS, LLC, AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS,
THE FUNDING AGENTS AND ING CAPITAL LLC, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

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

REGISTERED 
  

			
	No. R-A-[    ]	  	up to $[                    ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2018-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 

SUBCLASS: SERIES 2018-1 CLASS A-1 ADVANCE NOTE 

PLANET FITNESS MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the
“Master Issuer”), for value received, hereby promises to pay to [                    ] or registered assigns, up to the principal
sum of [                    ] DOLLARS
($[                    ]) or such lesser amount as shall equal the portion of the Series 2018-1 Class A-1 Outstanding Principal Amount evidenced by this Note as provided in the Series 2018-1 Class A-1 Note Documents.
Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date
occurring in September 2048 (the “Series 2018-1 Class A-1 Legal Final Maturity Date”). Pursuant to the Series 2018-1 Class A-1 Note Documents, the principal amount of this Note may be subject to Increases or Decreases on any Business Day during the Commitment Term, and principal
with respect to the Series 2018-1 Class A-1 Notes may be paid earlier than the Series 2018-1
Class A-1 Legal Final Maturity Date as described in the Indenture. The Master Issuer will pay interest on this Series 2018-1
Class A-1 Advance Note (this “Note”) at the Series 2018-1 Class A-1 Note Rate for each Interest
Accrual Period in accordance with the terms of the Series 2018-1 Class A-1 Note Documents. Such amounts due on this Note will be payable in arrears on each
Quarterly Payment Date, which will be on the 5th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing on
December 5, 2018 (each, a “Quarterly Payment Date”). Such amounts due on this Note will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including the Closing Date to but excluding
the day that is two (2) Business Days prior to the first Quarterly Calculation Date and (ii) thereafter, any period commencing on and including the day that is two (2) Business Days prior to a Quarterly Calculation Date and ending on
but excluding the day that is two (2) Business Days prior to the next succeeding Quarterly Calculation Date (each, an “Interest Accrual Period”). Such amounts due on this Note (and interest on any defaulted payments of amounts
due on this Note at the same rate) will be computed in accordance with the Series 2018-1 Class A-1 Note Documents. In addition, under the circumstances set forth in
the Series 2018-1 Class A-1 Note Documents, the Master Issuer shall also pay contingent interest on this Note at the Series
2018-1 Class A-1 Post-Renewal Date Contingent Interest Rate, and such contingent interest shall 

  
 A-1-1-2 

 
be computed and shall be payable in the amounts and at the times set forth in the Series 2018-1 Class A-1 Note
Documents. In addition to and not in limitation of the foregoing and the provisions of the Series 2018-1 Class A-1 Note Documents, the Master Issuer further agrees
to pay to the holder of this Note such holder’s portion of the other fees, costs and expense reimbursements, indemnification amounts and other amounts, if any, due and payable in accordance with the Series
2018-1 Class A-1 Note Documents. 
 The holder of this
Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof, which shall be attached hereto and made a part hereof, the date and amount of each Increase and Decrease with respect thereto and the
Series 2018-1 Class A-1 Note Rate applicable thereto. Each such endorsement shall constitute prima facie evidence of the accuracy of the information
endorsed. The failure to make any such endorsement or any error in any such endorsement shall not affect the obligations of the Master Issuer in respect of the Series 2018-1
Class A-1 Outstanding Principal Amount. 
 The amounts due on this Note are payable in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Master Issuer with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Series 2018-1 Class A-1 Note Documents. 
 Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Series 2018-1
Class A-1 Note Documents are set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Series 2018-1 Class A-1 Note Documents and reference is made to the Series 2018-1 Class A-1 Note Documents for information with respect to
the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Master Issuer and the Trustee. A copy of the Series 2018-1 Class A-1 Note Documents may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Citibank Agency & Trust – Planet
Fitness Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Series 2018-1 Class A-1
Note Documents. 
 Subject to the next following paragraph, the Master Issuer hereby certifies and declares that all acts, conditions and
things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Master Issuer enforceable in accordance with its terms, have been done and performed and have
happened in due compliance with all applicable laws and in accordance with the terms of the Series 2018-1 Class A-1 Note Documents. 

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Series 2018-1 Class A-1 Note Documents referred to on the reverse hereof, or be valid or obligatory for any purpose. 

  
 A-1-1-3 

 [Remainder of page intentionally left blank] 

  
 A-1-1-4 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                             

 

			
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-1-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2018-1 Class A-1 Advance Notes
issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-1-1-6 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2018-1
Class A-1 Notes of the Master Issuer designated as its Series 2018-1 Variable Funding Senior Notes, Class A-1 (herein
called the “Series 2018-1 Class A-1 Notes”), and is one of the Subclass thereof designated as the Series 2018-1 Class A-1 Advance Notes (herein called the “Series 2018-1
Class A-1 Advance Notes”), all issued under (i) the Base Indenture, dated as of August 1, 2018 (such Base Indenture, as amended, supplemented or modified, is herein called
the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (the “Trustee”, which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) the
Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1 Supplement”), among the Master Issuer, the Trustee,
and Citibank, N.A., as series 2018-1 securities intermediary and (iii) the Series 2018-1 Class A-1 Note Purchase
Agreement, dated as of July 19, 2018 (the “Series 2018-1 Class A-1 Note Purchase Agreement”) by and among the Master Issuer, the
Guarantors, the Manager, the Investors party thereto, the Series 2018-1 Class A-1 Noteholders party thereto and ING Capital LLC, as administrative agent. The Base
Indenture and the Series 2018-1 Supplement are referred to herein collectively as the “Indenture” and the Indenture together with the Series 2018-1 Class A-1 Note Purchase Agreement are referred to herein collectively as the “Series 2018-1 Class A-1
Note Documents”. The Series 2018-1 Class A-1 Advance Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Series 2018-1 Class A-1 Note Documents, each as may be supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the applicable
Series 2018-1 Class A-1 Note Document, as so supplemented, modified or amended. 

The Series 2018-1 Class A-1 Advance Notes are and will be
secured by the Collateral pledged as security therefor as provided in the Indenture. 
 As provided for in the Series 2018-1 Class A-1 Note Documents, the Series 2018-1 Class A-1 Advance Notes may be
prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2018-1 Class A-1 Advance Notes are subject to mandatory prepayment as
provided for in the Series 2018-1 Class A-1 Note Documents. As described above, the entire unpaid principal amount of this Note shall be due and payable on the
Series 2018-1 Class A-1 Legal Final Maturity Date. Subject to the terms and conditions of the Series 2018-1 Class A-1 Note Purchase Agreement, all payments of principal of the Series 2018-1 Class A-1 Advance Notes will be made
pro rata to the holders of Series 2018-1 Class A-1 Advance Notes entitled thereto based on the amounts due to such holders. 

Amounts due on this Note which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided
for in the Series 2018-1 Class A-1 Note Documents shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close
of business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and contingent interest, if any, will
each accrue on the Series 2018-1 Class A-1 Advance Notes at the rates set forth in the Series 2018-1 Class A-1 Note Documents. The interest and contingent interest, if any, will be computed on the basis set forth in the Series 2018-1
Class A-1 Note Documents. Amounts payable on the Series 2018-1 Class A-1 Advance Notes on each Quarterly Payment Date
will be calculated as set forth in the Series 2018-1 Class A-1 Note Documents. 

  
 A-1-1-7 

 Payments of amounts due on this Note are subordinated to the payment of certain other
amounts in accordance with the Priority of Payments. 
 If an Event of Default shall occur and be continuing, this Note may become or be
declared due and payable in the manner and with the effect provided in the Series 2018-1 Class A-1 Note Documents. 

Unless otherwise specified in the Series 2018-1 Supplement, on each Quarterly Payment Date, the Paying
Agent shall pay to the Series 2018-1 Class A-1 Noteholders of record on the preceding Record Date the amounts payable thereto (i) by wire transfer in
immediately available funds released by the Paying Agent from the Series 2018-1 Class A-1 Distribution Account no later than 12:30 p.m. (Eastern time) if a Series 2018-1 Class A-1 Noteholder has provided to the Paying Agent and the Trustee wiring instructions at least five (5) Business Days prior to the applicable Quarterly
Payment Date or (ii) by check mailed first-class postage prepaid to such Series 2018-1 Class A-1 Noteholder at the address for such Series 2018-1 Class A-1 Noteholder appearing in the Note Register if such Series 2018-1
Class A-1 Noteholder has not provided wire instructions pursuant to clause (i) above; provided, however, that the final principal payment due on a Series 2018-1 Class A-1 Note shall only be paid upon due presentment and surrender of such Series 2018-1
Class A-1 Note for cancellation in accordance with the provisions of the Series 2018-1 Class A-1 Note at the applicable
Corporate Trust Office. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note
shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Master Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Series 2018-1 Class A-1 Noteholder hereof or its 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, all in accordance with the Securities Exchange Act of 1934, as amended, and
accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2018-1 Supplement, and thereupon one or more new Series
2018-1 Class A-1 Advance Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange. 
 Each Series 2018-1
Class A-1 Noteholder, by acceptance of a Series 2018-1 Class A-1 Note, covenants and agrees that by accepting the
benefits of the Series 2018-1 Class A-1 Note Documents that prior to the date that is one (1) year and one (1) day after the payment in full of

  
 A-1-1-8 

 
the latest maturing note issued under the Series 2018-1 Class A-1 Note Documents, such Series 2018-1 Class A-1 Noteholder will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law; provided, however, that nothing herein shall constitute a waiver of any right to indemnification,
reimbursement or other payment from the Securitization Entities pursuant to the Series 2018-1 Class A-1 Note Documents or any other Related Document. 

It is the intent of the Master Issuer that the Series 2018-1
Class A-1 Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other
entity. Each Series 2018-1 Class A-1 Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for all purposes of
United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income
tax purposes, such other entity. 
 The Indenture permits certain amendments to be made thereto without the consent of the Control Party,
the Controlling Class Representative or any Series 2018-1 Class A-1 Noteholders, provided that certain conditions precedent are satisfied. The Indenture also
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Master Issuer and the rights of the Series 2018-1 Class A-1 Noteholders under the Indenture at any time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of
any Series 2018-1 Class A-1 Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling
Class Representative) to waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series
2018-1 Class A-1 Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2018-1 Class A-1 Noteholder and upon all future Series 2018-1 Class A-1 Noteholders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not 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) its acquisition, holding
and disposition of the Series 2018-1 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). 

The term “Master Issuer” as used in this Note includes any successor and assign to the Master Issuer under the Indenture.

  
 A-1-1-9 

 The Series 2018-1
Class A-1 Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Series 2018-1 Class A-1 Note Documents
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 and the obligations, rights and remedies of the parties hereunder and thereunder shall be
determined in accordance with such laws. 
 No reference herein to the Series 2018-1 Class A-1 Note Documents and no provision of this Note or of the Series 2018-1 Class A-1 Note Documents shall alter or impair
the obligation of the Master Issuer, which is absolute and unconditional, to pay the amounts due on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-1-1-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                             

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                            , attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 
 Dated:
                             

 

			
	 By:
	 	 1
 
		 	 Signature Guaranteed:

  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-1-1-11 

 INCREASES AND DECREASES 

 

															
	 Date
	 	 Unpaid

Principal

Amount
	 	 Increase
	  	 Decrease
	  	 Total
	  	 Series

2018-1

Class A-1

Note

Rate
	  	 Interest

Accrual
 Period (if

applicable)
	  	 Notation

Made By

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

  
 A-1-1-12 

 EXHIBIT A-1-2

 FORM OF SERIES 2018-1 VARIABLE FUNDING SENIOR NOTE, CLASS
A-1 
 SUBCLASS: SERIES 2018-1 CLASS A-1 SWINGLINE NOTE 
 THE ISSUANCE AND SALE OF THIS SERIES 2018-1
VARIABLE FUNDING SENIOR NOTE, CLASS A-1 (THIS “NOTE”), WHICH IS A SERIES 2018-1 CLASS A-1 SWINGLINE 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 PLANET FITNESS MASTER
ISSUER 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 JULY 19, 2018 BY AND AMONG THE MASTER ISSUER, PLANET FITNESS HOLDINGS, LLC, AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE
FUNDING AGENTS AND ING CAPITAL LLC, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

  
 A-1-2-1 

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

					
	No. R-S-[    ]	  		  	up to $[                    ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2018-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 

SUBCLASS: SERIES 2018-1 CLASS A-1 SWINGLINE NOTE 

PLANET FITNESS MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the
“Master Issuer”), for value received, hereby promises to pay to [                    ] or registered assigns, up to the principal
sum of [                    ] DOLLARS
($[                    ]) or such lesser amount as shall equal the portion of the Series 2018-1 Class A-1 Outstanding Principal Amount evidenced by this Note as provided in the Series 2018-1 Class A-1 Note Documents.
Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date
occurring in September 2048 (the “Series 2018-1 Class A-1 Legal Final Maturity Date”). Pursuant to the Series 2018-1 Class A-1 Note Documents, the principal amount of this Note may be subject to Subfacility Increases or Subfacility Decreases on any Business Day during the
Commitment Term, and principal with respect to the Series 2018-1 Class A-1 Notes may be paid earlier than the Series 2018-1 Class A-1 Legal Final Maturity Date as described in the Indenture. The Master Issuer will pay interest on this Series 2018-1
Class A-1 Swingline Note (this “Note”) at the Series 2018-1 Class A-1 Note Rate for each Interest
Accrual Period in accordance with the terms of the Series 2018-1 Class A-1 Note Documents. Such amounts due on this Note will be payable in arrears on each
Quarterly Payment Date, which will be on the 5th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing on
December 5, 2018 (each, a “Quarterly Payment Date”). Such amounts due on this Note will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including the Closing Date to but excluding
the day that is two (2) Business Days prior to the first Quarterly Calculation Date and (ii) thereafter, any period commencing on and including the day that is two (2) Business Days prior to a Quarterly Calculation Date and ending on
but excluding the day that is two (2) Business Days prior to the next succeeding Quarterly Calculation Date (each, an “Interest Accrual Period”). Such amounts due on this Note (and interest on any defaulted payments of amounts
due on this Note at the same rate) will be computed in accordance with the Series 2018-1 Class A-1 Note Documents. In addition, under the circumstances set forth in
the Series 2018-1 Class A-1 Note Documents, the Master Issuer shall also pay contingent interest on this Note at the Series
2018-1 Class A-1 Post-Renewal Date Contingent Interest Rate, and such 

  
 A-1-2-2 

 
contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Series 2018-1
Class A-1 Note Documents. In addition to and not in limitation of the foregoing and the provisions of the Series 2018-1
Class A-1 Note Documents, the Master Issuer further agrees to pay to the holder of this Note such holder’s portion of the other fees, costs and expense reimbursements, indemnification amounts and
other amounts, if any, due and payable in accordance with the Series 2018-1 Class A-1 Note Documents. 

The holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof, which
shall be attached hereto and made a part hereof, the date and amount of each Subfacility Increase and Subfacility Decrease with respect thereto and the Series 2018-1
Class A-1 Note Rate applicable thereto. Each such endorsement shall constitute prima facie evidence of the accuracy of the information endorsed. The failure to make any such endorsement or
any error in any such endorsement shall not affect the obligations of the Master Issuer in respect of the Series 2018-1 Class A-1 Outstanding Principal Amount. 

The amounts due on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Master Issuer with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Series 2018-1 Class A-1 Note Documents. 
 Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Series 2018-1
Class A-1 Note Documents are set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Series 2018-1 Class A-1 Note Documents and reference is made to the Series 2018-1 Class A-1 Note Documents for information with respect to
the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Master Issuer and the Trustee. A copy of the Series 2018-1 Class A-1 Note Documents may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Citibank Agency & Trust – Planet
Fitness Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Series 2018-1 Class A-1
Note Documents. 
 Subject to the next following paragraph, the Master Issuer hereby certifies and declares that all acts, conditions and
things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Master Issuer enforceable in accordance with its terms, have been done and performed and have
happened in due compliance with all applicable laws and in accordance with the terms of the Series 2018-1 Class A-1 Note Documents. 

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Series 2018-1 Class A-1 Note Documents referred to on the reverse hereof, or be valid or obligatory for any purpose. 

  
 A-1-2-3 

 [Remainder of page intentionally left blank] 

  
 A-1-2-4 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                             

 

			
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-1-2-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2018-1 Class A-1 Swingline
Notes issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-1-2-6 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2018-1
Class A-1 Notes of the Master Issuer designated as its Series 2018-1 Variable Funding Senior Notes, Class A-1 (herein
called the “Series 2018-1 Class A-1 Notes”), and is one of the Subclass thereof designated as the Series 2018-1 Class A-1 Swingline Notes (herein called the “Series 2018-1
Class A-1 Swingline Notes”), all issued under (i) the Base Indenture, dated as of August 1, 2018 (such Base Indenture, as amended, supplemented or modified, is herein
called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (the “Trustee”, which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and
(ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1 Supplement”), among the Master Issuer,
the Trustee and Citibank, N.A., as series 2018-1 securities intermediary and (iii) the Series 2018-1 Class A-1 Note
Purchase Agreement, dated as of July 19, 2018 (the “Series 2018-1 Class A-1 Note Purchase Agreement”) by and among the Master
Issuer, the Guarantors, the Manager, the Investors party thereto, the Series 2018-1 Class A-1 Noteholders party thereto and ING Capital LLC, as administrative
agent. The Base Indenture and the Series 2018-1 Supplement are referred to herein collectively as the “Indenture” and the Indenture, together with the Series
2018-1 Class A-1 Note Purchase Agreement are referred to herein collectively as the “Series 2018-1
Class A-1 Note Documents”. The Series 2018-1 Class A-1 Swingline Notes are subject to all terms
of the Indenture. All terms used in this Note that are defined in the Series 2018-1 Class A-1 Note Documents, each as may be supplemented, modified or amended,
shall have the meanings assigned to them in or pursuant to the applicable Series 2018-1 Class A-1 Note Document, as so supplemented, modified or amended. 

