Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 SIXTH
AMENDMENT TO CREDIT AGREEMENT 
 THIS SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Sixth Amendment”), dated as of
May 29, 2015, is by and among NEW MEDIA HOLDINGS I LLC, a Delaware limited liability company (“Holdings”), NEW MEDIA HOLDINGS II LLC, a Delaware limited liability company (the “Borrower”), certain
Subsidiaries of Holdings party hereto (together with Holdings, collectively, the “Guarantors”), the several banks and other financial institutions or entities party hereto (the “Incremental Term Lenders”) and
CITIZENS BANK OF PENNSYLVANIA, as administrative agent on behalf of the Lenders under the Credit Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement. 

W I T N E S S E T H 

WHEREAS, the Borrower, Holdings, certain banks and financial institutions from time to time party thereto (the
“Lenders”) and the Administrative Agent are parties to that certain credit agreement dated as of June 4, 2014 (as previously amended or modified pursuant to that certain letter agreement dated as of July 17, 2014, that
certain First Amendment dated as of September 3, 2014, that certain Second Amendment dated as of November 20, 2014, that certain Third Amendment dated as of January 9, 2015, that certain Fourth Amendment dated as of February 13,
2015 and that certain Fifth Amendment dated as of March 6, 2015 and as further amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”); 

WHEREAS, pursuant to Section 2.24(a) of the Credit Agreement, the Borrower has notified the Administrative Agent that it is
requesting (i) a Term Loan Increase in an aggregate principal amount of $25,000,000 (the “Sixth Amendment Incremental Term Loan”) on the terms set forth in this Sixth Amendment and (ii) that the Administrative Agent and
the Incremental Term Lenders amend the Credit Agreement to effect such amendments as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the Sixth Amendment Incremental Term Loan; 

WHEREAS, the Incremental Term Lenders are willing to provide the Sixth Amendment Incremental Term Loan and to make such amendments to
the Credit Agreement, in accordance with and subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

 ARTICLE I 

AMENDMENT 
 1.1 Sixth
Amendment. This Sixth Amendment constitutes an “Incremental Amendment” pursuant to Section 2.24 of the Credit Agreement. 

1.2 Amendments to Credit Agreement. From and after the Sixth Amendment Effective Date (as hereinafter defined), the Credit
Agreement is amended pursuant to this Sixth Amendment and amendments to the Credit Agreement prior to the date hereof to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and
to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as
Annex A to this Sixth Amendment. 
 1.3 Amendments to Schedule 2.1. From and after the Sixth Amendment Effective
Date, Schedule 2.1 to the Credit Agreement is hereby amended and supplemented to add the information set forth on the Supplement to Schedule 2.1 attached as Annex B to this Sixth Amendment to reflect amendments pursuant to this Sixth
Amendment. All other Schedules to the Credit Agreement shall not be modified or otherwise affected. 
 1.4 Credit Agreement
Governs. Except as set forth in this Sixth Amendment and in the form of the Credit Agreement attached hereto as Annex A to this Sixth Amendment, the Sixth Amendment Incremental Term Loans shall be of the same Class as the Fourth Amendment
Replacement Term Loans and shall have identical terms as the Fourth Amendment Replacement Term Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan Parties
or any provisions regarding the rights of the Lenders, of the Credit Agreement and the other Loan Documents. 
 ARTICLE II 

INTEREST PERIODS 
 In
connection with this Sixth Amendment, the Interest Periods applicable to the Fourth Amendment Replacement Term Loans shall be reset as necessary to cause the Interest Periods applicable to the Fourth Amendment Replacement Term Loans to be identical
to the Interest Periods applicable to the Sixth Amendment Incremental Term Loans funded on the Sixth Amendment Effective Date. The Borrower shall be responsible for any costs arising under Section 2.19 of the Credit Agreement resulting from
such action. 
 ARTICLE III 

CONDITIONS TO EFFECTIVENESS 

3.1 Closing Conditions. This Sixth Amendment shall become effective as of the day and year set forth above (the “Sixth
Amendment Effective Date”) upon satisfaction (or waiver) of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent): 

  
 2 

 (a) Executed Sixth Amendment. The Administrative Agent shall have received
a copy of this Sixth Amendment duly executed by each of the Loan Parties, the Administrative Agent and the Incremental Term Lenders. 

(b) Sixth Amendment Incremental Term Loan Conditions. The conditions set forth in Section 2.24(d) of the Credit
Agreement shall have been satisfied. 
 (c) Fees and Expenses. 

(i) The Borrower shall have paid, or cause to be paid, or shall have arranged for such payment in a manner reasonably
satisfactory to the Administrative Agent, all fees due and payable on the Sixth Amendment Effective Date pursuant to the terms of that certain Fee Letter, dated as of May 29, 2015, by and among the Borrower, the Administrative Agent, and
Citizens Bank, National Association, as lead arranger. 
 (ii) The Administrative Agent shall have received from the Borrower
such other fees and expenses that are due and payable in connection with the consummation of the transactions contemplated hereby and King & Spalding LLP shall have received from the Borrower payment of all outstanding fees and expenses
previously incurred and all fees and expenses incurred in connection with this Sixth Amendment. 
 (d) Closing
Certificates. The Administrative Agent shall have received for each Loan Party a certificate (A) certifying that the articles of incorporation or other organizational documents, as applicable, of each Loan Party that were delivered on the
Closing Date (or later date, as applicable) remain true and complete as of the Sixth Amendment Effective Date (or certified updates as applicable), (B) certifying that the bylaws, operating agreements or partnership agreements of each Loan
Party that were delivered on the Closing Date (or later date, as applicable) remain true and correct and in force and effect as of the Sixth Amendment Effective Date (or certified updates as applicable), (C) attaching copies of the resolutions
of the board of directors or comparable managing body of each Loan Party approving and adopting this Sixth Amendment, the transactions contemplated herein and authorizing execution and delivery hereof, and certifying such resolutions to be true and
correct and in force and effect as of the Sixth Amendment Effective Date and (D) certifying that each officer listed in the incumbency certification contained in each Loan Party’s secretary’s certificate, delivered on the Closing Date
(or later date, as applicable) remains duly authorized to execute and deliver on behalf of such Loan Party the Sixth Amendment or attaching a new incumbency certificate for each officer signing this Sixth Amendment. 

(e) Legal Opinion. The Administrative Agent shall have received an opinion from Cleary Gottlieb Steen and Hamilton LLP,
New York counsel for the Loan Parties, dated the Sixth Amendment Effective Date and addressed to the Administrative Agent and the Lenders which shall be in form and substance reasonably satisfactory to the Administrative Agent. 

  
 3 

 (f) Good Standings. The Administrative Agent shall have received for each Loan
Party customary certificates of good standing, existence or its equivalent with respect to such Loan Party in its state of incorporation or organization, as applicable. 

ARTICLE IV 

MISCELLANEOUS 
 4.1
Amended Terms. On and after the Sixth Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Sixth Amendment. Except as specifically
amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

4.2 Representations and Warranties of the Loan Parties. The Loan Parties hereby represent and warrant that (a) each of the
representations and warranties made by any Loan Party in or pursuant to the Loan Documents is true and correct in all material respects on and as of the Sixth Amendment Effective Date as if made on and as of such date, except to the extent that any
such representation and warranty specifically relates to an earlier date, in which case such representation and warranty was true and correct in all material respects on and as of such earlier date; provided that, in each case, such
materiality qualifier shall not be applicable to any representation and warranty that is already qualified or modified by materiality in the text thereof and (b) no Default or Event of Default has occurred and is continuing on the Sixth
Amendment Effective Date or after giving effect to this Sixth Amendment. 
 4.3 Reaffirmation of Obligations. Each Loan Party
hereby ratifies the Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective
Obligations. 
 4.4 Loan Document. This Sixth Amendment shall constitute a Loan Document under the terms of the Credit
Agreement. 
 4.5 Expenses. The Borrower agrees to pay all reasonable and documented out-of-pocket costs and expenses of the
Administrative Agent in connection with the preparation, execution and delivery of this Sixth Amendment, including without limitation the reasonable and documented fees and expenses of the Administrative Agent’s legal counsel. 

4.6 Further Assurances. The Loan Parties agree to promptly take such action, upon the reasonable request of the Administrative
Agent, as is necessary to carry out the intent of this Sixth Amendment. 
 4.7 Entirety. This Sixth Amendment and the other
Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 

4.8 Counterparts; Telecopy. This Sixth Amendment may be executed in any number of counterparts, each of which when so executed
and delivered shall be an original, but 

  
 4 

 
all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Sixth Amendment by telecopy or other electronic means shall be effective as an original and
shall constitute a representation that an original will be delivered. 
 4.9 GOVERNING LAW. THIS SIXTH AMENDMENT SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

4.10 Successors and Assigns. This Sixth Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 
 4.11 Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The
jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 9.12 and 9.18 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 5 

 IN WITNESS WHEREOF the parties hereto have caused this Sixth Amendment to be duly executed on the
date first above written. 
  

					
	BORROWER:		NEW MEDIA HOLDINGS II LLC
			
			By:		 /s/ Michael E. Reed

			Name:		Michael E. Reed
			Title:		Chief Executive Officer
		
	GUARANTORS:		NEW MEDIA HOLDINGS I LLC
			
			By:		 /s/ Michael E. Reed

			Name:		Michael E. Reed
			Title:		Chief Executive Officer
		
			LOCAL MEDIA GROUP HOLDINGS LLC
			LOCAL MEDIA GROUP, INC.
			SEACOAST NEWSPAPERS, INC.
			LMG MASSACHUSETTS, INC.
			LMG PENNSYLVANIA MANAGEMENT, INC.
			THE INQUIRER AND MIRROR, INC.
			LMG PENNSYLVANIA HOLDINGS, INC.
			 LMG PENNSYLVANIA, L.P., by its general partner,

LMG Pennsylvania Management, Inc.

			THE MAIL TRIBUNE, INC.
			LMG NATIONAL PUBLISHING, INC.
			THE NICKEL OF MEDFORD, INC.
			LMG STOCKTON, INC.
			
			By:		 /s/ Kirk A. Davis

			Name:		Kirk A. Davis
			Title:		Chief Executive Officer & President

 NEW MEDIA HOLDINGS II LLC 

SIXTH AMENDMENT TO CREDIT AGREEMENT 

			
	 COPLEY OHIO NEWSPAPERS, INC.
 ENHE ACQUISITION,
LLC
 ENTERPRISE NEWSMEDIA HOLDING, LLC
 ENTERPRISE NEWSMEDIA,
LLC
 ENTERPRISE PUBLISHING COMPANY, LLC
 GATEHOUSE MEDIA
ARKANSAS HOLDINGS, INC.
 GATEHOUSE MEDIA CALIFORNIA HOLDINGS, INC.

GATEHOUSE MEDIA COLORADO HOLDINGS, INC.
 GATEHOUSE MEDIA
CONNECTICUT HOLDINGS, INC.
 GATEHOUSE MEDIA CORNING HOLDINGS, INC.

GATEHOUSE MEDIA DELAWARE HOLDINGS, INC.
 GATEHOUSE MEDIA
DIRECTORIES HOLDINGS, INC.
 GATEHOUSE MEDIA FLORIDA HOLDINGS, INC.

GATEHOUSE MEDIA FREEPORT HOLDINGS, INC.
 GATEHOUSE MEDIA HOLDCO,
LLC
 GATEHOUSE MEDIA ILLINOIS HOLDINGS II, INC.
 GATEHOUSE
MEDIA ILLINOIS HOLDINGS, INC.
 GATEHOUSE MEDIA INTERMEDIATE HOLDCO, LLC

GATEHOUSE MEDIA IOWA HOLDINGS, INC.
 GATEHOUSE MEDIA KANSAS
HOLDINGS II, INC.
 GATEHOUSE MEDIA KANSAS HOLDINGS, INC.

GATEHOUSE MEDIA LANSING PRINTING, INC.
 GATEHOUSE MEDIA LOUISIANA
HOLDINGS, INC.
 GATEHOUSE MEDIA MANAGEMENT SERVICES, INC.

GATEHOUSE MEDIA MICHIGAN HOLDINGS II, INC.
		 GATEHOUSE MEDIA MICHIGAN HOLDINGS, INC.

GATEHOUSE MEDIA MINNESOTA HOLDINGS, INC.
 GATEHOUSE MEDIA MISSOURI
HOLDINGS II, INC.
 GATEHOUSE MEDIA MISSOURI HOLDINGS, INC.

GATEHOUSE MEDIA MASSACHUSETTS I, INC.
 GATEHOUSE MEDIA
MASSACHUSETTS II, INC.
 GATEHOUSE MEDIA NEBRASKA HOLDINGS, INC.

GATEHOUSE MEDIA VIRGINIA HOLDINGS, INC.
 GATEHOUSE MEDIA NEW YORK
HOLDINGS, INC.
 GATEHOUSE MEDIA NORTH DAKOTA HOLDINGS, INC.

GATEHOUSE MEDIA OHIO HOLDINGS, INC.
 GATEHOUSE MEDIA OKLAHOMA
HOLDINGS, INC.
 GATEHOUSE MEDIA OPERATING, LLC
 GATEHOUSE MEDIA
PENNSYLVANIA HOLDINGS, INC.
 GATEHOUSE MEDIA SUBURBAN NEWSPAPERS, INC.

GATEHOUSE MEDIA TENNESSEE HOLDINGS, INC.
 GATEHOUSE MEDIA TEXAS
HOLDINGS, INC.
 GATEHOUSE MEDIA VENTURES, INC.
 GATEHOUSE
MEDIA, LLC
 GEORGE W. PRESCOTT PUBLISHING COMPANY, LLC
 LIBERTY
SMC, L.L.C.
 LOW REALTY, LLC
 LRT FOUR HUNDRED, LLC

MINERAL DAILY NEWS TRIBUNE, INC.
 NEWS LEADER, INC.

SUREWEST DIRECTORIES
 TERRY NEWSPAPERS, INC.

THE PEORIA JOURNAL STAR, INC.

 

			
	 By:
		 /s/ Kirk A. Davis

	 Name:    
		Kirk A. Davis
	 Title:
		Chief Executive Officer & Chief Operating Officer

  

  
 NEW MEDIA HOLDINGS II
LLC 
 SIXTH AMENDMENT TO CREDIT AGREEMENT 

  

			
	GATEHOUSE MEDIA TEXAS HOLDINGS II, INC.
	LMG RHODE ISLAND HOLDINGS, INC.
	LMG MAINE HOLDINGS, INC.
	CUMMINGS ACQUISITION, INC.
		
	By:		 /s/ Kirk A. Davis

	Name:    		Kirk A. Davis
	Title:		Chief Executive Officer
	
	CA DAYTONA HOLDINGS, INC.
	CA ALABAMA HOLDINGS, INC.
	CA FLORIDA HOLDINGS, INC.
	CA SOUTH CAROLINA HOLDINGS, INC.
	CA NORTH CAROLINA HOLDINGS, INC.
	CA LOUISIANA HOLDINGS, INC.
	CA MASSACHUSETTS HOLDINGS, INC.
		
	By:		 /s/ Kirk A. Davis

	Name:		Kirk A. Davis
	Title:		Chief Executive Officer

  

  
 NEW MEDIA HOLDINGS II
LLC 
 SIXTH AMENDMENT TO CREDIT AGREEMENT 

					
	ADMINISTRATIVE AGENT:		CITIZENS BANK OF PENNSYLVANIA, as Administrative Agent
			
			By:		 /s/ Arthur D. Burns

			Name:		Arthur D. Burns
			Title:		Managing Director

  
 NEW MEDIA HOLDINGS II
LLC 
 SIXTH AMENDMENT TO CREDIT AGREEMENT 

							
	INCREMENTAL TERM LENDERS:				CITIZENS BANK OF PENNSYLVANIA, as an
Incremental Term Lender
				
					By:		 /s/ Arthur D. Burns

							Name: Arthur D. Burns
							Title: Managing Director

  
 NEW MEDIA HOLDINGS II LLC 

SIXTH AMENDMENT TO CREDIT AGREEMENT 

 Annex A 

Amended Credit Agreement 

  

 

$352,000,000392,000,000 

CREDIT AGREEMENT 
 among 

NEW MEDIA HOLDINGS I LLC, 
 as
Holdings, 
 NEW MEDIA HOLDINGS II LLC, 

as the Borrower, 
 The Several
Lenders 
 from Time to Time Parties Hereto, 

RBS CITIZENS, N.A. BANK, NATIONAL ASSOCIATION 

and 
 CREDIT SUISSE
SECURITIES (USA) LLC 
 as Joint Lead Arrangers and Joint Bookrunners, 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as Syndication Agent, 
 and 

CITIZENS BANK OF PENNSYLVANIA, 
 as
Administrative Agent 
 Dated as of June 4, 2014 

As amended by that certain letter agreement dated as of July 17, 2014, that certain First Amendment dated as of September 3, 2014,
that certain Second Amendment dated as of November 20, 2014, that certain Third Amendment dated as of January 9, 2015 and2015, that certain Fourth Amendment dated as of February 13, 2015, that certain Fifth
Amendment dated as of March 6, 2015 and that certain Sixth Amendment dated as of May 29, 2015 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 SECTION 1. DEFINITIONS
	  	 	2	  
	 1.1
	  	Defined Terms.	  	 	2	  
	 1.2
	  	Other Definitional Provisions.	  	 	5151	  
	 1.3
	  	Timing of Payment or Performance.	  	 	5152	  
	 1.4
	  	Guaranties of Hedging Obligations.	  	 	5252	  
	 1.5
	  	Financial Information.	  	 	5252	  
		
	 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS
	  	 	5253	  
	 2.1
	  	Term Loan Facility.	  	 	5253	  
	 2.2
	  	Revolving Credit Commitments.	  	 	5556	  
	 2.3
	  	Swing Line Loans.	  	 	5758	  
	 2.4
	  	Issuance of Letters of Credit and Purchase of Participations Therein.	  	 	5960	  
	 2.5
	  	Repayment of Loans; Evidence of Debt.	  	 	6667	  
	 2.6
	  	Evidence of Debt; Register; Lenders’ Books and Records; Notes.	  	 	6667	  
	 2.7
	  	Commitment Fees, etc.	  	 	6768	  
	 2.8
	  	Termination or Reduction of Revolving Credit Commitments.	  	 	6970	  
	 2.9
	  	Optional Prepayments.	  	 	6971	  
	 2.10
	  	Mandatory Prepayments and Commitment Reductions.	  	 	7072	  
	 2.11
	  	Conversion and Continuation Options.	  	 	7375	  
	 2.12
	  	Interest Rates and Payment Dates.	  	 	7476	  
	 2.13
	  	Computation of Interest and Fees.	  	 	7577	  
	 2.14
	  	Inability to Determine Interest Rate.	  	 	7677	  
	 2.15
	  	Pro Rata Treatment and Payments.	  	 	7678	  
	 2.16
	  	Ratable Sharing.	  	 	7880	  
	 2.17
	  	Requirements of Law.	  	 	7981	  
	 2.18
	  	Taxes.	  	 	8082	  
	 2.19
	  	Funding Losses.	  	 	8284	  
	 2.20
	  	Illegality.	  	 	8385	  
	 2.21
	  	Change of Lending Office.	  	 	8385	  
	 2.22
	  	Defaulting Lenders.	  	 	8385	  
	 2.23
	  	Replacement of Lenders under Certain Circumstances.	  	 	8688	  
	 2.24
	  	Incremental Facilities.	  	 	8789	  
	 2.25
	  	Extensions of Loans.	  	 	9193	  
	 2.26
	  	Quarterly Excess Cash Flow Calculations	  	 	9597	  
	 2.27
	  	Third Amendment Incremental Revolver Increase Conversion	  	 	9697	  
		
	 SECTION 3. REPRESENTATIONS AND WARRANTIES
	  	 	9698	  
	 3.1
	  	Financial Condition.	  	 	9698	  
	 3.2
	  	No Change.	  	 	9798	  
	 3.3
	  	Corporate Existence; Compliance with Law.	  	 	9798	  
	 3.4
	  	Corporate Power; Authorization; Enforceable Obligations.	  	 	9799	  

  
 -i- 

							
	 	  	 	  	Page	 
	 3.5
	  	No Contravention.	  	 	9799	  
	 3.6
	  	No Material Litigation.	  	 	9899	  
	 3.7
	  	No Default.	  	 	9899	  
	 3.8
	  	Ownership of Property; Liens.	  	 	9899	  
	 3.9
	  	Intellectual Property.	  	 	98100	  
	 3.10
	  	Taxes.	  	 	98100	  
	 3.11
	  	Federal Regulations.	  	 	99100	  
	 3.12
	  	Labor Matters.	  	 	99100	  
	 3.13
	  	ERISA.	  	 	99101	  
	 3.14
	  	Investment Company Act.	  	 	99101	  
	 3.15
	  	Subsidiaries.	  	 	99101	  
	 3.16
	  	Use of Proceeds.	  	 	100101	  
	 3.17
	  	Environmental Matters.	  	 	100102	  
	 3.18
	  	Accuracy of Information, etc.	  	 	101103	  
	 3.19
	  	Security Documents.	  	 	101103	  
	 3.20
	  	Solvency.	  	 	102103	  
	 3.21
	  	USA PATRIOT Act and OFAC.	  	 	102103	  
	 3.22
	  	Regulation H.	  	 	102104	  
	 3.23
	  	Subordination of Junior Financing.	  	 	103104	  
	 3.24
	  	Holdings as a Holding Company.	  	 	103104	  
	 3.25
	  	Insurance.	  	 	103104	  
	 3.26
	  	No Burdensome Restrictions.	  	 	103105	  
		
	 SECTION 4. CONDITIONS PRECEDENT
	  	 	103105	  
	 4.1
	  	Conditions to Effectiveness.	  	 	103105	  
	 4.2
	  	Conditions to Each Extension of Credit.	  	 	106107	  
		
	 SECTION 5. AFFIRMATIVE COVENANTS
	  	 	106108	  
	 5.1
	  	Financial Statements.	  	 	106108	  
	 5.2
	  	Certificates; Other Information.	  	 	107109	  
	 5.3
	  	Conduct of Business and Maintenance of Existence, Compliance.	  	 	109110	  
	 5.4
	  	Maintenance of Properties.	  	 	109110	  
	 5.5
	  	Payment of Taxes.	  	 	109111	  
	 5.6
	  	Insurance.	  	 	109111	  
	 5.7
	  	Inspection of Property; Books and Records; Discussions.	  	 	109111	  
	 5.8
	  	Notices.	  	 	110112	  
	 5.9
	  	Environmental Laws.	  	 	110112	  
	 5.10
	  	Use of Proceeds.	  	 	111112	  
	 5.11
	  	Subsidiaries.	  	 	111113	  
	 5.12
	  	Further Assurances.	  	 	112114	  
	 5.13
	  	Post-Closing Covenants.	  	 	113115	  
		
	 SECTION 6. NEGATIVE COVENANTS
	  	 	113115	  
	 6.1
	  	Financial Condition Covenant.	  	 	113115	  
	 6.2
	  	Limitation on Indebtedness.	  	 	114115	  
	 6.3
	  	Limitation on Liens.	  	 	117119	  

  
 -ii- 

							
	 	  	 	  	Page	 
	 6.4
	  	Limitation on Fundamental Changes.	  	 	121123	  
	 6.5
	  	Limitation on Disposition of Property.	  	 	122123	  
	 6.6
	  	Limitation on Restricted Payments.	  	 	124126	  
	 6.7
	  	Limitation on Investments.	  	 	127129	  
	 6.8
	  	Limitation on Modifications of Organizational Documents.	  	 	130131	  
	 6.9
	  	Limitation on Transactions with Affiliates.	  	 	130131	  
	 6.10
	  	Limitation on Sales and Leasebacks.	  	 	130132	  
	 6.11
	  	Limitation on Changes in Fiscal Year.	  	 	131132	  
	 6.12
	  	Limitation on Negative Pledge Clauses.	  	 	131132	  
	 6.13
	  	Limitation on Restrictions on Subsidiary Distributions.	  	 	132133	  
	 6.14
	  	Limitation on Lines of Business.	  	 	132134	  
	 6.15
	  	Modification of Terms of Junior Indebtedness.	  	 	132134	  
	 6.16
	  	Limitation on Activities of Holdings.	  	 	133134	  
	 6.17
	  	Modification of Terms of Management Agreement.	  	 	133134	  
		
	 SECTION 7. EVENTS OF DEFAULT
	  	 	133134	  
	 7.1
	  	Events of Default.	  	 	133134	  
	 7.2
	  	Application of Proceeds.	  	 	137138	  
	 7.3
	  	Cure Rights.	  	 	138139	  
		
	 SECTION 8. THE AGENTS; LENDERS
	  	 	139140	  
	 8.1
	  	Appointment.	  	 	139140	  
	 8.2
	  	Delegation of Duties.	  	 	139140	  
	 8.3
	  	Exculpatory Provisions.	  	 	139141	  
	 8.4
	  	Reliance by Agents.	  	 	140141	  
	 8.5
	  	Notice of Default.	  	 	140141	  
	 8.6
	  	Non-Reliance on Agents and Other Lenders.	  	 	141142	  
	 8.7
	  	Indemnification.	  	 	141142	  
	 8.8
	  	Agent in Its Individual Capacity.	  	 	141143	  
	 8.9
	  	Successor Administrative Agent.	  	 	142143	  
	 8.10
	  	Secured Cash Management Agreements and Specified Hedge Agreements.	  	 	142143	  
	 8.11
	  	Authorization to Release Liens and Guarantees.	  	 	143144	  
	 8.12
	  	The Arrangers; the Syndication Agent.	  	 	143144	  
	 8.13
	  	Lenders as Qualified Persons.	  	 	143144	  
		
	 SECTION 9. MISCELLANEOUS
	  	 	143144	  
	 9.1
	  	Amendments and Waivers.	  	 	143144	  
	 9.2
	  	Notices.	  	 	147148	  
	 9.3
	  	No Waiver; Cumulative Remedies.	  	 	148149	  
	 9.4
	  	Survival of Representations and Warranties.	  	 	148149	  
	 9.5
	  	Payment of Expenses.	  	 	148149	  
	 9.6
	  	Successors and Assigns; Participations and Assignments.	  	 	150151	  
	 9.7
	  	Adjustments; Set-off.	  	 	157158	  
	 9.8
	  	Counterparts.	  	 	158159	  
	 9.9
	  	Severability.	  	 	158159	  
	 9.10
	  	Integration.	  	 	158159	  

  
 -iii- 

							
	 	  	 	  	Page	 
	 9.11
	  	GOVERNING LAW.	  	 	158159	  
	 9.12
	  	Submission To Jurisdiction; Waivers.	  	 	159159	  
	 9.13
	  	Acknowledgments.	  	 	159160	  
	 9.14
	  	Confidentiality.	  	 	160160	  
	 9.15
	  	Release of Collateral and Guarantee Obligations.	  	 	160161	  
	 9.16
	  	Accounting Changes.	  	 	161162	  
	 9.17
	  	USA PATRIOT Act.	  	 	161162	  
	 9.18
	  	WAIVERS OF JURY TRIAL.	  	 	162162	  

  
 -iv- 

			
	 SCHEDULES:

	 I
		Material Subsidiaries
	 2.1
		Term Commitments
	 2.2
		Revolving Credit Commitment
	 3.15
		Subsidiaries
	 3.19
		UCC Filing Jurisdictions
	 5.13
		Post-Closing Actions
	 6.2(d)
		Existing Indebtedness
	 6.3(i)
		Existing Liens
	 6.5(i)
		Certain Asset Sales
	 6.7(r)
		Existing Investments
	 6.9
		Transactions with Affiliates
	 6.12
		Existing Negative Pledges
	 6.13
		Existing Subsidiary Distributions
	
	 EXHIBITS:

		
	 A
		Form of Borrowing Notice
	 B
		Form of Collateral Agreement
	 C
		Form of Compliance Certificate
	 D
		Form of Guarantee
	 E
		Form of Pledge Agreement
	 F-1
		Form of Term Note
	 F-2
		Form of Revolving Credit Note
	 F-3
		Form of Swing Line Note
	 G
		Form of United States Tax Compliance Certificate
	 H-1
		Form of Assignment and Acceptance
	 H-2
		Form of Affiliated Lender Assignment and Assumption

 CREDIT AGREEMENT, dated as of June 4, 2014 among New Media Holdings I LLC, a Delaware
limited liability company (“Holdings”), New Media Holdings II LLC, a Delaware limited liability company (“the Borrower”), the several banks and other financial institutions or entities from time to time parties to
this Agreement (the “Lenders”), Citizens Bank, National Association (formerly known as RBS Citizens, N.A.) and Credit Suisse Securities (USA) LLC, as joint lead arrangers (in such capacity, the
“Arrangers”) and joint bookrunners, Credit Suisse AG, Cayman Islands Branch, as syndication agent (in such capacity, the “Syndication Agent”), and CITIZENS BANK OF PENNSYLVANIA, as administrative agent (in such
capacity, together with any successor appointed in accordance with Section 8.9, the “Administrative Agent”). 

W I T N E S S E T H: 

WHEREAS, the Borrower has requested the Lenders to extend credit in the form of (i) Initial Term Loans in an aggregate principal amount
of $200,000,000, (ii) First Amendment Incremental Term Loans in an aggregate principal amount of $25,000,000, (iii) Third Amendment Incremental Term Loans in an aggregate principal amount as of the Third Amendment Effective Date of
$102,000,000, (iv) Fourth Amendment Replacement Term Loans in an initial aggregate principal amount of $327,000,000 (with a current balance of $325,875,000) which Fourth Amendment Replacement Term Loans replace the Initial Term Loans, the First
Amendment Incremental Term Loans and the Third Amendment Incremental Term Loans in accordance with the terms of Section 9.1(d) of this Agreement, (v) Revolving Credit Commitments in an initial aggregate principal amount of $25,000,000
(which may be used for the issuance of one or more Letters of Credit from time to time and one or more Swing Line Loans from time to time), which Revolving Credit Commitments shall be increased to $75,000,000 as of the Third Amendment Effective Date
by an Incremental Revolving Credit Commitment of $50,000,000 (such increase, the “Third Amendment Incremental Revolver Increase” and the Revolving Credit Loans made thereunder, the “Third Amendment Incremental Revolving
Credit Loans”) and which Third Amendment Incremental Revolving Credit Loans have been repaid prior to the Conversion Date and the Third Amendment Incremental Revolver Increase automatically terminated in accordance with
Section 2.2(a)(ii) and, (vi) additional Revolving Credit Commitments in an aggregate principal amount of $15,000,000 as of the Fifth Amendment Effective Date (such increase, the “Fifth Amendment Incremental
Revolver Increase”) and (vii) Sixth Amendment Incremental Term Loans in an aggregate principal amount of $25,000,000; 

WHEREAS, the proceeds of the Initial Term Loans extended by the Lenders hereunder on the Closing Date are to be used (i) to repay in full
all amounts outstanding under, and termination of the commitments with respect to, the Existing Credit Facilities (the “Refinancing”), (ii) to pay the Transaction Expenses and (iii) for working capital and other general
business purposes of the Borrower and its Subsidiaries; 
 WHEREAS, amounts available under the Revolving Credit Facility will be used
(A) to provide for the ongoing working capital requirements of the Borrower and its Subsidiaries, (B) for capital expenditures, Permitted Acquisitions and permitted Investments, (C) for general corporate purposes and (D) for the
issuance of (or to provide credit support for) letters of credit; 

 NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein, the
parties hereto agree as follows: 
 SECTION 1. DEFINITIONS 

1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth
in this Section 1.1. 
 “2014 Quarterly Excess Cash Flow” has the meaning set forth in Section 2.26(a). 

“Account” means an account (as that term is defined in the UCC). 

“Accounting Change” has the meaning set forth in Section 9.16. 

“Acquisition” means, as to any Person, the acquisition by such Person of (a) a majority of the Capital Stock of any
other Person or (b) all or a substantial portion of the Property of any other Person. 
 “Additional Lender” means, at
any time, any bank, other financial institution or institutional lender or investor that, in any case, is not an existing Lender and that agrees to provide any portion of any (a) Incremental Revolving Credit Commitment or Incremental Loan in
accordance with Section 2.25 or (b) Replacement Loans pursuant to Section 9.1; provided that each Additional Lender shall be subject to the approval of the Administrative Agent, such approval not to be unreasonably withheld or
delayed, to the extent that any such consent would be required from the Administrative Agent under Section 9.6(c) for an assignment of Loans to such Additional Lender, and in the case of Incremental Revolving Credit Commitments with respect to
the Revolving Credit Facility, the Swing Line Lender and Issuing Bank, solely to the extent such consent would be required for any assignment to such Additional Lender. 

“Administrative Agent” has the meaning set forth in the preamble hereto. 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is
under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by contract or
otherwise. Notwithstanding anything to the contrary set forth herein, neither the Administrative Agent nor any Lender shall be deemed to be an Affiliate of any Loan Party solely by virtue of being a party hereto or complying with the terms and
provisions of the Loan Documents. 
 “Affiliated Lender” means the Sponsor or any Affiliate of the Sponsor other than
(a) Holdings, the Borrower or any Subsidiary of the Borrower, (b) any Debt Investment Affiliate and (c) any natural person. 

“Affiliated Lender Assignment and Assumption” has the meaning set forth in Section 9.6(g)(v). 

“Affiliated Lender Cap” has the meaning set forth in Section 9.6(g)(ii). 

  
 2 

 “Agents” means the collective reference to the Syndication Agent and the
Administrative Agent. 
 “Aggregate Amounts Due” has the meaning set forth in Section 2.16. 

“Agreement” means this Credit Agreement, as amended, restated, amended and restated, supplemented or otherwise modified from
time to time. 
 “All-In Yield” means, as to any Indebtedness, the yield thereof, whether in the form of interest rate,
margin, OID, upfront fees, a Eurodollar Rate or Base Rate floor (solely with respect to Section 2.24, in the case of any Incremental Term Loan solely to the extent greater than 1.00% or 2.00%, respectively (with such increased amount being
equated to interest margins for purposes of determining any increase to the Applicable Margin under any Facility), or otherwise incurred or payable by the Borrower generally to all the lenders of such Indebtedness; provided that OID and
upfront fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the stated life to maturity at the time of its incurrence of the applicable Indebtedness); provided, further, that
“All-In Yield” shall not include arrangement fees, structuring fees, commitment fees, underwriting fees and similar fees (regardless of whether paid in whole or in part to any or all lenders) or other fees not paid generally to all lenders
of such Indebtedness or, if applicable, ticking fees accruing prior to the funding of such Indebtedness or consent fees for an amendment paid generally to consenting lenders. 

“Amendment No. 2 Effective Date” means November 20, 2014. 

“Annual Excess Cash Flow” has the meaning set forth in Section 2.10(c). 

“Applicable Margin” means a percentage per annum equal to: 

(a) with respect to Fourth Amendment Replacement Term Loans and the Sixth Amendment Incremental Term Loans,
(x) 6.25% for Eurodollar Rate Loans and (y) 5.25% for Base Rate Loans; and 
 (b) with respect to Revolving Credit
Loans and Letter of Credit fees (i) until delivery of financial statements for the first full fiscal quarter ending after the Closing Date pursuant to Section 5.1, (x) 5.25% for Eurodollar Rate Loans and Letter of Credit fees and
(y) 4.25% for Base Rate Loans, and (ii) thereafter, the following percentages per annum, based upon the Total Leverage Ratio as specified in the most recent Compliance Certificate received by the Administrative Agent pursuant to
Section 5.2(a): 
  

							
	 Pricing

Level
	  	 Total Leverage Ratio
	  	 Eurodollar Rate

and Letter of
 Credit
Fees
	  	 Base Rate

	 1
	  	3 1.75:1.00	  	5.25%	  	4.25%
	 2
	  	< 1.75:1.00	  	5.00%	  	4.00%

  
 3 

 Any increase or decrease in the Applicable Margin resulting from a change in the Total Leverage Ratio shall
become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.2(a); provided that “Pricing Level 1” (as set forth above) shall apply as of the first
Business Day after the date on which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply to and including the date on which such Compliance Certificate is so delivered (and thereafter
the pricing level otherwise determined in accordance with this definition shall apply). In the event that any Compliance Certificate delivered pursuant to Section 5.2 is shown to be inaccurate (regardless of whether this Agreement or the
Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin
applied for such Applicable Period, the Borrower shall promptly (a) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Period, (b) determine the Applicable Margin for such Applicable Period based on
the corrected Compliance Certificate, and (c) promptly and in any event, within 3 Business Days, pay to the Administrative Agent for the benefit of the Lenders the accrued additional interest and other fees owing as a result of such increased
Applicable Margin for such Applicable Period, which payment shall be promptly distributed by the Administrative Agent to the Lenders entitled thereto. The Applicable Margin for any other Class of Loans shall be as set forth in the applicable
Extension Amendment or Incremental Amendment. 
 “Arrangers” has the meaning set forth in the preamble hereto. 

“Asset Sale” means any Disposition of Property or series of substantially related Dispositions of Property which yields gross
proceeds to any NM Group Member (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of
$1,000,000, other than (i) transfers to the Borrower or any Guarantor, or from a Restricted Subsidiary that is not a Guarantor to another Restricted Subsidiary that is not a Guarantor, (ii) inventory (or other assets) sold, leased or
licensed in the ordinary course of business (excluding any such sales, leases or licenses by operations or divisions discontinued or to be discontinued) and (iii) dispositions of Investments or other assets and dispositions or compromises of
loans or other receivables, in each case, in connection with the workout, compromise, settlement or collection thereof or exercise of remedies with respect thereto, in the ordinary course of business or in bankruptcy, foreclosure or similar
proceedings. 
 “Asset Sale Threshold Amount” has the meaning set forth in Section 2.10(b). 

“Assignee” has the meaning set forth in Section 9.6(c). 

“Assignment and Acceptance” has the meaning set forth in Section 9.6(c). 

“Assignor” has the meaning set forth in Section 9.6(c). 

“Available Amount” means, on any date, an amount equal to: 

  
 4 

 (a) the sum of: (i) $15,000,000 plus (ii) the Available ECF Amount on such date, plus
(iii) the cumulative proceeds from (A) any capital contribution to Holdings made on or prior to such date (but after the Closing Date) (other than (1) capital contributions utilized contemporaneously upon receipt thereof to finance
capital expenditures or to make Restricted Payments pursuant to Section 6.6(h) and (2) in connection with any Cure Right) and designated as being applied to increase the Available Amount or (B) any public equity offerings of New Media
(to the extent contributed to Holdings and other than (1) to the extent utilized contemporaneously upon receipt thereof to finance capital expenditures or to make Restricted Payments pursuant to Section 6.6(g) or Section 6.6(h) and
(2) in connection with any Cure Right) made on or prior to such date (but after the Closing Date) and designated as being applied to increase the Available Amount; minus 

(b) the aggregate amount of (i) Restricted Payments made prior to such date (but after the Closing Date) pursuant to Section 6.6(k)
and (ii) Investments made prior to such date (but after the Closing Date) pursuant to Section 6.7(w). 
 “Available ECF
Amount” means, on any date, an amount equal to (i) 100% minus the ECF Percentage multiplied by (ii) the 2014 Quarterly Excess Cash Flow, the Quarterly Excess Cash Flow or the Annual Excess Cash Flow, as the case may
be; provided that such calculation shall not include any Excess Cash Flow accumulated prior to the Closing Date; provided further that (i) any unused Available ECF Amount in any fiscal quarter or fiscal year may be carried
forward and utilized in the next three succeeding fiscal quarters (subject to a cap of $20,000,000 in the aggregate for any carry forward amounts for the fiscal quarters ended September 28, 2014 and December 28, 2014) and (ii) any
Restricted Payments or Investments made during any such succeeding fiscal quarter pursuant to Section 6.6(k) and 6.7(w), respectively, shall be deemed to be made first with respect to the Available Amount available for such fiscal quarter or
fiscal year and then with respect to any carry forward amount to the extent applicable. 
 “Available Incremental Amount”
has the meaning set forth in Section 2.24(d)(ii). 
 “Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2 of 1% and
(c) the Eurodollar Rate for an Interest Period of one month; provided, however, that notwithstanding the foregoing, the Base Rate with respect to Fourth Amendment Replacement Term Loans and Sixth Amendment Incremental Term
Loans shall at no time be less than 2.0% per annum. For purposes hereof: “Prime Rate” shall mean the prime lending rate as publicly announced by the Administrative Agent, as in effect from time to time; each change in the Prime
Rate shall be effective from and including the date such change is publicly announced as being effective. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually available. Any change in the Base Rate
due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 

“Base Rate Loans” means Loans for which the applicable rate of interest is based on the Base Rate. 

“Benefited Lender” has the meaning set forth in Section 9.7(a). 

  
 5 

 “Board” means the Board of Governors of the Federal Reserve System of the United
States (or any successor). 
 “Borrower” has the meaning set forth in the preamble. 

“Borrowing” means a borrowing consisting of Loans of the same Class and Type made, converted or continued on the same date
and, in the case of Eurodollar Rate Loans, having the same Interest Period. 
 “Borrowing Date” means any Business Day
specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder. 
 “Borrowing
Notice” means, with respect to any request for borrowing of Loans hereunder, a notice from the Borrower, substantially in the form of, and containing the information prescribed by, Exhibit A, delivered to the Administrative Agent.

 “Business Day” means (a) for all purposes other than as covered by clause (b) below, any day excluding
Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or the State of Massachusetts or is a day on which banking institutions located in such state are authorized or required by law or other governmental
action to close and (b) with respect to all notices, determinations, fundings and payments in connection with, and payments of principal and interest on, Eurodollar Rate Loans, any day which is a Business Day described in clause (a) and
which is also a day for trading by and between banks in Dollar deposits in the interbank Eurodollar market. 
 “Capital
Lease” means a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP; provided that if at any time an operating lease (or a lease or other arrangement to use property that would be an
operating lease under GAAP as in effect on the Closing Date) is required to be recharacterized (on a prospective or retroactive basis or otherwise) as a capital lease as a result of a change in GAAP after the Closing Date (including as a result of
the implementation of proposed Accounting Standards Update (ASU) Leases (Topic 840) issued August 17, 2010, or any successor proposal), then for all purposes hereof such lease shall continue to be treated as an operating lease and not a Capital
Lease. 
 “Capital Lease Obligations” means, for any period, the aggregate of all expenditures (whether paid in cash or
accrued as liabilities and including in all events all amounts expended or capitalized under Capital Lease Obligations) by the Borrower and the Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be
included as capital expenditures on the consolidated statement of cash flows of the Borrower and the Restricted Subsidiaries. 

“Capital Stock” means: (a) in the case of a corporation, corporate stock; (b) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or limited liability company, partnership or membership interests (whether
general or limited); and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person but excluding from all of the foregoing

  
 6 

 
any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

“Cash Collateral Account” has the definition set forth in Section 2.10(e). 

“Cash Collateralize” means, in respect of an Obligation, to provide and pledge (as a first priority perfected security
interest) cash collateral (or, with respect to Letters of Credit outstanding at the time the aggregate Commitments are terminated and all other Obligations are paid in full (other than contingent obligations not yet due and payable), a backstop
letter of credit reasonably acceptable to the Issuing Banks) in Dollars, at a location and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the Issuing Bank (and “Cash
Collateralization” has a corresponding meaning). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United
States or Canadian government or issued by any agency thereof and backed by the full faith and credit of the United States or Canada, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time
deposits, eurodollar time deposits or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of (x) the United States of America or
any state thereof having combined capital and surplus of not less than $500,000,000 as of the date of acquisition thereof; (c) commercial paper of an issuer rated (i) in the United States at least
A-2 by S&P or P-2 by Moody’s as of the date of acquisition thereof or (ii) an equivalent thereof by any other nationally recognized rating agency as of the
date of acquisition thereof, if both named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any
commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with
maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by
any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s as of the date of acquisition
thereof; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; and
(g) shares of money market mutual or similar funds which invest in assets substantially all of which satisfy the requirements of clauses (a) through (f) of this definition. With respect to any Investments made by any Foreign
Subsidiary or any Investments made in a country outside of the United States, Cash Equivalents shall also include (i) investments of the type and maturity described in clauses (a) through (g) above of foreign obligors, which
Investments or obligors (or the parents of such obligors) have ratings described in such clauses (or reasonably equivalent ratings from comparable foreign rating agencies) and (ii) other short-term investments used by such Foreign Subsidiaries
in accordance with normal investment practices for cash management in investments reasonably analogous to the foregoing investments described in clauses (a) through (g) above and in this sentence. 

  
 7 

 “Cash Management Bank” means any Person that is (a) a Lender or an
Affiliate of a Lender at the time it provides any Cash Management Services, whether or not such Person subsequently ceases to be a Lender or an Affiliate of a Lender or (b) a Lender or an Affiliate of a Lender on the Closing Date and the Cash
Management Services were provided on or prior to the Closing Date, whether or not such Person subsequently ceases to be a Lender or an Affiliate of a Lender. 

“Cash Management Obligations” means obligations owed by the Borrower or any Restricted Subsidiary to any Cash Management Bank
in respect of or in connection with any Cash Management Services. 
 “Cash Management Services” means operating,
collections, payroll, trust or other depository or disbursement accounts, including automated clearing house, controlled disbursement, depository, electronic funds transfer, information reporting, lockbox, stop payment, overdraft and/or wire
transfer services and all other treasury and cash management services. 
 “CFC” means a controlled foreign corporation
within in the meaning of Section 957(a) of the Code. 
 “Change in Law” means the occurrence, after the date of this
Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule,
regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law)
by any Governmental Authority; provided, however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and
directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to a “Change in Law” regardless of the date enacted, adopted,
issued or implemented. 
 “Change of Control” means (a)(i) any Person (other than a Permitted Holder), or (ii) Persons
(other than one or more Permitted Holders) constituting a “group” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person and its Subsidiaries, and any person or entity
acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), becomes the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 of the Exchange Act), directly or indirectly, of Equity Interests
representing more than thirty-five percent (35%) of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings Entity and the percentage of aggregate ordinary voting power so held is greater than
the percentage of the aggregate ordinary voting power represented by the Equity Interests of Holdings Entity beneficially owned, directly or indirectly, in the aggregate by the Permitted Holders, unless the Permitted Holders have, at such time, the
right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority of the board of directors of any Holdings Entity (or a direct or indirect parent entity thereof) or otherwise control any Holdings
Entity (or a direct or indirect parent entity 

  
 8 

 
thereof), directly or indirectly, by management, contract or otherwise (it being understood that the Management Agreement shall meet the foregoing control requirement), (b) New Media shall
fail, directly or indirectly, to legally and beneficially own 100% of the Equity Interests of Holdings or (c) Holdings shall fail, directly or indirectly, to legally and beneficially own 100% of the Equity Interests of the Borrower. 

“Class” means (a) when used with respect to Lenders, whether such Lenders have Loans or Commitments with respect to a
particular Class of Loans or Commitments, (b) when used with respect to Commitments, whether such Commitments are Initial Term Commitments, Revolving Credit Commitments, Incremental Revolving Credit Commitments, Incremental Term Commitments, or
Commitments in respect of any Class of Replacement Loans or a Class of Loans to be made pursuant to a given Extension Series not designated part of another existing Class and (c) when used with respect to Loans or a Borrowing, whether such
Loans, or the Loans comprising such Borrowing, are Initial Term Loans, Revolving Credit Loans under the Initial Revolving Credit Facility, Incremental Term Loans, Replacement Loans, Extended Term Loans or Loans made pursuant to Extended Revolving
Credit Commitments, in each case, not designated part of another existing Class. Commitments (and, in each case, the Loans made pursuant to such Commitments) that have different terms and conditions shall be construed to be in different Classes.
Commitments (and, in each case, the Loans made pursuant to such Commitments) that have identical terms and conditions shall be construed to be in the same Class. 

“Closing Date” means June 4, 2014. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral” means all Property of the Loan Parties, now owned or hereafter acquired, identified in the granting clause of
any Security Documents, other than Excluded Assets. 
 “Collateral Agreement” means a collective reference to (i) the
Security Agreement, dated as of the Closing Date, made by the Loan Parties creating a security interest in favor of the Administrative Agent for the benefit of the Secured Parties, substantially in the form attached hereto as Exhibit B,
together with any supplements or joinders thereto executed and delivered pursuant to Section 5.11 and (ii) any such other collateral or security agreement made in favor of the Administrative Agent for the benefit of the Secured Parties in
form and substance reasonably satisfactory to the Administrative Agent, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Commitment” means, with respect to any Lender, a Revolving Credit Commitment, Incremental Revolving Credit Commitment,
Initial Term Commitment, Incremental Term Commitment, Extended Revolving Credit Commitment of a given Extension Series, Extended Term Loan Commitment of a given Extension Series, or any commitment in respect of Replacement Loans, as the context may
require. 
 “Commitment Fee Rate” means 0.50% per annum. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §1 et. seq.), as amended from time to time and any
successor statute. 

  
 9 

 “Commonly Controlled Entity” means an entity, whether or not incorporated, that
is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that includes the Borrower and that is treated as a single employer under Section 414 of the Code. 

“Compliance Certificate” means a certificate duly executed by a Responsible Officer, substantially in the form of Exhibit
C. 
 “Consolidated Capital Expenditures” means, for any period, the aggregate of all expenditures of Holdings, the
Borrower and its Restricted Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property and equipment” or similar items reflected in the consolidated
statement of cash flows of Holdings, the Borrower and its Restricted Subsidiaries; provided that Consolidated Capital Expenditures shall not include any (i) expenditures for replacements and substitutions for fixed assets, capital assets
or equipment to the extent made with Net Cash Proceeds from Recovery Events invested pursuant to Section 2.10(b) or with Net Cash Proceeds from Asset Sales invested pursuant to Section 2.10(b), (ii) capital expenditures financed with
the proceeds of equity contributions to Holdings solely to the extent such proceeds are utilized contemporaneously upon receipt thereof and are identified as such or (iii) Permitted Acquisitions. 

“Consolidated Current Assets” means, as at any date of determination, the total assets of a Person and its Subsidiaries on a
consolidated basis that may properly be classified as current assets in conformity with GAAP, excluding cash and Cash Equivalents. 

“Consolidated Current Liabilities” means, as at any date of determination, the total liabilities of a Person and its
Subsidiaries on a consolidated basis that may properly be classified as current liabilities in conformity with GAAP, excluding the current portion of long term debt. 

“Consolidated EBITDA” means, with respect to Holdings, the Borrower, and its Restricted Subsidiaries during such period
determined on a consolidated basis, Consolidated Net Income, plus, without duplication (to the extent deducted in calculating Consolidated Net Income): 

(i) Consolidated Interest Expense for such period; 

(ii) Consolidated Income Tax Expense for such period; 

(iii) depreciation and amortization expense for such period; 

(iv) deferred financing costs; 

(v) management fee incentive expense incurred and paid using common equity; 

(vi) (A) restructuring and integration costs that are determined by the Borrower in good faith to be non-recurring, including, without
limitation, operational initiatives, severance costs, relocation costs, costs associated with discontinued operations and costs associated with curtailments or modifications to pension and post-retirement employee benefit and (B) amounts
charged in respect of discontinued operations or restructuring activities and losses from 

  
 10 

 
discontinued operations; provided that the aggregate amount of add backs for cash expenses made pursuant to this clause (vi) shall not exceed 12.5% of Consolidated EBITDA for such
fiscal period, unless agreed upon by the Administrative Agent; 
 (vii) all other non-cash items (other than any such non-cash item to the
extent it represents an accrual of or reserve for cash expenditures in any future period) including, without limitation, non-cash items arising from impairments of goodwill, intangibles and fixed assets, and changes in the values of the assets of
any pension and post-retirement benefit plans; 
 (viii) fees, costs and expenses in connection with the Transactions; 

(ix) fees, costs and expenses relating to contemplated or completed Acquisitions or Dispositions; provided that the aggregate amount of
add backs for fees, costs and expenses made pursuant to this clause (ix) in connection with Acquisitions or Dispositions that are not actually consummated shall not exceed 5% of Consolidated EBITDA for such fiscal period; 

(x) pro forma “run rate” cost savings, operating expense reductions and synergies related to Acquisitions that are reasonably
identifiable, factually supportable and projected by the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of
the Borrower) within 18 months after such Acquisition; provided that the aggregate amount of cost savings, operating expense reductions and synergies added pursuant to this clause (x) shall not exceed 10% of Consolidated EBITDA for such
fiscal period, unless agreed upon by the Administrative Agent; 
 (xi) any non-cash expenses relating to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement; 
 (xii) out-of-pocket expenses or charges relating to any
contemplated or completed offering of securities; 
 (xiii) non-cash losses from early extinguishments of Indebtedness of Holdings, the
Borrower or any of its Restricted Subsidiaries; 
 (xiv) any extraordinary, unusual or non-recurring losses on sales of assets; and 

(xv) non-cash losses from Hedge Agreements of Holdings; the Borrower or any of its Restricted Subsidiaries; 

minus the sum of the following to the extent included in calculating Consolidated Net Income, without duplication: 

(i) any extraordinary, unusual or non-recurring gains on sales of assets; 

(ii) gains from early extinguishment of Indebtedness; 

  
 11 

 (iii) non-cash charges previously added back to Consolidated Net Income in determining
Consolidated EBITDA to the extent such non-cash charges have become cash charges during such period; 
 (iv) non-cash gains from Hedge
Agreements of Holdings or any of its Subsidiaries; and 
 (v) any other non-recurring cash or non-cash gains during such period. 

For the purposes of calculating Consolidated EBITDA under this Agreement for any period that includes the following fiscal quarters,
(a) Consolidated EBITDA for the fiscal quarter ended March 30, 2014, shall be deemed to be $8,868,873, (b) Consolidated EBITDA for the fiscal quarter ended December 29, 2013, shall be deemed to be $34,051,000,
(c) Consolidated EBITDA for the fiscal quarter ended September 29, 2013, shall be deemed to be $23,898,000, and (d) Consolidated EBITDA for the fiscal quarter ended June 30, 2013, shall be deemed to be $24,493,000. 

“Consolidated Income Tax Expense” means, for any period, the income tax expense of Holdings, the Borrower and its Restricted
Subsidiaries (other than Excluded Subsidiaries) on a consolidated basis. 
 “Consolidated Interest Expense” means, with
respect to any Person for any period, without duplication, the sum of: 
 (a) consolidated interest expense in respect of Indebtedness of
such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (i) amortization of original issue discount resulting from the issuance of
Indebtedness at less than par, (ii) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (iii) non-cash interest payments (but excluding any non-cash interest expense
attributable to the movement in the mark to market valuation of obligations under Hedge Agreements or other derivative instruments pursuant to GAAP), (iv) the interest component of Capital Lease Obligations, (v) net payments, if any, made
(less net payments, if any, received), pursuant to obligations under interest rate Hedge Agreements with respect to Indebtedness, and excluding (vi) any prepayment premium or penalty, (vii) annual agency fees paid to the administrative
agents and collateral agents under any credit facilities or other debt instruments or document, (viii) costs associated with agreements in respect of obligations under Hedge Agreements and breakage costs in respect of agreements in respect of
obligations under Hedge Agreements related to interest rates, (ix) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization accounting or, if applicable, purchase accounting in
connection with the Transactions or any acquisition (or purchase of assets), (x) penalties and interest relating to taxes and any other financing fees related to the Transactions or any acquisition (or purchase of assets) after the Closing
Date, (xi) any “additional interest” or “liquidated damages” with respect to any debt securities for failure to timely comply with registration rights obligations, (xii) amortization of deferred financing fees, debt
issuance costs, commissions, fees and expenses and discounted liabilities (other than accretion of OID and payment-in-kind of interest), (xiii) any amortization or expensing of bridge, arranging, structuring, commitment and other financing fees
and (xiv) any accretion of accrued 

  
 12 

 
interest on discounted liabilities (other than accretion of OID and payment-in-kind of interest); plus 

(b) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; less

 (c) interest income of such Person and its Restricted Subsidiaries for such period. 

For purposes of this definition, interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to
be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. 
 “Consolidated Net Income”
means for any period, the consolidated net income (or loss) of Holdings, the Borrower and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that in calculating Consolidated Net
Income of Holdings, the Borrower and the Restricted Subsidiaries for any period, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated
with an NM Group Member or that Person’s assets are acquired by an NM Group Member, (b) the income (or deficit) of any Person (other than a Restricted Subsidiary of the Borrower or any Restricted Subsidiaries) in which any NM Group Member
has an ownership interest, except to the extent that any such income is actually received by an NM Group Member in the form of dividends or similar distributions, (c) any after-tax gains or losses attributable to Asset Sales or returned surplus
assets of any Pension Plan and (d) to the extent not included in clauses (a) through (c) above, any net extraordinary gains or net extraordinary losses. 

“Consolidated Total Debt” means, at any date, without duplication, the aggregate principal amount of all Funded Debt of the
NM Group Members at such date, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Working
Capital” means, as at any date of determination, the excess of Consolidated Current Assets of Holdings, the Borrower and its Restricted Subsidiaries over Consolidated Current Liabilities of Holdings, the Borrower and its Restricted
Subsidiaries. 
 “Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or
of any indenture, Mortgage, contract, agreement, instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound or to which it or any of its Property is subject. 

“Controlled Investment Affiliate” means, as to any Person, any other Person, other than the Sponsor, which directly or
indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in the Borrower
and/or other companies. 
 “Conversion Date” means the earlier of (i) the date which is five (5) Business Days
following the Equity Contribution and (ii) January 30, 2015. 

  
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 “Converted Term Loans” has the meaning set forth in Section 2.27. 

“Corrective Extension Amendment” has the meaning set forth in Section 2.25(f). 

“Cure Amount” has the meaning set forth in Section 7.3(a). 

“Cure Right” has the meaning set forth in Section 7.3(a). 

“Currency Agreement” means any foreign exchange contract, currency swap agreement, futures contract, option contract,
synthetic cap or other similar agreement or arrangement, each of which is for the purpose of hedging the foreign currency risk associated with the Borrower’s and its Subsidiaries’ operations and not for speculative purposes. 

“Declined Proceeds” has the meaning set forth in Section 2.10(f). 

“Debt Investment Affiliate” means any Affiliate of the Sponsor that is engaged in making, purchasing, holding or otherwise
investing in commercial loans, bonds and/or similar debt securities in the ordinary course of its business (but shall not include any natural person or Holdings, the Borrower or any of the Restricted Subsidiaries). 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, composition, winding-up, dissolution, adjustment of debt, ad-ministration, judicial management, insolvency, reorganization, or similar debtor relief Laws of the United
States or any state thereof or other applicable domestic or foreign jurisdictions from time to time in effect and affecting the rights of creditors generally. 

“Default” means any of the events specified in Section 7, whether or not any requirement for the giving of notice, the
lapse of time, or both, has been satisfied. 
 “Defaulting Lender” means, subject to Section 2.22(c), any Lender that
(a) has failed to fund any portion of the Loans, participations in L/C Obligations or participations in Swing Line Loans required to be funded by it hereunder within two (2) Business Days of the date required to be funded by it hereunder,
unless the subject of a good faith dispute (or a good faith dispute that is subsequently cured), (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within
two (2) Business Days of the date when due, unless the subject of a good faith dispute (or a good faith dispute that is subsequently cured), (c) has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding or
(d) has notified the Borrower and/or the Administrative Agent that it does not intend to comply with its funding obligations or has made a public statement or provided any written notification to any Person to that effect with respect to its
funding obligations hereunder; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental
Authority. 
 “Designated Non-Cash Consideration” means the fair market value of non-cash consideration received by the
Borrower or a Restricted Subsidiary in connection with a Disposition pursuant to Section 6.5(f) that is so designated as Designated Non-Cash Consideration 

  
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pursuant to a certificate of a Responsible Officer, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale,
redemption or repurchase of or collection or payment on such Designated Non-Cash Consideration. 
 “Designated Preferred
Stock” means Preferred Stock of the Borrower (other than Disqualified Stock) that is issued for cash (other than to the Borrower or a Restricted Subsidiary or an employee stock ownership plan or trust established by the Borrower or any of
its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to a certificate of a Responsible Officer, on or promptly after the issuance date thereof, the cash proceeds of which are excluded from the calculation of the Available
Amount. 
 “Disposition” means, with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance,
transfer, exchange or other disposition thereof; and the terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Institutions” means the financial institutions and competitors specifically identified in writing to the
Administrative Agent prior to April 22, 2014 as “Disqualified Lenders” and competitors that were not competitors on such date identified in writing to the Administrative Agent from time to time as “Disqualified Lenders”.

 “Disqualified Stock” means that portion of any Capital Stock that, by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event which would constitute a Change of Control), matures or is mandatorily redeemable, pursuant to a
sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence of a Change of Control) on or prior to the date that is six (6) months after the Latest Maturity Date.

 “Dollars” and “$” means dollars in lawful currency of the United States of America. 

“Domestic Subsidiary” means any direct or indirect Subsidiary of the Borrower that is organized under the Laws of the United
States, any state thereof or the District of Columbia (other than any such Subsidiary that is treated as a disregarded entity for United States Federal income tax purposes and substantially all of whose assets consist (directly or indirectly through
disregarded entities) of the Equity Interests and/or Indebtedness of one or more CFCs). 
 “ECF Percentage” means a
percentage equal to (i) if at any time the Total Leverage Ratio, calculated on a Pro Forma Basis, is greater than 3.00:1.00, 100%, (ii) if at any time the Total Leverage Ratio, calculated on a Pro Forma Basis, is less than or equal to
3.00:1.00 but greater than 2.75:1.00, 50%, (iii) if at any time the Total Leverage Ratio, calculated on a Pro Forma Basis, is less than or equal to 2.75:1.00 but greater than 2.50:1.00, 25% and (iv) if at any time the Total Leverage Ratio,
calculated on a Pro Forma Basis, is less than or equal to 2.50:1.00, 0%. 
 “Environmental Action” means any action, suit,
notice, demand, demand letter, claim, lien, notice of noncompliance or violation or proceeding (“Claims”) relating in any way to any Environmental Law or any Environmental Permit including (i) any and all Claims by governmental
or regulatory authorities for enforcement, cleanup, removal, response, remedial or 

  
 15 

 
other actions or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party relating to the release, alleged release, or threatened release of
Hazardous Materials or arising from alleged injury or threat of injury to the environment, or to health or safety. 
 “Environmental
Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation, ordinance, code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in
effect and in each case as amended, or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, in each case, to the extent binding on Holdings or its Subsidiaries, relating
to the environment, the effect of the environment on employee health, or Hazardous Materials, in each case as amended from time to time. 

“Environmental Liabilities” means all liabilities, monetary obligations, losses, damages, costs and expenses (including all
reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any Remedial Action, or any Environmental Action.

 “Environmental Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities. 

“Environmental Permits” has the meaning set forth in Section 3.17. 

“Equity Contribution” has the meaning set forth in Section 2.2(a)(ii). 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time. 
 “Eurodollar Rate Loans” means Loans the rate of interest applicable
to which is based upon the Eurodollar Rate. 
 “Eurodollar Rate” means, with respect to each day during each Interest
Period pertaining to a Eurodollar Rate Loan, the offered rate for deposits of U.S. Dollars for a term coextensive with the designated Interest Period pertaining to a Eurodollar Rate Loan which the ICE Benchmark Administration (or any successor
administrator of Eurodollar rates thereto if the ICE Benchmark Administration is no longer making a Eurodollar rate available) fixes as its Eurodollar rate as of 11:00 A.M. London time on the day which is two (2) London Banking Days prior to
the beginning of such Interest Period pertaining to a Eurodollar Rate Loan as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent
from time to time); provided that the Eurodollar Rate with respect to Term Loans will be deemed not to be less than 1.00% per annum. If for any reason the Administrative Agent cannot determine such offered rate fixed by the then current
administrator of Eurodollar rates, then the “Eurodollar Rate” for such Interest Period shall be the average (rounded upward, if necessary, to the nearest 1/100th of 1%) of the rate per 

  
 16 

 
annum determined by the Administrative Agent to be the rate at which deposits in dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the
Eurodollar Rate Borrowing being made, continued or converted by the Administrative Agent and with a term equivalent to such Interest Period would be offered by the Administrative Agent’s London Branch to major banks in the London interbank
Eurodollar market at their request at approximately 11:00 A.M. London time on the day that is two (2) London Banking Days prior to the beginning of such Interest Period. 

“Eurodollar Reserve Requirements” means at any time, for any Eurodollar Rate Loan, the maximum rate, expressed as a decimal,
at which reserves (including any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D) under
regulations issued from time to time by the Board or other applicable banking regulator. Without limiting the effect of the foregoing, the Eurodollar Reserve Requirement shall reflect any other reserves required to be maintained by such member banks
with respect to (i) any category of liabilities which includes deposits by reference to which the Eurodollar Rate or any other interest rate of a Loan is to be determined, or (ii) any category of extensions of credit or other assets which
include Eurodollar Rate Loans. A Eurodollar Rate Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that may be
available from time to time to the applicable Lender. The rate of interest on Eurodollar Rate Loans shall be adjusted automatically on and as of the effective date of any change in the Eurodollar Reserve Requirement. 

“Eurodollar Tranche” means with respect to any Facility, the collective reference to Eurodollar Rate Loans in the same
currency under such Facility the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Event of Default” means any of the events specified in Section 7, provided that any requirement for the giving
of notice, the lapse of time, or both, has been satisfied. 
 “Excess Cash Flow” means with respect to Holdings, the
Borrower and its Restricted Subsidiaries: 
 (a) Consolidated EBITDA, minus 

(b) the sum of, without duplication: 

(i) the cash portion of Consolidated Interest Expense paid during such period; 

(ii) the cash portion of Consolidated Income Tax Expense paid during such period; 

(iii) all scheduled principal payments made in respect of the Term Loans or Funded Debt (other than repayment of Revolving
Credit Loans that do not result in a permanent reduction of the Revolving Credit Commitments) during such period; 

  
 17 

 (iv) the cash portion of Consolidated Capital Expenditures (net of any proceeds
reinvested in accordance with Section 2.10(b) and any proceeds of related financings with respect to such expenditures) made during such period; 

(v) the excess, if any, of Consolidated Working Capital at the end of such period over Consolidated Working Capital at the
beginning of such period (or, if the difference results in an amount less than zero, minus the excess, if any, of Consolidated Working Capital at the beginning of such period over Consolidated Working Capital at the end of such period); 

(vi) all cash expenses, fees, charges and amounts to the extent added back to Consolidated EBITDA (or its component
definitions); 
 (vii) any gain realized from a Disposition subject to the right to reinvest contained in
Section 2.10(b) to the extent included in Excess Cash Flow for the applicable period; 
 (viii) cash payments under
Capital Leases (excluding any interest expense portion thereof) or other long-term obligations (including pension obligations); 

(ix) cash expenditures in respect of obligations in respect of Hedge Agreements during such fiscal year to the extent not
deducted in arriving at Consolidated EBITDA (or its component definitions); 
 (x) without duplication of amounts deducted
from Excess Cash Flow pursuant to clause (xii) in prior periods, actual cash payments in respect of Permitted Acquisitions and Investments in joint ventures (except to the extent such Permitted Acquisitions or Investments were financed
(1) with the proceeds of Funded Debt (including the Third Amendment Incremental Revolving Credit Loans to the extent such Loans have been prepaid pursuant to Section 2.2(a)(ii), but excluding any other Indebtedness under any revolving
credit facility) of the Borrower or any Restricted Subsidiary, (2) with cash on the balance sheet of the Borrower as of the Closing Date and less, in each case, any amounts received in respect thereof as a return of capital or
(3) contemporaneously with the proceeds of equity contributions to Holdings); 
 (xi) any cash actually paid in respect
of any non-cash losses or charges recorded in a prior period; and 
 (xii) the amount of Restricted Payments paid in cash
during such period pursuant to Sections 6.6(c), 6.6(d), 6.6(f), 6.6(e), 6.6(j), 6.6(k) or 6.6(l) in respect of prior periods, except to the extent such Restricted Payments were financed with (A) the proceeds of Funded Debt (other than any
Indebtedness under any revolving credit facility) of the Borrower or any Restricted Subsidiary or (B) cash on the balance sheet of the Borrower as of the Closing Date. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 

  
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 “Excluded Assets” means (i) any fee-owned real property with a fair market
value of less than $2,500,000, any leasehold rights and interests in real property (including landlord waivers, estoppels, collateral access letters and ground lease interests with respect to locations with collateral values below $2,500,000) and
any fixtures affixed to any real property not subject to a Mortgage in favor of the Administrative Agent, (ii) motor vehicles, aircraft and other assets subject to certificates of title or ownership to the extent that a security interest
therein cannot be perfected solely by filing a UCC (or similar) financing statement, (iii) letters of credit and letter of credit rights, except (A) to the extent constituting supporting obligations for other Collateral as to which
perfection of the security interest in such other Collateral is accomplished solely by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security interest in letter of credit rights, other
than the filing of a UCC financing statement) or (B) having a value greater than $1,000,000, (iv) commercial tort claims where the amount of damages claimed by the applicable Loan Party is less than $1,000,000, (v) any governmental
licenses or state or local franchises, charters and authorizations to the extent that the Administrative Agent may not validly possess a security interest therein under applicable Laws (including, without limitation, rules and regulations of any
Governmental Authority or agency) or the pledge or creation of a security interest in which would require governmental consent, approval, license or authorization, other than to the extent such prohibition, limitation or restriction is ineffective
under the UCC or other applicable Laws, (vi) any lease, license, franchise, charter, authorization, contract or agreement to which any Loan Party is a party, and any of its rights or interest thereunder (but not the cash proceeds thereof), if
and to the extent the pledge thereof or the security interest therein (A) is prohibited by a term, provision or condition of any such lease, franchise, charter, authorization, contract or agreement or Organizational Document existing on the
Closing Date (or at the time such Person becomes a Subsidiary (and not created in contemplation thereof)) or (B) is prohibited by any Requirement of Law (other than to the extent such prohibition is rendered ineffective under the UCC) or, in
the case of either (A) or (B), would require consent, approval, license or authorization (in each case, after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Laws) by any Governmental Authority or other
third party or would give rise to a termination right pursuant to any “change of control” or other similar provision under such written agreement, license or lease (except to the extent such provision is overridden by the UCC or other
applicable Laws) or (C) is prohibited by a term, provision or condition of any such license, (vii) Margin Stock, Equity Interests in any Person other than Material Subsidiaries, (viii) any lease, license or agreement or any property
subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or create a right of
termination in favor of any other party thereto, in each case, after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Laws, other than proceeds and receivables thereof, the assignment of which is expressly
deemed effective under the UCC or other applicable Laws notwithstanding such prohibition, (ix) any (A) “intent-to-use” application for registration of a trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C.
§ 1051, prior to the accepted filing of a “Statement of Use” and issuance of a “Certificate of Registration” pursuant to Section 1(d) of the Lanham Act, or an accepted filing of an “Amendment to Allege Use”
whereby such intent-to-use trademark application is converted to a “use in commerce” application pursuant to Section 1(c) of the Lanham Act, (B) Intellectual Property or licenses thereof if the grant of such security interest
would constitute or result in the abandonment of, loss of, invalidation of, voiding or rendering 

  
 19 

 
unenforceable any of its right, title or interest therein (in each case, after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Laws) and (C) any
assets titled outside the U.S., including any intellectual property registered or applied for in any non-U.S. jurisdiction, with respect to which actions in any non-U.S. jurisdiction are needed or required by the laws of any non-U.S. jurisdiction to
create or perfect any security interest therein (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction), (x) particular assets if and for so long as, in the
reasonable judgment of the Administrative Agent in consultation with the Borrower, the cost of creating, perfecting or maintaining such pledges or security interest in such assets or obtaining title insurance, surveys, abstracts or appraisals in
respect of such assets exceed the fair market value (as determined by the Administrative Agent in its reasonable judgment) thereof or the practical benefits to be obtained by the Lenders therefrom, (xi) voting Equity Interests constituting an
amount greater than 65% of the voting Equity Interests of any Foreign Subsidiary that is a CFC (but for the avoidance of doubt, 75% of any non-voting Equity Interests will not be Excluded Assets by reason of this clause (xi)), (xii) Equity
Interests in any joint venture or any non-wholly owned Restricted Subsidiaries but only to the extent (x) the pledge thereof to the Administrative Agent is not permitted by the terms of such Person’s joint venture documents or
Organizational Documents or (y) the pledge of such Equity Interests (including any exercise of remedies) would result in a change of control, repurchase obligation or other adverse consequence to any of the Loan Parties or such Restricted
Subsidiary, (xiii) Equity Interests or other assets that are held directly (or through entities that are treated as partnerships or disregarded entities for U.S. federal tax purposes) by a Foreign Subsidiary that is a CFC,
(xiv) intercompany loans, Indebtedness or receivables owed by any CFC or any Foreign Subsidiary referred to in clause (xi) above and (xv) assets, if and to the extent that a security interest in such asset requires a consent of any
Governmental Authority or any third party that has not been obtained, except to the extent such consent is rendered ineffective under the UCC; provided that (i) perfection by “control” shall not be required with respect to any
Collateral (other than (x) in respect of certificated Collateral and (y) in respect of physical instruments with a face amount in excess of $1,000,000), (ii) control agreements shall not be required in respect of any deposit accounts,
securities accounts, commodities accounts and other bank accounts with an average balance over 30 days below $2,000,000; provided, however, the aggregate average balance over any 30 day period for all such accounts shall not exceed $6,000,000
(with standard carve-outs for payroll accounts, benefits, withholding tax, escrow, customs or other zero balance accounts or other fiduciary accounts or for accounts which constitute Liens permitted pursuant to Section 6.3 securing Indebtedness
permitted pursuant to Section 6.2), and (iii) no Loan Party shall be required to deliver landlord lien waivers, estoppels or collateral access letters with respect to locations with collateral values below $2,500,000. 

“Excluded Contribution” means net cash proceeds or marketable securities received by the Borrower from contributions to its
common equity capital designated as Excluded Contributions pursuant to an officers’ certificate on the date such capital contributions are made. 

“Excluded Subsidiary” means (a) subject to the provisions of Section 5.11(e), any Non-Wholly Owned Subsidiary,
(b) any Foreign Subsidiary (and any Subsidiary of such Foreign Subsidiary that is disregarded thereof, or treated as a partnership, for U.S. federal tax purposes), (c) any Domestic Subsidiary that is a Subsidiary of a CFC, (d) any
Subsidiary that is prohibited or restricted by (i) any Contractual Obligation (including pursuant to Organizational Documents but 

  
 20 

 
only to the extent existing prior to the Closing Date) or (ii) Requirement of Law from providing a guaranty or pledging its assets, or if such guarantee or pledge would require governmental
(including regulatory) or third party consent, approval, license or authorization, (e) subject to the provisions of Section 5.11(e), any Subsidiary that is not a Material Subsidiary and (f) any Subsidiary with respect to which, in the
reasonable judgment of the Administrative Agent and the Borrower, the burden or cost of providing the guaranty shall outweigh the benefits to be obtained by the Lenders therefrom. 

