Document:

Guarantee and Collateral Agreement dated as of  4-16-2007

 Exhibit 10.4 
  

 GUARANTEE AND COLLATERAL AGREEMENT 
 made by 
 DOMINO’S SPV GUARANTOR LLC, 
 DOMINO’S PIZZA FRANCHISING LLC, 
 DOMINO’S PIZZA INTERNATIONAL FRANCHISING INC., and 
 DOMINO’S PIZZA CANADIAN DISTRIBUTION ULC 
 each as a Guarantor 
 in favor of 

CITIBANK, N.A., 
 as Trustee 
 Dated as of April 16, 2007 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	SECTION 1 DEFINED TERMS	  	1
	 1.1
	  	Definitions	  	1
		
	SECTION 2 GUARANTEE	  	2
	 2.1
	  	Guarantee	  	2
	 2.2
	  	No Subrogation	  	3
	 2.3
	  	Amendments, etc. with respect to the Co-Issuer Obligations	  	3
	 2.4
	  	Guarantee Absolute and Unconditional	  	4
	 2.5
	  	Reinstatement	  	4
	 2.6
	  	Payments	  	5
	 2.7
	  	Information	  	5
		
	SECTION 3 SECURITY	  	5
	 3.1
	  	Grant of Security Interest	  	5
	 3.2
	  	Certain Rights and Obligations of the Guarantors Unaffected	  	7
	 3.3
	  	Performance of Collateral Documents	  	8
	 3.4
	  	Stamp, Other Similar Taxes and Filing Fees	  	9
	 3.5
	  	Authorization to File Financing Statements	  	9
		
	SECTION 4 REPRESENTATIONS AND WARRANTIES	  	10
	 4.1
	  	Existence and Power	  	10
	 4.2
	  	Company and Governmental Authorization	  	10
	 4.3
	  	No Consent	  	10
	 4.4
	  	Binding Effect	  	11
	 4.5
	  	Ownership of Equity Interests; Subsidiaries	  	11
	 4.6
	  	Security Interests	  	11
	 4.7
	  	Other Representations	  	12
		
	SECTION 5 COVENANTS	  	12
	 5.1
	  	Maintenance of Office or Agency	  	12
	 5.2
	  	Covenants in Base Indenture and Other Related Documents	  	13
	 5.3
	  	Further Assurances	  	13
	 5.4
	  	Legal Name, Location Under Section 9-301 or 9-307	  	14
	 5.5
	  	Equity Interests	  	14
	 5.6
	  	Concentration Accounts and Lock Boxes	  	14
		
	SECTION 6 REMEDIAL PROVISIONS	  	14
	 6.1
	  	Rights of the Control Party and Trustee upon Event of Default	  	14
	 6.2
	  	Waiver of Appraisal, Valuation, Stay and Right to Marshaling	  	17
	 6.3
	  	Limited Recourse	  	17
	 6.4
	  	Optional Preservation of the Collateral	  	18
	 6.5
	  	Control by the Control Party	  	18
	 6.6
	  	The Trustee May File Proofs of Claim	  	18

  

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 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	  	 	  	Page
	 6.7
	  	Undertaking for Costs	  	19
	 6.8
	  	Restoration of Rights and Remedies	  	19
	 6.9
	  	Rights and Remedies Cumulative	  	19
	 6.10
	  	Delay or Omission Not Waiver	  	19
	 6.11
	  	Waiver of Stay or Extension Laws	  	20
	 6.12
	  	Receivership Clause	  	20
		
	SECTION 7 THE TRUSTEE’S AUTHORITY	  	20
		
	SECTION 8 MISCELLANEOUS	  	21
	 8.1
	  	Amendments	  	21
	 8.2
	  	Notices	  	21
	 8.3
	  	Governing Law	  	22
	 8.4
	  	Successors	  	23
	 8.5
	  	Severability	  	23
	 8.6
	  	Counterpart Originals	  	23
	 8.7
	  	Table of Contents, Headings, etc.	  	23
	 8.8
	  	Recording of Agreement	  	23
	 8.9
	  	Waiver of Jury Trial	  	23
	 8.10
	  	Submission to Jurisdiction; Waivers	  	23
	 8.11
	  	Additional Subsidiary Guarantors	  	24
	 8.12
	  	Currency Indemnity	  	24
	 8.13
	  	Acknowledgment of Receipt; Waiver	  	25
	 8.14
	  	Termination; Partial Release	  	25

  

 ii 

 TABLE OF CONTENTS 
 (Continued) 
 SCHEDULES 
 Schedule 4.5 – Guarantor Ownership Relationships 
 EXHIBITS 
 Exhibit A – Form of Assumption Agreement 
  

 iii 

 GUARANTEE AND COLLATERAL AGREEMENT 
 GUARANTEE AND COLLATERAL AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”), dated as of
April 16, 2007, made by DOMINO’S SPV GUARANTOR LLC, a Delaware limited liability company, DOMINO’S PIZZA FRANCHISING LLC, a Delaware limited liability company, DOMINO’S PIZZA INTERNATIONAL FRANCHISING INC., a Delaware
corporation, and DOMINO’S PIZZA CANADIAN DISTRIBUTION ULC, a Nova Scotia unlimited company (collectively, together with any Additional Subsidiary Guarantor that becomes a party hereto pursuant to the terms hereof, the
“Guarantors”) in favor of CITIBANK, N.A., a national banking association, as trustee under the Indenture referred to below (in such capacity, together with its successors, the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, Domino’s Pizza Master Issuer LLC, a Delaware limited liability company (the “Master Issuer”), the other Co-Issuers and the
Trustee have entered into the Base Indenture dated as of the date of this Agreement (as amended, modified or supplemented from time to time, exclusive of any Series Supplements, the “Base Indenture” and, together with all Series
Supplements, the “Indenture”), providing for the issuance from time to time of one or more Series of Notes thereunder; and 
 WHEREAS, the Indenture and the other Related Documents require that the parties hereto execute and deliver this Agreement; 
 NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby agrees with the Trustee, for the benefit of the Secured Parties, as
follows: 
 SECTION 1 
 DEFINED TERMS 
 1.1 Definitions. 
 (a) Unless otherwise defined herein, terms defined in the Base Indenture Definitions List attached to the Base Indenture as Annex A thereto and used
herein shall have the meanings given to them in such Base Indenture Definitions List. 
 (b) The following terms shall have the following
meanings: 
 “Co-Issuer Obligations” means all Obligations owed by the Co-Issuers to the Secured Parties under the Indenture
and the other Related Documents. 
 “Collateral” has the meaning assigned to such term in Section 3.1(a).

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

 “Receiver” has the meaning assigned to such term in Section 6.12. 
 “Termination Date” has the meaning assigned to such term in Section 2.1(d). 
 SECTION 2  
 GUARANTEE

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

 (b) Anything herein or in any other Related Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder
and under the other Related Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors. 
 (c) Each Guarantor agrees that the Co-Issuer Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Trustee or any other Secured Party hereunder. 
 (d) The guarantee contained in this Section 2 shall remain in full force and effect until the date (the “Termination Date”)
on which this Agreement ceases to be of further effect in accordance with Article XI of the Base Indenture, notwithstanding that from time to time prior thereto the Co-Issuers may be free from any Co-Issuer Obligations. 
 (e) No payment made by any of the Co-Issuers, any of the Guarantors, any other guarantor or any other Person or received or collected by the Trustee or
any other Secured Party from any of the Co-Issuers, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any 
  

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 set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Co-Issuer
Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Co-Issuer Obligations or any
payment received or collected from such Guarantor in respect of the Co-Issuer Obligations), remain liable hereunder for the Co-Issuer Obligations up to the maximum liability of such Guarantor hereunder until the Termination Date. 
 2.2 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by the
Trustee or any other Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any other Secured Party against the Co-Issuers or any other Guarantor or any collateral security or guarantee or right of
offset held by the Trustee or any other Secured Party for the payment of the Co-Issuer Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Co-Issuers or any other Guarantor in respect of
payments made by such Guarantor hereunder, until the Termination Date. If any amount shall be paid to any Guarantor on account of such subrogation, contribution or reimbursement rights at any time when all of the Co-Issuer Obligations shall not have
been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the other Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee
in the exact form received by such Guarantor (duly endorsed by such Guarantor to the Trustee, if required), to be applied against the Co-Issuer Obligations, whether matured or unmatured, in such order as the Trustee may determine in accordance with
the Indenture. 
 2.3 Amendments, etc. with respect to the Co-Issuer Obligations. Each Guarantor shall remain obligated hereunder
notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Co-Issuer Obligations made by the Trustee or any other Secured Party may be
rescinded by the Trustee or such other Secured Party and any of the Co-Issuer Obligations continued, and the Co-Issuer Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor
or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Trustee or any other Secured Party, and the Base
Indenture and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, from time to time, and any collateral security, guarantee or right of offset at any time held
by the Trustee or any other Secured Party for the payment of the Co-Issuer Obligations may be sold, exchanged, waived, surrendered or released (it being understood that this Section 2.3 is not intended to affect any rights or obligations
set forth in any other Related Document). Neither the Trustee nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Co-Issuer Obligations or for the guarantee
contained in this Section 2 or any property subject thereto. 
  