The Series 2018-1 Class A-1 Swingline Notes are and will
be secured by the Collateral pledged as security therefor as provided in the Indenture. 
 As provided for in the Series 2018-1 Class A-1 Note Documents, the Series 2018-1 Class A-1 Swingline Notes may be
prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2018-1 Class A-1 Swingline Notes are subject to mandatory prepayment as
provided for in the Series 2018-1 Class A-1 Note Documents. As described above, the entire unpaid principal amount of this Note shall be due and payable on the
Series 2018-1 Class A-1 Legal Final Maturity Date. Subject to the terms and conditions of the Series 2018-1 Class A-1 Note Purchase Agreement, all payments of principal of the Series 2018-1 Class A-1 Swingline Notes will be made
pro rata to the holders of Series 2018-1 Class A-1 Swingline Notes entitled thereto based on the amounts due to such holders. 

Amounts due on this Note which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided
for in the Series 2018-1 Class A-1 Note Documents shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close
of business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and contingent interest, if any, will
each accrue on the Series 2018-1 Class A-1 Swingline Notes at the rates set forth in the Series 2018-1 Class A-1 Note Documents. The interest and contingent interest, if any, will be computed on the basis set forth in the Series 2018-1
Class A-1 Note Documents. Amounts payable on the Series 2018-1 Class A-1 Swingline Notes on each Quarterly Payment Date
will be calculated as set forth in the Series 2018-1 Class A-1 Note Documents. 

  
 A-1-2-7 

 Payments of amounts due on this Note are subordinated to the payment of certain other
amounts in accordance with the Priority of Payments. 
 If an Event of Default shall occur and be continuing, this Note may become or be
declared due and payable in the manner and with the effect provided in the Series 2018-1 Class A-1 Note Documents. 

Unless otherwise specified in the Series 2018-1 Supplement, on each Quarterly Payment Date, the Paying
Agent shall pay to the Series 2018-1 Class A-1 Noteholders of record on the preceding Record Date the amounts payable thereto (i) by wire transfer in
immediately available funds released by the Paying Agent from the Series 2018-1 Class A-1 Distribution Account no later than 12:30 p.m. (Eastern time) if a Series 2018-1 Class A-1 Noteholder has provided to the Paying Agent and the Trustee wiring instructions at least five (5) Business Days prior to the applicable Quarterly
Payment Date or (ii) by check mailed first-class postage prepaid to such Series 2018-1 Class A-1 Noteholder at the address for such Series 2018-1 Class A-1 Noteholder appearing in the Note Register if such Series 2018-1
Class A-1 Noteholder has not provided wire instructions pursuant to clause (i) above; provided, however, that the final principal payment due on a Series 2018-1 Class A-1 Note shall only be paid upon due presentment and surrender of such Series 2018-1
Class A-1 Note for cancellation in accordance with the provisions of the Series 2018-1 Class A-1 Note at the applicable
Corporate Trust Office. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note
shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Master Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Series 2018-1 Class A-1 Noteholder hereof or its 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, all in accordance with the Securities Exchange Act of 1934, as amended, and
accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2018-1 Supplement, and thereupon one or more new Series
2018-1 Class A-1 Swingline Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No
service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange. 

  
 A-1-2-8 

 Each Series 2018-1
Class A-1 Noteholder, by acceptance of a Series 2018-1 Class A-1 Note, covenants and agrees that by accepting the
benefits of the Series 2018-1 Class A-1 Note Documents that prior to the date that is one (1) year and one (1) day after the payment in full of the latest
maturing note issued under the Series 2018-1 Class A-1 Note Documents, such Series 2018-1
Class A-1 Noteholder will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings, under any federal or state bankruptcy or similar law; provided, however, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the
Securitization Entities pursuant to the Series 2018-1 Class A-1 Note Documents or any other Related Document. 

It is the intent of the Master Issuer that the Series 2018-1
Class A-1 Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other
entity. Each Series 2018-1 Class A-1 Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for all purposes of
United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income
tax purposes, such other entity. 
 The Indenture permits certain amendments to be made thereto without the consent of the Control Party,
the Controlling Class Representative or any Series 2018-1 Class A-1 Noteholders, provided that certain conditions precedent are satisfied. The Indenture also
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Master Issuer and the rights of the Series 2018-1 Class A-1 Noteholders under the Indenture at any time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of
any Series 2018-1 Class A-1 Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling
Class Representative) to waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series
2018-1 Class A-1 Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2018-1 Class A-1 Noteholder and upon all future Series 2018-1 Class A-1 Noteholders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not 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) its acquisition, holding
and disposition of the Series 2018-1 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). 

The term “Master Issuer” as used in this Note includes any successor and assign to the Master Issuer under the Indenture.

  
 A-1-2-9 

 The Series 2018-1
Class A-1 Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Series 2018-1 Class A-1 Note Documents
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 and the obligations, rights and remedies of the parties hereunder and thereunder shall be
determined in accordance with such laws. 
 No reference herein to the Series 2018-1 Class A-1 Note Documents and no provision of this Note or of the Series 2018-1 Class A-1 Note Documents shall alter or impair
the obligation of the Master Issuer, which is absolute and unconditional, to pay the amounts due on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-1-2-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                             

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                            , attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises. 
 Dated:
                             

 

					
	By:	 	  
	 	1 
		 	Signature Guaranteed:	 	
			
		 	  
	 	

  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-1-2-11 

 INCREASES AND DECREASES 

 

															
	 Date
	 	 Unpaid

Principal

Amount
	 	 Subfacility

Increase
	  	 Subfacility

Decrease
	  	 Total
	  	 Series

2018-1

Class
 A-1 Note
 Rate
	  	 Interest

Accrual
 Period

(if applicable)
	  	 Notation

Made By

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

  
 A-1-2-12 

 EXHIBIT A-1-3

 FORM OF SERIES 2018-1 VARIABLE FUNDING SENIOR NOTE, CLASS
A-1 
 SUBCLASS: SERIES 2018-1 CLASS A-1 L/C NOTE 
 THE ISSUANCE AND SALE OF THIS SERIES 2018-1
VARIABLE FUNDING SENIOR NOTE, CLASS A-1 (THIS “NOTE”), WHICH IS A SERIES 2018-1 CLASS A-1 L/C 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 PLANET FITNESS MASTER ISSUER 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 JULY 19, 2018 BY AND AMONG THE MASTER ISSUER, PLANET FITNESS HOLDINGS, LLC, AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS,
THE FUNDING AGENTS AND ING CAPITAL LLC, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT. 

  
 A-1-3-1 

 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN AND SUBJECT TO SUBFACILITY
INCREASES AND SUBFACILITY DECREASES AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ALL L/C OBLIGATIONS RELATING TO LETTERS OF CREDIT ISSUED BY THE
HOLDER OF THIS NOTE (WHETHER IN RESPECT OF UNDRAWN L/C FACE AMOUNTS OR UNREIMBURSED L/C DRAWINGS) SHALL BE DEEMED TO BE PRINCIPAL OUTSTANDING UNDER THIS NOTE FOR ALL PURPOSES OF THE SERIES 2018-1 CLASS A-1 NOTE DOCUMENTS AND THE OTHER RELATED DOCUMENTS OTHER THAN, IN THE CASE OF UNDRAWN L/C FACE AMOUNTS, FOR PURPOSES OF ACCRUAL OF INTEREST. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT
BY INQUIRY OF THE TRUSTEE. 
 REGISTERED 
  

					
	No. R-L-[    ]	  		  	up to $[                    ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2018-1 VARIABLE FUNDING SENIOR NOTE, CLASS A-1 

SUBCLASS: SERIES 2018-1 CLASS A-1 L/C NOTE 

PLANET FITNESS MASTER ISSUER LLC, a limited liability company formed under the laws of the State of Delaware (herein referred to as the
“Master Issuer”), for value received, hereby promises to pay to [                    ] or registered assigns, up to the principal
sum of [                    ] DOLLARS
($[                    ]) or such lesser amount as shall equal the portion of the Series 2018-1 Class A-1 Outstanding Principal Amount evidenced by this Note as provided in the Series 2018-1 Class A-1 Note Documents.
Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date
occurring in September 2048 (the “Series 2018-1 Class A-1 Legal Final Maturity Date”). The initial outstanding principal amount of
this Note shall equal the Series 2018-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount. Pursuant to the Series 2018-1 Class A-1 Note Documents, the principal amount of this Note may be subject to Subfacility Increases or Subfacility Decreases on any Business Day during the Commitment Term, and principal with respect to the
Series 2018-1 Class A-1 Notes may be paid earlier than the Series 2018-1
Class A-1 Legal Final Maturity Date as described in the Indenture. The Master Issuer will pay (i) interest on this Series 2018-1
Class A-1 L/C Note (this “Note”) at the Series 2018-1 Class A-1 Note Rate and (ii) the L/C
Quarterly Fees, in each case, for each Interest Accrual Period in accordance with the terms of the Series 2018-1 Class A-1 Note Documents. Such amounts due on this
Note will be payable in arrears on each Quarterly Payment Date, which will be on the 5th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June,
September and December, commencing on December 5, 2018 (each, a “Quarterly Payment Date”). Such amounts due on this Note will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and
including the Closing Date to but excluding the day that is two (2) Business Days prior to the first Quarterly 

  
 A-1-3-2 

 
Calculation Date and (ii) thereafter, any period commencing on and including the day that is two (2) Business Days prior to a Quarterly Calculation Date and ending on but excluding the
day that is two (2) Business Days prior to the next succeeding Quarterly Calculation Date (each, an “Interest Accrual Period”). Such amounts due on this Note (and interest on any defaulted payments of amounts due on this Note
at the same rate) will be computed in accordance with the Series 2018-1 Class A-1 Note Documents. In addition, under the circumstances set forth in the Series 2018-1 Class A-1 Note Documents, the Master Issuer shall also pay contingent interest and fees on this Note at the Series 2018-1 Class A-1 Post-Renewal Date Contingent Interest Rate, and such contingent interest and fees shall be computed and shall be payable in the amounts and at the times set forth in the Series 2018-1 Class A-1 Note Documents. In addition to and not in limitation of the foregoing and the provisions of the Series 2018-1 Class A-1 Note Documents, the Master Issuer further agrees to pay to the holder of this Note such holder’s portion of the other fees, costs and expense reimbursements, indemnification amounts and other
amounts, if any, due and payable in accordance with the Series 2018-1 Class A-1 Note Documents. 

The holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof, which
shall be attached hereto and made a part hereof the date and amount of each Subfacility Increase and Subfacility Decrease with respect thereto and the Series 2018-1
Class A-1 Note Rate applicable thereto. Each such endorsement shall constitute prima facie evidence of the accuracy of the information endorsed. The failure to make any such endorsement or
any error in any such endorsement shall not affect the obligations of the Master Issuer in respect of the Series 2018-1 Class A-1 Outstanding Principal Amount. 

The amounts due on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Master Issuer with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Series 2018-1 Class A-1 Note Documents. 
 Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Series 2018-1
Class A-1 Note Documents are set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Series 2018-1 Class A-1 Note Documents and reference is made to the Series 2018-1 Class A-1 Note Documents for information with respect to
the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Master Issuer and the Trustee. A copy of the Series 2018-1 Class A-1 Note Documents may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Citibank Agency & Trust – Planet
Fitness Master Issuer LLC. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Series 2018-1 Class A-1
Note Documents. 

  
 A-1-3-3 

 Subject to the next following paragraph, the Master Issuer hereby certifies and declares
that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Master Issuer enforceable in accordance with its terms, have been done
and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Series 2018-1 Class A-1 Note Documents. 

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Series 2018-1 Class A-1 Note Documents referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-1-3-4 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                             

 

			
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-3-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2018-1 Class A-1 L/C Notes
issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-1-3-6 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2018-1
Class A-1 Notes of the Master Issuer designated as its Series 2018-1 Variable Funding Senior Notes, Class A-1 (herein
called the “Series 2018-1 Class A-1 Notes”), and is one of the Subclass thereof designated as the Series 2018-1 Class A-1 L/C Notes (herein called the “Series 2018-1
Class A-1 L/C Notes”), all issued under (i) the Base Indenture, dated as of August 1, 2018 (such Base Indenture, as amended, supplemented or modified, is herein called the
“Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (the “Trustee”, which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) the
Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1 Supplement”), among the Master Issuer, the Trustee
and Citibank, N.A., as series 2018-1 securities intermediary and (iii) the Series 2018-1 Class A-1 Note Purchase
Agreement, dated as of July 19, 2018 (the “Series 2018-1 Class A-1 Note Purchase Agreement”) by and among the Master Issuer, the
Guarantors, the Manager, the Investors party thereto, the Series 2018-1 Class A-1 Noteholders party thereto and ING Capital LLC, as administrative agent. The Base
Indenture and the Series 2018-1 Supplement are referred to herein collectively as the “Indenture” and the Indenture, together with the Series 2018-1 Class A-1 Note Purchase Agreement are referred to herein collectively as the “Series 2018-1 Class A-1
Note Documents”. All terms used in this Note that are defined in the Series 2018-1 Class A-1 Note Documents, each as may be supplemented, modified or
amended, shall have the meanings assigned to them in or pursuant to the applicable Series 2018-1 Class A-1 Note Document, as so supplemented, modified or amended.

 The Series 2018-1 Class A-1 L/C Notes are and will
be secured by the Collateral pledged as security therefor as provided in the Indenture. 
 All L/C Obligations relating to Letters of Credit
issued by the holder of this Note (whether in respect of Undrawn L/C Face Amounts or Unreimbursed L/C Drawings) shall be deemed to be principal outstanding under this Note for all purposes of the Series 2018-1
Class A-1 Note Documents and the other Related Documents other than, in the case of Undrawn L/C Face Amounts, for purposes of accrual of interest. As provided for in the Series 2018-1 Class A-1 Note Documents, the Series 2018-1 Class A-1 L/C Notes may be
prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2018-1 Class A-1 L/C Notes are subject to mandatory prepayment as provided
for in the Series 2018-1 Class A-1 Note Documents. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2018-1 Class A-1 Legal Final Maturity Date. Subject to the terms and conditions of the Series 2018-1 Class A-1 Note Purchase Agreement, all payments of principal of the Series 2018-1 Class A-1 L/C Notes will be made pro
rata to the holders of Series 2018-1 Class A-1 L/C Notes entitled thereto based on the amounts due to such holders. 

Amounts due on this Note which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided
for in the Series 2018-1 Class A-1 Note Documents shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close
of business on the applicable Record Date or Prepayment Record Date, as the case may be. 

  
 A-1-3-7 

 Interest, fees and contingent interest, if any, will each accrue on the Series 2018-1 Class A-1 L/C Notes at the rates set forth in the Series 2018-1 Class A-1 Note
Documents. The interest, fees and contingent interest, if any, will be computed on the basis set forth in the Series 2018-1 Class A-1 Note Documents. Amounts
payable on the Series 2018-1 Class A-1 L/C Notes on each Quarterly Payment Date will be calculated as set forth in the Series
2018-1 Class A-1 Note Documents. 
 Payments of amounts
due on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of Payments. 
 If an Event of
Default shall occur and be continuing, this Note may become or be declared due and payable in the manner and with the effect provided in the Series 2018-1 Class A-1
Note Documents. 
 Unless otherwise specified in the Series 2018-1 Supplement, on each Quarterly
Payment Date, the Paying Agent shall pay to the Series 2018-1 Class A-1 Noteholders of record on the preceding Record Date the amounts payable thereto (i) by
wire transfer in immediately available funds released by the Paying Agent from the Series 2018-1 Class A-1 Distribution Account no later than 12:30 p.m. (Eastern
time) if a Series 2018-1 Class A-1 Noteholder has provided to the Paying Agent and the Trustee wiring instructions at least five (5) Business Days prior to the
applicable Quarterly Payment Date or (ii) by check mailed first-class postage prepaid to such Series 2018-1 Class A-1 Noteholder at the address for such Series
2018-1 Class A-1 Noteholder appearing in the Note Register if such Series 2018-1
Class A-1 Noteholder has not provided wire instructions pursuant to clause (i) above; provided, however, that the final principal payment due on a Series 2018-1 Class A-1 Note shall only be paid upon due presentment and surrender of such Series 2018-1
Class A-1 Note for cancellation in accordance with the provisions of the Series 2018-1 Class A-1 Note at the applicable
Corporate Trust Office. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note
shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Master Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Series 2018-1 Class A-1 Noteholder hereof or its 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, all in accordance with the Securities Exchange Act of 1934, as amended, and
accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2018-1 Supplement, and thereupon one or more new Series
2018-1 Class A-1 L/C Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service
charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange. 

  
 A-1-3-8 

 Each Series 2018-1
Class A-1 Noteholder, by acceptance of a Series 2018-1 Class A-1 Note, covenants and agrees that by accepting the
benefits of the Series 2018-1 Class A-1 Note Documents that prior to the date that is one (1) year and one (1) day after the payment in full of the latest
maturing note issued under the Series 2018-1 Class A-1 Note Documents, such Series 2018-1
Class A-1 Noteholder will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings, under any federal or state bankruptcy or similar law; provided, however, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the
Securitization Entities pursuant to the Series 2018-1 Class A-1 Note Documents or any other Related Document. 