“Excluded Swap Obligation” means, with respect to any Loan Party, any obligation (a “Swap Obligation”) to
pay or perform under any agreement, contract, or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act, if, and to the extent that, all or a portion of the guarantee of such Loan
Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading
Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined
after giving effect to any “keepwell, support or other agreement” for the benefit of such Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act) at the time the guaranty of such Loan Party, or a grant
by such Loan Party of a security interest, becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap
Obligation that is attributable to swaps for which such guaranty or security interest becomes illegal. 
 “Excluded Taxes”
means, with respect to each Agent and each Lender, (a) any tax on such Agent or Lender’s net income or profits (or franchise tax in lieu of such tax on net income or profits) imposed by a jurisdiction as a result of such Agent or Lender
being organized or having its principal office or applicable Lending Office located in such jurisdiction or as a result of any other present or former connection between such Agent or Lender and the jurisdiction (including as a result of such Agent
or Lender carrying on a trade or business, having a permanent establishment or being a resident for tax purposes in such jurisdiction, other than a connection arising solely from such Agent or Lender having executed, delivered, enforced, become a
party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to the Loan Documents), (b) any branch profits tax under Section 884(a) of
the Code, or any similar tax, imposed by any other jurisdiction described in clause (a), (c) any U.S. federal withholding tax that is imposed on amounts payable to a Foreign Lender pursuant to a Law in effect at the time such Foreign Lender
becomes a party hereto (or designates a new Lending Office) (or where the Foreign Lender is a partnership for U.S. federal income tax purposes, pursuant to a law in effect on the later of the date on which such Foreign Lender becomes a party hereto
or the date on which the affected partner becomes a partner of such Foreign Lender), except, in the case of a Foreign Lender that designates a new Lending Office or is an assignee, to the extent that such Foreign Lender (or its assignor, if any) was
entitled, immediately prior to the time of designation of a new Lending Office (or assignment), to receive additional amounts from a Loan Party with respect to such U.S. federal withholding tax pursuant to Section 2.18, (d) any withholding
tax attributable to a Lender’s failure to comply with Section 2.18(d), (e) any withholding tax imposed under FATCA, (f) any Taxes that are attributable to a 

  
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Lender’s or Agent’s gross negligence or willful misconduct and (g) any interest, additions to taxes and penalties with respect to any taxes described in clauses (a) through
(f) of this definition. 
 “Existing Credit Facilities” means, collectively, the (i) Revolving Credit, Term Loan
and Security Agreement dated as of November 26, 2013, among GateHouse Media Intermediate Holdco, LLC, the additional borrowers named therein, the guarantors named therein, PNC Bank, National Association, as administrative agent, Crystal
Financial LLC, as term loan B agent, and the lenders and other parties thereto, (ii) the Term Loan and Security Agreement dated as of November 26, 2013, among GateHouse Media Intermediate Holdco, LLC, the guarantors named therein and
Mutual Quest Fund as lender and (iii) the Credit Agreement dated as of September 3, 2013, among Local Media Group, Inc., Local Media Group Holdings LLC, the subsidiary borrowers named therein, Capital One Business Credit Corp. as
administrative agent and collateral agent, and the lenders and other parties thereto, as amended by Amendment No. 1 on October 17, 2013 and by Amendment No. 2 on February 28, 2014. 

“Existing Revolving Credit Class” has the meaning specified in Section 2.25(b). 

“Existing Term Loan Class” has the meaning specified in Section 2.25(a). 

“Extended Revolving Credit Commitments” has the meaning specified in Section 2.25(b). 

“Extended Term Loan” has the meaning specified in Section 2.25(a). 

“Extending Lender” means an Extending Revolving Credit Lender or an Extending Term Lender, as the case may be. 

“Extending Revolving Credit Lender” has the meaning specified in Section 2.25(c). 

“Extending Term Lender” has the meaning specified in Section 2.25(c). 

“Extension Amendment” has the meaning specified in Section 2.25(d). 

“Extension Election” has the meaning specified in Section 2.25(c). 

“Extension Request” means any Term Loan Extension Request or any Revolving Credit Extension Request, as the case may be. 

“Extension Series” means any Term Loan Extension Series or a Revolving Credit Extension Series, as the case may be. 

“Facility” means the Initial Term Loans, the Revolving Credit Facility, a given Extension Series of Extended Revolving Credit
Commitments, a given Extension Series of Extended Term Loans, a given Class of Incremental Term Loans, a given Class of Incremental Revolving Credit Commitments or a given Class of Replacement Loans (including the Fourth Amendment Replacement Term
Loans), as the context may require. 

  
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 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to
Section 1471(b)(1) of the Code. 
 “Federal Funds Effective Rate” means for any day, the rate per annum equal to the
weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day; provided, (i) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and
(ii) if no such rate is so published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate charged to the Administrative Agent on such day on such transactions as determined by the
Administrative Agent. 
 “Fifth Amendment” means that certain Fifth Amendment and Joinder to Credit Agreement dated as of
the Fifth Amendment Effective Date, by and among Holdings, the Borrower, the other Loan Parties party thereto, the Additional Lenders (as defined therein) and the Administrative Agent. 

“Fifth Amendment Effective Date” means March 6, 2015. 

“Fifth Amendment Incremental Revolver Increase” has the meaning set forth in the recitals hereto. 

“First Amendment” means that certain First Amendment to Credit Agreement dated as of September 3, 2014, by and among
Holdings, the Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent. 
 “First
Amendment Effective Date” means September 3, 2014. 
 “First Amendment Incremental Term Commitment” means, as
to each Term Loan Lender, its obligation (if applicable) to make a First Amendment Incremental Term Loan to the Borrower pursuant to Section 2.1(a)(ii) in an aggregate amount not to exceed the amount specified opposite such Lender’s name
on Schedule 2.1 under the caption “First Amendment Incremental Term Commitment” or in the Assignment and Acceptance (or Affiliated Lender Assignment and Assumption) pursuant to which such Term Loan Lender becomes a party hereto, as
applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including pursuant to Section 2.24 or Section 2.25). The aggregate amount of the First Amendment Incremental Term Commitments as of the First
Amendment Effective Date is $25,000,000. 
 “First Amendment Incremental Term Loans” means the term loans made by the
Lenders on the First Amendment Effective Date to the Borrower pursuant to Section 2.1(a)(ii); it being understood that except as set forth in the First Amendment and in this Agreement, the First Amendment Incremental Term Loans shall be of the
same Class as the Initial Term Loans, shall have identical terms as the Initial Term Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan Parties or

  
 23 

 
any provisions regarding the rights of the Lenders, of this Agreement and the other Loan Documents. 

“Foreign Asset Sale” has the meaning set forth in Section 2.10(g). 

“Foreign Lender” means a Lender that is not a United States person within the meaning of Section 7701(a)(30) of the
Code. 
 “Foreign Recovery Event” has the meaning set forth in Section 2.10(g). 

“Foreign Subsidiary” means any direct or indirect Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“Fourth Amendment” means that certain Fourth Amendment to Credit Agreement dated as of the Fourth Amendment Effective Date,
by and among Holdings, the Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent. 

“Fourth Amendment Effective Date” means February 13, 2015. 

“Fourth Amendment Refinanced Term Loans” means the Initial Term Loans, the First Amendment Incremental Term Loans and the
Third Amendment Incremental Term Loans. 
 “Fourth Amendment Replacement Term Commitment” means, as to each Term Loan
Lender, its obligation to make a Fourth Amendment Replacement Term Loan to the Borrower pursuant to Section 2.1(a)(iv) in an aggregate amount equal to such Term Loan Lender’s outstanding Fourth Amendment Refinanced Term Loans as of the
Fourth Amendment Effective Date or in the Assignment and Acceptance (or Affiliated Lender Assignment and Assumption) pursuant to which such Term Loan Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement (including pursuant to Section 2.24 or Section 2.25). The initial aggregate principal amount of the Fourth Amendment Replacement Term Commitments as of the Fourth Amendment Effective Date is $327,000,000
(with a current balance of $325,875,000). 
 “Fourth Amendment Replacement Term Loans” means, the term loans made by the
Lenders on the Fourth Amendment Effective Date to the Borrower pursuant to Section 2.1(a)(iv) which term loans shall replace the Fourth Amendment Refinanced Term Loans in accordance with Section 9.1(d) of this Agreement. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Bank, such
Defaulting Lender’s Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to Non-Defaulting Lenders or Cash Collateralized in
accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s pro rata share of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has
been reallocated to Non-Defaulting Lenders or Cash Collateralized in accordance with the terms hereof. 

  
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 “Fund” means any Person (other than a natural person) that is primarily engaged
in marking, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Funded Debt” means, with respect to any Person, (a) all Indebtedness of such Person of the types described in clauses
(a), (c), (e) and (h) (solely with respect to Guarantee Obligations in respect of obligations of the kind referred to in clauses (a), (c) and (e) of the definition of “Indebtedness”) of the definition of
“Indebtedness” that matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the option of such Person, to a date more than one year from such date and
(b) unreimbursed drawings under Letters of Credit, but excluding bank guarantees and similar instruments and revolving credit lines (including the Revolving Credit Facility), to the extent undrawn. 

“Funding Office” means the office specified from time to time by the Administrative Agent as its funding office by written
notice to the Borrower and the Lenders. 
 “GAAP” means generally accepted accounting principles in the United States of
America as in effect from time to time. 
 “Governmental Authority” means any federal, state, provincial, municipal,
national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government. 

“Grantor” means, collectively, Holdings, the Borrower and the Subsidiary Guarantors, together with any other Person that
grants a Lien on any of its Property to secure the obligations and liabilities of any Loan Party under any Loan Document. 

“Guarantee Agreement” means collectively, (i) the Guarantee Agreement dated as of the Closing Date made by each of the
signatories thereto, in favor of the Administrative Agent for the benefit of the Secured Parties and governed by the Laws of the State of New York, substantially in the form attached hereto as Exhibit D, together with any supplements or
joinders thereto executed and delivered pursuant to Section 5.11 and (ii) any such other guarantee made in favor of the Administrative Agent for the benefit of the Secured Parties in form and substance reasonably satisfactory to the
Administrative Agent, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any obligation, including a
reimbursement, counterindemnity or similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of
credit) that guarantees or in effect guarantees any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly
or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not 

  
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contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or
payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or
services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary
obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include (i) endorsements of instruments for deposit or collection in the ordinary course of business, indemnification
obligations incurred in the ordinary course of business or obligations in respect of indemnification, purchase price adjustments and earnouts incurred in connection with Permitted Acquisitions and Dispositions permitted under Section 6.5 and
(ii) with respect to any Loan Party, Excluded Swap Obligations of such Loan Party. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable
amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation,
unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably
anticipated liability in respect thereof as determined by the Borrower in good faith. 
 “Guarantors” means, collectively,
Holdings and the Subsidiary Guarantors, together with any other Subsidiary of Holdings or the Borrower or any direct or indirect parent of Holdings added as a Guarantor at the election of the Borrower or pursuant to Section 5.11 (other than any
Excluded Subsidiary). 
 “Guaranty” means the guaranty of each Guarantor pursuant to the Guarantee Agreements. 

“Hazardous Materials” means (a) substances that are defined or listed in, or otherwise classified pursuant to, any
applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or any other formulation intended to define, list, or classify substances by reason of
deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil, petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas,
drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances or explosives or any radioactive materials, and
(d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million. 

“Hedge Agreements” means all interest rate or currency swaps, caps or collar agreements, foreign exchange agreements,
commodity contracts or similar arrangements entered into by the Borrower or its Subsidiaries providing for protection against fluctuations in interest rates, currency exchange rates, commodity prices or the exchange of nominal interest obligations,
either generally or under specific contingencies. 

  
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 “Historical Financial Statements” means (i) (A) the audited financial
statements of New Media and its Subsidiaries for the immediately preceding fiscal year, consisting of balance sheets and the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for such
fiscal year, (B) the audited financial statements of GateHouse Media, LLC and its Subsidiaries for the fiscal year ended December 30, 2012, consisting of balance sheets and the related consolidated statements of operations, comprehensive
income, stockholders’ equity and cash flows for such fiscal year and (C) the audited financial statements of Dow Jones Local Media Group, Inc. and its Subsidiaries for the fiscal years ended June 30, 2013 and June 30, 2012,
consisting of balance sheets and the related consolidated statements of operations, comprehensive income, equity and cash flows for such fiscal year and (ii) the unaudited financial statements of Holdings and its Subsidiaries as of the most
recent fiscal quarter ended after the date of the most recent audited financial statements described in clause (i) of this definition, consisting of a balance sheet and the related consolidated statements of operations, comprehensive income,
stockholders’ equity and cash flows for the three-, six- or nine-month period, as applicable, ending on such date, and, in the case of clauses (i) and (ii), certified by a Responsible Officer that they fairly present, in all material
respects, the financial condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments.

 “Holdings” has the meaning set forth in the preamble. 

“Holdings Entity” means any of the following Persons: Holdings and its direct Subsidiary, if any, on the Closing Date that is
not the Borrower. 
 “Immaterial Subsidiaries” means the Restricted Subsidiaries of the Borrower that are not Material
Subsidiaries. 
 “Immediate Family Members” means, with respect to any individual, such individual’s child, stepchild,
grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust,
partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which
any such individual is the donor. 
 “Incremental Amendment” has the meaning set forth in Section 2.24(f). 

“Incremental Commitments” has the meaning set forth in Section 2.24(a). 

“Incremental Facility Closing Date” has the meaning set forth in Section 2.24(d). 

“Incremental Lenders” has the meaning set forth in Section 2.24(c). 

“Incremental Loan” has the meaning set forth in Section 2.24(b). 

“Incremental Loan Request” has the meaning set forth in Section 2.24(a). 

  
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 “Incremental Revolving Credit Commitments” has the meaning set forth in
Section 2.24(a) and shall include the Fifth Amendment Incremental Revolver Increase. 
 “Incremental Revolving Credit
Lender” has the meaning set forth in Section 2.24(c). 
 “Incremental Term Commitment” has the meaning set
forth in Section 2.24(a) and shall include the First Amendment Incremental Term Loan Commitment and, the Third Amendment Incremental Term Loan Commitment and the Sixth Amendment
Incremental Term Loan Commitment. 
 “Incremental Term Lender” has the meaning set forth in Section 2.24(c). 

“Incremental Term Loans” has the meaning set forth in Section 2.24(b) and shall include the First Amendment Incremental
Term Loans and, the Third Amendment Incremental Term Loans and the Sixth Amendment Incremental Term Loans. 

“Indebtedness” means, of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed
money, (b) all obligations of such Person for the deferred purchase price of Property or services (other than (i) accounts payable and accrued expenses incurred in the ordinary course of such Person’s business, (ii) purchase
price adjustment, earn-outs, holdbacks and contingent payment obligations to which the seller of such Property or services may become entitled; provided that, to the extent such payment is fixed and determinable and not otherwise contingent, the
amount is paid within 90 days after the date such payment becomes fixed and determinable and not otherwise contingent and (iii) obligations incurred under ERISA or deferred employee or director compensation and accruals for employee expenses or
obligations (including workers’ compensation and retiree medical care)), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any
conditional sale or other title retention agreement with respect to Property acquired by such Person, (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or
applicant under acceptance, letter of credit, surety bond or similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Disqualified Stock of such Person;
provided that, the obligations described in clauses (a) through (g) shall only constitute “Indebtedness” of a Person if and to the extent such obligations would constitute indebtedness or a liability on a balance sheet of such
Person (or related footnotes) in accordance with GAAP, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above and (i) all obligations of the kind referred
to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including, without limitation, accounts and contract rights)
owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation; provided that in no event shall obligations under any derivative transaction be deemed “Indebtedness” unless such
obligations relate to a derivatives transaction which has been terminated. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such
Person is liable therefor as a result of such Person’s 

  
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ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. 

“Indemnified Liabilities” has the meaning set forth in Section 9.5. 

“Indemnitee” has the meaning set forth in Section 9.5. 

“Initial Revolving Credit Facility” means the Revolving Credit Facility as of the Closing Date. 

“Initial Term Commitment” means, as to each Term Loan Lender, its obligation to make an Initial Term Loan to the Borrower
pursuant to Section 2.1(a) in an aggregate amount not to exceed the amount specified opposite such Lender’s name under on Schedule 2.1 under the caption “Initial Term Commitment” or in the Assignment and Acceptance (or
Affiliated Lender Assignment and Assumption) pursuant to which such Term Loan Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including pursuant to Section 2.24
or Section 2.25). The aggregate amount of the Initial Term Commitments is $200,000,000. 
 “Initial Term Loans” means
the term loans made by the Lenders on the Closing Date to the Borrower pursuant to Section 2.1(a). 
 “Insolvency”
means, with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. 

“Insolvent” means pertaining to a condition of Insolvency. 

“Intellectual Property” means the collective reference to all rights, priorities and privileges relating to intellectual
property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how and processes,
and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Interest Payment Date” means with respect to (a) any Loan that is a Base Rate Loan, the last Business Day of March,
June, September and December of each year, commencing on the first such date to occur after the Closing Date and the final maturity date of such Loan; and (b) any Loan that is a Eurodollar Rate Loan, the last day of each Interest Period
applicable to such Loan; provided, in the case of each Interest Period of longer than three months “Interest Payment Date” shall also include each date that is three months, or an integral multiple thereof, after the commencement of
such Interest Period. 
 “Interest Period” means, as to any Eurodollar Rate Loan, (a) initially, the period commencing
on the borrowing or conversion date, as the case may be, with respect to such Eurodollar Rate Loan and ending one, two, three or six months (or, if agreed by the relevant Revolving Credit Lenders or Term Loan Lenders, as applicable, 12 months or a
shorter period) thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last

  
 29 

 
day of the next preceding Interest Period applicable to such Eurodollar Rate Loan and ending one, two, three or six months (or, if agreed by the relevant Revolving Credit Lenders or Term Loan
Lenders, as applicable, 12 months or a shorter period) thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not later than 11:00 A.M. (New York City time) on the date that is three (3) Business Days prior to
the last day of the then current Interest Period with respect thereto, provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 

(i) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day
unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

(ii) any Interest Period that would otherwise extend beyond the Revolving Credit Maturity Date or beyond the date final payment is due on the Term Loans shall
end on the Revolving Credit Maturity Date or such due date, as applicable; 
 (iii) any Interest Period that begins on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iv) any Interest Period election with respect to the Fourth Amendment Refinanced Term Loans as in effect on the Fourth Amendment Effective Date shall apply
to the Fourth Amendment Replacement Term Loans.; and 
 (v) any Interest Period election with respect to the Fourth Amendment
Replacement Term Loans as in effect on the Sixth Amendment Effective Date shall apply to the Sixth Amendment Incremental Term Loans. 

“Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar
agreement, interest rate hedging agreement or other similar agreement or arrangement, each of which is for the purpose of hedging the interest rate exposure associated with the Borrower’s and its Subsidiaries’ operations and not for
speculative purposes. 
 “Investment” means, as to any Person, (a) the purchase or other acquisition of Capital Stock
or debt or other securities of another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or interest in, another
Person, including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of
another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment outstanding at any time shall be the original amount actually invested, reduced by
any dividend, distribution, return of capital or repayment received by such Person in respect of the Investment, but otherwise without adjustment for subsequent increases or decreases in the value of, or write-ups, write-downs or write-offs with
respect to, such Investment. 

  
 30 

 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P or, if the applicable instrument is not then rated by Moody’s or S&P, an equivalent rating by any other rating agency. 

“Investment Grade Securities” means: 

(a) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof
(other than Cash Equivalents); 
 (b) debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities
or instruments constituting loans or advances among the Borrower and their Subsidiaries; 
 (c) investments in any fund that invests
exclusively in investments of the type described in clauses (a) and (b) which fund may also hold immaterial amounts of cash pending investment or distribution; and 

(d) corresponding instruments in countries other than the United States customarily utilized for high quality investments. 

“Issuing Bank” means (a) Citizens Bank of Pennsylvania and (b) any Revolving Credit Lender from time to time
designated by the Borrower as an Issuing Bank with the consent of such Revolving Credit Lender and the Administrative Agent or any successor issuer or Letters of Credit hereunder. 

“Junior Indebtedness” means Indebtedness of any Person so long as (i) such Indebtedness shall not require any
amortization prior to the date that is six months following the Latest Maturity Date; (ii) the Weighted Average Life to Maturity of such Indebtedness shall be equal to or greater than the then remaining Weighted Average Life to Maturity of the
outstanding Loans; (iii) the mandatory prepayment provisions, affirmative and negative covenants and financial covenants, if any, shall be no more restrictive than the corresponding provisions set forth in the Loan Documents other than those
applicable only to periods after the Latest Maturity Date; (iv) such Indebtedness is either senior unsecured Indebtedness, Indebtedness subordinated on terms and conditions reasonably satisfactory to the Required Lenders or convertible notes;
(v) if such Indebtedness is incurred by a Loan Party, such Indebtedness may be guaranteed by another Loan Party so long as (a) such Loan Party shall have also provided a guarantee of the Obligations substantially on the terms set forth in
this Agreement and (b) if the Indebtedness being guaranteed is subordinated to the Obligations, such guarantee shall be subordinated to the guarantee of the Obligations on terms and conditions reasonably satisfactory to the Administrative
Agent; and (vi) if such Indebtedness is incurred by a Restricted Subsidiary of the Borrower that is not a Loan Party, such Indebtedness may be guaranteed by another Subsidiary of the Borrower that is not a Loan Party; provided that any
Indebtedness which, by its terms, provides for amortization prior to the date that is six months after the Latest Maturity Date solely to the extent that such payment is permitted under Section 6.6 of this Agreement, shall be deemed Junior
Indebtedness so long as the other conditions stated herein are satisfied. 
 “Junior Indebtedness Documentation” means any
documentation governing any Junior Indebtedness. 

  
 31 

 “L/C Borrowing” means an extension of credit resulting from a drawing under any
Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Loan. 
 “L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the renewal or increase of the amount thereof. 

“L/C Obligations” means, at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount
of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 2.4(d). 

“L/C Sublimit” means an amount equal to the lesser of (a) $5,000,000 and (b) the aggregate amount of the Revolving
Credit Commitments. The L/C Sublimit is part of, and not in addition to, the Revolving Credit Facility. 
 “Latest Maturity
Date” means, at any date of determination, the latest maturity or expiration date applicable to any Loan or Commitment hereunder at such time, including the latest maturity or expiration date of any Initial Term Loan, any Incremental Loan,
any Replacement Loan or any Extended Term Loan, in each case as extended in accordance with this Agreement from time to time. 

“Law” means any law (including common law and the laws of equity), constitution, statute, treaty, regulation, rule,
ordinance, order, injunction, court decree or award of any Governmental Authority. 
 “Lenders” has the meaning set forth
in the preamble hereto. 
 “Lending Office” means, as to any Lender, the office or offices of such Lender described as such
in such Lender’s administrative questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

“Letters of Credit” means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a
standby letter of credit; provided, however, that any commercial letter of credit issued hereunder shall provide solely for cash payment upon presentation of a sight draft. 

“Letter of Credit Expiration Date” has the meaning set forth in Section 2.4(a). 

“Letter of Credit Fee” has the meaning set forth in Section 2.7(b). 

“Letter of Credit Request” means a letter requesting the relevant Issuing Bank to issue a Letter of Credit, in a form
acceptable to the Issuing Bank. 
 “Lien” means any mortgage, pledge, hypothec, hypothecation, assignment, deposit
arrangement, right of retention, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without
limitation, any conditional or installment sale or 

  
 32 

 
other title retention agreement and any Capital Lease having substantially the same economic effect as any of the foregoing); provided that in no event shall an operating lease be deemed
to constitute a Lien. 
 “Loan” means an Initial Term Loan, an Incremental Term Loan, a Replacement Loan, a Revolving
Credit Loan and a Swing Line Loan, in each case, whether or not subject to an Extension. 
 “Loan Documents” means this
Agreement, the Security Documents, the Guarantee Agreements, the Letter of Credit Requests, the Notes, any Incremental Amendment, any Extension Amendment and any amendment in respect of Replacement Loans. 

“Loan Increase” means a Term Loan Increase or Incremental Revolving Credit Commitment. 

“Loan Parties” means the collective reference to Holdings, the Borrower and each Guarantor; provided that if any
direct or indirect parent of Holdings has been added as a Grantor at the request of the Borrower, “Loan Parties” shall include such direct or indirect parent of Holdings. 

“Management Agreement” means that certain Management and Advisory Agreement, dated as of the date hereof, among New Media and
Holdings, as amended, supplemented or otherwise modified in accordance with Section 6.17. 
 “Margin Stock” has the
meaning set forth in Regulation U of the Board of Governors of the United States Federal Reserve System, or any successor thereto. 

“Material Adverse Effect” means (a) a material adverse effect on the business, assets, financial condition or results of
operations of Holdings, the Borrower and the Restricted Subsidiaries, taken as a whole, (b) a material and adverse effect on the rights and remedies of the Administrative Agent or the Lenders, taken as a whole, under the Loan Documents or on
the Administrative Agent’s enforceability of Liens on the Collateral for the benefit of the Secured Parties or the priority of such Liens or (c) a material and adverse effect on the ability of the Loan Parties, taken as a whole, to perform
their payment obligations under any Loan Document. 
 “Material Non-Public Information” means, with respect to the Borrower
or any of the Restricted Subsidiaries, information that (a) has not been disclosed to the Lenders (other than Lenders that do not wish to receive Material Non-Public Information with respect to the Borrower, any of the Restricted Subsidiaries
or Affiliates) or has not otherwise been disseminated in a manner making it available to investors generally, within the meaning of Regulation FD prior to such time and (b) could reasonably be expected to have a material effect upon, or
otherwise be material, (i) to a Lender’s decision to participate in any Discounted Voluntary Prepayment or (ii) to the market price of the Loans. 

“Material Subsidiary” means, at any time, (i) each Restricted Subsidiary of the Borrower which represents (a) 5.0%
or more of the Borrower’s Total Assets or (b) 5.0% or more of the Borrower’s Consolidated EBITDA, in each case as determined at the end of the most recent fiscal quarter of the Borrower based on the financial statements of the
Borrower delivered pursuant to Section 5.1(a) and Section 5.1(b) or (ii) any Subsidiary of the Borrower designated by notice in 

  
 33 

 
writing given by the Borrower to the Administrative Agent to be a “Material Subsidiary” ; provided that any such Subsidiary so designated as a “Material Subsidiary”
shall at all times thereafter remain a Material Subsidiary for the purposes of this Agreement unless otherwise agreed to by the Borrower and the Administrative Agent or unless such Material Subsidiary ceases to be a Subsidiary in a transaction not
prohibited hereunder. Schedule I contains a list of all Material Subsidiaries as of the Closing Date. 
 “Maturity
Date” means (i) with respect to the Fourth Amendment Replacement Term Loans and the Sixth Amendment Incremental Term Loans, the sixth anniversary of the Closing Date; (ii) with respect to the Revolving Credit
Facility, the fifth anniversary of the Closing Date (the “Revolving Credit Maturity Date”); (iii) with respect to any tranche of Extended Term Loans, Extended Revolving Credit Commitments, the final maturity date as specified
in the applicable Extension Request accepted by the respective Lender or Lenders and (iv) with respect to any Incremental Loans (other than the Sixth Amendment Incremental Term Loans) or Incremental Revolving Credit
Commitments (other than the Fifth Amendment Incremental Revolver Increase), the final maturity date as specified in the applicable Incremental Amendment; provided that, in each case, if such day is not a Business Day, the applicable Maturity
Date shall be the Business Day immediately succeeding such day. 
 “Multiemployer Plan” means a Plan that is a
multiemployer plan as defined in Section 4001(a)(3) of ERISA with respect to which the Borrower or any Commonly Controlled Entity has an obligation to make contributions or has any actual or contingent liability. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgages” means collectively, each of the deeds of trust, trust deeds, hypothecs and mortgages, whether in the same or a
separate agreement, made by any Loan Party in favor of, or for the benefit of, the Administrative Agent for the benefit of the Secured Parties, in form and substance reasonably satisfactory to the Administrative Agent taking into consideration the
law of the jurisdiction in which such mortgage, deed of trust, trust deed or hypothec is to be recorded, registered or filed, to the extent applicable, as the same may be amended, supplemented or otherwise modified from time to time. 

“Net Cash Proceeds” (a) in connection with any Asset Sale or any Recovery Event, the proceeds thereof in the form of
cash and Cash Equivalents actually received by any NM Group Member (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but
only as and when such cash or Cash Equivalents is received) of such Asset Sale or Recovery Event, net of (1) attorneys’ fees, accountants’ fees and investment banking fees paid to third parties that are not NM Group Members,
(2) amounts required to be applied to the repayment of Indebtedness secured by a Lien permitted hereunder on any asset which is the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document) or otherwise
subject to mandatory prepayment as a result of such Asset Sale or Recovery Event, and all accrued interest, premiums and fees incurred and payable in connection with the repayment of such Indebtedness, (3) other customary fees paid to third
parties that are not NM Group Members, (4) expenses actually incurred in connection therewith, including any and all costs incurred and payable in connection with the repair and/or restoration of any property in connection with any Recovery

  
 34 

 
Event with respect to such property and (5) taxes paid or reasonably estimated to be payable, and any amounts that would be paid or would be payable to cover tax obligations of a parent
company or Tax Group pursuant to Section 6.6(j)(C), as a result thereof and of any transactions (including any transactions deemed to occur as a result of such transactions) reasonably necessary to effectuate the relevant prepayment (after
taking into account any available tax credits or deductions and any tax sharing arrangements) and the amount of any reserves established to fund indemnification payments (fixed or contingent) or other contingent liabilities (including purchase price
adjustments, payments made in connection with non-compete agreements, retained liabilities (such as pension and other post-employment benefit liabilities and liabilities related to environmental matters)) reasonably estimated to be payable as a
result thereof; and (b) in connection with any issuance or sale of debt securities or instruments or the incurrence of Indebtedness, the cash proceeds actually received from such issuance or incurrence, net of any reasonable acquisition or
construction costs, attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith. Notwithstanding the foregoing, the
amount of Net Cash Proceeds from any Asset Sale or Recovery Event, issuance or sale of debt securities or the incurrence of loans received by any NM Group Member that is not a Wholly-Owned Subsidiary shall be deemed to equal the amount received by
the non-Wholly-Owned Subsidiary multiplied by the pro rata amount of Capital Stock of such non-Wholly-Owned Subsidiary beneficially owned by the NM Group Members; provided that, in the event that any Contractual Obligation of
such non-Wholly-Owned Subsidiary or Requirement of Law prohibits a distribution of such Net Cash Proceeds, such Net Cash Proceeds shall be deemed to have been received by an NM Group Member upon the earlier of (x) the date of the actual receipt
of such Net Cash Proceeds by the Borrower or a Wholly-Owned Subsidiary holding an ownership interest in such non-Wholly-Owned Subsidiary and (y) the date such Net Cash Proceeds are first permitted to be distributed by such non-Wholly-Owned
Subsidiary to the Borrower or a Wholly-Owned Subsidiary holding an ownership interest in such non-Wholly-Owned Subsidiary. 
 “New
Media” means New Media Investment Group Inc. 
 “NM Group Members” means the Borrower, Holdings and each
Restricted Subsidiary of the Borrower. 
 “Non-Consenting Lender” has the meaning specified in Section 2.23(a). 

“Non-Defaulting Lender” has the meaning specified in Section 2.22(a)(iv). 

“Non-Excluded Taxes” means all Taxes other than Excluded Taxes imposed on or with respect to any payment made by or on
account of any obligation of any Loan Party under any Loan Document. 
 “Non-Public Information” means information which
has not been disseminated in a manner making it available to investors generally, within the meaning of Regulation FD. 

“Non-Wholly Owned Subsidiary” means any Subsidiary that is not a wholly owned Subsidiary of the Borrower or a Loan Party to
the extent designated by notice in writing given by the Borrower to the Administrative Agent to be a “Non-Wholly Owned Subsidiary.” 

  
 35 

 “Note” means any promissory note evidencing any Loan. 

“Obligations” means all (x) advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed
claims in such proceeding, (y) obligations of any Loan Party arising under any Specified Hedge Agreement, and (z) Cash Management Obligations under each Secured Cash Management Agreement. Without limiting the generality of the foregoing,
the Obligations of the Loan Parties under the Loan Documents (and any of their Subsidiaries to the extent they have obligations under the Loan Documents) include (a) the obligation (including guarantee obligations) to pay principal, interest,
Letter of Credit commissions, reimbursement obligations, charges, expenses, fees, attorney costs, indemnities and other amounts payable by any Loan Party under any Loan Document and (b) the obligations of any Loan Party to reimburse any amount
in respect of any of the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan Party in accordance with the terms of any Loan Document. Notwithstanding the foregoing, (i) unless otherwise agreed
to by the Borrower, the Administrative Agent and any applicable Qualified Counterparty or Cash Management Bank, the obligations of Holdings, the Borrower or any Subsidiary of the Borrower under any Specified Hedge Agreement and under any Secured
Cash Management Agreement shall be secured and guaranteed pursuant to the Security Documents and the Guarantee Agreements only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and (ii) any release of
Collateral or Guarantors effected in the manner permitted by this Agreement and any other Loan Document shall not require the consent of the holders of Obligations under Specified Hedge Agreements or of the holders of Cash Management Obligations
under Secured Cash Management Agreements. 
 “OFAC” has the meaning set forth in Section 3.21. 

“OID” means original issue discount. 

“Organizational Documents” means (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and
(c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect
thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such
entity. 
 “Original Indebtedness” has the meaning set forth in the definition of “Refinancing Indebtedness”.

  
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 “Outstanding Amount” means (a) with respect to the Term Loans, Revolving
Credit Loans and Swing Line Loans on any date, the outstanding principal thereof after giving effect to any borrowings and prepayments or repayments of Term Loans, Revolving Credit Loans (including any refinancing of outstanding Unreimbursed Amounts
under Letters of Credit or L/C Credit Extensions as a Revolving Credit Borrowing) and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the outstanding principal amount
thereof on such date after giving effect to any related L/C Credit Extension occurring on such date and any other changes thereto as of such date, including as a result of any reimbursement of outstanding Unreimbursed Amounts under related Letters
of Credit (including any refinancing of outstanding Unreimbursed Amounts under related Letters of Credit or related L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under related
Letters of Credit taking effect on such date. 
 “Other Taxes” means any and all present or future stamp or documentary
taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document (excluding, in
each case, amounts imposed on an assignment, a grant of a participation or other transfer of an interest in any Loan or Loan Document). 

“Pari Passu Lien Obligations” means all Obligations other than the Priority Lien Obligations. 

“Participant” has the meaning set forth in Section 9.6(b). 

“Participant Register” has the meaning set forth in Section 9.6(b). 

“PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001). 
 “Payment Conditions” means the
satisfaction of each of the following conditions both before and after giving effect to such Restricted Payment on a Pro Forma Basis: (i) there shall be at least $10,000,000 of availability under the Revolving Credit Facility, (ii) the
Total Leverage Ratio, calculated on a Pro Form Basis, does not exceed 3.00:1.00 for such fiscal quarter or the immediately preceding fiscal quarter and (iii) no Event of Default has occurred and is continuing. 

“Payment Office” means the office specified from time to time by the Administrative Agent as its payment office by notice to
the Borrower and the Lenders. 
 “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A
of Title IV of ERISA (or any successor). 
 “Pension Plan” means a “pension plan”, as such term is defined in
section 3(2) of ERISA, which is subject to Title IV of ERISA (other than a Multiemployer Plan), and to which any NM Group Member or any corporation, trade or business that is, along with such NM Group Member, a member of a Commonly Controlled
Entity, may have liability, including any liability by reason of having been a substantial employer within the meaning of section 4063 of ERISA at 

  
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any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under section 4069 of ERISA. 

“Permit” means any permit, license, approval, consent, order, right, certificate, judgment, writ, injunction, award,
determination, direction, decree, authorization, franchise, privilege, grant, waiver, exemption and other similar concession or by-law, rule or regulation of, by or from any Governmental Authority. 

“Permitted Acquisition” means any acquisition of the assets or Equity Interests of another Person (the
“target”) so long as: (a) evidence that no Event of Default shall have occurred or will occur after giving pro forma effect to such acquisition, (b) evidence demonstrating that the target or property is in a similar
business or business permitted under Section 6.14, (c) after giving effect to any pro forma adjustments reasonably acceptable to the Administrative Agent, the target shall have positive Consolidated EBITDA, (d) after giving effect to
such acquisition on a Pro Forma Basis, the Total Leverage Ratio shall be equal to or lower than 3:00 to 1:00, (e) after giving effect to such acquisition, there shall be at least $10,000,000 of availability under the Revolving Credit Facility,
(f) the Administrative Agent shall have received financial statements with respect to the target to the extent reasonably available, (g) with respect to any target the securities of which are listed on a national securities exchange, such
acquisition shall be approved by the board of directors (or equivalent governing body) or the shareholders (or equivalent) of the target, (h) with respect to any acquisition of a target that would constitute at least 25% of Consolidated EBITDA
after giving effect to such acquisition on a Pro Forma Basis, the Administrative Agent shall have received either (i) a quality of earnings report with respect to such target or (ii) audited financial statements of such target, in each
case in form and substance reasonably acceptable to the Administrative Agent, and (i) if required pursuant to Section 5.11, the target shall (i) be added as a Guarantor and (ii) grant to the Administrative Agent a first priority
security in all assets of such target, subject to documentation reasonably satisfactory to the Administrative Agent. 
 “Permitted
Holders” means any of (a) the Sponsor and (b) members of management of Holdings and its Subsidiaries. 

“Permitted Ratio Debt” has the meaning set forth in Section 6.2(h). 

“Person” means an individual, general partnership, limited partnership, limited liability partnership, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan” means, at a particular time, any employee benefit plan that is subject to Section 302 or Title IV of ERISA or
Section 412 of the Code and in respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA. 
 “Platform” has the meaning set forth in Section 5.2. 

“Pledge Agreement” means collectively, (i) the Pledge Agreement, dated as of the Closing Date, made by the Loan Parties
in favor of the Administrative Agent for the benefit of the Secured Parties, substantially in the form attached hereto as Exhibit E, together with any 

  
 38 

 
supplements or joinders thereto executed and delivered pursuant to Section 5.11 and (ii) any such other pledge agreement made in favor of the Administrative Agent for the benefit of the
Secured Parties in form and substance reasonably satisfactory to the Administrative Agent, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Pledged Equity” means, with respect to each Grantor, the shares of Capital Stock of any other Person in which such Grantor
has granted a security interest to the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Pledge Agreement. 

“Post-Closing Actions” has the meaning set forth in Section 5.13. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up. 
 “Priority Lien Obligations” means all Obligations owing to any Lender in its capacity as a
Revolving Credit Lender, a Term Loan Lender, the Swing Line Lender acting in such capacity or any Issuing Bank in its capacity as the issuer of any Letter of Credit. 

“Pro Forma Basis” means, for purposes of determining compliance with the financial covenant contained in Section 6.1 or
for purposes of calculating the Total Leverage Ratio as of any date, compliance with the provisions of Section 6.1 or calculation of such financial ratio for the Test Period most recently ended for which financial statements have been delivered
pursuant to Section 5.1, determined on a pro forma basis by giving pro forma effect to (A)(1) the Transactions, (2) all Permitted Acquisitions, (3) all Investments and Consolidated Capital Expenditures and (4) all Dispositions of
any material assets outside of the ordinary course of business (and in each case, the incurrence or repayment of any Indebtedness in connection therewith) that have occurred during the Test Period most recently ended (or, if such calculation is
being made for the purpose of determining whether (i) any proposed acquisition will constitute (or will be permitted as) a Permitted Acquisition or there is compliance with Section 2.24(d)(iv) or Section 6.2(h), (ii) any
Indebtedness or Liens may be incurred or (iii) any Disposition or Restricted Payment made, (x) during the applicable Test Period or (y) subsequent to the end of the applicable Test Period and prior to or simultaneously with the event
for which the calculation of any such ratio is made), (B) actions taken, committed to be taken or with respect to which substantial steps have been taken or are expected to be taken no later than 18 months after the end of such Test Period, in
each case, as if they occurred on the first day of such Test Period and (C) all management fees, incentive fees and expenses triggered, implemented, incurred, increased or accrued as a result of any such transaction or actions, in each case as
if such management fees, incentive fees and expenses were paid commencing on the first day of such Test Period and giving effect to the “run rate” thereof. Whenever pro forma effect is to be given to any such transaction or such action,
the pro forma calculations shall be made in good faith by a Responsible Officer of Holdings and may include expected “run rate” cost savings, operating expense reductions and synergies projected by Holdings in good faith to result from
such transactions or actions (without duplication of actual cost savings, operating expense reductions and synergies), as though such cost savings, operating expense reductions and synergies had been realized on the first day of such Test Period and
as if such “run rate” cost savings, operating expense reductions and synergies were realized during the entirety of such Test Period, to the extent (x) Holdings in good faith believes that such “run rate” cost savings,
operating expense reductions and synergies are reasonably 

  
 39 

 
identifiable, factually supportable, (y) such actions are taken, committed to be taken or with respect to which substantial steps have been taken or are expected to be taken no later than 18
months after the end of such Test Period and (z) no amounts shall be added back as a pro forma adjustment hereunder to the extent duplicative of any amounts that are otherwise added back in calculating Consolidated EBITDA. 

“Pro Rata Share” means (i) with respect to all payments, computations and other matters relating to the Initial Term
Loan of any Lender, the percentage obtained by dividing (a) the Term Loan Exposure of that Lender by (b) the aggregate Term Loan Exposure of all Lenders; (ii) with respect to all payments, computations and other matters relating to
the Revolving Credit Commitment or Revolving Credit Loans of any Lender or any Letters of Credit issued or participations purchased therein by any Lender or any participations in any Swing Line Loans purchased by any Lender, the percentage obtained
by dividing (a) the Revolving Credit Exposure of that Lender by (b) the aggregate Revolving Credit Exposure of all Lenders; and (iii) with respect to all payments, computations and other matters relating to the Commitments or Loans of
any Lender under any other Class, the percentage obtained by dividing (a) the aggregate Commitments and, if applicable and without duplication, Loans of such Lender under such Class by (b) the aggregate Commitments and, if applicable and
without duplication, Loans of all Lenders under such Class; provided that, if the Commitments under such Class have been terminated, then the Pro Rata Share of each Lender under such Class shall be determined based on the Pro Rata Share of
such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof. For all other purposes with respect to each Lender, “Pro Rata Share” means the percentage obtained
by dividing (A) an amount equal to the sum of the Term Loan Exposure, the Revolving Credit Exposure and the aggregate Commitments and, if applicable and without duplication, Loans under each other Class of that Lender, by (B) an amount
equal to the sum of the aggregate Term Loan Exposure, the aggregate Revolving Credit Exposure and the aggregate Commitments and, if applicable and without duplication, Loans under each other Class of all Lenders. 

“Projections” has the meaning set forth in Section 5.2(b). 

“Property” means any right or interest in or to property of any kind whatsoever, whether real or immovable, personal or
moveable or mixed and whether tangible or intangible, corporeal or incorporeal, including, without limitation, Equity Interests. 

“Public Lenders” has the meaning set forth in Section 5.2. 

“Qualified Counterparty” means, with respect to any Specified Hedge Agreement, any counterparty thereto that, at the time
such Specified Hedge Agreement was entered into, was a Lender, an Affiliate of a Lender, an Agent or an Affiliate of an Agent, including, without limitation, any Hedge Agreement entered into prior to the Closing Date by an Agent or an Affiliate of
an Agent in connection with the Facilities; provided that, in the event a counterparty to a Hedge Agreement at the time such Hedge Agreement was entered into was a Qualified Counterparty, such counterparty shall constitute a Qualified
Counterparty hereunder and under the other Loan Documents; provided, further that, with respect to any Hedge Agreement entered into prior to the Closing Date, any counterparty thereto shall be a “Qualified Counterparty” if
such counterparty was a Lender, an Affiliate of a Lender, an Agent or an Affiliate of an Agent as of the Closing Date. 

  
 40 

 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan
Party that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract
participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Qualified Person” means an institution that is both
(a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and (b) (i) a “qualified purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act
of 1940, as amended, and the rules and regulations thereunder, (ii) not formed for the purpose of acquiring an interest in this Agreement and (iii) if it is a trust, fund or other entity other than a bank or financial institution, the
Loans constitute in the aggregate no more than 40% of its assets or capital. 
 “Quarterly Excess Cash Flow” has the
meaning set forth in Section 2.26(b). 
 “Real Property” means any real property the fee interest in which is now
owned or hereafter acquired by Holdings or its Subsidiaries and the improvements thereto. 
 “Recovery Event” means the
actual receipt of any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of any NM Group Member in an amount in excess of $1,000,000. 

“Refinanced Loans” has the meaning set forth in Section 9.1(d). 

“Refinancing” has the meaning set forth in the recitals hereto. 

“Refinancing Indebtedness” means with respect to any Indebtedness (the “Original Indebtedness”),
modifications, refinancing, refundings, renewals, replacements or extensions of such Original Indebtedness, or Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund such
Original Indebtedness; provided that: 
 (i) the principal amount (or accreted value, if applicable) plus unfunded commitments of such Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) plus unfunded commitments of the Original Indebtedness (plus any related fees and expenses and other amounts paid, unpaid accrued interest and premium thereon);

 (ii) the average life to maturity of such Refinancing Indebtedness is greater than or equal to (and the maturity of such Refinancing Indebtedness is no
earlier than) that of the Original Indebtedness; 
 (iii) the Refinancing Indebtedness shall not have different obligors than the obligors under the Loans
or greater guarantees or security than the guarantees and security provided in respect of the Obligations; 

  
 41 

 (iv) if the Original Indebtedness is subordinated in right of payment to the Obligations, such Refinancing
Indebtedness shall be subordinated in right of payment on terms and conditions reasonably satisfactory to the Administrative Agent; and 
 (v) to the extent
the Liens securing such Original Indebtedness are subordinated to the Liens securing the Obligations, the Liens, if any, securing such Refinancing Indebtedness are subordinated to the Liens securing the Obligations pursuant to intercreditor
arrangements reasonably acceptable to the Administrative Agent. 
 “Refunded Swing Line Loans” has the meaning set in
Section 2.3(b)(iv). 
 “Register” has the meaning set forth in Section 9.6(d). 

“Regulation H” means Regulation H of the Board as in effect from time to time. 

“Regulation U” means Regulation U of the Board as in effect from time to time. 

“Reimbursement Date” with respect to any drawing under a Letter of Credit, the date on which such drawing is honored by the
Issuing Bank (so long as the Borrower receives notice by 10:00 A.M. (New York City time) on the date such drawing is honored, and otherwise, the first Business Day following receipt of such notice. 

“Reimbursement Obligation” means the obligation of the Borrower to reimburse each Issuing Bank pursuant to
Section 2.4(d) for amounts drawn under Letters of Credit issued by such Issuing Bank. 
 “Rejection Notice” has the
meaning set forth in Section 2.10(f). 
 “Related Fund” means, with respect to any Lender, any person (other than a
natural person) that is primarily engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities and is administered, advised or managed by (i) such
Lender, (ii) an affiliate of such Lender or (iii) an entity or an affiliate of an entity that administers, advises or manages such Lender. 

“Remedial Action” means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate,
or in any way address Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare
or the indoor or outdoor environment, (c) restore or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations, or post-remedial operation and maintenance activities, or (e) conduct any other
actions with respect to Hazardous Materials required by Environmental Laws. 
 “Reorganization” means, with respect to any
Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA. 

“Replacement Loans” has the meaning specified in Section 9.1. 

  
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 “Reportable Event” means any of the events set forth in Section 4043(c) of
ERISA, other than those events as to which the 30-day notice period is waived. 
 “Repricing
Transaction” means (a) the prepayment, refinancing, substitution, replacement or conversion of all or a portion of the Fourth Amendment Replacement Term Loans or the Sixth Amendment Incremental Term Loans with the
incurrence by the Borrower or any Subsidiary of any Indebtedness under any credit facilities that results in the reduction of the All-In Yield of such Indebtedness relative to the Fourth Amendment Replacement Term Loans or the Sixth
Amendment Incremental Term Loans so repaid, refinanced, substituted, replaced or converted and (b) any amendment to this Agreement that results in the reduction of the All-In Yield applicable to the Fourth Amendment Replacement Term
Loans or the Sixth Amendment Incremental Term Loans, excluding, in each case, for avoidance of doubt, any such reductions in connection with a Change of Control; provided, that, for the avoidance of doubt, a Repricing
Transaction does not include any prepayment, repayment or refinancing, as the case may be, in connection with a Change of Control. 

“Required Facility Lenders” means, as of any date of determination, with respect to any Facility, Lenders having more than
50% of the sum of (a) the Total Outstandings under such Facility (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans, as applicable, under such Facility being
deemed “held” by such Lender for purposes of this definition) and (b) the aggregate unused Commitments under such Facility; provided that the unused Commitments of, and the portion of the Total Outstandings under such Facility
held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of the Required Facility Lenders; provided, further, that (i) to the same extent specified in Section 9.6(h) with respect
to determination of Required Lenders, the Loans of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Facility Lenders unless the action in question affects such Affiliated Lender in a
disproportionately adverse manner than its effect on the other Lenders and (ii) the Total Outstandings and unused Commitments of any Debt Investment Affiliates shall only be included to the same extent as for any calculation of the Required
Lenders pursuant to Section 9.6(j). 
 “Required Lenders” means, at any time, the holders of more than 50% of the sum
of (x) the aggregate unpaid principal amount of the Term Loans then outstanding and (y) the Total Revolving Credit Commitments then in effect or, if the Revolving Credit Commitments have been terminated, the Total Revolving Extensions of
Credit then outstanding; provided that (a) the unused Term Commitment and unused Revolving Credit Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of
making a determination of Required Lenders and (b) if at any time there are (i) two (2) Lenders, Required Lenders shall include both Lenders and (ii) three (3) or more Lenders, Required Lenders shall include the lesser of
all Lenders or at least three (3) unaffiliated Lenders. 
 “Requirement of Law” means, as to any Person, the
Organizational Documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other 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. 

  
 43 

 “Responsible Officer” means the chief executive officer, president, chief
financial officer, secretary or assistant secretary, board member or manager (if an officer), treasurer or assistant treasurer, vice president or other similar officer or Person performing similar functions, of such Person; provided that,
with respect to financial matters, the Responsible Officer shall be the chief financial officer, accounting officer, treasurer, controller or other senior financial or accounting officer of Holdings; provided, further that if Holdings
can provide financial information of a direct or indirect parent entity pursuant to Section 1.5, the Responsible Officer shall be the chief financial officer, accounting officer, treasurer, controller or other senior financial or accounting
officer of such direct or indirect parent entity. 
 “Restricted Payments” means (i) any dividend or other
distribution, direct or indirect, on account of any shares of any class of stock of the Borrower or any of its Restricted Subsidiaries now or hereafter outstanding, except a dividend (x) payable solely in shares of that class of stock to the
holders of that class or (y) by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a wholly owned Restricted
Subsidiary, the applicable Loan Party or Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities, or any payment (other than a payment
constituting a Permitted Investment) (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such
Equity Interest, or on account of any return of capital to the Borrower’s or any Restricted Subsidiary’s stockholders, partners or members (or the equivalent Persons thereof); (ii) any redemption, retirement, sinking fund or similar
payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock of the Borrower or any of its Restricted Subsidiaries now or hereafter outstanding; (iii) any payment made to retire, or to obtain the
surrender of, any outstanding warrants, options or other rights to acquire shares of any class of stock of the Borrower or any of its Restricted Subsidiaries now or hereafter outstanding; and (iv) any payment or prepayment of principal of,
premium, if any, or interest on, or redemption, purchase, retirement, defeasance (including in substance or legal defeasance), sinking fund or similar payment with respect to, any Junior Indebtedness (it being understood that payments of regularly
scheduled principal, interest and mandatory prepayments shall be permitted), any preferred stock, and any Indebtedness convertible into any class of stock of the Borrower or any of its Restricted Subsidiaries. 

“Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Borrower (including any Foreign
Subsidiary). 
 “Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Loans of the
same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period, made by each of the Revolving Credit Lenders pursuant to Section 2.2(a). 

“Revolving Credit Commitment” means as to any Lender, the obligation of such Lender, if any, to make Revolving Credit Loans
and participate in Swing Line Loans and Letters of Credit, in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Credit Commitment” opposite such Lender’s name on Schedule
2.2, or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The aggregate

  
 44 

 
amount of the Total Revolving Credit Commitments as of the Fifth Amendment Effective Date is $40,000,000. 

“Revolving Credit Commitment Period” means the period from the Business Day following the Closing Date to the Revolving
Credit Maturity Date. 
 “Revolving Credit Exposure” means, with respect to each Revolving Credit Lender, the sum of the
outstanding amount of such Revolving Credit Lender’s Revolving Credit Loans and its pro rata share of the L/C Obligations and the Swing Line Obligations at such time. 

“Revolving Credit Extension Request” has the meaning set forth in Section 2.25(b). 

“Revolving Credit Extension Series” has the meaning set forth in Section 2.25(b). 

“Revolving Credit Facility” means, at any time, the aggregate amount of the Revolving Credit Commitments (including the Fifth
Amendment Incremental Revolver Increase) at such time. 
 “Revolving Credit Lender” means each Lender that has a Revolving
Credit Commitment or that is the holder of Revolving Credit Loans. 
 “Revolving Credit Loans” has the meaning set forth in
Section 2.2 and includes Revolving Credit Loans under the Initial Revolving Credit Facility and Loans made pursuant to Incremental Revolving Credit Commitments and Extended Revolving Credit Commitments. 

“Revolving Credit Maturity Date” has the meaning set forth in the definition of “Maturity Date”. 

“Revolving Credit Note” has the meaning set forth in Section 2.6(d). 

“Revolving Credit Percentage” means, as to any Revolving Credit Lender at any time, the percentage which such Lender’s
Revolving Credit Commitment then constitutes of the Total Revolving Credit Commitments (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate amount of such Lender’s
Revolving Extensions of Credit then outstanding constitutes of the Total Revolving Extensions of Credit then outstanding). 

“Revolving Extensions of Credit” means, as to any Revolving Credit Lender at any time, an amount equal to the sum of
(a) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding, (b) such Lender’s Revolving Credit Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving
Credit Percentage of the aggregate principal amount of Swing Line Loans then outstanding. 
 “S&P” means
Standard & Poor’s Ratings Services. 
 “SEC” means the Securities and Exchange Commission (or successors
thereto or an analogous Governmental Authority). 

  
 45 

 “Secured Cash Management Agreement” means any Cash Management Agreement that is
entered into by and between Holdings, the Borrower or any Restricted Subsidiary and a Cash Management Bank; and designated in writing by the Cash Management Bank and the Borrower to the Administrative Agent as a “Secured Cash Management
Agreement.” 
 “Secured Parties” means the collective reference to the Administrative Agent, the Lenders (including
any Issuing Bank in its capacity as Issuing Bank), the Swing Line Lender, any Qualified Counterparties and any Cash Management Banks. 

“Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or
participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known
as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 

“Security Documents” means the collective reference to (i) the Pledge Agreements, (ii) the Collateral Agreements,
(iii) the Mortgages and (iv) all other security documents now or hereafter delivered to the Administrative Agent granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan Party under any Loan
Document. 
 “Single Employer Plan” means any Plan other than a Multiemployer Plan. 

“Sixth Amendment” means that certain Sixth Amendment to Credit Agreement dated as of May 29, 2015, by and among Holdings,
the Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent. 
 “Sixth Amendment
Effective Date” means May 29, 2015. 
 “Sixth Amendment Incremental Term Commitment” means, as to each Term Loan
Lender, its obligation (if applicable) to make a Sixth Amendment Incremental Term Loan to the Borrower pursuant to Section 2.1(a)(v) in an aggregate amount not to exceed the amount specified opposite such Lender’s name on Schedule 2.1
under the caption “Sixth Amendment Incremental Term Commitment” or in the Assignment and Acceptance (or Affiliated Lender Assignment and Assumption) pursuant to which such Term Loan Lender becomes a party hereto, as applicable, as such
amount may be adjusted from time to time in accordance with this Agreement (including pursuant to Section 2.24 or Section 2.25). The aggregate amount of the Sixth Amendment Incremental Term Commitments as of the Sixth Amendment Effective
Date is $25,000,000. 
 “Sixth Amendment Incremental Term Loans” means the term loans made by the Lenders on the Sixth
Amendment Effective Date to the Borrower pursuant to Section 2.1(a)(v); it being understood that except as set forth in the Sixth Amendment and in this Agreement, the Sixth Amendment Incremental Term Loans shall be of the same Class as the
Fourth Amendment Replacement Term Loans, shall have identical terms as the Fourth Amendment Replacement Term Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of
the Loan 

  
 46 

 
Parties or any provisions regarding the rights of the Lenders, of this Agreement and the other Loan Documents. 

“Solvent” as of any date of determination, with respect to the NM Group Members viewed for all purposes of this definition on
a consolidated basis, that (a) the sum of the debt (including contingent liabilities) of the NM Group Members does not exceed the present fair saleable value of the present assets of the NM Group Members; (b) the capital of the NM Group
Members is not unreasonably small in relation to their business as contemplated on such date or with respect to any transaction contemplated to be undertaken after such date; and (c) the NM Group Members have not incurred, and do not intend to
incur, debts beyond their ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of
the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Specified Hedge Agreement” means any Hedge Agreement (a) entered into prior to or after the Closing Date by
(i) the Borrower and (ii) any Qualified Counterparty, as counterparty and (b) that has been designated by such Qualified Counterparty and the Borrower, by notice to the Administrative Agent, as a Specified Hedge Agreement,
provided, that any release of Collateral or Loan Parties effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Specified Hedge Agreements. The designation of any Hedge Agreement as a
Specified Hedge Agreement shall not create in favor of any Qualified Counterparty that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under the Guarantee Agreement
except as provided in Section 9.15. 
 “Specified Representations” means those representations and warranties made in
Sections 3.3(a) (with respect to the organizational existence of the Loan Parties only), 3.4 (other than clause (c), 3.5(i), 3.11, 3.14, 3.19, 3.20 and solely to the extent it would be unlawful for the Lenders to extend the Loans, 3.21. 

“Sponsor” means Fortress Investment Group LLC, or any one or more Affiliates managed exclusively by Fortress Investment
Group, LLC. 
 “Subsidiary” means, as to any Person; (a) any corporation of which more than 50% of the outstanding
Capital Stock having ordinary voting power to elect the board of directors of such corporation (irrespective of whether at the time Capital Stock of any other class or classes of such corporation shall or might have voting power upon the occurrence
of any contingency) is at the time directly or indirectly owned (i) by such Person, (ii) by such Person and one or more subsidiaries of such Person, or (iii) by one or more subsidiaries of such Person; or (b) any trust,
partnership, joint venture or other entity as to which such Person, or one or more subsidiaries of such Person, owns more than 50% of the voting ownership, equity or similar interest, of such trust, partnership, joint venture or other entity, as the
case may be. 
 “Subsidiary Guarantor” means each Subsidiary of the Borrower providing a guarantee of the Obligations
pursuant to a Guarantee Agreement. 

  
 47 

 “Swap Obligation” has the definition set forth in the definition of
“Excluded Swap Obligation.” 
 “Swing Line Lender” means Citizens Bank of Pennsylvania, in its capacity as the
lender of Swing Line Loans, or any successor swing line lender hereunder. 
 “Swing Line Loans” has the meaning set forth
in Section 2.3(a). 
 “Swing Line Note” has the meaning set forth in Section 2.6(d). 

“Swing Line Obligations” means, as at any date of determination, the aggregate Outstanding Amount of all Swing Line Loans
outstanding. 
 “Swing Line Sublimit” means the lesser of (i) $5,000,000 and (ii) the aggregate unused amount of
Revolving Credit Commitments then in effect. 
 “Syndication Agent” has the meaning set forth in the preamble hereto. 

“Tax” means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding of any nature
and whatever called, imposed by any Governmental Authority, including any interest, additions to tax and penalties applicable thereto. 

“Tax Group” has the meaning set forth in Section 6.6(j). 

“Term Commitment” means, as to each Term Loan Lender, its Initial Term Commitment and/or Incremental Term Commitment or a
Commitment with respect to Replacement Loans as the context may require. 
 “Term Loan” means any Initial Term Loan,
Incremental Term Loan, Extended Term Loan or Replacement Loan (including the Fourth Amendment Replacement Term Loans), as the context may require. 

“Term Loan Exposure” means, with respect to any Lender, as of any date of determination, the outstanding principal amount of
the Initial Term Loans of such Lender; provided, at any time prior to the making of the Initial Term Loans, the Term Loan Exposure of any Lender shall be equal to such Lender’s Initial Term Commitment. 

“Term Loan Extension Request” has the meaning set forth in Section 2.25(a). 

“Term Loan Extension Series” has the meaning set forth in Section 2.25(a). 

“Term Loan Facility” means any Facility consisting of Term Loans and/or the related Term Commitments. 

“Term Loan Increase” has the meaning set forth in Section 2.24(a). 

“Term Loan Lenders” means, at any time, any Lender that has a Term Commitment or a Term Loan at such time. 

  
 48 

 “Term Loan Percentage” means, as to any Term Loan Lender at any time, the
percentage which the aggregate principal amount of such Lender’s Term Loans then outstanding constitutes of the aggregate principal amount of the Term Loans then outstanding. 

“Terminated Lender” has the meaning set forth in Section 2.23. 

“Test Period” means, on any date of determination, the period of four consecutive fiscal quarters (taken as one accounting
period) of the NM Group Members most recently ended for which financial statements have been or are required to be delivered pursuant to Section 5.1 on or before the relevant date of determination. 

“Third Amendment” means that certain Third Amendment to Credit Agreement dated as of the Third Amendment Effective Date, by
and among Holdings, the Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent. 

“Third Amendment Effective Date” means January 9, 2015. 

“Third Amendment Incremental Revolver Increase” has the meaning set forth in the recitals. 

“Third Amendment Incremental Revolver Increase Availability Period” means the period from the Third Amendment Effective Date
to the earlier of (i) the date on which the Borrower repays all outstanding principal and accrued interest with respect to the outstanding Third Amendment Incremental Revolving Credit Loans with the proceeds of the Equity Contribution and
terminates the Incremental Revolving Credit Commitments corresponding thereto and (ii) the Conversion Date. 
 “Third Amendment
Incremental Revolving Credit Loans” has the meaning set forth in the recitals. 
 “Third Amendment Incremental Term
Commitment” means, as to each Term Loan Lender, its obligation (if applicable) to make a Third Amendment Incremental Term Loan to the Borrower pursuant to Section 2.1(a)(iii) in an aggregate amount not to exceed the amount specified
opposite such Lender’s name on Schedule 2.1 under the caption “Third Amendment Incremental Term Commitment” or in the Assignment and Acceptance (or Affiliated Lender Assignment and Assumption) pursuant to which such Term Loan Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including pursuant to Section 2.24, Section 2.25 or Section 2.27). The aggregate amount of the Third Amendment
Incremental Term Commitments as of the Third Amendment Effective Date is $102,000,000. 
 “Third Amendment Incremental Term
Loans” means the term loans made by the Lenders on the Third Amendment Effective Date to the Borrower pursuant to Section 2.1(a)(iii), it being understood that except as set forth in the Third Amendment and in this Agreement, the Third
Amendment Incremental Term Loans, shall have identical terms as the Initial Term Loans and the First Amendment Incremental Term Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the
obligations, of the Loan Parties or 

  
 49 

 
any provisions regarding the rights of the Lenders, of this Agreement and the other Loan Documents. 

“Total Assets” means, at any date of determination, the total assets of the NM Group Members (or such other Person as may be
expressly stated), determined on a consolidated basis in accordance with GAAP, as shown on the most recently provided Historical Financial Statements or the most recent consolidated balance sheet of Holdings and its Subsidiaries delivered pursuant
to Section 5.1(a) or 5.1(b), as applicable. 
 “Total Leverage Ratio” means as of any date of determination, the ratio
of (a) Consolidated Total Debt as of the last day of the Test Period most recently ended on or prior to such date of determination to (b) Consolidated EBITDA of the NM Group Members for such Test Period. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 

“Total Revolving Credit Commitments” means, at any time, the aggregate amount of the Revolving Credit Commitments then in
effect. 
 “Total Revolving Extensions of Credit” means, at any time, the aggregate amount of the Revolving Extensions of
Credit of the Revolving Credit Lenders outstanding at such time. 
 “Transaction Expenses” means any fees or expenses
incurred or paid by Holdings, the Borrower or any Restricted Subsidiary in connection with the Transactions. 

“Transactions” means collectively, (a) the execution and delivery by the Loan Parties of the Loan Documents to which
they are a party and the making of the Borrowings and issuances or deemed issuances of Letters of Credit hereunder on the Closing Date, (b) the consummation of the Refinancing on the Closing Date and (c) the payment of the Transaction
Expenses. 
 “Transferee” has the meaning set forth in Section 9.14. 

“Type” means, as to any Loan, its nature as a Base Rate Loan or a Eurodollar Rate Loan. 

“Unasserted Contingent Obligations” means, at any time, Obligations for taxes, costs, indemnifications, reimbursements,
damages and other liabilities (excluding Obligations in respect of the principal of, and interest and premium (if any) on, any Obligation) in respect of which no assertion of liability and no claim or demand for payment has been made (and, in the
case of Obligations for indemnification, no notice for indemnification has been issued by the indemnitee at such time). 
 “Uniform
Commercial Code” or “UCC” means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code or any successor
provision thereof (or similar code or 

  
 50 

 
statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. 

“United States Tax Compliance Certificate” has the meaning set forth in Section 2.18(d)(ii)(C). 

“Unreimbursed Amount” has the meaning set forth in Section 2.4(e). 

“U.S. Lender” means any Lender that is not a Foreign Lender. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness, at any date, the quotient obtained by dividing
(a) the sum of the products of the number of years (calculated to the nearest one-twelfth) from the date of determination to the date of each successive scheduled principal payment of such Indebtedness multiplied by the amount of such payment;
by (b) the sum of all such payments. 
 “Wholly-Owned Subsidiary” means, as to any NM Group Member, any other Person
all of the Capital Stock of which (other than directors’ qualifying shares required by law) is owned by the NM Group Members directly and/or through other Wholly-Owned Subsidiaries. 

1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined
meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

(b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or
thereto, accounting terms relating to Holdings, the Borrower and their respective Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings
given to them under GAAP; provided that if the Borrower notifies the Administrative Agent to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in
the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith. 
 (c) The words “hereof”, “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such
terms. 

  
 51 

 (e) All calculations of financial ratios set forth herein shall be calculated to
the same number of decimal places as the relevant ratios are expressed in and shall be rounded upward if the number in the decimal place immediately following the last calculated decimal place is five or greater. For example, if the relevant ratio
is to be calculated to the hundredth decimal place and the calculation of the ratio is 5.126, the ratio will be rounded up to 5.13. 

(f) As used herein and in the other Loan Documents, references to agreements or other Contractual Obligations shall, unless
otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, restated, replaced, refinanced, supplemented or otherwise modified from time to time. 

(g) A reference to a statute includes all regulations made pursuant to such statute and, unless otherwise specified, the
provisions of any statute or regulation which amends, revises, restates, supplements or supersedes any such statute or any such regulation. 

(h) A reference to the Issuing Bank, unless otherwise specified, shall be deemed to refer to the applicable Issuing Bank or
applicable Issuing Banks with respect to the Letter of Credit or Letters of Credit issued by such Issuing Bank or Issuing Banks. 
 1.3
Timing of Payment or Performance. When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than
as described in the definition of “Interest Period” and in the definition of “Maturity Date”) or performance shall extend to the immediately succeeding Business Day. 

1.4 Guaranties of Hedging Obligations. Notwithstanding anything else to the contrary in any Loan Document, no Guarantor shall be
required to guarantee or provide security for Excluded Swap Obligations, and any reference in any Loan Document with respect to such Guarantor guaranteeing or providing security for the Obligations shall be deemed to be all Obligations other than
the Excluded Swap Obligations. 
 1.5 Financial Information. Notwithstanding anything to the contrary in this Agreement, Holdings
may satisfy its obligations to deliver any financial information under Section 5.1 by furnishing financial information of a direct or indirect parent entity of Holdings to the extent there are no material differences as determined by the
Administrative Agent in its reasonable discretion and which financial statements shall include unconsolidated information with respect to Holdings; provided that in the event the Administrative Agent determines that there are material
differences, then upon request by the Administrative Agent and (x) within 45 days after the date of such request with respect to quarterly financial statements or (y) within 60 days after the date of such request with respect to annual
financial statements, Holdings shall deliver (i) calculations made in good faith by a Responsible Officer of Holdings to eliminate the effect of such differences on a pro forma basis or (ii) separate such financial statements of Holdings
and its consolidated Subsidiaries. 

  
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 SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 

2.1 Term Loan Facility. 

(a) Term Loans. Subject to the terms and conditions hereof, the Term Loan Lenders severally agree to make an initial
term loan (the “Initial Term Loan”) denominated in Dollars to the Borrower on the Closing Date in an amount equal to the amount of the Initial Term Commitment of such Lender, provided that, there may only be one Borrowing
Date for the Initial Term Loan and any remaining Initial Term Commitment that is not borrowed shall automatically expire on such Borrowing Date. The Initial Term Loans may from time to time be Eurodollar Rate Loans or Base Rate Loans, as determined
by the Borrower and notified to the Administrative Agent in accordance with Sections 2.1 and 2.11; provided, however, that the Initial Term Loan made on the Closing Date may only consist of Base Rate Loans unless the Borrower delivers
a funding indemnity letter, in form and substance reasonably acceptable to the Administrative Agent, not less than three (3) Business Days prior to the Closing Date. Subject to Sections 2.5, 2.9 and 2.10, all amounts owed hereunder with respect
to the Initial Term Loans shall be paid in full no later than the Maturity Date with respect thereto. Amounts repaid or prepaid on the Initial Term Loans may not be reborrowed. 

(ii) Subject to the terms and conditions hereof, the Term Loan Lenders with a First Amendment Incremental Term Commitment
severally agree to make an Incremental Term Loan (the “First Amendment Incremental Term Loan”) denominated in Dollars to the Borrower on the First Amendment Effective Date in an amount equal to the amount of the First Amendment
Incremental Term Commitment of such Lender, provided that, there may only be one Borrowing Date for the First Amendment Incremental Term Loan and any remaining First Amendment Incremental Term Commitment that is not borrowed shall
automatically expire on such Borrowing Date. The First Amendment Incremental Term Loans may from time to time be Eurodollar Rate Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with
Sections 2.1 and 2.11; provided, however, that the First Amendment Incremental Term Loan made on the First Amendment Effective Date may only consist of Base Rate Loans unless the Borrower delivers a funding indemnity letter, in form
and substance reasonably acceptable to the Administrative Agent, not less than three (3) Business Days prior to the First Amendment Effective Date. Subject to Sections 2.5, 2.9 and 2.10, all amounts owed hereunder with respect to the First
Amendment Incremental Term Loans shall be paid in full no later than the Maturity Date with respect thereto. Amounts repaid or prepaid on the First Amendment Incremental Term Loans may not be reborrowed. 

(iii) Subject to the terms and conditions hereof, the Term Loan Lenders with a Third Amendment Incremental Term Commitment
severally agree to make a Third Amendment Incremental Term Loan denominated in Dollars to the Borrower on the Third Amendment Effective Date in an amount equal to the amount of the Third Amendment Incremental Term Commitment of such Lender,
provided that, 

  
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there may only be one Borrowing Date for the Third Amendment Incremental Term Loan and any remaining Third Amendment Incremental Term Commitment that is not borrowed shall automatically expire on
such Borrowing Date. The Third Amendment Incremental Term Loans may from time to time be Eurodollar Rate Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.1 and 2.11;
provided, however, that the Third Amendment Incremental Term Loan made on the Third Amendment Effective Date may only consist of Base Rate Loans unless the Borrower delivers a funding indemnity letter, in form and substance reasonably
acceptable to the Administrative Agent, not less than one (1) Business Day prior to the Third Amendment Effective Date. Subject to Sections 2.5, 2.9 and 2.10, all amounts owed hereunder with respect to the Third Amendment Incremental Term Loans
shall be paid in full no later than the Maturity Date with respect thereto. Amounts repaid or prepaid on the Third Amendment Incremental Term Loans may not be reborrowed. 

(iv) Subject to the terms and conditions hereof, the Term Loan Lenders with a Fourth Amendment Replacement Term Commitment
severally agree to make a Fourth Amendment Replacement Term Loan denominated in Dollars to the Borrower on the Fourth Amendment Effective Date in an amount equal to the amount of the Fourth Amendment Replacement Term Commitment of such Lender,
provided that, there may only be one Borrowing Date for the Fourth Amendment Replacement Term Loan and any remaining Fourth Amendment Replacement Term Commitment that is not borrowed shall automatically expire on such Borrowing Date. The
Fourth Amendment Replacement Term Loans may from time to time be Eurodollar Rate Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.1 and 2.11; provided,
however, that the Fourth Amendment Replacement Term Loan made on the Fourth Amendment Effective Date may only consist of Eurodollar Rate Loans and shall have the same Interest Period(s) as the Interest Period(s) applicable to the Fourth
Amendment Refinanced Term Loans as of the Fourth Amendment Effective Date. Subject to Sections 2.5, 2.9 and 2.10, all amounts owed hereunder with respect to the Fourth Amendment Replacement Term Loans shall be paid in full no later than the Maturity
Date with respect thereto. Amounts repaid or prepaid on the Fourth Amendment Replacement Term Loans may not be reborrowed. 

(v) Subject to the terms and conditions hereof, the Term Loan Lenders with a Sixth Amendment Incremental Term Commitment
severally agree to make an Incremental Term Loan (the “Sixth Amendment Incremental Term Loan”) denominated in Dollars to the Borrower on the Sixth Amendment Effective Date in an amount equal to the amount of the Sixth Amendment Incremental
Term Commitment of such Lender, provided that, there may only be one Borrowing Date for the Sixth Amendment Incremental Term Loan and any remaining Sixth Amendment Incremental Term Commitment that is not borrowed shall automatically expire on such
Borrowing Date. The Sixth Amendment Incremental Term Loans may from time to time be Eurodollar Rate Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with

  
 54 

 
Sections 2.1 and 2.11. Subject to Sections 2.5, 2.9 and 2.10, all amounts owed hereunder with respect to the Sixth Amendment Incremental Term Loans shall be paid in full no later than the
Maturity Date with respect thereto. Amounts repaid or prepaid on the Sixth Amendment Incremental Term Loans may not be reborrowed. 

(b) Procedure for Term Loan Borrowing. The Borrower shall deliver to the Administrative Agent a Borrowing Notice (which
Borrowing Notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, one (1) Business Day prior to the Closing Date) requesting that the Term Loan Lenders make the Initial Term Loans on the Closing Date. Upon
receipt of such Borrowing Notice, which notice shall be irrevocable, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 10:00 A.M., New York City time, on the Closing Date, each Term Loan Lender shall make
available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Initial Term Loan to be made by such Lender. The Administrative Agent shall promptly make available to the Borrower the aggregate of
the amounts made available to the Administrative Agent by the Term Loan Lenders in Dollars. 
 (ii) The Borrower shall
deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, one (1) Business Day prior to the First Amendment Effective Date) requesting
that the Term Loan Lenders with a First Amendment Incremental Term Commitment make the First Amendment Incremental Term Loans on the First Amendment Effective Date. Upon receipt of such Borrowing Notice, which notice shall be irrevocable, the
Administrative Agent shall promptly notify each Term Loan Lender with a First Amendment Incremental Term Commitment thereof. Not later than 10:00 A.M., New York City time, on the First Amendment Effective Date, each Term Loan Lender with a First
Amendment Incremental Term Commitment shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the First Amendment Incremental Term Loan to be made by such Lender. The Administrative
Agent shall promptly make available to the Borrower the aggregate of the amounts made available to the Administrative Agent by the Term Loan Lenders in Dollars. 