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 2.4 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the
creation, renewal, extension or accrual of any of the Co-Issuer Obligations and notice of or proof of reliance by the Trustee or any other Secured Party upon the guarantee contained in this Section 2 or acceptance of the guarantee
contained in this Section 2; the Co-Issuer Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this
Section 2 and the grant of the security interests pursuant to Section 3; and all dealings between the Co-Issuers and any of the Guarantors, on the one hand, and the Trustee and the other Secured Parties, on the other hand,
likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2 and the grant of the security interests pursuant to Section 3. Each Guarantor waives
diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon any of the Co-Issuers or any of the Guarantors with respect to the Co-Issuer Obligations. Each Guarantor understands and agrees that the guarantee
contained in this Section 2 and the grant of the security interests pursuant to Section 3 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or
enforceability of the Indenture or any other Related Document, any of the Co-Issuer Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Trustee or
any other Secured Party, (b) any defense, set-off or counterclaim (other than a defense of full payment or performance) which may at any time be available to or be asserted by any Co-Issuer or any other Person against the Trustee or any other
Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Co-Issuers or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Co-Issuers for
the Co-Issuer Obligations, or of such Guarantor under the guarantee contained in this Section 2 and the grant of the security interests pursuant to Section 3, in bankruptcy or in any other instance. When making any demand
hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Trustee or any other Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may
have against any Co-Issuer, any other Guarantor or any other Person or against any collateral security or guarantee for the Co-Issuer Obligations or any right of offset with respect thereto, and any failure by the Trustee or any other Secured Party
to make any such demand, to pursue such other rights or remedies or to collect any payments from any Co-Issuer, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of
offset, or any release of any Co-Issuer, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect
the rights and remedies, whether express, implied or available as a matter of law, of the Trustee or any other Secured Party against any Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any
legal proceedings. 
 2.5 Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or 
  

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 any part thereof, of any of the Co-Issuer Obligations is rescinded or must otherwise be restored or returned by the
Trustee or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any of the Co-Issuers or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or
trustee or similar officer for, any of the Co-Issuers or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 2.6 Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Trustee without set-off or deduction or counterclaim in
immediately available funds in Dollars at the office of the Trustee. 
 2.7 Information. Each Guarantor assumes all responsibility for
being and keeping itself informed of the Co-Issuers’ and each other Guarantor’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Co-Issuer Obligations and the nature, scope and
extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither the Trustee nor any other Secured Party will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances
or risks. 
 SECTION 3  
 SECURITY 
 3.1 Grant of Security Interest. 
 (a) To secure the Obligations, each Guarantor hereby pledges, assigns, conveys, delivers, transfers and sets over to the Trustee, for the benefit of the
Secured Parties, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in, all of the following property whether now owned or at any time hereafter acquired by such Guarantor or in which such Guarantor now has
or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”): 
 (i)(A) the Collateral Franchise Documents including, without limitation, all monies due and to become due to such Guarantor under or in connection with the Collateral Franchise Documents, whether payable as fees, rent, expenses, costs,
indemnities, dividends, distributions, insurance recoveries, damages for the breach of any of the Collateral Franchise Documents or otherwise, but excluding Excluded Amounts, and all security and supporting obligations for such amounts payable
thereunder and (B) all rights, remedies, powers, privileges and claims of such Guarantor against any other party under or with respect to the Collateral Franchise Documents (whether arising pursuant to the terms of the Collateral Franchise
Documents or otherwise available to such Guarantor at law or in equity), including the right to enforce any of the Collateral Franchise Documents and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or
waivers under or with respect to the Collateral Franchise Documents or the obligations of any party thereunder; 
  

 5 

 (ii) the Collateral Transaction Documents, including, without limitation, all monies due
and to become due to such Guarantor under or in connection with the Collateral Transaction Documents, whether payable as fees, rent, expenses, costs, indemnities, insurance recoveries, damages for the breach of any of the Collateral Transaction
Documents or otherwise, all security and supporting obligations for amounts payable hereunder and thereunder and performance of all obligations hereunder and thereunder, including, without limitation, (A) all rights of such Guarantor to the
Domino’s IP under each IP License Agreement to which such Guarantor is a party and (B) all rights of such Guarantor under the Master Servicing Agreement and in and to all records, reports and documents in which they have any interest
thereunder, and all rights, remedies, powers, privileges and claims of such Guarantor against any other party under or with respect to the Collateral Transaction Documents (whether arising pursuant to the terms of the Collateral Transaction
Documents or otherwise available to such Guarantor at law or in equity), including the right to enforce any of the Collateral Transaction Documents and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or
waivers under or with respect to the Collateral Transaction Documents or the obligations of any party thereunder; 
 (iii)
the Equity Interests of any Person owned by any Guarantor including, without limitation, Master Issuer, and all rights as a member or shareholder of each such Person under the Charter Documents of each such Person, including, without limitation, all
moneys and other property distributable thereunder to any such Guarantor and all rights, remedies, powers, privileges and claims of such Guarantor against any other party under or with respect to each such Charter Document (whether arising pursuant
to the terms of such Charter Document or otherwise available to such Guarantor at law or in equity), including the right to enforce each such Charter Document and to give or withhold any and all consents, requests, notices, directions, approvals,
extensions or waivers under or with respect to each such Charter Document; 
 (iv) any Securitization IP or any Overseas IP,
including all Proceeds and products of the foregoing, including all goodwill symbolized by or associated with the Trademarks included in the Securitization IP; provided that the grant of security interest hereunder shall not include any
application for a Trademark that would be deemed invalidated, canceled or abandoned due to the grant and/or enforcement of such security interest, including, without limitation, all such United States and foreign Trademark applications that are
based on an intent-to-use, unless and until such time that the grant and/or enforcement of the security interest will not cause such Trademark to be deemed invalidated, canceled or abandoned;; 
 (v) the International Royalties Concentration Account, the Canadian Distribution Concentration Account, the Venezuelan Royalties
Concentration Account, any Additional Concentration Account owned by a Guarantor, each Account Agreement related thereto and all monies and other property (including Investment Property and Financial Assets, if any) on deposit or credited from time
to time in each such account and all Proceeds thereof; 
  