It is the intent of the Master Issuer that the Series 2018-1
Class A-1 Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other
entity. Each Series 2018-1 Class A-1 Noteholder, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for all purposes of
United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income
tax purposes, such other entity. 
 The Indenture permits certain amendments to be made thereto without the consent of the Control Party,
the Controlling Class Representative or any Series 2018-1 Class A-1 Noteholders, provided that certain conditions precedent are satisfied. The Indenture also
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Master Issuer and the rights of the Series 2018-1 Class A-1 Noteholders under the Indenture at any time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of
any Series 2018-1 Class A-1 Noteholders. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling
Class Representative) to waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any Series
2018-1 Class A-1 Noteholders. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such Series 2018-1 Class A-1 Noteholder and upon all future Series 2018-1 Class A-1 Noteholders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not 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) its acquisition, holding
and disposition of the Series 2018-1 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). 

  
 A-1-3-9 

 The term “Master Issuer” as used in this Note includes any successor and
assign to the Master Issuer under the Indenture. 
 The Series 2018-1
Class A-1 Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Series 2018-1 Class A-1 Note Documents
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 and the obligations, rights and remedies of the parties hereunder and thereunder shall be
determined in accordance with such laws. 
 No reference herein to the Series 2018-1 Class A-1 Note Documents and no provision of this Note or of the Series 2018-1 Class A-1 Note Documents shall alter or impair
the obligation of the Master Issuer, which is absolute and unconditional, to pay the amounts due on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-1-3-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                             

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
            , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

Dated:
                              

 

					
	By:	 	  
	 	1 
		 	Signature Guaranteed:	 	
			
		 	  
	 	

  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-1-3-11 

 INCREASES AND DECREASES 

 

															
	 Date
	 	 Unpaid

Principal

Amount
	 	 Subfacility

Increase
	  	 Subfacility

Decrease
	  	 Total
	  	 Series

2018-1

Class
 A-1 Note
 Rate
	  	 Interest

Accrual
 Period

(if applicable)
	  	 Notation

Made By

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

		 		 		  		  		  		  		  	
	  
	 	  
	 	  
	  	  
	  	  
	  	  
	  	  
	  	  

  
 A-1-3-12 

 EXHIBIT A-2-1

 THE ISSUANCE AND SALE OF THIS RULE 144A GLOBAL SERIES 2018-1 CLASS
A-2-I NOTE (THIS “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 PLANET FITNESS MASTER ISSUER LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE “1940 ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 WHO 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 TEMPORARY REGULATION S GLOBAL NOTE OR PERMANENT 

  
 A-2-1-1 

 
REGULATION S GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS
REFERRED TO IN THE INDENTURE. 
 ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB
INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN 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. 
 IF THIS NOTE WAS ACQUIRED OUTSIDE THE
UNITED STATES, AND THE HOLDER IS DETERMINED TO 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. 

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. 
 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 

  
 A-2-1-2 

 
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. 

  
 A-2-1-3 

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

FORM OF RULE 144A GLOBAL SERIES 2018-1 CLASS A-2-I NOTE 

 

					
	No. R-[    ]	  		  	up to $[                    ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [                    ]

 ISIN Number:
[                    ] 
 Common
Code: [                    ] 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2018-1 4.262% FIXED RATE SENIOR SECURED NOTES, CLASS
A-2-I 
 PLANET FITNESS MASTER ISSUER LLC, a limited liability company formed under the laws of the
State of Delaware (herein referred to as the “Master Issuer”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, up to the principal sum of
[                    ] DOLLARS
($[                    ]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable in the amounts and at the
times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date occurring in September 2048 (the “Series 2018-1 Class A-2 Legal Final Maturity Date”). The Master Issuer will pay interest on this Rule 144A Global Series
2018-1 Class A-2-I Note (this “Note”) at the Series 2018-1
Class A-2-I Note Rate for each Interest Accrual Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment Date, which will be on the 5th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing on December 5, 2018 (each, a “Quarterly Payment
Date”). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including the Closing Date to but excluding December 5, 2018 and (ii) thereafter, the period from and
including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 5th day of
the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any defaulted payments of interest or principal) will be computed on
the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set forth in the Indenture, the Master Issuer shall also pay Series 2018-1 Class A-2 Quarterly Post-ARD Contingent Interest on this Note at the rate set forth in the Indenture, and such contingent
interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 
 The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Master Issuer with respect to this Note shall be applied as
provided in the Indenture. 

  
 A-2-1-4 

 This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

 Interests in this Note are exchangeable or transferable in whole or in part for interests in a Temporary Regulation S Global Note or a
Permanent Regulation S Global Note; provided that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be
exchangeable or transferable in whole but not in part for duly executed and issued registered Definitive Notes; provided that such transfer or exchange complies with Section 2.8 of the Base Indenture and Section 4.2(c) of the Series
2018-1 Supplement. 
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not
purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Master Issuer
and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Citibank Agency & Trust – Planet Fitness Master Issuer LLC.
To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. 
 Subject to the
next following paragraph, the Master Issuer hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of
the Master Issuer enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture. 

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-2-1-5 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                             

 

			
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-1-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2018-1 Class A-2-I Notes issued
under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-1-7 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2018-1
Class A-2-I Notes of the Master Issuer designated as its Series 2018-1 4.262% Fixed Rate Senior Secured Notes,
Class A-2-I (herein called the “Series 2018-1 Class A-2-I Notes”), all issued
under (i) the Base Indenture, dated as of August 1, 2018 (such Base Indenture, as amended, supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (the
“Trustee”, which term includes any successor Trustee under the Base Indenture) and as securities intermediary, and (ii) the Series 2018-1 Supplement to the Base Indenture, dated as of
August 1, 2018 (the “Series 2018-1 Supplement”), among the Master Issuer, the Trustee and Citibank, N.A., as series 2018-1 securities intermediary.
The Base Indenture and the Series 2018-1 Supplement are referred to herein collectively as the “Indenture”. The Series 2018-1 Class A-2-I Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or
pursuant to the Indenture, as so supplemented, modified or amended. 
 The Series 2018-1 Class A-2-I Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture. 

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof. 

As provided for in the Indenture, the Series 2018-1
Class A-2-I Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2018-1
Class A-2-I Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2018-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2018-1 Class A-2-I Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2018-1 Class A-2 Legal Final Maturity Date. All payments of principal of the Series 2018-1 Class A-2-I Notes will be made pro
rata to the holders of Series 2018-1 Class A-2-I Notes entitled thereto. 

Principal of and interest on this Note, which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be
made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be. 

Interest and contingent interest, if any, will each accrue on the Series 2018-1 Class A-2-I Notes at the rates set forth in the Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2018-1 Class A-2-I Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 

  
 A-2-1-8 

 If an Event of Default shall occur and be continuing, this Note may become or be declared
due and payable in the manner and with the effect provided in the Indenture. 
 Amounts payable in respect of this Note shall be made by
wire transfer of immediately available funds to the account designated by DTC or its nominee. 
 As provided in the Indenture and subject to
certain limitations set forth therein, the transfer of this Note shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Master Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2018-1 Class A-2-I Notes hereof or its 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, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the Series 2018-1
Supplement, and thereupon one or more new Series 2018-1 Class A-2-I Notes of authorized denominations in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any Tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 Each holder of Series
2018-1 Class A-2-I Notes, by acceptance of a Series 2018-1 Class A-2-I Note,
covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2018-1 Class A-2-I Notes will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law; provided, however, that nothing herein shall constitute a waiver of any right to indemnification,
reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related Document. 
 It is the intent
of the Master Issuer that the Series 2018-1 Class A-2-I Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is
treated as a division of another entity for federal income tax purposes, such other entity. Each holder of Series 2018-1 Class A-2-I Notes, by the acceptance of
this Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master
Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other entity. 
 The
Indenture permits certain amendments to be made thereto without the consent of the Control Party, the Controlling Class Representative or any holder of Series 2018-1
Class A-2-I Notes, provided that certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the

  
 A-2-1-9 

 
rights and obligations of the Master Issuer and the rights of the holders of Series 2018-1 Class A-2-I Notes
under the Indenture at any time by the Master Issuer with the consent of the Control Party (acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series
2018-1 Class A-2-I Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative)
to waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2018-1 Class A-2-I Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2018-1 Class A-2-I Notes and upon all future holders of Series 2018-1 Class A-2-I Notes of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent and warrant that either (i) it is not 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) its acquisition, holding
and disposition of the Series 2018-1 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). 

The term “Master Issuer” as used in this Note includes any successor and assign to the Master Issuer under the Indenture.

 The Series 2018-1 Class A-2-I Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 
 This Note and
the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without regard to conflicts of law principles and the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture
shall alter or impair the obligation of the Master Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-2-1-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                             

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                            , attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises. 
 Dated:
                              

 

					
	 By:
	 	  
	 	1 
		 	 Signature Guaranteed:
	 	
			
		 	  
	 	

  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-1-11 

 SCHEDULE OF EXCHANGES IN RULE 144A GLOBAL SERIES
2018-1 
 CLASS A-2-I NOTE 

The initial principal balance of this Rule 144A Global Series 2018-1
Class A-2-I Note is $[                    ]. The following exchanges of an interest in this Rule 144A
Global Series 2018-1 Class A-2-I Note for an interest in a corresponding Temporary Regulation S Global Series 2018-1 Class A-2-I Note or a Permanent Regulation S Global Series 2018-1 Class A-2-I Note have been made: 

 

							
	 Date
	 	 Amount of Increase (or

Decrease) in the Principal
 Amount of
this Rule 144A
 Global Note
	 	 Remaining Principal

Amount of this Rule 144A
 Global Note
following the
 Increase or Decrease
	 	 Signature of Authorized

Officer of Trustee or

Registrar

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

  
 A-2-1-12 

 EXHIBIT A-2-2 

THE ISSUANCE AND SALE OF THIS RULE 144A GLOBAL SERIES 2018-1 CLASS A-2-II NOTE (THIS “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 PLANET FITNESS MASTER ISSUER LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 WHO 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 

  
 A-2-2-1 

 
INTEREST IN A TEMPORARY REGULATION S GLOBAL NOTE OR PERMANENT REGULATION S GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE
REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. 
 ANY TRANSFER OF THIS NOTE IN VIOLATION OF
THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE MASTER ISSUER, THE TRUSTEE OR ANY
INTERMEDIARY. 
 IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN 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. 
 IF THIS NOTE WAS
ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO 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. 

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. 
 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 

  
 A-2-2-2 

 
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. 

  
 A-2-2-3 

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

FORM OF RULE 144A GLOBAL SERIES 2018-1 CLASS A-2-II NOTE 
  

					
	No. R-[    ]	  		  	up to $[                    ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [                    ]

 ISIN Number:
[                    ] 
 Common
Code: [                    ] 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2018-1 4.666% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-II 
 PLANET FITNESS MASTER ISSUER LLC, a limited liability company formed under the laws of
the State of Delaware (herein referred to as the “Master Issuer”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, up to the principal sum of
[                    ] DOLLARS
($[                    ]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable in the amounts and at the
times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date occurring in September 2048 (the “Series 2018-1 Class A-2 Legal Final Maturity Date”). The Master Issuer will pay interest on this Rule 144A Global Series
2018-1 Class A-2-II Note (this “Note”) at the Series 2018-1 Class A-2-II Note Rate for each Interest Accrual Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment
Date, which will be on the 5th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing December 5, 2018 (each, a
“Quarterly Payment Date”). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including the Closing Date to but excluding December 5, 2018 and (ii) thereafter,
the period from and including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 5th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any
defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set
forth in the Indenture, the Master Issuer shall also pay Series 2018-1 Class A-2 Quarterly Post-ARD Contingent Interest on
this Note at the rate set forth in the Indenture, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

  
 A-2-2-4 

 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Master Issuer with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Indenture. 

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Temporary Regulation S Global Note or a
Permanent Regulation S Global Note; provided that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be
exchangeable or transferable in whole but not in part for duly executed and issued registered Definitive Notes; provided that such transfer or exchange complies with Section 2.8 of the Base Indenture and Section 4.2(c) of the Series
2018-1 Supplement. 
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not
purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Master Issuer
and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Citibank Agency & Trust – Planet Fitness Master Issuer LLC.
To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. 
 Subject to the
next following paragraph, the Master Issuer hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of
the Master Issuer enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture. 

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-2-2-5 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                             

 

			
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-2-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2018-1
Class A-2-II Notes issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-2-7 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2018-1 Class A-2-II Notes of the Master Issuer designated as its Series 2018-1 4.666% Fixed Rate Senior Secured Notes, Class A-2-II (herein called the “Series 2018-1
Class A-2-II Notes”), all issued under (i) the Base Indenture, dated as of August 1, 2018 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (the “Trustee”, which term includes any successor Trustee under the Base Indenture) and as
securities intermediary, and (ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1
Supplement”), among the Master Issuer, the Trustee and Citibank, N.A., as series 2018-1 securities intermediary. The Base Indenture and the Series 2018-1
Supplement are referred to herein collectively as the “Indenture”. The Series 2018-1 Class A-2-II Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or
amended. 
 The Series 2018-1
Class A-2-II Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture. 

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof. 

As provided for in the Indenture, the Series 2018-1 Class A-2-II Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2018-1 Class A-2-II Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2018-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2018-1 Class A-2-II Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2018-1 Class A-2 Legal Final Maturity Date. All payments of principal of the Series 2018-1 Class A-2-II Notes will be made pro rata to the holders of Series 2018-1
Class A-2-II Notes entitled thereto. 
 Principal of
and interest on this Note, which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and
contingent interest, if any, will each accrue on the Series 2018-1 Class A-2-II Notes at the rates set forth in the
Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2018-1 Class A-2-II Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 

  
 A-2-2-8 

 If an Event of Default shall occur and be continuing, this Note may become or be declared
due and payable in the manner and with the effect provided in the Indenture. 
 Amounts payable in respect of this Note shall be made by
wire transfer of immediately available funds to the account designated by DTC or its nominee. 
 As provided in the Indenture and subject to
certain limitations set forth therein, the transfer of this Note shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Master Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2018-1 Class A-2-II Notes hereof or its 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, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the
Series 2018-1 Supplement, and thereupon one or more new Series 2018-1 Class A-2-II
Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each holder of Series 2018-1
Class A-2-II Notes, by acceptance of a Series 2018-1
Class A-2-II Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2018-1 Class A-2-II Notes
will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state
bankruptcy or similar law; provided, however, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related
Document. 
 It is the intent of the Master Issuer that the Series 2018-1 Class A-2-II Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other
entity. Each holder of Series 2018-1 Class A-2-II Notes, by the acceptance of this Note, agrees to treat this Note (or beneficial interests herein) for all purposes
of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal
income tax purposes, such other entity. 

  
 A-2-2-9 

 The Indenture permits certain amendments to be made thereto without the consent of the
Control Party, the Controlling Class Representative or any holder of Series 2018-1 Class A-2-II Notes, provided that certain
conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Master Issuer and the rights of the holders of Series 2018-1 Class A-2-II Notes under the Indenture at any time by the Master Issuer with the consent of the Control Party (acting at
the direction of the Controlling Class Representative) and without the consent of any holders of Series 2018-1
Class A-2-II Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to
waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2018-1 Class A-2-II Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2018-1 Class A-2-II Notes and upon all future holders of Series 2018-1 Class A-2-II Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not 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) its acquisition, holding and disposition of the Series 2018-1 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). 
 The term “Master Issuer” as used in this Note includes any successor and assign to the Master
Issuer under the Indenture. 
 The Series 2018-1 Class A-2-II Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without
regard to conflicts of law principles and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Master
Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-2-2-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                          

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

Dated:                         
 
  

			
	By:	 	                                      
                                      1 
	 	 
		 	Signature Guaranteed:
		
		 	                                      
                                      

  
  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-2-11 

 SCHEDULE OF EXCHANGES IN RULE 144A GLOBAL SERIES
2018-1 
 CLASS A-2-II
NOTE 
 The initial principal balance of this Rule 144A Global Series 2018-1 Class A-2-II Note is $[            ]. The following exchanges of an interest in this Rule 144A Global Series 2018-1 Class A-2-II Note for an interest in a corresponding Temporary Regulation S Global Series
2018-1 Class A-2-II Note or a Permanent Regulation S Global Series 2018-1
Class A-2-II Note have been made: 
  

							
	 Date
	  	Amount of Increase (or
Decrease) in the Principal
Amount of this Rule 144A
Global Note	  	Remaining Principal
Amount of this Rule 144A Global
Note following the Increase or
Decrease	  	Signature of Authorized
Officer of Trustee or
Registrar
	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

  
 A-2-2-12 

 EXHIBIT A-2-3 

THE ISSUANCE AND SALE OF THIS TEMPORARY REGULATION S GLOBAL SERIES 2018-1 CLASS A-2-I NOTE (THIS “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 PLANET FITNESS MASTER ISSUER LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE “1940 ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 WHO 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

  
 A-2-3-1 

 
DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE OR PERMANENT REGULATION S GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN
THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. 

ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO
TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN 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. 
 IF THIS NOTE WAS ACQUIRED OUTSIDE THE
UNITED STATES, AND THE HOLDER IS DETERMINED TO 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. 

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. 
 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 

  
 A-2-3-2 

 
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. 
 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. 