(iii) The Borrower shall deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received by
the Administrative Agent prior to 10:00 A.M., New York City time, one (1) Business Day prior to the Third Amendment Effective Date) requesting that the Term Loan Lenders with a Third Amendment Incremental Term Commitment make the Third
Amendment Incremental Term Loans on the Third Amendment Effective Date. Upon receipt of such Borrowing Notice, which notice shall be irrevocable, the Administrative Agent shall promptly notify each Term Loan Lender with a Third Amendment Incremental
Term Commitment thereof. Not later than 10:00 A.M., New York City time, on the Third Amendment Effective Date, each Term Loan Lender with a Third Amendment Incremental Term Commitment shall make available to the

  
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Administrative Agent at the Funding Office an amount in immediately available funds equal to the Third Amendment Incremental Term Loan to be made by such Lender. The Administrative Agent shall
promptly make available to the Borrower the aggregate of the amounts made available to the Administrative Agent by the Term Loan Lenders in Dollars. 

(iv) The Borrower shall deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received by the
Administrative Agent prior to 10:00 A.M., New York City time, one (1) Business Day prior to the Fourth Amendment Effective Date) requesting that the Term Loan Lenders with a Fourth Amendment Replacement Term Commitment make the Fourth Amendment
Replacement Term Loans on the Fourth Amendment Effective Date. Upon receipt of such Borrowing Notice, which notice shall be irrevocable, the Administrative Agent shall promptly notify each Term Loan Lender with a Fourth Amendment Replacement Term
Commitment thereof. It is acknowledged and agreed that, in accordance with the terms of Section 9.1(d) and notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, the Fourth Amendment Refinanced Term
Loans shall be replaced on the Fourth Amendment Effective Date by the Fourth Amendment Replacement Term Loans through a “cashless roll” of such Fourth Amendment Refinanced Term Loans by converting the Fourth Amendment Refinanced Term Loans
of the Term Loan Lenders with a Fourth Amendment Replacement Term Commitment into Fourth Amendment Replacement Term Loans and, for the avoidance of doubt, the Loan Parties shall have no further obligations with respect to the Fourth Amendment
Refinanced Term Loans. 
 (v) The Borrower shall deliver to the Administrative Agent a Borrowing Notice (which Borrowing
Notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, one (1) Business Day prior to the Sixth Amendment Effective Date) requesting that the Term Loan Lenders with a Sixth Amendment Incremental Term
Commitment make the Sixth Amendment Incremental Term Loans on the Sixth Amendment Effective Date. Upon receipt of such Borrowing Notice, which notice shall be irrevocable, the Administrative Agent shall promptly notify each Term Loan Lender with a
Sixth Amendment Incremental Term Commitment thereof. Not later than 10:00 A.M., New York City time, on the Sixth Amendment Effective Date, each Term Loan Lender with a Sixth Amendment Incremental Term Commitment shall make available to the
Administrative Agent at the Funding Office an amount in immediately available funds equal to the Sixth Amendment Incremental Term Loan to be made by such Lender. The Administrative Agent shall promptly make available to the Borrower the aggregate of
the amounts made available to the Administrative Agent by the Term Loan Lenders in Dollars. 
 2.2 Revolving Credit Commitments.
(a) (i) During the Revolving Credit Commitment Period for such Class, subject to the terms and conditions hereof, each Lender severally agrees to make loans denominated in Dollars (each such loan, a “Revolving Credit  

  
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Loan”) of any Class pursuant to this Section 2.2 to the Borrower in an aggregate amount up to but not exceeding such Lender’s Revolving Credit Commitment for such Class;
provided, that after giving effect to the making of any Revolving Credit Loans in no event shall the Outstanding Amount of the Revolving Credit Loans, L/C Obligations and Swing Line Loans exceed the Revolving Credit Commitments then in
effect. Amounts borrowed pursuant to this Section 2.2(a) may be repaid and reborrowed during the Revolving Credit Commitment Period. Each Lender’s Revolving Credit Commitment of any Class shall expire on the Revolving Credit Maturity Date
for such Class and all Revolving Credit Loans for such Class and all other amounts owed hereunder with respect to the Revolving Credit Loans for such Class and the Revolving Credit Commitments for such Class shall be paid in full no later than such
date. Any Revolving Credit Loans made on the Closing Date or any of the three (3) Business Days following the Closing Date, may only consist of Base Rate Loans unless the Borrower delivers a funding indemnity letter, in form and substance
reasonably acceptable to the Administrative Agent, not less than three (3) Business Days prior to the Closing Date. 

(ii) Notwithstanding anything in the foregoing to the contrary, Citizens Bank of Pennsylvania, in its capacity as a Revolving
Credit Lender, will make a Third Amendment Incremental Revolving Credit Loan in an aggregate amount not to exceed $50,000,000 available to the Borrower on the Third Amendment Effective Date; provided that, (A) the Borrower shall have the right
to repay Citizens Bank of Pennsylvania on a non-pro rata basis, prior to the Conversion Date, with the proceeds of an equity contribution, directly or indirectly, from New Media to the Borrower (the “Equity Contribution”), all or a
portion of the outstanding principal and accrued interest with respect to such Third Amendment Incremental Revolving Credit Loan and (B) on the Conversion Date, any outstanding principal amount of such Third Amendment Incremental Revolving
Credit Loan that has not been repaid shall be converted into a Third Amendment Incremental Term Loan pursuant to Section 2.27; provided further, that the Revolving Credit Commitment with respect to any portion of the Third Amendment
Incremental Revolving Credit Loan that is repaid shall be deemed automatically terminated in connection with such repayment. 

(b) Borrowing Mechanics for Revolving Credit Loans. 

(i) Except pursuant to Section 2.4(d), Revolving Credit Loans that are Base Rate Loans shall be made in an aggregate
minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount, and Revolving Credit Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of
that amount. 
 (ii) Subject to Section 4.2(a), whenever the Borrower desires that Lenders make Revolving Credit Loans,
the Borrower shall deliver to the Administrative Agent a fully executed and delivered Borrowing Notice, which notice shall be irrevocable, (x) in the case of Third Amendment Incremental Revolving Credit Loans that are Eurodollar Rate Loans, no
later than 10:00 A.M. (New York City time) at least one (1) Business Day prior to the Third Amendment Effective Date, (y) otherwise, no later than 12:00 p.m. (New York City time) at least three (3) Business Days in advance of the
proposed Borrowing Date in the case of a Eurodollar Rate Loan, and (z) no later than 12:00 p.m. (New York City time) at least 

  
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one (1) Business Day in advance of the proposed Borrowing Date in the case of a Revolving Credit Loan that is a Base Rate Loan. 

(iii) Notice of receipt of each Borrowing Notice in respect of Revolving Credit Loans, together with the amount of each
Lender’s Pro Rata Share thereof, if any, together with the applicable interest rate, shall be provided by the Administrative Agent to each applicable Lender by telefacsimile with reasonable promptness, but (provided Administrative Agent
shall have received such notice by 2:00 p.m. (New York City time)) not later than 3:00 p.m. (New York City time) on the same day as the Administrative Agent’s receipt of such Notice from the Borrower. 

(iv) Each Lender shall make the amount of its Revolving Credit Loan available to the Administrative Agent not later than 10:00
A.M. (New York City time) on the applicable Borrowing Date by wire transfer of same day funds in Dollars, at the Funding Office of the Administrative Agent. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified
herein, the Administrative Agent shall make the proceeds of such Revolving Credit Loans available to the Borrower on the applicable Borrowing Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Revolving Credit
Loans received by the Administrative Agent from Lenders to be credited to the account of the Borrower at the Funding Office designated by the Administrative Agent or such other account as may be designated in writing to the Administrative Agent by
the Borrower. 
 2.3 Swing Line Loans. 

(a) Swing Line Loans Commitments. During the Revolving Credit Commitment Period, subject to the terms and conditions
hereof, the Swing Line Lender agrees to make loans in Dollars (each such loan, a “Swing Line Loan”) to the Borrower in the aggregate amount up to but not exceeding the Swing Line Sublimit; provided, that after giving effect
to the making of any Swing Line Loan, in no event shall the Outstanding Amount of the Revolving Credit Loans, L/C Obligations and Swing Line Loans exceed the Revolving Credit Commitments then in effect. Amounts borrowed pursuant to this
Section 2.3 may be repaid and reborrowed during the Revolving Credit Commitment Period. The Swing Line Lender’s Revolving Credit Commitment shall expire on the Revolving Credit Maturity Date and all Swing Line Loans and all other amounts
owed hereunder with respect to the Swing Line Loans and the Revolving Credit Commitments shall be paid in full no later than such date. 

(b) Borrowing Mechanics for Swing Line Loans. 

(i) Swing Line Loans shall be made in an aggregate minimum amount of $100,000 and integral multiples of $50,000 in excess of
that amount. 
 (ii) Subject to Section 4.2(a), whenever the Borrower desires that the Swing Line Lender make a Swing
Line Loan, the Borrower shall deliver to the 

  
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Administrative Agent a Borrowing Notice, which notice shall be irrevocable, no later than 2:00 p.m. (New York City time) on the proposed Borrowing Date. 

(iii) Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, the Administrative
Agent shall make the proceeds of any Swing Line Loan made by the Swing Line Lender available to the Borrower on the applicable Borrowing Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Swing Line Loans
received by the Administrative Agent from the Swing Line Lender to be credited to the account of the Borrower at the Administrative Agent’s Funding Office, or to such other account as may be designated in writing to the Administrative Agent by
the Borrower. 
 (iv) With respect to any Swing Line Loans which have not been voluntarily prepaid by the Borrower pursuant
to Section 2.9, the Swing Line Lender may at any time in its sole and absolute discretion, deliver to the Administrative Agent (with a copy to the Borrower), no later than 1:00 p.m. (New York City time) at least one (1) Business Day in
advance of the proposed Borrowing Date, a notice (which shall be deemed to be a Borrowing Notice given by the Borrower) requesting that each Lender holding a Revolving Credit Commitment make Revolving Credit Loans that are Base Rate Loans to the
Borrower on such Borrowing Date in an amount equal to the amount of such Swing Line Loans (the “Refunded Swing Line Loans”) outstanding on the date such notice is given which the Swing Line Lender requests Lenders to prepay.
Anything contained in this Agreement to the contrary notwithstanding, (1) the proceeds of such Revolving Credit Loans made by the Lenders other than the Swing Line Lender shall be immediately delivered by the Administrative Agent to the Swing
Line Lender (and not to the Borrower) and applied to repay a corresponding portion of the Refunded Swing Line Loans and (2) on the day such Revolving Credit Loans are made, the Swing Line Lender’s Pro Rata Share of the Refunded Swing Line
Loans shall be deemed to be paid with the proceeds of a Revolving Credit Loan made by the Swing Line Lender to the Borrower, and such portion of the Swing Line Loans deemed to be so paid shall no longer be outstanding as Swing Line Loans and shall
no longer be due under the Swing Line Note of the Swing Line Lender but shall instead constitute part of the Swing Line Lender’s outstanding Revolving Credit Loans to the Borrower and shall be due under the Revolving Credit Note issued by the
Borrower to the Swing Line Lender. If any portion of any such amount paid (or deemed to be paid) to the Swing Line Lender should be recovered by or on behalf of the Borrower from the Swing Line Lender in bankruptcy, by assignment for the benefit of
creditors or otherwise, the loss of the amount so recovered shall be ratably shared among all Lenders in the manner contemplated by Section 2.16. 

(v) If for any reason Revolving Credit Loans are not made pursuant to Section 2.3(b)(iv) in an amount sufficient to repay
any amounts owed to the Swing Line Lender in respect of any outstanding Swing Line Loans on or before the third Business Day after demand for payment thereof by the Swing Line Lender, each Lender holding a Revolving Credit Commitment shall be deemed
to, and hereby agrees to, have purchased a participation in such outstanding Swing Line Loans, and 

  
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in an amount equal to its Pro Rata Share of the applicable unpaid amount together with accrued interest thereon. Upon one (1) Business Day’s notice from the Swing Line Lender, each
Lender holding a Revolving Credit Commitment shall deliver to the Swing Line Lender an amount equal to its respective participation in the applicable unpaid amount in same day funds at the Funding Office of the Swing Line Lender. In order to
evidence such participation each Lender holding a Revolving Credit Commitment agrees to enter into a participation agreement at the request of the Swing Line Lender in form and substance reasonably satisfactory to the Swing Line Lender. In the event
any Lender holding a Revolving Credit Commitment fails to make available to the Swing Line Lender the amount of such Lender’s participation as provided in this paragraph, the Swing Line Lender shall be entitled to recover such amount on demand
from such Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Swing Line Lender for the correction of errors among banks and thereafter at the Base Rate, as applicable. 

(vi) Notwithstanding anything contained herein to the contrary, (1) each Lender’s obligation to make Revolving
Credit Loans for the purpose of repaying any Refunded Swing Line Loans pursuant to the second preceding paragraph and each Lender’s obligation to purchase a participation in any unpaid Swing Line Loans pursuant to the immediately preceding
paragraph shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set off, counterclaim, recoupment, defense or other right which such Lender may have against the Swing Line Lender, any Loan Party or
any other Person for any reason whatsoever; (B) the occurrence or continuation of a Default or Event of Default; (C) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any
Loan Party; (D) any breach of this Agreement or any other Loan Document by any party thereto; or (E) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing; provided that such
obligations of each Lender are subject to the condition that the Swing Line Lender had not received prior notice from the Borrower or the Required Lenders that any of the conditions under Section 4.2 to the making of the applicable Refunded
Swing Line Loans or other unpaid Swing Line Loans, were not satisfied at the time such Refunded Swing Line Loans or unpaid Swing Line Loans were made; and (2) the Swing Line Lender shall not be obligated to make any Swing Line Loans (A) if
it has elected not to do so after the occurrence and during the continuation of a Default or Event of Default or (B) at a time when any Lender is a Defaulting Lender unless the Swing Line Lender has entered into arrangements satisfactory to it
and the Borrower to eliminate the Swing Line Lender’s risk with respect to the Defaulting Lender’s participation in such Swing Line Loan, including by Cash Collateralizing such Defaulting Lender’s Pro Rata Share of the outstanding
Swing Line Loans. 
 2.4 Issuance of Letters of Credit and Purchase of Participations Therein. 

(a) Letters of Credit. During the period that is at least ten (10) Business Days prior to the end of the Revolving
Credit Commitment Period, subject to the terms and conditions hereof, 

  
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the Issuing Bank agrees to issue Letters of Credit for the account of the Borrower; provided, (i) each Letter of Credit shall be denominated in Dollars; (ii) the stated amount of
each Letter of Credit shall not be less than $100,000 or such lesser amount as is acceptable to Issuing Bank; (iii) after giving effect to such issuance, in no event shall (x) the Outstanding Amount of the Revolving Credit Loans, L/C
Obligations and Swing Line Loans exceed the Revolving Credit Commitments then in effect and (y) the Outstanding Amount of the L/C Obligations exceed the L/C Sublimit; and (v) in no event shall any standby Letter of Credit have an
expiration date later than the earlier of (1) ten (10) Business Days prior to the Revolving Credit Maturity Date (the “Letter of Credit Expiration Date”) (unless such Letter of Credit is Cash Collateralized) and
(2) the date which is one year from the date of issuance of such standby Letter of Credit. Subject to the foregoing, the Issuing Bank may agree that a standby Letter of Credit will automatically be extended for one or more successive periods
not to exceed one year each, unless the Issuing Bank elects not to extend for any such additional period; provided, the Issuing Bank shall not be required to extend any such Letter of Credit if it has received written notice from the
Administrative Agent or any Loan Party that an Event of Default has occurred and is continuing at least seven (7) days prior to the time the Issuing Bank must elect to allow such extension; provided further, if any Lender is a
Defaulting Lender, the Issuing Bank shall not be required to issue any Letter of Credit unless either (i) such Defaulting Lender’s participation in such Letter of Credit can be reallocated among the Non-Defaulting Lenders in accordance
with their Pro Rata Shares (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) as provided in Section 2.22(a)(iv) or (ii) the Borrower Cash Collateralizes the Issuing Bank’s Fronting Exposure with
respect to such Defaulting Lender (determined after giving effect to Section 2.22(a)(iv) and any Cash Collateral provided by such Defaulting Lender) or the Issuing Bank has otherwise entered into arrangements satisfactory to it and the Borrower
to eliminate the Issuing Bank’s risk with respect to the participation in such Letter of Credit of the Defaulting Lender. 

(b) Notice of Issuance. Subject to Section 4.2(a), whenever the Borrower desires the issuance or amendment (to
either increase the amount available for drawings under any Revolving Credit Facility Letter of Credit or to extend the maturity date thereof) of a Letter of Credit, the Borrower shall deliver to the Administrative Agent and the Issuing Bank a
Letter of Credit Request no later than 2:00 p.m. (New York City time) at least three (3) Business Days, or such shorter period as may be agreed to by the Issuing Bank in any particular instance, in advance of the proposed date of issuance. Such
Letter of Credit Request shall be accompanied by any documentary or other evidence of the proposed beneficiary’s identity as may reasonably be requested by the Issuing Bank in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations. Upon satisfaction or waiver of the conditions set forth in Section 4.2, the Issuing Bank shall issue the requested Letter of Credit only in accordance with the
Issuing Bank’s standard operating procedures. Upon the issuance or cancellation of any Letter of Credit or amendment or modification to a Letter of Credit, the Issuing Bank shall promptly provide written or telephonic notice to the
Administrative Agent, and the Administrative Agent shall promptly notify each Lender with a Revolving Credit Commitment of such issuance, amendment, modification or cancellation of a Letter of Credit and the amount of such Lender’s respective
participation in such Letter of Credit pursuant to Section 2.4(e). Notwithstanding anything herein to the contrary, an Issuing Bank shall be under no obligation to issue, extend or amend any Letter of Credit if any order, judgment or decree of
any Governmental Authority or arbitrator by its terms shall purport to enjoin or restrain such Issuing Bank from issuing the Letter of Credit, or any 

  
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Law applicable to the applicable Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall
prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or the Letter of Credit in particular. 

(c) Responsibility of the Issuing Bank with Respect to Requests for Drawings and Payments. In determining whether to
honor any drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall be responsible only to accept the documents delivered under such Letter of Credit which appear on their face to be in accordance with the terms and
conditions of such Letter of Credit without responsibility for further investigation regardless of any notice or information to the contrary. As between the Borrower and the Issuing Bank, the Borrower assumes all risks of the acts and omissions of,
or misuse of the Letters of Credit issued by the Issuing Bank, by the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Issuing Bank shall not be responsible for: (i) the form,
validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects
invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds
thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any such Letter of Credit to comply fully with any conditions required in order to draw upon such Letter of Credit;
(iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any
loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the
proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Bank, including any act or omission, whether rightful or wrongful, of any present or future de jure or de
facto government or Governmental Authority; none of the above shall affect or impair, or prevent the vesting of, any of the Issuing Bank’s rights or powers hereunder. Without limiting the foregoing and in furtherance thereof, any action taken
or omitted by the Issuing Bank under or in connection with the Letters of Credit or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not give rise to any liability on the part of the Issuing Bank to the
Borrower. Notwithstanding anything to the contrary contained in this Section 2.4(c), the Borrower shall retain any and all rights it may have against the Issuing Bank for any liability arising solely out of the gross negligence, bad faith or
willful misconduct of the Issuing Bank as determined by a final, non-appealable judgment of a court of competent jurisdiction. 

(d) Reimbursement by the Borrower of Amounts Drawn or Paid Under Letters of Credit. In the event the Issuing Bank has
determined to honor a drawing under a Letter of Credit, it shall immediately notify the Borrower and the Administrative Agent, and the Borrower shall reimburse the Issuing Bank on the Reimbursement Date in an amount in Dollars and in same day funds
equal to the amount of such honored drawing. Anything contained herein to the contrary notwithstanding, unless the Borrower shall have notified the Administrative Agent and the Issuing Bank prior to 2:00 p.m. (New York City time) on the date such
drawing is 

  
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honored that the Borrower intends to reimburse the Issuing Bank for the amount of such honored drawing with funds other than the proceeds of Revolving Credit Loans, (i) the Borrower shall be
deemed to have given a timely Borrowing Notice to the Administrative Agent requesting Lenders with Revolving Credit Commitments to make Revolving Credit Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to such
honored drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 4.2, Lenders with Revolving Credit Commitments shall, on the Reimbursement Date, make Revolving Credit Loans that are Base Rate Loans in the
amount of such honored drawing, the proceeds of which shall be applied directly by the Administrative Agent to reimburse the Issuing Bank for the amount of such honored drawing; and provided further, if for any reason proceeds of
Revolving Credit Loans are not received by the Issuing Bank on the Reimbursement Date in an amount equal to the amount of such honored drawing, the Borrower shall reimburse the Issuing Bank, on demand, in an amount in same day funds equal to the
excess of the amount of such honored drawing over the aggregate amount of such Revolving Credit Loans, if any, which are so received. Nothing in this Section 2.4(d) shall be deemed to relieve any Lender with a Revolving Credit Commitment from
its obligation to make Revolving Credit Loans on the terms and conditions set forth herein, and the Borrower shall retain any and all rights it may have against any such Lender resulting from the failure of such Lender to make such Revolving Credit
Loans under this Section 2.4(d). 
 (e) Lenders’ Purchase of Participations in Letters of Credit.
Immediately upon the issuance of each Letter of Credit, each Lender having a Revolving Credit Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase (regardless of whether the conditions set forth in Section 4.2
have been satisfied), from the Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Lender’s Pro Rata Share (with respect to the Revolving Credit Commitments) of the maximum amount
which is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse the Issuing Bank as provided in Section 2.4(d), the Issuing Bank shall promptly notify each Lender with a
Revolving Credit Commitment of the unreimbursed amount (the “Unreimbursed Amount”) of such honored drawing and of such Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Credit
Commitments. Each Lender with a Revolving Credit Commitment shall pay to the Administrative Agent, for the account of the Issuing Bank, an amount in Dollars equal to its respective participation and in same day funds, not later than 12:00 p.m. (New
York City time) on the first Business Day (under the laws of the jurisdiction in which such office of the Issuing Bank is located) after the date notified by the Issuing Bank. In the event that any Lender with a Revolving Credit Commitment fails to
make available to the Administrative Agent, for the account of the Issuing Bank, on such Business Day the amount of such Lender’s participation in such Letter of Credit as provided in this Section 2.4(e), the Issuing Bank shall be entitled
to recover such amount on demand from such Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks and thereafter at the Base Rate. Nothing in
this Section 2.4(e) shall be deemed to prejudice the right of any Lender with a Revolving Credit Commitment to recover from the Issuing Bank any amounts made available by such Lender to the Issuing Bank pursuant to this Section 2.4(e) in
the event that the payment with respect to a Letter of Credit in respect of which payment was made by such Lender constituted gross negligence or willful misconduct on the part of the Issuing Bank as determined by a final,

  
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non-appealable judgment of a court of competent jurisdiction. In the event the Issuing Bank shall have been reimbursed by other Lenders pursuant to this Section 2.4(e) for all or any portion
of any drawing honored by the Issuing Bank under a Letter of Credit, such Issuing Bank shall distribute to the Administrative Agent, for distribution to each Lender which has paid all amounts payable by it under this Section 2.4(e) with respect
to such honored drawing, such Lender’s Pro Rata Share of all payments subsequently received by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a
Lender at its primary address as set forth in its administrative questionnaire or at such other address as such Lender may request. 

(f) Obligations Absolute. The obligation of the Borrower to reimburse the Issuing Bank for drawings honored under the
Letters of Credit issued by it and to repay any Revolving Credit Loans made by Lenders pursuant to Section 2.4(d) and the obligations of Lenders under Section 2.4(e) shall be unconditional and irrevocable and shall be paid strictly in
accordance with the terms hereof under all circumstances including any of the following circumstances: (i) any lack of validity or enforceability of any Letter of Credit; (ii) the existence of any claim, set off, defense or other right
which the Borrower or any Lender may have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such transferee may be acting), the Issuing Bank, Lender or any other Person or, in the case of a
Lender, against the Borrower, whether in connection herewith, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between the Borrower or one of its Subsidiaries and the beneficiary for which any
Letter of Credit was procured); (iii) any draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
(iv) payment by the Issuing Bank under any Letter of Credit against presentation of a draft or other document which does not substantially comply with the terms of such Letter of Credit; (v) any amendment or waiver of or any consent to
departure from all or any of the provisions of the Loan Documents or Letter of Credit; (vi) any other act or omission to act or delay of any kind by the Administrative Agent, any Issuing Bank, any Lender or any other Person or any other event
or circumstance whatsoever that might, but for the provisions of this Section 2.4(f), constitute a legal or equitable discharge of the Borrower’s obligations hereunder (other than payment or performance in full); (vii) any adverse
change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of Holdings or any of its Subsidiaries; (viii) any breach hereof or any other Loan Document by any party thereto; (ix) any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing; or (x) the fact that an Event of Default or a Default shall have occurred and be continuing; provided, in each case, that payment by the Issuing Bank
under the applicable Letter of Credit shall not have constituted gross negligence, bad faith or willful misconduct of the Issuing Bank under the circumstances in question as determined by a final, non-appealable judgment of a court of competent
jurisdiction. 
 (g) Indemnification. Without duplication of any obligation of the Borrower under Section 9.5,
in addition to amounts payable as provided herein, the Borrower hereby agrees to protect, indemnify, pay and save harmless the Issuing Bank from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses
(including reasonable fees, expenses and disbursements of counsel) which the Issuing Bank may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit by

  
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the Issuing Bank, other than as a result of (1) the gross negligence, bad faith or willful misconduct of the Issuing Bank as determined by a final, non-appealable judgment of a court of
competent jurisdiction or (2) the wrongful dishonor by the Issuing Bank of a proper demand for payment made under any Letter of Credit issued by it, or (ii) the failure of the Issuing Bank to honor a drawing under any such Letter of Credit
as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority. 

(h) Additional Issuing Banks. The Borrower may, at any time and from time to time with the consent of the
Administrative Agent (which consent shall not be unreasonably withheld or delayed) and such Lender, designate one or more additional Lenders (or Affiliates thereof) to act as an Issuing Bank under the terms of this Agreement (and such designation
shall be effective with respect to Letters of Credit, unless otherwise agreed by the Borrower and such Lender). From and after the effective date of such designation, any Lender designated as an Issuing Bank pursuant to this Section 2.4(h)
shall have the rights and obligations of an Issuing Bank under this Agreement. Any Lender that becomes an Issuing Bank shall not cease to be an Issuing Bank hereunder if it later ceases to be a Lender hereunder. 

(i) Resignation and Replacement of Issuing Bank. An Issuing Bank may resign as Issuing Bank upon 30 days prior written
notice to the Administrative Agent, the Lenders and the Borrower; provided that such resignation shall be effective only upon the effective date of the replacement of such Issuing Bank with a successor Issuing Bank in accordance with the
provisions of this Section 2.4(i); provided further that such resignation shall become effective notwithstanding the failure to appoint a successor Issuing Bank if an Event of Default has occurred and is continuing (and such
resignation shall be effective with respect to the Revolving Credit Facility, unless otherwise agreed by the Borrower and such Lender). An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent,
the replaced Issuing Bank (provided that no consent will be required if the replaced Issuing Bank has no Letters of Credit or reimbursement obligations with respect thereto outstanding) and the successor Issuing Bank. The Administrative Agent
shall notify the Lenders of any such replacement of such Issuing Bank. At the time any such replacement or resignation shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank. From and
after the effective date of any such replacement or resignation, (i) any successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and
(ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement or
resignation of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto to the extent that Letters of Credit issued by it remain outstanding and shall continue to have all the rights and obligations of an Issuing Bank under
this Agreement with respect to Letters of Credit issued by it prior to such replacement or resignation, but shall not be required to issue additional Letters of Credit. 

(j) Cash Collateral. If any Event of Default shall occur and be continuing, within five (5) Business Days
following the written request of the Administrative Agent or the Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Issuing Bank’s Fronting Exposure with respect to the Letters of Credit;
provided that the 

  
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obligation to so Cash Collateralize the Letters of Credit will become effective immediately, without demand or notice of any kind, upon the occurrence of any Event of Default described in clauses
(i) or (ii) of Section 7.1(f). 
 (i) Grant of Security Interest. The Borrower hereby grants to the
Administrative Agent, for the benefit of the Issuing Bank, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Obligations in respect of the Letters of Credit, to be applied pursuant to clause
(ii) below. If at any time the Administrative Agent determines that such Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Bank as herein provided, the Borrower will, promptly
upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. 

(ii) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
this Section 2.4(j) in respect of Letters of Credit shall first be applied to reimburse the Issuing Bank for unreimbursed drawings in respect of such Letters of Credit, second be held for the satisfaction of the Obligations in
respect of the Letters of Credit, and third if the maturity of the Loans has been accelerated (but subject to the consent of Lenders holding participations in outstanding Letters of Credit representing greater than 50% of the aggregate
undrawn amount of all outstanding Letters of Credit), be applied to satisfy the Obligations. 
 (iii) Termination of
Requirement. Without limiting the requirement to Cash Collateralize the applicable Issuing Bank’s Fronting Exposure with respect to any Defaulting Lender pursuant to 2.22(b), Cash Collateral (or the appropriate portion thereof) provided to
reduce the Issuing Bank’s Fronting Exposure with respect to Letters of Credit shall no longer be required to be held as Cash Collateral pursuant to this Section 2.4(j) and such Cash Collateral (to the extent not applied as aforesaid) shall
be returned to the Borrower within three (3) Business Days after the date that (i) such Fronting Exposure with respect to Letters of Credit has been eliminated, (ii) the Administrative Agent and the Issuing Bank have determined that
there exists excess Cash Collateral or (iii) all Events of Default have been cured or waived. 
 (k) Provisions
Related to Extended Revolving Credit Commitments. If the Letter of Credit Expiration Date in respect of any Class of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the
Issuing Bank that issued such Letter of Credit, if one or more other Classes of Revolving Credit Commitments in respect of which the Letter of Credit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which
consent has been obtained shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect
thereof pursuant to Sections 2.4(d) and 2.4(e) under (and ratably participated in by Revolving Credit Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating Classes up to an aggregate amount not to exceed the
aggregate 

  
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principal amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated) and
(ii) to the extent not reallocated pursuant to immediately preceding clause (i) and unless provisions reasonably satisfactory to the applicable Issuing Bank for the treatment of such Letter of Credit as a letter of credit under a successor
credit facility have been agreed upon, the Borrower shall, on or prior to the applicable Maturity Date, cause all such Letters of Credit to be replaced and returned to the applicable Issuing Bank undrawn and marked “cancelled” or to the
extent that the Borrower are unable to so replace and return any Letter(s) of Credit, such Letter(s) of Credit shall be secured by a “back to back” letter of credit reasonably satisfactory to the applicable Issuing Bank, the Borrower shall
Cash Collateralize any such Letter of Credit in accordance with Section 2.4(j). 
 2.5 Repayment of Loans; Evidence of Debt.
(a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of the appropriate Term Loan Lender (i) (x) on the last Business Day of each March, June, September and December,
commencing with the last Business Day of March 31, 2015, March 31, 2015, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Fourth Amendment
RefinancedReplacement Term Loans outstanding on the Fourth Amendment Effective Date and (y) on the last Business Day of each March, June, September and December after March 31, 2015 commencing with June 30,
2015, with respect to the Fourth Amendment Replacement Term Loans and the Sixth Amendment Incremental Term Loans, each Term Loan Lender’s pro rata share of $877,344.68 (which payments shall be reduced as a result of the application of
prepayments in accordance with the order of priority set forth in Section 2.9 and Section 2.10) and (ii) on the Maturity Date for the Fourth Amendment RefinancedReplacement Term Loans and for the Sixth Amendment
Incremental Term Loans, the aggregate principal amount of all Fourth Amendment RefinancedReplacement Term Loans and all Sixth Amendment Incremental Term Loans outstanding on such date (or on such earlier date on which the
Loans become due and payable pursuant to Section 7). With respect to any Replacement Loans, Incremental Term Loans or Extended Term Loans, such Loans shall be repaid by the Borrower in the amounts and on the dates set forth in the Incremental
Amendment or Extension Amendment, as applicable. 
 (b) The Borrower hereby unconditionally promises to pay to the
Administrative Agent for the account of the appropriate Revolving Credit Lender (i) the then unpaid principal amount of each Revolving Credit Loan of such Revolving Credit Lender on the Revolving Credit Maturity Date (or on such earlier date on
which the Loans become due and payable pursuant to Section 7), (ii) the then unpaid principal amount of each Swing Line Loan of such Swing Line Lender on the Revolving Credit Maturity Date (or on such earlier date on which the Loans become
due and payable pursuant to Section 7). The Borrower agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the Closing Date until payment in full thereof at the rates per annum, and on the dates,
set forth in Section 2.12. 
 2.6 Evidence of Debt; Register; Lenders’ Books and Records; Notes.  

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the
Borrower to such Lender resulting from 

  
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each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

(b) The Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to Section 9.6(d), and a
subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, the Type of such Loan and each Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share
thereof. 
 (c) The entries made in the Register and the accounts of each Lender maintained pursuant to Section 2.5(b)
shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative
Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower in accordance with the terms of this
Agreement. 
 (d) The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will
promptly execute and deliver to such Lender a promissory note of the Borrower evidencing any Term Loans, Revolving Credit Loans or Swing Line Loans, as the case may be, of such Lender, substantially in the forms of Exhibit F-1, F-2 or F-3 respectively (a “Term Note”, “Revolving Credit Note” or
“Swing Line Note”, respectively), with appropriate insertions as to date and principal amount; provided that delivery of Notes shall not be a condition precedent to the occurrence of the Closing Date or the making of the
Loans or issuance of Letters of Credit on the Closing Date. 
 2.7 Commitment Fees, etc. (a) The Borrower agrees to pay to the
Administrative Agent for the account of each Revolving Credit Lender under each Revolving Credit Facility in accordance with its Pro Rata Share or other applicable share provided for under this Agreement, a commitment fee equal to the applicable
Commitment Fee Rate times the actual daily amount by which the aggregate Revolving Credit Commitment for the applicable Revolving Credit Facility exceeds the sum of (A) the Outstanding Amount of Revolving Credit Loans (for the avoidance of
doubt, excluding any Swing Line Loans) for such Revolving Credit Facility and (B) the Outstanding Amount of L/C Obligations for such Revolving Credit Facility; provided that any commitment fee accrued with respect to any of the
Commitments of a Defaulting Lender under such Revolving Credit Facility during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a
Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time; and provided, further, that no commitment fee shall accrue on any of the Commitments under
any Revolving Credit Facility of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee on each Revolving Credit Facility shall accrue at all times from the Closing Date until the Maturity Date for the applicable
Revolving Credit Facility, including at any time during which one or more of the conditions in Section 4.2 is not met, and shall be due and payable quarterly in arrears on the last Business Day of each of March, June, September and December,
commencing with the last 

  
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Business Day of September 30, 2014, and on the Maturity Date for such Revolving Credit Facility. The commitment fee shall be calculated quarterly in arrears. 

(b) The Borrower agrees to pay (i) directly to the Issuing Bank, for its own account, the following fees: (A) a
fronting fee equal to 0.125%, per annum, times the average aggregate daily maximum amount available to be drawn under all Letters of Credit (determined as of the close of business on any date of determination) and (B) such documentary and
processing charges for any issuance, amendment, transfer or payment of a Letter of Credit as are in accordance with the Issuing Bank’s standard schedule for such charges and as in effect at the time of such issuance, amendment, transfer or
payment, as the case may be and (ii) to the Administrative Agent for the ratable benefit of the Revolving Lenders, a fee (the “Letter of Credit Fee”) equal to the Applicable Margin set forth in the “Eurodollar Rate and
Letter of Credit Fees” column of the chart in the definition of “Applicable Margin” per annum on the average daily maximum amount available to be drawn under each Letter of Credit from the date of issuance to the date of expiration,
which Letter of Credit Fee shall be quarterly in arrears on the last Business Day of each calendar quarter. 
 (c) All fees
referred to in Section 2.7(a) and 2.7(b)(i) shall be calculated on the basis of a 360 day year and the actual number of days elapsed and shall be payable quarterly in arrears on the last Business Day of March, June, September and December of
each year during the Revolving Credit Commitment Period, commencing on the first such date to occur after the Closing Date, and on the Revolving Credit Maturity Date. 

(d) The Borrower agrees to pay to the Administrative Agent (i) for the account of each Lender party to this Agreement as
a Lender on the Closing Date, or with respect to the Initial Term Loans, to such Lender out of the proceeds of the Initial Term Loan made by such Lender on the Closing Date, as fee compensation for the funding of such Lender’s Initial Term Loan
a closing fee in an amount equal to 2.00% of the stated principal amount of such Lender’s Initial Term Loan payable to such Lender from the proceeds of its Term Loan as and when funded on the Closing Date, (ii) for the account of each
Lender with a First Amendment Incremental Term Loan Commitment on the First Amendment Effective Date, to such Lender out of the proceeds of the First Amendment Incremental Term Loan made by such Lender on the First Amendment Effective Date, as fee
compensation for the funding of such Lender’s First Amendment Incremental Term Loan a closing fee in an amount equal to 2.00% of the stated principal amount of such Lender’s First Amendment Incremental Term Loan payable to such Lender from
the proceeds of its First Amendment Incremental Term Loan as and when funded on the First Amendment Effective Date, (iii) for the account of each Lender with a Third Amendment Incremental Term Loan Commitment on the Third Amendment Effective
Date, to such Lender out of the proceeds of the Third Amendment Incremental Term Loan made by such Lender on the Third Amendment Effective Date, as fee compensation for the funding of such Lender’s Third Amendment Incremental Term Loan a
closing fee in an amount equal to 1.00% of the stated principal amount of such Lender’s Third Amendment Incremental Term Loan payable to such Lender from the proceeds of its Third Amendment Incremental Term Loan as and when funded on the Third
Amendment Effective Date and, (iv) for the account of each Lender with an Incremental Revolving Credit Commitment with respect to the Third Amendment Incremental Revolver Increase on the Third Amendment Effective
Date, to such Lender out of the proceeds of the Third Amendment Incremental Revolving Credit Loan made 

  
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by such Lender on the Third Amendment Effective Date, as fee compensation for the funding of such Lender’s Third Amendment Incremental Revolving Credit Loan a closing fee in an amount equal
to 1.00% of the stated principal amount of such Lender’s Third Amendment Incremental Revolving Credit Loan payable to such Lender from the proceeds of its Third Amendment Incremental Revolving Credit Loan as and when funded on the Third
Amendment Effective Date and (v) for the account of each Lender with a Sixth Amendment Incremental Term Loan Commitment on the Sixth Amendment Effective Date, to such Lender out of the proceeds of the Sixth Amendment Incremental Term Loan
made by such Lender on the Sixth Amendment Effective Date, as fee compensation for the funding of such Lender’s Sixth Amendment Incremental Term Loan a closing fee in an amount equal to 1.00% of the stated principal amount of such Lender’s
Sixth Amendment Incremental Term Loan payable to such Lender from the proceeds of its Sixth Amendment Incremental Term Loan as and when funded on the Sixth Amendment Effective Date. Such closing fee will be in all respects fully earned, due and
payable on (i) with respect to the Initial Term Loan, the Closing Date, (ii) with respect to the First Amendment Incremental Term Loan, the First Amendment Effective Date and, (iii) with respect to the Third
Amendment Incremental Term Loan and the Third Amendment Incremental Revolver Increase, the Third Amendment Effective Date and (iv) with respect to the Sixth Amendment Incremental Term Loan, the Sixth Amendment Effective Date, and in each
case will be non-refundable and non-creditable thereafter. 
 (e) The Borrower agrees to pay to the Administrative Agent the
fees in the amounts and on the dates from time to time agreed to in writing by the Borrower and the Administrative Agent. 
 2.8
Termination or Reduction of Revolving Credit Commitments. The Borrower shall have the right, upon not less than three (3) Business Days’ notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time
to time, to reduce the aggregate amount of the Revolving Credit Commitments without premium or penalty; provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to
any prepayments of the Revolving Credit Loans and Swing Line Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any such reduction shall be in an amount equal to
$500,000, or a whole multiple thereof, and shall reduce permanently the Revolving Credit Commitments then in effect. The foregoing requirements of this Section 2.8 shall not apply to the termination of the Incremental Revolving Credit
Commitments corresponding to the Third Amendment Incremental Revolver Increase so long as such Revolving Credit Commitments are terminated in accordance with the terms of Section 2.2(a)(ii) or Section 2.27. If, after giving effect to any
reduction of the Revolving Credit Commitments, the L/C Sublimit or the Swing Line Sublimit exceeds the amount of the Revolving Credit Facility, such sublimit shall be automatically reduced by the amount of such excess. Except as provided above, the
amount of any such Revolving Credit Commitment reduction shall not be applied to the L/C Sublimit or the Swing Line Sublimit unless otherwise specified by the Borrower. The Borrower’s notice to the Administrative Agent shall designate the date
(which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Revolving Credit Commitments shall be effective on the date specified in the Borrower’s notice
and, with the exception of the termination of the Incremental Revolving Credit 

  
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Commitments corresponding to the Third Amendment Incremental Revolver Increase in accordance with the terms of Section 2.2(a)(ii) or Section 2.27, shall reduce the Revolving Credit
Commitment of each Lender proportionately to its Pro Rata Share thereof; provided that a notice of termination or partial reduction of the Revolving Credit Commitments may state that such notice is conditional upon the effectiveness of other
credit facilities, the receipt of proceeds from the issuance of other Indebtedness or the Disposition of assets or the closing of a merger or acquisition transaction, in which case such notice of termination or partial reduction may be revoked or
extended by the Borrower (by notice to the Administrative Agent on or prior to the specified date) if such condition is not satisfied or delayed in effectiveness. 

2.9 Optional Prepayments. (a) The Borrower may at any time and from time to time prepay the Loans, in whole or in part, without
premium or penalty (except as otherwise provided herein), upon irrevocable notice delivered to the Administrative Agent no later than 11:00 A.M. (New York City time) three (3) Business Days prior thereto in the case of Eurodollar Rate Loans and
no later than 11:00 A.M. (New York City time) one (1) Business Day prior thereto in the case of Base Rate Loans, which notice shall specify the date and amount of such prepayment, whether such prepayment is of Term Loans or Revolving Credit
Loans, and whether such prepayment is of Eurodollar Rate Loans or Base Rate Loans; provided, that (i) if a Eurodollar Rate Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall
also pay any amounts owing pursuant to Section 2.19 and (ii) no prior notice is required for the prepayment of Swing Line Loans. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof;
provided that a notice of voluntary prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities, the receipt of proceeds from the issuance of other Indebtedness or the Disposition of assets or the
closing of a merger or acquisition transaction, in which case such notice of prepayment may be revoked or extended by the Borrower (by notice to the Administrative Agent on or prior to the specified date) if such condition is not satisfied or
delayed in effectiveness. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Credit Loans that are Base Rate Loans and Swing Line
Loans) accrued interest to such date on the amount prepaid. Partial prepayments of Term Loans and Revolving Credit Loans shall be in an aggregate principal amount of $500,000 or a whole multiple thereof. Partial prepayments of Swing Line Loans shall
be in an aggregate principal amount of $100,000 or a whole multiple thereof. Any prepayments of the Term Loan Facility pursuant to this Section shall be applied to the remaining scheduled installments of principal under the Term Loan Facility as
directed by the Borrower (or absent such direction, on a pro rata basis thereof). 
 (b) Loan Repricing Protection.
In the event that, on or prior to the six month anniversary of the Fourth Amendment Effective Date, the Borrower (a) makes any prepayment of the Fourth Amendment Refinanced Term Loans or the Sixth Amendment Incremental Term Loans in
connection with any Repricing Transaction or (b) effects any amendment of this Agreement resulting in a Repricing Transaction with respect to the Fourth Amendment Refinanced Term Loans or the Sixth Amendment Incremental Term Loans, the
Borrower shall pay to the Administrative Agent, for the ratable account of each applicable Lender, (i) in the case of clause (a), a prepayment premium not to exceed 1.00% of the aggregate principal amount of the Fourth Amendment Refinanced Term
Loans or the Sixth Amendment Incremental Term Loans being prepaid and (ii) in the case of clause (b), a payment not to 

  
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exceed 1.00% of the aggregate principal amount of the applicable Fourth Amendment Refinanced Term Loans or Sixth Amendment Incremental Term Loans outstanding immediately prior to such
amendment that is subject to such Repricing Transaction (it being understood that if a Non-Consenting Lender is removed pursuant to Section 2.23 in connection with a Repricing Transaction, such fee shall be paid to the Non-Consenting Lender and
not to the replacement Lender pursuant to Section 2.23). 
 2.10 Mandatory Prepayments and Commitment Reductions. 

(a) Issuance of Debt. Unless the Required Lenders shall otherwise agree, if any Indebtedness shall be incurred by any
NM Group Member (excluding any Indebtedness incurred in accordance with Sections 6.2), then the Term Loans and the Revolving Credit Loans shall be prepaid, and/or the outstanding Letters of Credit shall be Cash Collateralized, by an amount equal to
100% of the amount of Net Cash Proceeds received therefrom on or prior to the date which is ten (10) Business Days after the receipt of such Net Cash Proceeds, as set forth in Section 2.10(d). 

(b) Asset Sales and Recovery Events. Unless the Required Lenders shall otherwise agree, if any NM Group Member shall
receive Net Cash Proceeds from any Asset Sale (excluding any such Disposition permitted by clause (a), (b) (except in reference to Section 6.4(c), unless such Disposition is to the Borrower or any Restricted Subsidiary), (c), (d), (e),
(f), (h), (j) (to the extent constituting a Disposition to the Borrower or a Restricted Subsidiary that is a Guarantor), (k), (l), (n), (o), (p), (q), (r), (s), (t) or (u) of Section 6.5)) during any fiscal year or Recovery
Event, then, no later than ten (10) Business Days following the date of receipt by such NM Group Member of such Net Cash Proceeds, the Term Loans and Revolving Credit Loans shall be repaid, and/or the outstanding Letters of Credit shall be Cash
Collateralized, by an amount equal to the amount of such Net Cash Proceeds, as set forth in Section 2.10(d); provided, that notwithstanding the foregoing, at the option of the Borrower, any NM Group Member may reinvest all or any portion
of such Net Cash Proceeds in assets useful for its business other than printing paper, ink, Inventory (as defined in the UCC) or raw materials (or to use such Net Cash Proceeds to replace assets Disposed of in such Asset Sale) within (x) twelve
(12) months following receipt of such Net Cash Proceeds or (y) if such NM Group Member enters into a legally binding commitment to reinvest such Net Cash Proceeds within twelve (12) months following receipt thereof, within one hundred
eighty (180) days after the end of such twelve-month period; provided further, that if any Net Cash Proceeds that are not so reinvested, such Net Cash Proceeds less any amount previously expended to acquire, refurbish, improve
and/or repair such assets shall be applied at the end of such reinvestment period; provided, however, that no such Net Cash Proceeds received in connection with any Asset Sale and not reinvested pursuant to the first or second proviso
above shall be required to be used to prepay the Term Loans until the aggregate amount of all such Net Cash Proceeds received and not reinvested during the term of this Agreement shall exceed $1,000,000 (the “Asset Sale Threshold
Amount”) (and thereafter, only Net Cash Proceeds received and not reinvested in excess of such Asset Sale Threshold Amount shall be required to be used to prepay the Term Loans as set forth in Section 2.10(d)). 

(c) Excess Cash Flow. After the end of the fourth fiscal quarter in any fiscal year (beginning with the fiscal year
started December 30, 2013), the Borrower shall deliver, pursuant to Section 5.2(d)(ii), the Borrower’s calculation of the Excess Cash Flow for such 

  
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fiscal year (the “Annual Excess Cash Flow”). Within 10 Business Days of delivery thereof, the Borrower shall prepay the outstanding principal amount of the Obligations in
accordance with Section 2.10(d) in an amount equal to (i) the ECF Percentage multiplied by the Annual Excess Cash Flow for such fiscal year, minus (ii) the sum of (A) all voluntary prepayments of Term Loans (other
than voluntary prepayments made with proceeds of Revolving Credit Loans or loans under any other revolving facility) made pursuant to Section 2.9(a) and (B) all voluntary prepayments of Revolving Credit Loans (other than the prepayment of
the Third Amendment Incremental Revolving Credit Loans pursuant to Section 2.2(a)(ii)) or loans under any other revolving facility that is secured, in whole or in part, by a first priority lien (in each case, to the extent accompanied by a
permanent reduction in the corresponding Revolving Credit Commitments or other revolving commitments), in the case of each of the immediately preceding clauses (A) and (B), made during such fiscal year (without duplication of any prepayments in
such fiscal year that reduced the amount of Excess Cash Flow required to be repaid pursuant to this Section 2.10(c) for any prior fiscal quarter or fiscal year) or after such fiscal year-end and prior to the time such prepayment pursuant to
this Section 2.10(c) is due and to the extent such prepayments are not funded with the proceeds of long-term indebtedness. Notwithstanding anything to the contrary contained herein, for purposes of calculating the Annual Excess Cash Flow for
the fiscal year started December 30, 2013, such calculation shall only include Excess Cash Flow accumulated during the fiscal quarters ending September 28, 2014 and December 29, 2014. 

(d) Except as otherwise set forth in any Extension Amendment or Incremental Amendment, (i) amounts to be applied in
connection with prepayments made pursuant to Section 2.10(e) shall be applied, first to the outstanding Swing Line Loans, second to the outstanding Revolving Credit Loans and third to Cash Collateralize the L/C Obligations
and (ii) amounts to be applied in connection with prepayments made pursuant to Sections 2.10(a) through 2.10(c) shall be applied, first, to the prepayment of the Classes of Term Loans outstanding based upon the then outstanding principal
amounts of the respective Classes of Term Loans, pro rata, and applied to the remaining scheduled installments of principal under each such Class of the Term Loan Facility on a pro rata basis, second, to the prepayment of the Revolving Credit
Loans (without a corresponding reduction of the Revolving Credit Commitments) and, third, to replace outstanding Letters of Credit and/or deposit an amount in cash in a Cash Collateral Account established with the Administrative Agent for the
benefit of the Secured Parties to Cash Collateralize Letters of Credit on terms and conditions satisfactory to the Administrative Agent. 

(e) If for any reason the Total Revolving Extensions of Credit exceeds the Total Revolving Credit Commitments, the Borrower
shall promptly repay such of the outstanding Revolving Credit Loans and Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate principal amount such that, after giving effect thereto, the Total Revolving Extensions of Credit
do not exceed the Total Revolving Credit Commitments, together with interest accrued to the date of such payment or prepayment on the principal so prepaid if required hereby and any amounts payable under Section 2.19 in connection therewith;
provided that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.10(e) unless after the prepayment in full of the Revolving Credit Loans and Swing Line Loans such aggregate Outstanding
Amount of L/C Obligations exceeds the aggregate Revolving Credit Commitments then in effect. Any prepayment of 

  
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Revolving Credit Loans shall first be applied to prepay any outstanding Swing Line Loans. To the extent that after giving effect to any prepayment of Loans required by this paragraph, the Total
Revolving Extensions of Credit at such time exceed the Total Revolving Credit Commitments at such time, the Borrower shall, within three (3) Business Days of notice from the Administrative Agent deposit in a Cash Collateral Account upon terms
reasonably satisfactory to the Administrative Agent an amount equal to the amount by which Total Revolving Extensions of Credit exceed the Total Revolving Credit Commitments. The Administrative Agent shall apply any cash deposited in the Cash
Collateral Account (to the extent thereof) to pay any Reimbursement Obligations which are or become due thereafter at the end of the Interest Periods therefor, provided that, (x) the Administrative Agent shall release to the Borrower
from time to time such portion of the amount on deposit in the Cash Collateral Account to the extent such amount is not required to be so deposited in order for the Borrower to be in compliance with this paragraph and (y) the Administrative
Agent may so apply such cash at any time after the occurrence and during the continuation of an Event of Default. “Cash Collateral Account” means an account specifically established by the Borrower for purposes of this
Section 2.10 and hereby pledged to the Administrative Agent and over which the Administrative Agent shall have exclusive dominion and control, including the right of withdrawal for application in accordance with this Section 2.10. 

(f) The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment required to be made pursuant to
clauses (a) and (b) of this Section 2.10 at least three (3) Business Days prior to the date of such prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the
aggregate amount of such prepayment to be made by the Borrower. The Administrative Agent will promptly notify each appropriate Lender of the contents of the Borrower’s prepayment notice or Excess Cash Flow calculation, as applicable, and of
such appropriate Lender’s pro rata share of the prepayment or other applicable share provided for under this Agreement. Each Term Loan Lender may reject all or a portion of its pro rata share, or other applicable share provided for under
Section 2.10 (such declined amounts, the “Declined Proceeds”) by providing written notice (each, a “Rejection Notice”) to the Administrative Agent and the Borrower no later than 5:00 p.m., New York time, two
(2) Business Days after the date of such Lender’s receipt of notice from the Administrative Agent regarding such prepayment. Each Rejection Notice from a given Lender shall specify the principal amount of the mandatory repayment of Term
Loans to be rejected by such Lender. If a Term Loan Lender fails to deliver a Rejection Notice to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal amount of the Term Loans to be
rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of such Lender’s Term Loans. Any Declined Proceeds remaining shall be retained by the Borrower. 

(g) Notwithstanding any other provisions of this Section 2.10, (i) to the extent that any or all of the Net Cash
Proceeds of any Asset Sale by a Foreign Subsidiary giving rise to a prepayment event pursuant to Section 2.10(b) (a “Foreign Asset Sale”), the Net Cash Proceeds of any Recovery Event from a Foreign Subsidiary (a
“Foreign Recovery Event”) or Excess Cash Flow attributable to a Foreign Subsidiary are prohibited or delayed by applicable local law from being repatriated to the United States, the portion of such Net Cash Proceeds or Excess Cash
Flow so affected will not be required to be applied to repay Term Loans at the 

  
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times provided in this Section 2.10 but may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not permit repatriation to the United
States (the Borrower hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such repatriation), and once such repatriation of any of such affected Net Cash
Proceeds or Excess Cash Flow is permitted under the applicable local law, such repatriation will be promptly effected and an amount equal to such repatriated Net Cash Proceeds or Excess Cash Flow will be promptly (and in any event not later than ten
(10) Business Days after such repatriation) applied (net of additional taxes payable or reserved against as a result thereof) to the repayment of the Term Loans pursuant to this Section 2.10 to the extent otherwise provided herein and
(ii) to the extent that the Borrower, in consultation with the Administrative Agent, has determined in good faith that repatriation of any of or all the Net Cash Proceeds of any Foreign Asset Sale, any Foreign Recovery Event or Excess Cash Flow
attributable to a Foreign Subsidiary would have a material adverse tax cost consequence (taking into account any foreign tax credit or benefit actually realized in connection with such repatriation) with respect to such Net Cash Proceeds or Excess
Cash Flow, the Net Cash Proceeds or Excess Cash Flow so affected may be retained by the applicable Foreign Subsidiary. 

(h) Considering each Class of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans
to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by the Borrower pursuant to Section 2.19. 

2.11 Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Rate Loans to Base Rate
Loans by giving the Administrative Agent at least two (2) Business Days’ prior irrevocable notice of such election, provided that any such conversion of Eurodollar Rate Loans may be made only on the last day of an Interest Period
with respect thereto. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Rate Loans by giving the Administrative Agent at least three (3) Business Days’ prior irrevocable notice of such election (which notice
shall specify the length of the initial Interest Period therefor), provided that no Base Rate Loan under a particular Facility may be converted into a Eurodollar Rate Loan after the date that is 14 days prior to the final scheduled
termination or maturity date of such Facility then in effect, after giving effect to any request to extend the applicable Maturity Date then in effect delivered in accordance with Section 2.25. Upon receipt of any such notice the Administrative
Agent shall promptly notify each relevant Lender thereof. 
 (b) The Borrower may elect to continue any Eurodollar Rate Loan
as such upon the expiration of the then current Interest Period with respect thereto by giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in
Section 1.1, of the length of the next Interest Period to be applicable to such Loan, provided that no Eurodollar Rate Loan under a particular Facility may be continued as such (i) when any Event of Default has occurred and is
continuing and the Administrative Agent has, or the Required Facility Lenders in respect of such Facility have, determined in its or their sole discretion not to permit such continuations or (ii) after the date that is 14 days prior to the
final scheduled termination or maturity date of such Facility then in effect, after giving effect to any request to extend the applicable Maturity Date then in effect 

  
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delivered in accordance with Section 2.25, and provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such
continuation is not permitted pursuant to the preceding proviso, such Loans shall be converted automatically to Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall
promptly notify each relevant Lender thereof. 
 2.12 Interest Rates and Payment Dates. (a) Each Eurodollar Rate Loan shall bear
interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin in effect for such day. 

(b) Each Base Rate Loan shall bear interest for each day on which it is outstanding at a rate per annum equal to the Base Rate
in effect for such day plus the Applicable Margin in effect for such day. 
 (c) Each Swing Line Loan shall bear
interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin for Revolving Credit Loans. 

(d) Upon the occurrence and during the continuance of an Event of Default under Section 7.1(a) (including as a result of
an Event of Default with respect to the Borrower under Section 7.1(f)), the overdue principal amount of all Loans outstanding shall bear interest payable on demand at a rate that is 2.00% per annum in excess of the interest rate otherwise
payable hereunder with respect to the applicable Loans, or, in the case of any overdue fees or other amounts owed hereunder and, to the extent permitted by applicable law, any overdue interest payments on the Loans (including post-petition interest
in any proceeding under Debtor Relief Laws), at a rate which is 2.00% per annum in excess of the interest rate otherwise payable hereunder for Base Rate Loans that are Revolving Credit Loans. Payment or acceptance of the increased rates of
interest provided for in this Section 2.12 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of the Administrative Agent or any
Lender. 
 (e) Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions, continuations and
optional prepayments of Eurodollar Rate Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Rate
Loans comprising each Eurodollar Tranche shall be equal to $500,000 or a whole multiple of $500,000 in excess thereof and (b) no more than ten (10) Eurodollar Tranches shall be outstanding at any one time. 

(f) The Borrower agrees to pay to Issuing Bank, with respect to drawings honored under any Letter of Credit, interest on the
amount paid by the Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of the Borrower at a rate equal to, for the period from the date such
drawing is honored to but excluding the date such amount is reimbursed by or on behalf of the Borrower, the rate of interest otherwise payable hereunder with respect to Revolving Credit Loans that are Base Rate Loans; provided,
however, that upon notice to the 

  
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Borrower from the Administrative Agent at the direction of the Required Lenders, the rate of interest for the period from the applicable Reimbursement Date to but excluding the date such amount
is reimbursed by or on behalf of the Borrower shall be 2.00% per annum in excess of the rate of interest otherwise payable hereunder with respect to Revolving Credit Loans that are Base Rate Loans. 

(g) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to
paragraph (d) of this Section shall be payable from time to time on demand. 
 2.13 Computation of Interest and Fees. (a)
Interest payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to Base Rate Loans, the interest thereon shall be calculated on the
basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. Fees and commissions payable pursuant hereto shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of
each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Base Rate or the Eurodollar Reserve Requirements shall become effective as of the opening of business on the day on which such change
becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the closing date and the amount of each such change in interest rate. 

(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be
conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in
determining any interest rate pursuant to Section 2.13(a). 
 (c) It is the intention of the parties to comply with
Requirements of Law relating to usury now or hereafter enacted. 
 2.14 Inability to Determine Interest Rate. If prior to the first
day of any Interest Period: 
 (a) the Administrative Agent shall have reasonably determined (which determination shall be
conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 

(b) the Administrative Agent shall have received notice from the Required Facility Lenders in respect of the relevant Facility
that the Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such
Interest Period, 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders as promptly as practicable thereafter and, until
the Administrative Agent (in the case of clause (b), acting upon the request of the Required Lenders) notifies the Borrower and the Lenders that the 

  
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circumstances giving rise to such notice no longer exist, any Borrowing Notice that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall
be ineffective and any such Eurodollar Borrowing shall be converted to a Base Rate Borrowing on the last day of the then current Interest Period applicable thereto and if any Borrowing Notice requests a Eurodollar Borrowing, such Borrowing shall be
made as a Base Rate Borrowing. 
 2.15 Pro Rata Treatment and Payments. (a) Except for the borrowing of the Third Amendment
Incremental Revolving Credit Loans which shall be borrowed pursuant to Section 2.2(a)(ii), each borrowing by the Borrower from the Lenders hereunder shall be made pro rata according to the respective Term Loan Percentages or Revolving Credit
Percentages, as the case may be, of the relevant Lenders. Subject to clause (i) below with respect to Revolving Credit Loans, each payment of interest in respect of the Loans and each payment in respect of fees payable hereunder shall be
applied to the amounts of such obligations owing to the Lenders pro rata according to the respective amounts then due and owing to the Lenders. Subject to clause (i) below with respect to Revolving Credit Loans, each payment by the Borrower on
account of any commitment fee or Letter of Credit fee, and any reduction of the Revolving Credit Commitments of the Lenders shall be made pro rata according to the Revolving Credit Percentages of the Revolving Credit Lenders. 

(b) Each payment (including each prepayment) by the Borrower on account of principal of the Term Loans shall be allocated
among the Term Loan Facilities pro rata according to the respective outstanding principal amounts of Term Loans under such Facilities. Each payment (including each prepayment) on account of principal of the Term Loans outstanding under any Term Loan
Facility shall be allocated among the Term Loan Lenders holding such Term Loans pro rata based on the principal amount of such Term Loans held by such Term Loan Lenders. Amounts prepaid on account of the Term Loans may not be reborrowed. 

(c) Subject to clause (i) below, each payment (including each prepayment) by the Borrower on account of principal of the
Revolving Credit Loans shall be made pro rata according to the respective outstanding principal amounts of the Revolving Credit Loans then held by the Revolving Credit Lenders. Each payment in respect of Reimbursement Obligations in respect of any
Letter of Credit shall be made to the Issuing Bank that issued such Letter of Credit. 
 (d) The application of any payment
of Loans under any Facility (including optional and mandatory prepayments) shall be made, first, to Base Rate Loans under such Facility and, second, to Eurodollar Rate Loans under such Facility. Each payment of the Loans (except in the
case of Swing Line Loans and Revolving Credit Loans that are Base Rate Loans) shall be accompanied by accrued interest to the date of such payment on the amount paid. 

(e) All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees
or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon (New York City time) on the due date thereof to the Administrative Agent, for the account of the relevant Lenders, at the Payment Office, in the
relevant currency and in immediately available funds. Any payment 

  
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made by the Borrower after 12:00 Noon (New York City time) on any Business Day shall be deemed to have been on the next following Business Day. If any payment hereunder (other than payments on
the Eurodollar Rate Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Rate Loan becomes due and payable on a day other than a
Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately
preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 

(f) Unless the Administrative Agent shall have been notified by any Lender prior to the applicable Borrowing Date that such
Lender does not intend to make available to the Administrative Agent the amount of such Lender’s Loan requested on such Borrowing Date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative
Agent on such Borrowing Date and the Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to the Borrower a corresponding amount on such Borrowing Date. If such corresponding amount is not in fact made
available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each day from such Borrowing Date until the date
such amount is paid to the Administrative Agent, at the customary rate set by the Administrative Agent for the correction of errors among banks for three (3) Business Days and thereafter at the Base Rate. In the event that (i) the
Administrative Agent declines to make a requested amount available to the Borrower until such time as all applicable Lenders have made payment to the Administrative Agent, (ii) a Lender fails to fund to the Administrative Agent all or any
portion of the Loans required to be funded by such Lender hereunder prior to the time specified in this Agreement and (iii) such Lender’s failure results in the Administrative Agent failing to make a corresponding amount available to the
Borrower on the Borrowing Date, at Administrative Agent’s option, such Lender shall not receive interest hereunder with respect to the requested amount of such Lender’s Loans for the period commencing with the time specified in this
Agreement for receipt of payment by the Borrower through and including the time of the Borrower’s receipt of the requested amount. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand
therefor, the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent together with interest thereon, for each day from such Borrowing Date until the date
such amount is paid to the Administrative Agent, at the rate payable hereunder for Base Rate Loans for such Class of Loans. Nothing in this Section 2.15(f) shall be deemed to relieve any Lender from its obligation to fulfill its Commitments
hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder. 

(g) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due
to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required
to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not 

  
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made to the Administrative Agent by the Borrower within three (3) Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to
which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the
Administrative Agent or any Lender against the Borrower. 
 (h) Upon receipt by the Administrative Agent of payments on
behalf of Lenders, the Administrative Agent shall promptly distribute such payments to the Lender or Lenders entitled thereto, in like funds as received by the Administrative Agent. 

(i) Notwithstanding anything in this Agreement to the contrary, on or prior to the earlier of (x) the Conversion Date and
(y) the date on which all outstanding Third Amendment Incremental Revolving Credit Loans have been repaid, (i) each payment of interest in respect of Third Amendment Incremental Revolving Credit Loans and each payment in respect of fees
payable hereunder with respect thereto shall be applied solely to the amounts of such obligations owing to Citizens Bank of Pennsylvania and the Revolving Credit Lenders agree to such application on a non-pro rata basis, (ii) each payment by
the Borrower on account of any commitment fee payable in connection with the Third Amendment Incremental Revolving Credit Loans and any reduction of the Incremental Revolving Credit Commitments corresponding to the Third Amendment Incremental
Revolving Credit Loans shall be made solely to Citizens Bank of Pennsylvania and the Revolving Credit Lenders agree to such application on a non-pro rata basis and (iii) the payment (including each prepayment) by the Borrower on account of
principal of the Third Amendment Incremental Revolving Credit Loans shall be made solely to Citizens Bank of Pennsylvania and the Revolving Credit Lenders agree to such application on a non-pro rata basis. 

2.16 Ratable Sharing. 

The Lenders hereby agree among themselves that if, other than as expressly provided elsewhere herein, any of them shall, whether by voluntary
payment (other than a voluntary prepayment of Loans made and applied in accordance with the terms hereof), through the exercise of any right of set off or banker’s lien, or by counterclaim or cross action or by the enforcement of any right
under the Loan Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under any Debtor Relief Laws, receive payment or reduction of a proportion of the aggregate amount of principal, interest, amounts payable in
respect of Letters of Credit, fees and other amounts then due and owing to such Lender hereunder or under the other Loan Documents (collectively, the “Aggregate Amounts Due” to such Lender) which is greater than its ratable share
(or other share contemplated hereunder) thereof, then the Lender receiving such proportionately greater payment shall immediately (i) notify the Administrative Agent and each other Lender of the receipt of such payment and (ii) apply a
portion of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the
other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders in proportion to the Aggregate Amounts Due to them; provided, if all or part of such proportionately greater payment received by such purchasing
Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of the Borrower or 

  
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otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Lender ratably to the extent of such recovery, but without
interest. The Borrower expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may, to the fullest extent permitted by applicable Law, exercise any rights of payment (including the right of setoff
but subject to Section 9.7) owing by the Borrower to that holder with respect thereto as fully as if that holder were owed the amount of the participation held by that holder. The provisions of this Section shall not be construed to apply to
(i) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement as in effect from time to time (including the application of funds arising from the existence of a Defaulting Lender) or (ii) any
payment obtained by any Lender as consideration for the assignment or sale of a participation in any of its Loans or other Obligations owed to it. 

2.17 Requirements of Law. (a) If any Change in Law shall: 

(i) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against
assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the
Eurodollar Rate hereunder; 
 (ii) subject any Lender to any Tax of any kind whatsoever with respect to this Agreement or
any Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes or Other Taxes covered by Section 2.18 and any Excluded Taxes); or 

(iii) shall impose on such Lender any other condition (other than related to Taxes); 

and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting
into, continuing or maintaining Eurodollar Rate Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender, upon its
demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable; provided that such amounts shall only be payable by the Borrower to the applicable Lender under this Section 2.17(a)
so long as it is such Lender’s general policy or practice to demand compensation in similar circumstances and from similarly situated borrowers under comparable provisions of other financing agreements. If any Lender becomes entitled to claim
any additional amounts pursuant to this Section 2.17(a), it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. 

(b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital
adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental
Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its 

  
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obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance
(taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the Borrower (with a
copy to the Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction; provided that such amounts shall
only be payable by the Borrower to the applicable Lender under this Section 2.17(b) so long as it is such Lender’s general policy or practice to demand compensation in similar circumstances and from similarly situated borrowers under
comparable provisions of other financing agreements. 
 (c) A certificate as to any additional amounts payable pursuant to
this Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The obligations of the Borrower pursuant to this Section shall survive the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder. 
 2.18 Taxes. (a) Except as required by applicable
Law, all payments made by any Loan Party under any Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes. 

(b) If any Loan Party is required by applicable Law to make any deduction or withholding on account of any Taxes from or in
respect of any sum paid or payable to any Lender or Agent under any Loan Document: (i) the applicable Loan Party shall make such deduction or withholding and pay to the relevant Governmental Authority any such Tax before the date on which
penalties attach thereto, and (ii) if the Tax in question is a Non-Excluded Tax or Other Tax, the sum payable to such Lender or Agent (as applicable) shall be increased by the Loan Party to the extent necessary to ensure that, after the making
of any required deduction or withholding for Non-Excluded Taxes or Other Taxes (including any deductions or withholdings for Non-Excluded Taxes or Other Taxes attributable to any payments required to be made under this Section 2.18), the Lender
or the Agent (as applicable), receives on the due date a net sum equal to what it would have received had no such deduction or withholding been required or made; and (iii) within thirty days after the due date of payment of any Tax which the
Loan Party is required by clause (i) above to pay, the Loan Party shall deliver to the Administrative Agent evidence reasonably satisfactory to the other affected parties of such deduction or withholding and of the remittance thereof to the
relevant Governmental Authority. 
 (c) In addition (and without duplication), the Loan Parties shall pay any Other Taxes to
the relevant Governmental Authority in accordance with applicable law. The Loan Parties shall jointly and severally indemnify each Lender and Agent, within 10 days after demand therefor, for the full amount of any Non-Excluded Taxes or Other Taxes
(including Non-Excluded Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Lender or Agent or required to be withheld or deducted from a payment to such Lender or Agent and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A

  
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certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Lender, shall be conclusive absent manifest error. 
 (d) Each Lender shall, at such times as are reasonably
requested by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with any documentation prescribed by Laws or reasonably requested by the Borrower or the Administrative Agent certifying as to any entitlement
of such Lender to an exemption from, or reduction in, withholding Tax with respect to any payments to be made to such Lender under any Loan Document. Each such Lender shall, whenever a lapse in time or change in circumstances renders such
documentation (including any specific documentation required below in this Section 2.18(d)) obsolete, expired or inaccurate in any material respect, deliver promptly to the Borrower and the Administrative Agent updated or other appropriate
documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent). Without limiting the foregoing: 

(i) Each U.S. Lender shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes a
party to this Agreement two properly completed and duly signed copies of Internal Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding. 

(ii) Each Foreign Lender shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes
a party to this Agreement (and from time to time thereafter upon the request of the Borrower or the Agent) whichever of the following is applicable: 

(A) two properly completed and duly signed copies of the applicable Internal Revenue Service Form W-8BEN or W-8BEN-E, as
applicable (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required under the Code. 

(B) two properly completed and duly signed copies of Internal Revenue Service Form W-8ECI (or any successor forms). 

(C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or
Section 881(c) of the Code, (A) two properly completed and duly signed certificates substantially in the form of Exhibit G (any such certificate, a “United States Tax Compliance Certificate”) and (B) two
properly completed and duly signed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable (or any successor forms). 

(D) to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or a
participating Lender), Internal Revenue Service Form W-8IMY (or any successor forms) 

  
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of the Foreign Lender, accompanied by a Form W-8ECI, applicable W-8BEN or W-8BEN-E, United States Tax Compliance Certificate, Form W-9, Form W-8IMY or any other required information (or any
successor forms) from each beneficial owner that would be required under this Section 2.18 if such beneficial owner were a Lender, as applicable (provided that, if one or more beneficial owners are claiming the portfolio interest
exemption, the United States Tax Compliance Certificate may be provided by such Foreign Lender on behalf of such beneficial owner), or 

(E) two properly completed and duly signed copies of any other form prescribed by applicable U.S. federal income tax laws
(including the Treasury Regulations) as a basis for claiming a complete exemption from, or a reduction in, United States federal withholding tax on any payments to such Lender under the Loan Documents. 

(iii) If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this paragraph, the term “FATCA” shall include any amendments made to FATCA after the date
of this Agreement. 
 Notwithstanding any other provision of this clause (d), a Lender shall not be required to deliver any form that such
Lender is not legally eligible to deliver. 
 2.19 Funding Losses. The Borrower agrees to indemnify each Lender for, and to hold
each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Rate Loans after the Borrower has given
a notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or
(c) the making of a prepayment or conversion of Eurodollar Rate Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount
of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or,
in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such 

  
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Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would
have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank Eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by
any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

2.20 Illegality. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Rate Loans as contemplated by this Agreement, (a) the commitment of such Lender hereunder to make Eurodollar Rate Loans, continue
Eurodollar Rate Loans as such and convert Base Rate Loans to Eurodollar Rate Loans shall forthwith be canceled and (b) such Lender’s Loans then outstanding as Eurodollar Rate Loans, if any, shall be converted automatically to Base Rate
Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such conversion of a Eurodollar Rate Loan occurs on a day which is not the last day of the
then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.19. 