 6 

 (vi) all other personal property of any Guarantor and all other assets of any Guarantor
now owned or at any time hereafter acquired by such Guarantor, including, without limitation, all of the following (each as defined in the New York UCC): all accounts, chattel paper, deposit accounts, documents, general intangibles, goods,
instruments, securities accounts and other investment property, commercial tort claims, letter-of-credit rights, letters of credit and money; 
 (vii) all additional property that may from time to time hereafter (pursuant to the terms of any Series Supplement or otherwise) be subjected to the grant and pledge hereof by such Guarantor or by anyone on its
behalf; and 
 (viii) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all
collateral security and guarantees and other supporting obligations given by any Person with respect to any of the foregoing; 
 provided,
however, that the Guarantors shall not be required to pledge more than 65% of the Equity Interests (and any rights associated with such Equity Interests) of any foreign Subsidiary of any of the Guarantors, other than the Canadian Distributor,
that is a corporation for United States federal tax purposes; provided that any such limitation on the security interests granted hereunder shall only apply to the extent that any such prohibition is not rendered ineffective pursuant to the
UCC or any other applicable law or principles of equity. 
 (b) The foregoing grant is made in trust to secure the Obligations and to secure
compliance with the provisions of this Agreement, all as provided in this Agreement. The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Agreement in accordance with the provisions of this Agreement
and agrees to perform its duties required in this Agreement. The Collateral shall secure the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any Series of Notes, as otherwise stated in the
applicable Series Supplement or in the applicable provisions of the Base Indenture). 
 (c) The parties hereto agree and acknowledge that
each certificated Equity Interest constituting Collateral may be held by a custodian on behalf of the Trustee. 
 3.2 Certain Rights and
Obligations of the Guarantors Unaffected. 
 (a) Notwithstanding the grant of the security interest in the Collateral hereunder to the
Trustee, on behalf of the Secured Parties, the Guarantors acknowledge that the Master Servicer, on behalf of the Securitization Entities, including, 
  

 7 

 without limitation, any Guarantors that are IP Holders, shall, subject to the terms and conditions of the Master
Servicing Agreement, nevertheless have the right, subject to the Trustee’s right to revoke such right, in whole or in part, in the event of the occurrence of an Event of Default, (i) to give all consents, requests, notices, directions,
approvals, extensions or waivers, if any, which are required or permitted to be given by any Guarantor under the Collateral Documents, and to enforce all rights, remedies, powers, privileges and claims of each Guarantor under the Collateral
Documents, (ii) to give all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by any Guarantor under any IP License Agreement to which such Guarantor is a party and (iii) to take any
other actions required or permitted to be taken by a Guarantor under the terms of the Master Servicing Agreement. 
 (b) The grant of the
security interest by the Guarantors in the Collateral to the Trustee on behalf of the Secured Parties hereunder shall not (i) relieve any Guarantor from the performance of any term, covenant, condition or agreement on such Guarantor’s part
to be performed or observed under or in connection with any of the Collateral Documents 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 such
Guarantor’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 such Guarantor or from any breach of any representation or warranty on the part of such
Guarantor. 
 (c) Each Guarantor hereby jointly and severally agrees to indemnify and hold harmless the Trustee and each Secured Party
(including its directors, officers, employees and agents) from and against any and all losses, liabilities (including liabilities for penalties), claims, demands, actions, suits, judgments, reasonable out-of-pocket costs and expenses arising out of
or resulting from the security interest granted hereby, whether arising by virtue of any act or omission on the part of such Guarantor or otherwise, including, without limitation, the reasonable out-of-pocket costs, expenses and disbursements
(including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Secured Party in enforcing this Agreement or any other Related Document or preserving any of its rights to, or realizing upon, any of the Collateral;
provided, however, that the foregoing indemnification shall not extend to any action by the Trustee or any Secured Party which constitutes negligence 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 Agreement. 
 3.3 Performance of Collateral Documents. Upon the occurrence of a default or breach by any Person party to (a) a Collateral Transaction
Document or (b) a Collateral Franchise Document (only if a Master Servicer 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 Guarantors’ expense, the
Guarantors agree jointly and severally to take all such lawful action as permitted under this Agreement as the Trustee (acting at the direction of the Control Party) may reasonably request to compel or secure the performance and observance by such
Person of its obligations to any Guarantor, and to exercise any and all rights, remedies, powers and privileges lawfully available to any 
  

 8 

 Guarantor to the extent and in the manner directed by the Trustee (acting at the direction of the Control Party),
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) any Guarantor 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) any Guarantor refuses to take any such action, as reasonably determined by the Trustee in
good faith, or (iii) the Control Party reasonably determines that such action must be taken immediately, in any such case the Control Party may, but shall not be obligated to, take, and the Trustee shall take (if so directed by the Control
Party), at the expense of the Guarantors, such previously directed action and any related action permitted under this Agreement which the Control Party thereafter determines is appropriate (without the need under this provision or any other
provision under this Agreement to direct the Guarantor to take such action), on behalf of the Guarantor and the Secured Parties. 
 3.4
Stamp, Other Similar Taxes and Filing Fees. The Guarantors shall jointly and severally 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 this Agreement, any other Related Document or any Collateral. The Guarantors shall pay, and jointly
and severally indemnify and hold harmless each Secured Party against, any and all amounts in respect of, all search, filing, recording and registration fees, taxes, excise taxes and other similar imposts that may be payable or determined to be
payable in respect of the execution, delivery, performance and/or enforcement of this Agreement or any other Related Document. 
 3.5
Authorization to File Financing Statements. 
 (a) Each Guarantor hereby irrevocably authorizes the Secured Parties at any time and
from time to time to file or record without the signature of such Guarantor to the extent permitted by applicable law in any filing office (including, without limitation, the United States Patent and Trademark Office) in any applicable jurisdiction
financing statements and other filing or recording documents or instruments with respect to the Collateral, including, without limitation, any and all Securitization IP or Overseas IP, to perfect the security interests of the Trustee for the benefit
of the Secured Parties under this Agreement. Each Guarantor authorizes the filing of any such financing statement, other filing, recording document or instrument naming the Trustee as secured party and indicating that the Collateral includes
(a) “all assets” or words of similar effect or import regardless of whether any particular assets comprised in the Collateral fall within the scope of Article 9 of the UCC, including, without limitation, any and all Securitization IP
or Overseas IP (other than applications for Trademarks as described in Section 3.1(a)(iv) above), or (b) as being of an equal or lesser scope or with greater detail. Each Guarantor agrees to furnish any information necessary to
accomplish the foregoing promptly upon the Trustee’s request. Each Guarantor also hereby ratifies the filing by or on behalf of the Trustee or any Secured Party of any financing statement with respect to the Collateral made prior to the date
hereof. 
  

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 (b) Each Guarantor acknowledges that the Collateral under this Agreement includes certain rights of the
Guarantors as secured parties under the Related Documents. Each Guarantor hereby irrevocably appoints the Trustee as its representative with respect to all financing statements filed to perfect such security interests and authorizes the Secured
Parties to make such filings as they deem necessary to reflect the Trustee as secured party of record with respect to such financing statements. 
 SECTION 4  
 REPRESENTATIONS AND WARRANTIES 
 Each Guarantor hereby represents and warrants, for the benefit of the Trustee and the Secured Parties, as follows as of each Series Closing Date:

 4.1 Existence and Power. Each Guarantor (a) is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction (including, without limitation, in each Included Country) 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, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect, and
(c) has all limited liability company, corporate or other powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted and for purposes of the transactions contemplated by this
Agreement and the other Related Documents. 
 4.2 Company and Governmental Authorization. The execution, delivery and performance by
each Guarantor of this Agreement and the other Related Documents to which it is a party (a) is within such Guarantor’s limited liability company, corporate, unlimited company 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 and (c) does not contravene, or constitute a default under, any
Requirements of Law with respect to such Guarantor or any Contractual Obligation with respect to such Guarantor or result in the creation or imposition of any Lien on any property of any Guarantor, except for Liens created by this Agreement or the
other Related Documents, except, in the case of clause (b) or (c) above, solely with respect to the Contribution Agreements, the violation of which could not reasonably be expected to have a Material Adverse Effect. This
Agreement and each of the other Related Documents to which each Guarantor is a party has been executed and delivered by a duly Authorized Officer of such Guarantor. 
 4.3 No Consent. Except as set forth on Schedule 7.3 to the Base Indenture, no consent, action by or in respect of, approval or other authorization of, or 
  

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 registration, declaration or filing with, any Governmental Authority or other Person is required for the valid execution
and delivery by each Guarantor of this Agreement or any Related Document to which it is a party or for the performance of any of the Guarantors’ obligations hereunder or thereunder other than such consents, approvals, authorizations,
registrations, declarations or filings (a) as shall have been obtained or made by such Guarantor prior to the Initial Closing Date or as are permitted to be obtained subsequent to the Initial Closing Date in accordance with
Section 4.6 or (b) relating to the performance of any Collateral Franchise Document the failure of which to obtain is not reasonably likely to have a Material Adverse Effect. 
 4.4 Binding Effect. This Agreement, and each other Related Document to which a Guarantor is a party is a legal, valid and binding obligation of
each such Guarantor enforceable against such Guarantor in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights
generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing). 
 4.5 Ownership of Equity Interests; Subsidiaries. All of the issued and outstanding Equity Interests of each Guarantor are owned as set forth in Schedule 4.5 to this Agreement, all of which interests have
been validly issued and are owned of record by such Guarantor, free and clear of all Liens other than Permitted Liens. No Guarantor has any subsidiaries or owns any Equity Interests in any other Person, other than as set forth in such Schedule
4.5 and other than any Additional Securitization Entity or any Additional Securitization JV Entity. 
 4.6 Security Interests.