  
 A-2-3-3 

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

FORM OF TEMPORARY REGULATION S GLOBAL SERIES 2018-1 CLASS A-2-I NOTE 
  

			
	No. S-[        ]	  	up to $[                    ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [                    ]

 ISIN Number:
[                    ] 
 Common
Code: [                    ] 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2018-1 4.262% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-I 
 PLANET FITNESS MASTER ISSUER LLC, a limited liability company formed under the laws of the
State of Delaware (herein referred to as the “Master Issuer”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, up to the principal sum of
[                    ] DOLLARS
($[                    ]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable in the amounts and at the
times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date occurring in September 2048 (the “Series 2018-1 Class A-2 Legal Final Maturity Date”). The Master Issuer will pay interest on this Temporary Regulation S Global Series 2018-1 Class A-2-I Note (this “Note”) at the Series 2018-1 Class A-2-I Note Rate for each Interest Accrual Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment
Date, which will be on the 5th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing on December 5, 2018
(each, a “Quarterly Payment Date”). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including the Closing Date to but excluding December 5, 2018 and
(ii) thereafter, the period from and including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 5th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any
defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set
forth in the Indenture, the Master Issuer shall also pay Series 2018-1 Class A-2 Quarterly Post-ARD Contingent Interest on
this Note at the rate set forth in the Indenture, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

  
 A-2-3-4 

 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Master Issuer with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Indenture. 

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Rule 144A Global Note or a Permanent Regulation
S Global Note; provided that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in
whole but not in part for duly executed and issued registered Definitive Notes; provided that such transfer or exchange complies with Section 2.8 of the Base Indenture and Section 4.2(c) of the Series
2018-1 Supplement. 
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not
purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Master Issuer
and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Citibank Agency & Trust – Planet Fitness Master Issuer LLC.
To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. 
 Subject to the
next following paragraph, the Master Issuer hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of
the Master Issuer enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture. 

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-2-3-5 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                          
  

			
	PLANET FITNESS MASTER ISSUER
  LLC, as Master Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-3-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2018-1
Class A-2-I Notes issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-3-7 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2018-1 Class A-2-I Notes of the Master Issuer designated as its Series 2018-1 4.262% Fixed Rate Senior Secured Notes, Class A-2-I (herein called the “Series 2018-1
Class A-2-I Notes”), all issued under (i) the Base Indenture, dated as of August 1, 2018 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (the “Trustee”, which term includes any successor Trustee under the Base Indenture) and as
securities intermediary, and (ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1
Supplement”), among the Master Issuer, the Trustee and Citibank, N.A., as series 2018-1 securities intermediary. The Base Indenture and the Series 2018-1
Supplement are referred to herein collectively as the “Indenture”. The Series 2018-1 Class A-2-I Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or
amended. 
 The Series 2018-1
Class A-2-I Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture. 

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof. 

As provided for in the Indenture, the Series 2018-1 Class A-2-I Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2018-1 Class A-2-I Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2018-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2018-1 Class A-2-I Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2018-1 Class A-2 Legal Final Maturity Date. All payments of principal of the Series 2018-1 Class A-2-I Notes will be made pro rata to the holders of Series 2018-1
Class A-2-I Notes entitled thereto. 
 Principal of and
interest on this Note, which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor Notes)
is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and
contingent interest, if any, will each accrue on the Series 2018-1 Class A-2-I Notes at the rates set forth in the
Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2018-1 Class A-2-I Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 

  
 A-2-3-8 

 If an Event of Default shall occur and be continuing, this Note may become or be declared
due and payable in the manner and with the effect provided in the Indenture. 
 Amounts payable in respect of this Note shall be made by
wire transfer of immediately available funds to the account designated by DTC or its nominee. 
 As provided in the Indenture and subject to
certain limitations set forth therein, the transfer of this Note shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Master Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2018-1 Class A-2-I Notes hereof or its 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, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the
Series 2018-1 Supplement, and thereupon one or more new Series 2018-1 Class A-2-I
Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each holder of Series 2018-1
Class A-2-I Notes, by acceptance of a Series 2018-1
Class A-2-I Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2018-1 Class A-2-I Notes
will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state
bankruptcy or similar law; provided, however, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related
Document. 
 It is the intent of the Master Issuer that the Series 2018-1 Class A-2-I Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2018-1 Class A-2-I Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other entity. 

  
 A-2-3-9 

 The Indenture permits certain amendments to be made thereto without the consent of the
Control Party, the Controlling Class Representative or any holder of Series 2018-1 Class A-2-I Notes, provided that
certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Master Issuer and the rights of the holders of
Series 2018-1 Class A-2-I Notes under the Indenture at any time by the Master Issuer with the consent of the Control Party
(acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2018-1
Class A-2-I Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to
waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2018-1 Class A-2-I Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2018-1 Class A-2-I Notes and upon all future holders of Series 2018-1 Class A-2-I Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not 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) its acquisition, holding and disposition of the Series 2018-1 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). 
 The term “Master Issuer” as used in this Note includes any successor and assign to the Master
Issuer under the Indenture. 
 The Series 2018-1 Class A-2-I Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without
regard to conflicts of law principles and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Master
Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-2-3-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of
assignee:                          

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                         , attorney, to transfer said Note on the books kept for registration thereof, with full power of
substitution in the premises. 
 Dated:
                          
  

			
	By:	 	                                      
                                      1 
	 	 
		 	Signature Guaranteed:
		
		 	                                      
                                      

  
  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-3-11 

 SCHEDULE OF EXCHANGES IN TEMPORARY REGULATION S 

GLOBAL SERIES 2018-1 CLASS
A-2-I NOTE 
 The initial principal balance of this
Temporary Regulation S Global Series 2018-1 Class A-2-I Note is
$[                ]. The following exchanges of an interest in this Temporary Regulation S Global Series 2018-1 Class A-2-I Note for an interest in a corresponding Rule 144A Global Series 2018-1 Class A-2-I Note or a Permanent Regulation S Global Series 2018-1 Class A-2-I
Note have been made: 
  

							
	 Date
	  	Amount of Increase (or
Decrease) in the Principal
Amount of this Temporary
Regulation S Global Note	  	Remaining Principal
Amount of this Temporary
Regulation S Global Note
following the Increase or
Decrease	  	Signature of Authorized
Officer of Trustee or
Registrar
	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  

  
 A-2-3-12 

 EXHIBIT A-2-4 

THE ISSUANCE AND SALE OF THIS TEMPORARY REGULATION S GLOBAL SERIES 2018-1 CLASS A-2-II NOTE (THIS “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 PLANET FITNESS MASTER ISSUER LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE “1940 ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 WHO 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 

  
 A-2-4-1 

 
INTEREST IN A RULE 144A GLOBAL NOTE OR PERMANENT REGULATION S GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE
APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. 
 ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE
OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN 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. 
 IF THIS NOTE WAS ACQUIRED OUTSIDE THE
UNITED STATES, AND THE HOLDER IS DETERMINED TO 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. 

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. 
 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 

  
 A-2-4-2 

 
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. 
 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. 

  
 A-2-4-3 

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

FORM OF TEMPORARY REGULATION S GLOBAL SERIES 2018-1 CLASS A-2-II NOTE 
  

			
	No. S- [        ]	  	up to $[                ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number: [                ] 

ISIN Number: [                ] 

Common Code: [                ] 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2018-1 4.666% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-II 
 PLANET FITNESS MASTER ISSUER LLC, a limited liability company formed under the laws of
the State of Delaware (herein referred to as the “Master Issuer”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, up to the principal sum of
[                ] DOLLARS ($[                ]) as provided below and in the Indenture
referred to herein. Payments of principal shall be payable in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the
Quarterly Payment Date occurring in September 2048 (the “Series 2018-1 Class A-2 Legal Final Maturity Date”). The Master Issuer will
pay interest on this Temporary Regulation S Global Series 2018-1 Class A-2-II Note (this “Note”) at the
Series 2018-1 Class A-2-II Note Rate for each Interest Accrual Period in accordance with the terms of the Indenture. Such
interest will be payable in arrears on each Quarterly Payment Date, which will be on the 5th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June,
September and December, commencing December 5, 2018 (each, a “Quarterly Payment Date”). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including the Closing
Date to but excluding December 5, 2018 and (ii) thereafter, the period from and including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date
occurred to but excluding the 5th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to
the Notes (and interest on any defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In
addition, under the circumstances set forth in the Indenture, the Master Issuer shall also pay Series 2018-1 Class A-2 Quarterly
Post-ARD Contingent Interest on this Note at the rate set forth in the Indenture, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture.

  
 A-2-4-4 

 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Master Issuer with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Indenture. 

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Rule 144A Global Note or a Permanent Regulation
S Global Note; provided that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in
whole but not in part for duly executed and issued registered Definitive Notes; provided that such transfer or exchange complies with Section 2.8 of the Base Indenture and Section 4.2(c) of the Series
2018-1 Supplement. 
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not
purport to summarize the Indenture and reference is made to the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Master Issuer
and the Trustee. A copy of the Indenture may be requested from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Citibank Agency & Trust – Planet Fitness Master Issuer LLC.
To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Indenture. 
 Subject to the
next following paragraph, the Master Issuer hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of
the Master Issuer enforceable in accordance with its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture. 

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-2-4-5 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                          
  

			
	PLANET FITNESS MASTER ISSUER
    LLC, as Master Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-4-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2018-1
Class A-2-II Notes issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
  

  
 A-2-4-7 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2018-1 Class A-2-II Notes of the Master Issuer designated as its Series 2018-1 4.666% Fixed Rate Senior Secured Notes, Class A-2-II (herein called the “Series 2018-1
Class A-2-II Notes”), all issued under (i) the Base Indenture, dated as of August 1, 2018 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (the “Trustee”, which term includes any successor Trustee under the Base Indenture) and as
securities intermediary, and (ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1
Supplement”), among the Master Issuer, the Trustee and Citibank, N.A., as series 2018-1 securities intermediary. The Base Indenture and the Series 2018-1
Supplement are referred to herein collectively as the “Indenture”. The Series 2018-1 Class A-2-II Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or
amended. 
 The Series 2018-1
Class A-2-II Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture. 

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof. 

As provided for in the Indenture, the Series 2018-1 Class A-2-II Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2018-1 Class A-2-II Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2018-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2018-1 Class A-2-II Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2018-1 Class A-2 Legal Final Maturity Date. All payments of principal of the Series 2018-1 Class A-2-II Notes will be made pro rata to the holders of Series 2018-1
Class A-2-II Notes entitled thereto. 
 Principal of
and interest on this Note, which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and
contingent interest, if any, will each accrue on the Series 2018-1 Class A-2-II Notes at the rates set forth in the
Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2018-1 Class A-2-II Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 

  
 A-2-4-8 

 If an Event of Default shall occur and be continuing, this Note may become or be declared
due and payable in the manner and with the effect provided in the Indenture. 
 Amounts payable in respect of this Note shall be made by
wire transfer of immediately available funds to the account designated by DTC or its nominee. 
 As provided in the Indenture and subject to
certain limitations set forth therein, the transfer of this Note shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Master Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2018-1 Class A-2-II Notes hereof or its 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, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the
Series 2018-1 Supplement, and thereupon one or more new Series 2018-1 Class A-2-II
Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each holder of Series 2018-1
Class A-2-II Notes, by acceptance of a Series 2018-1
Class A-2-II Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2018-1 Class A-2-II Notes
will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state
bankruptcy or similar law; provided, however, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related
Document. 
 It is the intent of the Master Issuer that the Series 2018-1 Class A-2-II Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2018-1 Class A-2-II Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other entity. 

  
 A-2-4-9 

 The Indenture permits certain amendments to be made thereto without the consent of the
Control Party, the Controlling Class Representative or any holder of Series 2018-1 Class A-2-II Notes, provided that
certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Master Issuer and the rights of the holders of
Series 2018-1 Class A-2-II Notes under the Indenture at any time by the Master Issuer with the consent of the Control Party
(acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2018-1
Class A-2-II Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to
waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2018-1 Class A-2-II Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2018-1 Class A-2-II Notes and upon all future holders of Series 2018-1 Class A-2-II Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not 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) its acquisition, holding and disposition of the Series 2018-1 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). 
 The term “Master Issuer” as used in this Note includes any successor and assign to the Master
Issuer under the Indenture. 
 The Series 2018-1 Class A-2-II Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without
regard to conflicts of law principles and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Master
Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-2-4-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of
assignee:                                 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                            , attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

Dated:                         
     
  

					
	By:	 	  
	 	 l
 
		 	Signature Guaranteed:	 	
		 	  
	 	

  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-4-11 

 SCHEDULE OF EXCHANGES IN TEMPORARY REGULATION S 

GLOBAL SERIES 2018-1 CLASS
A-2-II NOTE 
 The initial principal balance of this
Temporary Regulation S Global Series 2018-1 Class A-2-II Note is
$[                        ]. The following exchanges of an interest in this Temporary Regulation S Global Series 2018-1 Class A-2-II Note for an interest in a corresponding Rule 144A Global Series 2018-1
Class A-2-II Note or a Permanent Regulation S Global Series 2018-1 Class A-2-II Note have been made: 
  

							
	 Date
	 	 Amount of Increase (or

Decrease) in the Principal
 Amount
of this Temporary
Regulation S Global Note
	 	 Remaining Principal

Amount of this Temporary Regulation S
Global Note

following the Increase or

Decrease
	 	 Signature of Authorized

Officer of Trustee or

Registrar

	  
	 		 		 	
		 	  
	 	  
	 	  

	  
	 		 		 	
		 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

	  
	 		 		 	
		 	  
	 	  
	 	  

		 		 		 	
	  
	 	  
	 	  
	 	  

  
 A-2-4-12 

 EXHIBIT A-2-5 

THE ISSUANCE AND SALE OF THIS PERMANENT REGULATION S GLOBAL SERIES 2018-1 CLASS A-2-I NOTE (THIS “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 PLANET FITNESS MASTER ISSUER LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE “1940 ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 WHO 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 

  
 A-2-5-1 

 
INTEREST IN A RULE 144A GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND
AGREEMENTS REFERRED TO IN THE INDENTURE. 
 ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL
BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY. 

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN 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. 
 IF THIS NOTE WAS ACQUIRED OUTSIDE THE
UNITED STATES, AND THE HOLDER IS DETERMINED TO 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. 

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. 
 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 

  
 A-2-5-2 

 
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. 

  
 A-2-5-3 

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

FORM OF PERMANENT REGULATION S GLOBAL SERIES 2018-1 CLASS A-2-I NOTE 
  

			
	No. U- [__]	  	up to $[____________]

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number:
[                        ] 

ISIN Number:
[                        ] 

Common Code:
[                        ] 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2018-1 4.262% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-I 
 PLANET FITNESS MASTER ISSUER LLC, a limited liability company formed under the laws of the
State of Delaware (herein referred to as the “Master Issuer”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, up to the principal sum of
[                        ] DOLLARS
($[                        ]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable
in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date occurring in September 2048 (the
“Series 2018-1 Class A-2 Legal Final Maturity Date”). The Master Issuer will pay interest on this Permanent Regulation S Global
Series 2018-1 Class A-2-I Note (this “Note”) at the Series 2018-1 Class A-2-I Note Rate for each Interest Accrual Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment
Date, which will be on the 5th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing on December 5, 2018
(each, a “Quarterly Payment Date”). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including the Closing Date to but excluding December 5, 2018 and
(ii) thereafter, the period from and including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 5th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any
defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set
forth in the Indenture, the Master Issuer shall also pay Series 2018-1 Class A-2 Quarterly Post-ARD Contingent Interest on
this Note at the rate set forth in the Indenture, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

  
 A-2-5-4 

 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Master Issuer with respect to this Note shall be applied as provided in the Indenture. 

This Note is subject to mandatory and optional prepayment as set forth in the Indenture. 

Interests in this Note are exchangeable or transferable in whole or in part for interests in a Rule 144A Global Note; provided that
such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in whole but not in part for duly
executed and issued registered Definitive Notes; provided that such transfer or exchange complies with Section 2.8 of the Base Indenture and Section 4.2(c) of the Series 2018-1 Supplement.

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to
the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Master Issuer and the Trustee. A copy of the Indenture may be requested
from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Citibank Agency & Trust – Planet Fitness Master Issuer LLC. To the extent not defined herein, the capitalized terms
used herein have the meanings ascribed to them in the Indenture. 
 Subject to the next following paragraph, the Master Issuer hereby
certifies and declares that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Master Issuer enforceable in accordance with
its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture. 

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-2-5-5 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:
                         
  

			
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-5-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2018-1
Class A-2-I Notes issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-5-7 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2018-1 Class A-2-I Notes of the Master Issuer designated as its Series 2018-1 4.262% Fixed Rate Senior Secured Notes, Class A-2-I (herein called the “Series 2018-1
Class A-2-I Notes”), all issued under (i) the Base Indenture, dated as of August 1, 2018 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (the “Trustee”, which term includes any successor Trustee under the Base Indenture) and as
securities intermediary, and (ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1
Supplement”), among the Master Issuer, the Trustee and Citibank, N.A., as series 2018-1 securities intermediary. The Base Indenture and the Series 2018-1
Supplement are referred to herein collectively as the “Indenture”. The Series 2018-1 Class A-2-I Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or
amended. 
 The Series 2018-1
Class A-2-I Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture. 

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof. 