2.21 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of
Section 2.17, 2.18(a) (other than the operation of Section 2.18(a)(ii) or (iii)) or 2.20 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender)
to designate another Lending Office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender
and its Lending Office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant
to Section 2.17, 2.18(a) or 2.20. 
 2.22 Defaulting Lenders. (a) Notwithstanding any provision of this Agreement to the contrary,
if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in Section 9.1. 
 (ii) Reallocation of
Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7 or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 9.7, shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that
Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts 

  
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owing by that Defaulting Lender to the Issuing Bank or to the Swing Line Lender hereunder; third, if so determined by the Administrative Agent or requested by an Issuing Bank or the Swing
Line Lender, to be held as cash collateral for future funding obligations of that Defaulting Lender of any participation in any Swing Line Loan or Letter of Credit; fourth, as the Borrower may request (so long as no Event of Default exists),
to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the
Borrower, to be held in a deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, any Issuing Bank or the Swing Line
Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, such Issuing Bank or the Swing Line Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under
this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of
that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of
the principal amount of any Loans or reimbursement obligations with respect to Letters of Credit in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when
the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and reimbursement obligations with respect to Letters of Credit owed to, all Non-Defaulting Lenders on a pro rata basis
prior to being applied to the payment of any Loans of, or reimbursement obligations with respect to Letters of Credit owed to, that Defaulting Lender, until such time as all Loans and funded and unfunded participations in Letters of Credit and Swing
Line Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable Facility without giving effect to Section 2.22(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.22(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to receive any commitment fee pursuant to
Section 2.7 for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be
limited in its right to receive Letter of Credit Fees as provided in 2.7(b)(i). 
 (iv) Reallocation of Pro Rata Shares
to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each Lender that is not a Defaulting Lender (each, a “Non-Defaulting Lender”) to
acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Section 2.3 or Section 2.4, the “Pro Rata Share” of each Non-Defaulting Lender shall be computed without giving effect to the
Commitment of that Defaulting Lender; provided that the aggregate obligation of each Non-Defaulting Lender to acquire, 

  
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refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Revolving Credit Commitment of that Non-Defaulting
Lender minus (2) the Revolving Credit Exposure of such Non-Defaulting Lender. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having
become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(b) Cash Collateral. If the reallocation described in Section 2.22(a)(iv) cannot, or can only partially, be
effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or at law, immediately upon the request of the Administrative Agent, the Issuing Bank or the Swing Line Lender, fully Cash Collateralize the Issuing
Bank’s and Swing Line Lender’s Fronting Exposure (after giving effect to Section 2.22(a)(iv) and any Cash Collateral provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject to
deposit) shall be maintained in blocked, non-interest-bearing deposit accounts at Citizens Bank of Pennsylvania. The Borrower, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the
Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders (including the Swing Line Lender), and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances
therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such cash collateral may be applied pursuant to this paragraph. If at any time the
Administrative Agent determines that cash collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such cash collateral is less than the applicable Fronting
Exposure and other obligations secured thereby, the Borrower or the relevant Defaulting Lender (as applicable) will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional cash collateral in an amount
sufficient to eliminate such deficiency. Cash collateral provided under any of this Section 2.22 or any other provision of this Agreement shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans,
obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other
application of such property as may be provided for herein. Cash collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the
applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender) or (ii) the Administrative Agent’s good faith determination that there exists excess
cash collateral; provided, however, that cash collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default (and following application as provided in this
Section 2.22(b) may be otherwise applied as required by the Loan Documents). 
 (c) Defaulting Lender Cure. If
the Borrower, the Administrative Agent, Swing Line Lender and each Issuing Bank agree in writing that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as
of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase that portion of outstanding
Loans of the other Lenders or take such 

  
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other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro
rata basis by the Lenders in accordance with their pro rata shares (without giving effect to Section 2.22(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with
respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no
change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

2.23 Replacement of Lenders under Certain Circumstances. If any Lender (a) requests reimbursement for amounts owing pursuant to
Sections 2.14, 2.17 or 2.18 or gives a notice of illegality pursuant to Section 2.20, (b) becomes a Defaulting Lender or (c) does not agree to an amendment, modification, termination, waiver or consent in the event where there is a
proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 9.1, which requires the agreement of each Lender, all affected Lenders or all the Lenders or all affected
Lenders with respect to a certain Class or Classes of the Loans/Commitments and where the consent of the Required Lenders (or the requisite percentage of Lenders under Section 9.1) shall have been obtained (any such Lender, a
“Non-Consenting Lender”), then the Borrower may, by giving written notice to the Administrative Agent and any such Lender of its election to do so, elect to cause such Lender (a “Terminated Lender”) (and such Lender
hereby irrevocably agrees) to assign its outstanding Loans and its Revolving Credit Commitments, if any, in full to one or more Persons permitted to become Lenders hereunder pursuant to and in accordance with the provisions of Section 9.6;
provided that (i) such replacement does not conflict with any Requirement of Law, (ii) prior to any such replacement pursuant to clause (a) or (b), such Terminated Lender shall have taken no action under Section 2.21 so as
to eliminate the continued need for payment of amounts owing pursuant to Sections 2.14, 2.17 or 2.18 or to eliminate the illegality referred to in such notice of illegality given pursuant to Section 2.20, (iii) such Terminated Lender shall
have received payment of an amount equal to the applicable outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 2.19 and, in the case of a Repricing Transaction, any “prepayment premium” pursuant to Section 2.9(b) that would otherwise be owed in connection therewith) from the assignee (to the extent of such outstanding principal)
or the Borrower (in the case of accrued interest, fees and all other amounts) and (iv) the Borrower shall be liable to such Terminated Lender under Section 2.19 (as though Section 2.19 were applicable) if any Eurodollar Loan owing to
such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto; provided, the Borrower may not make such election with respect to any Terminated Lender that is also an Issuing Bank unless, prior to
the effectiveness of such election, the Borrower shall have caused each outstanding Letter of Credit issued thereby to be cancelled or Cash Collateralized with respect to such Letter of Credit or the Issuing Bank has otherwise entered into
arrangements satisfactory to it and the Borrower with respect to such Letter of Credit. Upon the prepayment of all amounts owing to any such Terminated Lender and the termination of such Terminated Lender’s Revolving Credit Commitments, if any,
such Terminated Lender shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such Terminated Lender to indemnification hereunder shall survive as to such Terminated Lender. Each party hereto agrees that
an assignment required pursuant to this Section 2.23 may be effected pursuant to an 

  
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Assignment and Acceptance executed by the Borrower, the Administrative Agent and the assignee and that the Terminated Lender required to make such assignment need not be a party thereto, and each
Lender hereby authorizes and directs the Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance with Section 9.6 on behalf of a Non-Consenting Lender or Terminated Lender
and any such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment pursuant to Section 9.6. 

2.24 Incremental Facilities. 

(a) Incremental Loan Request. The Borrower may at any time or from time to time after the Closing Date, by notice to
the Administrative Agent (an “Incremental Loan Request”), request (A) one or more new commitments which may be of the same Class as any outstanding Term Loans (a “Term Loan Increase”) or a new Class of
term loans (collectively with any Term Loan Increase, the “Incremental Term Commitments”) and/or (B) one or more increases in the amount of the Revolving Credit Commitments (an “Incremental Revolving Credit
Commitment” and, together with any Incremental Term Commitments, the “Incremental Commitments”), whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders. Each Incremental Loan Request from
the Borrower pursuant to this Section 2.24 shall set forth the requested amount and proposed terms of the relevant Incremental Term Commitments or Incremental Revolving Credit Commitments. 

(b) Incremental Loans. Any Incremental Term Loans effected through the establishment of one or more new term loans made
on an Incremental Facility Closing Date (other than a Loan Increase) shall be designated a separate Class of Incremental Term Loans for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term
Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction of the terms and conditions in this Section 2.24, (i) each Incremental Term Lender of such Class shall make a Loan to the
Borrower (an “Incremental Term Loan” or “Incremental Loan”) in an amount equal to its Incremental Term Commitment of such Class and (ii) each Incremental Term Lender of such Class shall become a Lender
hereunder with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made pursuant thereto. Notwithstanding the foregoing, Incremental Term Loans may have identical terms to any of the Term Loans and
be treated as the same Class as any of such Term Loans. 
 (c) Incremental Lenders. Incremental Term Loans may be
made, and Incremental Revolving Credit Commitments may be provided, by any existing Lender (but no 

  
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existing Lender will have an obligation to make any Incremental Commitment (or Incremental Loan), nor will the Borrower have any obligation to approach any existing Lenders to provide any
Incremental Commitment (or Incremental Loan)) or by any Additional Lender (each such existing Lender or Additional Lender providing such Loan or Commitment, an “Incremental Term Lender” or “Incremental Revolving Credit
Lender,” as applicable, and, collectively, the “Incremental Lenders”); provided that any Affiliated Lender providing an Incremental Term Commitment shall be subject to the same restrictions set forth in
Section 9.6(h) as they would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Term Loans. 

(d) Effectiveness of Incremental Amendment. The effectiveness of any Incremental Amendment shall be subject to the
satisfaction on the date thereof (the “Incremental Facility Closing Date”) of each of the following conditions: 

(i) no Default or Event of Default under shall exist immediately before or after giving effect to such Incremental Commitments
(except in connection with any Permitted Acquisition, in which case this condition shall be limited to an Event of Default under Section 7.1(a) or (f)); 

(ii) each Incremental Term Commitment shall be in an aggregate principal amount that is not less than $5,000,000 and shall be
in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth in clause (iii) below) and each Incremental Revolving Credit Commitment
shall be in an aggregate principal amount that is not less than $5,000,000 and shall be in an increment of $500,000 (provided that such amount may be less than $5,000,000 if such amount represents all remaining availability under the limit set forth
in clause (iii) below); 
 (iii) the aggregate principal amount of Incremental Term Loans and Incremental Revolving
Credit Commitments after the Amendment No. 2 Effective Date shall not exceed $225,000,000 in the aggregate ( the “Available Incremental Amount”); and 

(iv) the Total Leverage Ratio after giving effect to such Incremental Commitment shall be equal to or less than 3:00 to 1.00
recomputed on a Pro Forma Basis as of the end of the four fiscal quarter period most recently ended for which financial statements were delivered pursuant to Section 5.1. 

(e) Required Terms. The terms, provisions and documentation of the Incremental Term Loans and Incremental Term
Commitments or the Incremental Revolving Credit Commitments, as the case may be, of any Class and any Loan Increase shall be as agreed between the Borrower and the applicable Incremental Lenders providing such Incremental Commitments, and except as
otherwise set forth herein, to the extent not identical to the Term Loans or Revolving Credit Commitments, as applicable, existing on the Incremental Facility Closing Date, shall be reasonably satisfactory to the Administrative Agent;
provided that in the case of a Term Loan Increase, the terms, provisions and documentation of such Term Loan Increase shall be identical (other than with respect to upfront fees, OID or similar fees, it being

  
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understood that, if required to consummate such Loan Increase transaction, the interest rate margins and rate floors may be increased and additional upfront or similar fees may be payable to the
lenders providing the Loan Increase) to the applicable Term Loans being increased, in each case, as existing on the Incremental Facility Closing Date. In any event: 

(i) the Incremental Term Loans: 

(A) shall rank equal in priority in right of payment and of security with the Initial Term Loans and the Revolving Credit
Loans under the Initial Revolving Credit Facility, 
 (B) shall not mature earlier than the Maturity Date of the Term Loans
as of the time of incurrence of such Incremental Term Loans, 
 (C) shall have a Weighted Average Life to Maturity not
shorter than the remaining Weighted Average Life to Maturity of the Initial Term Loans on the date of incurrence of such Incremental Term Loans, except (1) by virtue of amortization or prepayment of Term Loans prior to the time of such
incurrence or (2) to the extent the remaining Weighted Average Life to Maturity of the Initial Term Loans (and any previous Incremental Term Loans) is shortened to match or be shorter than the Weighted Average Life to Maturity of the
Incremental Term Loans pursuant to the Incremental Amendment executed by the Borrower, each Incremental Lender and the Administrative Agent with respect to such Incremental Term Loans, 

(D) shall have an Applicable Margin, subject to clauses (e)(i)(B) and (e)(i)(C) above and clause (e)(ii) below, determined by
the Borrower and the applicable Incremental Term Lenders, 
 (E) shall have an amortization schedule applicable to any
Incremental Term Loans on the same terms as for the Initial Term Loans, unless the amortization schedule for the Initial Term Loans (and any previous Incremental Term Loans) is increased to match (on a percentage basis of the applicable initial term
loan amount) the amortization schedule applicable to such Incremental Term Loans pursuant to the Incremental Amendment executed by the Borrower, each Incremental Lender and the Administrative Agent with respect to such Incremental Term Loans, and

 (F) may participate on a non-pro rata basis in any mandatory prepayments of Term Loans under Section 2.10(a) or
Section 2.10(c)), as specified in the applicable Incremental Amendment, but not on greater than a pro rata basis than the Initial Term Loans. 

(ii) the All-In Yield applicable to the Incremental Term Loans of each Class shall be determined by the Borrower and the
applicable Incremental Lenders and shall be set forth in each applicable Incremental Amendment; provided, however, the All-In Yield applicable to such Incremental Term Loans shall not be greater than the applicable All-In Yield payable
pursuant to the terms of this 

  
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Agreement as amended through the date of such calculation with respect to any Term Loan plus 50 basis points per annum unless the interest rate (together with, as provided in the proviso below,
the Eurodollar or Base Rate floor) with respect to such Term Loan is increased so as to cause the then applicable All-In Yield under this Agreement on such Loan to equal the All-In Yield then applicable to the Incremental Term Loans minus 50 basis
points; provided that any increase in All-In Yield to such Term Loan due to the application of a Eurodollar or Base Rate floor on any Incremental Term Loan shall be effected solely through an increase in (or implementation of, as applicable)
any Eurodollar or Base Rate floor applicable to such Term Loan. 
 (iii) the Incremental Revolving Credit Commitments: 

(A) shall rank equal in priority in right of payment and of security with the Initial Term Loans and the Revolving Credit
Loans under the Initial Revolving Credit Facility; 
 (B) shall not mature earlier than the Revolving Credit Maturity Date
as of the time of incurrence of such Incremental Revolving Credit Commitments, and 
 (C) shall be subject to the same terms
and conditions as the Revolving Credit Facility (and be deemed added to, and made part of, the Revolving Credit Facility). 

(f) Incremental Amendment. Commitments in respect of Incremental Term Loans and Incremental Revolving Credit
Commitments shall become Commitments or in the case of an Incremental Revolving Credit Commitment to be provided by an existing Revolving Credit Lender, an increase in such Lender’s applicable Revolving Credit Commitment) under this Agreement
pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Incremental Lender providing such Incremental Commitments and the Administrative
Agent. The Incremental Amendment may, without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and the Borrower, to effect the provisions of this Section 2.24. For the avoidance of doubt, unless otherwise required by the Incremental Lenders, if the primary purpose of the proceeds from such Incremental Loans is to
finance a Permitted Acquisition, the effectiveness of any Incremental Amendment shall not be subject to the bring-down of the representations and warranties of the Borrower and each other Loan Party contained in this Agreement or any other Loan
Document on and as of the date of such Borrowing of Incremental Loans other than the Specified Representations; provided that such requirement may be waived with the consent of the Required Lenders. In connection with any Incremental
Amendment, the Borrower shall, if reasonably requested by the Administrative Agent, deliver customary reaffirmation agreements and/or such amendments to the Security Documents as may be reasonably requested by the Administrative Agent in order to
ensure that such Incremental Loans are provided with the benefit of the applicable Loan Documents. The Borrower will use the proceeds of the Incremental Loans solely for the purposes permitted pursuant to Section 5.10. No

  
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Lender shall be obligated to provide any Incremental Commitments or Incremental Loans unless it so agrees. 

(g) This Section 2.24 shall supersede any provisions in Section 2.5, 2.15 or 9.1 to the contrary. For the avoidance
of doubt, any of the provisions of this Section 2.24 may be amended with the consent of the Required Lenders. For the avoidance of doubt, no Incremental Amendment shall effect any amendments that would require the consent of each affected
Lender or all Lenders pursuant to the proviso in the first paragraph of Section 9.1, unless each such Lender has, or all such Lenders have, as the case may be, given its or their consent to such amendment. 

2.25 Extensions of Loans. Extension of Term Loans. The Borrower may, at any time, and from time to time, request that all or a
portion of the Term Loans of any Class (each, an “Existing Term Loan Class”) be converted or exchanged to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of
such Term Loans (any such Term Loans which have been so extended, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.25. Prior to entering into any Extension Amendment with respect to any
Extended Term Loans, the Borrower shall provide written notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Class, with such request offered equally to all such
Lenders of such Existing Term Loan Class) (each, a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which terms shall be identical in all material respects to the Term
Loans of the Existing Term Loan Class from which they are to be extended except that (i) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments, if any, of all or a portion of any principal
amount of such Extended Term Loans may be delayed to later dates than the scheduled amortization, if any, of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled
amortization payments reflected in the Extension Amendment, the Incremental Amendment or any other amendment, as the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were extended, in each case as more
particularly set forth in Section 2.25(c) below), (ii)(A) the interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts and OID with respect to the Extended Term Loans may be
different than those for the Term Loans of such Existing Term Loan Class and/or (B) additional fees and/or premiums may be payable to the Lenders providing such Extended Term Loans in addition to any of the items contemplated by the preceding
clause (A), in each case, to the extent provided in the applicable Extension Amendment, (iii) the Extended Term Loans may have optional prepayment terms (including call protection and prepayment terms and premiums) as may be agreed between the
Borrower and the Lenders thereof, (iv) any Extended Term Loans may participate on a pro rata basis or less than a pro rata basis (but, except as otherwise permitted by this Agreement, not greater than a pro rata basis) in any mandatory
prepayments under Section 2.10(a) or Section 2.10(c), in each case as specified in the respective Term Loan Extension Request, and (v) the Extension Amendment may provide for other covenants and terms that apply to any period after
the Latest Maturity Date in respect of Term Loans that is in effect immediately prior to the establishment of such Extended Term Loans. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class
converted into Extended Term Loans pursuant to any Term Loan Extension Request. Any Extended Term Loans extended pursuant to any Term Loan Extension Request shall be designated a series (each, a “Term Loan Extension Series”) of 

  
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Extended Term Loans for all purposes of this Agreement and shall constitute a separate Class of Loans from the Existing Term Loan Class from which they were extended; provided that any
Extended Term Loans amended from an Existing Term Loan Class may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Term Loan Extension Series with respect to such Existing Term
Loan Class. 
 (b) Extension of Revolving Credit Commitments. The Borrower may at any time and from time to time
request that all or a portion of the Revolving Credit Commitments of any Class (each, an “Existing Revolving Credit Class”) be converted or exchanged to extend the scheduled Maturity Date(s) of any portion of such Revolving Credit
Commitments (any such Revolving Credit Commitments which have been so extended, “Extended Revolving Credit Commitments”) and to provide for other terms consistent with this Section 2.25. Prior to entering into any Extension
Amendment with respect to any Extended Revolving Credit Commitments, the Borrower shall provide written notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Revolving Credit
Class, with such request offered equally to all such Lenders of such Existing Revolving Credit Class) (each, a “Revolving Credit Extension Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be
established, which terms shall be identical in all material respects to the Revolving Credit Commitments of the Existing Revolving Credit Class from which they are to be extended except that (i) the scheduled final maturity date shall be
extended to a later date than the scheduled final maturity date of the Revolving Credit Commitments of such Existing Revolving Credit Class; provided, however, that at no time shall there be Classes of Revolving Credit Commitments
hereunder (including Extended Revolving Credit Commitments) which have more than three (3) different Maturity Dates (unless otherwise consented to by the Administrative Agent), (ii)(A) the interest rates (including through fixed interest
rates), interest margins, rate floors and upfront fees with respect to the Extended Revolving Credit Commitments may be different than those for the Revolving Credit Commitments of such Existing Revolving Credit Class and/or (B) additional fees
and/or premiums may be payable to the Lenders providing such Extended Revolving Credit Commitments in addition to any of the items contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment,
(iii) all borrowings under the applicable Revolving Credit Commitments (i.e., the Existing Revolving Credit Class and the Extended Revolving Credit Commitments of the applicable Revolving Credit Extension Series) and repayments thereunder shall
be made on a pro rata basis (except for (I) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related outstanding Revolving Credit Loans), (II) repayments required upon the Maturity Date of the
non-extending Revolving Credit Commitments and (III) repayment made in connection with a permanent repayment and termination of Commitments), and (iv) the Extension Amendment may provide for other covenants and terms that apply to any period
after the Latest Maturity Date that is in effect immediately prior to the establishment of such Extended Revolving Credit Commitments. No Lender shall have any obligation to agree to have any of its Revolving Credit Commitments of any Existing
Revolving Credit Class converted into Extended Revolving Credit Commitments pursuant to any Revolving Credit Extension Request. Any Extended Revolving Credit Commitments extended pursuant to any Revolving Credit Extension Request shall be designated
a series (each, a “Revolving Credit Extension Series”) of Extended Revolving Credit Commitments for all purposes of this Agreement and shall constitute a separate Class of Revolving Credit Commitments from the Existing Revolving
Credit Class from which they were extended; provided that any Extended Revolving Credit Commitments amended from 

  
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an Existing Revolving Credit Class may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Revolving Credit Extension Series
with respect to such Existing Revolving Credit Class. 
 (c) Extension Request. The Borrower shall provide the
applicable Extension Request to the Administrative Agent at least five (5) Business Days prior to the date on which Lenders under the applicable Existing Term Loan Class or Existing Revolving Credit Class, as applicable, are requested to
respond. Any Lender holding a Term Loan under an Existing Term Loan Class (each, an “Extending Term Lender”) wishing to have all or a portion of its Term Loans of an Existing Term Loan Class or Existing Term Loan Classes, as
applicable, subject to such Extension Request converted or exchanged into Extended Term Loans, and any Revolving Credit Lender with a Revolving Credit Commitment under an Existing Revolving Credit Class (each, an “Extending Revolving Credit
Lender”) wishing to have all or a portion of its Revolving Credit Commitments of an Existing Revolving Credit Class or Existing Revolving Credit Classes, as applicable, subject to such Extension Request converted or exchanged into Extended
Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (each, an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans or Revolving Credit
Commitments, as applicable, which it has elected to convert or exchange into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. In the event that the aggregate principal amount of Term Loans and/or Revolving Credit
Commitments, as applicable, subject to Extension Elections exceeds the amount of Extended Term Loans and/or Extended Revolving Credit Commitments, respectively, requested pursuant to the Extension Request, Term Loans and/or Revolving Credit
Commitments, as applicable, subject to Extension Elections shall be converted or exchanged into Extended Term Loans and/or Revolving Credit Commitments, respectively, on a pro rata basis (subject to such rounding requirements as may be established
by the Administrative Agent) based on the aggregate principal amount of Term Loans or Revolving Credit Commitments, as applicable, included in each such Extension Election or as may be otherwise agreed to in the applicable Extension Amendment. 

(d) Extension Amendment. Extended Term Loans and Extended Revolving Credit Commitments shall be established pursuant to
an amendment (each, a “Extension Amendment”) to this Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this Section 2.25(d) and notwithstanding anything to the contrary set forth in
Section 9.1, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans and/or Extended Revolving Credit Commitments established thereby, as the case may be) executed by the Borrower,
the Administrative Agent and the Extending Lenders. Each request for an Extension Series of Extended Term Loans or Extended Revolving Credit Commitments proposed to be incurred under this Section 2.25 shall be in an aggregate principal amount
that is not less than $20,000,000 (it being understood that the actual principal amount thereof provided by the applicable Lenders may be lower than such minimum amount). In addition to any terms and changes required or permitted by Sections 2.25(a)
and (b), each of the parties hereto agrees that this Agreement and the other Loan Documents may be amended pursuant to an Extension Amendment, without the consent of any other Lenders, to the extent necessary to (i) in respect of each Extension
Amendment in respect of Extended Term Loans, amend the scheduled amortization payments pursuant to Section 2.5 or the applicable Incremental Amendment, Extension Amendment or other amendment, as the case may be, with respect to the Existing
Term Loan Class from which the Extended Term Loans were exchanged to 

  
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reduce each scheduled repayment amount for the Existing Term Loan Class in the same proportion as the amount of Term Loans of the Existing Term Loan Class is to be reduced pursuant to such
Extension Amendment (it being understood that the amount of any repayment amount payable with respect to any individual Term Loan of such Existing Term Loan Class that is not an Extended Term Loan shall not be reduced as a result thereof);
(ii) reflect the existence and terms of the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, incurred pursuant thereto; (iii) modify the prepayments set forth in Section 2.5 to reflect the existence of the
Extended Term Loans and the application of prepayments with respect thereto and (iv) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative
Agent and the Borrower, to effect the provisions of this Section 2.25, and the Lenders hereby expressly authorize the Administrative Agent to enter into any such Extension Amendment. In connection with any Extension Amendment, the Borrower
shall, if reasonably requested by the Administrative Agent, deliver customary reaffirmation agreements and/or such amendments to the Security Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Extended
Term Loans and/or Extended Revolving Credit Commitments are provided with the benefit of the applicable Loan Documents. 

(e) Notwithstanding anything to the contrary contained in this Agreement, on any date on which any Existing Term Loan Class
and/or Existing Revolving Credit Class is converted or exchanged to extend the related scheduled maturity date(s) in accordance with paragraphs (a) and (b) of this Section 2.25, in the case of the existing Term Loans or Revolving
Credit Commitments, as applicable, of each Extending Lender, the aggregate principal amount of such existing Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans and/or Extended Revolving Credit
Commitments, respectively, so converted or exchanged by such Lender on such date, and the Extended Term Loans and/or Extended Revolving Credit Commitments shall be established as a separate Class of Loans (together with, in the case of Extended Term
Loans, any other Extended Term Loans or, in the case of Extended Revolving Credit Commitments, any other Extended Revolving Credit Commitments, in each case, so established on such date), except as otherwise provided under Sections 2.25(a) and (b).
Subject to the provisions of Section 2.4(k) in connection with Letters of Credit which expire after a Maturity Date at any time Extended Revolving Credit Commitments with a later Maturity Date are outstanding, all Swing Line Loans and Letters
of Credit shall be participated on a pro rata basis by each Lender with a Revolving Credit Commitment in accordance with its percentage of the Revolving Credit Commitments existing on the date of the Extension of such Extended Revolving Credit
Commitments (and except as provided in Section 2.4(k), without giving effect to changes thereto on an earlier Maturity Date with respect to Letters of Credit and Swing Line Loans theretofore incurred or issued). 

(f) In the event that the Administrative Agent determines in its sole discretion that the allocation of Extended Term Loans
and/or Extended Revolving Credit Commitments of a given Extension Series to a given Lender was incorrectly determined as a result of manifest administrative error in the receipt and processing of an Extension Election timely submitted by such Lender
in accordance with the procedures set forth in the applicable Extension Amendment, then the Administrative Agent, the Borrower and such affected Lender may (and hereby are authorized to), in their sole discretion and without the consent of any other
Lender, enter into an amendment to this Agreement and the other Loan Documents (each, a “Corrective  

  
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Extension Amendment”) within 30 days following the effective date of such Extension Amendment, as the case may be, which Corrective Extension Amendment shall (i) provide for the
conversion or exchange and extension of Term Loans under the Existing Term Loan Class, or of Revolving Credit Commitments under the Existing Revolving Credit Class, in either case, in such amount as is required to cause such Lender to hold Extended
Term Loans or Extended Revolving Credit Commitments, as applicable, of the applicable Extension Series into which such other Term Loans or Revolving Credit Commitments were initially converted or exchanged, as the case may be, in the amount such
Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable Loans or Commitments to which it was entitled under the terms of such Extension Amendment, in the absence of such
error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Borrower and such Lender may agree, and (iii) effect such other amendments of the type (with appropriate reference and nomenclature changes)
described in the penultimate sentence of Section 2.25(d). 
 (g) No conversion or exchange of Loans or Commitments
pursuant to any Extension Amendment in accordance with this Section 2.25 shall constitute a voluntary or mandatory payment or prepayment for purposes of this Agreement. 

(h) This Section 2.25 shall supersede any provisions in Section 2.5, 2.15 or 9.1 to the contrary. For the avoidance
of doubt, any of the provisions of this Section 2.25 may be amended with the consent of the Required Lenders. For the avoidance of doubt, no Extension Amendment shall effect any amendments that would require the consent of each affected Lender
or all Lenders pursuant to the proviso in the first paragraph of Section 9.1, unless each such Lender has, or all such Lenders have, as the case may be, given its or their consent to such amendment. 

2.26 Quarterly Excess Cash Flow Calculations 

(a) Fiscal Quarters Ended September 28, 2014 and December 28, 2014. After the end of each of the fiscal
quarters ended September 28, 2014 and December 28, 2014, the Borrower shall, at its option, be entitled to deliver, pursuant to Section 5.2(d)(i), the Borrower’s calculation of Excess Cash Flow for such quarter (the “2014
Quarterly Excess Cash Flow”). 
 (b) First Three Fiscal Quarters in Any Fiscal Year. After the end of each
of the first three fiscal quarters in any fiscal year (beginning with the fiscal quarter ended March 31, 2015), the Borrower shall, at its option, be entitled to deliver, pursuant to Section 5.2(d)(i), the Borrower’s calculation of
Excess Cash Flow for the applicable fiscal quarter (the “Quarterly Excess Cash Flow”). 
 2.27 Third Amendment
Incremental Revolver Increase Conversion 
 To the extent any portion of the Incremental Revolving Credit Commitments corresponding to
the Third Amendment Incremental Revolver Increase have not been permanently reduced in accordance with Sections 2.2(a)(ii) and 2.8 of this Agreement on or prior to the Conversion Date, (i) any outstanding Third Amendment Incremental Revolving
Credit Loans shall be converted into Term Loans in accordance with this Section 2.27 and shall be deemed to be Third Amendment Incremental Term Loans (the “Converted Term Loans”) and (ii) any remaining

  
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Incremental Revolving Credit Commitments corresponding to the Third Amendment Incremental Revolver Increase shall be automatically terminated. The Converted Term Loans shall be allocated to
Citizens Bank of Pennsylvania, and Citizens Bank of Pennsylvania shall be deemed to be a Term Loan Lender with a Third Amendment Incremental Term Commitment in an amount equal to the amount of the Converted Term Loans. 

SECTION 3. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent, the Issuing Bank and the Lenders to enter into this Agreement and to make the Loans and issue or
participate in the Letters of Credit, Holdings and the Borrower hereby represent and warrant to each Agent and each Lender that: 
 3.1
Financial Condition. The audited consolidated balance sheets of (i) New Media and subsidiaries (formerly known as GateHouse Media, Inc.) as of December 29, 2013 (Successor) and December 30, 2012 (Predecessor), and the related
consolidated statements of operations, stockholders’ equity and of cash flows for the period from November 7, 2013 to December 29, 2013 (Successor), the period from December 31, 2012 through November 6, 2013 (Predecessor),
and for each of the two years in the period ended December 30, 2012 (Predecessor) and (ii) Dow Jones Local Media Group, Inc. at June 30, 2013 and 2012, and the related consolidated statements of operations, income, equity and of cash
flow in each case, reported on by and accompanied by an unqualified report from Ernst & Young LLP, present fairly in all material respects as at the dates of such financial statements, the consolidated financial condition of New Media or
Dow Jones, as applicable, as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended, except as otherwise expressly noted therein. The unaudited consolidated balance
sheet of New Media as at March 30, 2014, and the related unaudited consolidated statements of operations, stockholders’ equity and cash flows for the three-month period ended on such date, present fairly in all material respects the
consolidated financial condition of New Media as at such date, and the consolidated results of its operations and its consolidated cash flows for the three-month period then ended (subject to normal year-end audit adjustments and absence of
footnotes), except as otherwise expressly noted therein. All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as
expressly noted therein). 
 3.2 No Change. Since December 31, 2013, there has been no development or event that has had or
would reasonably be expected to have a Material Adverse Effect. 
 3.3 Corporate Existence; Compliance with Law. Each NM Group
Member (a) is duly organized, validly existing and in good standing (if applicable) under the laws of the jurisdiction of its organization or formation, (b) has the organizational power and authority to own and operate its Property, to
lease the Property it leases as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction (if applicable)
where its ownership, lease or operation of Property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law, except, in the case of clause (a) with respect to any NM Group Member
other than the Loan Parties and in the cases of clauses (b), (c) and (d) above, to the 

  
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extent that failure of the same would not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

3.4 Corporate Power; Authorization; Enforceable Obligations. (a) Each Loan Party has the requisite organizational power and authority
to make, deliver and perform the Loan Documents to which it is a party, (b) each Loan Party has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Loan Documents to which it
is a party, (c) no material consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority is required in connection with the borrowings hereunder or the execution, delivery or performance of
this Agreement or any of the other Loan Documents, except (i) those consents, authorizations, filings and notices that have been obtained or made and are in full force and effect, (ii) the filings, registrations and other actions necessary
to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (including those referred to in Section 3.19) and (iii) those consents, authorizations, filings, notices or other acts, the failure of which
to obtain or make would not, in the aggregate, reasonably be expected to have a Material Adverse Effect, (d) each Loan Document has been duly executed and delivered on behalf of each Loan Party that is a party thereto and (e) this
Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against each such Loan Party in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles and principles of good faith and fair
dealing (whether enforcement is sought by proceedings in equity or at law). 
 3.5 No Contravention. The execution, delivery and
performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not (i) contravene the terms of any of such Person’s Organizational Documents,
(ii) violate in any material respect any Requirement of Law (except that this shall not apply to tax, employee benefit or environmental matters, which are covered exclusively by Sections 3.10, 3.13 and 3.17, respectively) or any Contractual
Obligation of any NM Group Member except to the extent such violation would not, in the aggregate, reasonably be expected to have a Material Adverse Effect and (ii) result in, or require, the creation or imposition of any Lien on any of their
respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security Documents and Liens permitted under Section 6.3). 

3.6 No Material Litigation. No litigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the
knowledge of Holdings or the Borrower, overtly threatened in writing by or against Holdings, the Borrower or any of the Restricted Subsidiaries or against any of their respective properties or revenues that would reasonably be expected to have a
Material Adverse Effect. 
 3.7 No Default. No Default or Event of Default has occurred and is continuing. 

3.8 Ownership of Property; Liens. Each of the NM Group Members has title in fee simple or good and valid title, as the case may be,
to, or a valid leasehold interest in, or 

  
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easements or other limited property interests in, all its real property necessary in the ordinary conduct of business, and good title to, or a valid leasehold interest in, or valid license of or
other right to use, all its other Property necessary in the ordinary conduct of business, in each case, except where the failure to have such title or other interest would not reasonably be expected to have a Material Adverse Effect and none of such
Property is subject to any Lien except as permitted by Section 6.3. 
 3.9 Intellectual Property. To the knowledge of Holdings
and the Borrower, each of the NM Group Members owns, or is licensed or otherwise has the right to use, all Intellectual Property necessary for the conduct of its business as currently conducted except to the extent such failure would not reasonably
be expected to have a Material Adverse Effect. No material claim has been asserted by any Person and is pending against any of the NM Group Members challenging the use of any material Intellectual Property or the validity or effectiveness of any
such Intellectual Property, nor does Holdings or the Borrower know of any valid basis for any such claim, in each case, except to the extent that any such claim, if adversely determined, would not reasonably be expected to have a Material Adverse
Effect. To the knowledge of Holdings and the Borrower, the use of Intellectual Property by the NM Group Members does not infringe on the Intellectual Property of any Person in any material respect, except for such infringements which would not
reasonably be expected to have a Material Adverse Effect. 
 3.10 Taxes. Each of the NM Group Members has filed or caused to be
filed all federal and other material tax returns that are required to be filed and has paid all Taxes shown to be due and payable on said returns (other than (i) any amount the validity of which is currently being contested in good faith by
appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the relevant NM Group Member or (ii) where the failure to make such filing, payment, deduction, withholding, collection or
remittance would not reasonably be expected to have a Material Adverse Effect); and no tax Lien has been filed (except to the extent permitted by Section 6.3 hereof or those which are currently being contested in good faith by appropriate
proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the relevant NM Group Member), and, to the knowledge of Holdings and the Borrower, no claim is being asserted, with respect to any material
Tax, fee or other charge except, in each case, as would not reasonably be expected to result in a Material Adverse Effect. 
 3.11
Federal Regulations. No Loan Party is engaged nor will it engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin
Stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any purpose that violates Regulation U. 

3.12 Labor Matters. There are no strikes or other labor disputes against any NM Group Member pending or, to the knowledge of Holdings
or the Borrower, overtly threatened in writing that would reasonably be expected to have a Material Adverse Effect. All payments due from the NM Group Members on account of employee health and welfare insurance that would reasonably be expected to
have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of the relevant NM Group Member. 

  
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 3.13 ERISA. Other than exceptions to any of the following that would not reasonably be
expected to result in a Material Adverse Effect: (i) neither a Reportable Event nor an “accumulated funding deficiency” (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the
five-year period prior to the date on which this representation is made or deemed made with respect to any Plan, and each Plan has complied in all material respects with the applicable provisions of ERISA and the Code, (ii) no termination of a
Single Employer Plan has occurred resulting in any liability that has remained underfunded, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period, (iii) the present value of all accrued benefits under each Single
Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such
accrued benefits, (iv) neither any Loan Party nor any Commonly Controlled Entity is currently subject to any liability for a complete or partial withdrawal from a Multiemployer Plan and (v) no such Multiemployer Plan is in Reorganization
or, to the knowledge of the Borrower, Insolvent, if such status would reasonably be expected to result in a material liability to the Borrower. 

3.14 Investment Company Act. No Loan Party is required to register as an “investment company” within the meaning of the
Investment Company Act of 1940, as amended. 
 3.15 Subsidiaries. (a) The Subsidiaries listed on Schedule 3.15 constitute all
the Subsidiaries of Holdings and the Borrower as of the Closing Date. Schedule 3.15 sets forth as of the Closing Date the name and jurisdiction of incorporation or organization of each Subsidiary and, as to each Subsidiary, the percentage of
each class of ownership interest owned by the applicable Loan Party. 
 (b) As of the Closing Date, except as set forth on
Schedule 3.15, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments granted to any Person other than Holdings, the Borrower or any Subsidiary of the Borrower (other than stock options
granted to employees or directors and directors’ qualifying shares or other similar shares required pursuant to applicable Law) of any nature relating to any Equity Interests of Holdings or the Borrower or any Equity Interests of any Subsidiary
owned directly or indirectly by the Borrower; provided that, with respect to any non-Wholly-Owned Subsidiary, its Equity Interests may be subject to customary rights of first refusal, tag-along, drag-along and other similar rights. 
 3.16 Use of Proceeds. The proceeds of the
Initial Term Loans made on the Closing Date shall be applied by the Borrower to fund the uses specified in the recitals hereto and for funding any upfront fees and other fees, costs and expense related to the Facilities; provided that the
Revolving Credit Facility shall be undrawn on the Closing Date. The proceeds of the Revolving Credit Loans, the Swing Line Loans and the Letters of Credit, made after the Closing Date shall be applied by the Borrower for general corporate purposes,
including, without limitation, to finance acquisitions permitted under this Agreement and the working capital needs of the Borrower and its Subsidiaries in the ordinary course of business. The proceeds of the First Amendment Incremental Term Loan
made on the First Amendment Effective Date shall be used to finance the acquisition of all or substantially all of the assets of The Providence Journal Company, including to pay the consideration for such acquisition and fees, costs and expenses
incurred in connection with such acquisition. The proceeds of the Third Amendment Incremental Term Loans 

  
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and the Third Amendment Incremental Revolving Credit Loans made on the Third Amendment Effective Date shall be used to finance a portion of the acquisition of certain assets of Halifax Media
Group, including to pay the consideration for such acquisition and expenses incurred in connection with such acquisition. The proceeds of the Fourth Amendment Replacement Term Loans made on the Fourth Amendment Effective Date shall be used to
refinance and replace the Term Loans outstanding immediately prior to the Fourth Amendment Effective Date. The proceeds of the Sixth Amendment Incremental Term Loans made on the Sixth Amendment Effective Date shall be applied by the Borrower for
general corporate purposes, including, without limitation, to finance acquisitions permitted under this Agreement and the working capital needs of the Borrower and its Subsidiaries in the ordinary course of business. The proceeds of each other
Class of Loans made after the Closing Date shall be used for the purposes specified in the applicable Incremental Amendment. 
 3.17
Environmental Matters. Other than exceptions to any of the following that would not reasonably be expected to result in a Material Adverse Effect: 

(a) Each Loan Party, their Subsidiaries and their respective businesses, operations and Real Property are and have at all times during the Loan
Parties’ or their Subsidiaries’ ownership, lease or operation thereof been in compliance with applicable Environmental Laws.(b) (i) each Loan Party and its Subsidiaries have obtained all permits, licenses, certificates or
authorizations required under Environmental Law (“Environmental Permits”) for the conduct of their businesses and operations, and the ownership, operation and use of their Real Property; (ii) each Loan Party and its
Subsidiaries are in compliance with the terms and conditions of such Environmental Permits; and (iii) all such Environmental Permits are valid and in good standing and there are no actions are pending, or to Borrower’s knowledge,
threatened to revoke, cancel, limit, terminate, modify, appeal or otherwise challenge any such Environmental Permits maintained by each Loan Party and its Subsidiaries. 

(c) There has been no release or threatened release or any handling, management, generation, treatment, storage or disposal of Hazardous
Materials on, at, under or from any Real Property presently or formerly owned, leased or operated by any of the Loan Parties, or their Subsidiaries or, to the knowledge of the Borrower, any of their respective predecessors in interest that has
resulted in, or is reasonably likely to result in any Environmental Action against or in any Environmental Liability to, any Loan Party or its Subsidiaries under Environmental Law. 

(d) There is no Environmental Action pending or, to the knowledge of the Borrower, threatened against any Loan Party or its Subsidiaries, or
relating to the Real Property currently or, to the knowledge of the Borrower, formerly owned, leased or operated by any Loan Party or its Subsidiaries, or relating to the operations of any Loan Party or its Subsidiaries, and there are no actions,
activities, circumstances, conditions, events or incidents that are reasonably likely to form the basis of such an Environmental Action. 

(e) To the knowledge of the Borrower, no Person with an indemnity, contribution or other obligation to any Loan Party or its Subsidiaries
relating to compliance with or liability under Environmental Law is in default with respect to any such indemnity, contribution or other obligation. 

  
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 (f) No Real Property owned, leased or operated by to any Loan Party or its Subsidiaries and, to
the knowledge of the Borrower, no Real Property or facility formerly owned, leased or operated by any Loan Party or its Subsidiaries is (i) listed or proposed for listing on the National Priorities List as defined in and promulgated pursuant to
CERCLA or (ii) listed on the Comprehensive Environmental Response, Compensation and Liability Information System promulgated pursuant to CERCLA or (iii) included on any similar list maintained by any governmental or regulatory authority
that indicates that any Loan Party or its Subsidiaries has or may have an obligation to undertake investigatory or remediation obligations under applicable Environmental Laws. 

(g) No Environmental Lien has been recorded or, to the knowledge of the Borrower, is threatened under any Environmental Law with respect to
any Real Property owned by any Loan Party or its Subsidiaries. 
 3.18 Accuracy of Information, etc. No statement or information
contained in this Agreement, any other Loan Document, or any other document, certificate or written statement furnished to the Administrative Agent or the Lenders or any of them, by or on behalf of any Loan Party for use in connection with the
transactions contemplated by this Agreement or the other Loan Documents, (as modified or supplemented by other information furnished by or on behalf of any Loan Party to any Agent or any Lender), when taken as a whole, contained as of the date such
statement, information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state a material fact (known to any Loan Party, in the case of any document not furnished by any of them) necessary to make the
statements contained herein or therein not materially misleading in light of the circumstances in which the same were made. 
 3.19
Security Documents. Each of the Security Documents are effective to create in favor of the Administrative Agent for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and
proceeds thereof. (i) In the case of any Pledged Equity which is in certificated form, when any certificates representing such Pledged Equity are delivered to, and in the possession of, the Administrative Agent and (ii) in the case of the
other Collateral described in the Security Documents in which a security interest may be perfected by filing a financing statement under the UCC or filings with the United States Patent and Trademark Office or United States Copyright Office, when
financing statements and other filings in appropriate form are filed in the offices specified on Schedule 3.19, the security interest created in favor of the Administrative Agent for the benefit of the Secured Parties, in such Pledged Equity
and other Collateral shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Pledged Equity and other Collateral and the proceeds thereof, as security for the Obligations (as
defined in the Security Documents), in each case prior and superior in right to any other Person (other than any Liens permitted under Section 6.3). 

3.20 Solvency. On the Closing Date and after giving effect to the Transactions, the Borrower and the Restricted Subsidiaries, on a
consolidated basis, are Solvent. 
 3.21 USA PATRIOT Act and OFAC. 

  
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 (a) To the extent applicable, Holdings, the Borrower and each Restricted
Subsidiary is in compliance, in all material respects, with (i) the PATRIOT Act and (ii) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R.
Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto. None of Holdings, the Borrower or any Restricted Subsidiary nor, to the knowledge of the Borrower, any director, officer or employee of
Holdings, the Borrower or any Restricted Subsidiary, is subject as of the Closing Date to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or a person on the list of
“Specially Designated Nationals and Blocked Persons.” The proceeds of the Loans or any Letters of Credit will not, to the knowledge of the Borrower, be made available to any Person for the purpose of financing the activities of any Person
currently subject to any U.S. sanctions administered by OFAC. 
 (b) No part of the proceeds of the Loans will be used,
directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct
business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
 3.22
Regulation H. 
 No Mortgage encumbers improved real property which is located in an area that has been identified by the Secretary
of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 (except any real property that is the subject of such Mortgage as to which
such flood insurance as required by Regulation H has been obtained and is in full force and effect as required by this Agreement). 
 3.23
Subordination of Junior Financing. The Obligations are “Designated Senior Debt,” “Senior Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any comparable
term) under, and as defined in, any Junior Indebtedness Documentation. 
 3.24 Holdings as a Holding Company. Holdings is a holding
company and does not have any material liabilities (other than liabilities arising under the Loan Documents), own any material assets (other than the Equity Interests of Borrower) or engage in any operations or business (other than the ownership of
Borrower and its Subsidiaries). 
 3.25 Insurance. The Borrower maintains, with financially sound and reputable insurers, such
public liability insurance, third party property damage insurance, business interruption insurance and casualty insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the Loan Parties as may
customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and
otherwise on such terms and conditions as are customary for such Persons; provided that, notwithstanding the foregoing, in no event shall the Borrower or any Restricted 

  
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Subsidiary be required to obtain or maintain insurance that is more restrictive than its normal course of practice. 

3.26 No Burdensome Restrictions. None of the Loan Parties or their Restricted Subsidiaries is a party to any agreement or instrument
or subject to any other obligation or any charter or corporate restriction or any provision of any applicable law, rule or regulation which would reasonably be expected to have a Material Adverse Effect. 

SECTION 4. CONDITIONS PRECEDENT 

4.1 Conditions to Effectiveness. The agreement of each Lender to make the initial extension of credit requested to be made by it
hereunder is subject to the satisfaction or waiver, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent, in each case, in form and substance reasonably satisfactory to the
Administrative Agent: 
 (a) Loan Documents. The Administrative Agent shall have received copies of (i) this Agreement, executed
and delivered by a duly authorized officer or signatory of Holdings and the Borrower, (ii) the Guarantee Agreement, executed and delivered by a duly authorized representative of the Borrower and each Guarantor, (iii) the Pledge Agreement,
executed and delivered by a duly authorized representative of the Borrower and each Grantor and (iv) the Collateral Agreement, executed and delivered by a duly authorized representative of the Borrower and each Grantor. 

(b) Financial Statements. The Lenders shall have received (i) unaudited interim consolidated financial statements of New Media for
each quarterly period ended subsequent to the date of the latest audited financial statements available, (ii) a balance sheet of Holdings and its Subsidiaries as of the Closing Date giving pro forma effect to this Agreement and (iii) a
statement of profits and losses of Holdings and its Subsidiaries as of the end of the most recent fiscal quarter ended prior to the Closing Date. 

(c) Fees. The Borrower shall have paid (or the initial Lenders and/or the Administrative Agent shall withhold from the proceeds of the
Term Loans on the Closing Date), or shall have arranged for such payment in a manner reasonably satisfactory to the Administrative Agent, all fees due and payable as of the Closing Date to the Lenders and the Administrative Agent, and all expenses
duly incurred and evidenced for which reasonably detailed invoices have been presented (including reasonable fees, disbursements and other charges of counsel to the Agents) at least three (3) Business Days prior to the Closing Date shall have
been paid to the Lenders and the Administrative Agent. 
 (d) Solvency Certificate. The Lenders shall have received a satisfactory
solvency certificate by a Responsible Officer of Holdings certifying as to the financial condition, solvency and related matters of the Loan Parties and their Subsidiaries, taken as a whole, after giving effect to the Transactions and the initial
borrowings under this Agreement and the other Loan Documents 

  
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 (e) Lien Searches. The Lenders shall have received the results of a recent Uniform
Commercial Code, tax and judgment lien search in each jurisdiction reasonably requested by the Administrative Agent with respect to the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent. 

(f) Intellectual Property Searches. The Lenders shall have received such patent/trademark/copyright filings as reasonably requested by
the Administrative Agent in order to perfect the Administrative Agent’s security interest in the Collateral. 
 (g) Closing
Certificate. The Administrative Agent shall have received a certificate for each Loan Party attaching (i) certificates of good standing, existence or its equivalent with respect to each Loan Party certified as of a recent date by the
appropriate Governmental Authorities of the state of incorporation or organization and each other state in which the failure to so qualify and be in good standing could reasonably be expected to have a Material Adverse Effect, (ii) original
certified articles of incorporation or other charter documents, as applicable, of each Loan Party certified (x) by a Responsible Officer of such Loan Party as of the Closing Date to be true and correct and in force and effect as of such date,
and (y) to be true and complete as of a recent date by the appropriate Governmental Authority of the state of its incorporation or organization, as applicable, (iii) copies of resolutions of the board of directors or comparable managing
body of each Loan Party approving and adopting the Loan Documents, the Transactions and authorizing execution and delivery thereof, certified by a Responsible Officer of such Loan Party as of the Closing Date to be true and correct and in force and
effect as of such date, (iv) a copy of the bylaws or comparable operating agreement of each Loan Party certified by a Responsible Officer of such Loan Party as of the Closing Date to be true and correct and in force and effect as of such date
and (v) an incumbency certificate of Responsible Officers of each Loan Party evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and
the other Loan Documents to which such Loan Party is a party or is to be a party on the Closing Date. 
 (h) Legal Opinions. The
Administrative Agent shall have received, in form and substance reasonably acceptable to the Administrative Agent, the legal opinion of (x) Cleary Gottlieb Steen & Hamilton LLP, counsel to Holdings, the Borrower and the Restricted
Subsidiaries and (y) local counsel in each jurisdiction of formation or organization of a Loan Party. Such legal opinions (x) shall cover such matters incident to the transactions contemplated by this Agreement as the Administrative Agent
may reasonably require to the extent such opinions are customary for transactions of the type contemplated by this Agreement and (y) shall be addressed to the Administrative Agent, the Issuing Bank and the Lenders. 

(i) Pledged Equity; Stock Powers; Promissory Notes. The Administrative Agent shall have received (i) the certificates, if any,
representing the shares or membership or partnership units of Equity Interests pledged pursuant to the Security Documents, together with an undated stock power for each such certificate executed in blank by a duly authorized representative or
officer of the pledgor thereof and (ii) each promissory note pledged as Collateral endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank satisfactory to the Administrative Agent) by the pledgor(s) thereof.

  
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 (j) Filings, Registrations and Recordings. To the extent not delivered prior to the
Closing Date, each document (including, without limitation, any Uniform Commercial Code financing statement) required as of the Closing Date by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed,
registered or recorded in order to create in favor of the Administrative Agent for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to
Liens expressly permitted by Section 6.3), shall have been delivered to the Administrative Agent in proper form for filing, registration or recordation. 

(k) PATRIOT Act. The Lenders shall have received, sufficiently in advance of the Closing Date, to the extent requested sufficiently in
advance thereof, all documentation and other information with respect to Holdings and the Borrower required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including
without limitation the PATRIOT Act. 
 (l) Termination of Existing Indebtedness. The Administrative Agent shall have received
evidence reasonably satisfactory to the Administrative Agent that (i) the Existing Credit Facilities shall be simultaneously terminated and all amounts thereunder shall be simultaneously paid in full (other than any letters of credit issued
pursuant to the Existing Credit Facilities, for which substitute payment assurances acceptable to the issuer thereof have been made or which shall be Existing Letters of Credit hereunder) and arrangements reasonably satisfactory to the
Administrative Agent shall have been made for the termination of Liens and security interests granted in connection therewith and (ii) all other existing Indebtedness of the Loan Parties and their Restricted Subsidiaries (other than
Indebtedness permitted pursuant to Section 6.2) shall be repaid in full and all security interests related thereto shall be terminated on or prior to the Closing Date. 

(m) Borrower and Holdings. Prior to the Closing Date, the Borrower and Holdings shall become wholly-owned direct or indirect
subsidiaries of New Media. 
 (n) Closing Compliance Certificate. The Lenders shall have received a certificate by a Responsible
Officer of Holdings demonstrating (i) pro forma compliance with the financial covenant in Section 6.1 (including supporting calculations), (ii) that Holdings and its Subsidiaries have unrestricted cash on their balance sheet as of the
Closing Date in an aggregate amount of not less than $17,500,000. 
 4.2 Conditions to Each Extension of Credit. The obligation of
each Lender to make any Loan or the Issuing Bank to issue any Letter of Credit, on any date (including the Closing Date) is subject to the satisfaction or waiver in accordance with Section 9.1 of the following conditions precedent: 

(a) Notice. The Administrative Agent shall have received a fully executed and delivered Borrowing Notice or Letter of
Credit Request, as the case may be. 
 (b) Representations and Warranties. Each of the representations and warranties
made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date, 

  
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except to the extent that any such representation and warranty specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all
material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;
provided further that the condition set forth in this clause (b) shall be limited in connection with the incurrence of Incremental Term Loans as specified in Section 2.24(f). No Default. No Default or Event of Default
shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 

SECTION 5. AFFIRMATIVE COVENANTS 

Holdings and the Borrower hereby agree that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding (except to
the extent such Letters of Credit are fully cash collateralized in accordance with this Agreement) or any Loan or other amount is owing to any Lender or any Agent hereunder (other than (x) obligations under Specified Hedge Agreements and Cash
Management Obligations and (y) Unasserted Contingent Obligations), each of Holdings and the Borrower shall and shall cause each of the Restricted Subsidiaries to: 

5.1 Financial Statements. In the case of Holdings, furnish to the Administrative Agent for delivery to each Lender: 

(a) within 90 days after the end of each fiscal year of Holdings, commencing with the fiscal year ending December 28,
2014, (i) a copy of the audited consolidated balance sheets of Holdings and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of operations and of cash flows for such year, setting forth in
each case in comparative form the figures as of the end of and for the previous year, audited by Ernst & Young LLP or any other independent certified public accountants of nationally recognized standing and (ii) a comparison of such
financial statements to the budget prepared for such fiscal year; 
 (b) not later than 45 days after the end of each of the
first three quarterly periods of each fiscal year of Holdings, commencing June 29, 2014, the unaudited consolidated balance sheet of Holdings as at the end of such quarter and the related unaudited consolidated statement of operations and of
cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form (i) the budget prepared for such fiscal period and (ii) the figures as of the end of and for the
corresponding period in the previous year, certified by a Responsible Officer of Holdings as being fairly stated in all material respects (subject to normal year-end audit adjustments and the absence of footnotes) and including management discussion
and analysis of operating results inclusive of operating metrics in comparative form. 

  
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 5.2 Certificates; Other Information. In the case of Holdings, furnish to the
Administrative Agent for delivery to each Lender: 
 (a) No later than 5 days after the delivery of any financial statements
pursuant to Section 5.1, (i) a certificate of a Responsible Officer stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and (ii) (x) a
Compliance Certificate containing all information, calculations and supporting schedules necessary for determining compliance by Holdings, the Borrower and the Restricted Subsidiaries with the provisions of this Agreement referred to therein as of
the last day of the fiscal quarter or fiscal year of Holdings, as the case may be and if such Compliance Certificate demonstrates an Event of Default in respect of any covenant set forth in Section 6.1, Holdings may deliver within ten Business
Days of the delivery of such Compliance Certificate notice of its intent to cure such Event of Default pursuant to Section 7.3 and (y) any UCC financing statements or other filings specified in such Compliance Certificate as being required
to be delivered therewith; 
 (b) no later than 45 days after the end of each fiscal year of Holdings (beginning with the
fiscal year ending December 28, 2014 of Holdings), a consolidated budget for the following fiscal year as customarily prepared by management of Holdings for its internal use (the “Projections”), which Projections shall in each
case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation
of such Projections, it being understood that any such Projections are not to be viewed as facts, are subject to significant uncertainties and contingencies, many of which are beyond the control of Holdings, that no assurance can be given that any
particular Projections will be realized, that actual results may differ and that such differences may be material; 
 (c)
promptly after the same are filed, copies of all financial statements and reports that Holdings sends to the holders of any class of its debt securities or public equity securities by filing with the SEC or any national securities exchange and,
promptly after the same are filed, copies of all financial statements and reports that Holdings may make to, or file with, the SEC; 

(d) (i) within five (5) Business Days after the delivery of financial statements pursuant to Section 5.1(b) with
respect to any fiscal quarter in which the Borrower exercises its option pursuant to Section 2.26(a) or Section 2.26(b), a certificate of a Responsible Officer of Holdings certifying a calculation of the 2014 Quarterly Excess Cash Flow or
the Quarterly Excess Cash Flow, as the case may be, and the basis for the determination thereof in reasonable detail and (ii) within five (5) Business Days after the delivery of any financial statements pursuant to Section 5.1(a)
(beginning with the fiscal year started January 1, 2015), a certificate of a Responsible Officer of Holdings certifying a calculation of the Annual Excess Cash Flow for such fiscal year and the basis for the determination thereof in reasonable
detail; and 

  
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 (e) promptly, such additional financial and other information as the
Administrative Agent on behalf of any Lender may from time to time reasonably request. 
 Documents required to be delivered pursuant to Sections 5.1(a) or
5.1(b) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically (including by furnishing Holdings (or a direct or indirect parent entity)’s Form 10-K or 10-Q, as applicable, filed
with the SEC) and if so delivered, shall be deemed to have been delivered on the date on which such documents are posted on Holdings (or a direct or indirect parent entity)’s behalf on an internet or intranet website, if any, to which each
Lender and the Administrative Agent have access (whether a commercial or third-party website); provided that Holdings shall notify the Administrative Agent (by telecopier, facsimile or electronic mail) of the posting of any such documents and
shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests such paper copies. 
 The Loan Parties and each Lender
acknowledge that certain of the Lenders may be “public-side” Lenders (Lenders that do not wish to receive Material Non-Public Information with respect to the Loan Parties or their securities) (“Public Lenders”) and, if
documents or notices required to be delivered pursuant to Sections 5.1 and 5.2 or otherwise are being distributed through IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform (the “Platform”),
any document or notice that the Borrower has indicated contains Non-Public Information shall not be posted on that portion of the Platform designated for such public-side Lenders. The Borrower agrees to use commercially reasonable efforts to clearly
designate all information provided to the Administrative Agent by or on behalf of the Loan Parties which is suitable to make available to Public Lenders. If the Borrower has not indicated whether a document or notice delivered pursuant to Sections
5.1 and 5.2 contains Non-Public Information, the Administrative Agent reserves the right to post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive Material Non-Public Information with respect
to the Loan Parties and their respective securities. Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected to receive Private Side Information in order to enable such Public
Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States federal and state securities laws, to make reference to communications that are not made through the
“Public” portion of the Platform and that may contain Non-Public Information. 
 5.3 Conduct of Business and Maintenance of
Existence, Compliance. (a)(i) Preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct
of its business, except, in each case, as otherwise permitted by Section 6.4 or 6.5 or to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Requirements of Law
(except this shall not apply to tax or environmental matters, which in this respect are covered exclusively in Sections 5.3 and 5.9, respectively), except to the extent that failure to comply therewith would not, in the aggregate, reasonably be
expected to have a Material Adverse Effect or pursuant to any merger, consolidation, liquidation, dissolution or Disposition permitted by Section 6.5. 

5.4 Maintenance of Properties. Except to the extent that the failure to do so would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse 

  
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Effect, maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear
excepted and casualty or condemnation excepted. 
 5.5 Payment of Taxes. Pay, discharge or otherwise satisfy, as the same shall
become due and payable, all of its material obligations and liabilities in respect of Taxes imposed upon it or upon its income or profits or in respect of its property, except, in each case, to the extent any such material Tax is being contested in
good faith and by appropriate actions for which appropriate reserves have been established in accordance with GAAP. 
 5.6
Insurance. In the case of the Borrower, maintain or cause to be maintained, with financially sound and reputable insurers, such public liability insurance, third party property damage insurance, business interruption insurance and casualty
insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the Loan Parties as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in
similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as are customary for such Persons; provided that, notwithstanding the
foregoing, in no event shall the Borrower or any Restricted Subsidiary be required to obtain or maintain insurance that is more restrictive than its normal course of practice. 

5.7 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which entries which are
full, true and correct, in all material respects, in conformity with GAAP shall be made of all material dealings and transactions in relation to its business and activities and (b) permit the Administrative Agent or its representatives on
behalf of the Lenders to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time during normal business hours and as often as may reasonably be desired (but, the Administrative
Agent on behalf of the Lenders may not have more than one visit per any twelve month period (except during the occurrence and continuance of an Event of Default)), upon reasonable advance notice to the Borrower, and to discuss the business,
operations, properties and financial and other condition of Holdings, the Borrower and its Restricted Subsidiaries with officers and employees of Holdings, the Borrower and its Restricted Subsidiaries and with their independent certified public
accountants (and the Borrower will be given the opportunity to participate in any such discussions with such independent certified accountants). Any such inspection shall be at the Lenders’ sole cost and expense unless an Event of Default has
occurred and is continuing at the time of such inspection, in which event the Borrower shall reimburse the Administrative Agent on behalf of the Lenders for its reasonable, actual out-of-pocket costs and expenses. Notwithstanding anything to the
contrary in this Section 5.7, none of Holdings, the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or
other matter that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is
prohibited by Law or any binding agreement or (c) is subject to attorney-client or similar privilege or constitutes attorney work product 

  
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 5.8 Notices. In the case of any Loan Party, promptly after obtaining knowledge of the
same, give notice to the Administrative Agent of: 
 (a) the occurrence of any Default or Event of Default; 

(b) any litigation or proceeding affecting Holdings, the Borrower or any of the Restricted Subsidiaries or relating to any
Loan Document which if adversely determined would reasonably be expected to have a Material Adverse Effect; 
 (c) the
following events, that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect: (i) the occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a
Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan, (ii) the institution of proceedings or the taking of any other action by the PBGC
or Holdings or any Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan or (iii) the occurrence of any similar events with respect to a Commonly
Controlled Plan, that would reasonably be likely to result in a direct obligation of Holdings, the Borrower or any of its Restricted Subsidiaries to pay money; and 

(d) any other development or event that has had or would reasonably be expected to have a Material Adverse Effect. 

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence
referred to therein and stating what action Holdings, the Borrower or the relevant Restricted Subsidiary has taken or proposes to take with respect thereto. 

5.9 Environmental Laws. Promptly take any and all actions necessary to (i) cure any violation of applicable Environmental Laws by
the Borrower or the Restricted Subsidiaries that would reasonably be expected to have a Material Adverse Effect and (ii) make an appropriate response to any environmental claim against the Borrower or any of the Restricted Subsidiaries and
discharge any obligations it may have to any Person thereunder where failure to do so would reasonably be expected to have a Material Adverse Effect. 

5.10 Use of Proceeds. The proceeds of the Initial Term Loans and the Revolving Credit Loans, if any, made on the Closing Date shall be
applied by the Borrower to fund the uses specified in the recitals hereto and for funding any upfront fees and other fees, costs and expense related to the Facilities. The proceeds of the Revolving Credit Loans, the Swing Line Loans and the Letters
of Credit, made after the Closing Date shall be applied by the Borrower for general corporate purposes, including, without limitation, to finance Permitted Acquisitions under this Agreement and the working capital needs of the Borrower and its
Subsidiaries in the ordinary course of business. The proceeds of the First Amendment Incremental Term Loan made on the First Amendment Effective Date shall be used to finance the acquisition of all or substantially all of the assets of The
Providence Journal Company, including to pay the consideration for such acquisition and fees, costs and expenses incurred in connection with such acquisition. The proceeds of the Third Amendment Incremental Term Loan and the Third Amendment
Incremental 

  
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Revolving Increase incurred on the Third Amendment Effective Date shall be used to finance a portion of the acquisition of certain assets of Halifax Media Group, including to pay the
consideration for such acquisition and fees, costs and expenses incurred in connection with such acquisition. The proceeds of the Fourth Amendment Replacement Term Loan incurred on the Fourth Amendment Effective Date shall be used to refinance and
replace the Term Loans outstanding immediately prior to the Fourth Amendment Effective Date. The proceeds of the Sixth Amendment Incremental Term Loans made on the Sixth Amendment Effective Date shall be applied by the Borrower for general
corporate purposes, including, without limitation, to finance acquisitions permitted under this Agreement and the working capital needs of the Borrower and its Subsidiaries in the ordinary course of business. The proceeds of each other Class of
Loans made after the Closing Date shall be used for the purposes specified in the applicable Incremental Amendment. 
 5.11
Subsidiaries. (a) Upon (i) the formation or acquisition of any new direct or indirect wholly owned Material Subsidiary by any Loan Party, (ii) any Person becoming a wholly owned Material Subsidiary of the Borrower (and is not
otherwise an Excluded Subsidiary), (iii) the designation of any direct or indirect wholly owned Material Subsidiary as a Guarantor (in the case of clauses (i) to (iii), other than an Excluded Subsidiary or a Subsidiary owned by an Excluded
Subsidiary) or (iv) any Excluded Subsidiary ceasing to be an Excluded Subsidiary, after the date hereof, within forty-five (45) days, cause such Subsidiary to (A) become a party to the Guarantee Agreement and, if any assets of such
Person (other than any Excluded Assets) shall become Collateral, a Grantor by becoming a party to the appropriate Security Documents other than the Mortgages (or enter into amendments to the Guarantee Agreement or any existing Security Document as
the Administrative Agent deems necessary or advisable) and (B) to take such actions necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties a perfected first priority (subject to Liens permitted
pursuant to Section 6.3) security interest in the Collateral described in the relevant Security Document with respect to such new Material Subsidiary, including, without limitation, (x) the filing of Uniform Commercial Code financing
statements in such jurisdictions as may be required by the Security Documents or by law or as may be requested by the Administrative Agent (y) deliver to the Administrative Agent the certificates representing such Equity Interests, if any,
together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Loan Party and (z) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions
relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

(b) With respect to any fee interest or absolute right of ownership in any real or immoveable property having a fair market
value (together with improvements thereof) of at least $2,500,000 (as determined in good faith by a Responsible Officer) acquired after the Closing Date by any Loan Party (in each case, other than any such real property subject to any Contractual
Obligation that includes negative pledge clauses permitted by Section 5.13, any Lien permitted pursuant to Section 6.3(j), Section 6.3(k) or Section 6.3(m) or any Requirement of Law that prohibits or restricts compliance with the
terms and conditions of this Section 5.11) (which, for the purposes of this paragraph, shall include any owned real property of any Loan 

  
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Party that ceases to be subject to the foregoing restrictions), take the actions referred to in Section 5.13(a) within the time periods set forth therein. 

(c) Notwithstanding anything to the contrary herein, the Borrower shall be permitted at any time and from time to time to add
any of its Subsidiaries as an additional Loan Party in accordance with this Section. 
 (d) To the extent opened after the
Closing Date, each Loan Party shall deliver to the Administrative Agent deposit account control agreements, security account control agreements and commodity account control agreements, as applicable and, in each case, in form and substance
reasonably satisfactory to the Administrative Agent, with respect to all of its deposit accounts, securities accounts and commodities accounts, other than: (i) deposit accounts, securities accounts, commodities accounts and other bank accounts
having an average balance over 30 days below $2,000,000; provided, however, the aggregate average balance over 30 days for all such accounts excluded pursuant to this clause (i) shall not exceed $6,000,000 or (ii) deposit accounts,
securities accounts, commodities accounts and other bank accounts established solely as payroll, benefits, withholding tax, escrow, customs or other zero balance accounts or other fiduciary accounts or for accounts which constitute Liens permitted
pursuant to Section 6.3 securing Indebtedness permitted pursuant to Section 6.2. 
 (e) Notwithstanding anything
to the contrary contained herein, to the extent Immaterial Subsidiaries and Non-Wholly Owned Subsidiaries comprise in the aggregate more than (x) 7.5% of the Borrower’s Total Assets or (y) 7.5% of the Borrower’s Consolidated
EBITDA, in each case as determined at the end of the most recent fiscal quarter of the Borrower based on the financial statements of the Borrower delivered pursuant to this Agreement, then the Borrower shall, not later than forty-five (45) days
after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement (or such longer period as the Administrative Agent may agree in its reasonable discretion), (i) designate in writing to the
Administrative Agent one or more of such Immaterial Subsidiaries and Non-Wholly Owned Subsidiaries as “Material Subsidiaries” to the extent required such that the foregoing condition ceases to be true and (ii) comply with the
provisions of Section 5.11 applicable to such Subsidiaries. 
 5.12 Further Assurances. From time to time execute and deliver,
or cause to be executed and delivered, such additional instruments, certificates or documents, and take such actions, as the Administrative Agent may reasonably request for the purposes of more fully perfecting or renewing the rights of the
Administrative Agent and the Secured Parties with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by any Loan Party (other
than Excluded Assets) which are required to be part of the Collateral) pursuant hereto or thereto. Upon the exercise by the Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan
Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, Holdings and the Borrower will execute and deliver, or will cause the execution and delivery of, all applications,
certifications, instruments and other documents and papers that the Administrative Agent or such Lender may be reasonably required to obtain from the Borrower or any Loan Party for such governmental consent, approval, recording, qualification or
authorization. 

  
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 5.13 Post-Closing Covenants. (a) The Borrower shall, and shall cause its Subsidiaries to,
take the actions set forth on Schedule 5.13 (the “Post-Closing Actions”) within the time periods specified therein; provided that the failure to complete any Post-Closing Action by the applicable date specified in
Schedule 5.13 shall not constitute a Default or an Event of Default under this Agreement so long as the Borrower is diligently pursuing the completion of such Post-Closing Action. 

(b) Within forty-five (45) days after the Closing Date (or such later date as shall be acceptable to the Administrative Agent), the Loan
Parties shall use their commercially reasonable efforts to obtain and deliver to the Administrative Agent lien waivers executed in favor of the Administrative Agent by a Person who owns or occupies any leased properties, in form and substance
satisfactory to the Administrative Agent in its reasonable discretion, with respect to such leased properties at which any Collateral with a value in excess of $2,500,000 may be located from time to time; provided that if such lien waivers
are not obtained and delivered at the end of such forty-five (45) day period, then (x) for the period until 90 days after the Closing Date, the Loan Parties shall continue to use their commercially reasonable efforts to obtain and deliver
such lien waivers and (y) thereafter, the Loan Parties shall no further obligations to obtain such lien waivers. 
 SECTION 6.
NEGATIVE COVENANTS 
 Holdings and the Borrower hereby agree that, so long as the Commitments remain in effect, any Letter of Credit remains
outstanding (except to the extent such Letters of Credit are fully cash collateralized in accordance with this Agreement) or any Loan or other amount is owing to any Lender or any Agent hereunder (other than (x) obligations under Specified
Hedge Agreements and Cash Management Obligations and (y) Unasserted Contingent Obligations), neither Holdings nor the Borrower will, nor will they permit any of the Restricted Subsidiaries to: 

6.1 Financial Condition Covenant. Permit the Total Leverage Ratio, calculated on a Pro Form Basis, as of the last day of the most
recently ended Test Period, beginning with the Test Period ending June 30, 2014, to be greater than 3.25 to 1.00 (such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent
pursuant to Section 5.1(a) and 5.1(b) for such Test Period). 
 6.2 Limitation on Indebtedness. Create, incur or assume any
Indebtedness, except: 
 (a) Indebtedness of any Loan Party pursuant to (i) any Loan Document (including any Extension
Amendment), (ii) any Replacement Loans, (iii) any Incremental Commitments incurred in accordance with Section 2.24, (iv) any Refinancing Indebtedness with respect to any of the foregoing Facilities or Classes of Loans; 

(b) Indebtedness of Holdings or the Borrower to a Restricted Subsidiary or of a Restricted Subsidiary to Holdings, the
Borrower or another Restricted Subsidiary; provided that all such Indebtedness of any Loan Party owned to any non-Loan Party shall be evidenced by notes that have been pledged (individually or pursuant to a global note) to the Administrative
Agent for the benefit of the Lenders (it being understood and agreed that any Indebtedness permitted under this clause (b) that are not so evidenced as of the Closing Date are not required 

  
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to be so evidenced and pledged until the date that is ninety (90) days after the Closing Date), (ii) any such Indebtedness that is owed by a non-Loan Party to a Loan Party is permitted
as an Investment under Section 6.7(i) and (iii) any Indebtedness of any NM Group Member to any other NM Group Member existing as of the Closing Date shall be permitted to be maintained, modified and/or refinanced among the same NM Group
Members (or their successor entities) as long as, if the obligor with respect thereto is Holdings, the Borrower or a Subsidiary Guarantor and the payee with respect thereto is a Restricted Subsidiary that is not a Loan Party, the same continues to
be or is made subject to an intercompany subordination agreement reasonably acceptable to the Administrative Agent, and the outstanding principal amount thereof is not increased; 

(c) Indebtedness (including Capital Leases and purchase money indebtedness) incurred or issued by the Borrower or any
Restricted Subsidiary to finance or reimburse the acquisition, purchase, construction, repair, replacement, lease or improvement of property (real or personal), equipment or other assets, including assets that are used or useful in the business,
whether through the direct purchase of assets or the Capital Stock of any Person owning such assets in an aggregate principal amount not to exceed (as of the date such Indebtedness is issued, incurred or otherwise obtained), together with any
Refinancing Indebtedness in respect thereof pursuant to this clause (c), the greater of (A) $15,000,000 and (B) 1.50% of Total Assets, and any Refinancing Indebtedness thereof (and any further Refinancing Indebtedness in respect thereof);

 (d) Indebtedness described in Schedule 6.2(d) (or future advances or Indebtedness contemplated by the existing
documentation evidencing such Indebtedness (including any commitment with respect thereto)) and any Refinancing Indebtedness incurred, issued or otherwise obtained to refinance (in whole or in part) such Indebtedness (and any Refinancing
Indebtedness in respect thereof); 
 (e) Indebtedness incurred or assumed by the Borrower or any Subsidiary in connection
with any Acquisition permitted under Section 6.7, and any Refinancing Indebtedness thereof; provided that (i) such Indebtedness existed at the time of such Acquisition and was not created in connection therewith or in contemplation
thereof, (ii) such Indebtedness is either unsecured or secured only by the assets or business acquired in such Acquisition (including any acquired Capital Stock) and (iii) the aggregate principal amount of such Indebtedness outstanding at
any one time does not exceed $15,000,000; 
 (f) any guaranty (i) by the Borrower of obligations of any Loan Party
permitted hereunder, (ii) by any Loan Party of obligations of the Borrower or any other Loan Party permitted hereunder, (iii) by any Restricted Subsidiary (other than a Loan Party) of obligations of any Restricted Subsidiary (other than a
Loan Party) permitted hereunder, (iv) by the Borrower or any of the Restricted Subsidiaries of Indebtedness of any Restricted Subsidiary permitted by this Section 6.2 and (v) by a Restricted Subsidiary of Indebtedness of the Borrower
or a Restricted Subsidiary permitted by this Section 6.2; 
 (g) Cash Management Obligations and other Indebtedness in
respect of netting services, automatic clearinghouse arrangements, overdraft protections and otherwise in connection with deposit accounts, credit cards, credit card processing 

  
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services, debit cards, stored value cards, purchase cards (including so-called “procurement cards” or “P-cards”), employee credit card programs and other cash management and
similar arrangements in the ordinary course of business and any guaranties thereof; 
 (h) other unsecured Indebtedness of a
Loan Party; provided that, (i) on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness as of the last day of the fiscal quarter most recently ended for which financial statements are available, the Total Leverage
Ratio is less than 3.00 to 1.00 (“Permitted Ratio Debt”), (ii) such Indebtedness shall not require any amortization prior to the date that is six months following the Latest Maturity Date, (iii) the Weighted Average Life
to Maturity of such Indebtedness shall be equal to or greater than the then remaining Weighted Average Life to Maturity of the outstanding Loans, (iv) if such Indebtedness is incurred by a Loan Party, such Indebtedness may be guaranteed by
another Loan Party so long as (x) such Loan Party shall have also provided a guarantee of the Obligations substantially on the terms set forth in this Agreement and (y) if the Indebtedness being guaranteed is subordinated to the
Obligations, such guarantee shall be subordinated to the guarantee of the Obligations on terms and conditions reasonably satisfactory to the Administrative Agent and (v) if such Indebtedness is incurred by a Restricted Subsidiary of the
Borrower that is not a Loan Party, such Indebtedness may be guaranteed by another Subsidiary of the Borrower that is not a Loan Party; provided further that the mandatory prepayments, covenants, events of default, Subsidiary guarantees
and other terms for such Indebtedness, are not more restrictive on Holdings, the Borrower and the Restricted Subsidiaries, or materially less favorable to the Lenders, than the terms of this Agreement (as in effect on the date such Indebtedness is
incurred); provided, however, that a certificate of a Responsible Officer delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed
description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the management of the Borrower has determined in good faith that such terms and conditions satisfy the foregoing
requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower within such five (5) Business Day period that it disagrees with such determination
(including a reasonable description of the basis upon which it disagrees); 
 (i) Indebtedness arising from customary
agreements providing for indemnification, adjustment of purchase price (including earn-outs), non-compete or similar obligations, in each case incurred or assumed in connection with the dispositions or acquisition of the assets or Equity Interests
of another Person permitted hereunder; provided that (i) such Indebtedness (other than guarantees of such Indebtedness or for indemnification) shall be included in the total consideration for purposes of all determinations relating to
such disposition or purchase hereunder and (ii) the aggregate principal amount of such Indebtedness shall not exceed the greater of (x) 1.5% of Total Assets and (y) $15,000,000; 

(j) other Indebtedness of the Borrower or a Loan Party in an aggregate principal amount not to exceed the greater of
(x) 1.5% of Total Assets and (y) $15,000,000; 

  
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 (k) (i) Indebtedness representing deferred compensation to employees of the
Borrower and the Restricted Subsidiaries incurred in the ordinary course of business and (ii) Indebtedness consisting of obligations of the Borrower or any Restricted Subsidiary under deferred compensation or other similar arrangements with
employees incurred by such Person in connection with any Permitted Acquisition or any other Investment or other acquisition permitted hereunder; 

(l) unsecured Indebtedness of Holdings owing to former employees, officers, or directors (or any spouses, ex-spouses, or
estates of any of the foregoing) incurred in connection with (A) relocation costs or (B) the repurchase by Holdings of the Equity Interests of Holdings that has been issued to such Persons, so long as (i) no Default or Event of
Default has occurred and is continuing or would result from the incurrence of such Indebtedness, (ii) the aggregate amount of all such Indebtedness outstanding at any one time does not exceed $1,000,000, and (iii) solely with respect to
clause (B), such Indebtedness is subordinated in full to the Obligations; 
 (m) Indebtedness (i) owing to any
insurance company consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business and (ii) owing to any Person providing
property, casualty, liability, or other insurance to Holdings or any of its Subsidiaries, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such
insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year; 

(n) Indebtedness incurred by the Borrower or any Restricted Subsidiary constituting reimbursement obligations with respect to
letters of credit, bank guarantees, banker’s acceptances, warehouse receipts, or similar instruments issued or created in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, health,
disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims, health, disability or other
employee benefits or property, casualty or liability insurance or self-insurance; 
 (o) obligations in respect of
workers’ compensation claims and self-insurance and obligations in respect of performance, bid, appeal, statutory and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any Restricted
Subsidiary or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in
the ordinary course of business; 
 (p) Indebtedness comprising Investments permitted pursuant to Section 6.7; 

(q) Indebtedness for any amounts owing by the Loan Parties under the Management Agreement solely to the extent such amounts
are permitted under Section 6.9; 

  
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 (r) [Reserved]; 

(s) endorsement of instruments or other payment items for deposit; and 

(t) the incurrence by Holdings or its Subsidiaries of Indebtedness under Hedge Agreements that are incurred for the bona fide
purpose of hedging the interest rate, commodity, or foreign currency risks associated with Holdings’ and its Subsidiaries’ operations and not for speculative purposes. 