 (a) Each Guarantor owns and has good title to its Collateral, free and clear of all Liens other than Permitted Liens. The Guarantors’
rights under the Collateral Documents (except for any Franchise Promissory Notes) constitute general intangibles under the applicable UCC. This Agreement creates 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 (except as described on Schedule 7.13(a) to the Base Indenture) and is prior to all other Liens (other than Permitted Liens), and is enforceable as such
as against creditors of and purchasers from each Guarantor in accordance with its terms, except 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. 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. All action necessary to perfect such first-priority security interest has been duly taken or, in the case of Intellectual Property, will be duly taken
consistent with the obligations set forth in Section 8.25(c) of the Base Indenture. 
  

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 (b) Other than the security interest granted to the Trustee hereunder, pursuant to the other Related
Documents or any other Permitted Lien, none of the Guarantors has pledged, assigned, sold or granted a security interest in the Collateral. All action necessary (including the filing of UCC-1 financing statements and filings with the United States
Patent and Trademark Office, the United States Copyright Office or any applicable foreign intellectual property office or agency) to protect and evidence the Trustee’s security interest in the Collateral in the United States and each Included
Country listed on Schedule 7.13(b) to the Base Indenture has been, or will be, duly and effectively taken consistent with the obligations of Section 8.25(c) of the Base Indenture, except as described on Schedule 7.13(a) to the
Base Indenture. No security agreement, financing statement, equivalent security or lien instrument or continuation statement authorized by any Guarantor and listing such Guarantor as debtor covering all or any part of the Collateral is on file or of
record in any jurisdiction in the United States or in any Included Country, except in respect of Permitted Liens or such as may have been filed, recorded or made by such Guarantor in favor of the Trustee on behalf of the Secured Parties in
connection with this Agreement, and no Guarantor has authorized any such filing. 
 (c) All authorizations in this Agreement for the Trustee
to endorse checks, instruments and securities and to execute financing statements, continuation statements, security agreements and other instruments with respect to the Collateral and to take such other actions with respect to the Collateral
authorized by this Agreement are powers coupled with an interest and are irrevocable. 
 4.7 Other Representations. All
representations and warranties of or about each Guarantor made in the Base Indenture and in each other Related Document are true and correct and are repeated herein as though fully set forth herein. 
 SECTION 5  
 COVENANTS

 5.1 Maintenance of Office or Agency. 
 (a) The Guarantors will maintain an office or agency (which may be an office of the Trustee, the Registrar or co-registrar) where notices and demands to or upon the Guarantors in respect of this Agreement may be
served. The Guarantors will give prompt written notice to the Trustee and the Control Party of the location, and any change in the location, of such office or agency. If at any time the Guarantors shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee and the Control Party with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office. 
 (b) The Guarantors hereby designate the applicable Corporate Trust Office as one such office or agency of the Guarantors. 
  

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 5.2 Covenants in Base Indenture and Other Related Documents. Each Guarantor shall take, or shall
refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking such action by such
Guarantor or any of its Subsidiaries. 
 5.3 Further Assurances. 
 (a) Each Guarantor will do such further acts and things, and execute and deliver to the Trustee and the Control Party such additional assignments,
agreements, powers and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral on behalf of the Secured Parties as a perfected security interest subject to no prior Liens (other than
Permitted Liens), to carry into effect the purposes of this Agreement or the other Related Documents or to better assure and confirm unto the Trustee, the Control Party or the other Secured Parties their rights, powers and remedies hereunder
including, without limitation, the filing of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby, except as set forth on Schedule
8.11 to the Base Indenture or in Section 8.25 of the Base Indenture. The Guarantors intend the security interests granted pursuant to this Agreement in favor of the Secured Parties to be prior to all other Liens (other than Permitted
Liens) in respect of the Collateral, and each Guarantor shall take all actions necessary to obtain and maintain, in favor of the Trustee for the benefit of the Secured Parties, a first lien on and a first priority, perfected security interest in the
Collateral (except with respect to Permitted Liens). If any Guarantor fails to perform any of its agreements or obligations under this Section 5.3(a), the Control Party itself may perform such agreement or obligation, and the expenses of
the Control Party incurred in connection therewith shall be payable by the Guarantors upon the Control Party’s demand therefor. The Control Party is hereby authorized to execute and file without the signature of any Guarantor to the extent
permitted by applicable law 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. 
 (b) If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, chattel paper or other
instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and within two (2) Business Days physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in
whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly. 
 (c) Notwithstanding the provisions set forth in clauses (a) and (b) above, the Guarantors shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing
statement) or any Franchisee Promissory Notes. 
  

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 (d) The Guarantors, upon obtaining an interest in any commercial tort claim or claims (as such term is
defined in the New York UCC), shall comply with Section 8.11(d) of the Base Indenture. 
 (e) Each Guarantor will warrant and
defend the Trustee’s right, title and interest in and to the Collateral and the income, distributions and Proceeds thereof, for the benefit of the Trustee on behalf of the Secured Parties, against the claims and demands of all Persons
whomsoever. 
 5.4 Legal Name, Location Under Section 9-301 or 9-307. No Guarantor will change its location (within the meaning
of Section 9-301 or 9-307of the applicable UCC) or its legal name without at least thirty (30) days’ prior written notice to the Trustee, the Control Party and the Rating Agencies with respect to each Series of Notes Outstanding. In
the event that any Guarantor desires to so change its location or change its legal name, such Guarantor will make any required filings and prior to actually changing its location or its legal name such Guarantor will deliver to the Trustee and the
Control Party (i) an Officer’s Certificate and an Opinion of Counsel confirming that all required filings have been made, subject to Section 8.11(c), to continue the perfected interest of the Trustee on behalf of the Secured
Parties in the Collateral under Article 9 of the applicable UCC, the PPSA or other applicable law in respect of the new location or new legal name of such Guarantor and (ii) copies of all such required filings with the filing information
duly noted thereon by the office in which such filings were made. 
 5.5 Equity Interests No Guarantor shall sell, transfer, assign,
pledge, hypothecate or otherwise dispose, in whole or in part, of any Equity Interest in any Subsidiary, except as provided in the Related Documents. 
 5.6 Concentration Accounts and Lock Boxes. To the extent that it owns any Concentration Account (including any Lock Box related thereto), each Guarantor shall comply with Section 5.1 of the Base
Indenture with respect to each such Concentration Account (including any Lock Box related thereto). 
 SECTION 6  
 REMEDIAL PROVISIONS 
 6.1
Rights of the Control Party and Trustee upon Event of Default. 
 (a) Proceedings To Collect Money. In case any Guarantor shall
fail forthwith to pay such amounts due on this Guaranty upon such demand, the Trustee (at the direction of the Control Party), in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against any Guarantor and collect in the manner provided by law out of the property of any Guarantor, wherever situated, the moneys adjudged or decreed
to be payable. 
  