As provided for in the Indenture, the Series 2018-1 Class A-2-I Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2018-1 Class A-2-I Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2018-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2018-1 Class A-2-I Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2018-1 Class A-2 Legal Final Maturity Date. All payments of principal of the Series 2018-1 Class A-2-I Notes will be made pro rata to the holders of Series 2018-1
Class A-2-I Notes entitled thereto. 
 Principal of and
interest on this Note, which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor Notes)
is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and
contingent interest, if any, will each accrue on the Series 2018-1 Class A-2-I Notes at the rates set forth in the
Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2018-1 Class A-2-I Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 

  
 A-2-5-8 

 If an Event of Default shall occur and be continuing, this Note may become or be declared
due and payable in the manner and with the effect provided in the Indenture. 
 Amounts payable in respect of this Note shall be made by
wire transfer of immediately available funds to the account designated by DTC or its nominee. 
 As provided in the Indenture and subject to
certain limitations set forth therein, the transfer of this Note shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Master Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2018-1 Class A-2-I Notes hereof or its 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, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the
Series 2018-1 Supplement, and thereupon one or more new Series 2018-1 Class A-2-I
Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each holder of Series 2018-1
Class A-2-I Notes, by acceptance of a Series 2018-1
Class A-2-I Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2018-1 Class A-2-I Notes
will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state
bankruptcy or similar law; provided, however, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related
Document. 
 It is the intent of the Master Issuer that the Series 2018-1 Class A-2-I Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2018-1 Class A-2-I Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other entity. 

  
 A-2-5-9 

 The Indenture permits certain amendments to be made thereto without the consent of the
Control Party, the Controlling Class Representative or any holder of Series 2018-1 Class A-2-I Notes, provided that
certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Master Issuer and the rights of the holders of
Series 2018-1 Class A-2-I Notes under the Indenture at any time by the Master Issuer with the consent of the Control Party
(acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2018-1
Class A-2-I Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to
waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2018-1 Class A-2-I Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holders of Series 2018-1 Class A-2-I Notes and upon all future holders of Series 2018-1 Class A-2-I Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not 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) its acquisition, holding and disposition of the Series 2018-1 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). 
 The term “Master Issuer” as used in this Note includes any successor and assign to the Master
Issuer under the Indenture. 
 The Series 2018-1 Class A-2-I Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without
regard to conflicts of law principles and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Master
Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-2-5-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of
assignee:                             

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                            , attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises. 

Dated:                         

  

					
	By:	 	  
	 	1 
		 	Signature Guaranteed:	 	
			
		 	  
	 	

  
  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-5-11 

 SCHEDULE OF EXCHANGES IN PERMANENT REGULATION S 

GLOBAL SERIES 2018-1 CLASS
A-2-I NOTE 
 The initial principal balance of this
Permanent Regulation S Global Series 2018-1 Class A-2-I Note is
$[                        ]. The following exchanges of an interest in this Permanent Regulation S Global Series 2018-1 Class A-2-I Note for an interest in a corresponding Rule 144A Global Series 2018-1 Class A-2-I Note have been made: 
  

							
	 Date
	  	 Amount of Increase (or Decrease) in
the Principal Amount of
this
Permanent Regulation S Global Note
	  	 Remaining Principal Amount of this
Permanent Regulation S
Global Note
following the Increase or Decrease
	  	 Signature of Authorized Officer of
Trustee or
Registrar

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

  
 A-2-5-12 

 EXHIBIT A-2-6 

THE ISSUANCE AND SALE OF THIS PERMANENT REGULATION S GLOBAL SERIES 2018-1 CLASS A-2-II NOTE (THIS “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 PLANET FITNESS MASTER ISSUER LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED (THE “1940 ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER 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 WHO 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 RULE 144A GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE
INDENTURE. 

  
 A-2-6-1 

 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 THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL
BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE 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. 
 IF THIS NOTE WAS ACQUIRED OUTSIDE THE
UNITED STATES, AND THE HOLDER IS DETERMINED TO 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. 

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. 
 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 

  
 A-2-6-2 

 
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. 

  
 A-2-6-3 

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

FORM OF PERMANENT REGULATION S GLOBAL SERIES 2018-1 CLASS A-2-II NOTE 
  

			
	No. U- [        ]	  	up to $[                    ]

 SEE REVERSE FOR CERTAIN CONDITIONS 

CUSIP Number:
[                        ] 

ISIN Number:
[                        ] 

Common Code:
[                        ] 

PLANET FITNESS MASTER ISSUER LLC 

SERIES 2018-1 4.666% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-II 
 PLANET FITNESS MASTER ISSUER LLC, a limited liability company formed under the laws of
the State of Delaware (herein referred to as the “Master Issuer”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, up to the principal sum of
[                        ] DOLLARS
($[                        ]) as provided below and in the Indenture referred to herein. Payments of principal shall be payable
in the amounts and at the times set forth in the Indenture described herein; provided, however, that the entire unpaid principal amount of this Note shall be due on the Quarterly Payment Date occurring in September 2048 (the
“Series 2018-1 Class A-2 Legal Final Maturity Date”). The Master Issuer will pay interest on this Permanent Regulation S Global
Series 2018-1 Class A-2-II Note (this “Note”) at the Series 2018-1 Class A-2-II Note Rate for each Interest Accrual Period in accordance with the terms of the Indenture. Such interest will be payable in arrears on each Quarterly Payment
Date, which will be on the 5th day (or, if such date is not a Business Day, the next succeeding Business Day) of each March, June, September and December, commencing on December 5, 2018
(each, a “Quarterly Payment Date”). Such interest will accrue for each Quarterly Payment Date with respect to (i) initially, the period from and including the Closing Date to but excluding December 5, 2018 and
(ii) thereafter, the period from and including the 5th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 5th day of the calendar month that includes the then-current Quarterly Payment Date (each, an “Interest Accrual Period”). Interest with respect to the Notes (and interest on any
defaulted payments of interest or principal) will be computed on the basis of a 360-day year consisting of twelve 30-day months. In addition, under the circumstances set
forth in the Indenture, the Master Issuer shall also pay Series 2018-1 Class A-2 Quarterly Post-ARD Contingent Interest on
this Note at the rate set forth in the Indenture, and such contingent interest shall be computed and shall be payable in the amounts and at the times set forth in the Indenture. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Master Issuer with respect to this Note shall be applied as provided in the Indenture. 

  
 A-2-6-4 

 This Note is subject to mandatory and optional prepayment as set forth in the Indenture.

 Interests in this Note are exchangeable or transferable in whole or in part for interests in a Rule 144A Global Note; provided
that such transfer or exchange complies with the applicable provisions of the Indenture relating to the transfer of the Notes. Interests in this Note in certain circumstances may also be exchangeable or transferable in whole but not in part for duly
executed and issued registered Definitive Notes; provided that such transfer or exchange complies with Section 2.8 of the Base Indenture and Section 4.2(c) of the Series 2018-1 Supplement.

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. Although a summary of certain provisions of the Indenture is set forth below and on the reverse hereof and made a part hereof, this Note does not purport to summarize the Indenture and reference is made to
the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Master Issuer and the Trustee. A copy of the Indenture may be requested
from the Trustee by writing to the Trustee at: Citibank, N.A., 388 Greenwich Street, New York, NY 10013, Attention: Citibank Agency & Trust – Planet Fitness Master Issuer LLC. To the extent not defined herein, the capitalized terms
used herein have the meanings ascribed to them in the Indenture. 
 Subject to the next following paragraph, the Master Issuer hereby
certifies and declares that all acts, conditions and things required to be done and performed and to have happened prior to the creation of this Note and to constitute it as the valid obligation of the Master Issuer enforceable in accordance with
its terms, have been done and performed and have happened in due compliance with all applicable laws and in accordance with the terms of the Indenture. 

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

[Remainder of page intentionally left blank] 

  
 A-2-6-5 

 IN WITNESS WHEREOF, the Master Issuer has caused this instrument to be signed by its
Authorized Officer. 
 Date:                     

  

			
	PLANET FITNESS MASTER ISSUER LLC, as Master Issuer
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-6-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Series 2018-1
Class A-2-II Notes issued under the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-2-6-7 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Series 2018-1 Class A-2-II Notes of the Master Issuer designated as its Series 2018-1 4.666% Fixed Rate Senior Secured Notes, Class A-2-II (herein called the “Series 2018-1
Class A-2-II Notes”), all issued under (i) the Base Indenture, dated as of August 1, 2018 (such Base Indenture, as amended,
supplemented or modified, is herein called the “Base Indenture”), between the Master Issuer and Citibank, N.A., as trustee (the “Trustee”, which term includes any successor Trustee under the Base Indenture) and as
securities intermediary, and (ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1
Supplement”), among the Master Issuer, the Trustee and Citibank, N.A., as series 2018-1 securities intermediary. The Base Indenture and the Series 2018-1
Supplement are referred to herein collectively as the “Indenture”. The Series 2018-1 Class A-2-II Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented, modified or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented, modified or
amended. 
 The Series 2018-1
Class A-2-II Notes are and will be secured by the Collateral pledged as security therefor as provided in the Indenture. 

The Notes will be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof. 

As provided for in the Indenture, the Series 2018-1 Class A-2-II Notes may be prepaid, in whole or in part, at the option of the Master Issuer. In addition, the Series 2018-1 Class A-2-II Notes are subject to mandatory prepayment as provided for in the Indenture. In certain circumstances, the Master Issuer will be obligated to pay the Series
2018-1 Class A-2 Make-Whole Prepayment Premium in connection with a mandatory or optional prepayment of the Series 2018-1 Class A-2-II Notes as described in the Indenture. As described above, the entire unpaid principal amount of this Note shall be due and payable on the Series 2018-1 Class A-2 Legal Final Maturity Date. All payments of principal of the Series 2018-1 Class A-2-II Notes will be made pro rata to the holders of Series 2018-1
Class A-2-II Notes entitled thereto. 
 Principal of
and interest on this Note, which are payable on a Quarterly Payment Date or on any date on which payments are permitted to be made as provided for in the Indenture, shall be paid to the Person in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on the applicable Record Date or Prepayment Record Date, as the case may be. 
 Interest and
contingent interest, if any, will each accrue on the Series 2018-1 Class A-2-II Notes at the rates set forth in the
Indenture. The interest and contingent interest, if any, will be computed on the basis set forth in the Indenture. The amount of interest payable on the Series 2018-1 Class A-2-II Notes on each Quarterly Payment Date will be calculated as set forth in the Indenture. 

Payments of principal and interest on this Note are subordinated to the payment of certain other amounts in accordance with the Priority of
Payments and certain other provisions of the Indenture. 

  
 A-2-6-8 

 If an Event of Default shall occur and be continuing, this Note may become or be declared
due and payable in the manner and with the effect provided in the Indenture. 
 Amounts payable in respect of this Note shall be made by
wire transfer of immediately available funds to the account designated by DTC or its nominee. 
 As provided in the Indenture and subject to
certain limitations set forth therein, the transfer of this Note shall be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Master Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the holder of Series 2018-1 Class A-2-II Notes hereof or its 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, all in accordance with the Securities Exchange Act of 1934, as amended, and accompanied by such other documents as the Trustee and the Registrar may require and as may be required by the
Series 2018-1 Supplement, and thereupon one or more new Series 2018-1 Class A-2-II
Notes of authorized denominations in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each holder of Series 2018-1
Class A-2-II Notes, by acceptance of a Series 2018-1
Class A-2-II Note, covenants and agrees that by accepting the benefits of the Indenture that prior to the date that is one (1) year and one (1) day after
the payment in full of the latest maturing note issued under the Indenture, such holder of Series 2018-1 Class A-2-II Notes
will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state
bankruptcy or similar law; provided, however, that nothing herein shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to the Indenture or any other Related
Document. 
 It is the intent of the Master Issuer that the Series 2018-1 Class A-2-II Notes will qualify under applicable tax law as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for
federal income tax purposes, such other entity. Each holder of Series 2018-1 Class A-2-II Notes, by the acceptance of this
Note, agrees to treat this Note (or beneficial interests herein) for all purposes of United States federal, state, local and foreign income or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer
or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other entity. 

  
 A-2-6-9 

 The Indenture permits certain amendments to be made thereto without the consent of the
Control Party, the Controlling Class Representative or any holder of Series 2018-1 Class A-2-II Notes, provided that
certain conditions precedent are satisfied. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Master Issuer and the rights of the holders of
Series 2018-1 Class A-2-II Notes under the Indenture at any time by the Master Issuer with the consent of the Control Party
(acting at the direction of the Controlling Class Representative) and without the consent of any holders of Series 2018-1
Class A-2-II Notes. The Indenture also contains provisions permitting the Control Party (acting at the direction of the Controlling Class Representative) to
waive compliance by the Master Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences without the consent of any holders of Series 2018-1 Class A-2-II Notes. Any such consent or waiver of this Note (or any one or more predecessor Notes) shall be conclusive and binding upon such holder of Series 2018-1 Class A-2-II Notes and upon all future holders of Series 2018-1 Class A-2-II Notes of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 Each purchaser or transferee of this Note (or any interest herein) shall be deemed to represent
and warrant that either (i) it is not 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) its acquisition, holding and disposition of the Series 2018-1 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). 
 The term “Master Issuer” as used in this Note includes any successor and assign to the Master
Issuer under the Indenture. 
 The Series 2018-1 Class A-2-II Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein. 

This Note and the Indenture shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without
regard to conflicts of law principles and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Master
Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

[Remainder of page intentionally left blank] 

  
 A-2-6-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                          

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 Dated:                       

 

			
	By:	 	                                      
                                         
 1 
	 	 
		 	Signature Guaranteed:
		
		 	  

  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note, without alteration, enlargement or any change whatsoever. 

  
 A-2-6-11 

 SCHEDULE OF EXCHANGES IN PERMANENT REGULATION S 

GLOBAL SERIES 2018-1 CLASS
A-2-II NOTE 
 The initial principal balance of this
Permanent Regulation S Global Series 2018-1 Class A-2-II Note is
$[                    ]. The following exchanges of an interest in this Permanent Regulation S Global Series
2018-1 Class A-2-II Note for an interest in a corresponding Rule 144A Global Series
2018-1 Class A-2-II Note have been made: 
  

							
	 Date
	  	 Amount of Increase (or

Decrease) in the Principal
 Amount of
this Permanent
 Regulation S Global Note
	  	 Remaining Principal

Amount of this Permanent
 Regulation S
Global Note
 following the Increase or

Decrease
	  	 Signature of Authorized

Officer of Trustee or

Registrar

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

  
 A-2-6-12 

 EXHIBIT B-1 

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS 

OF SERIES 2018-1 CLASS A-1 NOTES 

Citibank, N.A., as Trustee 
 480 Washington Boulevard, 30th Floor

 Jersey City, NJ 07310 
 Attention: Agency & Trust
– Planet Fitness Master Issuer LLC 
  

	Re:	 Planet Fitness Master Issuer LLC Series 2018-1 Variable Funding Senior
Notes, Class A-1 Subclass: Series 2018-1 Class A-1 [Advance] [Swingline] [L/C] Notes (the “Notes”)

 Reference is hereby made to (i) the Base Indenture, dated as of August 1, 2018 (as amended, supplemented or
modified from time to time, the “Base Indenture”), between Planet Fitness Master Issuer LLC, as master issuer (the “Master Issuer”), and Citibank, N.A., as trustee (the “Trustee”) and as securities
intermediary and (ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1 Supplement”
and, together with the Base Indenture, the “Indenture”), among the Master Issuer, the Trustee and Citibank, N.A., as Series 2018-1 securities intermediary. Capitalized terms used but not
defined herein shall have the meanings assigned to them pursuant to the Indenture or the Series 2018-1 Class A-1 Note Purchase Agreement, as applicable. 

This certificate relates to U.S.
$[                    ] aggregate principal amount of Notes registered in the name of
[                    ] [name of transferor] (the “Transferor”), who wishes to effect the transfer of such Notes in exchange for an
equivalent principal amount of Notes of the same Subclass in the name of [                    ] [name of transferee] (the
“Transferee”). 
 In connection with such request, and in respect of such Notes, the Transferee does hereby certify that
either (A) it is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Series
2018-1 Class A-1 Note Purchase Agreement, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933
Act”), and the applicable securities laws of any state of the United States and any other jurisdiction and in accordance with the Indenture and any applicable securities laws of any state of the United States or any other
jurisdiction and (iii) to a Person who is not a Competitor. 
 In addition, the Transferee hereby represents, warrants and covenants
for the benefit of the Master Issuer and the Trustee that either it is the Master Issuer or an Affiliate of the Master Issuer, or: 
 1. the
Transferee has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Master Issuer and the Manager and their
respective representatives; 

  
 B-1-1 

 2. the Transferee is a “qualified institutional buyer” within the meaning of Rule
144A under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2018-1 Class A-1 Notes; 
 3. the Transferee is purchasing the
Series 2018-1 Class A-1 Notes for its own account, or for the account of one or more “qualified institutional buyers” within the meaning of Rule 144A
under the 1933 Act that meet the criteria described in paragraph (2) above and for which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution in violation of the 1933 Act, subject,
nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the
1933 Act, or the rules and regulations promulgated thereunder, with respect to the Series 2018-1 Class A-1 Notes; 

4. the Transferee understands that (i) the Series 2018-1
Class A-1 Notes have not been and will not be registered or qualified under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only
in a transaction not involving any public offering within the meaning of the 1933 Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an
opinion of counsel on the foregoing shall have been delivered in advance to the Master Issuer, (ii) the Master Issuer is not required to register the Series 2018-1
Class A-1 Notes under the 1933 Act or any applicable state securities laws or the securities laws of any state of the United States or any other jurisdiction, (iii) any transferee must meet the
criteria described in paragraph (2) above and (iv) any transfer must comply with the provisions of Section 2.8 of the Base Indenture, Section 4.3 of the Series 2018-1 Supplement and Section 9.03 or 9.17, as applicable, of the Series 2018-1 Class A-1 Note
Purchase Agreement; 
 5. the Transferee will comply with the requirements of paragraph (4) above in connection with any transfer by it
of the Series 2018-1 Class A-1 Notes; 
 6. the
Transferee understands that the Series 2018-1 Class A-1 Notes will bear the legend set out in the applicable form of Series
2018-1 Class A-1 Notes attached to the Series 2018-1 Supplement and be subject to the restrictions on transfer described in
such legend; 
 7. the Transferee will obtain for the benefit of the Master Issuer from any purchaser of the Series 2018-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; 

8. the Transferee is not a Competitor; 

9. either (i) the Transferee is not 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 Transferee’s acquisition, holding and disposition of the Series 2018-1 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); and 

  
 B-1-2 

 10. the Transferee is: 

             (check if applicable) a “United States person” within the
meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”) and a properly completed and signed Internal Revenue Service (“IRS”) Form W-9
(or applicable successor form) is attached hereto; or 
              (check if
applicable) not a “United States person” within the meaning of Section 7701(a)(30) of the Code and a properly completed and signed IRS Form W-8 (or applicable successor form) is attached hereto.