6.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter
acquired, except for: 
 (a) Liens for taxes that are not overdue for a period of more than thirty (30) days, Liens for
taxes not required to be discharged pursuant to Section 5.5 or Liens with respect to taxes, assessments or other governmental charges or levies that are being contested in good faith by appropriate proceedings; provided that
adequate reserves with respect thereto are maintained on the books of Holdings, the Borrower or the Restricted Subsidiaries, as the case may be, to the extent required by GAAP and Liens for property taxes on property that the Borrower or any of its
Subsidiaries has determined to abandon (so long as such abandonment is not prohibited by this Agreement or any of the other Loan Documents), if the sole recourse for such tax is to such property; 

(b) judgment Liens so long as the related judgment does not constitute an Event of Default; 

(c) statutory or common law Liens of landlords, banks and securities intermediaries (and rights of set-off), of carriers,
warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law (other than any such Lien imposed pursuant to Section 430(k) of the Code), in each case incurred in the ordinary course of business (i) for amounts
not yet overdue or (ii) for amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of 30 days) are being contested in good faith by appropriate proceedings, so long as such reserves or other
appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts; 
 (d)
restrictions, covenants, land use contracts, rent charges, building schemes, declarations of covenants, conditions and restrictions, servicing agreements in favor of any Governmental Authority, easements, rights-of-way, encroachments, servitudes and
other minor defects or irregularities in title or other similar rights in or with respect to real property (including open space and conservation easements, restrictions or similar agreements and rights of way and servitudes for railways, water,
sewer, drainage, gas and oil pipelines, electricity, light, power, telephone, telegraph, internet or cable television services and utilities) granted to or reserved by other persons or properties, incurred in the ordinary course of business, which
in the aggregate do not materially impair the use of or the operation of the business of such person or the property subject thereto; 

(e) (i) the right reserved to or vested in any Governmental Authority, by the terms of any Permit acquired by such Person or
by any Law, to terminate any such Permit 

  
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or to require annual or other payments as a condition to the continuance thereof, (ii) any security given to a public authority or other service provider or any other Governmental Authority
when required by such utility or other Governmental Authority in connection with the operations of such person in the ordinary course of its business and (iii) the reservations, limitations, provisos and conditions, if any, expressed in any
grants from any Governmental Authority or any similar authority; 
 (f) Liens incurred in the ordinary course of business in
connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts,
performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any
portion of the Collateral on account thereof; 
 (g) Liens in favor of customs and revenue authorities arising as a matter
of Law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 

(h) any agreement to lease (including operating leases), option to lease, license, sub-lease or other right of occupancy
assumed or entered by or on behalf of any NM Group Member in the ordinary course of its business or interests of lessors under operating leases and non-exclusive licensors under license agreements; 

(i) Liens described on Schedule 6.3(i); 

(j) Liens securing Indebtedness of the Borrower or any Restricted Subsidiary incurred pursuant to Section 6.2(c) to
finance the acquisition of fixed or capital assets in an aggregate amount not to exceed (as of the date any such Lien is incurred) the greater of (x) $15,000,000 and (y) 1.50% of Total Assets at any time outstanding, provided that
such Liens do not at any time encumber any Property other than the Property financed by such Indebtedness; provided further that individual financings of equipment provided by one lender may be cross collateralized to other financings of equipment
provided by such lender 
 (k) Liens on property or other assets at the time the Borrower or a Restricted Subsidiary
acquired the property or such other assets, including any acquisition by means of a merger, amalgamation or consolidation with or into the Borrower or any Restricted Subsidiary, securing obligations in an aggregate amount (together with any
Indebtedness that is secured pursuant to clause (m)) not to exceed (as of the date any such Lien is incurred) $15,000,000; provided that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition,
amalgamation, merger or consolidation; provided, further, that the Liens may not extend to any other property owned by the Borrower or any Restricted Subsidiary (other than after-acquired property that is (i) affixed or
incorporated into the property covered by such Lien and (ii) the proceeds and products thereof); 

  
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 (l) (i) Liens created pursuant to the Loan Documents, (ii) Liens securing
any Replacement Loans, (iii) Liens securing any Incremental Commitments incurred in accordance with Section 2.24, (iv) Liens securing any Extended Term Loans or Extended Revolving Credit Commitments, (v) Liens securing any
Refinancing Indebtedness with respect to the foregoing and (vi) Liens on cash collateral to Cash Collateralize the Letters of Credit or any other Obligation; provided that, in each case, such Liens are no greater than pari
passu with the Liens under this Agreement and on the Collateral; 
 (m) Liens securing Indebtedness of any NM Group
Member incurred pursuant to Section 6.2(e) in an aggregate amount (together with any obligations that are secured pursuant to clause (k)) not to exceed (as of the date any such Lien is incurred) $10,000,000; provided that, such Liens do
not at any time encumber any Property other than the Property (including Capital Stock of any entity acquired and any of the Restricted Subsidiaries) acquired in such Acquisition; 

(n) any right of set-off, refund or charge-back available to any bank or other financial institution or any other Lien arising
in connection therewith or relating to purchase orders and other agreements entered into with customers of Holdings or any of its Subsidiaries in the ordinary course of business and Liens of a collection bank arising under Sections 4-208 and 4-210
of the UCC on the items in the course of collection; 
 (o) any interest or title of a lessor, licensor or sublessor under
any lease, license or sublease entered into by any Loan Party or any Subsidiary thereof in the ordinary course of its business and covering only the assets so leased, licensed or subleased; 

(p) Liens arising solely from precautionary UCC financing statements or similar filings; 

(q) any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the
use of any real property; 
 (r) other Liens on assets securing obligations in an aggregate amount not to exceed (as of the
date any such Lien is incurred) the greater of (x) $15,000,000 and (y) 1.50% of Total Assets at any time outstanding; 

(s) assignments of past due receivables solely for the purpose of collection; 

(t) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(u) Liens securing obligations relating to any Indebtedness or other obligations of a Restricted Subsidiary owing to the
Borrower or another Restricted Subsidiary permitted to be incurred in accordance with Section 6.2; 
 (v) Liens in
favor of any Loan Party; 
 (w) [Reserved]; 

  
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 (x) [Reserved]; 

(y) Liens on Property subject to an agreement to Dispose of such Property permitted under Section 6.5; 

(z) Liens on amounts deposited to secure Holdings’ and its Subsidiaries obligations in connection with the making or
entering into of bids, tenders, or leases in the ordinary course of business and not in connection with the borrowing of money; 

(aa) Liens on amounts deposited to secure Holdings’ and its Subsidiaries reimbursement obligations with respect to surety
or appeal bonds obtained in the ordinary course of business; 
 (bb) licenses of content or non-exclusive licenses of
patents, trademarks, copyrights, or other intellectual property rights in the ordinary course of business; 
 (cc) Liens
that are extensions, replacements or renewals of Liens permitted under this Section 6.3 (or successive extensions, renewals or replacements) to the extent that the original Indebtedness is the subject of permitted Refinancing Indebtedness and
so long as the Liens so extended, renewed or replaced only encumber those assets that secured the original Indebtedness (plus improvements on such property); 

(dd) restrictions on transfers of securities imposed by applicable securities laws or agreement (other than Capital Stock
pledged pursuant to the Security Documents); 
 (ee) assignments of insurance or condemnation proceeds provided to landlords
(or their mortgagees) in the ordinary course of business and pursuant to the terms of any lease and Liens or rights reserved in any lease for rent or for compliance with the terms of such lease; 

(ff) licenses (with respect to intellectual property and other property), leases or subleases granted to third parties to the
extent permitted by the applicable terms of the Security Documents and not interfering in any material respect with the ordinary conduct of the business of Holdings or any of its Subsidiaries or resulting in a material diminution in the value of the
collateral so licensed, leased or subleased; 
 (gg) Liens arising out of conditional sale, title retention, consignment or
similar arrangement for sale of goods entered into by Holdings or any of its Subsidiaries in the ordinary course of business permitted by this Agreement; 

(hh) Liens consisting of reasonable customary initial deposits and margin deposit and similar Liens attaching to commodity
trading accounts or other brokerage accounts maintained in the ordinary course of business and not for speculative purposes; and 

(ii) ground leases in respect of real property on which facilities owned or leased by the Borrower or any of its Subsidiaries
are located. 

  
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 6.4 Limitation on Fundamental Changes. Enter into any merger, consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of (other than the granting of any Lien permitted by Section 6.3) all or substantially all of its Property or business, except that:

 (a) any Person (including without limitation, any Restricted Subsidiary of the Borrower) may be merged, amalgamated or
consolidated (i) with or into the Borrower (provided that, in the case of a merger or a consolidation, the Borrower shall be the continuing or surviving entity), (ii) with or into any Loan Party (other than the Borrower)
(provided that, (x) in the case of a merger or consolidation, such Loan Party shall be the continuing or surviving entity or (y) after giving effect to such transaction the continuing or surviving entity shall be a Loan Party and
simultaneously with, or promptly after the consummation of, such transaction, the continuing or surviving entity shall become a Loan Party); or (iii) unless such Person is the Borrower or a Subsidiary Guarantor, with or into any Subsidiary of
the Borrower (other than a Loan Party) (provided that after giving effect to such transaction the continuing or surviving entity shall be a Restricted Subsidiary of the Borrower); 

(b) (i) any of the Borrower or any Guarantor may Dispose of any or all of its assets (upon voluntary liquidation or otherwise)
to any Loan Party (or to a Restricted Subsidiary that becomes a Loan Party simultaneously with, or promptly after the consummation of, such transaction), (ii) any non-operating Subsidiaries of Holdings (other than the Borrower) with nominal
assets and nominal liabilities may liquidate, wind up or dissolve itself and (iii) any Restricted Subsidiary (other than a Loan Party) of the Borrower may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or any other Restricted Subsidiary; 
 (c) any single purpose Restricted Subsidiary (other than a Loan Party) or
Restricted Subsidiary that is not a Material Subsidiary may Dispose of all or any portion of its assets in the ordinary course of business and any Subsidiary that is not a Guarantor or immaterial Restricted Subsidiary may otherwise liquidate, wind
up or be dissolved; 
 (d) any Restricted Subsidiary may merge or consolidate with (or Dispose of all or substantially all
of its assets to) any other Person in order to effect an Investment in accordance with Section 6.7 or otherwise permitted by Section 6.6; and 

(e) in connection with any Disposition permitted by Section 6.5. 

6.5 Limitation on Disposition of Property. Dispose of any of its Property (including, without limitation, receivables and leasehold
interests), whether now owned or hereafter acquired, or, in the case of any Restricted Subsidiary, issue or sell any shares of such Restricted Subsidiary’s Capital Stock to any Person, except: 

(a) Dispositions of obsolete, worn out or surplus property (including real property), whether now owned or hereafter acquired
and Dispositions of property (including real property) no longer used or useful in the conduct of the business of the Borrower and the Restricted Subsidiaries; 

  
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 (b) To the extent constituting Dispositions, transactions permitted by 6.4
(other than Section 6.4(e)), Investments made in accordance with Section 6.7 or otherwise permitted by Section 6.6, and Liens permitted by Section 6.3; 

(c) the sale or issuance of any Restricted Subsidiary’s Capital Stock to the Borrower or any Guarantor; 

(d) the sale or issuance of any Capital Stock of a Restricted Subsidiary (other than a Loan Party) to any other Restricted
Subsidiary; 
 (e) any Recovery Event, provided, that the requirements of Section 2.10(b), if applicable, are
complied with in connection therewith; 
 (f) sales or other dispositions of assets that do not constitute Asset Sales; 

(g) Dispositions of property not otherwise permitted under this 6.5 in an aggregate amount not to exceed $20,000,000 in any
fiscal year; provided that (i) at the time of such Disposition and after giving effect thereto (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Default or Event of Default
existed after giving effect thereto), no Default or Event of Default shall exist or would result from such Disposition; and (ii) with respect to any Disposition pursuant to this clause 6.5(f) for a purchase price in excess of $5,000,000, the
Borrower or any of the Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of cash or Cash Equivalents; provided, however, that for the purposes of this clause (ii), (A) any liabilities
(as shown on the Borrower’s most recent consolidated balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash
of the Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of the Restricted Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any
securities received by the Borrower or such Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180
days following the closing of the applicable Disposition and (C) any Designated Non-Cash Consideration received by the Borrower or such Restricted Subsidiary in respect of such Disposition having an aggregate fair value, taken together with all
other Designated Non-Cash Consideration received pursuant to this clause (C) that is at that time outstanding, not in excess of 1.5% of Total Assets at the time of the receipt of such Designated Non-Cash Consideration, with the fair value of
each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to be cash; 

(h) dispositions of cash, Cash Equivalents or Investment Grade Securities in a manner that is not prohibited by the terms of
this Agreement or the other Loan Documents; 
 (i) Asset Sales set forth on Schedule 6.5(i); 

  
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 (j) Dispositions of property to the Borrower or a Restricted Subsidiary;
provided that if the transferor of such property is a Loan Party: (i) the transferee thereof must be a Loan Party or (ii) to the extent such transaction constitutes an Investment, such transaction is permitted under
Section 6.7; 
 (k) dispositions of Accounts that are past due by more than 120 days; 

(l) the unwinding of any Hedge Agreements; 

(m) sale or disposition of Investments under Sections 6.7(k) and 6.7(j); 

(n) the licensing, on a non-exclusive basis, of patents, trademarks, copyrights, and other intellectual property rights in the
ordinary course of business or the licensing of content or the licensing or sub-licensing of intellectual property or other general intangibles that is no longer material to the business of such NM Group Member; 

(o) any involuntary loss, damage or destruction of property or any involuntary condemnation, seizure or taking, by exercise of
the power of eminent domain or otherwise, or confiscation or requisition of use of property; 
 (p) the leasing or
subleasing of assets of Holdings or its Subsidiaries in the ordinary course of business; 
 (q) the sale or issuance of
stock (other than Disqualified Stock) of Holdings; 
 (r) the lapse or abandonment of registered patents, trademarks and
other intellectual property of Holdings and its Subsidiaries to the extent (i) expired pursuant to any applicable laws or (ii) not economically desirable in the conduct of their business and so long as such lapse or abandonment would not
reasonably be expected to have a Material Adverse Effect; 
 (s) in order to resolve disputes that occur in the ordinary
course of business, the discounting of or otherwise compromise for less than the face value thereof, notes or accounts receivable; 

(t) transfers of property subject to casualty events in an aggregate amount not to exceed $500,000 upon receipt of the Net
Cash Proceeds of such casualty event; and 
 (u) the sale, lease or transfer of any property or assets acquired pursuant to
a Permitted Acquisition and disposed of contemporaneously with the consummation of such Permitted Acquisition, so long as it is upon prior written notice thereof to the Arrangers. 

Upon the request of the Borrower, the Administrative Agent shall, at the sole expense of the Borrower, promptly execute and deliver to the Borrower any and
all documents or instruments necessary to release any Lien encumbering any items of Collateral that are subject to a conveyance, sale, lease, exchange, transfer or other disposition pursuant to this Section 6.5 or otherwise permitted pursuant
to this Agreement. 

  
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 6.6 Limitation on Restricted Payments. Through any manner or means, declare, pay or make
any Restricted Payment, except that the provisions of this Section 6.6 will not prohibit: 
 (a) (i) Restricted
Payments by any Restricted Subsidiary to Holdings, the Borrower or any other Restricted Subsidiary (so long as, with respect to any Restricted Payment made to a Restricted Subsidiary that is not a Loan Party, such Restricted Payment is ultimately
made to and received by a Loan Party) and (ii) any Restricted Subsidiary (other than a Loan Party) may make Restricted Payments to any other Restricted Subsidiary (other than a Loan Party); 

(b) Restricted Payments by Holdings in the form of Equity Interests (other than Disqualified Stock) of Holdings and Restricted
Payments payable solely in the shares of Equity Interests of such Person (except Disqualified Stock); 
 (c) the payment of
any dividend or other distribution or the consummation of any irrevocable redemption within sixty (60) days after the date of declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the
date of declaration or notice, the dividend or other distribution or redemption payment would have complied with the provisions of any other subsection of this Section 6.6; 

(d) (i) distributions to former employees, officers, or directors of Holdings (or any spouses, ex-spouses, or estates of any
of the foregoing) (x) on account of redemptions of Capital Stock of Holdings held by such Persons or (y) solely in the form of forgiveness of Indebtedness of such Persons owing to Holdings on account of repurchases of the Capital Stock of
Holdings held by such Persons; provided that such Indebtedness was incurred by such Persons solely to acquire Capital Stock of Holdings and (ii) payments by the Borrower to permit the Borrower to purchase common stock or common stock
options of the Borrower from present or former officers, directors or employees of the Borrower (or their respective estates, spouses or former spouses) or any of the Restricted Subsidiaries upon the death, disability or termination of employment of
such officer or employee, provided, however, that the aggregate amount of all such distributions or payments made during the term of this Agreement pursuant to this clause (d) does not exceed $2,500,000 in any fiscal year; 

(e) payments made by the Borrower or any Restricted Subsidiary in respect of withholding or similar taxes payable upon
exercise of Equity Interests by any future, present or former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Borrower or any of its Subsidiaries and any
repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants or similar rights if such Equity Interests represent a portion of the exercise price of such options, warrants or similar rights or required withholding or
similar taxes; 
 (f) to the extent constituting Restricted Payments, the Borrower and the Restricted Subsidiaries may enter
into and consummate transactions permitted by any provision of Section 6.2, 6.3, 6.4 or 6.9 (other than Section 6.9(f)); 

  
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 (g) Restricted Payments in an amount equal to up to 6.0% per annum of the
net cash proceeds received by New Media in or from any public equity offering, other than public offerings with respect to New Media common stock registered on Form S-4 or Form S-8 and other than any public sale constituting an Excluded
Contribution, to the extent such net cash proceeds are distributed to Holdings; provided, that the amount of such proceeds received shall not increase the Available Amount; 

(h) Restricted Payments that are made with Excluded Contributions, to the extent such Excluded Contributions are excluded from
the calculation of the Available Amount; 
 (i) any non-wholly owned Restricted Subsidiary of Holdings may declare and pay
cash dividends to its equity holders generally so long as Holdings or its respective Subsidiary which owns the Equity Interests in the Restricted Subsidiary paying such dividend receives at least its proportional share thereof (based upon its
relative holding of the Equity Interests in the Restricted Subsidiary paying such dividends and taking into account the relative preferences, if any, of the various classes of Equity Interest of such Restricted Subsidiary); 

(j) the declaration and payment of dividends or distributions by the Borrower or any Restricted Subsidiary to, or the making
of loans or advances to, the Borrower or Holdings (or any direct or indirect parent of Holdings) in amounts required for Holdings (or any direct or indirect parent of Holdings) to pay, in each case without duplication: 

(A) franchise, excise and similar taxes, and other fees and expenses, required to maintain their corporate or other legal existence; 

(B) general corporate operating, administrative, compliance and overhead costs and expenses of Holdings (or any direct or indirect parent
entity of Holdings), including, if applicable, the Borrower’s proportionate share of such amounts relating to Holdings (or such direct or indirect parent of Holdings) being a public company; 

(C) for any taxable period (A) in which the Borrower and/or any of its Subsidiaries is a member of a consolidated, combined, unitary or
similar tax group (a “Tax Group”) of which Holdings or any other direct or indirect parent of Holdings is the common parent or (B) in which the Borrower is treated as a disregarded entity or partnership for U.S. federal, state
and/or local income tax purposes, U.S. federal, state and local and foreign taxes that are attributable to the taxable income, revenue, receipts, gross receipts, gross profits, capital or margin of the Borrower and/or its Subsidiaries; provided that
for each taxable period, the amount of such payments made in respect of such taxable period in the aggregate shall not exceed the amount of such taxes that the Borrower and its Subsidiaries would have been required to pay if they were a stand-alone
Tax Group with the Borrower as the corporate common parent of such stand-alone Tax Group; 

  
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 (D) to finance Investments that would otherwise be permitted to be made pursuant to this
Section 6.6 if made by the Borrower; provided that (w) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (x) Holdings (or such direct or indirect parent of Holdings) shall,
immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the capital of the Borrower or a Restricted Subsidiary or (2) the merger, consolidation, amalgamation or
sale of the Person formed or acquired into the Borrower or a Restricted Subsidiary (to the extent not prohibited by Section 6.4) in order to consummate such Investment, (y) Holdings (or such direct or indirect parent of Holdings) and its
Affiliates (other than the Borrower or any Restricted Subsidiary) receives no consideration or other payment in connection with such transaction except to the extent the Borrower or a Restricted Subsidiary could have given such consideration or made
such payment in compliance with this Section 6.6 and (z) any property received by the Borrower shall not increase the Available Amount; 

(E) customary salary, bonus, severance and other benefits payable to, and indemnities provided on behalf of, employees, directors, officers
and managers of Holdings (or any direct or indirect parent of Holdings), and any payroll, social security or similar taxes thereof, to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the
Borrower and the Restricted Subsidiaries, including, if applicable, the Borrower’s proportionate share of such amounts relating to Holdings (or such direct or indirect parents of Holdings) being a public company; 

(F) fees and expenses of the Borrower related to any successful or unsuccessful equity or debt offering of Holdings (or any direct or indirect
parent of Holdings); 
 (G) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Equity Interests of Holdings (or any direct or indirect parent of Holdings); and 
 (H)
amounts that would be permitted to be paid by the Borrower under clauses (b) and (c) of Section 6.9; provided that the amount of any dividend or distribution under this clause (H) to permit such payment shall reduce
Consolidated Net Income of the Borrower to the extent, if any, that such payment would have reduced Consolidated Net Income of the Borrower if such payment had been made directly by the Borrower and increase (or, without duplication of any reduction
of Consolidated Net Income, decrease) Consolidated EBITDA to the extent, if any, that Consolidated Net Income is reduced under this clause (H) and such payment would have been added back to (or, to the extent excluded from Consolidated Net
Income, would have been deducted from) Consolidated EBITDA if such payment had been made directly by the Borrower, in each case, in the period such payment is made. 

(k) subject to (i) the delivery of the applicable Excess Cash Flow calculation pursuant to Section 5.2(d) and
(ii) compliance with the Payment Conditions, the Borrower 

  
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may make Restricted Payments in an aggregate amount not to exceed the Available Amount as of such date; 

(l) any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or owed to
Affiliates, in each case, with respect to any Restricted Payment made to an Affiliate, to the extent permitted by Section 6.9; and 

(m) Restricted Payments by Holdings to New Media to pay amounts pursuant to the Management Agreement, subject to
Section 6.9. 
 6.7 Limitation on Investments. Make any Investment, except: 

(a) extensions of trade credit (or notes receivable arising from such grant) and deposits, advances, prepayments and other
credits to suppliers or in connection with purchases of goods and services made in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or in connection
with the bankruptcy or reorganization of suppliers or customers or in settlement of delinquent obligations of, or other disputes with, suppliers and customers, and other credits to suppliers in the ordinary course of business; 

(b) Investments in cash and Cash Equivalents or Investment Grade Securities (at the time of making such Investment); 

(c) Investments arising in connection with the incurrence of Indebtedness, Liens, fundamental changes, Dispositions,
Restricted Payments and sale/leaseback transactions permitted by Sections 6.2, 6.3, 6.4, 6.5, 6.6 and 6.10, respectively; 

(d) Investments in assets useful in the Borrower’s and the Restricted Subsidiaries’ business (including, without
limitation, Acquisitions) made by the Borrower or any of the Restricted Subsidiaries with the Net Cash Proceeds of any Asset Sale or Recovery Event reinvested pursuant to Section 2.10; 

(e) Investments (other than those relating to the incurrence of Indebtedness permitted by Section 6.7(c)) by (i) any
NM Group Member in the Borrower or any Person that, at the time of, or prior to, or as a result of, such Investment, is a Guarantor and (ii) any Restricted Subsidiary (other than a Guarantor) in any other Restricted Subsidiary (other than a
Guarantor); 
 (f) equity Investments owned as of the Closing Date in any Subsidiary and Investments made after the Closing
Date in the Borrower and any Guarantor; 
 (g) Permitted Acquisitions; 

(h) Investments (i) in any Securities received in satisfaction or partial satisfaction thereof from financially troubled
account debtors, (i) received upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries and (iii) comprised of deposits, prepayments and other credits to suppliers made in the ordinary course of business
of the Borrower and the Restricted Subsidiaries; 

  
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 (i) intercompany loans to the extent permitted under Section 6.2(b) and
other Investments in Restricted Subsidiaries of the Borrower which are not Loan Parties; provided that such Investments (including through intercompany loans and any acquisitions permitted under this Section 6.7) in Subsidiaries of the
Borrower other than the Loan Parties shall not exceed at any time an aggregate amount $5,000,000; 
 (j) Specified Hedge
Agreements and other Hedge Agreements (including Interest Rate Agreements or Currency Agreements), in each case which constitute Investments; 

(k) Investments, taken together with all other Investments made pursuant to this clause (k) that are at that time
outstanding, not to exceed (as of the date such Investment is made) the greater of (a) $15,000,000 and (b) 1.50% of Total Assets; 

(l) Investments (not constituting an Acquisition) held by a Subsidiary after the Closing Date or by the Borrower or any
Restricted Subsidiary of the Borrower in a Person, if as a result of such Investment (i) such Person becomes a Guarantor or (ii) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially
all of its assets, or a business line or unit or a division of such Person, to, or is liquidated into, the Borrower or a Guarantor; 

(m) any Investment in securities or other assets not constituting Cash Equivalents, promissory notes and other non-cash
consideration and received in connection with a Disposition permitted by this Agreement; 
 (n) guarantees of Indebtedness
of the Borrower or a Restricted Subsidiary permitted under Section 6.2, performance guarantees and contingent obligations incurred in the ordinary course of business and the creation of Liens on the assets of the Borrower or any Restricted
Subsidiary in compliance with Section 6.3; 
 (o) Investments in the ordinary course of business consisting of Uniform
Commercial Code Article 3 endorsements for collection of deposit and Article 4 customary trade arrangements with customers consistent with past practices; 

(p) advances, loans or extensions of trade credit in the ordinary course of business by the Borrower or any Restricted
Subsidiary and any leases, licenses, subleases or sublicenses granted to others in the ordinary course of business which do not (i) interfere in any material respect with the business of the Borrower and the Restricted Subsidiaries, taken as a
whole, or (ii) secure any Indebtedness; 
 (q) any transaction to the extent it constitutes an Investment that is
permitted by and made in accordance with the provisions of Section 6.9 (except transactions described in clause (f) of Section 6.9); 

(r) (i) Investments described in Schedule 6.7(r) and any modification, replacement, renewal, reinvestment or extension
thereof and (ii) Investments existing on the Closing Date by any NM Group Member in any NM Group Member and any modification, renewal or extension thereof; provided that the amount of any Investment

  
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permitted pursuant to this Section 6.7(r) is not increased from the amount of such Investment on the Closing Date except (A) by capitalized amounts related to unpaid accrued interest
and premium, (B) pursuant to the terms of such Investment as of the Closing Date or (C) as otherwise permitted by this Section 6.7; 

(s) Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business; 

(t) deposits of cash made in the ordinary course of business to secure performance of operating leases, 

(u) non-cash loans to employees, officers, and directors of Holdings or any of its Subsidiaries for the purpose of purchasing
Stock in Holdings so long as the proceeds of such loans are used in their entirety to purchase such stock in Holdings, 

(v) advances to employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the
ordinary course of business and advances in the ordinary course of business that would be recorded as accounts receivable of such Person in accordance with GAAP, in an aggregate amount not to exceed $500,000 at any time outstanding; and 

(w) subject to (i) the delivery of the applicable Excess Cash Flow calculation pursuant to Section 5.2(d) and
(ii) compliance with the Payment Conditions, the Borrower may make Investments in an aggregate amount not to exceed the Available Amount as of such date. 

6.8 Limitation on Modifications of Organizational Documents. Agree to any material amendment, restatement, supplement or other
modification to, or waiver of, any of the Organizational Documents of the Borrower or any Guarantor after the Closing Date that would materially adversely impact the Lenders unless (i) required by any Requirement of Law or (ii) the
Administrative Agent (acting at the direction of the Required Lenders) has consented to such amendment, restatement, supplement or other modification or waiver. 

6.9 Limitation on Transactions with Affiliates. Enter into any transaction, including, without limitation, any purchase, sale, lease
or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than Holdings, the Borrower or any other Restricted Subsidiary or any entity that becomes a Restricted
Subsidiary as a result of such transaction), unless such transaction is upon terms no less favorable to Holdings, the Borrower or such Restricted Subsidiary, as the case may be, than it would obtain in a comparable
arm’s-length transaction with a Person that is not an Affiliate; provided that the foregoing restriction shall not apply to: (a) any transaction otherwise permitted by this Section 6
between the Borrower and any one or more Restricted Subsidiaries of the Borrower or among Restricted Subsidiaries of the Borrower; (b) reasonable and customary fees and out-of-pocket costs paid to, and indemnities provided on behalf of, members
of the board of directors (or similar governing body), officers, employees and consultants (including those with respect of New Media) of Holdings and its Subsidiaries; (c) compensation and severance arrangements for officers and other
employees of Holdings and its Subsidiaries entered into in the ordinary course of business and transactions pursuant to stock option plans and employee benefit 

  
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plans and arrangements; (d) transactions described in Schedule 6.9; (e) the payment of management, incentive or other fees and expenses set forth in the Management Agreement;
(f) Restricted Payments permitted by Section 6.6, Investments permitted by Section 6.7 and transactions permitted by Section 6.4, (g) payments made by Holdings, the Borrower or any of the Restricted Subsidiaries pursuant to
any tax sharing agreements with New Media or any other direct or indirect parent of Holdings to the extent attributable to the ownership or operation of Holdings, the Borrower and the Restricted Subsidiaries and (h) digital media services
provided to operating Subsidiaries controlled by the Sponsor. 
 6.10 Limitation on Sales and Leasebacks. Directly or indirectly,
become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which such Loan Party (a) has sold or transferred or is to
sell or to transfer to any other Person (other than Holdings, the Borrower or any of the Restricted Subsidiaries), (b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by
such Loan Party to any Person (other than the Borrower or any of the Restricted Subsidiaries) in connection with such lease or (c) is to be sold or transferred by such Loan Party to such Person or to any other Person to whom funds have been or
are to be advanced by such Person on the security of such property or rental obligations of such Loan Party, other than transactions where any related sale of assets is permitted under Section 6.5, any related Indebtedness is permitted to be
incurred under Section 6.2 and any Lien in connection therewith is permitted to be granted under Section 6.3. 
 6.11
Limitation on Changes in Fiscal Year. Permit the fiscal year of Holdings or the Borrower to end on a day other than December 31 or change such Person’s method of determining fiscal quarters; provided, however, that,
upon written notice to the Administrative Agent, such Person may change its fiscal year ending date or method of determining fiscal quarters to another date or method, in which case, such Person and the Administrative Agent will, and are hereby
authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year. 
 6.12
Limitation on Negative Pledge Clauses. Enter into any agreement that prohibits or limits the ability of any NM Group Member to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or
hereafter acquired, to secure the Obligations or, in the case of any Guarantor, its obligations under any Guarantee Agreement, other than this Agreement and the other Loan Documents and except to the extent that any such agreement (a) is set
forth on Schedule 6.12 (or is a modification, amendment, restatement, replacement, refinancing, renewal or extension thereof), (b) is assumed by Holdings, the Borrower or any of the Restricted Subsidiaries in connection with any Acquisition
permitted in Section 6.7 or is binding on any Restricted Subsidiary at the time such Person becomes a Restricted Subsidiary (provided that such agreement was not entered into solely in contemplation of such Person becoming a Restricted
Subsidiary), (c) is an agreement governing Indebtedness permitted by Section 6.2(c) or, solely to the extent that such restrictions are no more restrictive than the terms of any Loan Document, which are in favor of any holder of
Indebtedness permitted to be incurred under Section 6.2 or any customary provisions in leases, subleases, licenses, sublicenses, contracts for management or development of Property, asset sale agreements, merger agreements, stock purchase
agreements and other contracts restricting the same, (d) is an agreement governing any joint venture or non-Wholly-Owned Subsidiary that is a Restricted Subsidiary or a Contractual Obligation of any joint venture or non-Wholly-Owned Subsidiary
that is a Restricted 

  
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Subsidiary, (e) relates to cash or other deposits (including escrowed funds) received by Holdings, the Borrower or any of its Subsidiaries, (f) relates to assets subject to Liens
permitted by Section 6.3; provided that, (i) to the extent any such agreement is entered into after the Closing Date, such prohibition or limitation shall only be effective against the Property or Person (and its Subsidiaries)
acquired in such Acquisition, financed by such Indebtedness or that is the subject of such other leases, subleases, licenses, sublicenses, agreements or contracts and (ii) solely with respect to any
non-Wholly-Owned Subsidiary, such prohibition or limitation shall only be effective against the Property or revenues of such non-Wholly-Owned Subsidiary that is a
Restricted Subsidiary and (g) restrictions that arise in connection with (including any Indebtedness and other agreements entered into in connection therewith) any Disposition permitted by Section 6.5 applicable pending such Disposition
solely to the assets subject to such Disposition. 
 6.13 Limitation on Restrictions on Subsidiary Distributions. Enter into or
suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to make Restricted Payments in respect of any Capital Stock of such Restricted Subsidiary held by, or pay any Indebtedness owed
to, the Borrower or any other Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents, (ii) any restrictions with respect to a Restricted
Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Equity Interests or assets of such Restricted Subsidiary, (iii) any agreement existing as of the
Closing Date set forth on Schedule 6.13 (or a modification, replacement, renewal or extension thereof that is no more restrictive in any material respect than such agreement as it exists on the Closing Date) or that is assumed by Holdings, the
Borrower or any of the Restricted Subsidiaries in connection with any Acquisition permitted in Section 6.7 or is binding on any Restricted Subsidiary at the time such Person becomes a Restricted Subsidiary (provided that such agreement was not
entered into solely in contemplation of such Person becoming a Restricted Subsidiary), or that is an agreement governing Indebtedness permitted by Section 6.2, or any customary provisions in leases, subleases, licenses, sublicenses, joint
venture agreements, contracts for management or development of Property, asset sale agreements, merger agreements, stock purchase agreements and other contracts restricting the same or any similar agreements; provided that, (x) to the
extent any such agreement is entered into after the Closing Date, such encumbrance or restriction shall only be effective against (A) the Property or Person (and its Subsidiaries) acquired in such Acquisition, securing such Indebtedness or that
is the subject of such Disposition or other leases, subleases, licenses, sublicenses, agreements or contracts, and (B) the distributions of any Subsidiary of the Borrower (provided that such Subsidiary shall not have any assets other than such
assets to be Disposed of or acquired or financed) and (y) solely with respect to any non-Wholly-Owned Subsidiary or joint venture, such encumbrance or restriction shall only be effective against such non-Wholly-Owned Subsidiary or joint
venture, (iv) which are in favor of any holder of Indebtedness permitted to be incurred under Section 6.2 but solely to the extent that such restrictions are no more restrictive than the terms of any Loan Document, (v) customary net
worth provisions contained in leases and other agreements that do not evidence Indebtedness entered into by the Borrower or a Subsidiary of the Borrower in the ordinary course of business, (vi) that are or were created by virtue of any transfer
of, agreement to transfer or option or right with respect to any property not otherwise prohibited under this Agreement or (vii) described on Schedule 6.13. 

  
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 6.14 Limitation on Lines of Business. Enter into any material business, either directly
or through any Subsidiary, except for those businesses in which the NM Group Members are engaged on the date of this Agreement or that are reasonably related, complementary or ancillary thereto. 

6.15 Modification of Terms of Junior Indebtedness. Amend, modify or change in any manner that would cause the terms of such Junior
Indebtedness from satisfying the requirements of clauses (i) through (vi) of the definition of “Junior Indebtedness”; provided, however, that no amendment, modification or change of any term or condition of any
Junior Indebtedness Documentation permitted by any intercreditor or subordination agreement in respect thereof shall be deemed to be materially adverse to the interests of the Lenders. 

6.16 Limitation on Activities of Holdings. In the case of Holdings, notwithstanding anything to the contrary in this Agreement or any
other Loan Document, (i) directly conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any material business or operations other than those incidental to its ownership of interests in the Borrower, in
connection with its rights and obligations under the Loan Documents and activities incidental to the consummation of the Transactions, the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such
maintenance), the filing of tax returns and payment of taxes, and the preparation of reports to Governmental Authorities and its shareholders or partners, (ii) incur, create, assume or suffer to exist any Indebtedness or financial obligations
other than in connection with the activities described in clause (i), except (w) Indebtedness permitted by Section 6.2, (x) nonconsensual obligations imposed by operation of law, (y) pursuant to the Loan Documents to which it is
a party and (z) obligations with respect to its Equity Interests, or (iii) directly own, lease, manage or otherwise operate any properties or assets (including cash (other than cash received in connection with dividends made by the
Borrower and Subsidiary Guarantors in accordance with Section 6.6 pending application in the manner contemplated by said Section) and cash equivalents) other than the ownership of interests in the Borrower and in connection with the activities
described in clause (i) and (ii); provided it is understood that Holdings may (x) make any Restricted Payments permitted by Section 6.6 and (y) engage in any transaction permitted by Section 6.4(a)(v). 

6.17 Modification of Terms of Management Agreement. Amend, modify or change in any manner the terms of the Management Agreement that
would (a) increase the aggregate amount of management, consulting, advisory or other fees payable thereunder or (b) when taken together with all modifications, amendments and supplements to the Management Agreement since the Closing Date,
adversely impact the Lenders in any material respect (as reasonably determined by the Administrative Agent) unless approved by the Administrative Agent in its reasonable discretion. 

SECTION 7. EVENTS OF DEFAULT 

7.1 Events of Default. If any of the following events shall occur and be continuing: 

(a) (i) the Borrower shall fail to pay any principal on any Loan or Note when due (whether at maturity, by reason of
acceleration or otherwise) in accordance with the terms 

  
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hereof or thereof; (ii) the Borrower shall fail to pay any interest on any Loan or any fee or other amount payable hereunder when due (whether at maturity, by reason of acceleration or
otherwise) in accordance with the terms hereof and such failure shall continue unremedied for three (3) Business Days; or (iii) or any Guarantor shall fail to pay on the Guaranty in respect of any of the foregoing or in respect of any
other Guaranty Obligations hereunder (after giving effect to the grace period in clause (ii)); or 
 (b) any representation
or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any
such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made or furnished; or 

(c) (i) any Loan Party shall default in the observance or performance of any agreement contained in clause (i) of
Section 5.3(a), Section 5.8(a), Section 5.13 or Section 6; provided that the Borrower’s failure to comply with the financial covenant contained in Section 6.1 is subject to the Cure Right in Section 7.3; or

 (d) any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or
any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after the earlier of to occur of (i) the date on which a Responsible
Officer of a Loan Party having become aware of such default or (ii) the date on which the Borrower has received written notice of such default from the Administrative Agent, or if such default is of a nature that it cannot with reasonable
effort be completely remedied within said period of 30 days, such additional period of time as may be reasonably necessary to cure same; provided that the applicable Loan Party commences such cure within such 30 day period and diligently
prosecutes same, until completion, but in no event shall such extended period exceed 60 days; or 
 (e) any NM Group Member
shall (i) default in making any payment of any principal of any Indebtedness (including, without limitation, any Guarantee Obligation or Hedge Agreement (other than a Specified Hedge Agreement), but excluding the Loans) on the scheduled due
date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or
(iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or
condition exist (other than (A) the voluntary sale or transfer of any asset securing such Indebtedness, (B) a refinancing of such Indebtedness permitted to be incurred pursuant to Section 6.2, (C) a drawing by a beneficiary under
a letter of credit that gives rise to a reimbursement obligation in respect thereof in accordance with the terms of such Indebtedness, (D) an issuance of capital stock, incurrence of other Indebtedness or sale or other disposition of any
assets, in each case that gives rise to mandatory prepayment with the net cash proceeds thereof, so long as such event shall not have otherwise resulted in an event of default with respect to such Indebtedness, (E) any redemption, conversion or
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is convertible into Capital Stock and/or cash pursuant to its terms unless such redemption, conversion or settlement results from a default thereunder and (F) with respect to Indebtedness
consisting of obligations under Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge Agreement and not as a result of any default thereunder by any Loan Party), the effect of which default or other event or
condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated
maturity or to become subject to a mandatory offer to purchase by the obligor thereunder or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided that (i) such failure is unremedied or is
not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans and (ii) this clause (iii) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale
or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; provided, further, that a default, event or condition described
in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of
this paragraph (e) shall have occurred and be continuing with respect to Indebtedness or any Hedge Agreement (other than a Specified Hedge Agreement), with respect to any individual transaction, the outstanding principal amount of which is not
in excess of $7,500,000 and such default shall not have been cured or waived within any applicable grace period; or 
 (f)
(i) New Media, Holdings, the Borrower, any other Loan Party or any Material Subsidiary shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, except as permitted under Section 6.4(c) or (B) seeking appointment of a receiver, trustee,
custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Holdings, the Borrower or any Material Subsidiary shall make a general assignment for the benefit of its creditors; or (ii) there shall
be commenced against Holdings, the Borrower or any Material Subsidiary any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or
appointment or (B) remains undismissed, undischarged, unstayed or unbonded for a period of 60 days; or (iii) there shall be commenced against Holdings, the Borrower or any Material Subsidiary any case, proceeding or other action seeking
issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been paid, vacated, discharged, or stayed or
bonded pending appeal within 60 days from the entry thereof; or (iv) Holdings, the Borrower or any Material Subsidiary shall consent to, approve of, or acquiesce in, any of the acts set forth in clause (i), (ii), or (iii) above; or
(v) Holdings, the Borrower or any Material Subsidiary shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 

  
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 (g) (i) any Person shall engage in any “prohibited transaction” (as
defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any
Plan, or any Lien in favor of the PBGC or a Plan shall arise on the assets of the Borrower, any other Loan Party or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a
trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders,
likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) a Credit Party, an of its Subsidiaries or any Commonly Controlled
Entity shall incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a 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 have a Material Adverse Effect; or 

(h) one or more judgments or decrees shall be entered against any NM Group Member involving for the NM Group Members taken as
a whole a liability (to the extent not paid or covered by insurance as to which the relevant insurance company has not denied coverage in writing) of $7,500,000 or more, and all such judgments or decrees shall not have been paid, vacated,
discharged, stayed or bonded pending appeal within 60 days from the entry thereof; or 
 (i) any provision of any Loan
Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under Section 6.4 or Section 6.5) or the satisfaction in
full of all the Obligations (other than (i) Obligations in respect of any Specified Hedge Agreements, (ii) Cash Management Obligations in respect of any Secured Cash Management Agreements, (iii) any contingent obligations not then due
and (iv) the Outstanding Amount of L/C Obligations related to any Letter of Credit that has been Cash Collateralized, backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another
agreement reasonably acceptable to the applicable Issuing Bank), ceases to be in full force and effect; or any Loan Party contests in writing the validity or enforceability of any provision of any Loan Document; or any Loan Party denies in writing
that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations (other than (i) Obligations in respect of any Specified Hedge Agreements, (ii) Cash Management
Obligations in respect of any Secured Cash Management Agreements, (iii) any contingent obligations not then due and (iv) the Outstanding Amount of L/C Obligations related to any Letter of Credit that has been Cash Collateralized,
backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank)), or purports in writing to revoke or rescind any Loan
Document; or 

  
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 (j) any of the Security Documents shall cease, for any reason (other than by
reason of the express release thereof pursuant to Section 10.15, as expressly permitted thereunder, as a result of a transaction not prohibited by this Agreement or by result of acts or omissions by the Administrative Agent or any Lender), to
be in full force and effect, or any Loan Party shall so assert in writing, or any Lien created by any of the Security Documents shall cease for any reason (other than by reason of the express release thereof pursuant to Section 9.15, as
expressly permitted thereunder, as a result of a transaction not prohibited by this Agreement or by result of acts or omissions by the Administrative Agent or any Lender) to be enforceable and of the same effect and priority purported to be created
thereby; or 
 (k) any material guarantee contained in Section 2.1 of the Guarantee Agreement shall cease, for any
reason (other than by reason of the express release thereof pursuant to Section 9.15, as expressly permitted thereunder, as a result of a transaction not prohibited by this Agreement or by result of acts or omissions by the Administrative Agent
or any Lender), to be in full force and effect or any Loan Party shall so assert in writing; or 
 (l) any Change of Control
shall occur; or 
 (m) any Loan Party shall default under any Junior Indebtedness Documentation, which default shall not
have been cured or waived within any applicable grace period; or 
 (n) the Obligations shall fail to constitute
“Designated Senior Debt,” “Senior Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any comparable term) under, and as defined in, any Junior Indebtedness
Documentation. 
 If any Event of Default shall have occurred and be continuing, then, and in any such event, (A) if such event is an Event of Default
specified in clause (i) or (ii) of paragraph (f) above with respect to any Loan Party, the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall
automatically and immediately become due and payable, and (B) if such event is any other Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative
Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately
become due and payable. 
 7.2 Application of Proceeds. All proceeds collected by the Administrative Agent upon any collection,
sale, foreclosure or other realization upon any Collateral (including without limitation any distribution pursuant to a plan of reorganization), including any Collateral consisting of cash, shall be applied as follows: 

first, to the payment of all costs and expenses incurred by the Administrative Agent (in its capacity as such hereunder
or under any other Loan Document) in connection with such collection, sale, foreclosure or realization or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the fees

  
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and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent hereunder or under any other Loan Document on behalf of any Loan Party and any other
costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; 

second, to the payment in full of all Priority Lien Obligations (including, without limitation, the Cash
Collateralization of any undrawn Letters of Credit) (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Priority Lien Obligations owed to them on the date of any such distribution) and
Obligations under Specified Hedge Agreements and Secured Cash Management Agreements; 
 third, to the payment in full
of all other Pari Passu Lien Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Pari Passu Lien Obligations owed to them on the date of any such distribution); 

fourth, to the Loan Parties, their successors or assigns, or as a court of competent jurisdiction may otherwise direct.

 In addition, in the event that the Administrative Agent receives any non-cash distribution upon any collection, sale, foreclosure or other realization
upon any Collateral, such non-cash distribution shall be allocated in the manner described above, with the value of such non-cash distribution being reasonably determined by the Administrative Agent; provided that the Administrative Agent shall
apply any cash distribution in accordance with this Section 7.2 prior to application of any such non-cash distribution. The Administrative Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or
balances in accordance with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Administrative Agent or of the officer
making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the
Administrative Agent or such officer or be answerable in any way for the misapplication thereof. 
 7.3 Cure Rights. (a)
Notwithstanding anything to the contrary contained in Section 7.1 or 7.2, in the event that Holdings and the Borrower fail or may fail to comply with the covenant set forth in Section 6.1 for any Test Period, at any time on or before the
tenth Business Day after the date that the financial statements with respect to the fiscal quarter or fiscal year, as applicable, ending on the last day of such Test Period are required to be delivered pursuant to Section 5.1, New Media shall
have the right (the “Cure Right”), exercisable no more than five times during the term of this Agreement (and in each Test Period for which a Cure Right is exercised, there shall be at least two fiscal quarters in which no Cure
Right has been exercised), to make cash contributions to, or purchase common equity or other equity interests not constituting Disqualified Stock of, Holdings (with such cash or proceeds of equity to be contributed to the Borrower) in an amount
equal to the amount required to cause Holdings and the Borrower to be in compliance with the financial covenant set forth in Section 6.1 for such Test Period (the “Cure Amount”), upon which the covenants set forth in
Section 6.1 shall be recalculated, giving effect to a pro forma increase to Consolidated EBITDA of the NM Group Members in accordance with the definition thereof for the fiscal quarter with respect to which such Cure Right was exercised in an

  
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amount equal to such Cure Amount (and such increase shall be included in each period that includes such fiscal quarter); provided, however, that such pro forma adjustment to
Consolidated EBITDA of the NM Group Members shall be given solely for the purpose of determining the existence of a Default or an Event of Default under the covenants set forth in Section 6.1 with respect to any period that includes the fiscal
quarter with respect to which such Cure Right was exercised and not for any other purpose under any Loan Document. Any payment of Indebtedness from the proceeds of any Cure Right will be disregarded in the calculation of Consolidated Total Debt for
purposes of determining compliance with the covenant set forth in Section 6.1. 
 (b) If, after the exercise of the
Cure Right and the recalculations pursuant to Section 7.3(a) above, the Borrower shall then be in compliance with the requirements of the covenants set forth in Section 6.1 for such Test Period, the Borrower shall be deemed to have
satisfied the requirements of the covenants set forth in Section 6.1 as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable Default or Event of
Default under Section 7.1(c) that had occurred shall be deemed cured. 
 (c) If on a pro forma basis after giving
effect to the investment of cash in equity of Holdings pursuant to the preceding clause (a), the Borrower would have been in compliance with the covenants set forth in Section 6.1 as of the date of the relevant Compliance Certificate, the Event
of Default under Section 6.1 shall be deemed to have not occurred. 
 (d) During the pendency of any cure right
afforded to the NM Group Members pursuant to Section 7.3(a), the Administrative Agent shall not exercise any remedies described under Section 7.1 or otherwise for failure to satisfy the financial covenant set forth in Section 6.1.

 SECTION 8. THE AGENTS; LENDERS 

8.1 Appointment. Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender under this Agreement
and the other Loan Documents, and each Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such
duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this
Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Agreement or any other Loan Document or otherwise exist against any Agent. 
 8.2 Delegation of Duties. Each Agent
may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for
the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

  
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 8.3 Exculpatory Provisions. Neither any Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except to the extent that
any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of
the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or any Specified Hedge Agreement or in any certificate, report, statement or
other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or any Specified Hedge Agreement or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document or any Specified Hedge Agreement or for any failure of any Loan Party to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to
ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document or any Specified Hedge Agreement, or to inspect the properties, books or records of any
Loan Party. 
 8.4 Reliance by Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any
instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Loan Parties), independent accountants and other experts selected by such Agent. The Agents may deem and treat the payee
of any Note as the owner thereof for all purposes unless such Note shall have been transferred in accordance with Section 9.6 and all actions required by such Section in connection with such transfer shall have been taken. Each Agent shall be
fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders or any
other instructing group of Lenders specified by this Agreement) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or
continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified
by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the
Loans. 
 8.5 Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of
Default hereunder unless such Agent shall have received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that
the Administrative Agent shall receive such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed
by the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by 

  
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this Agreement); provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action,
or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

8.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither
any of the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs
of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or any
other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and
their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement or any Specified Hedge Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents or any
Specified Hedge Agreement, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for
notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of such Agent or any of its officers, directors, employees,
agents, attorneys-in-fact or affiliates. 
 8.7 Indemnification. The Lenders agree to indemnify each Agent in its capacity as such
(to the extent not reimbursed by the NM Group Members and without limiting the obligation of the NM Group Members to do so), ratably according to their respective Pro Rata Shares in effect on the date on which indemnification is sought under this
Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Pro Rata Share immediately prior to such date), for, and to save
each Agent harmless from and against, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including, without limitation, at any
time following the payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any Specified Hedge Agreement or any
documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided that no Lender shall be
liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction
to have resulted from such Agent’s gross negligence 

  
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or willful misconduct. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

8.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from and generally engage in
any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it, each Agent shall have the same rights and
powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. 

8.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon thirty (30) days’
notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the
Lenders, which successor agent shall (unless an Event of Default under Section 7.1(a) or 7.1(f) with respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this
Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is thirty (30) days following a retiring Administrative Agent’s notice of resignation, the retiring
Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a
successor agent as provided for above. The Syndication Agent may, at any time, by notice to the Lenders and the Administrative Agent, resign as Syndication Agent hereunder, whereupon the duties, rights, obligations and responsibilities of the
Syndication Agent hereunder shall automatically be assumed by, and inure to the benefit of, the Administrative Agent, without any further act by the Syndication Agent, the Administrative Agent or any Lender. After any retiring Agent’s
resignation as Agent, the provisions of this Section 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan Documents. 

8.10 Secured Cash Management Agreements and Specified Hedge Agreements. 

No Cash Management Bank or Qualified Counterparty that obtains the benefits of Section 7.2, any Guarantee Obligation or any Collateral by
virtue of the provisions hereof or of any Guarantee Agreement or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect
of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this
Section 8 to the contrary, the 

  
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Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Cash Management
Agreements and Specified Hedge Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank
or Qualified Counterparty, as the case may be. 
 8.11 Authorization to Release Liens and Guarantees. The Administrative Agent is
hereby irrevocably authorized by each of the Lenders to effect any release of Liens or guarantee obligations contemplated by Section 9.15. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the
Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section 8.11. The Administrative Agent will (and each Lender irrevocably authorizes the Administrative Agent to), at the Borrower’s
expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release or subordination of such item of Collateral from the assignment and security interest granted under the
Security Documents (including, for the avoidance of doubt, any filings with the United States Patent and Trademark Office or United States Copyright Office), or to evidence the release of such Guarantor from its obligations under the Guarantee
Agreements, in each case in accordance with the terms of the Loan Documents and this Section 8.11. 
 8.12 The Arrangers; the
Syndication Agent. None of the Arrangers or the Syndication Agent, in their respective capacities as such, shall have any duties or responsibilities, nor shall any such Person incur any liability, under this Agreement and the other Loan
Documents. 
 8.13 Lenders as Qualified Persons. Each Lender listed on the signature pages hereof, by the execution and delivery of
this Agreement, represents and warrants to the Loan Parties that it is a Qualified Person. 
 SECTION 9. MISCELLANEOUS 

9.1 Amendments and Waivers. Neither this Agreement or any other Loan Document, nor any terms hereof or thereof may be amended,
supplemented or modified except in accordance with the provisions of this Section 9.1. The Required Lenders, the Borrower and each other Loan Party which is a party to the relevant Loan Document may, or (with the written consent of the Required
Lenders) the Administrative Agent, the Borrower and each other Loan Party which is a party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan
Documents (including amendments and restatements hereof or thereof) for the purpose of adding or removing any provisions to this Agreement or the other Loan Documents or changing in any manner the rights or obligations of the Lenders or of the Loan
Parties hereunder or thereunder or (b) waive, on such terms and conditions as may be specified in the instrument of waiver, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its
consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall: 

  
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 (i) reduce the principal amount or extend the final scheduled date of maturity
of any Loan or any installment thereon or reimbursement obligation in respect of any Letter of Credit, reduce the stated rate of any interest or fee payable under this Agreement (except (x) in connection with the waiver of applicability of any
post-default increase in interest rates (which waiver shall be effective with the consent of the Required Facility Lenders of each adversely affected Facility), and (y) that any amendment or modification of defined terms used in the financial
covenant in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Commitment
of any Lender, in each case without the consent of each Lender directly affected thereby; 
 (ii) amend, modify or waive any
provision of this Section or reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release
all or substantially all of the Collateral (other than as expressly provided in the Loan Documents) or release all or substantially all of the Loan Parties from their guarantee obligations under the Guarantee Agreement (other than as expressly
provided in the Loan Documents), in each case without the consent of all the Lenders; 
 (iii) amend, modify or waive any
condition precedent to any extension of credit under the Revolving Credit Facility set forth in Section 4.2 (including, without limitation, the waiver of an existing Default or Event of Default required to be waived in order for such extension
of credit to be made) without the consent of the Required Facility Lenders in respect of the Revolving Credit Facility; 

(iv) reduce the percentage specified in the definition of Required Facility Lenders with respect to any Facility without the
consent of all of the Lenders under such Facility; 
 (v) amend, modify or waive any provision of Section 8, or any
other provision affecting the rights, duties or obligations of any Agent, without the consent of any Agent directly affected thereby; 

(vi) amend, modify or waive any provision of Section 2.4 relating to the rights and duties of the Swing Line Lender
without the consent of the Swing Line Lender; 
 (vii) amend, modify or waive any provision of Section 2.4 relating to
the rights and duties of any Issuing Bank without the consent of any Issuing Bank; 
 (viii) amend, modify or waive any
provision of Section 2.15 without the consent of each Lender directly affected thereby; 
 (ix) amend, modify or waive
any provision of Section 2.4 without the consent of each Issuing Bank affected thereby; or 

  
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 (x) amend, modify or waive (A) any Loan Document so as to alter the ratable
treatment of the Obligations, (B) the definition of “Qualified Counterparty,” “Specified Hedge Agreement,” and “Obligations,” in each case in a manner adverse to any Qualified Counterparty with Obligations then
outstanding without the written consent of any such Qualified Counterparty or (C) the definition of “Cash Management Bank,” “Cash Management Obligations,” “Secured Cash Management Agreement” and
“Obligations,” in each case in a manner adverse to any Cash Management Bank with Cash Management Obligations then outstanding without the written consent of any such Cash Management Bank. 

Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the
Lenders, the Agents and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Agents shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or
Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. Any such waiver, amendment, supplement or
modification shall be effected by a written instrument signed by the parties required to sign pursuant to the foregoing provisions of this Section; provided, that delivery of an executed signature page of any such instrument by facsimile
transmission shall be effective as delivery of a manually executed counterpart thereof. 
 Notwithstanding the foregoing, 

(a) no Defaulting Lender shall have any right to approve or disapprove of any amendment, waiver or consent hereunder (and any
amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (i) the Commitment of such
Defaulting Lender may not be increased, extended or permanently reduced, (ii) payments due such Defaulting Lender may not be postponed, (iii) the maturity with respect to Commitments or Loans of such Defaulting Lender may not be postponed
and (iv) such Defaulting Lender may not be disproportionately affected without the consent of such Defaulting Lender (it being understood that any Commitments or Loans held or deemed held by any Defaulting Lender shall be excluded for a vote of
the Lenders hereunder requiring any consent of the Lenders); 
 (b) this Agreement may be amended (or amended and restated)
with the written consent of the Required Lenders, the Administrative Agent and the Borrower (i) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder
and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans, the Revolving Credit Loans, Swing Line Loans and L/C Obligations and the accrued interest and
fees in respect thereof and (ii) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders; 

(c) (i) any waiver, amendment or modification of this Agreement that by its terms solely affects the rights or duties
under this Agreement of Lenders holding Loans or 

  
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Commitments of a particular Class (but not the Lenders holding Loans or Commitments of any other Class) may be effected by an agreement or agreements in writing entered into by Holdings, the
Borrower and the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this Section 9.1 if such Class of Lenders were the only Class of Lenders hereunder at the time, (ii) any
provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by Holdings, the Borrower and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency (including, without
limitation, amendments, supplements or waivers to any of the Security Documents, Guarantee Agreements, guarantees, intercreditor agreements or related documents executed by any Loan Party or any other Restricted Subsidiary in connection with this
Agreement if such amendment, supplement or waiver is delivered in order to cause such Security Documents, Guarantee Agreements, guarantees, intercreditor agreements or related documents to be consistent with this Agreement and the other Loan
Documents) so long as, in each case, the Lenders shall have received at least five (5) Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five (5) Business Days of the date of such
notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment; provided that the consent of the Lenders or the Required Lenders, as the case may be, shall not be required to make
any such changes necessary to be made in connection with any borrowing of Incremental Loans, any Extension or any borrowing of Replacement Loans and otherwise to effect the provisions of Sections 2.24 or 2.25, or the immediately succeeding paragraph
of this Section 9.1, respectively, and (C) the Borrower and the Administrative Agent may, without the input or consent of the other Lenders, effect changes to any Mortgage as may be necessary or appropriate in the opinion of the
Administrative Agent; 
 (d) this Agreement may be amended with the written consent of the Administrative Agent, the Borrower
and the Lenders providing the Replacement Loans (as defined below) to permit the refinancing of all outstanding Term Loans of any Class (“Refinanced Loans”) with replacement term loans (“Replacement Loans”)
hereunder (including through “cashless rolls” of existing Term Loans); provided that (a) the aggregate principal amount of such Replacement Loans shall not exceed the aggregate principal amount of such Refinanced Loans,
plus accrued interest, fees, premiums (if any) and penalties thereon and reasonable fees and expenses incurred in connection with such refinancing of Refinanced Loans with such Replacement Loans, (b) the All-In Yield with respect to such
Replacement Loans (or similar interest rate spread applicable to such Replacement Loans) shall not be higher than the All-In Yield for such Refinanced Loans (or similar interest rate spread applicable to such Refinanced Loans) immediately prior to
such refinancing, (c) the Weighted Average Life to Maturity of such Replacement Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Loans at the time of such refinancing (except by virtue of amortization or
prepayment of the Refinanced Loans prior to the time of such incurrence) and (d) all other terms applicable to such Replacement Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Loans than,
those applicable to such Refinanced Loans, except for call protection and to the extent necessary to provide for covenants and other terms applicable to any period after the Latest Maturity Date in effect immediately prior to such refinancing. Each
amendment to this Agreement providing for Replacement Loans 

  
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may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and the Borrower to effect the provisions of this paragraph, and for the avoidance of doubt, this paragraph shall supersede any other provisions in this Section 9.1 to the contrary; and 

(e) and notwithstanding anything to the contrary contained the Guarantee Agreements, the Security Documents and related
documents executed by Loan Parties in connection with this Agreement and the other Loan Documents may be in a form reasonably determined by the Administrative Agent and may be, together with this Agreement, amended and waived with the consent of the
Administrative Agent at the request of the Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is delivered in order (i) to comply with local Law or advice of local counsel, (ii) to cure
ambiguities or defects or (iii) to cause the Guarantee Agreements, Security Documents or other document to be consistent with this Agreement and the other Loan Documents (including by adding additional parties as contemplated herein). 

9.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including
by telecopy, facsimile and electronic mail), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three (3) Business Days after being deposited in the mail, postage prepaid, or, in
the case of telecopy notice, facsimile notice or electronic mail, when received, addressed (a) in the case of Holdings, the Borrower and the Agents, as follows and (b) in the case of the Lenders, as set forth in an administrative
questionnaire delivered to the Administrative Agent or, in the case of a Lender which becomes a party to this Agreement pursuant to an Assignment and Acceptance, in such Assignment and Acceptance or (c) in the case of any party, to such other
address as such party may hereafter notify to the other parties hereto: 
  

			
	 Holdings and
		
	 the Borrower:
		            c/o New Media Investment Group, Inc.
			            1345 Avenue of the Americas / 46th floor
			            New York, New York 10105
			            Attention: Michael Reed
			            Fax: 212-798-6070
			            Telephone: 212-798-6146
		
	 with a copy to:
		            Fortress Investment Group LLC
			            1345 Avenue of the Americas / 46th floor
			            New York, New York 10105
			            Attention: Cameron MacDougall
			            Fax: 212-798-6070
			            Telephone: 212-479-1522

  
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	The Administrative		
	 Agent:
		            Citizens Bank of Pennsylvania
			            28 State St
			            MS 1500
			            Boston, MA 02109
			            Attention: Kalens Herold
			            Telecopy: kalens.herold@rbscitizens.com
			            Fax: 855-215-0786
			            Telephone: 617-994-7682
		
	 Issuing Bank:
		            As notified by such Issuing Bank to the Administrative
			            Agent and the Borrower

 provided that any notice, request or demand to or upon the Administrative Agent, any Issuing Bank or any Lender shall
not be effective until received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent, the applicable Issuing Bank and
the applicable Lender. The Administrative Agent, any Issuing Bank or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided that approval of such procedures may be limited to particular notices or communications. 
 9.3 No Waiver; Cumulative
Remedies. No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 9.4 Survival of Representations and
Warranties. All representations and warranties made herein, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement
and the making of the Loans and other extensions of credit hereunder. 
 9.5 Payment of Expenses. Each Loan Party agrees (a) to
pay or reimburse the Agents for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the syndication of the Facilities (other than fees payable to syndicate members) and the development, preparation and
execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions
contemplated hereby and thereby, including, without limitation, the reasonable and documented fees and disbursements of a single law firm as counsel to the Administrative Agent and one local counsel to the Agents in any material jurisdiction and the
charges of Intralinks, (b) to pay all 

  
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out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (c) to pay
or reimburse each Lender and the Agents for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents, any Letter of
Credit issued hereunder and any other documents prepared in connection herewith or therewith, including, without limitation, all costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Laws, the
reasonable and documented fees and disbursements of a single law firm as counsel to the Lenders, the Issuing Bank and the Agents taken as a whole and one local counsel to the Lenders, the Issuing Bank and the Agents taken as a whole in any relevant
material jurisdiction and, if a conflict exists among such Persons, one additional primary counsel and, if necessary, one local counsel in each material jurisdiction, (d) to pay, indemnify, or reimburse each Lender, the Issuing Bank and the
Agents for, and hold each Lender, the Issuing Bank and the Agents harmless from, any and all reasonable recording and filing fees and any and all reasonable liabilities with respect to, or resulting from any delay in paying Other Taxes, if any,
which may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or
consent under or in respect of, this Agreement, the other Loan Documents, any Letter of Credit issued hereunder and any such other documents, and (e) to pay, indemnify or reimburse each Lender, each Agent, their respective affiliates, and their
respective officers, directors, trustees, employees, advisors, agents and controlling persons (each, an “Indemnitee”) for, and hold each Indemnitee harmless from and against any and all other liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, joint or several (limited to, in the case of counsel, the reasonable and documented fees and disbursements of one primary counsel to
the Indemnitees and, if necessary, one local counsel to the Indemnitees taken as a whole per appropriate jurisdiction and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict informs the Borrower
of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected Indemnitee) incurred by an Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out
of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their
respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby or (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds thereof (including any refusal by any Issuing
Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) (all the foregoing in this clause (d), collectively, the
“Indemnified Liabilities”), provided, that no Loan Party shall have any obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities (x) are found by a final
and non-appealable decision of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct or material breach of the Loan Documents by such Indemnitee or (y) resulted from any dispute that does
not involve an act or omission by a Loan Party or any of their respective affiliates, shareholders, partners or other equity holders and that is brought by an Indemnitee against another Indemnitee other than any claims against an Indemnitee in its
capacity or in fulfilling its role as the Administrative Agent, the Issuing Bank, the Swing Line Lender or an 

  
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Arranger under the Facilities. No Indemnitee shall be liable for any damages arising from the use by unauthorized persons of information or other materials sent through electronic,
telecommunications or other information transmission systems that are intercepted by such persons or for any special, indirect, consequential or punitive damages in connection with the Facilities. All amounts due under this Section shall be payable
promptly after written demand (together with supporting documentation) therefor. Statements payable by the Borrower pursuant to this Section shall be submitted to the Borrower at the address set forth in Section 9.2, or to such other Person or
address as may be hereafter designated by the Borrower in a notice to the Administrative Agent. The agreements in this Section shall survive repayment of the Loans and all other amounts payable hereunder. This Section 9.5 shall not apply with
respect to Taxes other than any Taxes that represent liabilities, losses, damages, etc. arising from any non-Tax claim. 
 9.6
Successors and Assigns; Participations and Assignments. (a) This Agreement shall be binding upon and inure to the benefit of Holdings, the Borrower, the Lenders, the Agents, all future holders of the Loans and their respective successors and
assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement except in a transaction permitted pursuant to Section 6.4(a)(i) without the prior written consent of the Agents and each Lender.

 (b) Any Lender may, without the consent of the Borrower, in accordance with applicable law, at any time sell to one or
more banks, financial institutions or other entities (each, a “Participant”) participating interests in any Loan owing to such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other
Loan Documents; provided however, that no Lender shall be permitted to sell any such participating interest to (i) a Disqualified Institution, (ii) a Defaulting Lender, (iii) a Person that fails to represent to such Lender that it is
a Qualified Person or (iv) a natural person. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain
unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and the Borrower and the Agents shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such participation have any right to
approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would require the consent of all Lenders pursuant to
Section 9.1 with respect to any amendment, waiver or consent that would (a) increase in the amount or extend the expiration date of any Commitment of such Lender, (b) forgive the principal amount or extend the final scheduled date of
maturity of any Loan or Reimbursement Obligation, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable under this Agreement (except (x) in connection with the
waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Required Facility Lenders of each adversely affected Facility), and (y) that any amendment or modification of
defined terms used in the financial covenant in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this 

  
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clause (b)) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Commitment of such Lender, (c) release all or substantially all
of the Collateral (other than as expressly provided in the Loan Documents) or release all or substantially all of the Loan Parties from their guarantee obligations under the Guarantee Agreement (other than as expressly provided in the Loan
Documents) and (d) change any voting thresholds. The Borrower also agrees that each Participant shall be entitled through the Lender granting the participation to the benefits of Sections 2.17, 2.18 or 2.19 with respect to its participation in
the Commitments and the Loans outstanding from time to time as if such Participant were a Lender; provided that, in the case of Section 2.18, such Participant shall have complied with the requirements of said Section, and
provided, further, that no Participant shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender would have been entitled to receive in respect of the amount of the participation
transferred by such transferor Lender to such Participant had no such transfer occurred, except to the extent such entitlement to receive a greater amount results from a Change In Law that occurs after the Participant acquired the applicable
participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal and interest
amount of each Participant’s interest in the Loans held by it (the “Participant Register”). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each person whose name
is recorded in the Participant Register as the owner of the participation in question for all purposes of this Agreement, notwithstanding notice to the contrary. 