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 (b) Other Proceedings. If and whenever an Event of Default shall have occurred and be continuing,
the Trustee, at the direction of the Control Party pursuant to a Control Party Order, shall: 
 (i) proceed to protect and
enforce its rights and the rights of the other Secured Parties, by such appropriate Proceedings as the Trustee (at the direction of the Control Party) or the Control Party shall deem most effective to protect and enforce any such rights, whether for
the specific enforcement of any covenant or agreement in this Agreement or any other 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
this Agreement or any other Related Document or by law, including any remedies of a secured party under applicable law; 
 (ii)(A) direct the Guarantors to exercise (and each Guarantor agrees to exercise) all rights, remedies, powers, privileges and claims of any Guarantor against any party to any Collateral Document arising as a result of the occurrence of
such Event of Default or otherwise, including the right or power to take any action to compel performance or observance by any such party of its obligations to any Guarantor, and any right of any Guarantor to take such action independent of such
direction shall be suspended, and (B) if (x) the Guarantors shall have failed, within ten (10) Business Days of receiving the direction of the Trustee (given at the direction of the Control Party), to take commercially reasonable
action to accomplish such directions of the Trustee, (y) any Guarantor refuses to take such action or (z) the Control Party reasonably determines that such action must be taken immediately, take such previously directed action (and any
related action as permitted under this Agreement thereafter determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other provision under this Agreement to direct the Guarantors to take such
action); 
 (iii) institute Proceedings from time to time for the complete or partial foreclosure of this Agreement or, to
the extent applicable, any other Related Document, with respect to the Collateral; provided that the Trustee shall not be required to take title to any real property in connection with any foreclosure or other exercise of remedies hereunder
and title to such property shall instead be acquired in an entity designated and (unless owned by a third party) controlled by the Control Party; and/or 
 (iv) sell all or a portion of the Collateral at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Trustee shall not proceed with any
such sale without the prior written consent of the Control Party and the Trustee will provide notice to the Guarantors and each Holder of Subordinated Notes of a proposed sale of Collateral. 
  

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 (c) Sale of Collateral. In connection with any sale of the Collateral hereunder (which may
proceed separately and independently from the exercise of remedies under the Indenture) or under any judgment, order or decree in any judicial proceeding for the foreclosure or involving the enforcement of this Agreement or any other Related
Document: 
 (i) the Trustee 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) may make and deliver to the purchaser or purchasers a good and sufficient deed, bill of sale and instrument of assignment and transfer of the property sold;

 (iii) all right, title, interest, claim and demand whatsoever, either at law or in equity or otherwise, of any Guarantor
of, in and to the property so sold shall be divested; and such sale shall be a perpetual bar both at law and in equity against any Guarantor, its successors and assigns, and against any and all Persons claiming or who may claim the property sold or
any part thereof from, through or under such Guarantor or its successors or assigns; and 
 (iv) the receipt of the Trustee
or of the officer thereof making such sale shall be a sufficient discharge to the purchaser or purchasers at such sale for his or their purchase money, and such purchaser or purchasers, and his or their assigns or personal representatives, shall
not, after paying such purchase money and receiving such receipt of the Trustee or of such officer 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. 
 (d) 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 shall be held by the Trustee as additional collateral for the repayment of Obligations, shall be deposited into the Collection Account and shall be applied as provided in Article V of the Base Indenture;
provided, however, that unless otherwise provided in this Section 6 or Article IX to the Base Indenture, with respect to any distribution to any Class of Notes, notwithstanding the provisions of Article V of
the Base Indenture, such amounts shall be distributed sequentially in order of alphabetical designation and pro rata among each Class of Notes of the same alphabetical designation based upon Outstanding Principal Amount of the Notes of
each such Class. 
 (e) Additional Remedies. In addition to any rights and remedies now or hereafter granted hereunder or under
applicable law with respect to the Collateral, the Trustee shall have all of the rights and remedies of a secured party under the UCC and similar laws as enacted in any applicable jurisdiction. 
  

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 (f) Proceedings. The Trustee may maintain a Proceeding even if it does not possess any of the
Notes or does not produce any of them in the Proceeding, and any such Proceeding instituted by the Trustee shall be in its own name as trustee. All remedies are cumulative to the extent permitted by law. 
 (g) Insurer Default. In the case of an Insurer Default, the Trustee shall institute such Proceedings or take such other action to enforce the
obligations of the Insurer under the applicable Policy as the Majority Noteholders (determined as if the only Outstanding Notes were those Notes covered by such Policy) shall direct in writing. 
 (h) Power of Attorney. To the fullest extend permitted by applicable law, each Guarantor 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 United States Patent and Trademark Office, United States Copyright Office, any similar office or agency in
each foreign country in which any Securitization IP or Overseas 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 or Overseas IP, and record
the same. 
 6.2 Waiver of Appraisal, Valuation, Stay and Right to Marshaling. To the extent it may lawfully do so, each Guarantor for
itself and for any Person who may claim through or under it hereby: 
 (a) agrees that neither it nor any such Person will step up, plead,
claim or in any manner whatsoever take advantage of any appraisal, valuation, stay, extension or redemption laws, now or hereafter in force in any jurisdiction, which may delay, prevent or otherwise hinder (i) the performance, enforcement or
foreclosure of this Agreement, (ii) the sale of any of the Collateral or (iii) the putting of the purchaser or purchasers thereof into possession of such property immediately after the sale thereof; 
 (b) waives all benefit or advantage of any such laws; 
 (c) waives and releases all rights to have the Collateral marshaled upon any foreclosure, sale or other enforcement of this Agreement; and 
 (d) consents and agrees that, subject to the terms of this Agreement, all the Collateral may at any such sale be sold by the Trustee as an entirety or
in such portions as the Trustee may (upon direction by the Control Party) determine. 
 6.3 Limited Recourse. Notwithstanding any
other provision of this Agreement, any Insurance Agreement or any other Related Document or otherwise, the liability of the Guarantors to the Secured Parties under or in relation to this Agreement, any Insurance Agreement or any other Related
Document or otherwise, is limited in recourse to the Collateral. The Collateral having been applied in accordance with the terms hereof, none of the Secured Parties shall be entitled to take any further steps against any Guarantor to recover any
sums due but still unpaid hereunder or under any of the other agreements or documents described in this Section 6.3, all claims in respect of which shall be extinguished. 
  

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 6.4 Optional Preservation of the Collateral. If the maturity of the Outstanding Notes of each
Series has been accelerated pursuant to Section 9.2 of the Base Indenture following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, at the direction of the Control Party
pursuant to a Control Party Order, shall elect to maintain possession of such portion, if any, of the Collateral as the Control Party shall in its discretion determine. 
 6.5 Control by the Control Party. Notwithstanding any other provision hereof, the Control Party may cause the institution of and direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercise any trust or power conferred on the Trustee; provided that: 
 (a) such direction of time, method
and place shall not be in conflict with any rule of law or with this Agreement; 
 (b) the Control Party may take any other action deemed
proper by the Control Party that is not inconsistent with such direction (as the same may be modified by the Control Party); and 
 (c) such
direction shall be in writing; 
 provided further that, subject to Section 10.1 of the Base Indenture, the Trustee need not take
any action that it determines might involve it in liability unless it has received an indemnity for such liability as provided in the Base Indenture. The Trustee shall take no action referred to in this Section 6.5 unless instructed to
do so by the Control Party. 
 6.6 The Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and any other
Secured Party (as applicable) allowed in any judicial proceedings relative to the Insurer or any Guarantor, 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 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 any other Secured Party, to pay the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 10.5 of
the Base Indenture. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 10.5 of the Base Indenture out
of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money and other 
  

 18 

 properties which 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 other Secured Party any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any other Secured Party, or to authorize the Trustee to vote in respect of the claim of any Secured Parties in any such proceeding. 
 6.7 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Agreement or in any suit against the Trustee for any
action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of any undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.7 does not apply to a suit by the Trustee, a
suit by the Control Party, or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of Notes. 
 6.8 Restoration of Rights and Remedies. If the Trustee or any other Secured Party has instituted any Proceeding to enforce any right or remedy under this Agreement 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 other Secured Party, then and in every such case the Trustee 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 and the other Secured Parties shall continue as though no such Proceeding had been instituted. 
 6.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to any other Secured Party is intended
to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under this Agreement or any other Related Document or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Agreement or any other Related Document, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy. 
 6.10 Delay or Omission Not Waiver. No delay or omission of the Trustee, the Control Party or of any other Secured Party
to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Potential Rapid Amortization Event,
Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given by this Section 6 or by law to the Trustee, the Control Party or to any other Secured Party may be exercised from time to time
to the extent not inconsistent with the Indenture or this Agreement, and as often as may be deemed expedient, by the Trustee, the Control Party or by any other Secured Party, as the case may be. 
  