 The representations made pursuant to the preceding paragraphs shall be deemed to be made on each day from the date the Transferee
acquires any interest in any Note through and including the date on which such Transferee disposes of its interest in the applicable Note. The Transferee agrees to provide prompt written notice to the Master Issuer, the Registrar and the Trustee of
any change of the status of the Transferee that would cause it to breach the representations made in the preceding paragraph. The Transferee further agrees to indemnify and hold harmless the Master Issuer, the Registrar, the Trustee and the initial
purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the inaccuracy or breach of the foregoing representations, warranties and agreements. Any purported transfer of the applicable Notes (or
interests therein) that does not comply with the requirements of this paragraph and the preceding paragraph shall be null and void ab initio. 

The Transferee understands that the Master Issuer, the Trustee, the Registrar and their respective counsel will rely upon the accuracy and
truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby,
and the Transferee hereby consents to such reliance and authorization. 

  
 B-1-3 

 
			
	[Name of Transferee]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                         ,              

 

			
	Taxpayer Identification Number:	  	Address for Notices:
	Wire Instructions for Payments:	  	
	 Bank:
                                         
                           
	  	
	 Address:
                                         
                       
	  	
	 Bank ABA #:
                                         
               
	  	Tel:
                                         
           
	 Account No.:
                                         
                
	  	Fax:
                                         
           
	 FAO:
                                         
                            
	  	Attn.:
                                         
         
	 Attention:
                                         
                     
	  	

 Registered Name (if Nominee): 
  

	cc:	 Planet Fitness Master Issuer LLC 

[Address] 
 Attention: [insert]

 Facsimile: [insert] 

  
 B-1-4 

 EXHIBIT B-2 

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS 

OF INTERESTS IN RULE 144A GLOBAL NOTES TO 

INTERESTS IN TEMPORARY REGULATION S GLOBAL NOTES 

Citibank, N.A., as Trustee 
 480 Washington Boulevard, 30th Floor

 Jersey City, NJ 07310 
 Attention: Agency & Trust
– Planet Fitness Master Issuer LLC 
  

	Re:	 Planet Fitness Master Issuer LLC $[ ] Series 2018-1 [ ]% Fixed Rate
Senior Secured Notes, Class [A-2-I][A-2-II] (the “Notes”) 

Reference is hereby made to (i) the Base Indenture, dated as of August 1, 2018 (as amended, supplemented or modified from time to
time, the “Base Indenture”), between Planet Fitness Master Issuer LLC, as master issuer (the “Master Issuer”), and Citibank, N.A., as trustee (the “Trustee”) and as securities intermediary, and
(ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1 Supplement” and, together with
the Base Indenture, the “Indenture”), among the Master Issuer, the Trustee and Citibank, N.A., as Series 2018-1 securities intermediary. Capitalized terms used but not defined herein shall
have the meanings assigned to them pursuant to the Indenture. 
 This certificate relates to U.S.
$[                    ] aggregate principal amount of Notes, which are held in the form of an interest in a Rule 144A Global Note with DTC (CUSIP
(CINS) No. [                    ]) in the name of
[                        ] [name of transferor] (the “Transferor”), who wishes to effect the transfer of such
Notes in exchange for an equivalent beneficial interest in a Temporary Regulation S Global Note in the name of [                    ] [name of
transferee] (the “Transferee”). 
 In connection with such request, and in respect of such Notes, the Transferee does
hereby certify that either (A) it is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Offering
Memorandum dated July 19, 2018, relating to the Notes, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”), and the applicable securities laws of any state
of the United States and any other jurisdiction and in accordance with the Indenture and any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor. 

In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Master Issuer, the Registrar and the Trustee that
either the Transferee is the Master Issuer or an Affiliate of the Master Issuer, or: 
 1. at the time the buy order for such Series 2018-1 Notes was originated, the Transferee 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; 

  
 B-2-1 

 2. no general solicitation or directed selling efforts, as defined in Rule 902 under the
1933 Act, have been made in contravention of the requirements of Rule 903(a) or 904(a) under the 1933 Act;  

3. the transaction is not part of a plan or scheme to evade the registration requirements of the 1933 Act, and the Transferee is aware that the
sale to it is being made in reliance on an exemption from the registration requirements of the 1933 Act provided by Regulation S; 
 4. the
Transferee is not a U.S. person (as defined in Regulation S); 
 5. if the sale is made during a restricted period and the provisions of Rule
903(b)(2) or (3) or Rule 904(b)(1) of Regulation S are applicable thereto, the Transferee confirms that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2) or (3) or Rule 904(b)(1), as the case may be;  
 6. the Transferee is acquiring the Series 2018-1
Notes for its own account or the account of another person which is not a Competitor and is either a QIB or not a U.S. Person, as applicable, with respect to which it exercises sole investment discretion; 

7. the Transferee will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Series 2018-1 Notes; 
 8. the Transferee understands that the Master Issuer, the Manager and the Servicer may
receive a list of participants holding positions in the Series 2018-1 Notes from one or more book-entry depositories; 

9. the Transferee understands that the Manager, the Master Issuer and the Servicer may receive (i) a list of Note Owners that have
requested access to the Trustee’s password-protected website or that have voluntarily registered as a Note Owner with the Trustee and (ii) copies of Noteholder confirmations of representations and warranties executed to obtain access to
the Trustee’s password-protected website; 
 10. the Transferee will provide to each person to whom it transfers Notes notices of any
restrictions on transfer of such Series 2018-1 Notes; 
 11. the Transferee is not a Competitor; 

12. either (i) the Transferee is not 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 Transferee’s acquisition, holding and disposition of the Series 2018-1 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); and 

  
 B-2-2 

 13. the Transferee is: 

             (check if applicable) a “United States person” within the
meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”) and a properly completed and signed Internal Revenue Service (“IRS”) Form W-9
(or applicable successor form) is attached hereto; or 
              (check if
applicable) not a “United States person” within the meaning of Section 7701(a)(30) of the Code and a properly completed and signed IRS Form W-8 (or applicable successor form) is attached hereto.

 The representations made pursuant to the preceding paragraphs shall be deemed to be made on each day from the date the Transferee
acquires any interest in any Note through and including the date on which such Transferee disposes of its interest in the applicable Note. The Transferee agrees to provide prompt written notice to the Master Issuer, the Registrar and the Trustee of
any change of the status of the Transferee that would cause it to breach the representations made in the preceding paragraph. The Transferee further agrees to indemnify and hold harmless the Master Issuer, the Registrar, the Trustee and the initial
purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the inaccuracy or breach of the foregoing representations, warranties and agreements. Any purported transfer of the applicable Notes (or
interests therein) that does not comply with the requirements of this paragraph and the preceding paragraph shall be null and void ab initio. 

The Transferee understands that the Master Issuer, the Trustee, the Registrar and their respective counsel will rely upon the accuracy and
truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby,
and the Transferee hereby consents to such reliance and authorization. 
  

  
 B-2-3 

 
			
	[Name of Transferee]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                    ,              

 

			
	Taxpayer Identification Number:	  	Address for Notices:
	Wire Instructions for Payments:	  	
	 Bank:
                                         
                           
	  	
	 Address:
                                         
                       
	  	
	 Bank ABA #:
                                         
               
	  	Tel:
                                         
       
	 Account No.:
                                         
                
	  	Fax:
                                         
       
	 FAO:
                                         
                            
	  	Attn.:
                                         
     
	 Attention:
                                         
                     
	  	

 Registered Name (if Nominee): 
  

	cc:	 Planet Fitness Master Issuer LLC 

[Address] 
 Attention: [insert]

 Facsimile: [insert] 

  
 B-2-4 

 EXHIBIT B-3 

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS 

OF INTERESTS IN RULE 144A GLOBAL NOTES TO 

INTERESTS IN PERMANENT REGULATION S GLOBAL NOTES 

480 Washington Boulevard, 30th Floor 
 Jersey City, NJ 07310 

Attention: Agency & Trust – Planet Fitness Master Issuer LLC 
  

	Re:	 Planet Fitness Master Issuer LLC $[ ] Series 2018-1 [ ]% Fixed Rate
Senior Secured Notes, Class [A-2-I][A-2-II] (the “Notes”) 

Reference is hereby made to (i) the Base Indenture, dated as of August 1, 2018 (as amended, supplemented or modified from time to
time, the “Base Indenture”), between PLANET FITNESS MASTER ISSUER LLC, as master issuer (the “Master Issuer”), and Citibank, N.A., as trustee (the “Trustee”) and as securities intermediary, and
(ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1 Supplement” and, together with
the Base Indenture, the “Indenture”), among the Master Issuer, the Trustee and Citibank, N.A., as Series 2018-1 securities intermediary. Capitalized terms used but not defined herein shall
have the meanings assigned to them pursuant to the Indenture. 
 This certificate relates to U.S.
$[                    ] aggregate principal amount of Notes, which are held in the form of an interest in a Rule 144A Global Note with DTC (CUSIP
(CINS) No. [                    ]) in the name of
[                    ] [name of transferor] (the “Transferor”), who wishes to effect the transfer of such Notes in exchange for an
equivalent beneficial interest in a Permanent Regulation S Global Note in the name of [                    ] [name of transferee] (the
“Transferee”). 
 In connection with such request, and in respect of such Notes, the Transferee does hereby certify that
either (A) it is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Offering Memorandum dated
July 19, 2018, relating to the Notes, (ii) pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”), and the applicable securities laws of any state of the United
States and any other jurisdiction and in accordance with the Indenture and any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor. 

In addition, the Transferee hereby represents, warrants and covenants for the benefit of the Master Issuer, the Registrar and the Trustee that
either the Transferee is the Master Issuer or an Affiliate of the Master Issuer, or: 
 1. at the time the buy order for such Series 2018-1 Notes was originated, the Transferee 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; 

  
 B-3-1 

 2. no general solicitation or directed selling efforts, as defined in Rule 902 under the
1933 Act, have been made in contravention of the requirements of Rule 903(a) or 904(a) under the 1933 Act; 
 3. the transaction is not part
of a plan or scheme to evade the registration requirements of the 1933 Act, and the Transferee is aware that the sale to it is being made in reliance on an exemption from the registration requirements of the 1933 Act provided by Regulation S; 

4. the Transferee is not a U.S. person (as defined in Regulation S); 

5. the Transferee is acquiring the Series 2018-1 Notes for its own account or the account of another
person which is not a Competitor and is either a QIB or not a U.S. Person, as applicable, with respect to which it exercises sole investment discretion; 

6. the Transferee will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Series 2018-1 Notes; 
 7. the Transferee understands that the Master Issuer, the Manager and the Servicer may
receive a list of participants holding positions in the Series 2018-1 Notes from one or more book-entry depositories; 

8. the Transferee understands that the Manager, the Master Issuer and the Servicer may receive (i) a list of Note Owners that have
requested access to the Trustee’s password-protected website or that have voluntarily registered as a Note Owner with the Trustee and (ii) copies of Noteholder confirmations of representations and warranties executed to obtain access to
the Trustee’s password-protected website; 
 9. the Transferee will provide to each person to whom it transfers Notes notices of any
restrictions on transfer of such Series 2018-1 Notes; 
 10. the Transferee understands that the
Series 2018-1 Notes will bear the legend set out in the applicable form of Series 2018-1 Notes attached to the Series 2018-1
Supplement and be subject to the restrictions on transfer described in such legend; 
 11. the Transferee is not a Competitor; 

12. either (i) the Transferee is not 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 Transferee’s acquisition, holding and disposition of the Series 2018-1 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); and 

  
 B-3-2 

 13. the Transferee is: 

            (check if applicable) a “United States person” within the
meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”) and a properly completed and signed Internal Revenue Service (“IRS”) Form W-9
(or applicable successor form) is attached hereto; or 
             (check if
applicable) not a “United States person” within the meaning of Section 7701(a)(30) of the Code and a properly completed and signed IRS Form W-8 (or applicable successor form) is attached hereto.

 The representations made pursuant to the preceding paragraphs shall be deemed to be made on each day from the date the Transferee
acquires any interest in any Note through and including the date on which such Transferee disposes of its interest in the applicable Note. The Transferee agrees to provide prompt written notice to the Master Issuer, the Registrar and the Trustee of
any change of the status of the Transferee that would cause it to breach the representations made in the preceding paragraph. The Transferee further agrees to indemnify and hold harmless the Master Issuer, the Registrar, the Trustee and the initial
purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the inaccuracy or breach of the foregoing representations, warranties and agreements. Any purported transfer of the applicable Notes (or
interests therein) that does not comply with the requirements of this paragraph and the preceding paragraph shall be null and void ab initio. 

The Transferee understands that the Master Issuer, the Trustee, the Registrar and their respective counsel will rely upon the accuracy and
truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby,
and the Transferee hereby consents to such reliance and authorization. 

  
 B-3-3 

 
			
	[Name of Transferee]
		
	By:	 	  

		 	Name:
		 	Title:

Dated:                         
       ,         
  

			
	Taxpayer Identification Number:	  	Address for Notices:
	Wire Instructions for Payments:	  	
	 Bank:
                                         
               
	  	
	 Address:
                                         
          
	  	
	 Bank ABA #:
                                        
   
	  	Tel:                                     
                 
	 Account No.:
                                         
   
	  	Fax:                                     
                 
	 FAO:
                                         
                
	  	Attn.:                                     
               
	 Attention:
                                         
         
	  	

 Registered Name (if Nominee): 
  

	cc:	 PLANET FITNESS MASTER ISSUER LLC 

[Address] 
 Attention: [insert]

 Facsimile: [insert] 

  
 B-3-4 

 EXHIBIT B-4 

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS 

OF INTERESTS IN TEMPORARY REGULATION S GLOBAL NOTES OR 

PERMANENT REGULATION S GLOBAL NOTES TO PERSONS TAKING DELIVERY IN 

THE FORM OF AN INTEREST IN A RULE 144A GLOBAL NOTE 

Citibank, N.A., 

        as Trustee 
 480
Washington Boulevard 
 30th Floor 

Jersey City, NJ 07310 
 Attention: Agency & Trust –
Planet Fitness Master Issuer LLC 
  

	Re:	 PLANET FITNESS MASTER ISSUER LLC $[ ] Series 2018-1 [ ]% Fixed Rate
Senior Secured Notes, Class [A-2-I][A-2-II] (the “Notes”) 

Reference is hereby made to (i) the Base Indenture, dated as of August 1, 2018 (as amended, supplemented or modified from time to
time, the “Base Indenture”), between PLANET FITNESS MASTER ISSUER LLC, as master issuer (the “Master Issuer”), and Citibank, N.A., as trustee (the “Trustee”) and as securities intermediary, and
(ii) the Series 2018-1 Supplement to the Base Indenture, dated as of August 1, 2018 (the “Series 2018-1 Supplement” and, together with
the Base Indenture, the “Indenture”), among the Master Issuer, the Trustee and Citibank, N.A., as series 2018-1 securities intermediary. Capitalized terms used but not defined herein shall
have the meanings assigned to them pursuant to the Indenture. 
 This certificate relates to U.S.
$[                        ] aggregate principal amount of Notes which are held in the form of [an interest in a Temporary
Regulation S Global Note with DTC] [an interest in an Permanent Regulation S Global Note with DTC] (CUSIP (CINS) No.
[                        ]) in the name of
[                        ] [name of transferor] (the “Transferor”), who wishes to effect the transfer of such
Notes in exchange for an equivalent beneficial interest in a Rule 144A Global Note in the name of [                        ]
[name of transferee] (the “Transferee”). 
 In connection with such request, and in respect of such Notes, the Transferee
does hereby certify that either (A) it is the Master Issuer or an Affiliate of the Master Issuer or (B) such Notes are being transferred (i) in accordance with the transfer restrictions set forth in the Indenture and the Offering
Memorandum dated July 19, 2018, relating to the Notes, (ii) pursuant to Rule 144A under the Securities Act of 1933, as amended, (the “1933 Act”), and the applicable securities laws of any state of the United States
and any other jurisdiction and in accordance with the Indenture and any applicable securities laws of any state of the United States or any other jurisdiction and (iii) to a Person who is not a Competitor. In addition, the Transferee hereby
represents, warrants and covenants for the benefit of the Master Issuer, the Registrar and the Trustee that either the Transferee is the Master Issuer or an Affiliate of the Master Issuer, or: 

  
 B-4-1 

 1. the Transferee is (a) a QIB pursuant to Rule 144A, (b) aware that any sale of
the Series 2018-1 Notes to it will be made in reliance on Rule 144A and (c) acquiring such Series 2018-1 Notes for its own account or for the account of another
person who is a QIB and is not a Competitor and with respect to which it exercises sole investment discretion; 
 2. no general solicitation
or directed selling efforts, as defined in Rule 902 under the 1933 Act, have been made in contravention of the requirements of Rule 903(a) or 904(a) under the 1933 Act; 

3. the Transferee is acquiring the Series 2018-1 Notes for its own account or the account of another
person which is not a Competitor and is either a QIB or not a U.S. Person, as applicable, with respect to which it exercises sole investment discretion; 

4. the Transferee will, and each account for which it is purchasing will, hold and transfer at least the minimum denomination of Series 2018-1 Notes; 
 5. the Transferee understands that the Master Issuer, the Manager and the Servicer may
receive a list of participants holding positions in the Series 2018-1 Notes from one or more book-entry depositories; 

6. the Transferee understands that the Master Issuer, the Manager and the Servicer may receive (i) a list of Note Owners that have
requested access to the Trustee’s password-protected website or that have voluntarily registered as a Note Owner with the Trustee and (ii) copies of Noteholder confirmations of representations and warranties executed to obtain access to
the Trustee’s password-protected website; 
 7. the Transferee will provide to each person to whom it transfers Notes notices of any
restrictions on transfer of such Series 2018-1 Notes; 
 8. the Transferee is not a Competitor; 

9. either (i) the Transferee is not 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 Transferee’s acquisition, holding and disposition of the Series 2018-1 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); and 

10. the Transferee is: 

            (check if applicable) a “United States person” within the
meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”) and a properly completed and signed Internal Revenue Service (“IRS”) Form W-9
(or applicable successor form) is attached hereto; or 
             (check if
applicable) not a “United States person” within the meaning of Section 7701(a)(30) of the Code and a properly completed and signed IRS Form W-8 (or applicable successor form) is attached hereto.