(c) Any Lender (an “Assignor”) may, in accordance with applicable law and with the written consent of
(i) the Borrower (so long as no Event of Default has occurred and is continuing), (ii) the Administrative Agent (other than to a Lender or an Affiliate of a Lender with a commitment in respect of the applicable Facility) and (iii) in
the case of any assignment of Revolving Credit Commitments, the written consent of the Issuing Bank and the Swing Line Lender which, in each case, shall not be unreasonably withheld or delayed, (provided the consent of the Borrower need not
be obtained (1) in respect of an assignment of all or a portion of the Term Loans, if such assignment is to a Term Loan Lender or an Affiliate of a Term Loan Lender, (2) in respect of an assignment of all or a portion of the Revolving
Credit Facility, if such assignment is to a Revolving Credit Lender or an Affiliate of a Revolving Credit Lender, (3) with respect to any assignment made to or, in connection with the primary syndication of the Facilities during the period
commencing on the Closing Date and ending on the date that is 45 days following the Closing Date and (4) with respect to any assignments pursuant to clauses (g) or (k) below; provided further that the Borrower shall be
deemed to have consented to any such assignment unless they shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof), at any time and from time to time assign to any
Lender or any affiliate or Related Fund thereof, to an additional bank, financial institution or other entity (an “Assignee”) all or any part of its rights and obligations under this Agreement pursuant to an Assignment and
Acceptance, substantially in the form of Exhibit H-1 (an “Assignment and Acceptance”), executed by such Assignee and such Assignor (and, where the consent of the Borrower, the Administrative Agent or the Issuing Bank or the
Swing Line Lender is required pursuant to the foregoing provisions, by the Borrower and such other Persons) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that no such assignment to an
Assignee of the Revolving Credit Facility or 

  
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the Term Loan Facilities (other than any Lender or any affiliate thereof) shall be in an aggregate principal amount of less than $1,000,000 with respect to the Term Loan Facility and $5,000,000
with respect to the Revolving Credit Facility (other than in the case of an assignment of all of a Lender’s interests under this Agreement) and, after giving effect thereto, the assigning Lender (if it shall retain any Commitments or Loans)
shall have Commitments and Loans aggregating at least $1,000,000 or $5,000,000, as applicable, in each case unless otherwise agreed by the Borrower and the Administrative Agent; provided, further that no assignment shall be made to
(i) a natural person, (ii) any Disqualified Institution, (iii) any Person that fails to represent to such Lender that it is a Qualified Person, (iv) any Defaulting Lender or any of its Subsidiaries or (v) any Person who,
upon becoming a Lender hereunder, would constitute a Defaulting Lender. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other
conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases
by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by
the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender
hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its pro rata share. Notwithstanding the
foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall
be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. Any such assignment need not be ratable as among the Facilities. Upon such execution, delivery, acceptance and recording in the Register, from and
after the closing date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender
hereunder with Commitments and/or Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an
Assignment and Acceptance covering all of an Assignor’s rights and obligations under this Agreement, such Assignor shall cease to be a party hereto, except as to Section 2.17, 2.18 and 9.5 in respect of the period prior to such effective
date). For purposes of the minimum assignment amounts set forth in this paragraph, multiple assignments by two or more Related Funds shall be aggregated. Any assignment or participation to a Disqualified Institution or, to the extent the
Borrower’s consent required pursuant to this terms of this Section 9.6, to any other person, is void ab initio unless such assignment or participation, as the case may be, has been approved by the Borrower, in which case such
assignee or participant shall not be considered a Disqualified Institution solely for such particular assignment or participation, as the case may be. In the case of an assignment not approved by the Borrower, such Disqualified Institution or, to
the extent the Borrower’s consent required pursuant to this terms of this Section 9.6, to such other person shall be deleted from the Register upon written notification from the Borrower. Except for providing the list of Disqualified
Institutions to each Lender, the 

  
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Administrative Agent shall have no responsibility or liability to monitor or enforce such list of Disqualified Institutions. 

(d) The Administrative Agent shall, acting solely for this purpose as an agent of the Borrower, maintain at its address
referred to in Section 9.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of
the Loans owing to, each Lender from time to time. The Administrative Agent shall also record in the Register, the Loans made to the Borrower and the payments of principal, interest, fees and other amounts paid by the Borrower under the Loan
Documents. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, each Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans and any Notes
evidencing such Loans recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register (and each
Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan,
accompanied by a duly executed Assignment and Acceptance; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and the old Notes shall be returned by the Administrative Agent to the
Borrower marked “canceled”. Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and
revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to
time upon reasonable prior notice. 
 (e) Upon its receipt of an Assignment and Acceptance executed by an Assignor and an
Assignee (and, in any case where the consent of any other Person is required by Section 9.6(c), by each such other Person) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (provided,
however, that (i) Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment and (ii) no such fee shall be required to be paid (A) in connection with an
assignment by or to any Arranger or any Affiliate thereof or (B) in the case of an Assignee which is already a Lender or any affiliate, Related Fund or Controlled Investment Affiliate thereof), the Administrative Agent shall (i) promptly
accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Borrower. On or prior to such
effective date, the Borrower, at its own expense, upon request, shall execute and deliver to the Administrative Agent (in exchange for the applicable Notes of the assigning Lender) a new Note to such Assignee in an amount equal to the Loans assumed
or acquired by it pursuant to such Assignment and Acceptance and, if the Assignor has retained Loans, upon request, a new Note to the Assignor in an amount equal to the Loans retained by it hereunder. Such new Note or Notes shall be dated the
Closing Date and shall otherwise be in the form of the Note or Notes replaced thereby. 

  
 154 

 (f) For avoidance of doubt, the parties to this Agreement acknowledge that the
provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes, including, without limitation, any pledge
or assignment by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law. 
 (g) Any
Lender may at any time, assign all or a portion of its rights and obligations with respect to Term Loans under this Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through (x) Dutch auctions or other
offers to purchase or take by assignment open to all Lenders on a pro rata basis or (y) open market purchase on a non-pro rata basis, in each case subject to the following limitations: 

(i) Affiliated Lenders will not receive information provided solely to Lenders by the Administrative Agent or any Lender and
will not be permitted to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent or challenge the Lenders or Administrative Agent’s attorney-client privilege on the basis of any such
Affiliated Lender’s status as a Lender, other than the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders pursuant to Section 2; 

(ii) the aggregate principal amount of Term Loans of any Class under this Agreement held by Affiliated Lenders at the time of
any such purchase or assignment shall not exceed 20% of the aggregate principal amount of Term Loans of such Class outstanding at such time under this Agreement (such percentage, the “Affiliated Lender Cap”); provided that to
the extent any assignment to an Affiliated Lender would result in the aggregate principal amount of all Term Loans of any Class held by Affiliated Lenders exceeding the Affiliated Lender Cap, the assignment of such excess amount will be void ab
initio; 
 (iii) as a condition to each assignment pursuant to this subsection (h), the Administrative Agent and the
Borrower shall have been provided a notice in connection with each assignment to an Affiliated Lender or a Person that upon effectiveness of such assignment would constitute an Affiliated Lender pursuant to which such Affiliated Lender shall waive
any right to bring any action in connection with such Term Loans against the Administrative Agent, in its capacity as such; 

(iv) the Term Loans shall be held by no more than three Affiliated Lenders; and 

(v) the assigning Lender and the Affiliated Lender purchasing such Lender’s Term Loans shall execute and deliver to the
Administrative Agent an assignment agreement substantially in the form of Exhibit H-2 hereto (an “Affiliated Lender Assignment and Assumption”). 

Notwithstanding anything to the contrary contained herein, any Affiliated Lender that has purchased Term Loans pursuant to this subsection (h) may, in
its sole discretion, contribute, 

  
 155 

 
directly or indirectly, the principal amount of such Term Loans or any portion thereof, plus all accrued and unpaid interest thereon, to the Borrower for the purpose of cancelling and
extinguishing such Term Loans. Upon the date of such contribution, assignment or transfer, (x) the aggregate outstanding principal amount of Term Loans shall reflect such cancellation and extinguishing of the Term Loans then held by the
Borrower and (y) the Borrower shall promptly provide notice to the Administrative Agent of such contribution of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term
Loans in the Register. 
 Each Affiliated Lender agrees to notify the Administrative Agent and the Borrower promptly (and in any event within ten
(10) Business Days) if it acquires any Person who is also a Lender, and each Lender agrees to notify the Administrative Agent and the Borrower promptly (and in any event within ten (10) Business Days) if it becomes an Affiliated Lender.
The Administrative Agent may conclusively rely upon any notice delivered pursuant to the immediately preceding sentence and/or pursuant to clause (iii) of this subsection (h) and shall not have any liability for any losses suffered by any
Person as a result of any purported assignment to or from an Affiliated Lender. 
 (h) Notwithstanding anything in
Section 9.1 or the definition of “Required Lenders,” or “Required Facility Lenders” to the contrary, for purposes of determining whether the Required Lenders and Required Facility Lenders (in respect of a Class of Term
Loans) have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, or subject to Section 9.6(i),
any plan of reorganization pursuant to the U.S. Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from
taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or require the Administrative Agent or any Lender to take (or refrain from taking) any such
action and: 
 (i) all Term Loans held by any Affiliated Lenders shall be deemed to be not outstanding for all purposes of
calculating whether the Required Lenders and Required Facility Lenders (in respect of a Class of Term Loans) have taken any actions; and 

(ii) all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether
all Lenders have taken any action unless the action in question affects such Affiliated Lender in a disproportionately adverse manner than its effect on other Lenders. 

(i) Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, each Affiliated Lender hereby
agrees that, and each Affiliated Lender Assignment and Assumption shall provide a confirmation that, if a proceeding under any Debtor Relief Law shall be commenced by or against the Borrower or any other Loan Party at a time when such Lender is an
Affiliated Lender, such Affiliated Lender irrevocably authorizes and empowers the Administrative Agent to vote on behalf of such Affiliated Lender with respect to the Term Loans held by such Affiliated Lender in any manner in the Administrative
Agent’s sole discretion (as directed by the Required Lenders), unless the 

  
 156 

 
Administrative Agent instructs such Affiliated Lender to vote, in which case such Affiliated Lender shall vote with respect to the Term Loans held by it as the Administrative Agent directs (as
directed by the Required Lenders); provided that such Affiliated Lender shall be entitled to vote in accordance with its sole discretion (and not in accordance with the direction of the Administrative Agent) in connection with any plan of
reorganization to the extent any such plan of reorganization proposes to treat any Obligations held by such Affiliated Lender in a disproportionately adverse manner than the proposed treatment of similar Obligations held by Term Loan Lenders that
are not Affiliated Lenders. 
 (j) Although Debt Investment Affiliates shall be eligible Assignees and shall not be subject
to the provisions of Section 9.6(g), (h) or (i), any Lender may, at any time, assign all or a portion of its rights and obligations with respect to Term Loans under this Agreement to a Person who is or will become, after such assignment, a
Debt Investment Affiliate only through (x) Dutch auctions or other offers to purchase or take by assignment open to all Lenders on a pro rata basis (for the avoidance of doubt, without requiring any representation as to the possession of
material non-public information by such Affiliate) or (y) open market purchase on a non-pro rata basis. Notwithstanding anything in Section 9.1 or the definition of “Required Lenders” or “Required Facility Lenders” to
the contrary, for purposes of determining whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure
by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to
or under any Loan Document, all Term Loans, Revolving Credit Commitments and Revolving Credit Loans held by Debt Investment Affiliates, in the aggregate, may not account for more than 49.9% of the Term Loans, Revolving Credit Commitments and
Revolving Credit Loans of consenting Lenders included in determining whether the Required Lenders or Required Facility Lenders have consented to any action pursuant to Section 9.1. 

(k) Any Lender may, so long as no Default or Event of Default has occurred and is continuing, at any time, assign all or a
portion of its rights and obligations with respect to Term Loans under this Agreement to the Borrower or any Subsidiary of the Borrower through (x) Dutch auctions or other offers to purchase open to all Lenders on a pro rata basis or
(y) open market purchases on a non-pro rata basis; provided, that: 
 (i) (x) if the assignee is a
Subsidiary of the Borrower, upon such assignment, transfer or contribution, the applicable assignee shall automatically be deemed to have contributed or transferred the principal amount of such Term Loans, plus all accrued and unpaid interest
thereon, to the Borrower; or (y) if the assignee is the Borrower (including through contribution or transfers set forth in clause (x)), (a) the principal amount of such Term Loans, along with all accrued and unpaid interest thereon, so
contributed, assigned or transferred to any the Borrower shall be deemed automatically cancelled and extinguished on the date of such contribution, assignment or transfer, (b) the aggregate outstanding principal amount of Term Loans of the
remaining Lenders shall reflect such cancellation and extinguishing of the Term Loans then held by the Borrower and (c) the Borrower shall promptly provide notice to the Administrative Agent of such contribution, assignment or

  
 157 

 
transfer of such Term Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable Term Loans in the Register; 

(ii) purchases of Term Loans pursuant to this subsection (k) may not be funded with the proceeds of Revolving Credit
Loans or Swing Line Loans; and 
 (iii) in the case of Dutch auctions open to all Lenders on a pro rata basis, such auction
shall be subject to customary provisions regarding the treatment of material non-public information with respect to the business of the Borrower and its Subsidiaries. 

(l) Notwithstanding anything to the contrary contained herein, without the consent of the Borrower or the Administrative
Agent, (1) any Lender may in accordance with applicable Law create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all
or any portion of the Loans owing to it and the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; provided that unless and until such
trustee actually becomes a Lender in compliance with the other provisions of this Section 9.6, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not
be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise. 

9.7 Adjustments; Set-off. (a) Except to the extent that this Agreement provides for payments
to be allocated to a particular Lender or to the Lenders under a particular Facility, if any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of the Obligations owing to it, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 7.1(f), or otherwise), in a greater proportion than any such payment to or collateral
received by any other Lender, if any, in respect of such other Lender’s Obligations, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Obligations, or
shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided,
however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but
without interest; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance
with the provisions of Section 2.22 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting
Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. 

  
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 (b) If an Event of Default shall have occurred and be continuing, in addition to
any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to Holdings or the Borrower, any such notice being expressly waived by Holdings and the Borrower to the extent permitted by applicable
law, upon any amount becoming due and payable by Holdings and the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits (general or special,
time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender
or any branch or agency thereof to or for the credit or the account of Holdings or the Borrower, as the case may be. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such
Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 9.8
Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the
Borrower and the Administrative Agent. 
 9.9 Severability. Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 9.9, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting
Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, any Issuing Lender or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so
limited. 
 9.10 Integration. This Agreement and the other Loan Documents represent the entire agreement of Holdings, the Borrower,
the Agents, the Arranger and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Arranger, any Agent or any Lender relative to subject matter hereof not
expressly set forth or referred to herein or in the other Loan Documents. 
 9.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

9.12 Submission To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally: 

(a) submits for itself and its Property in any legal action or proceeding relating to this Agreement and the other Loan
Documents to which it is a party, or for 

  
 159 

 
recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America 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 its address set forth in Section 9.2 or at such other address of which the Administrative Agent 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 any special, exemplary, punitive or consequential damages. 

9.13 Acknowledgments. Each of Holdings and the Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

 (b) neither the Arranger, any Agent nor any Lender has any fiduciary relationship with or duty to Holdings or the
Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Arranger, the Agents and the Lenders, on one hand, and Holdings and the Borrower, on the other hand, in connection
herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other
Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Arranger, the Agents and the Lenders or among Holdings, the Borrower and the Lenders. 

9.14 Confidentiality. Each of the Agents and the Lenders agrees to keep confidential all
non-public information provided to it by any Loan Party pursuant to this Agreement that is designated by such Loan Party as confidential; provided that nothing herein shall prevent any Agent or any
Lender from disclosing any such information (a) to the Arranger, any Agent, any other Lender or any affiliate of any thereof, (b) to any Participant or Assignee (each, a “Transferee”) or prospective Transferee that agrees
to comply with the provisions of this Section or substantially equivalent provisions, (c) to any of its employees, directors, agents, attorneys, accountants and other professional advisors who have been informed of the confidential nature of
the information and has been instructed to keep such information confidential, (d) to any financial institution that is a direct contractual counterparty in swap agreements relating to the 

  
 160 

 
Borrower or any of its Subsidiaries and their obligations or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such
contractual counterparty agrees to be bound by the provisions of this Section), (e) upon the request or demand of any Governmental Authority having jurisdiction over it, (f) to the extent required in response to any order of any court or
other Governmental Authority or to the extent otherwise required pursuant to any Requirement of Law, (g) as may be requested or required in connection with any litigation or similar proceeding, (h) that has been publicly disclosed other
than in breach of this Section, (i) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in
connection with ratings issued with respect to such Lender or (j) in connection with the exercise of any remedy hereunder or under any other Loan Document; provided that, in the event a Lender receives a summons or subpoena to disclose
confidential information to any party, such Lender shall, if legally permitted, endeavor to notify the Borrower thereof as soon as possible after receipt of such request, summons or subpoena and to afford the Loan Parties an opportunity to seek
protective orders, or such other confidential treatment of such disclosed information, as the Loan Parties may deem reasonable. 
 9.15
Release of Collateral and Guarantee Obligations. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of the Borrower in connection with any Disposition of Property permitted by the Loan
Documents or in connection with the incurrence of Indebtedness permitted by Section 6.2(c), the Administrative Agent shall (without the requirement of any notice to, or vote or consent of, any Lender, or any affiliate of any Lender that is a
party to any Specified Hedge Agreement) promptly take such actions as shall be required to release its security interest in the applicable Collateral, and to release any guarantee obligations under any Loan Document of any Person being Disposed of
in such Disposition, to the extent necessary to permit consummation of such Disposition or the incurrence of such Indebtedness as permitted by the Loan Documents. Notwithstanding anything to the contrary contained herein or in any other Loan
Document, the Administrative Agent is hereby irrevocably authorized by each Secured Party (without requirement of notice to or consent of any Secured Party except as expressly required by Section 9.1) to take any action requested by the
Borrower having the effect of releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction contemplated by this Section 9.15, (ii) to the extent necessary to permit
consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 9.1 or (iii) under the circumstances described in paragraph (b) below. 

(b) At such time as the Loans, the Reimbursement Obligations and the other Obligations (than (A) contingent
indemnification obligations and (B) obligations and liabilities under Cash Management Agreements as to which arrangements satisfactory to the applicable Cash Management Bank shall have been made) shall have been paid in full (or cash
collateralized in a manner satisfactory to the Administrative Agent), the Commitments have been terminated and no Letters of Credit shall be outstanding and the net termination liability under or in respect of, and other amounts due and payable
under, Specified Hedge Agreements at such time shall have been paid or secured by a collateral arrangement satisfactory to the relevant Qualified Counterparties, the Collateral shall be released from the Liens created by the Security Documents, and
the Security Documents and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Loan Party 

  
 161 

 
under the Security Documents shall terminate, all without the need to delivery of any instrument or performance of any act by any Person, provided that, the Administrative Agent shall
promptly execute any release requested by the Borrower in such form and substance reasonably acceptable to the Administrative Agent (including, for the avoidance of doubt, any filings with the United States Patent and Trademark Office or United
States Copyright Office). 
 (c) At such time as any Guarantor ceases to be a Material Subsidiary or becomes an Excluded
Subsidiary as a result of a transaction or designation permitted hereunder, release such Guarantor from its obligations under the Guarantee Agreements. 

9.16 Accounting Changes. In the event that any “Accounting Change” (as defined below) shall occur and such change results in
a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to
equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such Accounting Change as if such Accounting Change had not been made. Until such time
as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such
Accounting Change had not occurred. “Accounting Change” refers to any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the
American Institute of Certified Public Accountants, any other generally accepted accounting authority which provides regulation standard or, if applicable, the SEC. 

9.17 USA PATRIOT Act. 

Each Lender that is subject to the PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the
Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that
will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the PATRIOT Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation
and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act.

 9.18 WAIVERS OF JURY TRIAL. HOLDINGS, THE BORROWER, THE AGENTS, THE ISSUING BANK AND THE LENDERS HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

  
 162 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	 NEW MEDIA HOLDINGS I LLC,

	 as Holdings

		
	 By:
		  

			Name:
			Title:
	
	 NEW MEDIA HOLDINGS II LLC,

as Borrower

		
	 By:
		  

			Name:
			Title:

 
			
	 CITIZENS BANK OF PENNSYLVANIA,

	 as Administrative Agent

		
	 By:
		  

			Name:
			Title:

 
			
	 [LENDERS]

		
	 By:
		  

			Name:
			Title:

 Annex B 

Supplement to Schedule 2.1 to Credit Agreement 

[See attached] 

 SCHEDULE 2.1 

Sixth Amendment Incremental Term Commitment 
  

					
	 Lender
	  	Sixth Amendment Incremental Term
Commitment	 
	 Citizens Bank of Pennsylvania
	  	$	25,000,000	  
	 TOTAL:
	  	$	25,000,000EXHIBIT 4.1

Execution Version

WENDY’S FUNDING, LLC,

as Master Issuer,

 

 

and

 

 

CITIBANK, N.A.,

as Trustee and Securities Intermediary

 

 

BASE INDENTURE

 

 

Dated as of June 1, 2015

 

Asset Backed Notes

(Issuable in Series)

 

 

 

 

TABLE OF CONTENTS

Page

	
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

	
1

	
Section 1.1

	
Definitions

	
1

	
Section 1.2

	
Cross-References

	
1

	
Section 1.3

	
Accounting Terms; Accounting and Financial Determinations; No Duplication

	
1

	
Section 1.4

	
Rules of Construction

	
2

	 	 
	
ARTICLE II THE NOTES

	
2

	
Section 2.1

	
Designation and Terms of Notes

	
2

	
Section 2.2

	
Notes Issuable in Series

	
3

	
Section 2.3

	
Series Supplement for Each Series

	
8

	
Section 2.4

	
Execution and Authentication

	
9

	
Section 2.5

	
Registrar and Paying Agent

	
10

	
Section 2.6

	
Paying Agent to Hold Money in Trust

	
11

	
Section 2.7

	
Noteholder List

	
12

	
Section 2.8

	
Transfer and Exchange

	
12

	
Section 2.9

	
Persons Deemed Owners

	
14

	
Section 2.10

	
Replacement Notes

	
14

	
Section 2.11

	
Treasury Notes

	
15

	
Section 2.12

	
Book-Entry Notes

	
15

	
Section 2.13

	
Definitive Notes

	
16

	
Section 2.14

	
Cancellation

	
17

	
Section 2.15

	
Principal and Interest

	
18

	
Section 2.16

	
Tax Treatment

	
18

	 	 
	
ARTICLE III SECURITY

	
19

	
Section 3.1

	
Grant of Security Interest

	
19

	
Section 3.2

	
Certain Rights and Obligations of the Master Issuer Unaffected

	
21

	
Section 3.3

	
Performance of Collateral Transaction Documents

	
22

	
Section 3.4

	
Stamp, Other Similar Taxes and Filing Fees

	
23

	
Section 3.5

	
Authorization to File Financing Statements

	
23

	 	 
	
ARTICLE IV REPORTS

	
23

	
Section 4.1

	
Reports and Instructions to Trustee

	
23

	
Section 4.2

	
Rule 144A Information

	
26

	
Section 4.3

	
Reports, Financial Statements and Other Information to Noteholders

	
26

	
Section 4.4

	
Manager

	
27

	
Section 4.5

	
No Constructive Notice

	
28

	 	 

 

i

 

	
ARTICLE V ALLOCATION AND APPLICATION OF COLLECTIONS

	
28

	
Section 5.1

	
Management Accounts and Additional Accounts

	
28

	
Section 5.2

	
Senior Notes Interest Reserve Account

	
29

	
Section 5.3

	
Senior Subordinated Notes Interest Reserve Account

	
30

	
Section 5.4

	
Cash Trap Reserve Account

	
31

	
Section 5.5

	
Collection Account

	
32

	
Section 5.6

	
Collection Account Administrative Accounts

	
32

	
Section 5.7

	
Hedge Payment Account

	
34

	
Section 5.8

	
Trustee as Securities Intermediary

	
35

	
Section 5.9

	
Establishment of Series Accounts; Legacy Accounts

	
36

	
Section 5.10

	
Collections and Investment Income

	
37

	
Section 5.11

	
Application of Weekly Collections on Weekly Allocation Dates

	
42

	
Section 5.12

	
Quarterly Payment Date Applications

	
47

	
Section 5.13

	
Determination of Quarterly Interest

	
58

	
Section 5.14

	
Determination of Quarterly Principal

	
58

	
Section 5.15

	
Prepayment of Principal

	
58

	
Section 5.16

	
Retained Collections Contributions

	
59

	
Section 5.17

	
Interest Reserve Letters of Credit

	
59

	
Section 5.18

	
Replacement of Ineligible Accounts

	
60

	 	 
	
ARTICLE VI DISTRIBUTIONS

	
61

	
Section 6.1

	
Distributions in General

	
61

	 	 
	
ARTICLE VII REPRESENTATIONS AND WARRANTIES

	
62

	
Section 7.1

	
Existence and Power

	
62

	
Section 7.2

	
Company and Governmental Authorization

	
62

	
Section 7.3

	
No Consent

	
62

	
Section 7.4

	
Binding Effect

	
63

	
Section 7.5

	
Litigation

	
63

	
Section 7.6

	
Employee Benefit Plans

	
63

	
Section 7.7

	
Tax Filings and Expenses

	
64

	
Section 7.8

	
Disclosure

	
64

	
Section 7.9

	
1940 Act

	
64

	
Section 7.10

	
Regulations T, U and X.

	
64

	
Section 7.11

	
Solvency

	
65

	
Section 7.12

	
Ownership of Equity Interests; Subsidiaries

	
65

	
Section 7.13

	
Security Interests

	
65

	
Section 7.14

	
Related Documents

	
67

	
Section 7.15

	
Non-Existence of Other Agreements.

	
67

	
Section 7.16

	
Compliance with Contractual Obligations and Laws

	
67

	
Section 7.17

	
Other Representations

	
67

	
Section 7.18

	
No Employees

	
67

	
Section 7.19

	
Insurance

	
67

	
Section 7.20

	
Environmental Matters

	
68

	
Section 7.21

	
Intellectual Property

	
69

 

 

ii

 

	
ARTICLE VIII COVENANTS

	
69

	
Section 8.1

	
Payment of Notes

	
69

	
Section 8.2

	
Maintenance of Office or Agency

	
70

	
Section 8.3

	
Payment and Performance of Obligations

	
70

	
Section 8.4

	
Maintenance of Existence

	
71

	
Section 8.5

	
Compliance with Laws

	
71

	
Section 8.6

	
Inspection of Property; Books and Records

	
71

	
Section 8.7

	
Actions under the Collateral Transaction Documents and Related Documents

	
72

	
Section 8.8

	
Notice of Defaults and Other Events

	
73

	
Section 8.9

	
Notice of Material Proceedings

	
73

	
Section 8.10

	
Further Requests

	
74

	
Section 8.11

	
Further Assurances

	
74

	
Section 8.12

	
Liens

	
75

	
Section 8.13

	
Other Indebtedness

	
76

	
Section 8.14

	
Employee Benefit Plans

	
76

	
Section 8.15

	
Mergers

	
76

	
Section 8.16

	
Asset Dispositions

	
76

	
Section 8.17

	
Acquisition of Assets

	
79

	
Section 8.18

	
Dividends, Officers’ Compensation, etc.

	
79

	
Section 8.19

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

	
79

	
Section 8.20

	
Charter Documents

	
80

	
Section 8.21

	
Investments

	
80

	
Section 8.22

	
No Other Agreements

	
80

	
Section 8.23

	
Other Business

	
81

	
Section 8.24

	
Maintenance of Separate Existence

	
81

	
Section 8.25

	
Covenants Regarding the Securitization IP

	
82

	
Section 8.26

	
1940 Act.

	
85

	
Section 8.27

	
Real Property

	
85

	
Section 8.28

	
No Employees

	
85

	
Section 8.29

	
Insurance

	
85

	
Section 8.30

	
Litigation

	
85

	
Section 8.31

	
Environmental

	
85

	
Section 8.32

	
Enhancements

	
86

	
Section 8.33

	
Series Hedge Agreements; Derivatives Generally

	
86

	
Section 8.34

	
Additional Securitization Entity

	
86

	
Section 8.35

	
Subordinated Notes Repayments

	
87

	
Section 8.36

	
Tax Lien Reserve Amount

	
87

	
Section 8.37

	
Mortgages

	
88

	
Section 8.38

	
Bankruptcy Proceedings

	
89

	 	 
	
ARTICLE IX REMEDIES

	
89

	
Section 9.1

	
Rapid Amortization Events

	
89

	
Section 9.2

	
Events of Default

	
90

	
Section 9.3

	
Rights of the Control Party and Trustee upon Event of Default

	
94

	
Section 9.4

	
Waiver of Appraisal, Valuation, Stay and Right to Marshaling

	
96

 

 

iii

 

	
Section 9.5

	
Limited Recourse

	
97

	
Section 9.6

	
Optional Preservation of the Securitized Assets

	
97

	
Section 9.7

	
Waiver of Past Events

	
97

	
Section 9.8

	
Control by the Control Party

	
98

	
Section 9.9

	
Limitation on Suits

	
98

	
Section 9.10

	
Unconditional Rights of Noteholders to Receive Payment

	
99

	
Section 9.11

	
The Trustee May File Proofs of Claim

	
99

	
Section 9.12

	
Undertaking for Costs

	
100

	
Section 9.13

	
Restoration of Rights and Remedies

	
100

	
Section 9.14

	
Rights and Remedies Cumulative

	
100

	
Section 9.15

	
Delay or Omission Not Waiver

	
100

	
Section 9.16

	
Waiver of Stay or Extension Laws

	
101

	 	 
	
ARTICLE X THE TRUSTEE

	
101

	
Section 10.1

	
Duties of the Trustee

	
101

	
Section 10.2

	
Rights of the Trustee

	
105

	
Section 10.3

	
Individual Rights of the Trustee

	
108

	
Section 10.4

	
Notice of Events of Default and Defaults

	
108

	
Section 10.5

	
Compensation and Indemnity

	
108

	
Section 10.6

	
Replacement of the Trustee

	
109

	
Section 10.7

	
Successor Trustee by Merger, etc.

	
110

	
Section 10.8

	
Eligibility Disqualification

	
111

	
Section 10.9

	
Appointment of Co-Trustee or Separate Trustee

	
111

	
Section 10.10

	
Representations and Warranties of Trustee

	
112

	 	 
	
ARTICLE XI CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY

	
113

	
Section 11.1

	
Controlling Class Representative

	
113

	
Section 11.2

	
Resignation or Removal of the Controlling Class Representative

	
116

	
Section 11.3

	
Expenses and Liabilities of the Controlling Class Representative

	
116

	
Section 11.4

	
Control Party

	
117

	
Section 11.5

	
Note Owner List

	
119

	 	 
	
ARTICLE XII DISCHARGE OF INDENTURE

	
120

	
Section 12.1

	
Termination of the Master Issuer’s and Guarantors’ Obligations

	
120

	
Section 12.2

	
Application of Trust Money

	
123

	
Section 12.3

	
Repayment to the Master Issuer

	
123

	
Section 12.4

	
Reinstatement

	
124

	 	 
	
ARTICLE XIII AMENDMENTS

	
124

	
Section 13.1

	
Without Consent of the Controlling Class Representative or the Noteholders

	
124

	
Section 13.2

	
With Consent of the Controlling Class Representative or the Noteholders

	
126

	
Section 13.3

	
Supplements

	
127

	
Section 13.4

	
Revocation and Effect of Consents

	
128

	
Section 13.5

	
Notation on or Exchange of Notes

	
128

 

 

iv

 

	
Section 13.6

	
The Trustee to Sign Amendments, etc.

	
128

	
Section 13.7

	
Amendments and Fees

	
128

	 	 
	
ARTICLE XIV MISCELLANEOUS

	
129

	
Section 14.1

	
Notices

	
129

	
Section 14.2

	
Communication by Noteholders With Other Noteholders

	
132

	
Section 14.3

	
Officer’s Certificate as to Conditions Precedent

	
132

	
Section 14.4

	
Statements Required in Certificate

	
132

	
Section 14.5

	
Rules by the Trustee

	
132

	
Section 14.6

	
Benefits of Indenture

	
132

	
Section 14.7

	
Payment on Business Day

	
133

	
Section 14.8

	
Governing Law

	
133

	
Section 14.9

	
Successors

	
133

	
Section 14.10

	
Severability

	
133

	
Section 14.11

	
Counterpart Originals

	
133

	
Section 14.12

	
Table of Contents, Headings, etc.

	
133

	
Section 14.13

	
No Bankruptcy Petition Against the Securitization Entities

	
133

	
Section 14.14

	
Recording of Indenture

	
134

	
Section 14.15

	
Waiver of Jury Trial

	
134

	
Section 14.16

	
Submission to Jurisdiction; Waivers

	
134

	
Section 14.17

	
Permitted Asset Dispositions; Release of Collateral

	
135

	
Section 14.18

	
Calculation of Holdco Leverage Ratio and Senior ABS Leverage Ratio

	
135

	
ANNEXES

	 	 
	
Annex A

	
Base Indenture Definitions List

	
Annex B

	
Unsecured Debenture Indenture Definitions List

	 	 
	
EXHIBITS

	 	 
	
Exhibit A

	
Weekly Manager’s Certificate

	
Exhibit B-1

	
Form of Notice of Grant of Security Interest in Trademarks

	
Exhibit B-2

	
Form of Notice of Grant of Security Interest in Patents

	
Exhibit B-3

	
Form of Grant of Security Interest in Copyrights

	
Exhibit C-1

	
Form of Supplemental Notice of Grant of Security Interest in Trademarks

	
Exhibit C-2

	
Form of Supplemental Notice of Grant of Security Interest in Patents

	
Exhibit C-3

	
Form of Supplemental Grant of Security Interest in Copyrights

	
Exhibit D

	
Form of Investor Request Certification

	
Exhibit E

	
Notice Requesting Contact Information of Initial Note Owners

	
Exhibit F

	
CCR Election Notice

	
Exhibit G

	
CCR Nomination

	
Exhibit H

	
CCR Ballot

	
Exhibit I

	
CCR Acceptance Letter

	
Exhibit J

	
Form of Mortgage

	
Exhibit K

	
Form of Note Owner Certificate

	 	 

 

 

v

 

	
SCHEDULES

	 	 
	
Schedule 7.3

	
Consents

	
Schedule 7.7

	
Proposed Tax Assessments

	
Schedule 7.13(a)

	
Non-Perfected Liens

	
Schedule 7.19

	
Insurance

	
Schedule 7.21

	
Pending Actions or Proceedings Relating to the Securitization IP

 

 

 

 

vi

 

 

BASE INDENTURE, dated as of June 1, 2015, by and among WENDY’S FUNDING, LLC, a Delaware limited liability company (the “Master Issuer”), and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the “Trustee”) and as securities intermediary (in such capacity, the “Securities Intermediary”).

W I T N E S S E T H:

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

WHEREAS, all things necessary to make this Base Indenture a legal, valid and binding agreement of the Master Issuer, in accordance with its terms, have been done, and the Master Issuer proposes to do all the things necessary to make the Notes, when executed by the Master Issuer and authenticated and delivered by the Trustee hereunder and duly issued by the Master Issuer, the legal, valid and binding obligations of the Master Issuer as hereinafter provided;

NOW, THEREFORE, for and in consideration of the premises and the receipt of the Notes by the Noteholders, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Noteholders (in accordance with the priorities set forth herein and in any Series Supplement), as follows:

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.1                          Definitions.

Capitalized terms used herein 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.

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.

1

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

Section 1.4                          Rules of Construction.

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

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

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

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

(d)            reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;

(e)            “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term;

(f)            the word “or” is always used inclusively herein (for example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”), unless used in an “either... or” construction; and

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

ARTICLE II

THE NOTES

Section 2.1                          Designation and Terms of Notes.

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

2

by execution of such Notes by such Authorized Officers.  All Notes of any Series shall, except as specified in the applicable Series Supplement and in the Base Indenture, be equally and ratably entitled as provided herein to the benefits hereof without preference, priority or distinction on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Base Indenture and any applicable Series Supplement.  The aggregate principal amount of Notes which may be authenticated and delivered under this Base Indenture is unlimited.  The Notes of each Series shall be issued in the denominations set forth in the applicable Series Supplement.

(b)            With respect to any Variable Funding Note Purchase Agreement entered into by the Master Issuer in connection with the issuance of any Series of 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 Series of 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 each Series of Class A-1 Notes Outstanding, the relevant principal amount of each such Series of Notes to be used in tabulating the percentage of such Series voting, directing, consenting or waiving or the like (the “Class A-1 Notes Voting Amount”) will be deemed to be the greater of (1) the Class A-1 Notes Maximum Principal Amount for such Series (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of such Series of Class A-1 Notes;

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

Section 2.2                          Notes Issuable in Series.

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

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

3

thereupon the same shall be authenticated and delivered by the Trustee upon the receipt by the Trustee of a Company Order at least five (5) Business Days (except in the case of the issuance of the Series of Notes on the Closing Date) in advance of the related Series Closing Date (which Company Order will be revocable by the Master Issuer upon notice to the Trustee no later than 5:00 p.m. (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 either the Manager or the Master Issuer 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);

4

(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 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;

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

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

(P)            each of the parties to the Related Documents with respect to such new Series of Notes has covenanted and agreed in the Related Documents that, prior to the date which is 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; and

5

(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.

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

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

(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)            an Officer’s Certificate and one or more Opinions of Counsel 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 and the new Series of Notes is permitted to be authenticated by the Trustee pursuant to the terms of this Base Indenture and the related Series Supplement (except that no such Opinion of Counsel shall be required to be delivered in connection with the issuance of Notes on the Closing Date);

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

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

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

6

(E)            the Lien and the security interests created by this Base Indenture and the Guarantee and Collateral Agreement on the Collateral remain perfected as required by this Base Indenture and the Guarantee and Collateral Agreement and such Lien and security interests extend to any assets transferred to the Securitization Entities in connection with the issuance of such new Series of Notes;

(F)            based on a reasoned analysis, the assets of a Securitization Entity as a debtor in bankruptcy would not be substantively consolidated with the assets and liabilities of Wendy’s, Oldemark and the Existing Real Estate Holders;

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

(H)            neither the execution and delivery by the Master Issuer of such Notes and the related Series Supplement nor the performance by the Master Issuer of its obligations under each of such Notes and the related Series Supplement:  (i) violates any law, rule or regulation of any relevant jurisdiction, or (ii) requires the consent, approval, licensing or authorization of, or any filing, recording or registration with, any Governmental Authority under any law, rule or regulation of any relevant jurisdiction except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings and registrations already made;

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

(J)            all conditions precedent to such issuance have been satisfied and that the related Series Supplement is authorized or permitted pursuant to the terms and conditions of this Base Indenture (except that no Opinion of Counsel relating to the satisfaction of conditions precedent shall be required to be delivered in connection with the issuance of Notes on the Closing Date); and

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

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

7

(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; 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.  Additional Notes may be issued for any purpose consistent with the Related Documents, including acquisitions by the Securitization Entities.

Section 2.3                          Series Supplement for Each Series.

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

(a)            its name or designation;

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

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

(d)            the Series Closing Date;

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

(f)            the Series Legal Final Maturity Date;

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

(h)            the Rating Agency rating such Series;

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

(j)            the names of the Series Distribution Accounts and any other Series Accounts to be used with respect to such Series and the terms governing the operation of any such account and the use of moneys therein;

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

(l)            whether the Notes of such Series will be issued in multiple Classes or Subclasses and the rights and priorities of each such Class or Subclass;

8

(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;

(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).

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 (and a Luxembourg agent (the “Luxembourg Agent”), if the Notes of the Series to which such Note belongs are listed on the Luxembourg Stock Exchange).  Such signatures on such certificate shall be conclusive evidence, and the only evidence, that the Note has been duly authenticated under this Base Indenture. The Trustee may appoint an authenticating agent acceptable to the Master Issuer to authenticate Notes.  Unless limited by the term of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so.  Each reference in this Base Indenture to authentication by the Trustee includes authentication by

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such authenticating agent. The Trustee’s certificate of authentication shall be in substantially the following form:

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

	 	
Citibank, N.A., as Trustee

	 
	 			
	 			
	 	
By:

	 	 
	 	 	
Authorized Signatory”

	 

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

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

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appropriate compensation in accordance with this Base Indenture until the Master Issuer shall appoint a replacement Registrar or Paying Agent, as applicable.

Section 2.6                          Paying Agent to Hold Money in Trust.

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

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

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

(iii)            at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by the Paying Agent;

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

(v)            comply with all requirements of the Code and other applicable 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, and in

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a newspaper customarily published on each Business Day and of general circulation in London and Luxembourg (if the related Series of Notes has been listed on the Luxembourg Stock Exchange), if applicable, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Master Issuer.  The Trustee may also adopt and employ, at the expense of the Master Issuer, any other commercially reasonable means of notification of such repayment.

Section 2.7                          Noteholder List.

(a)            The Trustee will furnish or cause to be furnished by the Registrar to the Master Issuer, the Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative, the Paying Agent or any Class A-1 Administrative Agent, within five (5) Business Days after receipt by the Trustee of a request therefor from the Master Issuer, the Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative, the Paying Agent or such Class A-1 Administrative Agent, respectively, in writing, the names and addresses of the Noteholders of each Series as of the most recent Record Date for payments to such Noteholders.  Unless otherwise provided in the applicable Series Supplement, the Trustee, after having been adequately indemnified by Note Owners satisfying the requirements set forth in Section 11.5(b) (“Applicants”) for its costs and expenses, shall afford or shall cause the Registrar to afford such Applicants access during normal business hours to the most recent list of Noteholders held by the Trustee and shall give the Master Issuer notice that such request has been made, within five (5) Business Days after the receipt of such application.  Such list shall be as of a date no more than forty-five (45) days prior to the date of receipt of such Applicants’ request.  Every Noteholder, by receiving and holding a Note, agrees with the Trustee that neither the Trustee, the Registrar nor any of their respective agents shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Noteholders hereunder, regardless of the source from which such information was obtained.

(b)            The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Noteholders of each Series of Notes.  If the Trustee is not the Registrar, the Master Issuer shall furnish to the Trustee at least seven (7) Business Days before each Quarterly Payment Date and at such other time as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders of each Series of Notes.

Section 2.8                          Transfer and Exchange.

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

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the Registrar maintained for such purpose.  Whenever Notes of any Series are so surrendered for exchange, if the requirements of Section 2.8(f) and Section 8-401(a) of the New York UCC are met, the Master Issuer shall execute, and after the Master Issuer has executed, the Trustee shall authenticate and deliver to the Noteholder, the Notes which the Noteholder making the exchange is entitled to receive.

(b)            Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing with a medallion signature guarantee and (ii) accompanied by such other documents as the Trustee 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 of any Series for a period beginning at the opening of business fifteen (15) days preceding the selection of any Series of Notes 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) shall be effected only if the conditions set forth in such applicable Series Supplement are satisfied.  Notwithstanding any other provision of this Section 2.8 and except as otherwise provided in Section 2.13, the typewritten Note or Notes representing Book-Entry Notes for any Series may be transferred, in whole but not in part, only to another nominee of the Clearing Agency for such Series, or to a successor Clearing Agency for such Series selected or approved by the Master Issuer or to a nominee of such successor Clearing Agency, only if in accordance with this Section 2.8 and Section 2.12.

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(g)            If the Notes of any Series are listed on the Luxembourg Stock Exchange, the Trustee or the Luxembourg Agent, as the case may be, shall send to the Master Issuer upon any transfer or exchange of any such Note information reflected in the copy of the register for the Notes maintained by the Registrar or the Luxembourg Agent, as the case may be.

Section 2.9                          Persons Deemed Owners.

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

Section 2.10                       Replacement Notes.

(a)            If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Master Issuer and the Trustee such security or indemnity as may be required by them to hold the Master Issuer and the Trustee harmless then, provided that the requirements of Section 2.8(f) and Section 8-405 of the New York UCC are met, the Master Issuer shall execute and upon its request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become, or within seven (7) days shall be, due and payable, instead of issuing a replacement Note, the Master Issuer may pay such destroyed, lost or stolen Note when so due or payable without surrender thereof.  If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the preceding sentence, a protected purchaser (within the meaning of Section 8-303 of the New York UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Master Issuer and the Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Master Issuer or the Trustee in connection therewith.

(b)            Upon the issuance of any replacement Note under this Section 2.10, the Master Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any Tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee and the Registrar) connected therewith.

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(c)            Every replacement Note issued pursuant to this Section 2.10 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Master Issuer and such replacement Note shall be entitled to all the benefits of the Indenture equally and proportionately with any and all other Notes duly issued under the Indenture (in accordance with the priorities and other terms set forth herein and in each applicable Series Supplement).

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

Section 2.11                       Treasury Notes.

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

Section 2.12                       Book-Entry Notes.

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

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

(ii)            the Master Issuer, the Paying Agent, the Registrar, the Trustee, the Servicer and the Controlling Class Representative shall deal with the Clearing Agency and the applicable Clearing Agency Participants for all purposes (including the payment of principal of, premium, if any, and interest on the Notes and the giving of instructions or directions hereunder or under the applicable Series Supplement) as the sole Holder of the Notes, and shall have no obligation to the Note Owners;

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

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

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

(b)            Pursuant to the Depository Agreement applicable to a Series, unless and until Definitive Notes of such Series are issued pursuant to Section 2.13, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal, premium, if any, and interest on the Notes to such Clearing Agency Participants.

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

Section 2.13                       Definitive Notes.

(a)            The Notes of any Series or Class of any Series, to the extent provided in the related Series Supplement, upon original issuance, may be issued in the form of Definitive Notes.  All Class A-1 Notes of any Series shall be issued in the form of Definitive Notes.  The

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applicable Series Supplement shall set forth the legend relating to the restrictions on transfer of such Definitive Notes and such other restrictions as may be applicable.

(b)            With respect to the Notes of any Series or Class of any Series issued in the form of typewritten Notes representing Book-Entry Notes, if (i) (A) the Master Issuer advises the Trustee in writing that the Clearing Agency with respect to any such Series of Notes is no longer willing or able to discharge properly its responsibilities under the applicable Depository Agreement and (B) the Trustee or the Master Issuer are unable to locate a qualified successor or (ii) after the occurrence of a Rapid Amortization Event, with respect to any Series of Notes Outstanding, Note Owners holding a beneficial interest in excess of 50% of the aggregate Outstanding Principal Amount of such Series of Notes advise the Trustee and the applicable Clearing Agency through the applicable Clearing Agency Participants in writing that the continuation of a book-entry system through the applicable Clearing Agency is no longer in the best interests of such Note Owners, the Trustee shall notify all Note Owners of such Series, through the applicable Clearing Agency Participants, of the occurrence of any such event and of the availability of Definitive Notes to Note Owners of such Series.  Upon surrender to the Trustee of the Notes of such Series by the applicable Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency for registration, the Master Issuer shall execute and the Trustee shall authenticate, upon receipt of a Company Order, and deliver an equal aggregate principal amount of Definitive Notes in accordance with the instructions of the Clearing Agency.  Neither the Master Issuer nor the Trustee shall be liable for any delay in delivery of such instructions and may each conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of Definitive Notes of such Series or Class of such Series of Notes all references herein to obligations imposed upon or to be performed by the applicable Clearing Agency shall be deemed to be imposed upon and performed by the Trustee, to the extent applicable with respect to such Definitive Notes, and the Trustee shall recognize the Holders of the Definitive Notes of such Series or Class of such Series as Noteholders of such Series or Class of such Series hereunder and under the applicable Series Supplement.

Section 2.14                       Cancellation.

The Master Issuer may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Master Issuer or an Affiliate thereof may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee.  Immediately upon the delivery of any Notes by the Master Issuer to the Trustee for cancellation pursuant to this Section 2.14, the security interest of the Secured Parties in such Notes shall automatically be deemed to be released by the Trustee, and the Trustee shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at its expense to evidence such automatic release.  The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.  The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation.  Except as provided in any Variable Funding Note Purchase Agreement executed and delivered in connection with the issuance of any Series or any Class of any Series of Notes, the Master Issuer may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation.  All cancelled Notes held by the Trustee shall be disposed of in accordance with the Trustee’s standard disposition procedures unless the Master Issuer shall

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direct that cancelled Notes be returned to it for destruction pursuant to a Company Order.  No cancelled Notes may be reissued.  No provision of this Base Indenture or any Supplement that relates to prepayment procedures, penalties, fees, make-whole payments or any other related matters shall be applicable to any Notes cancelled pursuant to and in accordance with this Section 2.14.

Section 2.15                       Principal and Interest.

(a)            The principal of and premium, if any, on each Series of Notes shall be due and payable at the times and in the amounts set forth in the applicable Series Supplement and in accordance with the Priority of Payments.

(b)            Each Series of Notes shall accrue interest as provided in the applicable Series Supplement and such interest shall be due and payable for such Series on each Quarterly Payment Date in accordance with the Priority of Payments.

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

(d)            Pursuant to the authority of the Paying Agent under Section 2.6(a)(v), except as otherwise provided pursuant to a Variable Funding Note Purchase Agreement 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.

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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 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, and the Collateral shall not include, more than 65% of the Equity Interests (and any rights associated with such Equity Interests) of any foreign Subsidiary of the Master Issuer that is a corporation for U.S. federal income tax purposes and in no circumstance will any such foreign Subsidiary 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

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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 the Letter of Credit Reimbursement Agreement shall not constitute Indenture Collateral until such time (if any) as the Master Issuer is entitled to withdraw such funds from the applicable bank account pursuant to the terms of the Letter of Credit Reimbursement Agreement to reimburse the Master Issuer for any amounts due by such Non-Securitization Entities to the Master Issuer pursuant to Section 4 or Section 5 of the Letter of Credit Reimbursement Agreement that such Non-Securitization Entities have not paid to the Master Issuer in accordance with the terms thereof.

 “Collateral Exclusions” means the following property of the Master Issuer: (i)  any lease, sublease, license, or other contract or permit, in each case if the grant of a Lien or security interest in any of the Master Issuer’s right, title and interest in, to or under such lease, sublease, license, contract or permit (or any rights or interests thereunder) in the manner contemplated by the Indenture (a) is prohibited by the terms of such lease, sublease, license, contract or permit (or any rights or interests thereunder) or would require the consent of a third party (unless such consent has been obtained), (b) would constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the applicable Securitization Entity therein or (c) would otherwise result in a breach thereof or the termination or a right of termination thereof, except to the extent that any such prohibition, breach, termination or right of termination is rendered ineffective pursuant to the UCC or any other applicable law, (ii) the Excepted Securitization IP Assets, (iii) any leasehold interests in real property and (iv) the Excluded Amounts.  The Trustee, on behalf of the Secured Parties, acknowledges that it shall have no security interest in any Collateral Exclusions.

With respect to the limited liability company membership interests and stock owned by the Master Issuer that represent the 100% ownership interest in Wendy’s Properties, notwithstanding any of the other provisions set forth in this Article III or anything else contained in this Base Indenture or any other Related Document, the aggregate amount of all Obligations of the Master Issuer secured hereunder by such ownership interest in Wendy’s Properties and under any other Indenture Document by Principal Property (as defined in Annex B) owned by Wendy’s Properties or any shares of capital stock or evidences of Indebtedness (as defined in Annex B) issued by any Domestic Subsidiary (as defined in Annex B) and owned by Wendy’s or any Domestic Subsidiary (as defined in Annex B) (collectively, the “Debenture Restricted Assets”) shall not, at any time, exceed the aggregate amount (such amount, the “Indenture Threshold Amount”) of Indebtedness (as defined in Annex B) that may be secured by Debenture Restricted Assets under the Unsecured Debenture Indenture, determined in accordance with the terms of the Unsecured Debenture Indenture, without requiring holders of the Unsecured Debentures to be equally and ratably secured in accordance with the terms of the Unsecured Debenture Indenture.  It is understood and acknowledged by the parties hereto that (v) as of the Closing Date, the total amount of Obligations is in excess of the Indenture Threshold Amount as of the Closing Date, (w) from time to time after the Closing Date, the total amount of the Obligations may be in excess of the Indenture Threshold Amount then in effect, (x) as of the Closing Date, the Obligations in excess of the Indenture Threshold Amount are not secured by any Debenture Restricted Assets hereunder or under any other Indenture Document or Related Document, (y) at any time after the Closing Date, any Obligations in excess of the Indenture Threshold Amount in

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effect at such time shall not be secured by any Debenture Restricted Assets hereunder or under any other Indenture Document or Related Document and (z) in no event shall any Lien (as defined in Annex B) on any Debenture Restricted Assets in favor of any Secured Party created hereunder or under any other Indenture Document at any time secure any Obligations in excess of the Indenture Threshold Amount then in effect.  For the avoidance of doubt, the calculation of the Indenture Threshold Amount at any date of determination shall take into account all outstanding Attributable Value (as defined in Annex B) of all Sale and Lease-Back Transactions (as defined in Annex B) permitted pursuant to the last paragraph of Section 1009 of the Unsecured Debenture Indenture as of such date and all Indebtedness (as defined in Annex B) of Wendy’s and its Domestic Subsidiaries (as defined in Annex B) secured by Liens (as defined in Annex B) permitted pursuant to the last paragraph of Section 1008 of the Unsecured Debenture Indenture as of such date.

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

(c)            Upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative), the Trustee or its agent shall, at the direction of the Control Party, record each Mortgage in accordance with Section 8.37.

(d)            The parties hereto agree and acknowledge that each certificated Equity Interest and each Mortgage may be held by a custodian on behalf of the Trustee.

Section 3.2                          Certain Rights and Obligations of the Master Issuer Unaffected.

(a)            Notwithstanding the grant of the security interest in the Indenture Collateral hereunder to the Trustee, on behalf of the Secured Parties, the Master Issuer acknowledges that the Manager, on behalf of the Securitization Entities, shall, subject to the terms and conditions of the Management Agreement, have the right, subject to the Trustee’s right to revoke such right, in whole or in part, in the event of the occurrence of an Event of Default, (i) to give, in accordance with the Managing Standard, all consents, requests, notices, directions, approvals, extensions or waivers, if any, which are required or permitted to be given by the Master Issuer under the Collateral Transaction Documents, and to enforce all rights, remedies, powers, privileges and claims of the Master Issuer under the Collateral Transaction Documents, (ii) to give, in accordance with the Managing Standard, all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by the Master Issuer under any IP License Agreement to which any Securitization Entity is a party and (iii) to take any other actions required or permitted under the terms of the Management Agreement.

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(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.

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 Servicer) may reasonably request to compel or secure the performance and observance by such Person of its obligations to the Master Issuer, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Master Issuer to the extent and in the manner directed by the Trustee (acting at the direction of the Servicer), including, without limitation, the transmission of notices of default and the institution of legal or administrative actions or proceedings to compel or secure performance by such Person of its obligations thereunder.  If (i) the Master Issuer shall have failed, within fifteen (15) days of receiving the direction of the Trustee, to take action to accomplish such directions of the Trustee, (ii) the Master Issuer refuses to take any such action, as reasonably determined by the Trustee in good faith, or (iii) the Servicer reasonably determines that such action must be taken immediately, in any such case the Servicer may, but shall not be obligated to, take, and the Trustee shall take (if so directed by the Servicer), at the expense of the Master Issuer, such previously directed action and any related action permitted under this Base Indenture which the Servicer thereafter determines is appropriate (without the need under this provision or

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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 Servicer on behalf of the Secured Parties at any time and from time to time to file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or instruments with respect to the Indenture Collateral to perfect the security interests of the Trustee for the benefit of the Secured Parties under this Base Indenture.  The Master Issuer authorizes the filing of any such financing statement naming the Trustee as secured party and indicating that the Indenture Collateral includes “all assets” or words of similar effect or import regardless of whether any particular assets comprised in the Indenture Collateral fall within the scope of Article 9 of the UCC, including, without limitation, any and all Securitization IP. The Master Issuer agrees to furnish any information necessary to accomplish the foregoing promptly upon the Servicer’s request.  The Master Issuer also hereby ratifies and authorizes the filing on behalf of the Secured Parties of any financing statement with respect to the Indenture Collateral made prior to the date hereof.

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

ARTICLE IV

REPORTS

Section 4.1                          Reports and Instructions to Trustee.

(a)            Weekly Manager’s Certificate.  By 4:30 p.m. (Eastern time) on the day prior to each Weekly Allocation Date, the Master Issuer shall furnish, or cause the Manager to

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

(b)            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, the 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 the 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”).

(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 the 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 Class or Series 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, 2015, the Master Issuer shall furnish, or cause to be furnished, to the Trustee, the Servicer and the 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 the Rating Agency with respect to each Series of Notes Outstanding, the following financial statements:

(i)            within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year (commencing with the fiscal quarter ending September 27, 2015), 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

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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), which financial statements shall be accompanied by supplemental schedules combining and consolidating each of the Securitization Entities;

(ii)            within one hundred twenty (120) days after the end of the fiscal year ending January 3, 2016, an unaudited combined consolidated balance sheet of the Securitization Entities as of the end of such fiscal year and unaudited combined consolidated statements of income or operations, changes in members’ equity and cash flows of the Securitization Entities for the fiscal quarter ended on or about January 3, 2016, which financial statements shall be accompanied by supplemental schedules combining and consolidating each of the Securitization Entities; and

(iii)            within one hundred twenty (120) days after the end of each fiscal year (commencing with the fiscal year ending on or around January 3, 2016), 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, which financial statements shall be accompanied by supplemental schedules combining and consolidating each of the Securitization Entities, 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)            TWC Financial Statements.  So long as Wendy’s is the Manager, the Master Issuer shall cause the Manager (on behalf of the Securitization Entities) to provide to the Trustee, the Servicer, the Back-Up Manager and the Rating Agency with respect to each Series of Notes Outstanding the following financial statements:

(i)            within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year, an unaudited consolidated balance sheet of TWC 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 TWC 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 ninety (90) days after the end of each fiscal year, an audited consolidated balance sheet of TWC 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 TWC 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 TWC 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.

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(iii)            Notwithstanding the foregoing, the obligations set forth in this Section 4.1(g) may be satisfied by furnishing TWC’s Form 10-K or 10-Q, as applicable, filed with the SEC.

(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 TWC 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; provided that such written instructions (other than those contained in Quarterly Noteholders’ Reports) shall be considered confidential information and shall not be disclosed by such recipients to any other Person without the prior written consent of the Master Issuer; and provided further that such written instructions shall be subject in all respects to the confidentiality provisions of any Related Documents to which such recipient is a party.  The Trustee and the Paying Agent shall promptly follow any such written instructions.

(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 the 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 Noteholder or Note Owner, and to any prospective purchaser of Notes designated by such Noteholder or Note Owner upon the request of such Noteholder or Note Owner or prospective purchaser, any information required to be provided to such Noteholder or Note Owner or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the 1933 Act.

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

The Trustee will make 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) available to (a) the Rating Agency pursuant to Section 4.1(j) above and (b) the Noteholders and Note Owners (provided that each Series Supplement with respect to a Series of Notes shall only be made available to the Noteholders or Note Owners of such Series of Notes), the Servicer, the Manager, the Back-Up Manager and the 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

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service desk at 800-422-2066 or such other telephone number as the Trustee may specify from time to time.  The foregoing materials will only be accessible in a password-protected area of the internet website and the Trustee will require each party (other than the Servicer, the Manager, the Back-Up Manager and the Rating Agency) accessing such password-protected area to register as a Noteholder or Note Owner 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 Noteholder or Note Owner accesses the internet website, it will be deemed to have confirmed such representations and warranties as of the date thereof.  The Trustee will provide the Servicer and the Manager with copies of such Investor Request Certifications, including the identity, address, contact information, email address and telephone number of such Noteholder or such Note Owner upon request, but shall have no responsibility for any of the information contained therein.  The Trustee shall have the right to change the way such statements are electronically distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes.

The Trustee will (or will request that the Manager) make available, upon reasonable advance notice and at the expense of the requesting party, copies of the Quarterly 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 Noteholder or any Note Owner 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 Noteholder , a Note Owner 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, that such party may disclose such information only (A) to (1) those personnel employed by it who need to know such information which have agreed to keep such information strictly confidential and to use such information only for evaluating such party’s investment or potential investment in the Notes, (2) its attorneys and outside auditors which have agreed to keep such information strictly confidential and to use such information only for evaluating such party’s investment or possible investment in the Notes, or (3) a regulatory or self-regulatory authority pursuant to applicable law or regulation or (B) by judicial process; provided, that it may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of the transaction and any related tax strategies to the extent necessary to prevent the transaction from being described as a “confidential transaction” under U.S. Treasury Regulations Section 1.6011-4(b)(3)), and (iv) 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 Note Owners and the Noteholders by their acceptance of the Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master Issuer.  Any such reports and notices that are required to be delivered to the Noteholders hereunder shall be delivered by the Trustee.  The Trustee shall have no obligation whatsoever to verify, reconfirm or recalculate any information or material contained in any of the reports, financial statements or other information

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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                          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 Account is owned by the Franchise Holder.  The Contributed Restaurant Accounts are owned by Wendy’s Properties.  The Asset Disposition Proceeds Account is owned by the Master Issuer.  The Insurance Proceeds Account is owned by the Master Issuer.  Such accounts, as of the Closing Date and at all times thereafter, shall be (A) pledged to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 or the Guarantee and Collateral Agreement and (B) if not established with the Trustee or otherwise controlled by the Trustee under the New York UCC, subject to an Account Control Agreement.  Each Management Account shall be an Eligible Account and, in addition, from time to time, the Master Issuer or any other Securitization Entity (other than the Holding Company Guarantor) may establish additional accounts for the purpose of depositing Collections or funds necessary to meet large-franchisor exemptions or similar exemptions under applicable franchise laws therein (each such account and any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b), an “Additional Management Account”); provided that each such Additional Management Account is (A) an Eligible Account, (B) pledged by the Master Issuer or such other Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 or the Guarantee and Collateral Agreement and (C) if not established with the Trustee or otherwise controlled by the Trustee under the New York UCC, subject to an Account Control Agreement.  Each Additional Management Account that is to be a Franchisor Capital Account or a Contributed Restaurant 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 five (5) Business Days after the

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establishment of such deposit account to cause such deposit account to be subject to an Account Control Agreement.

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

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

(d)            Franchisor Capital Accounts.  The Franchise Holder and any Additional Securitization Entity that from time to time acts as the “franchisor” with respect to New Franchise Agreements and New 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 5.2                          Senior Notes Interest Reserve Account.

(a)            Establishment of the Senior Notes Interest Reserve Account.  The Master Issuer has established with the Trustee the Senior Notes Interest Reserve Account in the name of the Trustee for the benefit of the Senior Noteholders and the Trustee, solely in its capacity as trustee for the Senior Noteholders, bearing a designation clearly indicating that the funds

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

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

Section 5.3                          Senior Subordinated Notes Interest Reserve Account.

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

(b)            Administration of the Senior Subordinated Notes Interest Reserve Account.  All amounts held in the Senior Subordinated Notes Interest Reserve Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if not established with the Trustee or otherwise controlled by the Trustee under the New York UCC, subject to an Account Control Agreement; provided, however, that any such investment in the Senior Subordinated Notes

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Interest Reserve Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation Date.  In the absence of written investment instructions hereunder, funds on deposit in the Senior Subordinated Notes Interest Reserve Account shall be invested as fully as practicable in one or more Eligible Investments of the type described in clause (b) of the definition thereof.  All income or other gain from such Eligible Investments shall be credited to the Senior Subordinated Notes Interest Reserve Account, and any loss resulting from such investments shall be charged to the Senior Subordinated Notes Interest Reserve Account.  The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment.

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

Section 5.4                          Cash Trap Reserve Account.

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

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

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

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Section 5.5                          Collection Account.

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

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

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

Section 5.6                          Collection Account Administrative Accounts.

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

(i)                an account no. 11455000 entitled “Citibank, N.A. f/b/o Wendy’s Funding, LLC, Senior Notes Interest Payment Account” for the deposit of the Senior Notes Quarterly Interest Amount (together with any successor account, the “Senior Notes Interest Payment Account”);

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

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

(iv)              an account no. 11455100 entitled “Citibank, N.A. f/b/o Wendy’s Funding, LLC, Class A-1 Notes Commitment Fees Account” for the deposit of the Class A-1 Quarterly Commitment Fee Amount (together with any successor account, the “Class A-1 Notes Commitment Fees Account”);

(v)              an account no. 11455200 entitled “Citibank, N.A. f/b/o Wendy’s Funding, LLC, Senior Notes Principal Payment Account” for the deposit of the amounts allocable to the payment of principal of the Senior Notes (together with any successor account, the “Senior Notes Principal Payment Account”);

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

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

(viii)           an account no. 11455300 entitled “Citibank, N.A. f/b/o Wendy’s Funding, 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 Wendy’s Funding, 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 Wendy’s Funding, 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. 11455400 entitled “Citibank, N.A. f/b/o Wendy’s Funding, LLC, Securitization Operating Expense Account” for the deposit of Securitization Operating

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

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

Section 5.7                          Hedge Payment Account.

(a)            Establishment of the Hedge Payment Account.  On or before the 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 and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Eligible Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if not established with the Trustee or otherwise controlled by the Trustee under the New York UCC, subject to an Account Control Agreement; provided, however, that any such investment in the Hedge Payment Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation Date.  In the absence of written investment instructions hereunder, funds on deposit in the Hedge Payment Account shall be invested as fully as

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

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

Section 5.8                          Trustee as Securities Intermediary.

(a)            The Trustee or other Person holding any Base Indenture Account held in the name of the Trustee for the benefit of the Secured Parties (collectively the “Trustee Accounts”) shall be the “Securities Intermediary.”  If the Securities Intermediary in respect of any Trustee Account is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Securities Intermediary set forth in this Section 5.8.

(b)            The Securities Intermediary agrees that:

(i)            the Trustee Accounts are accounts to which “financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York (the “New York UCC”) will or may be credited;

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

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

(iv)            all property delivered to the Securities Intermediary pursuant to this Base Indenture will be promptly credited to the appropriate Trustee Account;

(v)            each item of property (whether investment property, security, instrument or cash) credited to a Trustee Account shall be treated as a Financial Asset under Article 8 of the New York UCC;

(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;

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(vii)            the Trustee Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement.  For purposes of all applicable UCCs, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Trustee Accounts (as well as the “securities entitlements” (as defined in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York;

(viii)            the Securities Intermediary has not entered into, and until termination of this Base Indenture, will not enter into, any agreement with any other Person relating to the Trustee Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Base Indenture will not enter into, any agreement with the Master Issuer purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 5.8(b)(vi); and

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

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

Section 5.9                          Establishment of Series Accounts; Legacy Accounts.

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

(b)            Legacy Accounts.  In the case of any mandatory or optional redemption in full of any Class or Series of Notes issued pursuant to this Base Indenture, on the Notes Discharge Date with respect to such Class or Series of Notes, the Master Issuer may (but is not required to) elect to have all or any portion of the funds held in any Legacy Account with respect to such Class or Series of Notes transferred to the applicable distribution account for such Class or Series of Notes, for application toward the prepayment of such Class or Series of Notes.  If the

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Master Issuer does not elect to have such funds so transferred, or if the Master Issuer elects to have only a portion of such funds so transferred, any funds remaining in the applicable Legacy Account after the applicable Notes Discharge Date shall be deposited into the Collection Account for application in accordance with the Priority of Payments.  When the balance of any Legacy Account has been reduced to zero, the Trustee may close such account.  The Trustee shall make the distributions and transfers and shall close any accounts as contemplated by this Section 5.9 pursuant to instructions delivered by the Master Issuer to the Trustee.

Section 5.10                       Collections and Investment Income.

(a)            Deposits to the Contributed Restaurant Accounts.  After the Cut-Off Date, the Manager (on behalf of Wendy’s Properties) will deposit (or cause to be deposited) the following amounts into the Contributed Restaurant Accounts:

(i)            all Contributed Restaurant Collections generated by Contributed Restaurants and New Contributed Restaurants within two (2) Business Days following Wendy’s Properties’ receipt thereof;

(ii)            all proceeds from credit card and debit card processors or armored carrier providers for Contributed Restaurant Collections at Contributed Restaurants and New Contributed Restaurants; provided that if such proceeds are not deposited directly into a Contributed Restaurant Account (including any applicable credit card and debit card sub-account of such Contributed Restaurant Account), such proceeds shall be deposited within two (2) Business Days following Wendy’s Properties’ receipt of such credit card and debit card proceeds; and

(iii)            within fourteen (14) days of the redemption at any Contributed Restaurant or New Contributed Restaurant of any gift card or portion thereof under the Wendy’s Brand gift card program, the amount of such gift card redemption.

(b)            Withdrawals from the Contributed Restaurant Accounts.  The Manager may withdraw available amounts on deposit in the Contributed Restaurant Accounts at any time in accordance with the Managing Standard and as otherwise set forth in the Related Documents in order to pay any Restaurant Operating Expenses; provided that, after the occurrence and during the continuance of any Warm Back-Up Management Trigger Event, Cash Trapping Period or Rapid Amortization Period, (A) all Restaurant Operating Expenses withdrawn from the Contributed Restaurant Accounts shall be withdrawn substantially in accordance with a Monthly Fiscal Period budget submitted to, and approved by, the Control Party (in consultation with the Back-Up Manager) prior to such withdrawal and (B) withdrawals of any Restaurant Operating Expenses from the Contributed Restaurant Accounts in excess in any material respect of amounts set forth in the Monthly Fiscal Period budget will be subject to (i) the delivery by the Manager to the Control Party and Back-Up Manager of an explanation in reasonable detail for the variance together with related information and (ii) the prior approval of the Control Party (in consultation with the Back-Up Manager).  All Restaurant Operating Expenses shall be paid only from the Contributed Restaurant Accounts.

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(c)            Deposits to the Concentration Accounts.  Until the Indenture is terminated pursuant to Section 12.1, the Master Issuer, the Franchise Holder or Wendy’s Properties, as the case may be, shall deposit (or cause to be deposited) the following amounts to the applicable Concentration Account to the extent owed to it or (in the case of the Master Issuer) its Subsidiaries and promptly after receipt (unless otherwise specified below and, except in the case of Contributed Restaurant Accounts, amounts held as Contributed Restaurant Working Capital Reserve Amounts):

(i)            all Franchisee Payments, Franchisee Lease Payments and Franchisee Note Payments shall be deposited directly to a Concentration Account (or, in the case of any misdirected payments, deposited to the applicable Concentration Account as soon as practicable, and in any event within three (3) Business Days of receipt (unless such deposit requires an international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt)); provided that, for a transition period of up to sixty (60) days following the Closing Date, a portion of Franchisee Payments, Franchisee Lease Payments and Franchisee Note Payments 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);

(ii)            on the first (1st) day of each Weekly Collection Period, an amount equal to all Contributed Restaurant Lease Payments and Retained Restaurant Lease Payments received during the previous Weekly Collection Period;

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

(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;

(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 Company Restaurant License Fees and Canadian 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

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(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.

(d)            Withdrawals from the Concentration Accounts.  The Manager may, and with respect to clause (iv) 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 make payments of any refunds, credits or other amounts owing to Franchisees; and

(iv)            on a weekly basis at or prior to 10:00 a.m. (Eastern time) on each Weekly Allocation Date, all Retained Collections in excess of the Working Capital Reserve Amount with respect to the preceding Weekly Collection Period then on deposit in the Concentration Accounts to the Collection Account for application to make payments and deposits in the order of priority set forth in the Priority of Payments.

(e)            Deposits 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; provided that after the occurrence and during the continuance of any Rapid Amortization Period, (A) all amounts withdrawn from the Asset Disposition Proceeds Account shall be withdrawn substantially in accordance with a Monthly Fiscal Period budget submitted to, and approved by, the Control Party (in consultation with the Back-Up Manager) prior to such withdrawal and (B) withdrawals of any amounts from the Asset Disposition Proceeds Account in excess in any material respect of amounts set forth in the Monthly Fiscal Period budget will be subject to (i) the delivery by the Manager to the Control Party and Back-Up Manager of an explanation in reasonable detail for the variance together with related information and (ii) the prior approval of the Control Party (in consultation with the Back-Up Manager).  To the extent such Asset Disposition Proceeds have not been so reinvested in Eligible Assets within one (1) year following the receipt of such Asset Disposition Proceeds or, with respect to a Refranchising Asset Disposition, within eighteen (18) months following the receipt of such Asset Disposition Proceeds (each such period, an “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

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to the Collection Account to be applied in accordance with priority (i) of the Priority of Payments on the Weekly Allocation Date immediately following the deposit of such Asset Disposition Proceeds to the Collection Account.  In the event that such Securitization Entity has elected not to reinvest such Asset Disposition Proceeds, such Asset Disposition Proceeds shall be deposited to the Collection Account promptly following such decision and applied in accordance with priority (i) of the Priority of Payments on the following Weekly Allocation Date.

(f)            Deposits and Withdrawals from the Insurance Proceeds Account.  All Insurance/Condemnation Proceeds received by or on behalf of any Securitization Entity in respect of the Securitized Assets shall be deposited promptly following receipt thereof to the Insurance Proceeds Account.  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 to repair or replace the assets in respect of which such proceeds were received within one (1) calendar year following receipt of such Insurance/Condemnation Proceeds; provided that (i) in the event the Manager has repaired or replaced the assets with respect to which such Insurance/Condemnation Proceeds have been received prior to the receipt of such Insurance/Condemnation Proceeds, such Insurance/Condemnation Proceeds shall be used to reimburse the Manager for any expenditures in connection with such repair or replacement and (ii) any Insurance/Condemnation Proceeds received in connection with the exercise of any non-temporary condemnation, eminent domain or similar powers exercised pursuant to Requirements of Law may be reinvested in Eligible Assets.  To the extent such Insurance/Condemnation Proceeds have not been so reinvested within such one (1) calendar year period (each such period, a “Casualty Reinvestment Period”), the Master Issuer shall withdraw an amount equal to all such uninvested Insurance/Condemnation Proceeds no later than the Business Day immediately succeeding the expiration of the applicable Casualty Reinvestment Period and deposit such amounts to the Collection Account to be applied in accordance with priority (i) of the Priority of Payments on the following Weekly Allocation Date.  In the event that such Securitization Entity has elected to not reinvest such Insurance/Condemnation Proceeds, such Insurance/Condemnation Proceeds shall instead be deposited to the Collection Account promptly following such decision to pay principal of each Series of Notes Outstanding in accordance with priority (i) of the Priority of Payments on the following Weekly Allocation Date.

(g)            Deposits to the Collection Account.  In addition to the weekly deposit of funds from the Concentration Accounts in accordance with Section 5.10(d)(iv), the Manager will also deposit or cause to be deposited to the Collection Account the following amounts, in each case promptly after receipt (unless otherwise specified below):

(i)            Indemnification Amounts within two (2) Business Days following either (A) the receipt by the Manager of such amounts if Wendy’s is not the Manager or (B) if Wendy’s 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;

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(ii)            Insurance/Condemnation Proceeds remaining in the Insurance Proceeds Account on the immediately succeeding Business Day following the expiration of the Casualty Reinvestment Period and Insurance/Condemnation Proceeds where the applicable Securitization Entity elects not to reinvest such amounts promptly upon the later of such election and receipt of such Insurance/Condemnation Proceeds;

(iii)            Asset Disposition Proceeds remaining in the Asset Disposition Proceeds Account on the immediately succeeding Business Day following the expiration of the Asset Disposition Reinvestment Period and Asset Disposition Proceeds where the applicable Securitization Entity elects not to reinvest such amounts promptly upon the later of such election and receipt of such Asset Disposition Proceeds;

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

(v)            the amounts on deposit on the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, upon the occurrence of an Interest Reserve Release Event shall be deposited, to the extent that no Senior Notes Interest Reserve Account Deficiency Amount or Senior Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, is outstanding immediately following such deposit, directly to the Collection Account; and

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

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

(h)            Investment Income.  On a weekly basis at or prior to 10:00 a.m. (Eastern time) on each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing to transfer any Investment Income on deposit in the Indenture Trust Accounts (other than the Collection Account) to the Collection Account for application as Collections on that Weekly Allocation Date.

(i)            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 Franchisee Payments, Franchisee Lease Payments or Franchisee Note Payments to make such payment to a Concentration Account and (ii) any other Person (not an Affiliate of the Master Issuer) obligated at any time to make any payments with respect to the Securitized Assets, including, without limitation, the Securitization IP, to make such payment to a Concentration Account or the Collection Account, as determined by the Master Issuer or the Manager.