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 6.11 Waiver of Stay or Extension Laws. Each Guarantor 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 this Agreement or any other Related Document; and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantages of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee or the Control Party, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 6.12 Receivership Clause. The Trustee, at the direction of the Control Party, may appoint by instrument in writing one or more receivers, managers
or receiver and manager (a “Receiver”) of the Canadian Distributor or any or all of its Collateral with such rights, powers and authority (including any or all of the rights, powers and authority of the Trustee under this Agreement)
as may be provided for in the instrument of appointment or any supplemental instrument and remove and replace any such Receiver from time to time. To the extent permitted by applicable law, any Receiver appointed by the Trustee will (for purposes
relating to responsibility for the Receiver’s acts or omissions) be considered to be the agent of the Canadian Distributor and not of the Trustee. The Trustee, at the direction of the Control Party, may also apply to a court of competent
jurisdiction for the appointment of a Receiver of the Canadian Distributor or of any or all of its Collateral. 
 SECTION 7 

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

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 SECTION 8  
 MISCELLANEOUS 
 8.1 Amendments. None of the terms or provisions of this Agreement may
be amended, supplemented, waived or otherwise modified except in accordance with Article XII of the Base Indenture. 
 8.2
Notices. 
 (a) Any notice or communication by the Guarantors or the Trustee to any other party hereto shall be in writing and
delivered in person 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 SPV Guarantor: 
 Domino’s SPV Guarantor LLC 
 24 Frank Lloyd Wright Drive 
 P.O. Box 485 
 Ann Arbor, Michigan 48106

 Attention: L. David Mounts 
 Facsimile: 866-282-3872 
 If to the Domestic Franchisor: 
 Domino’s SPV Guarantor LLC 
 24 Frank
Lloyd Wright Drive 
 P.O. Box 485 
 Ann Arbor, Michigan 48106 
 Attention: L. David Mounts 
 Facsimile: 866-282-3872 
 If to the International Franchisor: 
 Domino’s SPV Guarantor LLC 
 24 Frank
Lloyd Wright Drive 
 P.O. Box 485 
 Ann Arbor, Michigan 48106 
 Attention: L. David Mounts 
 Facsimile: 866-282-3872 
 If to the Canadian Distributor: 
 Domino’s SPV Guarantor LLC 
 24 Frank
Lloyd Wright Drive 
 P.O. Box 485 
 Ann Arbor, Michigan 48106 
 Attention: L. David Mounts 
 Facsimile: 866-282-3872 
  

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 If to any Guarantor with a copy to: 
 Domino’s Pizza LLC 
 30 Frank Lloyd
Wright Drive 
 Ann Arbor, Michigan 48106 
 Attention: L. David Mounts 
 Facsimile: 734-327-7744 
 and 
 Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02110 
 Attn: Alison T. Bomberg 
 Facsimile:
617-951-7050 
 If to the Trustee: 
 Citibank, N.A. 
 388 Greenwich Street 
 14th Floor 
 New York, New York 10013

 Attention: Agency & Trust–Domino’s Pizza 
 Facsimile: 212-816-5527 
 (b) The Guarantors or the Trustee by notice to each other party may designate
additional or different addresses for subsequent notices or communications; provided, however, the Guarantors 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 days after the date that such notice is mailed, (iii) delivered by telex or facsimile shall be deemed given on the date of delivery of such notice and (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. 
 (d)
Notwithstanding any provisions of this Agreement to the contrary, the Trustee shall have no liability based upon or arising from the failure to receive any notice required by or relating to this Agreement or any other Related Document. 

8.3 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO 
  

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 CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK). 
 8.4 Successors. All agreements of each of the Guarantors in this Agreement and each other Related Document to which
it is a party shall bind its successors and assigns; provided, however, no Guarantor may assign its obligations or rights under this Agreement or any Related Document, except with the written consent of the Control Party. All
agreements of the Trustee in the Indenture and in this Agreement shall bind its successors as permitted by the Related Documents. 
 8.5
Severability. In case any provision in this Agreement 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. 
 8.6 Counterpart Originals. The parties may sign any number of copies of this Agreement. Each signed copy shall be
an original, but all of them together represent the same agreement. 
 8.7 Table of Contents, Headings, etc. The Table of Contents and
headings of the Sections of this Agreement have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
 8.8 Recording of Agreement. If this Agreement is subject to recording in any appropriate public recording offices, such recording is to be
effected by the Guarantors and at their expense accompanied by an Opinion of Counsel (which may be counsel to the Guarantors, the Trustee or any other counsel reasonably acceptable to the Control Party and the Trustee) to the effect that such
recording is necessary either for the protection of the Secured Parties or for the enforcement of any right or remedy granted to the Trustee under this Agreement. 
 8.9 Waiver of Jury Trial. EACH OF THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. 
 8.10 Submission
to Jurisdiction; Waivers. Each of the Guarantors and the Trustee hereby irrevocably and unconditionally: 
 (a) submits for itself and
its property in any legal action or proceeding relating to this Agreement and the other 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, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 
  

 23 

 (b) consents that any such action or proceeding may be brought in such courts and waives any objection
that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to the Guarantors or the Trustee, as the case may be, at its address set forth in Section 8.2 or at such other address of which the Trustee shall have been notified pursuant thereto;

 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim
or recover in any legal action or proceeding referred to in this Section 8.10 any special, exemplary, punitive or consequential damages. 
 8.11 Additional Subsidiary Guarantors. Each Additional Securitization Entity that is designated to be an Additional Subsidiary Guarantor pursuant to Section 8.34 of the Base Indenture shall become a
Guarantor for all purposes of this Agreement upon execution and delivery by such Additional Securitization Entity of an Assumption Agreement in substantially the form of Exhibit A hereto. Upon the execution and delivery by any Additional
Securitization Entity of such an Assumption Agreement, the supplemental schedules attached to such Assumption Agreement shall be incorporated into and become a part of and supplement the Schedules to this Agreement and each reference to such
Schedules shall mean and be a reference to such Schedules as supplemented pursuant to each Assumption Agreement. 
 8.12 Currency
Indemnity. Each Guarantor will make all payments of amounts owing by it hereunder in Dollars. If a Guarantor makes any such payment to the Trustee or any other Secured Party in a currency (the “Other Currency”) other than
Dollars (whether voluntarily or pursuant to an order or judgment of a court or tribunal of any jurisdiction), such payment will constitute a discharge of the liability of such party hereunder in respect of such amount owing only to the extent of the
amount of Dollars which the Trustee or such Secured Party is able to purchase, with the amount it receives on the date of receipt. If the amount of Dollars which the Trustee or such Secured Party is able to purchase is less than the amount of such
currency originally so due in respect of such amount, such Guarantor will indemnify and save the Trustee or such Secured Party, as applicable, harmless from and against any loss or damage arising as a result of such deficiency. This indemnity will
constitute an obligation separate and independent from the other obligations contained in this Agreement, will give rise to a separate and independent cause of action, will survive termination hereof, will apply irrespective of 
  

 24 

 any indulgence granted by the Trustee or such Secured Party and will continue in full force and effect notwithstanding
any judgment or order in respect of any amount due hereunder or under any judgment or order. 
 8.13 Acknowledgment of Receipt;
Waiver. The Canadian Distributor acknowledges receipt of an executed copy of this Agreement and, to the extent permitted by applicable law, waives the right to receive a copy of any financing statement, financing change statement or verification
statement in respect of any registered financing statement or financing change statement prepared, registered or issued in connection with this Agreement. 
 8.14 Termination; Partial Release. 
 (a) This Agreement and any grants, pledges and assignments
hereunder, shall become effective concurrently with the issuance of the Initial Series of Notes and shall terminate on the Termination Date. 
 (b) On the Termination Date, the Collateral shall be automatically released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Trustee and each
Guarantor shall automatically terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Guarantors. At the request and sole expense of any Guarantor following any
such termination, the Trustee shall deliver to such Guarantor any Collateral held by the Trustee hereunder, and execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence such termination. 