  
 B-4-2 

 The representations made pursuant to the preceding paragraphs shall be deemed to be made on
each day from the date the Transferee acquires any interest in any Note through and including the date on which such Transferee disposes of its interest in the applicable Note. The Transferee agrees to provide prompt written notice to the Master
Issuer, the Registrar and the Trustee of any change of the status of the Transferee that would cause it to breach the representations made in the preceding paragraph. The Transferee further agrees to indemnify and hold harmless the Master Issuer,
the Registrar, the Trustee and the initial purchasers and their respective affiliates from any cost, damage or loss incurred by them as a result of the inaccuracy or breach of the foregoing representations, warranties and agreements. Any purported
transfer of the applicable Notes (or interests therein) that does not comply with the requirements of this paragraph and the preceding paragraph shall be null and void ab initio. 

The Transferee understands that the Master Issuer, the Trustee, the Registrar and their respective counsel will rely upon the accuracy and
truth of the foregoing representations, and are irrevocably authorized to produce this certificate or a copy thereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby,
and the Transferee hereby consents to such reliance and authorization. 
  

			
	[Name of Transferee]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                            ,         

 

			
	Taxpayer Identification Number:	  	Address for Notices:
	Wire Instructions for Payments:	  	
	 Bank:
                                         
       
	  	
	 Address:
                                         
   
	  	
	 Bank ABA #:
                                    
	  	Tel:
                                        

	 Account No.:
                                    
	  	Fax:
                                        

	 FAO:
                                         
       
	  	Attn.:
                                      
	 Attention:
                                        

	  	

 Registered Name (if Nominee): 
  

	cc:	 Planet Fitness Master Issuer LLC 

[Address] 
 Attention: [insert]

 Facsimile: [insert] 

  
 B-4-3 

 EXHIBIT C 

FORM OF QUARTERLY NOTEHOLDERS’ REPORT 

[ATTACHED] 

					
	 

  
	  	 Quarterly Noteholder’s Report

 
 Planet Fitness Master Issuer, LLC

 
 Issuer

 
	  	 

  

											
	Quarterly Payment Date	  		  		  		  		  	 
		  		  		  		  		  	
						 
	Quarterly Collection Period	  	Beginning Date	  		  		  		  	 
		  	Ending Date	  		  		  	 
	Trigger Events Status	  		  		  		  		  	
	Key Events / Triggers	  	 Event Trigger
	  	 	  	 	  	 Event

Status
	  	 Commenced

Date

		  	50% Cash Trapping Event (DSCR < 1.75x but 3 1.50x)	  		  		  		  	
						
		  	100% Cash Trapping Event (DSCR < 1.50x)	  		  		  		  	
		  	Rapid Amortization Event (Post ARD)	  		  		  		  	
		  	Rapid Amortization Event (DSCR < 1.20x or Systemwide	  		  		  		  	
		  	Sales <$1.25 billion)	  		  		  		  	
						
		  	Manager Termination Event (DSCR < 1.20x)	  		  		  		  	
						
		  	Event of Default (DSCR Interest only < 1.10x)	  		  		  		  	
						
		  	Class A-1 Notes Amortization Event	  		  		  		  	

  

							
	System Data	  	 	  	 	  	 
				
	Franchised Stores	  		  	Domestic	  	International
	 Open Stores at Beginning of Quarterly Collection Period
	  	  
	  	  
	  	  

	 Store Openings During Quarterly Collection Period
	  	  
	  	  
	  	  

	 Store Closures During Quarterly Collection Period
	  	  
	  	  
	  	  

	 Store Acquired by Franchisees (purchased from the Company) During Quarterly Collection
Period
	  	  
	  	  
	  	  

	 Store Refranchised (purchased by the Company from the Franchisees) During Quarterly Collection
Period
	  	  
	  	  
	  	  

	 Total Open Stores at the End of Quarterly Collection Period
	  		  		  	
		  		  	  
	  	  

							
				
	Domestic Corporate-owned Stores	  	Contributed	  	Retained	  	Total
	 Open Stores at Beginning of Quarterly Collection Period
	  		  		  	
		  	  
	  	  
	  	  

	 Store Openings During Quarterly Collection Period
	  		  		  	
		  	  
	  	  
	  	  

	 Store Closures During Quarterly Collection Period
	  		  		  	
		  	  
	  	  
	  	  

	 Store Acquired by the Company (purchased from the franchisees) During Quarterly Collection
Period
	  		  		  	
		  	  
	  	  
	  	  

	 Store Refranchised by the Company (sold to franchisees) During Quarterly Collection
Period
	  		  		  	
		  	  
	  	  
	  	  

	 Total Open Domestic Stores at the End of Quarterly Collection Period
	  		  		  	
		  	  
	  	  
	  	  

				
	International Corporate-owned Stores	  	Contributed	  	Retained	  	Total
	 Open Stores at Beginning of Quarterly Collection Period
	  		  		  	
		  	  
	  	  
	  	  

	 Store Openings During Quarterly Collection Period
	  		  		  	
		  	  
	  	  
	  	  

	 Store Closures During Quarterly Collection Period
	  		  		  	
		  	  
	  	  
	  	  

	 Store Acquired by the Company (purchased from the franchisees) During Quarterly Collection
Period
	  		  		  	
		  	  
	  	  
	  	  

	 Store Refranchised by the Company (sold to franchisees) During Quarterly Collection
Period
	  		  		  	
		  	  
	  	  
	  	  

	 Total Open International Stores at the End of Quarterly Collection Period
	  		  		  	
		  	  
	  	  
	  	  

				
	System Wide Sales	  	 	  	 	  	 
	 North America Franchised
	  		  		  	
		  		  	  
	  	  

	 International Franchised
	  		  		  	
		  		  	  
	  	  

	 Corporate-Owned
	  		  		  	
		  		  	  
	  	  

	 Total systemwide sales
	  		  		  	
		  		  	  
	  	  

				
	Same Store Sales	  	 	  	 	  	 
	 North America Franchised
	  		  		  	
		  		  	  
	  	  

	 International Franchised
	  		  		  	
		  		  	  
	  	  

	 Corporate-Owned
	  		  		  	
		  		  	  
	  	  

	 Total systemwide sales
	  		  		  	
		  		  	  
	  	  

  

					
	Collections and Retained Collections	  	 	 
		
	Collections	  	Total	 
	 Royalty Payments deposited into any Concentration Account
	  	$	                 	 
	 Other Franchise Payments deposited into any Concentration Account
	  	$	                 	 
	 Webjoin Fees, Payment Processor Rebates and Vendor Commissions deposited into any Concentration
Account
	  	$	                 	 
	 All Franchise Lease Payments deposited into any Concentration Account or Lease Obligations
Account
	  	$	                 	 
	 All amounts received under the IP License Agreements and all other license fees, including
Securitized Corporate-Owned Store IP License Fees, Canadian IP License Fees, International IP License Fees, Retained Corporate-Owned Store IP License Fees, Additional IP License Fees and other amounts received in respect of the Securitization
IP
	  	$	                 	 
	 Equipment Revenue Payments deposited into any Concentration Account or Equipment Distributor
Operating Account
	  	$	                 	 
	 Securitized Corporate-Owned Store Collections
	  	$	                 	 
	 Indemnification Amounts, Insurance/Condemnation Proceeds, and Asset Disposition Proceeds deposited
into any Concentration Account or the Collection Account
	  	$	                 	 
	 Series Hedge Receipts if any received
	  	$	                 	 
	 Investment Income earned on amounts on deposit in the Accounts
	  	$	                 	 
	 Equity contributions made to the Master Issuer directed to be deposited to any Concentration
Account
	  			
	 Payments from Franchisees or any other Person in respect of Excluded Amounts deposited in any
Concentration Account or otherwise included in Collections
	  	$	                 	 
	 Other payments or proceeds received with respect to the Securitized Assets
	  	$	                 	 
	 Total Collections during Quarterly Collection Period
	  	$	                 	 
		
	 PLUS:    Monthly Fiscal Period Estimated Securitized Corporate-Owned Store
Profits Amount
	  	$	                 	 
		
	 PLUS:    Monthly Fiscal Period Estimated Securitized Corporate-Owned Store True-Up Amount
	  	$	                 	 
		
	 PLUS:    Monthly Fiscal Period Estimated Equipment Distribution Profits
Amount
	  	$	                 	 
		
	 PLUS:    Monthly Fiscal Period Estimated Equipment Distribution True-Up Amount
	  	$	                 	 
		
	 PLUS:    Net Franchisee Lease Payments for the Monthly Fiscal Period
	  	$	                 	 
		
	 LESS:    Excluded Amounts
	  			
		
	 Fees and expenses paid in connection with registering, maintaining and enforcing the
Securitization IP and paying third-party licensing fees
	  	$	                 	 
	 Account expenses and fees paid to the banks at which the Management Accounts are held
	  	$	                 	 
	 Advertising Fees (to the extent that any Advertising Fees are not paid directly to NAF by a
third-party payment processor)
	  	$	                 	 
	 Insurance and Condemnation proceeds payable to Franchisees
	  	$	                 	 
	 Amounts in respect of sales Taxes and other comparable Taxes and other amounts due and payable to
a Governmental Authority
	  	$	                 	 
	 Any statutory Taxes included in Collections, but required to be remitted to a Governmental
Authority
	  	$	                 	 
	 Amounts paid by Franchisees in respect of fees or expenses payable to unaffiliated third parties
for services
	  	$	                 	 

					
	 Amounts paid by Franchisees relating to corporate services provided by the Manager
	  	$	                     	 
	 Any amounts that are held for payment or indemnification obligations owed by the Franchisor to any
third party payment processor
	  	$	                     	 
	 Any amounts that cannot be transferred to a Concentration Account due to applicable law
	  	$	                     	 
	 Other amounts deposited into any Concentration Account or otherwise included in Collections that
are not required to be deposited into the Collection Account
	  	$	                     	 
	 Total Retained Collections during Quarterly Collection Period
	  	$	                     	 
	 Manager Advances During Quarterly Collection Period
	  	$	                     	 
	 Working Capital Reserve Amount Increase / Decrease
	  	$	                     	 
	 Corporate-Owned Store Working Capital Reserve Amounts
	  	$	                     	 
	 Equipment Distributor Operating Accounts Working Capital Reserve Amounts
	  	$	                     	 
	 Retained Collections Contributions During Quarterly Collections Period (up to $7.5
million)
	  	$	                     	 
	 Retained Collections Contributions During Past 4 Consecutive Quarterly Collections Period (up to
$15 million)
	  	$	                     	 
	 Total Retained Collections Since Closing Date (up to $30 million)
	  	$	                     	 

  

					
	 Management Fee Amount
	  			
	 Base Annual Management Fee
	  	$	                     	 
	 Additional Mgmt Fee (per Franchised/CO Retained U.S. Store)
	  	$	                     	 
	 Additional Mgmt Fee (per Franchised International Store)
	  	$	                     	 
	 Additional Mgmt Fee (per CO Contributed Store)
	  	$	                     	 
	 Annual inflation factor
	  	$	                     	 
	 Management Fee Pre-Inflation Adjustment

Deal Year
	  	$	                     	 
	 Management Fee Post-Inflation Adjustment
	  	$	                     	 
	 Total Weekly Management Fee Amount Paid in Quarterly Collection Period
	  	$	                     	 

					
	Debt Service	  	 	 
		
	 Series 2018-1 Debt Service Amount
	  			
	 Series 2018-1
Class A-1 Quarterly Interest
	  	$	                     	 
	 Series 2018-1
Class A-2 Quarterly Interest
	  	$	                     	 
	 Series 2018-1
Class A-1 Quarterly Commitment Fees
	  	$	                     	 
	 Series 2018-1 Class A-2 Scheduled Principal
	  	$	                     	 

  

									
	Quarterly Payment Date	  		  		  		  	 
		  		  		  		  	
					 
	Quarterly Collection Period	  	Beginning Date	  		  		  	 
		  	Ending Date	  		  		  	 

					
		
	 Series 2018-1 Debt Service Amount
	  	$	                     	 
	 Series 2018-1
Class A-1 Quarterly Post-ARD Contingent Interest
	  	$	                     	 
	 Series 2018-1
Class A-2 Quarterly Post-ARD Contingent Interest
	  	$	                     	 
		
	 Outstanding Principal Balances
	  			
	 Series 2018-1
Class A-1 Outstanding Principal Amount
	  	$	                     	 
	 As of Prior Quarterly Payment Date
	  	$	                     	 
	 As of Current Quarterly Payment Date
	  	$	                     	 
	 Series 2018-1 L/C outstanding
	  			
	 As of Prior Quarterly Payment Date
	  	$	                     	 
	 As of Current Quarterly Payment Date
	  	$	                     	 
	 Series 2018-1
Class A-2 Outstanding Principal Amount
	  			
	 As of Prior Quarterly Payment Date
	  	$	                     	 
	 As of Current Quarterly Payment Date
	  	$	                     	 

  

															
	Covenants	  	 	 	  	 	 	  	 	 
	 Calculation of Senior ABS Leverage Ratio
	  				  				  			
		 	Senior ABS Leverage Ratio - Current Quarterly Collection Period	  	 	Net Debt	 	  	 
 
	LTM Net

Cash Flow
	 
  
	  	 
 
	Leverage

Ratio
	 

 

		 	Series 2018-1 Class A-2 Non-Amortization Test Threshold	  				  				  			
		 	Series 2018-1 Class A-2 Non-Amortization Test Compliance	  				  			
		 		  				  				  			
		 	Leverage Ratios for the Three preceding Quarterly Payment Dates	  	 	Net Debt	 	  	 
 
	LTM Net

Cash Flow
	 
  
	  	 
 
	Leverage

Ratio
	 

 

  

																	
	 Calculation of DSCR
	 				 				 			
		 	 Net Cash Flow for Current Quarterly Payment Date:
	  
	 				 			
		 	 Retained Collections for Quarterly Collection Period
	  
	 				 	$	                     	 
		 	         LESS:
	  	 Servicing Fees, Liquidation Fees and Workout Fees paid on each Interim Period during the Quarterly
Collection Period
	 				 				 	$	                     	 
		 		  	 Management Fees and Supplemental Management Fees paid on each Interim Period during the Quarterly
Collection Period
	 				 				 	$	                     	 
		 		  	 Securitization Operating Expenses paid on each Interim Period during the Quarterly Collection
Period
	 				 				 	$	                     	 
		 		  	 Class A-1 Notes Administrative Expenses paid during
Quarterly Collection Period
	 				 				 	$	                     	 
		 		  	 Amount by which equity contributions exceeds permitted Retained Collections Contributions
	 				 				 	$	                     	 
		 	 Net Cash Flow for Current Quarterly Collection Period (Adjusted for first
period)
	  
	 				 	$	                     	 
				
		 	 Net Cash Flow for three preceding Collection Periods
	  
	 				 			
		 		  		 				 				 	$	                     	 
		 		  		 				 				 	$	                     	 
		 		  		 				 				 	$	                     	 
		 	 Net Cash Flow for trailing twelve months (Adjusted for first period)
	  
	 				 	$	                     	 
		 	 Debt Service / Payments to Noteholders for Current Quarterly Payment
Date
	  
	 				 			
		 	 Series 2018-1
Class A-1 Quarterly Accrued Interest
	  
	 				 	$	                     	 
		 	 Series 2018-1
Class A-2 Quarterly Accrued Interest
	  
	 				 	$	                     	 
		 	 Series 2018-1
Class A-1 Accrued Quarterly Commitment Fees
	  