(j)            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

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an Account or in any other manner, such monies, instruments, cash and other proceeds will not be commingled by the Master Issuer or such other Securitization Entity with any of their other funds or property, if any, but will be held separate and apart therefrom and shall be held in trust by the Master Issuer or such other Securitization Entity for, and, within one (1) Business Day of the identification of such payment, paid over to, the Trustee, with any necessary endorsement.  The Trustee shall withdraw from the Collection Account any monies on deposit therein that the Manager certifies to it and the Servicer are not Retained Collections and pay such amounts to or at the direction of the Manager.  All monies, instruments, cash and other proceeds of the 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 5.11                       Application of Weekly Collections on Weekly Allocation Dates.  On each Weekly Allocation Date (unless the Manager shall have failed to deliver by 4:30 p.m. (Eastern time) on the day prior to such Weekly Allocation Date the Weekly Manager’s Certificate relating to such Weekly Allocation Date, in which case the application of Retained Collections relating to such Weekly Allocation Date shall occur on the Business Day immediately following the day on which such Weekly Manager’s Certificate is delivered), the Trustee shall, based solely on the information contained in the Weekly Manager’s Certificate, withdraw the amount on deposit in the Collection Account as of 10:00 a.m. (Eastern time) in respect of such preceding Weekly Collection Period for allocation or payment in the following order of priority:

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

(A) to reimburse the Trustee, and then, the Servicer, for any unreimbursed Advances (and accrued interest thereon at the Advance Interest Rate); then

(B) to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance Interest Rate); then

(C) if a Class A-1 Notes Amortization Event is continuing, to make an allocation to the Senior Notes Principal Payment Account, to prepay, until paid in full, and permanently reduce the commitments under all Class A-1 Notes 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

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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;

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

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

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

(v)               fifth, pro rata,

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

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

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

(D) after a Mortgage Recordation Event, to the Trustee, all Mortgage Recordation Fees.

(vi)              sixth, to deposit to the applicable Indenture Trust Account, ratably according to the amounts required to be deposited as set forth in subclauses (A) through

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(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 Weekly Allocation Date, pro rata based on the amounts owed under each such Variable Funding Note Purchase Agreement on such Weekly Allocation Date;

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

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

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

(xi)               eleventh, to pay any Supplemental Management Fee, together with any previously accrued and unpaid Supplemental Management Fee;

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(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 Weekly Allocation Date occurs during a Cash Trapping Period, to deposit into the Cash Trap Reserve Account an amount equal to the Cash Trapping Amount, if any, on such Weekly Allocation Date;

(xiv)            fourteenth, so long as a Rapid Amortization Period is continuing, to allocate first, to the Senior Notes Principal Payment Account to allocate to the Class A Notes (sequentially, in alphanumerical order of Class A Notes) in an amount sufficient to reduce the Outstanding Principal Amount of the Class A Notes to zero and to fully cash collateralize all outstanding letters of credit thereunder on the next Quarterly Payment Date after giving effect to all deposits in the Senior Notes Principal Payment Account, and second, to the Senior Subordinated Notes Principal Payment Account in an amount sufficient to reduce the Outstanding Principal Balance of the Senior Subordinated Notes to zero (sequentially, in alphanumerical order of the Senior Subordinated Notes) on the next Quarterly Payment Date after giving effect to all deposits in the Senior Subordinated Notes Principal Payment Account;

(xv)            fifteenth, so long as no Rapid Amortization Period is continuing, to allocate to the Senior Subordinated Notes Principal Payment Account, an amount equal to the sum of (1) the Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount, if any, and (2) the Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount, if any;

(xvi)           sixteenth, to deposit to the Securitization Operating Expense Account an amount equal to any accrued and unpaid Securitization Operating Expenses (together with any Securitization Operating Expenses that are expected to be payable prior to the immediately following Weekly Allocation Date) in excess of the Capped Securitization Operating Expense Amount after giving effect to priority (v) above;

(xvii)         seventeenth, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement for payment of the Excess Class A-1 Notes Administrative Expenses Amounts due under each Variable Funding Note Purchase Agreement for such Weekly Allocation Date pro rata based on amounts due under each such Variable Funding Note Purchase Agreement on such Weekly Allocation Date;

(xviii)        eighteenth, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement for payment of the Class A-1 Notes Other Amounts due under such Variable Funding Note Purchase Agreement for such Weekly

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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 Weekly Allocation Date;

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

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

(xxv)          twenty-fifth, to deposit to the Hedge Payment Account, (A) any accrued and unpaid Series Hedge Payment Amount that constitutes a termination payment payable to a Hedge Counterparty and (B) any other amount payable to a Hedge Counterparty, pursuant to the related Series Hedge Agreement, in each case pro rata to each Hedge Counterparty, if any, according to the amount due and payable to each of them;

(xxvi)        twenty-sixth, to allocate to the Senior Notes Principal Payment Account an amount equal to any unpaid premiums and make-whole prepayment premiums with respect to Senior Notes;

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

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

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

Section 5.12                       Quarterly Payment Date Applications.

(a)            Senior Notes Interest Payment Account.

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

(ii)            If the amount of funds allocated to the Senior Notes Interest Payment Account referred to in subclause (i) 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 5.12(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 5.12(p), the Master Issuer shall instruct the Trustee in writing to withdraw an amount equal to any remaining insufficiency from first, the Senior Notes Interest Reserve Account to the extent of funds on deposit therein and second, from funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes, and deposit such funds into the Senior Notes Interest Payment Account for further deposit to the applicable Series Distribution Accounts pursuant to subclause (i); provided that in the event that amounts on deposit in the Senior Notes Interest Reserve Account or funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes are required to be withdrawn in connection with a Class A-1 Quarterly Commitment Fee Amount insufficiency under Section 5.12(b)(ii), the amounts withdrawn under this Section 5.12(a)(ii) and under Section 5.12(b)(ii) shall be allocated ratably based on the respective insufficiencies towards which such amounts are required to be allocated.

(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

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(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 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 shall instruct the Trustee in writing on the following Quarterly Payment Date to withdraw the funds allocated to the Class A-1 Notes Commitment Fees Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (or, to the extent necessary to cover any 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 5.12(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)

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above.  If such insufficiency is not eliminated following the reallocation of funds as set forth in Section 5.12(p), the Master Issuer shall instruct the Trustee in writing to withdraw an amount equal to any remaining insufficiency from first, the Senior Notes Interest Reserve Account to the extent of funds on deposit therein and second, from funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes, and deposit such funds into the Class A-1 Notes Commitment Fees Account for further deposit to the applicable Series Distribution Accounts pursuant to subclause (i); provided that in the event that amounts on deposit in the Senior Notes Interest Reserve Account or funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes are required to be withdrawn in connection with a Senior Notes Quarterly Interest Amount insufficiency under Section 5.12(a)(ii), the amounts withdrawn under this Section 5.12(b)(ii) and under Section 5.12(a)(ii) shall be allocated ratably based on the respective insufficiencies towards which such amounts are required to be allocated.  

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

(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 shall instruct the Trustee in writing on the following Quarterly Payment Date to withdraw the funds allocated to the Senior Subordinated Notes Interest Payment Account, on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, 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

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Quarterly Reallocation Event pursuant to Section 5.12(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 5.12(p), the Master Issuer shall instruct the Trustee in writing to withdraw an amount equal to any remaining insufficiency from first, the Senior Subordinated Notes Interest Reserve Account to the extent of funds on deposit therein and second, from funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Subordinated Notes, and deposit such funds into the Senior Subordinated Notes Interest Payment Account for further deposit to the applicable Series Distribution Accounts pursuant to subclause (i).

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

(d)            Senior Notes Principal Payment Account.

(i)            On each Quarterly Calculation Date, the Master Issuer shall instruct the Trustee in writing on the following Quarterly Payment Date to withdraw the funds allocated to the Senior Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to priority (i) of the Priority of Payments, the Holders of each applicable Class of Senior Notes up to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth in priority (i) of the Priority of Payments and (B) in the case of funds allocated pursuant to priorities (x), (xii), (xiv) and (xxvi) of the Priority of Payments and subclause (ii) below, if applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Senior Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (x), (xii), (xiv) and (xxvi), in 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 Weekly Allocation Date with respect to the immediately preceding Quarterly Collection

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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 5.12(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.

(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 in accordance with such Series Supplement or Variable Funding Note Purchase Agreement.

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

(ii)            If the aggregate amount of funds allocated to the Senior Subordinated Notes Principal Payment Account pursuant to priorities (xiv), (xv) and (xxvii) of the Priority of Payments on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the sum (without duplication) of (A) the Senior Subordinated Notes Quarterly Scheduled Principal Amount and any Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amounts due with respect to each applicable Class of Senior Subordinated Notes on such Quarterly Payment Date and (B) if a Rapid Amortization Period is continuing, the Outstanding Principal Amount of the Senior Subordinated Notes, on the

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next Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.12(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.

(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 shall instruct the Trustee in writing on the following Quarterly Payment Date to withdraw the funds allocated to the Subordinated Notes Interest Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, 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, 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 5.12(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 shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date the funds allocated to the Subordinated Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated

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pursuant to priority (i) of the Priority of Payments, the Holders of each applicable Class of Subordinated Notes up to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth in priority (i) of the Priority of Payments and (B) in the case of funds allocated pursuant to priorities (xx), (xxi) and (xxviii) of the Priority of Payments, and subclause (ii) below, if applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (xx), (xxi) and (xxviii), in each case sequentially in order of alphanumerical designation and pro rata among each such Class of Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Subordinated Notes of such Class and deposit such funds into the applicable Series Distribution Account.

(ii)            If the aggregate amount of funds allocated to the Subordinated Notes Principal Payment Account pursuant to priorities (xx), (xxi) and (xxviii) of the Priority of Payments on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the sum (without duplication) of (A) the Subordinated Notes Quarterly Scheduled Principal Amounts and any Subordinated Notes Quarterly Scheduled Principal Deficiency Amounts due with respect to each applicable Class of Subordinated Notes on such Quarterly Payment Date and (B) if a Rapid Amortization Period is continuing, the Outstanding Principal Amount of the Subordinated Notes, on the next Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.12(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 shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date the funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Senior Notes Post-ARD Contingent Interest Account pursuant to subclause (ii) below, to be paid for the benefit of the Holders of each applicable Class of Senior Notes, up to the accrued and unpaid Senior Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based upon the Senior Notes Quarterly Post-ARD Contingent Interest Amount payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

(ii)            If the aggregate amount of funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the Senior Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.12(p) shall be triggered and any funds reallocated as a result thereof into the Senior Notes Post-ARD Contingent Interest Account shall be distributed in accordance with subclause (i) above.

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

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(i)            To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date the funds allocated to the Senior Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, the funds allocated to the Senior Subordinated Notes Post-ARD Contingent Interest Account pursuant to subclause (ii) below, to be paid for the benefit of the Holders of each applicable Class of Senior Subordinated Notes, up to the accrued and unpaid Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Subordinated Notes of the same alphanumerical designation based upon the Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.

(ii)            If the aggregate amount of funds allocated to the Senior Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to subclause (i) above is insufficient to pay the Senior Subordinated Notes Quarterly Post‐ARD Contingent Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.12(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 shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date the funds allocated to the Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Subordinated Notes Post-ARD Contingent Interest Account pursuant to subclause (ii) below, to be paid for the benefit of the Holders of each applicable Class of Subordinated Notes, up to the accrued and unpaid Subordinated Notes Quarterly Post‐ARD Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and pro rata among each such Class of Subordinated Notes of the same alphanumerical designation based upon the amount of 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 Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to subclause (i) above is insufficient to pay the Subordinated Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.12(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 any Quarterly Payment Date that is a Cash Trapping Release Date, the Master Issuer 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 shall instruct the Trustee in writing to withdraw on such 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 a result of a Quarterly Reallocation Event on such Quarterly Calculation Date) 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 funds allocated to the Cash Trap Reserve Account on each Weekly Allocation Date with respect to the immediately preceding 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 5.12(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)            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. Any such amounts used to make optional prepayments (1) will be allocated (after giving effect to all other payments to be made as of the related Quarterly Payment Date, including all other releases and payments from the Cash Trap Reserve Account) pursuant to priorities (ii) through (xxviii) of the Priority of Payments (except for priority (xiii) thereof), and then (2) will be allocated to the applicable Series Distribution Accounts to make optional prepayments of principal on the Senior Notes; provided that any such optional prepayment will be accompanied by the payment of any make-whole prepayment premiums related thereto, to the extent such prepayment premiums are otherwise payable in connection with the optional prepayment of such Notes in accordance with the applicable Series Supplement.

(iv)            If the Master Issuer determines, with respect to any Series of Senior Notes, that the amount to be deposited in any Series Distribution Account in accordance with this Section 5.12 on any Series Legal Final Maturity Date related to such Series of Senior Notes is less than the Outstanding Principal Amount of such Series of Senior Notes, on the Quarterly Calculation Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such

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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 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.

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

(vi)            On any date on which no Senior Notes are Outstanding, the Master Issuer 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.

(vii)            On any date on which no Senior Subordinated Notes are Outstanding, the Master Issuer 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 5.12(d)(i), Section 5.12(e)(i) or Section 5.12(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

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shall instruct the Trustee in writing to withdraw on the following 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 5.12.  The Master Issuer 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 shall instruct the Trustee in writing to withdraw on the following 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 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.

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

(n)            Hedge Payment Account.

(i)            On each Quarterly Calculation Date, the Master Issuer shall instruct the Trustee in writing on the following Quarterly Payment Date to withdraw the funds allocated to the Hedge Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period and, if applicable, funds allocated to the Hedge Payment Account pursuant to subclause (ii) below, up to the accrued and unpaid amount of Series Hedge

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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 Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the aggregate accrued and unpaid Series Hedge Payment Amount due and payable since the prior Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to Section 5.12(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 Class or Tranche of Notes, in whole or in part in accordance with the related Series Supplement; provided that following a Series Anticipated Repayment Date for any Series of Notes that remains Outstanding, all optional prepayments must be applied first, to Senior Notes, second, to Senior Subordinated Notes and third, to Subordinated Notes.  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.

(p)            Quarterly Reallocation Events.  In the event that there exists any shortfall with respect to amounts payable under any subsection of this Section 5.12 that specifically refers to this clause (p) (a “Quarterly Reallocation Event”), then the Master Issuer shall instruct the Trustee to reallocate on the relevant Quarterly Calculation Date (subject to Section 5.12(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) and (xxviii) of the Priority of Payments for such Quarterly Collection Period.

Section 5.13                       Determination of Quarterly Interest.

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

Section 5.14                       Determination of Quarterly Principal.

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

Section 5.15                       Prepayment of Principal.

Mandatory prepayments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the applicable Series Supplement, if not otherwise described herein.

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Section 5.16                       Retained Collections Contributions.

At any time after the Closing Date, the Master Issuer may (but is not required to) designate Retained Collections Contributions to be included in Net Cash Flow, but not more than $15,000,000 in any Quarterly Collection Period or more than $30,000,000 during any period of four (4) consecutive Quarterly Collection Periods or more than $60,000,000 from the Closing Date to the Quarterly Payment Date occurring in June 2045; provided that any Retained Collections Contributions shall be excluded from the amount of Net Cash Flow for purposes of calculations undertaken in the following circumstances: (a) to determine compliance with any Series Non-Amortization Test and (b) to determine the New Series Pro Forma DSCR. The amount of any Retained Collections Contribution included in Net Cash Flow for the purpose of calculating the DSCR shall be retained in the Collection Account until the Weekly Allocation Date on which either (i) the DSCR for the period of four (4) Quarterly Collection Periods ended immediately prior to such Weekly Allocation Date is at least 1.75x without giving effect to the inclusion of such Retained Collections Contribution or (ii) such Retained Collections Contribution is required to pay any shortfall in the amounts payable under priorities (ii) through (xxviii) of the Priority of Payments, to the extent of any shortfall on such Weekly Allocation Date.

Section 5.17                       Interest Reserve Letters of Credit.

The Master Issuer may, in lieu of funding (or as partial replacement for funding) the Senior Notes Interest Reserve Account and/or the Senior Subordinated Notes Interest Reserve Account in the amounts required hereunder, maintain one or more Interest Reserve Letters of Credit issued under a Variable Funding Note Purchase Agreement for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable, each in a face amount equal to the amounts required to be funded in respect of such account(s) had such Interest Reserve Letter of Credit not been issued.  Where on any Quarterly Calculation Date the Master Issuer 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 5.12; (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.

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If, on the date that is ten (10) 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 Trustee (at the direction of the Master Issuer) or the Control Party (on the Master Issuer’s behalf) shall submit a notice of drawing under such Interest Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount on such date, as applicable, 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, the Master Issuer shall fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount on such date, in each case calculated as if such Interest Reserve Letter(s) of Credit had not been issued or (b) 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 5.18                       Replacement of Ineligible Accounts.

If, at any time, any Management Account or any of the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account, the Collection Account or any Collection Account Administrative Account shall cease to be an Eligible Account (each, an “Ineligible Account”), the Master Issuer shall (i) within five (5) Business Days of obtaining knowledge thereof, notify the Control Party thereof and (ii) within sixty (60) days of obtaining knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Ineligible Account, (B) with the exception of any Management Account, following the establishment of such new Eligible Account, transfer, or with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer, all cash and investments from such Ineligible Account into such new Eligible Account, (C) in the case of a Management Account, following the establishment of such new Eligible Account, transfer or cause to be transferred to such new Eligible Account, all cash and investments from such Ineligible Account into such new Eligible Account, (D) in the case of a Management Account, transfer or cause to be transferred all items deposited in the lock-box related to such Ineligible Account to a new lock-box related to such

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new Management Account, and (E) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such Ineligible Account is required to be subject to an Account Control Agreement in accordance with the terms of the Indenture, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party and the Trustee.  In the event that any of the Collection Account, any Management Account or any Collection Account Administrative Account becomes an Ineligible Account, the Manager shall, promptly following the establishment of such related new Eligible Account, notify each Franchisee of a change in payment instructions, if any.

ARTICLE VI

DISTRIBUTIONS

Section 6.1                          Distributions in General.

(a)            Unless otherwise specified in the applicable Series Supplement, on each Quarterly Payment Date, the Paying Agent shall pay to the Noteholders of each Series of record on the preceding Record Date (or in the case of optional prepayments made in accordance with a Series Supplement, the Noteholders of each Series 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 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.

(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 reasonably be expected to result in a Material Adverse Effect.

Section 7.2                          Company and Governmental Authorization.

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

Section 7.3                          No Consent.

Except as set forth on Schedule 7.3, no consent, action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required for the valid execution and delivery by the Master Issuer of this Base Indenture and any Series Supplement and by the Master Issuer and each other Securitization Entity of any Related Document to which it is a party or for the performance of any of the

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Securitization Entities’ obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations, declarations or filings (a) as shall have been obtained or made by such Securitization Entity prior to the Closing Date or as are permitted to be obtained subsequent to the Closing Date in accordance with Section 7.13, Section 8.25 or Section 8.37 or (b) relating to the performance of any Collateral Business Document, 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                          Employee Benefit Plans.

No Securitization Entity has established, maintains, contributes to, or has any liability in respect of (or has in the past six (6) years established, maintained, contributed to, or had any liability in respect of) any Pension Plan.  No Securitization Entity has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability (i) for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage laws, (ii) provided in connection with the payment of severance benefits or (iii) that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.  Each Employee Benefit Plan presently complies and has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations, including ERISA and the Code, except for such instances of noncompliance as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.  No “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any Employee Benefit Plan, other than transactions effected pursuant to a statutory or administrative exemption or such transactions as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.  Except as would not reasonably be expected to result in a Material Adverse Effect, each such Employee Benefit Plan 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

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pending) and nothing has occurred, to the knowledge of the Master Issuer, whether by action or by failure to act, which would cause the loss of such qualification.

Section 7.7                          Tax Filings and Expenses.

Each Securitization Entity has filed, or caused to be filed, all United States federal, state and local Tax returns and all other material 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 material 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, except as set forth on Schedule 7.7, the Master Issuer is not aware of any material Tax assessments proposed in writing against any Wendy’s 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 Noteholders by or on behalf of the Securitization Entities pursuant to any provision of the Indenture or any other Related Document, or in connection with or pursuant to any amendment or modification of, or waiver under, the Indenture or any other Related Document (when taken together with all other information furnished by or on behalf of the Wendy’s Entities to the Trustee or the Noteholders, as the case may be), contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein not materially misleading in each case when taken as a whole and in the light of the circumstances under which they were made, and the furnishing of the same to the Trustee or the Noteholders, as the case may be, shall constitute a representation and warranty by the Master Issuer made on the date the same are furnished to the Trustee or the Noteholders, as the case may be, to the effect specified herein.

Section 7.9                          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.

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

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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 Franchise Holder 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 Wendy’s Properties are directly owned by the Master Issuer, have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the Master Issuer free and clear of all Liens other than Permitted Liens.

(d)            As of the Closing Date, (i) the Holding Company Guarantor has no direct Subsidiaries and owns no Equity Interests in any other Person, other than the Master Issuer, (ii) the Master Issuer has no direct Subsidiaries and owns no Equity Interests in any other Person, other than the Franchise Holder and Wendy’s Properties, (iii) the Franchise Holder has no Subsidiaries and owns no Equity Interests in any other Person and (iv) Wendy’s Properties 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, provided, however, that

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this sentence shall not apply to the Real Estate Assets until six (6) months after the Closing Date.  Other than the Accounts, the Real Estate Assets and Intellectual Property, the Indenture Collateral consists of securities, loans, investments, accounts, commercial tort claims, inventory, equipment, fixtures, health care insurance receivables, chattel paper, money, deposit accounts, instruments, financial assets, documents, investment property, general intangibles, letter of credit rights, or other supporting obligations (in each case, as defined in the UCC).  Except in the case of the Contributed Owned Real Property, the New Owned Real Property and 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.

(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 Securitized Assets authorized by this Base Indenture and the Guarantee and Collateral Agreement are powers coupled with an interest and are irrevocable.

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Section 7.14                       Related Documents.

The Indenture Documents, the Collateral Transaction Documents, the Account Agreements, the Depository Agreements, any Variable Funding Note Purchase Agreement, any Swap Contract, any Series Hedge Agreement and any Enhancement Agreement with respect to each Series of Notes (other than the Mortgages) are in full force and effect.  There are no outstanding defaults thereunder nor have events occurred which, with the giving of notice, the passage of time or both, would constitute a default thereunder.

Section 7.15                       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 reasonably be expected to result in a Material Adverse Effect.

Section 7.17                       Other Representations.

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

Section 7.18                       No Employees.

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

Section 7.19                       Insurance.

The Securitization Entities shall 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

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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 Real Estate Assets now or, to the knowledge of the Master Issuer, formerly owned, leased or operated by any Securitization Entity, or at any other location (including, without limitation, any location to which Materials of Environmental Concern have been sent by the Master Issuer for re-use or recycling or for treatment, storage or disposal) in a condition or circumstance that would reasonably be expected to (x) give rise to liability of any Securitization Entity under any applicable Environmental Law or otherwise result in costs to any Securitization Entity (y) interfere with any Securitization Entity’s continued operations or (z) impair the fair saleable value of any real property owned by any Securitization Entity.

(iii)            There is no judicial, administrative, or arbitral proceeding (including, without limitation, any notice of violation or alleged violation) under or relating to any Environmental Law to which any Securitization Entity is, or to the knowledge of the Securitization Entities will be, named as a party that is pending or, to the knowledge of the Securitization Entities, threatened.

(iv)            No Securitization Entity has received any written request for information, or been notified in writing that it is a potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation and Liability Act, as amended, or that it is liable under any other Environmental Law, or in either case, with respect to the release of any Materials of Environmental Concern to the environment.

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

(b)            Except as set forth on Schedule 7.21, (i) the use of the Securitization IP and the operation of the Wendy’s System do not infringe, misappropriate or otherwise violate the Intellectual Property rights of any third party in a manner that would reasonably be expected to result in a Material Adverse Effect, (ii) to the Master Issuer’s knowledge, the Securitization IP is not being infringed or violated by any third party in a manner that would reasonably be expected to result in a Material Adverse Effect and (iii) there is no action or proceeding pending or to the Master Issuer’s knowledge, threatened, alleging the same that would reasonably be expected to result in a Material Adverse Effect.

(c)            Except as set forth on Schedule 7.21, no action or proceeding is pending or, to the Master Issuer’s knowledge, threatened, that seeks to limit, cancel, or challenge the validity of any Securitization IP, or the use thereof, that would reasonably be expected to result in a Material Adverse Effect.

(d)            The Franchise Holder is the exclusive owner of the Securitization IP other than the IP License Agreements and licenses permitted pursuant to Section 8.16, free and clear of all Liens, encumbrances, set-offs, defenses and counterclaims of whatsoever kind or nature, other than the Permitted Liens.

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

ARTICLE VIII

COVENANTS

Section 8.1                          Payment of Notes.

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

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

(b)            By acceptance of its Notes, each Noteholder agrees that the failure to provide the Paying Agent with appropriate tax certifications (which includes but is not limited to (i) an 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 Noteholder under this Base Indenture and any Series Supplement and that amounts withheld pursuant to applicable laws shall be considered as having been paid by the Master Issuer as provided in clause (a) above.

Section 8.2                          Maintenance of Office or Agency.

(a)            The Master Issuer 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

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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 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) 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) 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.

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 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 visit and inspect any of its properties (subject to the rights of tenants under applicable leases and subleases), to examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, directors, managers, employees and independent certified public accountants, and the reasonable costs and documented out-of-pocket expenses of one such visit and inspection by each of the Servicer, the Controlling Class Representative and the Trustee, or any Person appointed by them, shall be reimbursable as a Securitization Operating Expense per calendar year, with any additional visit or inspection by any such Person being at such Person’s sole cost and expense; provided, however, that during the continuance of a Warm Back-Up Management Trigger Event, a Rapid Amortization Event or an Event of Default, or to the extent expressly required without the instruction of any other party under the terms of any Related Documents, any such Person may visit and conduct such activities at any time and all such visits and activities shall constitute a Securitization Operating Expense.

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

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

(b)            Except as otherwise provided in Section 3.2(a) or Section 8.7(d), the Master Issuer shall not, and shall not permit any Securitization Entity to, take any action which would permit any other Person party to a Collateral 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:

(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 Wendy’s Entity for the benefit of any Securitization Entity;

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

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

(iv)            in the case of any Variable Funding Note Purchase Agreement, to the extent that the consent of the Control Party is not required, pursuant to the terms of such agreement, for such amendment, modification, supplement or waiver.

(e)            Upon the occurrence of a Manager Termination Event under the Management Agreement, (i) the Master Issuer 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 the 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 8.30 or Section 8.25(b), promptly (and in any event within ten (10) days) upon the determination by either the chief financial officer or the chief legal officer of Wendy’s that the commencement or existence of any litigation, arbitration or other proceeding with respect to any Wendy’s 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 the Rating Agency with respect to each Series of Notes Outstanding.

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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.

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 subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of the Indenture or the other Related Documents or to better assure and confirm unto the Trustee, the Servicer, the Noteholders or the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby and by the Guarantee and Collateral Agreement, in each case except as set forth on Schedule 7.13(a) and in accordance with Section 8.25(c), Section 8.25(d) or Section 8.37.  If the Master Issuer fails to perform any of its agreements or obligations under this Section 8.11(a), then the Servicer may perform such agreement or obligation, and the expenses of the Servicer incurred in connection therewith shall be payable by the Master Issuer upon the Servicer‘s demand therefor.  The Servicer is hereby authorized to execute and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee’s security interest in the Collateral 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 two (2) Business Days physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly; provided that no Securitization Entity shall be required to deliver any Franchisee Note.

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

(d)            If during any Quarterly Collection Period, the Master Issuer or any Guarantor shall obtain an interest in any commercial tort claim or claims (as such term is defined in the New York UCC) and such commercial tort claim or claims (when added to any past commercial tort claim or claims that were obtained by any Securitization Entity prior to such Quarterly Collection Period that are still outstanding) have an aggregate value equal to or greater

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than $5,000,000 as of the last day of such Quarterly Collection Period, the Master Issuer or such Guarantor shall notify the Servicer on or before the third Business Day prior to the next succeeding Quarterly Payment Date that it has obtained such an interest and shall sign and deliver documentation reasonably acceptable to the Servicer granting a security interest under this Base Indenture or the Guarantee and Collateral Agreement, as the case may be, in and to such commercial tort claim or claims whether obtained during such Quarterly Collection Period or prior to such Quarterly Collection Period.

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

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

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.

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Section 8.13                       Other Indebtedness.

The Master Issuer shall not, and shall not permit any other Securitization Entity to, create, assume, incur, suffer to exist or otherwise become or remain liable in respect of any Indebtedness other than (i) Indebtedness hereunder or under the Guarantee and Collateral Agreement or any other Related Document, (ii) any Guarantee by any Securitization Entity of the obligations of any other Securitization Entity, (iii) Indebtedness of a Securitization Entity owed to a Securitization Entity, (iv) any purchase money Indebtedness incurred in order to finance the acquisition, lease or improvement of equipment in the ordinary course of business, or (v) 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 8.14                       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 Pension Plan to the extent the liabilities under such Pension Plan would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

Section 8.15                       Mergers.

On and after the Closing Date, the Master Issuer shall not, and shall not permit any other Securitization Entity to, merge or consolidate with or into any other Person (whether by means of a single transaction or a series of related transactions) other than any merger or consolidation of any Securitization Entity with any other Securitization Entity or any merger or consolidation of any Securitization Entity with any other entity to which the Control Party has given prior written consent.

Section 8.16                       Asset Dispositions.

The Master Issuer shall not, and shall not permit any other Securitization Entity to, sell, transfer, lease, license, liquidate or otherwise dispose of any of its property (whether by means of a single transaction or a series of related transactions), including any Equity Interests of any other Securitization Entity, except in the case of the following (each, a “Permitted Asset Disposition”):

(a)            (i) any disposition of obsolete, surplus, damaged or worn out property or property that is no longer used or useful in the business of the Securitization Entities, and (ii) any abandonment, cancellation, or lapse of Securitization IP registrations or applications that in the reasonable good faith judgment of the Manager are no longer commercially reasonable to maintain;

(b)            any disposition of (i) Eligible Investments and (ii) inventory in the ordinary course of business;

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(c)            any disposition of equipment or real property to the extent that (x) such property is exchanged for credit against the purchase price or other payment obligations in respect of similar replacement property or other Eligible Assets (including, without limitation, credit against rental obligations under a real estate lease) or (y) the proceeds thereof are applied to the purchase price of such replacement property or other Eligible Assets in accordance with this Base Indenture;

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

(e)            any dispositions of equipment leased to Franchisees;

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

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

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

(i)            Investments permitted under Section 8.21, Liens permitted under Section 8.12 and distributions permitted under Section 8.18;

(j)            transfers of properties subject to condemnation or casualty events;

(k)            any disposition of Franchisee Notes or accounts receivable in connection with the collection or compromise thereof;

(l)            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;

(m)            any decision to abandon, fail to pursue, settle, or otherwise resolve any claim or cause of action to enforce or seek remedy for the infringement, misappropriation, dilution or other violation of any Securitization IP, or other remedy against any third party where it is not commercially reasonable to pursue such claim or remedy in light of the cost, potential remedy, or other factors; provided that such action (or failure to act) would not reasonably be expected to materially and adversely impact the Securitization IP (taken as whole);

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

(o)            with respect to the purchase of any land or building asset, the subsequent sale, assignment, transfer or other disposition of such land or building asset to a Franchisee within three (3) months of such purchase;

(p)            any refranchising activities pursuant to any sale, transfer or other disposition of the operations and assets of a Contributed Restaurant or New Contributed Restaurant (as opposed to a disposition of fee simple real estate or a real estate lease, including in connection with a Refranchising Asset Disposition) to a Franchisee (a “Refranchising Asset Disposition”);

(q)            any dispositions pursuant to the sale or sale-leaseback of Contributed Owned Real Property or New Owned Real Property;

(r)            any other sale, lease, license, transfer or other disposition of property to which the Control Party has given the relevant Securitization Entity prior written consent; or

(s)            any other sale, lease, license, liquidation, transfer or other disposition of property not directly or indirectly constituting any asset dispositions permitted by clauses (a) through (r) 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; it being understood that any delivery to the Trustee of any Note, at any time and in any amount, by the Manager or any Securitization Entity, together with any cancellation thereof pursuant to Section 2.14, shall be deemed to be a Permitted Asset Disposition.

All amounts received by any Securitization Entity upon a Permitted Asset Disposition pursuant to clauses (a) – (o) and any amounts of up to $5,000,000 in the aggregate during any fiscal year pursuant to clause (s) 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 Asset Disposition Proceeds in Eligible Assets, shall be deposited to the Collection Account promptly following receipt thereof and applied in accordance with priority (i) of the Priority of Payments.

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

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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 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.

Section 8.18                       Dividends, Officers’ Compensation, etc.

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

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

The Master Issuer shall not, and shall not permit any other Securitization Entity to, change its location (within the meaning of Section 9-301 or 9-307 of the applicable UCC) or its legal name without at least thirty (30) days’ prior written notice to the Trustee, the Servicer, the Manager, the Back-Up Manager and the Rating Agency with respect to each Series of Notes Outstanding.  In the event that the Master Issuer or other Securitization Entity desires to so change its location or change its legal name, the Master Issuer will, or will cause such other Securitization Entity to, make any required filings and prior to actually changing its location or its legal name the Master Issuer will, or will cause such other Securitization Entity to, deliver to the Trustee and the Servicer (i) an Officer’s Certificate and an Opinion of Counsel confirming (a) that all required filings have been made, subject to Section 8.11(c), to continue the perfected interest 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

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

Section 8.20                       Charter Documents.

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

Section 8.21                       Investments.

The Master Issuer shall not, and shall not permit any other Securitization Entity to, make, incur, or suffer to exist any loan, advance, extension of credit or other Investment if such Investment when made on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement, other than (a) Investments in the Accounts and Eligible Investments, (b) any Franchisee Note, (c) Investments in any other Securitization Entity, (d) loans or advances by the Franchise Holder 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 and product volumes and (g) guarantees for the benefit of Franchisees of Indebtedness in an aggregate principal amount at any time outstanding of up to the greater of (x) $20,000,000 and (y) 5.0% of the Net Cash Flow for the preceding four (4) Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared.

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 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.

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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 account, as applicable, or accounts, separate from those of any of its Affiliates (other than the other Securitization Entities), with commercial banking institutions and ensure that the funds of the Securitization Entities will not be diverted to any Person who is not a Securitization Entity or for other than the use of the Securitization Entities, nor will such funds be commingled with the funds of any of its Affiliates (other than the other Securitization Entities), other than as provided in the Related Documents;

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

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

(iv)            issue 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;

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

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

(viii)            maintain at least two Independent Managers, on its board of managers or its Board of Directors, as the case may be;

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

(x)            (A) provide, or cause the Manager to provide, to the Trustee and the Control Party, a copy of the executed agreement with respect to the appointment of any replacement Independent Manager and (B) provide, or cause the Manager to provide, to the Trustee, the Control Party and each Noteholder, written notice of the identity and contact information for each Independent Manager on an annual basis and at any time such information changes.

(b)            The Master Issuer, on behalf of itself and each of the other Securitization Entities, confirms that the statements relating to the Master Issuer referenced in the opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP regarding substantive consolidation matters delivered to the Trustee on each Series Closing Date are true and correct with respect to itself and each other Securitization Entity, and that the Master Issuer will, and will cause each other Securitization Entity to, comply with any covenants or obligations assumed to be complied with by it therein as if such covenants and obligations were set forth herein.

Section 8.25                       Covenants Regarding the Securitization IP.

(a)            The Master Issuer shall not, and shall not permit any other Securitization Entity to, take or omit to take any action with respect to the maintenance, enforcement and defense of the Franchise Holder’s rights in and to the Securitization IP that would constitute a

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breach by the Manager of the Management Agreement if such action were taken or omitted by the Manager on behalf of any Securitization Entity.

(b)            The Master Issuer shall notify the Trustee, the Back-Up Manager and the Servicer in writing within fifteen (15) Business Days of the Master Issuer first knowing or having reason to know that any application or registration relating to any material Securitization IP (now or hereafter existing) may become abandoned or dedicated to the public domain, or of any material adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the PTO, the United States Copyright Office, 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 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.

(c)            With respect to the Securitization IP, the Master Issuer shall cause the Franchise Holder 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 Perfection 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, represents greater than $10,000,000 in Retained Collections in the aggregate during such fiscal year (each, an “Additional Perfection Country”) such instruments or documents as may be reasonably necessary (at the discretion of the Manager) under the laws of each such Additional Perfection 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 Perfection 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 Franchise Holder that a country has become an Additional Perfection Country; provided that such documents need not be executed, filed or delivered in any Additional Perfection Country if (x) so doing would be reasonably likely to have an adverse effect on the validity, the enforceability or the Franchise Holder’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 Perfection Country through such filings.

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(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 Perfection 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 Perfection Country (A) where the filing takes place during the fiscal year in which such country becomes an Additional Perfection Country, within ninety (90) days after the end of the fiscal year of the Securitization Entities for the fiscal year in which such Additional Perfection Country became an Additional Perfection 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 Perfection Country, including, without limitation, executing and delivering (x) the Supplemental Notice of Grant of Security Interest in Trademarks substantially in the form attached as Exhibit C-1 hereto, (y) the Supplemental Notice of Grant of Security Interest in Patents substantially in the form attached as Exhibit C-2 hereto and/or (z) the Supplemental Grant of Security Interest in Copyrights substantially in the form attached as Exhibit C-3 hereto, as applicable; provided, however, that with respect to Additional Perfection Countries, the aforesaid filings must be made within ninety (90) days of such written notice.

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

(f)            With respect to licenses of third-party Intellectual Property entered into after the Closing Date by the Securitization Entities (including, for the avoidance of doubt, the Manager acting on behalf of the Securitization Entities, as applicable), the Securitization Entities shall use commercially reasonable efforts to include terms permitting the grant by the Securitization Entities of a security interest therein to the Trustee for the benefit of the Secured

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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.

Section 8.27                       Real Property.

The Master Issuer shall not, and shall not permit any other Securitization Entity to, enter into any lease of real property (other than in connection with any Permitted Asset Disposition or New Contributed Restaurant Leases, New Franchised Restaurant Leases or New Retained Restaurant Leases).  The Master Issuer shall not, and shall not permit any other Securitization Entity to, acquire any fee interest in real property (other than any fee interest in real property acquired by Wendy’s Properties).

Section 8.28                       No Employees.

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

Section 8.29                       Insurance.

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

Section 8.30                       Litigation.

If Wendy’s 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 the Rating Agency for each Series of Notes Outstanding that sets forth all outstanding litigation, arbitration or other proceedings against any Wendy’s Entity that would have been required to be disclosed in Wendy’s annual reports, quarterly reports and other public filings which Wendy’s would have been required to file with the SEC pursuant to Section 13 or 15(d) of the 1934 Act if Wendy’s were subject to such Sections.

Section 8.31                       Environmental.

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

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individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Master Issuer shall, and shall cause each other Securitization Entity to:

(a)        (i) comply with all applicable Environmental Laws, (ii) hold all Environmental Permits (each of which is in full force and effect) required for any of their current operations or for any property owned, leased, or otherwise operated by any of them and obtain all Environmental Permits for any intended operations when such Environmental Permits are required and (iii) comply with all of their Environmental Permits; and

(b)        undertake all investigative and remedial action required by Environmental Laws with respect to any Materials of Environmental Concern present at, on, under, in, or about any Real Estate Assets owned, leased or operated by the Master Issuer or any of its Affiliates, or at any other location (including, without limitation, any location to which Materials of Environmental Concern have been sent for re-use or recycling or for treatment, storage or disposal), which would reasonably be expected to (i) give rise to liability of the Master Issuer or any of its Affiliates under any applicable Environmental Law or otherwise result in costs to the Master Issuer or any of its Affiliates, (ii) interfere with the Master Issuer’s or any of its Affiliates’ continued operations or (iii) impair the fair saleable value of any Real Estate Assets 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 the 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 the 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, 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

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reasonably satisfactory to the Control Party) and has adopted Charter Documents substantially similar to the Charter Documents of the Securitization Entities that are Delaware limited liability companies as in existence on the Closing Date; provided, further, that such Additional Securitization Entity holds Franchise Assets or real property assets or is being established in order to act as a franchisor with respect to future New Franchise Agreements or hold such 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 the Rating Agency for each Series of Notes Outstanding (with a copy to the Servicer).

(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, Oldemark, Wendy’s or any other direct or indirect owner of Equity Interests of the Master Issuer in the form of any capital contributions or any portion of any Residual Amounts distributed to the Master Issuer pursuant to the Priority of Payments unless and until all Senior Notes Outstanding have been paid in full and are no longer Outstanding.

Section 8.36                       Tax Lien Reserve Amount.  Upon receipt of any Tax Lien Reserve Amount, Holding Company Guarantor will 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

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Master Issuer which may include returning such amounts to the Holding Company Guarantor for refund to Wendy’s 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 Wendy’s.

Section 8.37                       Mortgages.

(a)            Upon the occurrence of a Mortgage Preparation Event, the Master Issuer shall cause the preparation of fully executed Mortgages for recordation against the Real Estate Assets (excluding the Contributed Restaurant Third-Party Leases).  Within ninety (90) days of such Mortgage Preparation Event, the Master Issuer shall deliver such Mortgages to the Trustee, to be held for the benefit of the Secured Parties in the event a Mortgage Recordation Event occurs (subject to Section 3.1(c)).  Upon the occurrence of a Mortgage Recordation Event, the Trustee shall, at the direction of the Control Party, deliver the Mortgages within twenty (20) Business Days following receipt of the properly executed Mortgages to the applicable recording office for recordation (unless such recordation requirement is waived by the Control Party, acting at the direction of the Controlling Class Representative); provided that the Trustee shall have no obligation to record a Mortgage until the later of (i) twenty (20) Business Days following delivery of a properly executed Mortgage to the Trustee and (ii) the Trustee’s Actual Knowledge of a Rapid Amortization Event. The Trustee may engage a third-party service provider (which shall be reasonably acceptable to the Control Party) to assist in delivering such Mortgages to the applicable Governmental Authority and the Trustee shall pay all Mortgage Recordation Fees in connection with such recordation.  The Trustee shall be reimbursed by the Master Issuer for any and all reasonable costs and expenses in connection with such Mortgage Recordation Event, including all Mortgage Recordation Fees pursuant to and in accordance with the Priority of Payments.  For the avoidance of doubt, Wendy’s Properties shall not be required to, and the Trustee may not, record or cause to be recorded any Mortgage until the occurrence of a Mortgage Recordation Event that has not been waived by the Control Party (at the direction of the Controlling Class Representative).  Neither the Trustee nor any custodian on behalf of the Trustee shall be under any duty or obligation to inspect, review or examine any such Mortgages or to determine that the same are valid, binding, legally effective, properly endorsed, genuine, enforceable or appropriate for the represented purpose or that they are in recordable form.  Neither the Trustee nor any agent on its behalf shall in any way be liable for any delays in the recordation of any Mortgage, for the rejection of a Mortgage by any recording office or for the failure of any Mortgage to create in favor of the Trustee, for the benefit of the Secured Parties, legal, valid and enforceable first priority Liens on (subject to Permitted Liens), and security interests in, Wendy’s Properties’ right, title and interest in and to each Contributed Owned Real

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Property and each New Owned Real Property, and the Proceeds thereof.  Upon the request of Wendy’s Properties, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any Contributed Owned Real Property or any New Owned Real Property; provided that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee.

(b)            Notwithstanding Section 8.37(a) above or anything else contained in this Base Indenture or any other Related Document, the aggregate amount of all Obligations of the Master Issuer and Wendy’s Properties secured under any Indenture Document by the Debenture Restricted Assets shall not, at any time, exceed the Indenture Threshold Amount of Indebtedness (as defined in Annex B) that may be secured by Debenture Restricted Assets under the Unsecured Debenture Indenture, determined in accordance with the terms of the Unsecured Debenture Indenture, without requiring holders of the Unsecured Debentures to be equally and ratably secured in accordance with the terms of the Unsecured Debenture Indenture.

Section 8.38                       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, in whole and not in part, following the occurrence of any of the following events as declared by the Control Party (at the direction of the Controlling Class Representative) by written notice to the Master Issuer (with a copy to the Trustee) (each, a “Rapid Amortization Event”); provided that a Rapid Amortization Event described in clause (e) 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)            Wendy’s Systemwide Sales as calculated on any Quarterly Calculation Date are less than $5,500,000,000;

(c)            a Manager Termination Event shall have occurred;

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

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(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 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.

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 Weekly Allocation Date; provided that in the case of a failure to pay or allocate principal under either clause (i) or (ii) 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, solely with respect to a failure to comply with (i) any obligation to

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deliver a notice, report or other communication within the specified time frame set forth in the applicable Related Document, such failure continues for a period of five (5) consecutive Business Days after the specified time frame for delivery has elapsed or (ii) Sections 8.7, 8.12, 8.13, 8.14, 8.15, 8.17, 8.18, 8.19, 8.20, 8.21, 8.22, 8.23, 8.24, 8.25, 8.27 and 8.28 such failure continues for a period of ten (10) consecutive Business Days, in each case, following the earlier to occur of the Actual Knowledge of an Authorized Officer of such Securitization Entity of such breach or failure and the default caused thereby or written notice to such Securitization Entity by the Trustee, the Back-Up Manager or the Control Party (at the direction of the Controlling Class Representative) of such default, breach or failure; provided, however, that no Event of Default shall occur pursuant to this clause (c) if, with respect to any such representation deemed to have been false in any material respect when made which can be remedied by making a payment of an Indemnification Amount, (i) the relevant Indemnitor has paid the required Indemnification Amount in accordance with the terms of the Related Documents and (ii) such Indemnification Amount has been deposited into the Collection Account;

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

(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 in accordance with the express termination provisions thereof) 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 $25,000,000, the Trustee ceases to have for any reason a valid and perfected first-priority security interest (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 

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written notice to such Securitization Entity from the Trustee, the Back-Up Manager or the Control Party (at the direction of the Controlling Class Representative) of such failure;

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

(k)            one or more outstanding final non-appealable judgments are rendered against any Securitization Entity in an aggregate amount exceeding $20,000,000 (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) Wendy’s 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 in or to any material portion of the Securitized Assets; provided, however, that this clause (m) will only apply to the Real Estate Assets six (6) months after the Closing Date;

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

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(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) TWC 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 TWC 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

(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 Contributed Franchised Restaurant Business and the Contributed Restaurant Business as of such date, taken as a whole, or (ii) the exercise of the Securitization Entities’ or of the Trustee’s rights with respect to the Securitized Assets,

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, the Rating Agency for each Series of Notes Outstanding, the Controlling Class Representative, the Manager, the Back-Up Manager, each Noteholder and each other Secured Party.

If any Securitization Entity obtains Actual Knowledge that a Default or an Event of Default has occurred and is continuing, such Securitization Entity 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-

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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.

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

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observance by any such party of its obligations to the Master Issuer, and any right of the Master Issuer to take such action independent of such direction shall be suspended, and (B) if (x) the Master Issuer shall have failed, within ten (10) Business Days of receiving the direction of the Trustee (given at the direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the Trustee, (y) the Master Issuer refuses to take such action or (z) the Control Party (at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, take (or the Control Party on behalf of the Trustee shall take) such previously directed action (and any related action as permitted under the Indenture thereafter determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other provision under the Indenture to direct the Master Issuer to take such action);

(iii)            institute Proceedings from time to time for the complete or partial foreclosure of the Indenture or, to the extent applicable, any other Related Document, with respect to the Collateral and, to the extent permitted by applicable law, any other Securitized Assets; provided that the Trustee 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), Mortgage or under any judgment, order or decree in any judicial proceeding for the foreclosure or involving the enforcement of the Indenture, the Guarantee and Collateral Agreement or any other Related Document, or any sale of Securitized Assets, to the extent permitted by applicable law:

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

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

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

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Securitization Entity, its successors and assigns, and against any and all Persons claiming or who may claim the property sold or any part thereof from, through or under such Securitization Entity or its successors or assigns; and

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

(e)            Application of Proceeds.  Any amounts obtained by the Trustee on account of or as a result of the exercise by the Trustee of any right hereunder or under the Guarantee and Collateral Agreement shall be held by the Trustee as additional collateral for the repayment of the Obligations, shall be deposited into the Collection Account and shall be applied as provided in the priority set forth in the Priority of Payments; provided, 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, United States Copyright Office, any similar office or agency in Canada and in each foreign country in which any Securitization IP is located, or any other Governmental Authority in order to effect an absolute assignment of all right, title and interest in or to any Securitization IP, and record the same.

Section 9.4                          Waiver of Appraisal, Valuation, Stay and Right to Marshaling.  To the extent it may lawfully do so, the Master Issuer for itself and for any Person who may claim through or under it hereby:

(a)            agrees that neither it nor any such Person will step up, plead, claim or in any manner whatsoever take advantage of any appraisal, valuation, stay, extension or redemption

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laws, now or hereafter in force in any jurisdiction, which may delay, prevent or otherwise hinder (i) the performance, enforcement or foreclosure of the Indenture or the Guarantee and Collateral Agreement, (ii) the sale of any of the Collateral or Securitized Assets, to the extent permitted by applicable law or (iii) the putting of the purchaser or purchasers thereof into possession of such property immediately after the sale thereof;

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

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

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other amounts then due to the Servicer or the Trustee hereunder or under the Related Documents; provided, further, that the Control Party shall provide written notice of any such waiver to the 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, the 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 of Notes (or Class thereof) 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 Holder of Notes may pursue a remedy with respect to the Indenture or any other Related Document only if:

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

(b)            the Noteholders of at least 25% of the Aggregate Outstanding Principal Amount 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 to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 10.5.  To the extent that the payment of any such compensation, expenses, disbursements and advances of the

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Trustee, its agents and counsel, and any other amounts due the Trustee under Section 10.5 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money and other properties which any of the Noteholders or any other Secured Party may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.  Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Noteholder or any other Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Noteholder or any other Secured Party, or to authorize the Trustee to vote in respect of the claim of any Noteholder or any other Secured Party in any such proceeding.

Section 9.12                       Undertaking for Costs.

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

Section 9.13                       Restoration of Rights and Remedies.

If the Trustee, any Noteholder or any other Secured Party has instituted any Proceeding to enforce any right or remedy under the Indenture or any other Related Document and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder or other Secured Party, then and in every such case the Trustee and the Noteholders 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.

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

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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 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,

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documents, orders or other instruments furnished to the Trustee which are specifically required to be furnished pursuant to any provision of the Indenture, shall examine them to determine whether they conform to the requirements of this Indenture; provided, however, that the Trustee shall not be responsible for the accuracy or content of any resolution, certificate, statement opinion, report, document, order or other instrument furnished by the Master Issuer under the Indenture.

(b)            Except during the occurrence and continuance of an Event of Default, Rapid Amortization Event, Manager Termination Event or Servicer Termination Event of which a Trust Officer shall have Actual Knowledge:

(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 Control Party and/or a Noteholder under circumstances in which such direction is required or permitted by the terms of this Base Indenture or applicable law.

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

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

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

(f)            Subject to Section 10.3, 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 or applicable law.

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

(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 Noteholders.  The Trustee may update or change its nonrecoverability determination at any time, and may decide that a requested Debt Service Advance or Collateral Protection Advance that was previously deemed to be a Nonrecoverable Advance shall have become recoverable.  Notwithstanding the foregoing, all outstanding Debt Service Advances and Collateral Protection Advances made by the Trustee and any accrued interest thereon will be paid strictly in accordance with the Priority of Payments, even if the Trustee determines that any such advance is a Nonrecoverable Advance after such Advance has been made.

(iii)            The Trustee shall be entitled to receive interest at the Advance Interest Rate accrued on the amount of each Debt Service Advance made thereby (with

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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(k) shall be payable out of Collections in accordance with the Priority of Payments pursuant to Section 5.11 hereof and the other applicable provisions of the Related Documents.

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

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

(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 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 Noteholders or any other Secured Party, pursuant to the provisions of this Base Indenture or any Series Supplement, unless the Trustee shall have been offered security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby.

(f)            Prior to the occurrence of an Event of Default or Rapid Amortization Event, the Trustee shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by the Noteholders of at least 25% of the Aggregate Outstanding Principal Amount of all then Outstanding Notes.  If the Trustee is so requested or determines in its own discretion to make such further inquiry or investigation into such facts or matters as it sees fit, the Trustee shall be entitled to examine the books, records and premises of the Securitization Entities, personally or

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by agent or attorney, at the sole cost of the Master Issuer and the Trustee shall incur no liability by reason of such inquiry or investigation.

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

(h)            In accordance with Section 326 of the U.S.A. Patriot Act, to help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Trustee.  The Trustee will ask for the name, address, tax identification number and other information that will allow the Trustee to identify the individual or entity who is establishing the relationship or opening the account.  The Trustee may also ask for formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided.

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

(j)            The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents; labor disputes; acts of civil or military authority or governmental actions (it being understood that the Trustee shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances).

(k)            The Trustee shall not be required to give any bond or surety in respect of the execution of the trust created hereby or the powers granted hereunder.

(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.

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

(p)            The Trustee shall not be responsible for the accuracy of the books or records of, or for any acts or omissions of, DTC, any transfer agent (other than the Trustee itself acting in that capacity), Clearstream, Euroclear, any calculation agent (other than the Trustee itself acting in that capacity), or any agent appointed by it with due care or any Paying Agent (other than the Trustee itself acting in that capacity).

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

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

(s)            The Trustee shall have no obligation to calculate nor shall it be responsible or liable for any calculation of the DSCR, New Series Pro Forma DSCR or the Interest-Only DSCR.

(t)            The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee, in each case, with respect to its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.

(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

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

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 the 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

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Event occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under the Bankruptcy Code.

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

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(iii)            the Trustee fails generally to pay its debts as such debts become due; or

(iv)            the Trustee becomes incapable of acting.

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

(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” and “Baa2” by Standard & Poor’s and Moody’s, respectively.

(b)            At any time the Trustee shall cease to satisfy the eligibility requirements of Section 10.8(a), the Trustee shall resign after written request that it do so by the Master Issuer, or by the Control Party at the direction of the Controlling Class Representative, in the manner and with the effect specified in Section 10.6.

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

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rights in and to the Securitized Assets) or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee;

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

(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 Noteholders that:

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

(b)            the Trustee has full power, authority and right to execute, deliver and perform this Base Indenture, any Series Supplement issued concurrently with this Base Indenture and each other Related Document to which it is a party and to authenticate the Notes, and has taken all necessary action to authorize the execution, delivery and performance by it of this Base Indenture, any Series Supplement issued concurrently with this Base Indenture and any such other Related Document and to authenticate the Notes;

(c)            this Base Indenture and each other Related Document to which it is a party has been duly executed and delivered by the Trustee; and

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(d)            the Trustee meets the requirements of eligibility as a trustee hereunder set forth in Section 10.8(a).

ARTICLE XI

CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY

 

Section 11.1                       Controlling Class Representative.

(a)            On the Closing Date and until a Controlling Class Representative shall have been elected pursuant to the terms set forth in this Article XI, (i) 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 Noteholders and/or Note Owners (including providing any notices or deliverables) and (ii) any deliverable or notice that is required to be provided to the Controlling Class Representative under a Related Document shall be delivered to the Control Party.  On the Closing Date, the initial purchasers of the Notes will use commercially reasonable efforts to provide the Trustee with the Initial Controlling Class Member List.  Within five (5) Business Days following the Closing Date, the Trustee shall deliver a notice in the form of Exhibit E attached hereto, through the Applicable Procedures of the Clearing Agency for the related Series and posted to the Trustee’s internet website at www.sf.citidirect.com, announcing that there will be an election of a Controlling Class Representative and offering Controlling Class Members the opportunity to provide the Trustee with their contact information in writing within ten (10) Business Days of the date of such notice should they wish to participate in the election (such election, the “Initial CCR Election”).  The Trustee shall provide any contact information that it receives, and any contact information in the Initial Controlling Class Member List, to the Manager and the Master Issuer upon request.  During the Initial CCR Election, any notices and communications required to be sent by the Trustee pursuant to this Section 11.1 shall be sent directly to the Controlling Class Members solely at the mail and e-mail addresses provided to the Trustee in the Initial Controlling Class Member List (and the Trustee shall have no responsibility for the accuracy or effectiveness thereof) and by each Controlling Class Member individually, and all communications delivered to the Trustee by any Controlling Class Member shall be sent directly by such Controlling Class Member (and not through the Applicable Procedures of the Clearing Agency). The Trustee shall be entitled to conclusively rely on any communications from Controlling Class Members received from email addresses specifically set forth on the Initial Controlling Class Member List. To the extent the Trustee receives communications from individuals not listed on the Initial Controlling Class Member List, even if from the same institutions, the Trustee shall not consider such communication a valid communication. During any subsequent CCR Election Period or any communications with respect thereto, both the Trustee and the Controlling Class Members shall be entitled to rely on the Applicable Procedures of the Clearing Agency for all such notices and communications.

(b)            Within thirty (30) days after the Closing Date or any CCR Re-election Event, the Trustee will either send to each of the Controlling Class Members for which it has obtained contact information (in the case of the Initial CCR Election and with respect to any Noteholder of a Class A-1 Note) or send via the Applicable Procedures of the Clearing Agency (with respect to any other CCR Election) a written notice (with copies to the Manager and the

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Master Issuer) in the form attached as Exhibit F 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 G hereto (a “CCR Nomination”) within either (i) in the case of the Initial CCR Election, ten (10) Business Days of the date of the CCR Election Notice, or (ii) in the case of any subsequent election, thirty (30) calendar days (such period, as applicable, the “CCR Nomination Period”).  Each Controlling Class Member submitting a CCR Nomination shall represent that as of (A) for the Initial CCR Election, the Closing Date or (B) in the case of any subsequent election, a date not more than ten (10) Business Days prior to the date of the CCR Election Notice as determined by the Trustee it was the Note Owner or Noteholder, as applicable, of the Outstanding Principal Amount of Notes of the Controlling Class specified by it in the CCR Nomination; provided, that for purposes of such nomination and determining the CCR Candidates pursuant to Section 11.1(b), with respect to any Series of Class A-1 Notes Outstanding, the Class A-1 Notes Voting Amount shall be used in place of the Outstanding Principal Amount of such Series.

(c)            Based upon the CCR Nominations that are received by the Trustee, within three (3) Business Days following the end of the CCR Nomination Period, (i) the Trustee shall notify the Manager, the Master Issuer, the Servicer and the Controlling Class Members that no nominations have been received and that the election will not be held, (ii) the Trustee shall prepare and send to each applicable Controlling Class Member a ballot in the form of Exhibit H 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) 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.  Each Controlling Class Member shall, in its sole discretion, indicate its vote for Controlling Class Representative by returning a completed CCR Ballot directly to the Trustee within (i) in the case of the Initial CCR Election, ten (10) Business Days of the date of the CCR Ballot or (ii) in the case of any subsequent election, within thirty (30) calendar days (a “CCR Election Period”).  Each Controlling Class Member returning a completed CCR Ballot will also be required to confirm that, as of the date of the CCR Ballot (the “CCR Voting Record Date”), such Controlling Class Member was the owner or beneficial owner of the Outstanding Principal Amount of Notes of the Controlling Class specified by such Controlling Class Member in the CCR Ballot; provided that for the purposes of such certification and the tabulation of votes pursuant to Section 11.1(d), with respect to any Series of Class A-1 Notes Outstanding, the Class A-1 Notes Voting Amount shall be used in place of the Outstanding Principal Amount of such Series.

(d)            If a CCR Candidate receives votes from Controlling Class Members holding beneficial interests in 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

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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 Manager, pursuant to the Management Agreement.  In the event that no CCR Candidate receives 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class with respect to which votes were submitted, the Trustee will notify the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agency and the Controlling Class Members that no Controlling Class Representative has been appointed. Until a CCR Re-election Event occurs and a new Controlling Class Representative is elected then (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 or chosen pursuant to Section 11.1(d), the Trustee shall forward an acceptance letter in the form of Exhibit I attached hereto (a “CCR Acceptance Letter”) to such Controlling Class Representative.  No Person shall be appointed Controlling Class Representative unless it executes such CCR Acceptance Letter within fifteen (15) Business Days of receipt thereof, pursuant to which it shall (i) agree to act as the Controlling Class Representative, (ii) provide its name and contact information and permit such information to be shared with the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agency and the Controlling Class Members and (iii) represent and warrant that it is a Controlling Class Member.  Within two (2) Business Days of receipt of the acceptance letter, the Trustee shall promptly forward copies thereof, or provide notice of the identity and contact information of the new Controlling Class Representative, to the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agency and the Controlling Class Members.

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

(g)            The Trustee shall be entitled to conclusively rely on, and will be fully protected in all actions taken or not taken by it with respect to, (i) the Initial Controlling Class Member List for purposes of identifying the recipients of the CCR Election Notices and CCR Ballots and all subsequent communications related to the Initial CCR Election, (ii) with respect to any subsequent election of a Controlling Class Representative, the Applicable Procedures of the Clearing Agency for delivery of the CCR Election Notices and CCR Ballots to Note Owners of Notes of the Controlling Class and (iii) the representations and warranties of the Persons submitting CCR Nominations, CCR Ballots and CCR Acceptance Letters.

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(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 following such resignation or removal; provided that any Controlling Class Representative that has been removed pursuant to this Section 11.2 may subsequently be nominated as a CCR Candidate and appointed as Controlling Class Representative pursuant to Section 11.1; provided, further, that an existing Controlling Class Representative shall cease to be the Controlling Class Representative at the end of a CCR Election Period, even if no successor is re-elected pursuant to Section 11.1, unless such Controlling Class Representative is elected during such CCR Election Period (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 Note Owners for any action taken, or for refraining from the taking of any action, in good faith pursuant to the Indenture or for errors in judgment; provided, however, that the Controlling Class Representative shall not be protected against any liability that would otherwise be imposed by reason of gross negligence, bad faith or willful misconduct committed with respect to its obligations or duties under the Indenture.  Each Note Owner acknowledges and agrees, by its acceptance of its Notes or interests therein, that (i) the Controlling Class Representative may have special relationships and interests that conflict with those of Note Owners of one or more Classes of Notes, or that conflict with other Note Owners, (ii) the Controlling Class

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Representative may act solely in the interests of the Controlling Class Members or in its own interest, (iii) the Controlling Class Representative does not have any duties to Note Owners other than the Controlling Class Members, (iv) the Controlling Class Representative may take actions that favor the interests of the Controlling Class Members over the interests of Note Owners of one or more other Classes of Notes, or that favor its own interests over those of other Note Owners or other Controlling Class Members, (v) the Controlling Class Representative shall not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance, by reason of its having acted solely in the interests of the Controlling Class Members or in its own interests, and (vi) the Controlling Class Representative shall have no liability whatsoever for having so acted pursuant to clauses (i) through (v), and no Note Owner or Noteholder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal thereof for having so acted.

(b)            Any and all expenses of the Controlling Class Representative for acting in its capacity as Controlling Class Representative shall be borne by the Controlling Class Members, pro rata according to their respective Outstanding Principal Amounts.  Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative and the Servicer or the Trustee are also named parties to the same action and, in the sole judgment of the Servicer, the Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular matter at issue, and there is no potential for the Servicer or the Trustee to be an adverse party in such action as regards the Controlling Class Representative, the Servicer on behalf of the Trustee shall be required to assume the defense (with any costs incurred in connection therewith being deemed to be reimbursable as a Collateral Protection Advance) of any such claim against the Controlling Class Representative.

Section 11.4                       Control Party.

(a)            Pursuant to the Indenture and the other Related Documents, the Control Party is authorized to consent to and implement, subject to the Servicing Standard, 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 Control Party, shall review such Consent Request and shall formulate and present a Consent Recommendation to the Controlling Class Representative (if a Controlling Class Representative exists at such time).  Except as provided in the following sentence, until the Control Party receives the consent of the Controlling Class Representative, the Control Party shall not be authorized to implement any such Consent Request.  Notwithstanding anything in any Related Document to the contrary, if the Controlling Class Representative fails to reject or approve a Consent Request within ten (10) Business Days after receipt of such Consent Request and the related Consent Recommendation, or if there is no Controlling Class Representative at such time (including, without limitation, prior to the first CCR Election Period or following the resignation or removal of the Controlling Class Representative), the Control Party shall be authorized (but not required) to implement such Consent Request in accordance with the

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Servicing Standard, whether or not the Indenture or any Related Document indicates that the Control Party is required to act with the consent or at the direction of the Controlling Class Representative with respect to any specific matter relating to such Consent Request, other than with respect to Servicer Termination Events.

(c)            For any Consent 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.  Subject to Section 11.4(e), until the consent of each Noteholder that is required to consent to any such Consent Request has been obtained and the Control Party has been provided with notice of such consents being obtained by the Trustee, the Control Party shall not be authorized to implement such Consent Requests, provided that the Control Party shall work in good faith with the Trustee to identify and deliver to the Trustee for delivery by the Trustee to such Noteholders such additional information and Consent Recommendations as may be appropriate in accordance with the Servicing Standard to obtain such consent.

(d)            The Control Party shall promptly notify the Trustee, the Manager, the Back-Up Manager, the Master Issuer and the Controlling Class Representative if the Control Party determines, in accordance with the Servicing Standard, not to implement a Consent Request or has not received the requisite consent of the Controlling Class Representative or the Noteholders, if applicable, to implement a Consent Request.  The Trustee shall promptly notify the Control Party, the Manager, the Back-Up Manager, the Master Issuer and the Controlling Class Representative if the Trustee has not received the requisite consent of the required percentage of Noteholders to implement a Consent Request.

(e)            Notwithstanding anything herein to the contrary, no advice, direction or objection from or by the Controlling Class Representative may (i) require or cause the Trustee or the Control Party to violate applicable law, the terms of this Indenture, the Notes, the Servicing Agreement or the other Related Documents, including, without limitation with respect to the Control Party, the Control Party’s obligation to act in accordance with the Servicing Standard, (ii) expose the Control Party or the Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, to any material claim, suit or liability, or (iii) materially expand the scope of the Control Party’s responsibilities under the Servicing Agreement or the Trustee’s responsibility under this Indenture, the Notes and the other Related Documents.  The Trustee and the Control Party will not be required to follow any such advice, direction, or objection. In addition, notwithstanding anything herein or in the other Related Documents to the contrary, the Controlling Class Representative shall not be able to prevent the Control Party from transferring the ownership of all or any portion of the Securitized Assets (including by way of foreclosure on the Equity Interests of the Master Issuer) if any Advance by the Servicer has been outstanding for twelve (12) months (or longer) and the Control Party determines in accordance with the Servicing Standard that such transfer of ownership would be in the best interests of the Noteholders (taken as a whole).

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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 $50,000,000 in 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 $50,000,000 in 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 Agents, 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 K certifying that such Note Owners hold beneficial interests of not less than $50,000,000 in aggregate principal amount of Notes or that such VFN Noteholders hold interests of not less than $50,000,000 in 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 Agents, with respect to all Series of Notes Outstanding, and shall give the Master Issuer, the Servicer and the Controlling Class Representative notice that such request has been made, within five (5) Business Days after receipt of the request.  The Trustee shall have no obligation of any nature whatsoever with respect to any requested communication other than to transmit it in accordance with and subject to the terms hereof and to give notice of such request and transmission to the Master Issuer, the Servicer and the Controlling Class Representative.

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ARTICLE XII

DISCHARGE OF INDENTURE

 

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

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

(b)          Indenture Defeasance.  The Master Issuer may terminate all of its obligations under the Indenture and all obligations of the Guarantors under the Guarantee and Collateral Agreement in respect thereof and release all Collateral if:

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

(ii)            all commitments under all Variable Funding Note Purchase Agreements and all Series Hedge Agreements are terminated on or before the date of deposit;

(iii)            the Master Issuer delivers notice of prepayment, redemption or maturity of the Notes in full to the Noteholders of Outstanding Notes, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager, the Rating Agency and the Servicer, which notice is expressly stated to be, or has become as of the prepayment date,

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redemption date or maturity date, as applicable, irrevocable (provided that such notice may be conditioned upon the contemporaneous closing of a financing the proceeds of which will be used to fund all or a portion of such deposit), and the date of prepayment, redemption or maturity as specified in such notice when delivered was not longer than twenty (20) Business Days after the date of such notice;

(iv)            the Master Issuer delivers notice of such deposit to the Control Party, the Manager, the Back-Up Manager and the Rating 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 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:

(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;

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

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

provided, any Government Securities must provide for the scheduled payment of all principal and interest thereon not later than the Business Day prior to the applicable prepayment date, redemption date or maturity date, as the case may be, and the Trustee must have been irrevocably instructed to apply such funds to the payment of principal, premiums, make-whole prepayment premiums and interest with respect to the Notes of such Series and such other sums;

(ii)            all commitments under all Variable Funding Note Purchase Agreements and Series Hedge Agreements with respect to such Defeased Series 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 the 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, Default or Event of Default has occurred and will be continuing;

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

(vi)            the Master Issuer delivers notice of such deposit to the Control Party, the Manager, the Back-Up Manager and the Rating 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

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(viii)            the Master Issuer delivers to the Trustee an Opinion of Counsel to the effect that all conditions precedent to such termination have been satisfied.

Upon satisfaction of such conditions, the Indenture and the Guarantee and Collateral Agreement shall cease to be of further effect with respect to such Defeased Series, the Master Issuer and the Guarantors shall be deemed to have paid and been discharged from their Series Obligations with respect to such Defeased Series and thereafter such Defeased Series shall be deemed to be “Outstanding” only for purposes of (1) the Trustee’s and the Paying Agent’s obligations under Section 12.2 and Section 12.3, (2) the Noteholders’ and the Trustee’s obligations under Section 14.13 and (3) the Noteholders’ rights to registration of transfer and exchange under Section 2.8 and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under Section 2.10(a).  The Trustee, on demand of the Securitization Entities, shall execute proper instruments acknowledging confirmation of and discharge under the Indenture and the Guarantee and Collateral Agreement of such Series Obligations.

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

(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.

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Section 12.4                       Reinstatement.

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

ARTICLE XIII

AMENDMENTS

 

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

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

(i)                 to create a new Series of Notes (except that the consent of the Control Party is only necessary to the extent required by Section 2.2);

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

(iii)              to mortgage, pledge, convey, assign and transfer to the Trustee any property or assets as security for the Obligations and to specify the terms and conditions upon which such property or assets are to be held and dealt with by the Trustee and to set forth such other provisions in respect thereof as may be required by the Indenture or as may, consistent with the provisions of the Indenture, be deemed appropriate by the Master Issuer, the Servicer and the Trustee, or to correct or amplify the description of any such property or assets at any time so mortgaged, pledged, conveyed and transferred to the Trustee;

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(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;

(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; or

(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; or

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 Noteholder, any Note Owner, the Servicer, the Trustee or any other Secured Party.

(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 DCSR 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; or

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(ii)            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 Servicer have received an Officer’s Certificate certifying that such action could not reasonably be expected to adversely affect in any material respect the interests of any Noteholder, any Note Owner, the Servicer, the Trustee or any other Secured Party.

(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.

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; provided

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that the consent of the Noteholders or any other Secured Party will not be required for the Control Party to consent to a grant of a pari passu lien in the Debenture Restricted Assets for the benefit of the Unsecured Debentures.

(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 5.12; (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 the 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 Noteholders notice with respect to any repayment, prepayment, redemption or election of any Extension Period shall require the consent of each affected Noteholder.

(b)            No failure or delay on the part of any Noteholder, the Trustee or any other Secured Party in exercising any power or right under the Indenture or any other Related Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.

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

Section 13.3                       Supplements.

Each amendment or other modification to the Indenture, the Notes or the Guarantee and Collateral Agreement shall be set forth in a Supplement, a copy of which shall be delivered to the Rating 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 the 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

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Servicer and the Trustee of an Opinion of Counsel that such Supplement is authorized or permitted by this Base Indenture and the conditions precedent set forth herein with respect thereto have been satisfied.  Each Series Supplement may be amended in accordance with the manner provided in Sections 13.1 and 13.2 and subject to additional requirements as set forth in such Series Supplement.

Section 13.4                       Revocation and Effect of Consents.

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

Section 13.5                       Notation on or Exchange of Notes.

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

Section 13.6                      The Trustee to Sign Amendments, etc.

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

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in the Servicing Agreement, neither the Control Party nor the Controlling Class Representative shall be entitled to any additional compensation in connection with any amendments or consents to this Base Indenture or to any Related Document.

ARTICLE XIV

MISCELLANEOUS

 

Section 14.1                       Notices.

(a)            Any notice or communication by the Master Issuer, the Manager or the Trustee to any other party hereto shall be in writing and delivered in person, delivered by email (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:

Wendy’s Funding, LLC

One Dave Thomas Blvd.

Dublin, Ohio  43017

Attention: General Counsel

If to the Manager:

Wendy’s International, LLC

One Dave Thomas Blvd.

Dublin, Ohio  43017

Attention: General Counsel

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

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention:   Jordan Yarett

Facsimile:    212-492-0126

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

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

129

New York, NY 10019

Attention:   Jordan Yarett

Facsimile:    212-492-0126

If to the Back-Up Manager:

FTI Consulting, Inc.

3 Times Square, 9th Floor

New York, NY  10036

Attention: Robert J. Darefsky

Facsimile: 212 841-9350

If to the Servicer:

Midland Loan Services, a division of

PNC Bank, National Association

10851 Mastin Street

Building 82, Suite 700

Overland Park, Kansas 66210

Attention:  President

Facsimile:  913-253-9709

If to the Trustee:

Citibank, N.A.

388 Greenwich Street

14th Floor

New York, NY 10013

Attention: Citibank Agency & Trust – Wendy’s Funding, LLC

Facsimile 212-816-5527

If to Standard & Poor’s:

Standard & Poor’s Rating Services

55 Water Street

42nd Floor

New York, NY 10041-0003

Attention:  ABS Surveillance Group – New Assets

E-mail:  Servicer_Reports@standardandpoors.com

If to an Enhancement Provider or an Hedge Counterparty:  At the address provided in the applicable Enhancement Agreement or the applicable Series Hedge Agreement.

(b)            The Master Issuer or the Trustee by notice to each other party may designate additional or different addresses for subsequent notices or communications; provided,

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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 Wendy’s 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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Section 14.2                       Communication by Noteholders With Other Noteholders.

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

Section 14.3                       Officer’s Certificate as to Conditions Precedent.

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

Section 14.4                       Statements Required in Certificate.

Each certificate with respect to compliance with a condition or covenant provided for in the Indenture or any other Related Document shall include:

(a)            a statement that the Person giving such certificate has read such covenant or condition;

(b)            a brief statement as to the nature and scope of the examination or investigation upon which the statements contained in such certificate are based;

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

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

Section 14.5                       Rules by the Trustee.

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

Section 14.6                       Benefits of Indenture.

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

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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 WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

Section 14.9                       Successors.

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

Section 14.10                    Severability.

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

Section 14.11                    Counterpart Originals.

This Base Indenture may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single agreement.

Section 14.12                    Table of Contents, Headings, etc.

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

Section 14.13                    No Bankruptcy Petition Against the Securitization Entities.