(c) Any partial release of Collateral hereunder requested by the Co-Issuers in connection with any Permitted Asset Disposition shall be governed by
Section 13.17 of the Base Indenture. 
 [Signature Pages Follow] 
  

 25 

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

			
	DOMINO’S SPV GUARANTOR LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DOMINO’S PIZZA FRANCHISING LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DOMINO’S PIZZA INTERNATIONAL FRANCHISING INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DOMINO’S PIZZA CANADIAN DISTRIBUTION ULC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 26 

			
	AGREED AND ACCEPTED
	
	CITIBANK, N.A., in its capacity as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 27 

 Exhibit A to 
 Guarantee and Collateral Agreement 
 ASSUMPTION AGREEMENT, dated as of
                    , 20     (this “Assumption Agreement”), made by
                                        
            , a                      (the “Additional Subsidiary
Guarantor”), in favor of CITIBANK, N.A., as Trustee under the Indenture referred to below (in such capacity, together with its successors, the “Trustee”). All capitalized terms not defined herein shall have the meaning
ascribed to them in the Base Indenture Definitions List attached to the Base Indenture (as defined below) as Annex A thereto. 
 W
I T N E S S E T H: 
 WHEREAS, Dominos Pizza Master Issuer LLC, a Delaware
limited liability company (the “Master Issuer”), the other Co-Issuers and the Trustee have entered into a Based Indenture dated as of April 16, 2007 (as amended, modified or supplemented from time to time, exclusive of any
Series Supplements, the “Base Indenture” and, together with all Series Supplements, the “Indenture”), providing for the issuance from time to time of one or more Series of Notes thereunder; and 
 WHEREAS, in connection with the Base Indenture, the Guarantors and the Trustee have entered into the Guarantee and Collateral Agreement, dated as of
April 16, 2007 (as amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”) in favor of the Trustee for the benefit of the Secured Parties; 
 WHEREAS, the Base Indenture requires the Additional Subsidiary Guarantor to become a party to the Guarantee and Collateral Agreement; and 
 WHEREAS, the Additional Subsidiary Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and
Collateral Agreement; 
 NOW, THEREFORE, IT IS AGREED: 
 1. Guarantee and Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional Subsidiary Guarantor, as provided in Section 8.11 of the Guarantee and Collateral
Agreement, hereby becomes a party to the Guarantee and Collateral Agreement as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby
expressly assumes all obligations and liabilities of a Guarantor thereunder. In furtherance of the foregoing, the Additional Subsidiary Guarantor, as security for the payment and performance in full of the Obligations, does (x) hereby create
and grant to the Trustee for the benefit of the Secured Parties a security interest in all of the Additional Subsidiary Guarantor’s right, title and interest in and to the Collateral of the Additional Subsidiary Guarantor and (y) jointly
and severally with the other Guarantors, unconditionally and irrevocably hereby guarantee the prompt and 

 complete payment and performance by the Co-Issuers when due (whether at the stated maturity by acceleration or otherwise)
of the Co-Issuer Obligations. Each reference to a “Guarantor” in the Guarantee and Collateral Agreement shall be deemed to include the Additional Subsidiary Guarantor. The Guarantee and Collateral Agreement is hereby incorporated herein by
reference. The information set forth in Annex 1-A hereto (A) is true and correct as of the date hereof in all material respects and (B) is hereby added to the information set forth in Schedule 4.5 to the Guarantee and Collateral
Agreement and such Schedule shall be deemed so amended. The Additional Subsidiary Guarantor hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Guarantee and Collateral Agreement
applicable to it is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date. 
 2. Representations of Additional Subsidiary Guarantor. The Additional Subsidiary Guarantor represents and warrants to the Trustee for the benefit of the Secured Parties that this Assumption Agreement has been
duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 3. Counterparts; Binding Effect. This Assumption Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of
which taken together shall constitute a single contract. This Assumption Agreement shall become effective when (a) the Trustee shall have received a counterpart of this Assumption Agreement that bears the signature of the Additional Subsidiary
Guarantor and (b) the Trustee has executed a counterpart hereof. Delivery of an executed counterpart of a signature page of this Assumption Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this
Assumption Agreement. 
 4. Full Force and Effect. Except as expressly supplemented hereby, the Guarantee and Collateral Agreement
shall remain in full force and effect. 
 5. Severability. In case any provision in this Agreement or any other 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. 
 6. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 8.2 of the Guarantee and Collateral Agreement. All communications and notices hereunder to
the Additional Subsidiary Guarantor shall be given to it at the address set forth under its signature below. 
 7. Fees and Expenses.
The Additional Subsidiary Guarantor agrees to reimburse the Trustee for its reasonable out-of-pocket expenses in connection with the execution and delivery of this Assumption Agreement, including the reasonable fees and disbursements of outside
counsel for the Trustee. 
  

 2 

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

 3 

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

			
	 [ADDITIONAL SUBSIDIARY

	 GUARANTOR]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	 [Address]:
	 	
	 Attention:
	 	
	 Facsimile:
	 	

  

			
	 AGREED TO AND ACCEPTED

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

		
	 By:
	 	  

	 Name:
	 	
	 Title:Master Servicing Agreement dated as of 4-16-2007

 Exhibit 10.5 
 MASTER SERVICING AGREEMENT 
 Dated as of April 16, 2007 
 among 
 Domino’s Pizza Master Issuer LLC,

 certain Subsidiaries of Domino’s Pizza Master Issuer LLC 
 party hereto, 
 Domino’s Pizza LLC, 
 as Master Servicer, 
 Domino’s Pizza NS Co., 
 as a servicer, 
 and 
 Citibank, N.A., 
 as Trustee 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE 1 DEFINITIONS	  	2
	 SECTION 1.1
	  	Certain Definitions	  	2
	 SECTION 1.2
	  	Other Defined Terms	  	10
	 SECTION 1.3
	  	Other Terms	  	10
	 SECTION 1.4
	  	Computation of Time Periods	  	10
		
	ARTICLE 2 ADMINISTRATION AND SERVICING OF SERVICED ASSETS	  	11
	 SECTION 2.1
	  	Domino’s Pizza LLC to Act as the Master Servicer	  	11
	 SECTION 2.2
	  	Servicer Advances	  	13
	 SECTION 2.3
	  	Concentration Accounts	  	13
	 SECTION 2.4
	  	Records	  	13
	 SECTION 2.5
	  	Administrative Duties of Master Servicer	  	14
	 SECTION 2.6
	  	No Offset	  	15
	 SECTION 2.7
	  	Compensation	  	15
	 SECTION 2.8
	  	Indemnification	  	15
	 SECTION 2.9
	  	Nonpetition Covenant	  	17
	 SECTION 2.10
	  	Certain Amendments to Documents Governing Serviced Assets	  	17
	 SECTION 2.11
	  	Franchisor Consent	  	17
	 SECTION 2.12
	  	Appointment of Subservicers	  	18
		
	ARTICLE 3 STATEMENTS AND REPORTS	  	18
	 SECTION 3.1
	  	Reporting by the Master Servicer	  	18
	 SECTION 3.2
	  	Appointment of Independent Accountant	  	18
	 SECTION 3.3
	  	Annual Accountants’ Reports	  	19
	 SECTION 3.4
	  	Notice of Reduction in Blended Rate of Continuing Franchise Fees	  	19
		
	ARTICLE 4 THE MASTER SERVICER	  	20
	 SECTION 4.1
	  	Representations and Warranties Concerning the Master Servicer	  	20
	 SECTION 4.2
	  	Existence	  	23
	 SECTION 4.3
	  	Performance of Obligations	  	23
	 SECTION 4.4
	  	Merger; Resignation and Assignment	  	26
	 SECTION 4.5
	  	Taxes	  	27

  

 - i - 

					
	 SECTION 4.6
	  	Notice of Certain Events	  	27
	 SECTION 4.7
	  	Capitalization	  	27
	 SECTION 4.8
	  	Franchise Law Determination	  	27
	 SECTION 4.9
	  	Maintenance of Separateness	  	27
	 SECTION 4.10
	  	No ERISA Plan	  	28
		