	 				 	$	                     	 
		 	 Total Interest and Commitment Fees Amount (Adjusted for first period)
	  
	 				 	$	                     	 
		 	 Series 2018-1 Senior Notes Scheduled Principal
Amount (without giving effect to any reductions available due to satisfaction of Non-Amortization Test)
	  
	 				 	$	                     	 
		 	 Total Quarterly Debt Service—Current Collection Period (Adjusted for first
period)
	  
	 				 	$	                     	 
	 	 	 	 	 	 	 	 	 	 
		 	 	 	 
	 	 	        Debt Service / Payments to Noteholders for three preceding Quarterly Payment Dates	 	Interest &
Commit Fees	 	 	Principal
Payments	 	 	Total Debt
Service	 
		 		  		 	$	                     	 	 	$	                     	 	 	$	                     	 
		 		  		 	$	                     	 	 	$	                     	 	 	$	                     	 
		 		  		 	$	                     	 	 	$	                     	 	 	$	                     	 
		 	 Total Debt Service / Payments to Noteholders
for trailing twelve months
	 	$	                     	 	 	$	                     	 	 	$	                     	 

									
		 	Debt Service Coverage Ratios for Current Quarter and Three Preceding Quarters	  	 Interest

Only DSCR
	  	DSCR
		 		  		  	 
		 	 	  	 	  	 

											
		 		  		 			
	 Potential Events
	  		 	 
 
	Event
 Occurred
	 
  

		 	 Potential Rapid Amortization Event
	  		 	 	                    	 
		 	 Potential Manager Termination Event
	  		 	 	                    	 
			
	 Cash Trapping Percentages
	  		 			
		 	Cash Trapping Percentage during Quarterly Collection Period	 	 	 	 
		 	Cash Trapping Percentage following Current Quarterly Payment Date	 	 	 	 
			
	 Cash Trap Release Amounts
	  		 			
		 	Cash Trapping Release Date—50%	  		 	 	 	 
		 	Cash Trapping Release Date—100%	  		 	 	 	 
		 	 Aggregate amount on deposit in the Cash Trap Reserve Account
	 			
		 	 (a) Aggregate amount on deposit from periods with a Cash Trapping Percentage equal to 50%
	 	$	                     	 
		 	 (b) Aggregate amount on deposit from periods with a Cash Trapping Percentage equal to 100%
	 	 	$                    	 
		 	 Cash Trapping Release Amount
	  		 	 	$                    	 
	 Asset Disposition Proceeds
	  		 			
		 	 Aggregate Asset Disposition Proceeds as of Prior Quarterly Payment Date
	 	 	$                    	 
		 		  	 Plus:        Permitted Asset Disposition
	  		 	 	$                    	 
		 		  	 Less:        Reinvested Asset Disposition
Proceeds
	  		 	 	$                    	 
		 		  	 Asset Disposition Proceeds Prepayments
	  		 	 	$                    	 
		 	 Aggregate Disposition Proceeds as of Current Quarterly Payment Date
	 	 	$                    	 
	 Series 2018-1 Prepayments
	  		 			
		 	 Amount of Series 2018-1 Class A-2 Notes to be prepaid on Quarterly Payment Date
	 	 	$                    	 
		 	 Series 2018-1
Class A-2 Make-Whole Prepayment Premium
	 	 	$                    	 

									
	Extension Periods	  	Commenced	 	  	Commence-
ment Date	 
	 Series 2018-1
Class A-1 renewal period
	  				  			

  

											
	Quarterly Allocation of Funds	  			
			
	 Funds Available
	 		  			
		
	 Quarterly Collection Period
	  			
		 	Retained Collections during Quarterly Collection Period	  	 	$                    	 
		 	Manager Advances	  	 	$                    	 

  

									
	 Triggers
	 		  	
		 	Series 2018-1 / Series 2018-1 Class A-2
Non-Amortization Test	  	 
		 		  	
		 	Series 2018-1 Class A-1 Amortization Period	  	 
		 	Cash Trapping Percentage	  	 
		 	Rapid Amortization Period	  	 

 

									
		
	Quarterly Collection Period	  	
		 	i	 		 	With respect to Indemnification, Asset Disposition and Insurance/Condemnation Payment Amounts (only):	  	
		 		 	A	 	Reimbursement of the Trustee, then to the Servicer for any Unreimbursed Advances	  	$                    
		 		 	B	 	Reimbursement of Manager Advances to the Manager	  	$                    
		 		 	C	 	Following Class A-1 Notes Renewal Date, to the Senior Notes Principal Payment Account to reduce Class A-1 Notes commitments	  	$                    
		 		 	D	 	To the Senior Notes Principal Payment Account to prepay all other Senior Notes except Class A-1 Notes	  	
		 		 		 	Pro rata Series 2018-1 Class A-2-I Notes	  	$                    
		 		 		 	Pro rata Series 2018-1 Class A-2-II Notes	  	$                    
		 		 	E	 	Provided (C) does not apply, to the Senior Notes Principal Payment Account to the Senior Notes Principal Payment Account, to reduce Class A-1 Notes commitments	  	$                    
		 		 	F	 	To the Senior Subordinated Notes Principal Payment Account	  	$                    
		 		 	G	 	To the Subordinated Notes Principal Payment Account	  	$                    
		 	ii	 	A	 	Reimbursement of Advances first to the Trustee, then to the Servicer for any unreimbursed Advances	  	$                    
		 		 	B	 	Reimbursement of Manager Advances to the Manager	  	$                    
		 		 	C	 	Servicing Fees, Liquidation Fees and Workout Fees to the Servicer	  	$                    
		 	iii	 		 	Successor Manager Transition Expenses	  	$                    
		 	iv	 		 	Management Fee to the Manager	  	$                    

															
	 v
	  				  				  	pro rata:	  			
		  	 	A	 	  				  	Capped Securitization Operating Expense Amount to the Securitization Operating Expense Account	  	$	                     	 
		  	 	B	 	  				  	Post-Default Capped Trustee Expenses Amount to the Trustee	  	$	                     	 
	 vi
	  	 	A	 	  				  	Senior Notes Accrued Quarterly Interest Amount to the Senior Notes Interest Payment Account:	  			
		  				  				  	First, for the Series 2018-1 Class A-1 Notes	  	$	                     	 
		  				  				  	Second, pro rata to the Series 2018-1 Class A-2-I Notes	  	$	                     	 
		  				  				  	Second, pro rata to the Series 2018-1 Class A-2-II Notes	  	$	                     	 
		  	 	B	 	  				  	Class A-1 Notes Accrued Quarterly Commitment Fee Amount to the Class A-1 Notes Commitment Fees Account	  	$	                     	 
		  	 	C	 	  				  	Series Hedge Payment Amount to the Hedge Payment Account	  	$	                     	 
	 vii
	  				  				  	Capped Class A-1 Notes Administrative Expense Amount to Class A-1 Administrative Agents	  	$	                     	 
	 viii
	  				  				  	Senior Subordinated Notes Accrued Quarterly Interest Amount to the Senior Subordinated Notes Interest Payment Account	  	$	                     	 
	 ix
	  				  				  	Senior Notes Interest Reserve Account Deficit Amount to the Senior Notes Interest Reserve Account	  	$	                     	 
	 x
	  				  	 	1	 	  	To the Senior Notes Principal Payment Account	  			
		  				  				  	Pro rata Series 2018-1 Class A-2-I Notes	  	$	                     	 
		  				  				  	Pro rata Series 2018-1 Class A-2-II Notes	  	$	                     	 
		  				  	 	2	 	  	Senior Notes Scheduled Principal Payment Deficiency Amount to the Senior Notes Principal Payment Account	  	$	                     	 
		  				  	 	3	 	  	Amounts that will become due under the Class A-1 NPA for the next period to the Senior Notes Principal Payment Account	  	$	                     	 
	 xi
	  				  				  	Supplemental Management Fee (including any unpaid or accrued amounts)	  	$	                     	 
	 xii
	  				  				  	If no Rapid Amortization Event has occurred and is continuing, following a Class A-1 Notes Renewal Event,	  			
		  				  				  	all amounts remaining on deposit in the Collection Account to the Senior Notes Principal Payment Account for the Class A-1 Notes	  	$	                     	 
	 xiii
	  				  				  	If no Rapid Amortization Event has occurred and is continuing, during a Cash Trapping Period, deposit of Cash Trapping Amount to the	  			
		  				  				  	Cash Trap Reserve Account	  	$	                     	 
	 xiv
	  				  				  	If a Rapid Amortization Event has occurred and is continuing, all amounts remaining on deposit in the Collection Account:	  			
		  	 	A	 	  				  	To the Senior Notes Principal Payment Account for the Class A Notes:	  			
		  				  				  	First, for the Series 2018-1 Class A-1 Notes	  	$	                     	 
		  				  				  	Second, pro rata to the Series 2018-1 Class A-2-I Notes	  	$	                     	 
		  				  				  	Second, pro rata to the Series 2018-1 Class A-2-II Notes	  	$	                     	 
		  	 	B	 	  				  	To the Senior Subordinated Notes Principal Payment Account for the Senior Subordinated Notes	  	$	                     	 
	 xv
	  				  				  	If no Rapid Amortization Event has occurred and is continuing, to the Senior Subordinated Notes Principal Payment Account:	  			
		  	 	1	 	  				  	Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount	  	$	                     	 
		  	 	2	 	  				  	Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount	  	$	                     	 
	 xvi
	  				  				  	Excess Securitization Operating Expenses Amounts to the Securitization Operating Expense Account	  	$	                     	 
	 xvii
	  				  				  	Excess Class A-1 Notes Administrative Expenses Amounts to Class A-1 Administrative Agents	  	$	                     	 
	 xviii
	  				  				  	Class A-1 Notes Other Amounts to Class A-1 Administrative Agents	  	$	                     	 

											
	 xix
	  				  	Subordinated Notes Accrued Quarterly Interest Amount to the Subordinated Notes Interest Payment Account	  	$	                     	 
	 xx
	  				  	If no Rapid Amortization Event has occurred and is continuing, to the Subordinated Notes Principal Payment Account, Subordinated Notes Accrued Scheduled Principal Payments Amount and Subordinated Notes Scheduled Principal Payment
Deficiency Amount	  	$	                     	 
	 xxi
	  				  	If a Rapid Amortization Event has occurred and is continuing, all amounts remaining on deposit in the Collection Account to the Subordinated Notes Principal Payment Account for the Subordinated Notes	  	$	                     	 
	 xxii
	  				  	Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount to the Senior Notes Post-ARD Contingent Interest Account	  			
		  				  	First, for the Series 2018-1 Class A-1 Notes	  	$	                     	 
		  				  	Second, pro rata to the Series 2018-1 Class A-2-I Notes	  	$	                     	 
		  				  	Second, pro rata to the Series 2018-1 Class A-2-II Notes	  	$	                     	 
	 xxiii
	  				  	Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount to the Senior Subordinated Notes Post-ARD	  			
		  				  	Contingent Interest Account	  	$	                     	 
	 xxiv
	  				  	Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount to the Subordinated Notes Post-ARD Contingent Interest Account	  	$	                     	 
	 xxv
	  	 	A	 	  	Series Hedge Payment Amount constituting a termination payment to the Hedge Payment Account	  	$	                     	 
		  	 	B	 	  	Other amounts payable to a Hedge Counterparty pursuant to Hedge Agreement to the Hedge Payment Account	  	$	                     	 
	 xxvi
	  				  	to allocate any unpaid premiums and make-whole prepayment premiums with respect to Senior Notes	  	$	                     	 
	 xxvii
	  				  	to allocate any unpaid premiums and make-whole prepayment premiums with respect to Senior Subordinated Notes	  	$	                     	 
	 xxviii
	  				  	to allocate any unpaid premiums and make-whole prepayment premiums with respect to Subordinated Notes	  	$	                     	 
	 xxix
	  				  	to make any other payments to or for the benefit of any Series of Notes as provided in the related Series Supplement	  	$	                     	 
	 xxx
	  				  	to pay the Residual Amount at the direction of the Master Issuer	  	$	                     	 
	 “Recapture” of prior period
Class A-1 Interest allocations
	  	$	                     	 
	 “Recapture” of prior period
Class A-1 Commitment Fee allocations
	  	$	                     	 
	 Transfer from Class A-1 Interest Account
to Class A-1 Commitment Fee Account
	  	$	                     	 
	 Transfer from Class A-1 Commitment Fee
Account to Class A-1 Interest Account
	  	$	                     	 

	
	 Allocations to Series the Notes

  

									
		 	 (a)
	  	Indemnification, Asset Disposition and Insurance/Condemnation Payments	  			
		 		  	 Allocated to Series 2018-1
Class A-1 Notes
	  	$	                     	 
		 		  	 Allocated to Series 2018-1
Class A-2 Notes
	  	$	                     	 
		 	 (b)
	  	Senior Notes Quarterly Interest Amount	  			
		 		  	 Allocated to Series 2018-1
Class A-1 Notes
	  	$	                     	 
		 		  	 Allocated to Series 2018-1
Class A-2 Notes
	  	$	                     	 
		 	 (c)
	  	Class A-1 Quarterly Commitment Fees	  			
		 		  	 Series 2018-1 Class A-1
Quarterly Commitment Fees
	  	$	                     	 
		 	 (d)
	  	Class A-1 Notes Administrative Expenses Amounts	  			
		 		  	 Series 2018-1 Class A-1 Notes
Administrative Expenses
	  	$	                     	 
		 	 (e)
	  	Senior Notes Accrued Scheduled Principal Payments Amount	  			
		 		  	 Allocated to Series 2018-1
Class A-2 Notes
	  	$	                     	 
		 	 (f)
	  	Allocation of Funds for Payment of Senior Notes during Class A-1 Notes Amortization Period	  			
		 		  	 Allocated to Series 2018-1
Class A-1 Notes
	  	$	                     	 
		 	 (g)
	  	Cash Trapping Amount	  			
		 		  	 Cash Trapping Amount
	  	$	                     	 
		 	 (h)
	  	Allocation of funds for payment of principal on Senior Notes during Rapid Amortization Period	  			
		 		  	 Allocated to Series 2018-1
Class A-1 Notes
	  	$	                     	 
		 		  	 Allocated to Series 2018-1
Class A-2 Notes
	  	$	                     	 
		 	 (i)
	  	Class A-1 Notes Other Amounts	  			
		 		  	 Series 2018-1 Class A-1 Other
Amounts
	  	$	                     	 
		 	 (j)
	  	Senior Notes Accrued Quarterly Post-ARD Interest Amount	  			
		 		  	 Allocated to Series 2018-1
Class A-1 Notes
	  	$	                     	 
		 		  	 Allocated to Series 2018-1
Class A-2 Notes
	  	$	                     	 
		 	 (k)
	  	Senior Notes Unpaid Premiums and Prepayment Consideration	  			
		 		  	 Series 2018-1 Unpaid Premiums and Prepayment Consideration
	  	$	                     	 

  

					
	 Reserve Accounts Related to the Notes
	  			
	 Interest Reserve Account
	  			
	 Available Senior Notes Interest Reserve Account Amount at beginning of Quarterly Collection Period
(including any Interest Reserve Letters of Credit)
	  	$	                     	 
	 Less Withdrawals / Decrease in Letter of Credit Related to:
	  			
	 the accrued and unpaid Senior Notes Quarterly Interest Amount
	  	$	                     	 

											
		 		 		 	the accrued and unpaid Class A-1 Quarterly Commitment Fee Amount	  	$	                     	 
		 		 		 	Amount withdrawn following Rapid Amortization Event	  	$	                     	 
		 		 		 	Withdrawal related to reduction in Senior Notes Interest Reserve Amount	  	$	                     	 
		 	Plus Deposits / Increase in Letter of Credit Related to:	  			
		 		 		 	Senior Notes Interest Reserve Account Deficit Amount deposited pursuant to (ix) of Priority of Payments	  	$	                     	 
		 		 		 		  			
		 		 		 		  			
		 	Available Interest Reserve Account Amount at end of Quarterly Collection Period (including any Interest Reserve Letters of Credit)	  	$	                     	 
	 Cash Trap Reserve Account
	  			
		 	Cash Trapping Amounts on deposit in Cash Trap Reserve Account at beginning of Quarterly Collection Period	  	$	                     	 
		 		 	Less Withdrawals Related to:	  			
		 		 		 	the accrued and unpaid Senior Notes Quarterly Interest Amount	  	$	                     	 
		 		 		 	the accrued and unpaid Class A-1 Quarterly Commitment Fee Amount	  	$	                     	 
		 		 		 	Cash Trapping Release Amount	  	$	                     	 
		 		 		 	Amount withdrawn following Rapid Amortization Event	  	$	                     	 
		 		 	Plus Deposits:	  			
		 		 		 	Cash Trapping Amounts deposited pursuant to (xiii) of Priority of Payments	  	$	                     	 
		 	Available Cash Trapping Amounts on deposit in Cash Trap Reserve Account at end of Interim Collection Period	  	$	                     	 
	 Working Capital Amounts
	  			
		 	Working Capital Reserve Amount	  			
		 	Securitized Corporate-Owned Store Working Capital Reserve Amounts	  	$	                     	 
		 	Equipment Distributor Working Capital Reserve Amounts	  	$	                     	 

  

	
	Manager Certification
	IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Manager’s Certificate
	 this
                                         
                                         
                                         
                                         
            

	
	PLANET FITNESS HOLDINGS, LLC as Manager on behalf of the Issuer and certain subsidiaries thereto,
	
	 By:
                                         
                                         
                                         
                                         
            

	
	 Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]