Each of the Noteholders, the Trustee and the other Secured Parties hereby covenants and agrees that, prior to the date which is one (1) year and one (1) day after the payment in full of the

133

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 Noteholder or other Secured Party or the Trustee takes action in violation of this Section 14.13, each affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Noteholder or Secured Party or the Trustee against such Securitization Entity or the commencement of such action and raising the defense that such Noteholder or other Secured Party or the Trustee has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert.  The provisions of this Section 14.13 shall survive the termination of the Indenture and the resignation or removal of the Trustee.  Nothing contained herein shall preclude participation by any Noteholder or any other Secured Party or the Trustee in the assertion or defense of its claims in any such proceeding involving any Securitization Entity.

Section 14.14                    Recording of Indenture.

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

Section 14.15                    Waiver of Jury Trial.

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

Section 14.16                    Submission to Jurisdiction; Waivers.

The Master Issuer and the Trustee hereby irrevocably and unconditionally:

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

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

(c)            agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar

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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, 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, mergers, amalgamations and consolidations, in each case with respect to an operating unit of a business, that any of the Wendy’s Entities has either determined to make or made during the preceding four Quarterly Fiscal Periods or subsequent to such preceding four Quarterly Fiscal Periods and on or prior to or simultaneously with the date as of which such computation is made (each, for purposes of the calculations described in this Section 14.18, a “pro forma event”) shall, at the discretion of the Manager, be calculated on a pro forma basis for Additional EBITDA only assuming that all such investments, acquisitions, mergers, amalgamations and consolidations (and the change in Adjusted EBITDA resulting therefrom) had occurred on the first day of such preceding four Quarterly Fiscal Periods.  If since the beginning of such period any Person that subsequently became a Wendy’s Entity since the beginning of such preceding four Quarterly Fiscal Periods shall have made any investment, acquisition, disposition, merger, consolidation, discontinued operation, restructurings or reorganizations, in each case with respect to an operating unit of a business, that would have 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 for any Additional EBITDA related thereto for such period as if such investment, acquisition, discontinued operation, merger or consolidation had occurred at the beginning of the applicable preceding four Quarterly Fiscal Periods.

(b)            Senior ABS Leverage Ratio.  For purposes of making the computation of the Senior ABS Leverage Ratio (including, without limitation the calculation of Net Cash Flow used therein), any pro forma event shall, at the discretion of the Manager, be calculated on a pro forma basis for Additional Net Cash Flow only assuming that all such investments,

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acquisitions, mergers, amalgamations and consolidations (and the change in Net Cash Flow resulting therefrom) had occurred on the first day of such preceding four Quarterly Fiscal Periods.  If since the beginning of such period any Person that subsequently became a Securitization Entity since the beginning of such preceding four Quarterly Fiscal Periods shall have made any investment, acquisition,, merger or consolidation, , 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 Additional Net Cash Flow related thereto for such period as if such investment, acquisition, discontinued operation, merger or consolidation, had occurred at the beginning of the applicable preceding four Quarterly Fiscal Periods.

(c)            Calculations to be Made in Good Faith.  For purposes of the calculations described in this Section 14.18 and the calculation of Additional EBITDA and Additional Net Cash Flow, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations and the calculation of Additional EBITDA or Additional Net Cash Flow shall be made in good faith by a responsible financial or accounting officer of the Manager.  Any such pro forma calculation that includes Additional EBITDA or Additional Net Cash Flow 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 all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” or “Additional 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 Fiscal Periods.

(d)            Changes in GAAP.  If at any time any change in GAAP (including conversion to IFRS as described below) would affect the computation of any covenant, incurrence test or other restriction affecting any Securitization Entity or Non-Securitization Entity that is set forth in this Base Indenture or any Related Document (including the calculation of 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 Wendy’s 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, Wendy’s cannot elect to report under U.S. generally accepted accounting principles).

[Signature Pages Follow]

 

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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.

	 	
WENDY’S FUNDING, LLC, as Master Issuer

	 
	 	 	 	 	 
	 				
	 	
By:

	
/s/ Gavin P. Waugh

	 
	 	 	
Name:

	
Gavin P. Waugh

	 
	 	 	
Title:

	
Vice President and Treasurer

	 

 

[Signature Page to Base Indenture]

 

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

	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	
/s/ Jacqueline Suarez

	 
	 	 	
Name:

	
Jacqueline Suarez

	 
	 	 	
Title:

	
Vice President

	 

 

 

 

[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 Wendy’s, 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 Wendy’s, (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 Wendy’s 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 EBITDA” means the EBITDA that would have actually been received by the Wendy’s Entities or Securitization Entities, as applicable, in connection with any pro forma event and the related pro forma calculation set forth in Section 14.18, without giving effect to any potential cost savings, operating expense reductions, operating improvements, synergies or other similar effects of such actions.

“Additional Net Cash Flow” means the Net Cash Flow that would have actually been received by the Wendy’s Entities or Securitization Entities, as applicable, in connection with any pro forma event and the related pro forma calculation set forth in Section 14.18, without giving effect to any potential cost savings, operating expense reductions, operating improvements, synergies or other similar effects of such actions.

“Additional Management Account” has the meaning set forth in Section 5.1(a) of the Base Indenture.

“Additional Notes” means any Series of Notes issued by the Master Issuer after the Closing Date.

 “Additional 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, with respect to any Person for any period, the Consolidated Net Income of such Person and its Subsidiaries for such period (a) plus, without duplication, the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Expense; (ii) federal, state, local and foreign income taxes; (iii) other non-operating expense; (iv) losses attributable to asset dispositions; (v) losses attributable to early extinguishment of Indebtedness or Swap Contracts; (iv) impairment losses on assets (including intangible assets and goodwill); (vii) depreciation and amortization expense; (viii) costs incurred in connection with the issuance of Equity Interests, any recapitalization or the incurrence or repayment of Indebtedness (in each case, whether or not successful); (ix) costs incurred for reorganization, restructuring and realignment initiatives not in the ordinary course of business; and (x) other extraordinary or nonrecurring items, and (b) minus, without duplication, to the extent added in calculating such Consolidated Net Income, (i) gains attributable to asset dispositions, early extinguishment of Indebtedness or Swap Contracts, (ii) other non-operating income and (iii) other extraordinary or nonrecurring items; provided, however, that, with respect to the Securitization Entities, items that would have been accounted for as operating leases under GAAP as in effect on the Closing Date may be treated as operating leases for purposes of this definition irrespective of any change in GAAP subsequent to the Closing Date at the discretion of the Manager in accordance with the Managing Standard; provided, further, that, with respect to the Securitization Entities, the Manager, in accordance with the Managing Standard, may amend the definition of “Adjusted EBITDA” after the Closing Date with the consent of the Control Party.

“Advance” means a Collateral Protection Advance or 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 Contributed Restaurants to fund the national marketing and advertising activities and local advertising cooperatives with respect to the Wendy’s 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 TWC or any Affiliate of such equity holder shall be deemed to be an Affiliate of any Wendy’s Entity.  For the purposes of this definition, “control” when used with respect to any specified Person means the

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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 Franchise Holder after the Closing Date pursuant to the IP License Agreements or otherwise, including, without limitation, all Manager-Developed IP and all Licensee-Developed IP.

“Agent” means any Registrar or Paying Agent.

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

“Allocated Note Amount” means, as of any date of determination, an amount equal to the greater of (x) zero and (y) with respect to (i) any Franchise Asset, Contributed Restaurant (and the related Contributed Restaurant Assets) or Real Estate Asset in existence on the Closing Date, the pro rata portion of $2,275,000,000 allocated to such asset on the Closing Date based on such asset’s contribution to Retained Collections during the four Quarterly Fiscal Periods ending as of the second Quarterly Fiscal Period of 2015 and (ii) any Franchise Asset, New Contributed Restaurant (and the related Contributed Restaurant Assets) or Real Estate Asset arising 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 Fiscal Periods.  With respect to any Franchise Asset, Contributed Restaurant or New Contributed Restaurant (and the related Contributed Restaurant Assets) or Real Estate Asset that does not have a four Quarterly Fiscal 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, the average of all collected Franchisee Payments under Franchise Agreements during the four Quarterly Fiscal Periods ending as of the date such Franchise Agreement was included in the Securitized Assets, (b) in the case of a New Franchisee Note, the aggregate scheduled payments due thereunder during the twelve-month period after such inclusion, (c) in the case of any Real Estate Asset, 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) and (d) in the case of a Contributed Restaurant or New Contributed Restaurant, the average of all Monthly Fiscal Period Contributed Restaurant Accrual Profits Amounts.

“Annual Election Date” means June 1st of every calendar year beginning on June 1, 2016, 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

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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.

“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, subject to an Account Control Agreement, and pledged to the Trustee into which the Manager causes Asset Disposition Proceeds to be deposited pursuant to Section 5.10(e) of the Base Indenture or any successor account established for the Master Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture.

“Asset Disposition Reinvestment Period” has the meaning specified in Section 5.10(e) 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) Wendy’s, in its individual capacity and in its capacity as the Manager, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel, the Treasurer or any Senior Vice President of Wendy’s or any other officer of Wendy’s who is directly responsible for managing the Contributed Franchised Restaurant Business, the Contributed Restaurant Business or otherwise authorized to act for the Manager in matters relating to, and binding upon, the Manager with respect to the subject matter of the request, certificate or order in question; (iii) the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer; (iv) the Servicer, any officer of the Servicer who is duly authorized to act for the Servicer with respect to the relevant matter; or (v) the Control Party, any officer of the Control Party who is duly authorized to act for the Control Party with respect to the relevant matter.  Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary.

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“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 all reimbursements paid to the Back-Up Manager for reasonable out-of-pocket expenses and all fees paid based on the Back-Up Manager’s current rates per hour, in each case incurred by the Back-Up Manager in performing services under the Back-Up Management Agreement.

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

“Base Indenture” means the Base Indenture, dated as of the Closing Date, by and among the Master Issuer and the Trustee, as amended, supplemented or otherwise modified from time to time, exclusive of any Series 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.

“Branded Restaurants” means, as of any date of determination, any restaurant, whether or not such restaurant offers sit-down dining, operated in the United States or internationally under the Wendy’s Brand.

“Business Day” means any day other than Saturday or Sunday or other day on which commercial banks are authorized to close under the laws of 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.

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

“Canadian License Fees” means the licensing fees paid by Wendy’s Canada to the Franchise Holder pursuant to the Canadian Franchisor 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 Weekly Allocation Date with respect to any Quarterly Collection Period, an amount equal to the lesser of (a) the Class A-1 Notes Administrative Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid and (b) the amount by which (i) $100,000 exceeds (ii) the aggregate amount of Class A-1 Notes Administrative Expenses previously paid on each preceding Weekly Allocation Date that occurred (x) in the case of a Weekly Allocation Date occurring during the period beginning on the Closing Date and ending on the date on which 52 full and consecutive Weekly Collection Periods have occurred, since the Closing Date and (y) in the case of a Weekly Allocation Date occurring during any successive period of 52 consecutive Weekly Collection Periods after the period in clause (x), since the beginning of such period.

“Capped Securitization Operating Expense Amount” means, for any Weekly Allocation Date that occurs (x) during the period beginning on the Closing Date and ending on January 3, 2016 and (y) each successive period of 52 (or 53, as applicable) consecutive Weekly Collection Periods after the period in clause (x), the amount by which $500,000 exceeds the aggregate Securitization Operating Expenses already paid during such period; provided, however, that during any period that the Back-Up Manager is required to provide Warm Back-Up Management Duties or Hot Back-Up Management Duties pursuant to the Back-Up Management Agreement, the Control Party, acting at the direction of the Controlling Class Representative, may increase the Capped Securitization Operating Expense Amount as calculated above in order to take account of any increased fees associated with the provision of such services.

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

“Cash Trap Reserve Account” means the reserve account no. 11455600 entitled “Citibank, N.A. f/b/o Wendy’s Funding, LLC, Cash Trap Reserve Account”, which account is maintained by the Trustee for the purpose of trapping cash upon the occurrence of a Cash Trapping Event, or any successor securities account established pursuant to the Base Indenture.

“Cash Trapping Amount” means, for any Weekly Allocation Date during a Cash Trapping Period, an amount equal to the product of (i) the applicable Cash Trapping Percentage and (ii) the amount of funds available in the Collection Account on such Weekly Allocation Date

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after payment of priorities (i) through (xii) of the Priority of Payments (but with respect to the first Weekly Allocation Date on or after a Cash Trapping Release Date, net of the Cash Trapping Release Amount released on such Cash Trapping Release Date); provided that, for any Weekly Allocation Date following the occurrence and during the continuation of a Rapid Amortization Event, or an Event of Default, the Cash Trapping Amount will be zero.

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

“Cash Trapping Event” means, as of any Quarterly Payment Date, that the DSCR calculated as of the immediately preceding Quarterly Calculation Date is less than the Cash Trapping DSCR Threshold.

“Cash Trapping Percentage” means, with respect to any Weekly Allocation Date during a Cash Trapping Period, a percentage equal to (i) 50%, if the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.75x but equal to or greater than 1.50x, and (ii) 100%, if the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.50x.

“Cash Trapping Period” means any period that begins on any Quarterly Payment Date on which a Cash Trapping Event occurs and ends on the first Quarterly Payment Date subsequent to the occurrence of such Cash Trapping Event on which the DSCR 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 5.10(f) 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.

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“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), there will be deemed to be no CCR Re-election Event 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.

“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.

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“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.

“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.

“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.

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

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

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

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

 “Class A-1 Notes Commitment Fees Account” has the meaning set forth in Section 5.6(a)(iv) of the Base Indenture.

“Class A-1 Notes Maximum Principal Amount” means, with respect to all Series of Class A-1 Notes Outstanding, the aggregate maximum principal amount of such Series of Class A-1 Notes as identified in the applicable Series Supplement as reduced by any permanent reductions of commitments with respect to such Series of Class A-1 Notes and any cancellations of repurchased Class A-1 Notes thereunder.

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

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

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

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“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.

“Class A-1 Quarterly Commitment Fees Shortfall Amount” has the meaning set forth in Section 5.12(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.

“Closing Date” means June 1, 2015.

“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, Wendy’s, Oldemark, the Holding Company Guarantor, the Master Issuer or the Franchise Holder as of the Closing Date covering, reading on or embodied in (i) the Wendy’s Brand, (ii) products or services sold or distributed under the Wendy’s Brand, (iii) the Branded Restaurants, (iv) the Wendy’s System, (v) the Contributed Franchised Restaurant Business or (vi) the Contributed Restaurant Business, and also including the Wendy’s 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.

“Collateral Business Documents” means, collectively, the Franchise Documents, the Franchised Restaurant Leases, the New Franchised Restaurant Leases, the Contributed Restaurant Leases, the New Contributed Restaurant Leases, the Retained Restaurant Leases, the New Retained Restaurant Leases, the Franchisee Notes and the Company Restaurant Licenses.

“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, after the occurrence and continuance of a Mortgage Recordation Event, the Real Estate Assets (excluding the Contributed Restaurant Third-Party Leases)) and (b) payments of any expenses of any Securitization Entity, to the extent not previously paid

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pursuant to a Manager Advance, in each case made by the Servicer pursuant to the Servicing Agreement in accordance with the Servicing Standard, or by the Trustee pursuant to the Indenture.

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

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

“Collection Account” means account no. 11454900 entitled “Citibank, N.A. f/b/o Wendy’s Funding, LLC, Collection Account”, which account is maintained by the Trustee pursuant to Section 5.5 of the Base Indenture or any successor securities account maintained pursuant to Section 5.5 of the Base Indenture.

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

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

(i)            Franchisee Payments and Franchisee Note Payments deposited into any Concentration Account;

(ii)          Franchisee Lease Payments, Contributed Restaurant Lease Payments and Retained Restaurant Lease Payments deposited into any Concentration Account;

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

(iv)        without duplication of the amounts set forth in clause (ii), Contributed Restaurant Collections; including amounts in respect of Pass-Through Amounts;

(v)          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;

(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;

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

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

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

(x)           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.

“Company Restaurant License Fees” means the licensing fee payable weekly to the Franchise Holder pursuant to the Company Restaurant Licenses equal to (i) in the case of Wendy’s Properties and certain Non-Securitization Entities that hold Company Restaurants in the United States, four percent (4.0%) of the Gross Sales of each Wendy’s Brand Company Restaurant and (ii) in the case of Wendy’s Canada, as owner of Company Restaurants in Canada, the U.S. dollar equivalent of three percent (3.0%) of the Gross Sales of each Wendy’s Brand Company Restaurant.

“Company Restaurant Licenses” means (i) the Wendy’s International Company Restaurant License, dated as of the Closing Date, by and between the Franchise Holder, as licensor, and Wendy’s, as licensee, as amended, supplemented or otherwise modified from time to time, (ii) the WOFHNY Company Restaurant License, dated as of the Closing Date, by and between the Franchise Holder, as licensor, and Wendy’s Old Fashioned Hamburgers of New York, LLC, as licensee, as amended, supplemented or otherwise modified from time to time, (iii) the WRONY Company Restaurant License, dated as of the Closing Date, by and between the Franchise Holder, as licensor, and Wendy’s Restaurants of New York, LLC, as licensee, as amended, supplemented or otherwise modified from time to time, (iv) the WOD Company Restaurant License, dated as of the Closing Date, by and between the Franchise Holder, as licensor, and Wendy’s of Denver, LLC, as licensee, as amended, supplemented or otherwise modified from time to time, (v) the WONEF Company Restaurant License, dated as of the Closing Date, by and between the Franchise Holder, as licensor, and Wendy’s of N.E. Florida, LLC, as licensee, as amended, supplemented or otherwise modified from time to time, (vi) the Wendy’s Properties Company Restaurant License, dated as of the Closing Date, by and between the Franchise Holder, as licensor, and Wendy’s Properties, as licensee, as amended, supplemented or otherwise modified from time to time (the “Wendy’s Properties Company Restaurant License”), and (vii) the Wendy’s Canada Company Restaurant License, dated as of the Closing Date, by and between the Franchise Holder, as licensor, and Wendy’s Canada, as

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licensee, as amended, supplemented or otherwise modified from time to time (the “Wendy’s Canada Company Restaurant License”).

“Company Restaurants” means, collectively, the Retained Restaurants, the Contributed Restaurants, the New Contributed Restaurants and the Reacquired Restaurants.

“Competitor” means any Person that is a direct or indirect franchisor, franchisee, owner or operator of a large regional or national quick service restaurant concept (including a Franchisee); provided, however, that (i) a Person will not be a “Competitor” solely by virtue of its direct or indirect ownership of less than 5.0% of the Equity Interests in a “Competitor” and (ii) a franchisee shall only be a “Competitor” if it, or its Affiliates, directly or indirectly, owns, franchises or licenses, in the aggregate, ten or more individual locations of a particular concept; and provided, further, that (iii) a Person will not be a “Competitor” solely by virtue of its direct or indirect ownership of between 5.0% and 15% of the Equity Interests in a “Competitor” so long as (a) such Person has policies and procedures that prohibit such Person from disclosing or making available any confidential information that such Person may receive as a Noteholder or prospective investor in the Notes, to individuals involved in the business of buying, selling, holding or analyzing the Equity Interests of a “Competitor” or in the business of being a franchisor, franchisee, owner or operator of a large regional or national quick service restaurant concept and (b) such Person is a passive investor in a “Competitor” as described in Rule 13d-1(b)(1) of the 1934 Act (or would be described as a passive investor under such rule if the “Competitor” were a publicly-traded company and the securities held were publicly-traded equity securities) and is not a franchisor, franchisee, owner (other than in its capacity as a passive investor as described in Rule 13d-1(b)(1) of the 1934 Act) or operator of a large regional or national quick service restaurant concept (including a Franchisee).

“Concentration Accounts” means one or more accounts maintained in the name of the Master Issuer, the Franchise Holder or Wendy’s Properties, as applicable, subject to an Account Control Agreement, and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.10(c) of the Base Indenture or any successor account established for the Master Issuer, the Franchise Holder or Wendy’s Properties, 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 5.1(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 waiver, amendment, consent or certain other action under the Related Documents.

“Consolidated Interest Expense” means, with respect to any Person for any period, consolidated interest expense, whether paid or accrued, of such Person and its Subsidiaries for such period, including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit, net costs under interest rate hedging agreements, amortization of discount, that portion of interest obligations with respect to any lease of any

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property (whether real, personal or mixed) that is properly classified as a liability on a balance sheet in conformity with GAAP, including all Capitalized Lease Obligations incurred by such Person, commitment fees and acceleration of fees and expenses payable in connection with Indebtedness.

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

“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.

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

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

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

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“Contributed Franchised Restaurant Business” means the business of franchising or licensing Branded Restaurants located in the United States and internationally.  For the avoidance of doubt, the Contributed Franchised Restaurant Business does not include any Company Restaurants.

“Contributed Franchised Restaurants” means the Branded Restaurants that are owned and operated by Franchisees that are unaffiliated with Wendy’s and its Affiliates pursuant to a Franchise Agreement that are contributed to the Franchise Holder on the Closing Date pursuant to the applicable Contribution Agreements.

“Contributed Owned Real Property” means the real property (including the land, buildings and fixtures) owned in fee by Wendy’s or its Subsidiaries that are contributed to Wendy’s Properties on the Closing Date pursuant to the applicable Contribution Agreements.  For the avoidance of doubt, the corporate campus located in Dublin, Ohio will not constitute Contributed Owned Real Property.

“Contributed Real Estate Assets” means (i) the Contributed Owned Real Property, (ii) the Franchised Restaurant Leases, (iii) the Contributed Restaurant Leases, (iv) the Retained Restaurant Leases and (v) the Contributed Restaurant Third-Party Leases.

 “Contributed Restaurant Accounts” means one or more accounts maintained in the name of Wendy’s Properties, subject to an Account Control Agreement, and pledged to the Trustee into which the Manager causes amounts to be deposited pursuant to Section 5.10(a) of the Base Indenture or any successor account established for Wendy’s Properties for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture.

“Contributed Restaurant Assets” means all of the assets associated with owning and operating the Contributed Restaurants or New Contributed Restaurants (such as furnishings, cooking equipment, cooking supplies and computer equipment), other than (i) the Real Estate Assets and (ii) the Securitization IP.

“Contributed Restaurant Business” means the business of owning and operating the Contributed Restaurants and New Contributed Restaurants and the provision of ancillary goods and services in connection therewith.

“Contributed Restaurant Collections” means all cash revenues (including gift card redemption amounts, but excluding proceeds of the initial sale of gift cards), credit card and debit card proceeds generated by Contributed Restaurants and New Contributed Restaurants.

“Contributed Restaurant Lease Payments” means each amount, allocated by the Manager on behalf of a Securitization Entity, pursuant to a Contributed Restaurant Lease or New Contributed Restaurant Lease.

“Contributed Restaurant Leases” means, with respect to each Contributed Restaurant located on Contributed Owned Real Property, an agreement whereby the Manager, on behalf of Wendy’s Properties as owner of such Contributed Restaurants, agrees to allocate amounts with

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respect to each such Contributed Restaurant from the Contributed Restaurant Accounts to the Concentration Accounts.

“Contributed Restaurant Third-Party Leases” means leases from landlords unaffiliated with Wendy’s, in respect of which a Wendy’s Entity is the prime lessee, which are contributed to Wendy’s Properties on the Closing Date pursuant to the applicable Contribution Agreement.

“Contributed Restaurant Working Capital Reserve Amount” means, as of any date of determination, an amount determined by the Manager to be retained in a Contributed Restaurant Account for working capital expenses not to exceed in the aggregate for all Contributed Restaurant Accounts the greater of (i) $5,000,000 and (ii) 1.0% of the aggregate Retained Collections for the preceding four (4) Quarterly Collection Periods.

“Contributed Restaurants” means Company Restaurants existing on the Closing Date that are contributed to Wendy’s Properties on the Closing Date pursuant to the applicable Contribution Agreement.

“Contribution Agreements” means the following agreements:

		(a)	Oldemark Contribution Agreement (Manager), dated as of the Closing Date, by and between the Manager and Oldemark;

		(b)	Oldemark Contribution Agreement (WOD), dated as of the Closing Date, by and between Wendy’s of Denver, LLC and Oldemark;

		(c)	Oldemark Contribution Agreement (WOFHNY), dated as of the Closing Date, by and between Wendy’s Old Fashioned Hamburgers of New York, LLC and Oldemark;

		(d)	Oldemark Contribution Agreement (WONEFL), dated as of the Closing Date, by and between Wendy’s of N.E. Florida, LLC and Oldemark;

		(e)	Oldemark Contribution Agreement (WRONY), dated as of the Closing Date, by and between Wendy’s Restaurants of New York, LLC and Oldemark;

		(f)	First Tier Contribution Agreement (Note Receivable), dated as of the Closing Date, by and between Oldemark and Holding Company Guarantor;

		(g)	First Tier Contribution Agreement (Wendy’s Properties), dated as of the Closing Date, by and between Oldemark and Holding Company Guarantor;

		(h)	Second Tier Contribution Agreement (Note Receivable), dated as of the Closing Date, by and between Holding Company Guarantor and the Master Issuer;

		(i)	Second Tier Contribution Agreement (Wendy’s Properties), dated as of the Closing Date, by and between Holding Company Guarantor and the Master Issuer;

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		(j)	Third Tier Contribution Agreement (Franchise Holder), dated as of the Closing Date, by and between the Master Issuer and the Franchise Holder;

		(k)	Third Tier Contribution Agreement (Note Receivable), dated as of the Closing Date, by and between the Master Issuer and Wendy’s Properties;

		(l)	Master Issuer Contribution Agreement (WOD), dated as of the Closing Date, by and between Wendy’s of Denver, LLC and the Master Issuer;

		(m)	Master Issuer Contribution Agreement (WOFHNY), dated as of the Closing Date, by and between Wendy’s Old Fashioned Hamburgers of New York, LLC and the Master Issuer;

		(n)	Master Issuer Contribution Agreement (WONEFL), dated as of the Closing Date, by and between Wendy’s of N.E. Florida, LLC and the Master Issuer;

		(o)	Master Issuer Contribution Agreement (WRONY), dated as of the Closing Date, by and between Wendy’s Restaurants of New York, LLC and the Master Issuer;

		(p)	Wendy’s Properties Contribution Agreement (Manager), dated as of the Closing Date, by and between the Manager and Wendy’s Properties;

		(q)	Wendy’s Properties Contribution Agreement (WOD), dated as of the Closing Date, by and between Wendy’s of Denver, LLC and Wendy’s Properties;

		(r)	Wendy’s Properties Contribution Agreement (WOFHNY), dated as of the Closing Date, by and between Wendy’s Old Fashioned Hamburgers of New York, LLC and Wendy’s Properties;

		(s)	Wendy’s Properties Contribution Agreement (WONEFL), dated as of the Closing Date, by and between Wendy’s of N.E. Florida, LLC and Wendy’s Properties; and

		(t)	Wendy’s Properties Contribution Agreement (WRONY), dated as of the Closing Date, by and between Wendy’s Restaurants of New York, LLC and Wendy’s Properties.

“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 Group” means a group of trades or businesses (whether or not incorporated) under common control that is treated as a single employer for purposes of Section 302 or Title IV of ERISA.

“Controlling Class” means the most senior Class of Notes then Outstanding among all Series; provided that, as of the Closing Date, the “Controlling Class” will be the Senior Notes.

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“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.

“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: Citibank Agency & Trust – Wendy’s Funding, LLC and (b) for all other purposes, Citibank, N.A., 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Citibank Agency & Trust – Wendy’s Funding, LLC, telecopy no.: (212) 816-5527, 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.

“Cut-Off Date” means on or about June 1, 2015.

“Debenture Restricted Assets” has the meaning set forth in Section 3.1(a) of the Base Indenture.

“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 each Class of Senior Notes and Senior Subordinated Notes Outstanding, the aggregate amount of Scheduled Principal Payments due and payable on such Quarterly Payment Date, as ratably reduced by the aggregate amount of any (A) payments of Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds, (B) repurchases and cancellations of such Class of Notes or (C) optional prepayments of principal of such Class of Notes, 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.

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“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.

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

“DSCR” means, as of any Quarterly Payment Date, 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 September 28, 2014 shall be deemed to be $85,386,000, “Net Cash Flow” for the Quarterly Collection Period ended December 28, 2014 shall be deemed to be $84,617,000, “Net Cash Flow” for the Quarterly Collection Period ended March 29, 2015 shall be deemed to be $80,785,000 and “Net Cash Flow” for the Quarterly Collection Period ended June 28, 2015 shall be calculated by the Manager at the time of the first Quarterly Calculation Date and will be based on TWC’s financial results for the fiscal quarter ended June 28, 2015 and (b) clause (ii) of such DSCR calculation will be deemed to equal the Debt Service measured for the most recently ended Quarterly Collection Period times four (4).  For the purposes of calculating the DSCR as of the first four (4) Quarterly Payment Dates, the Debt Service for the first Quarterly Collection Period will be deemed to be the sum of (A) the product of (x) the sum of the amounts referred to in clauses (i), (ii) and (iii) of the definition of “Debt Service” multiplied by (y) a fraction the numerator of which is ninety (90) and the denominator of which is the actual number of days elapsed during the period commencing on and including the Closing Date and ending on but excluding the first Quarterly Payment Date plus (B) 5,687,500.  “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 real property or other asset 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.

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“Eligible Investments” means (a) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank or trust company that (i) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) whose short-term debt is rated at least “P-1” (or then equivalent grade) by Moody’s and at least “A‐1+” (or then equivalent grade) by S&P and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than one (1) year from the date of acquisition thereof; (b) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof having maturities of not more than one (1) year from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof; (c) commercial paper issued by any Person organized under the laws of any state of the United States of America and rated at least “P-1” (or the then equivalent grade) by Moody’s and at least “A‐1+” (or the then equivalent grade) by S&P, with maturities of not more than 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 the portfolios of which are invested primarily in investments of the character, quality and maturity described in clauses (a) though (d) of this definition.  Notwithstanding the foregoing, all Eligible Investments must either (A) be at all times available for withdrawal or liquidation at par (or for commercial paper issued at a discount, at the applicable purchase price) or (B) mature on or prior to the Business Day prior to the immediately succeeding Weekly Allocation Date.

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

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

“Enhancement Agreement” means any contract, agreement, instrument or document governing the terms of any Enhancement or pursuant to which any Enhancement is issued or outstanding.

“Enhancement Provider” means the Person providing any Enhancement as designated in the applicable Series Supplement.

“Environmental Law” means any and all applicable laws, rules, orders, regulations, statutes, ordinances, binding guidelines, codes, decrees, agreements or other legally enforceable

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requirements (including common law) of any international authority, foreign government, the United States, or any state, local, municipal or other governmental authority, regulating, relating to or imposing liability or standards of conduct concerning protection of the environment or of human health (as it relates to exposure to Materials of Environmental Concern), or employee health and safety (as it relates to exposure to Materials of Environmental Concern), as has been, is now, or may at any time hereafter be, in effect.

“Environmental Permits” means any and all permits, licenses, approvals, registrations, notifications, exemptions and other authorizations required under any Environmental Law.

“Equity Interest” means any (a) membership interest in any limited liability company, (b) general or limited partnership interest in any partnership, (c) common, preferred or other stock interest in any corporation, (d) share, participation, unit or other interest in the property or enterprise of an issuer that evidences ownership rights therein, (e) ownership or beneficial interest in any trust or (f) option, warrant or other right to convert any interest into or otherwise receive any of the foregoing.

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

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

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

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

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“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 to be pledged; and (ii) any application for registration of a Trademark that would be invalidated, canceled, voided or abandoned due to the grant and/or enforcement of an assignment or security interest, including intent-to-use applications filed with the PTO pursuant to 15 U.S.C. Section 1051(b) prior to the filing of a statement of use or amendment to allege use pursuant to 15 U.S.C. 1051(c) or (d); provided that at such time as the grant and/or enforcement of the assignment or security interest would not cause such application to be invalidated, canceled, voided or abandoned, such Trademark application will cease to be considered an Excepted Securitization IP Asset.

“Excess Class A-1 Notes Administrative Expenses Amount” means, for each Weekly Allocation Date, an amount equal to the amount by which (a) the Class A-1 Notes Administrative Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid exceed (b) the Capped Class A-1 Notes Administrative Expenses Amount for such Weekly Allocation Date.

“Excluded Amounts” means (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, (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 Franchised Restaurants 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 corporate services provided by the Manager, including repairs and maintenance, gift card administration, 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) tenant improvement allowances and similar amounts received from landlords, (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 Software licensed to or on behalf of any Non-Securitization Entity and (ii) all proprietary software owned by TWC and its Subsidiaries (other than the Wendy’s Mobile Apps).

“Existing Real Estate Holders” means, collectively, Wendy’s, Wendy’s Old Fashioned Hamburgers of New York, LLC, Wendy’s Restaurants of New York, LLC, Wendy’s of Denver, LLC and Wendy’s of N.E. Florida, LLC.

“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

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Repayment Date with respect to such Series or Class as extended in connection with the provisions of the applicable Series Supplement.

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

“Financial Assets” has the meaning set forth in Section 5.8(b) of the Base Indenture.

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

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

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

“Franchise Holder” means Quality Is Our Recipe, LLC, a Delaware limited liability company, and its successors and assigns.

“Franchised Restaurant Leases” means leases in respect of which Wendy’s Properties is the lessor and a Franchisee is the lessee.

“Franchised Restaurants” means, collectively, the Contributed Franchised Restaurants and the New Franchised Restaurants.

“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 Real Estate Assets.

“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 Note Payments” means all amounts payable to a Securitization Entity by a Franchisee pursuant to a Franchisee Note.

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“Franchisee Payments” means all amounts payable to a Securitization Entity by Franchisees pursuant to the Franchise Documents other than Excluded Amounts.

“Franchisor Capital Account” means the account maintained in the name of the Franchise Holder and any Additional Securitization Entity that from time to time acts as the “franchisor” with respect to New Franchise Agreements and New Development Agreements, as applicable, into which such Securitization Entity causes amounts to be deposited pursuant to Section 5.1(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 Wendy’s Brand or any Trademark owned by the Securitization Entities as of the Closing Date) that (i) is acquired or developed by The Wendy’s Company or any of its Subsidiaries and subsequently contributed to one or more Securitization Entities in a manner consistent with the terms of the Related Documents or (ii) that is acquired or developed by the Master Issuer or any one or more Securitization Entities in a manner consistent with the terms of the Related Documents.

“GAAP” means the generally accepted accounting principles in the United States promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors in effect from time to time; provided that, for purposes of computing the Holdco Leverage Ratio (including any financial and accounting terms included in the components thereof), 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 Sales” means, with respect to a restaurant, the total amount of revenue received from the sale of all food, products, merchandise and performance of all services (except Manager-approved promotional items) and all other income of every kind and nature (including gift certificates when redeemed but not when purchased), whether for cash or credit and regardless of collection in the case of credit; provided, however, that Gross Sales shall not include (i) refunds and allowances; (ii) any sales Taxes or other Taxes, in each case collected from customers for transmittal to the appropriate taxing authority or (iii) revenues that are not subject to royalties in accordance with the related Franchise Agreement, Company Restaurant License or other applicable agreement.

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

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

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

“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 Wendy’s Funding, LLC, Hedge Payment Account”, which account is maintained by the Trustee pursuant to Section 5.7 of the Base Indenture or any successor securities account maintained pursuant to Section 5.7 of the Base Indenture.

“Holdco Leverage Ratio” means, as of any date of determination, the ratio of (a)(i) Indebtedness of the Non-Securitization Entities and the Securitization Entities (provided that the aggregate Outstanding Principal Amount of each Series of Class A-1 Notes shall be deemed to be the Class A-1 Notes Maximum Principal Amount) as of the end of the most recently ended Quarterly Fiscal Period less (ii) the sum of (w) the cash and Eligible Investments of the Securitization Entities credited to the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account and the

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Franchisor Capital Accounts as of the end of the most recently ended Quarterly Fiscal Period, (x) the cash and Eligible Investments of the Securitization Entities maintained in the Management Accounts as of the end of the most recently ended Quarterly Fiscal Period that, pursuant to a Weekly Manager’s Certificate delivered on or prior to such date, will be paid to the Manager or constitute the Residual Amount on the next succeeding Weekly Allocation Date, (y) the Unrestricted Cash and Eligible Investments of the Non-Securitization Entities as of the end of the most recently ended Quarterly Fiscal Period and (z) the available amount of each Interest Reserve Letter of Credit 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 prepared. The Holdco Leverage Ratio shall be calculated in accordance with Section 14.18(a) of the Base Indenture.

“Holding Company Guarantor” means Wendy’s 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, 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 (4) Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared shall not be considered Indebtedness.  For purposes of the foregoing clause (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

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avoidance of doubt, guarantees with respect to operating leases and product volumes shall not be considered Indebtedness.

“Indemnification Amount” means, with respect to any Franchise Asset, Contributed Restaurant or New Contributed Restaurant (and the related Contributed Restaurant Assets) or Real Estate Asset, 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.

“Indemnitor” means Wendy’s, as the Manager, Oldemark or any Existing Real Estate Holder.

“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, 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.

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

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

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

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

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

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

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

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

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

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or is withdrawn by Moody’s or downgraded by Moody’s below “P-2” or (ii) the long-term debt credit rating of such L/C Provider is withdrawn by S&P or downgraded by S&P below “BBB” or is withdrawn by Moody’s or downgraded by Moody’s below “Baa2.”

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

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

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

“Insolvency” means liquidation, insolvency, bankruptcy, rehabilitation, composition, reorganization or conservation; and, when used as an adjective, “Insolvent.”

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

“Insurance Proceeds Account” means the account maintained in the name of the Master Issuer, subject to an Account Control Agreement, and pledged to the Trustee into which the Manager causes Insurance/Condemnation Proceeds to be deposited.

“Intellectual Property” or “IP” means all rights in intellectual property of any type throughout the world, including:  (i) Trademarks; (ii) Patents; (iii) rights in computer programs, including in both source code and object code therefor, together with related documentation and explanatory materials and databases, including any Copyrights (as defined below), Patents and Trade Secrets (as defined below) therein (“Software”); (iv) copyrights (whether registered or unregistered) in unpublished and published works (“Copyrights”); (v) trade secrets and other confidential or proprietary information, including with respect to recipes, unpatented inventions, 

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operating procedures, know how, procedures and formulas for preparing food and beverage products, specifications for certain food and beverage products, inventory methods, customer service methods, financial control methods, 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, misappropriation or other violation of any of the foregoing, and to defend any pending or future challenges to any of the foregoing.

“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 15th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 15th 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.

“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.

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“IP License Agreements” means the Wendy’s IP License, the Canadian Franchisor IP License and the Company Restaurant Licenses.

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

“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.

“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.

“Letter of Credit Reimbursement Agreement” means the Letter of Credit Reimbursement Agreement, dated as of the Closing Date, by and among TWC, Wendy’s and the Master Issuer, as amended, supplemented or otherwise modified from time to time.

“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 related to (i) the Wendy’s Brand, (ii) products or services sold or distributed under the Wendy’s Brand, (iii) Branded Restaurants, (iv) the Wendy’s System, (v) the Contributed Franchised Restaurant Business or (vi) the Contributed Restaurant Business, 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.

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

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

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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 (which may be less than the Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date).

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

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

“Managed Assets” means the assets that the Manager has agreed to manage and service pursuant to the Management Agreement in accordance with the standards and the procedures described therein.

 “Management Accounts” means, collectively, the Contributed Restaurant 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; provided each such other account is established with the Trustee or otherwise controlled by the Trustee under the New York UCC, or subject to an Account Control Agreement.

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

“Manager” means Wendy’s, 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 Wendy’s Brand, (ii) products or services sold or distributed under the Wendy’s Brand, (iii) Branded Restaurants, (iv) the Wendy’s System, (v) the Contributed Franchised Restaurant Business or (vi) the Contributed Restaurant Business, including without limitation all Improvements to any Securitization IP.

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“Manager Termination Event” means the occurrence of an event specified in Section 6.1 of the Management Agreement.

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

“Master Issuer” means Wendy’s Funding, LLC, a Delaware limited liability company, and its successors and assigns.

“Material Adverse Effect” means

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

(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 Noteholders 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.

“Monthly Fiscal Period” means the following monthly fiscal periods of the Securitization Entities: (a) eight 4-week fiscal periods and four 5-week fiscal periods of the Securitization Entities in connection with their 52-week fiscal years and (b) eight 4-week fiscal periods, three 5-week fiscal periods and one 6-week fiscal period of the Securitization Entities in connection

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with their 53-week fiscal years, whereby the 6-week period is the last fiscal period in such fiscal year.

 “Monthly Fiscal Period Contributed Restaurant Accrual Profits Amount” means, with respect to each Monthly Fiscal Period of the Securitization Entities, the amount (not less than zero) equal to (a) all revenue accrued in respect of all Contributed Restaurants and New Contributed Restaurants (excluding Pass-Through Amounts); minus (b) all Restaurant Operating Expenses (excluding Pass-Through Amounts) accrued over such period in connection with the operation of the Contributed Restaurants and New Contributed Restaurants over such period.

“Monthly Fiscal Period Contributed Restaurant Cash Profits Amount” means, with respect to each Monthly Fiscal Period of the Securitization Entities, the amount (not less than zero) equal to (a) Contributed Restaurant Collections (excluding Pass-Through Amounts) over such period; minus (b) all Restaurant Operating Expenses (excluding Pass-Through Amounts) paid in cash out of funds in deposit in the Contributed Restaurant Accounts in connection with the operation of the Contributed Restaurants and New Contributed Restaurants over such period.

“Monthly Fiscal Period Contributed Restaurant 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 Contributed Restaurant Accrual Profits Amount for such Monthly Fiscal Period minus (ii) the Monthly Fiscal Period Estimated Contributed Restaurant Profits Amount for such Monthly Fiscal Period plus (b) the unpaid amount of all Monthly Fiscal Period Contributed Restaurant Profits True-up Amounts for all prior Monthly Fiscal Periods.

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

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

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

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

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

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

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

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

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

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

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

(c)            the amount, if any, by which equity contributions included in such Retained Collections exceeds the relevant amount of Retained Collections Contributions permitted to be included in Net Cash Flow pursuant to Section 5.16 of the Base Indenture;

provided that funds released from the Cash Trap Reserve Account, the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account shall not constitute Retained Collections for purposes of this definition.

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

“New Contributed Restaurant Leases” means, with respect to (i) each New Contributed Restaurant located on Contributed Owned Real Property or New Owned Real Property or (ii) each Contributed Restaurant located on New Owned Real Property, an agreement whereby the Manager, on behalf of any Securitization Entity, as owner of such Contributed Restaurant or New Contributed Restaurant, agrees to allocate amounts with respect to each such Contributed Restaurant or New Contributed Restaurant from the Contributed Restaurant Accounts to the Concentration Accounts.

“New Contributed Restaurant Third-Party Leases” means leases from landlords unaffiliated with Wendy’s, in respect of which a Wendy’s Entity is the prime lessee, contributed to, or otherwise entered into or acquired by, a Securitization Entity following the Closing Date.

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“New Contributed Restaurants” means all Branded Restaurants that are acquired or opened by a Securitization Entity after the Closing Date.

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

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

“New Franchised Restaurant Leases” means leases in respect of which a Securitization Entity is the lessor and a Franchisee is the lessee contributed to, or otherwise entered into or acquired by, a Securitization Entity following the Closing Date.

“New Franchised Restaurants” means the Branded Restaurants opened after the Closing Date that are owned and operated by a Franchisee that is unaffiliated with Wendy’s and its Affiliates.

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

“New Owned Real Property” means real property (including the land, buildings and fixtures) that is (i) acquired in fee after the Closing Date by a Securitization Entity or (ii) acquired in fee after the Closing Date by a Non-Securitization Entity and contributed to, or otherwise acquired by, a Securitization Entity pursuant to a contribution agreement in form and substance reasonably acceptable to the Trustee.

“New Real Estate Assets” means, collectively, (i) the New Owned Real Property, (ii) the New Franchised Restaurant Leases, (iii) the New Contributed Restaurant Leases and (iv) the New Retained Restaurant Leases.

“New Retained Restaurant Leases” means leases in respect of which a Securitization Entity is the lessor and a Retained Restaurant is the lessee, contributed to, or otherwise entered into or acquired by, a Securitization Entity following the Closing Date.

“New Series Pro Forma DSCR” means, at any time of determination and with respect to the issuance of any Additional Notes, the ratio calculated by dividing (i) the Net Cash Flow over the four immediately preceding Quarterly Collection Periods most recently ended over (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.

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“New York UCC” has the meaning set forth in Section 5.8(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.

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

“Note Owner Certificate” has the meaning specified in Section 11.5(b) of the Base Indenture.

“Note Rate” means, with respect to any Series or any Class of any Series of Notes, the annual rate at which interest (other than contingent additional interest) accrues on the Notes of such Series or such Class of such Series of Notes (or the formula on the basis of which such rate will be determined) as stated in the applicable Series Supplement.

“Note Register” means the register maintained pursuant to Section 2.5(a) of the Base Indenture, providing for the registration of the Notes and transfers and exchanges thereof, subject to such reasonable regulations as the Master Issuer may prescribe.

“Noteholder” and “Holder” mean 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 and all Mortgage Preparation Fees and Mortgage Recordation Fees when due and payable as provided in the Indenture.

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

“Oldemark” means Oldemark LLC, a Delaware limited liability company, and its successors and assigns.

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

“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

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account for which the Manager or an Affiliate of the Manager exercises discretionary voting authority.

“Outstanding Principal Amount” means, with respect to each Series of Notes, the amount calculated in accordance with the applicable Series Supplement, which amount with respect to any Series of Class A-1 Notes may include outstanding amounts under swingline or letter of credit subfacilities thereunder.

“Pass-Through Amounts” means amounts in respect of sales Taxes and other comparable Taxes, payroll Taxes, wage garnishments and other amounts received by Contributed Restaurants and New Contributed Restaurants 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.

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

“Pension Plan” means any “employee pension benefit plan,” as such term is defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA and to which any company in the same Controlled Group as the Master Issuer has liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA for any time within the preceding five (5) years or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

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

“Permitted Lien” means (a) Liens for (i) Taxes, assessments or other governmental charges not delinquent or (ii) Taxes, assessments or other charges being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (b) all Liens created or permitted under the Related Documents in favor of the Trustee for the benefit of the Secured Parties, (c) Liens existing on the Closing Date, which shall be released on such date, provided that Intellectual Property recordations need not have been terminated of record on the Closing Date so long as such Intellectual Property recordations 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 restrictions, (iii) easements, covenants, restrictions, leases, subleases, rights of way and other title matters whether or not shown by the public records, (iv) overlaps, encroachments and any matters not of record which would be disclosed by an accurate survey or a personal inspection of the property, (v) title to any portion of any premises lying within the right of way or boundary of any public road or private road, (vi) landlords’ and

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lessors’ Liens on rented premises, and which, in each case (as described in clauses (d)(i) through (vi) above), do not materially detract from the value of the encumbered property or impair the use thereof in the business of any Securitization Entity and (vii) the interest of a lessee in property leased to a Franchisee, (e) in the case of any interest in real estate consisting of a Contributed Restaurant Third-Party Lease or New Contributed Restaurant Third-Party Lease, (i) the terms of the applicable Contributed Restaurant Third-Party Lease or New Contributed Restaurant Third-Party Lease, (ii) Liens affecting the underlying fee interest in the real estate and/or any of the property of the lessor grantor under the applicable lease (including, without limitation, any mortgages on the landlord’s fee interest in the leased real estate) and (iii) Liens with respect to which the Contributed Restaurant Third-Party Lease or New Contributed Restaurant Third-Party Lease has priority, (f) deposits or pledges made (i) in connection with casualty insurance maintained in accordance with the Related Documents, (ii) to secure the performance of bids, tenders, contracts or leases, (iii) to secure statutory obligations or surety or appeal bonds or (iv) to secure indemnity, performance or other similar bonds in the ordinary course of business of any Securitization Entity, (g) Liens of carriers, warehouses, mechanics and similar Liens, in each case securing obligations (i) that are not yet due and payable or not overdue for more than forty-five (45) days from the date of creation thereof or (ii) being contested in good faith by any Securitization Entity in appropriate proceedings (so long as such Securitization Entity shall, in accordance with GAAP, have set aside on its books adequate reserves with respect thereto), (h) restrictions under federal, state or foreign securities laws on the transfer of securities, (i) any Liens arising under law or pursuant to documentation governing permitted accounts in connection with the Securitization Entities’ cash management system (including credit card and processing arrangements), (j) defects of title, survey defects, easements, rights-of-way, covenants, restrictions and other similar charges or encumbrances with respect to each real property, which (1) do not constitute Permitted Liens under any other clause of this definition and (2) neither have nor would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business or operations as currently conducted at such real property, (k) Liens arising from judgment, decrees or attachments in circumstances not constituting an Event of Default, (l) Liens arising in connection with any Capitalized Lease Obligations, sale-leaseback transaction or in connection with any Indebtedness, in each case that is permitted under the Indenture, (m) Liens not securing Indebtedness that attach to any Collateral in an aggregate outstanding amount not exceeding $1,000,000 at any time, (n) Liens on Collateral that has been pledged pursuant to a Variable Funding Note Purchase Agreement with respect to letters of credit issued thereunder, and (o) any encumbrance on Securitization IP created by entering into (i) any licenses of Securitization IP under the Canadian Franchisor IP License, the Company Restaurant Licenses and the Wendy’s IP License 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.

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“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.

“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-Default Capped Trustee Expenses” has the meaning set forth in the definition of “Post-Default Capped Trustee Expenses Amount.”

“Post-Default Capped Trustee Expenses Amount” means an amount equal to the lesser of (a) all reasonable expenses payable by the Master Issuer to the Trustee pursuant to the Indenture (excluding Mortgage Recordation Fees) after the occurrence and during the continuation of an Event of Default in connection with any obligations of the Trustee in connection with such Event of Default that are in excess of the Capped Securitization Operating Expense Amount (“Post-Default Capped Trustee Expenses”) and (b) the amount by which (i) $100,000 exceeds (ii) the aggregate amount of Post-Default Capped Trustee Expenses previously paid on each Weekly Allocation Date that occurred in the annual period (measured from the Closing Date to the anniversary thereof and from each anniversary thereof to the next succeeding anniversary thereof) in which such Weekly Allocation Date occurs.  For the avoidance of doubt, Mortgage Recordation Fees will not be considered Trustee expenses for purposes of determining the Post-Default Capped Trustee Expenses Amount.

“Potential Manager Termination Event” means any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Manager Termination Event.

“Potential Rapid Amortization Event” means any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Rapid Amortization Event; provided that any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Rapid Amortization Event as described in clause (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.

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“Priority of Payments” means the allocation and payment obligations described in Section 5.11 and Section 5.12 of this Base Indenture as supplemented by the allocation and payment obligations with respect to each Series of Notes described in each Series Supplement.  For the avoidance of doubt, references to priorities of the Priority of Payments shall refer to the priorities set forth in Section 5.11.

“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.

“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 two (2) Business Days prior to each Quarterly Payment Date.  Any reference to a Quarterly Calculation Date relating to a Quarterly Payment Date means the Quarterly Calculation Date occurring in the same calendar month as the Quarterly Payment Date and any reference to a Quarterly Calculation Date relating to a Quarterly Collection Period means the Quarterly Collection Period most recently ended on or prior to the related Quarterly Payment Date.

“Quarterly Collection Period” means each period commencing on and including the first day of a Quarterly Fiscal Period and ending on but excluding the first day of the immediately following Quarterly Fiscal Period.  The first Quarterly Collection Period will be from the Cut-Off Date to and including June 28, 2015.

“Quarterly Compliance Certificate” has the meaning specified in Section 4.1(c) of the Base Indenture.

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“Quarterly Fiscal Period” means the following quarterly fiscal periods of the Securitization Entities: (a) with respect to each of the Securitization Entities’ 52-week fiscal years, four 13-week quarters of the Securitization Entities and (b) with respect to each of the Securitization Entities’ 53-week fiscal years, three 13-week quarters followed by one 14-week quarter.  The last day of the fourth Quarterly Fiscal Period of each fiscal year of the Securitization Entities is the Sunday that is closest to December 31.  References to “weeks” mean the Securitization Entities’ fiscal weeks, which commence on and include each Monday of a week and end on but exclude Monday of the following week.

“Quarterly Noteholders’ Report” means, with respect to any Series of Notes, a statement substantially in the form of an Exhibit C to the 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 15th day of each of March, June, September and December, or if such date is not a Business Day, the next succeeding Business Day, commencing on September 15, 2015.  Any reference to a Quarterly Collection Period relating to a Quarterly Payment Date means the Quarterly Collection Period most recently ended prior to such Quarterly Payment Date, and any reference to an Interest Accrual Period relating to a Quarterly Payment Date means the Interest Accrual Period most recently ended prior to such Quarterly Payment Date.

“Rapid Amortization DSCR Threshold” means a DSCR equal to 1.20x.

“Rapid Amortization Event” has the meaning specified in Section 9.1 of the Base Indenture.

“Rapid Amortization Period” means the period commencing on the date on which a Rapid Amortization Event occurs and ending on the earlier to occur of the waiver of the occurrence of such Rapid Amortization Event in accordance with Section 9.7 of the Base Indenture and the date on which there are no Notes Outstanding.

“Rating Agency” means S&P and any successor or successors thereto. In the event that at any time the rating agency rating the Notes do not include S&P, references to rating categories of S&P in the Indenture shall be deemed instead to be references to the equivalent categories of such other rating agency as then is rating the Notes as of the most recent date on which such other rating agency and S&P published ratings for the type of security in respect of which such alternative rating agency is used. If the applicable Series Supplement 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

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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 (and provides an Officer’s Certificate to the Trustee evidencing such determination) that the policies of such Rating Agency permit it to deliver such Rating Agency Confirmation;

(ii)            the Rating Agency Condition will not be required to be satisfied in respect of any Rating Agency if the Manager provides an Officer’s Certificate (along with copies of all written requests for such Rating Agency Confirmation and copies of all related email correspondence) to the Master Issuer, the Servicer and the Trustee certifying that:

(a)            the Manager has not received any response from such Rating Agency after the Manager has repeated such active solicitation (by request via telephone and by email) on or about the tenth (10th) Business Day and the fifteenth (15th) Business Day following the date of delivery of the initial solicitation;

(b)            the Manager has no reason to believe that such event or action would result in such Rating Agency withdrawing its credit ratings on such Outstanding Series of Notes or assigning credit ratings on such Outstanding Series of Notes below the lower of (1) the then-current credit ratings on such Outstanding Series of Notes or (2) the initial credit ratings assigned to such Outstanding Series of Notes by such Rating Agency (in each case, without negative implications); and

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

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

(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 shall have provided its written consent to the issuance of such Additional Notes.

“Rating Agency Confirmation” means, with respect to any Outstanding Series of Notes, a confirmation from a 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

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ratings on such Outstanding Series of Notes or (B) the initial credit ratings assigned to such Outstanding Series of Notes by such Rating Agency (in each case, without negative implications).

“Rating Agency Notification” means, with respect to any prospective action or occurrence, a written notification to the Rating Agency for each Series of Notes Outstanding setting forth in reasonable detail such action or occurrence.

“Reacquired Restaurants” means Branded Restaurants located in the United States and Canada that were previously Franchised Restaurants and are subsequently reacquired by a Non-Securitization Entity for financial or other reasons until such time as the restaurants are re-franchised to third-party Franchisees.

“Real Estate Assets” means the Contributed Real Estate Assets and the New Real Estate Assets.

“Record Date” means, with respect to any Quarterly Payment Date the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which such Quarterly Payment Date occurs.

“Refranchising Asset Disposition” has the meaning set forth in Section 8.16(p) 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, any Mortgages, the Management Agreement, the Servicing Agreement, the Back-Up Management Agreement, any Series Hedge Agreement, the Contribution Agreements, any agreement pursuant to which New Contributed Assets are contributed to, or otherwise entered into or acquired by, the Securitization Entities, any Variable Funding Note Purchase Agreement, each other note purchase agreement pursuant to which Notes are purchased, the IP License Agreements, any Enhancement Agreement, the Charter Documents, the Letter of Credit Reimbursement Agreement and any additional document identified as a “Related Document” in the Series Supplement for any Series of Notes Outstanding and any other material agreements entered into, or certificates delivered, pursuant to the foregoing documents.

“Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA.

“Reportable Event” means any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Single Employer Plan (other than an event for which the 30-day notice period is waived).

 “Required Rating” means (i) a short-term certificate of deposit rating from Moody’s of “P-2” and from S&P of at least “A‐2” and (ii) a long-term unsecured debt rating of not less than “Baa3” by Moody’s and “BBB-” by S&P.

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

“Residual Amount” means for any Weekly Allocation Date with respect to any Quarterly Collection Period the amount, if any, by which the amount allocated to the Collection Account on such Weekly Allocation Date exceeds the sum of the amounts to be paid and/or allocated on such Weekly Allocation Date pursuant to priorities (i) through (xxviii) of the Priority of Payments.

“Restaurant Operating Expenses” means, collectively, (i) operating expenses that are incurred by or allocated, in accordance with the Managing Standard, to Contributed Restaurants and New Contributed Restaurants in the ordinary course of business relating to the operation of Contributed Restaurants and New Contributed Restaurants, such as the cost of goods sold (including vendor rebates), labor (including wages, incentive compensation, workers’ compensation-related expenses and other labor-related expenses for employees of Contributed Restaurants and New Contributed Restaurants), repair and maintenance expenses to the extent not capitalized, insurance (including self-insurance), local advertising expenses, Advertising Fees allocable to such Company Restaurants, litigation and settlement costs relating to the Managed Assets and other restaurant operating costs included in cost of sales, (ii) Company Restaurant License Fees, (iii) payments pursuant to Contributed Restaurant Third-Party Leases or New Contributed Restaurant Third-Party Leases and (iv) Pass-Through Amounts.

“Retained Collections” means, with respect to any specified period of time, the amount equal to (i) Collections (other than Contributed Restaurant Collections) received over such period plus, without duplication (ii) Monthly Fiscal Period Estimated Contributed Restaurant Profits Amounts plus, without duplication, (iii) Monthly Fiscal Period Contributed Restaurant Profits True-up Amounts minus, without duplication, (iv) the Excluded Amounts over such period.  Funds released from the Cash Trap Reserve Account shall not constitute Retained Collections for purposes of this definition.

“Retained Collections Contribution” means, with respect to any Quarterly Collection Period, an equity contribution made to the Master Issuer, at any time prior to the Series Legal Final Maturity Date with respect the last Series of Notes Outstanding, to be included in Net Cash Flow in accordance with Section 5.16 of the Base Indenture, which for all purposes of the Related Documents, except as otherwise specified therein, will be treated as Retained Collections received during such Quarterly Collection Period; 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.

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“Retained Restaurant Lease Payments” means all amounts payable to a Securitization Entity under a lease constituting a Retained Restaurant Lease or New Retained Restaurant Lease.

“Retained Restaurant Leases” means leases in respect of which Wendy’s Properties is the lessor and a Retained Restaurant is the lessee.

“Retained Restaurants” means Branded Restaurants owned and operated by Non-Securitization Entities in the United States and Canada.

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

“S&P” or “Standard & Poor’s” means Standard & Poor’s Rating Group, a division of The McGraw-Hill Companies, Inc., or any successor 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 Weekly Allocation Date with respect to such Quarterly Collection Period, the occurrence of the following event:  the amount of funds on deposit in the Senior Notes Principal Payment Account after the last Weekly Allocation Date with respect to such Quarterly Collection Period is less than the aggregate amount of Senior Notes Quarterly Scheduled Principal Amounts due and payable on all such Senior Notes for the next succeeding Quarterly Payment Date.

“Scheduled Principal Payments Deficiency Notice” has the meaning specified in Section 4.1(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 5.8(a) of the Base Indenture.

“Securitization Entities” means, collectively, the Master Issuer and the Guarantors, and each Subsidiary thereof.

“Securitization IP” means, collectively, the Closing Date Securitization IP and the After-Acquired Securitization IP, except that “Securitization IP” shall 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

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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.

“Securitization Operating Expense Account” has the meaning set forth in Section 5.6(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 or Contributed Restaurant Accounts as provided for herein), including (i) accrued and unpaid Taxes (other than United States federal, state, local and foreign Taxes based on income, profits or capital, including franchise, excise, withholding or similar Taxes), filing fees and registration fees payable by and attributable to the Securitization Entities to any federal, state, local or foreign Governmental Authority; (ii) fees and expenses payable to (A) the Trustee under the Indenture or the other Related Documents to which it is a party (excluding Mortgage Recordation Fees), (B) the Back-Up Manager as Back-Up Manager Fees, (C) the 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 the Notes may be listed; (iii) the indemnification obligations of the Securitization Entities under the Related Documents to which they are a party (including any interest thereon at the Advance Interest Rate, if applicable); and (iv) independent director and independent manager fees.  Mortgage Preparation Fees and Mortgage Recordation Fees shall not be Securitization Operating Expenses.

“Securitized Assets” means all assets owned by the Securitization Entities, including but not limited to the Collateral and the Real Estate Assets.

“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 (provided that, with respect to each Series of Class A-1 Notes Outstanding, the aggregate Outstanding Principal Amount of each such Series of Class A-1 Notes will be deemed to be the Class A-1 Notes Maximum Principal Amount) as of the end of the most recently ended Quarterly Fiscal Period less (ii) the sum of (x) the cash and Eligible Investments of the Securitization Entities credited to the Senior Notes Interest Reserve Account, the Cash Trap Reserve Account and the Franchisor Capital Accounts as of the end of the most recently ended Quarterly Fiscal Period and (y) the available amount of the Interest Reserve Letter of Credit with respect to the Senior Notes as of the end of the most recently ended Quarterly Fiscal 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

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and principal on such Notes to the right to receive interest and principal on any Subordinated Notes.

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

“Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, 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 Weekly Allocation Date, and with respect to all Senior Notes Outstanding, the aggregate amounts identified as the “Senior Notes Accrued Quarterly Scheduled Principal Amount” in each applicable Series Supplement.

“Senior Notes Interest Payment Account” has the meaning set forth in Section 5.6(a)(i) of the Base Indenture.

“Senior Notes Interest Reserve Account” means account no. 11455500 entitled “Citibank, N.A. f/b/o Wendy’s Funding, LLC, Senior Notes Interest Reserve Account”, which account is maintained by the Trustee pursuant to Section 5.2 of the Base Indenture or any successor securities account maintained pursuant to Section 5.2 of the Base Indenture.

“Senior Notes Interest Reserve Account Deficiency Amount” means, as of any date of determination the excess, if any, of the Senior Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account and (b) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes.

“Senior Notes Interest Reserve Amount” means, with respect to any Quarterly Payment Date (and any Weekly Allocation Date related thereto), an amount equal to the Senior Notes Quarterly Interest Amount due on the next Quarterly Payment Date (assuming that amounts available under each Variable Funding Note Purchase Agreement at such time (after giving effect to any commitment reductions on such date) are fully drawn); provided that, with respect to the first Interest Accrual Period following the Closing Date, the Senior Notes Interest Reserve Amount will be an amount equal to $23,125,000.

“Senior Notes Post-ARD Contingent Interest Account” has the meaning set forth in Section 5.6 of the Base Indenture

“Senior Notes Principal Payment Account” has the meaning set forth in Section 5.6 of the Base Indenture.

“Senior Notes Quarterly Interest 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.

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“Senior Notes Quarterly Interest Shortfall Amount” has the meaning set forth in Section 5.12(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 Weekly Allocation Date, and with respect to all Senior Notes Outstanding, the aggregate amounts identified as the “Senior Notes Quarterly Scheduled Principal Deficiency Amount” in each applicable Series Supplement.

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

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

“Senior Subordinated Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, and 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 Weekly 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 Weekly Allocation Date, and with respect to all Senior Subordinated Notes Outstanding, the aggregate amounts identified as the “Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount” in each applicable Series Supplement.

“Senior Subordinated Notes Interest Payment Account” has the meaning set forth in Section 5.6(a)(ii) of the Base Indenture.

“Senior Subordinated Notes Interest Reserve Account” means an account entitled “Citibank, N.A. f/b/o Wendy’s Funding, LLC, Senior Subordinated Notes Interest Reserve Account” maintained by the Trustee pursuant to Section 5.3(a) of the Base Indenture or any successor securities account maintained pursuant to Section 5.3(a) of the Base Indenture.

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“Senior Subordinated Notes Interest Reserve Account Deficiency Amount” means, as of any date of determination, the excess, if any, of the Senior Subordinated Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Subordinated Notes Interest Reserve Account and (b) the amount available under any Interest Reserve Letter of Credit relating to the Senior Subordinated Notes.

“Senior Subordinated Notes Interest Reserve Amount” means, with respect to any Quarterly Payment Date (and any Weekly Allocation Date related thereto), an amount equal to the Senior Subordinated Notes Quarterly Interest Amount due on the next Quarterly Payment Date.

“Senior Subordinated Notes Post-ARD Contingent Interest Account” has the meaning set forth in Section 5.6 of the Base Indenture.

“Senior Subordinated Notes Principal Payment Account” has the meaning set forth in Section 5.6 of the Base Indenture.

“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.

“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 Weekly Allocation Date, and with respect to all Senior Subordinated Notes Outstanding, the aggregate amounts identified as the “Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount” in each 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, or Class or Tranche thereunder, the “Anticipated Repayment Date” as set forth in the related Series Supplement, which will be the Series Anticipated Repayment Date for such Series of Notes, or Class or Tranche thereunder, as adjusted pursuant to the terms of the applicable Series Supplement.

“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.

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“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.

“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.

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

“Servicing Fees” has the meaning set forth in the Servicing Agreement.

“Servicing Standard” has the meaning set forth in the Servicing Agreement.

“Single Employer Plan” means any Pension Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan.

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

“Specified Bankruptcy Opinion Provisions” means the provisions contained in the legal opinion(s) delivered in connection with the issuance of each Series of Notes relating to the non-substantive consolidation of the Securitization Entities with Wendy’s.

“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.

“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.

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

“Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, and 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 Weekly Allocation Date, and with respect to all Subordinated Notes Outstanding, the aggregate amounts identified as the “Subordinated Notes Accrued Quarterly Scheduled Principal Amount” in each applicable Series Supplement.

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“Subordinated Notes Interest Payment Account” has the meaning set forth in Section 5.6(a)(iii) of the Base Indenture.

“Subordinated Notes Post-ARD Contingent Interest Account” has the meaning set forth in Section 5.6 of the Base Indenture.

 “Subordinated Notes Principal Payment Account” has the meaning set forth in Section 5.6 of the Base Indenture.

“Subordinated Notes 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 5.12(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 Weekly 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

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which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent or (b) that is, at the time any determination is being made, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

“Subsidiary Guarantors” means, collectively, the Franchise Holder, Wendy’s Properties 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 Weekly Allocation Date with respect to any Quarterly Collection Period the amount, approved in writing by the Control Party acting at the direction of the Controlling Class Representative, by which, with respect to any Quarterly Collection Period, (i) the sum of 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 and the amount of any current or projected Tax Payment Deficiency, if applicable, exceed (ii) the Weekly Management Fees received and to be received by the Manager on such Weekly Allocation Date and each preceding Weekly Allocation Date with respect to such Quarterly Collection Period.

“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,

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together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

“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 TWC 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) will as of the date of issuance be treated as a disregarded entity for U.S. federal income tax purposes and (ii) will not as of the date of issuance be classified as a corporation or as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and (c) such new Series of Notes will as of the date of issuance be treated as debt for U.S. federal income tax purposes.

“Tax Payment Deficiency” means any Tax liability of TWC (or, if TWC 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 TWC (or such other taxable parent entity) from its available funds.

“Trademarks” means all United States, state and non-U.S. trademarks, service marks, trade names, trade dress, designs, logos, slogans and other indicia of source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, internet domain names, and all goodwill of any business connected with the use of or symbolized thereby.

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

“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

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Trust Office, or any trust officer, or any officer customarily performing functions similar to those performed by the person who at the time will be such officers, in each case having direct responsibility for the administration of this Indenture, and also any officer to whom any corporate trust matter is referred because of his knowledge of and familiarity with a particular subject.

“Trustee” means the party named as such in the Indenture until a successor replaces it in accordance with the applicable provisions of the Indenture and thereafter means the successor serving thereunder.  On the Closing Date, the Trustee shall be Citibank, N.A., a national banking association.

“Trustee Accounts” has the meaning set forth in Section 5.8(a) of the Base Indenture.

“TWC” means The Wendy’s Company.

“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.

“Unsecured Debenture Indenture” means the indenture dated as of December 14, 1995 by and between Wendy’s, as issuer, and The Huntington National Bank, as trustee, as amended, with respect to the Unsecured Debentures.

 “Unsecured Debentures” means the 7.00% Debentures due December 15, 2025.

“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.

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

“Warm Back-Up Management Trigger Event” means the occurrence and continuation of (i) any event that causes a Cash Trapping Period to begin and that continues for at least two (2) consecutive Quarterly Calculation Dates or (ii) a Rapid Amortization Event, 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.

“Weekly Allocation Date” means the last Business Day of the week following the last day of each Weekly Collection Period, commencing on June 19, 2015.

“Weekly Collection Period” means each weekly period commencing at 12:00 a.m. (Eastern time) on each Monday and ending at 11:59:59 p.m. (Eastern time) on each Sunday 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 June 1, 2015.

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

“Weekly Manager’s Certificate” has the meaning specified in Section 4.1(a) of the Base Indenture.

“Welfare Plan” means any “employee welfare benefit plan” as such term is defined in Section 3(1) of ERISA.

“Wendy’s” means Wendy’s International, LLC, an Ohio limited liability company, and its successors and assigns.

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

“Wendy’s Canada” means Wendy’s Restaurants of Canada Inc., an Ontario corporation, and its successors and assigns.

 “Wendy’s Entities” or “Non-Securitization Entity” mean Wendy’s and each of its Affiliates (including each of their Subsidiaries but excluding any Securitization Entity) now existing or hereafter created.

 “Wendy’s IP License” means the Wendy’s IP License, dated as of the Closing Date, between the Franchise Holder, as licensor, and Wendy’s, as licensee, as amended, supplemented or otherwise modified from time to time.

“Wendy’s Mobile Apps” means all consumer-facing Wendy’s Brand mobile applications, including those contributed to the Franchise Holder on the Closing Date or acquired by the Franchise Holder following the Closing Date.

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“Wendy’s Properties” means Wendy’s Properties, LLC, a Delaware limited liability company, and its successors and assigns.

 “Wendy’s System” means the system of restaurants operating under the Wendy’s Brand.

“Wendy’s Systemwide Sales” means, with respect to any Quarterly Calculation Date, global Gross Sales (which will be permitted to include estimated Gross Sales of up to 5.0% of the total) of the Franchised Restaurants and Contributed Restaurants for the four Quarterly Fiscal Periods ended immediately prior to such Quarterly Calculation Date.

“Working Capital Reserve Amount” means, as of any date of determination, an amount determined by the Manager to be retained in a Concentration Account for working capital expenses not to exceed in the aggregate for all Concentration Accounts the greater of (i) $5,000,000 and (ii) 1.0% of the aggregate Retained Collections for the preceding four (4) Quarterly Collection Periods.

 “Workout Fees” has the meaning set forth in the Servicing Agreement.

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ANNEX B

UNSECURED DEBENTURE INDENTURE DEFINITIONS

“Attributable Value” in respect of any Sale and Lease-Back Transaction means, as of the time of determination, the lesser of (i) the sale price of the Principal Property so leased multiplied by a fraction the numerator of which is the remaining portion of the base term of the lease included in such Sale and Lease-Back Transaction and the denominator of which is the base term of such lease, and (ii) the total obligation (discounted to present value at the highest rate of interest specified by the terms of any series of Securities then Outstanding compounded semi-annually) of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance, repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such Sale and Lease-Back Transaction.

“Domestic Subsidiary” means any Subsidiary which owns any Principal Property.

“Indebtedness” of any person means (without duplication), with respect to any person, (i) every obligation of such person for money borrowed, (ii) every obligation of such person evidenced by bonds, debentures, notes or other similar instruments, (iii) every reimbursement obligation of such person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such person and (iv) every obligation of the type referred to in clauses (i) through (iii) of another person the payment of which such person has guaranteed or is responsible or liable for, directly or indirectly, as obligor, guarantor or otherwise (but only, in the case of clause (iv), to the extent such person has guaranteed or is responsible or liable for such obligations).

“Lien” means, with respect to any property or assets, any mortgage or deed of trust, pledge, hypothecation, assignment, security interest, lien, encumbrance, or other security arrangement of any kind or nature whatsoever on or with respect to such property or assets (including any conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing).

“Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 502 of the Unsecured Debenture Indenture.

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under the Unsecured Debenture Indenture, except:

		(1)	Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

		(2)	Securities for whose payment or redemption money in the necessary amount has been heretofore deposited with the Trustee or any paying agent (other than Wendy’s) in trust or set aside and segregated in trust by Wendy’s (if Wendy’s shall act as its own

paying agent) for the holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to the Unsecured Debenture Indenture or provision therefor satisfactory to the Trustee has been made;

		(3)	Securities as to which defeasance (as specified in Section 1302 of the Unsecured Debenture Indenture) has been effected pursuant to Section 1302 of the Unsecured Debenture Indenture; and

		(4)	Securities which have been paid pursuant to Section 306 of the Unsecured Debenture Indenture or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to the Unsecured Debenture Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of Wendy’s;

provided, however, that in determining whether the holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon acceleration of the maturity thereof to such date pursuant to Section 502 of the Unsecured Debenture Indenture, (B) if, as of such date, the principal amount payable at the stated maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 301 of the Unsecured Debenture Indenture, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 301 of the Unsecured Debenture Indenture, of the principal amount of such Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount determined as provided in such Clause), and (D) Securities owned by Wendy’s or any other obligor upon the Securities or any affiliate of Wendy’s or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which 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 Securities and that the pledgee is not Wendy’s or any other obligor upon the Securities or any affiliate of Wendy’s or of such other obligor.

“Principal Property” means all restaurant or related equipment and all real property owned by Wendy’s or a Subsidiary constituting all or part of any restaurant located within one of the 50 states of the United States or the District of Columbia.

“Sale and Lease-Back Transaction” of any person means an arrangement with any lender or investor or to which such lender or investor is a party providing for the leasing by such person of any Principal Property that, more than 12 months after (i) the completion of the acquisition,

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construction, development or improvement of such Principal Property or (ii) the placing in operation of such Principal Property or of such Principal Property as so constructed, developed or improved, has been or is being sold, conveyed, transferred or otherwise disposed of by such person to such lender or investor or to any person to whom funds have been or are to be advanced by such lender on the security of such Principal Property. The term of such arrangement, as of any date (the “measurement date”), shall end on the date of the last payment of rent or any other amount due under such arrangement on or prior to the first date after the measurement date on which such arrangement may be terminated by the lessee, at its sole option, without payment of a penalty.

“Securities” means unsecured debentures, notes or other evidence of indebtedness, authorized to be issued from time to time by Wendy’s, and more particularly means any Securities authenticated and delivered under the Unsecured Debenture Indenture.

“Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by Wendy’s or by one or more other Subsidiaries, or by Wendy’s and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.

 

 

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