	ARTICLE 5 REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO NEW ASSETS	  	29
	 SECTION 5.1
	  	Representations and Warranties Made in Respect of New Assets	  	29
	 SECTION 5.2
	  	Covenants in Respect of New Collateral	  	31
		
	ARTICLE 6 DEFAULT	  	31
	 SECTION 6.1
	  	Master Servicer Termination Event	  	31
	 SECTION 6.2
	  	Disentanglement	  	34
	 SECTION 6.3
	  	No Effect on Other Parties	  	35
	 SECTION 6.4
	  	Rights Cumulative	  	35
		
	ARTICLE 7 CONFIDENTIALITY	  	36
	 SECTION 7.1
	  	Confidentiality	  	36
		
	ARTICLE 8 MISCELLANEOUS PROVISIONS	  	37
	 SECTION 8.1
	  	Retention and Termination of Master Servicer	  	37
	 SECTION 8.2
	  	Amendment	  	37
	 SECTION 8.3
	  	Acknowledgement	  	38
	 SECTION 8.4
	  	Governing Law; Waiver of Jury Trial; Jurisdiction	  	38
	 SECTION 8.5
	  	Notices	  	38
	 SECTION 8.6
	  	Severability of Provisions	  	39
	 SECTION 8.7
	  	Delivery Dates	  	39
	 SECTION 8.8
	  	Binding Effect; Limited Rights of Others	  	39
	 SECTION 8.9
	  	Termination; Article and Section Headings	  	39
	 SECTION 8.10
	  	Counterparts	  	39

 EXHIBIT A – JOINDER AGREEMENT 
 EXHIBIT B – POWER OF ATTORNEY 
  

 - ii - 

 MASTER SERVICING AGREEMENT 
 This MASTER SERVICING AGREEMENT, dated as of April 16, 2007 (this “Agreement”), is entered into by and among Domino’s SPV Guarantor LLC, a Delaware limited liability company, Domino’s
Pizza Master Issuer LLC, a Delaware limited liability company, Domino’s Pizza Franchising LLC, a Delaware limited liability company, Domino’s Pizza International Franchising Inc., a Delaware corporation, Domino’s Pizza Distribution
LLC, a Delaware limited liability company, Domino’s IP Holder LLC, a Delaware limited liability company, Domino’s SPV Canadian Holding Company Inc., a Delaware corporation, Domino’s Pizza Canadian Distribution ULC, a Nova Scotia
unlimited company, Domino’s Pizza LLC, a Michigan limited liability company, Domino's Pizza NS Co., a Nova Scotia unlimited company, Citibank, N.A., as trustee, together with any other Securitization Entity that becomes party to this Agreement
by execution of a joinder substantially in the form attached hereto as Exhibit A. For all purposes of this Agreement, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in Annex A to
the Base Indenture (as defined below); provided, however that the term “Master Servicer”, when in reference to (a) the servicing of the Serviced Assets of Canadian Distributor, shall mean the Canadian
Manufacturer, and (b) the servicing of all other Serviced Assets shall mean DPL; provided, further that the term “Master Servicer” shall mean only DPL with respect to Article 3 and Sections 2.7, 2.8 and 8.2
herein. All other representations, warranties and covenants of or about DPL made herein are repeated herein with respect to the Canadian Manufacturer, as applicable, as though fully set forth herein. 
 RECITALS 
 WHEREAS, the Master Issuer
and the other Co-Issuers have entered into a Base Indenture (the “Base Indenture”), dated as of the date of this Agreement, with the Trustee, pursuant to which the Master Issuer and the other Co-Issuers shall issue series of notes
(the “Notes”) from time to time, on the terms described therein. Pursuant to the Base Indenture and the Global G&C Agreement, as security for the indebtedness represented by the Notes and the other Obligations, the Master Issuer
and the other Securitization Entities are and will be granting to the Trustee on behalf of the Secured Parties, a security interest in the Collateral; 
 WHEREAS, from and after the date hereof, all New Franchise Arrangements will be originated by the Franchisors; 
 WHEREAS, from time to time, the Master Issuer or the Franchisors may purchase or repurchase, as the case may be, the Franchise Arrangement and/or lease with a third party landlord entered into with respect to a Store and undertake to
operate such Store (a “Repurchased Store”) until such time as a New Franchise Arrangement is entered into with respect to such Repurchased Store; 
 WHEREAS, each of the Securitization Entities desires to have the Master Servicer operate any Repurchased Store in accordance with the Servicing Standard; 
 WHEREAS, each of the Securitization Entities desires to have the Master Servicer enforce its rights and powers and perform its duties and obligations
under the Serviced Documents to which it is party in accordance with the Servicing Standard; 
  

 1 

 WHEREAS, each of the Securitization Entities desires to have the Master Servicer enter into certain
agreements and acquire and dispose of certain assets from time to time on its behalf, in each case in accordance with the Servicing Standard; 
 WHEREAS, the IP Holder desires to appoint the Master Servicer as its agent for providing comprehensive intellectual property development, enforcement, maintenance, protection, defense, management, licensing, contract administration and
other duties or services in connection with the Securitization IP and the Overseas IP in accordance with the Servicing Standard; 
 WHEREAS,
the Master Servicer desires to enforce such rights and powers and perform such obligations and duties, all in accordance with the Servicing Standard; and 
 WHEREAS, each of the Securitization Entities desires to enter into this Agreement to provide for, among other things, the servicing of the respective rights and powers and the performance of the respective duties and
obligations of the Securitization Entities, as applicable, under or in connection with the Holding Companies Contribution Agreement, the IP Assets Contribution Agreement, the DPL Contribution Agreement, the Domino’s International Contribution
Agreement, the Domestic Distribution Assets Contribution Agreement, the SPV Guarantor Contribution Agreement, the Third-Party License Agreements, the Existing Franchise Arrangements, the New Franchise Arrangements, the Securitization IP, the
Overseas IP, the IP License Agreements, the PULSE Assets, the Third-Party Supply Agreements, the Product Purchase Agreements, the Requirements Agreements, the Distribution Agreements, the Repurchased Stores, and any other assets acquired by the
Securitization Entities (the “Serviced Assets”), by the Master Servicer, all in accordance with the Servicing Standard. 
 NOW THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 SECTION 1.1 Certain Definitions. Capitalized terms used herein but not otherwise defined herein or in Annex A to the Indenture shall have the following meanings 
 “Agreement” has the meaning set forth in the preamble hereto. 
 “Asset Resale Servicer Advance” has the meaning set forth in SECTION 2.2 hereof. 
 “Base Indenture” has the meaning set forth in the recitals hereto. 
 “Confidential Information” means information (including Know-How) treated as confidential and proprietary by its owner that is disclosed
by a party hereto (“Discloser”), either directly or indirectly, in writing or orally, to another party hereto (“Recipient”). 
 “Conveyed Assets” has the meaning ascribed to such term in the Domino’s International Contribution Agreement. 
  

 2 

 “Current Practices” means, in respect of any action or inaction, the practices,
standards and procedures of Domino’s Pizza LLC and its Subsidiaries (including, without limitation, the Former Franchisors and Former Distributors) as performed or that have been performed immediately prior to the Initial Closing Date.

 “Defective New Asset” means any New Asset that does not meet the applicable requirements of ARTICLE 5. 
 “Defective Asset Damages Amount” means with respect to any Post-Closing Collateral Franchise Document that is a Defective New Asset, an
amount equal to the product of (i) the quotient obtained by dividing (A) the absolute value of the sum of all Collections under such Post-Closing Collateral Franchise Document received during the 12-month period immediately preceding the
date such Post-Closing Collateral Franchise Document became a Defective New Asset minus the aggregate amount of related Excluded Amounts received during such period, by (B) the aggregate amount of all Collections received under all
Collateral Franchise Documents during such 12-month period minus the aggregate amount of related Excluded Amounts received during such period and (ii) the Aggregate Outstanding Principal Amount. 
 “Discloser” has the meaning ascribed to such term in the definition of “Confidential Information.” 
 “Disentanglement” has the meaning set forth in SECTION 6.2(a) hereof. 
 “Disentanglement Period” has the meaning set forth in SECTION 6.2(a)(ii) hereof. 
 “Distribution Services” means, in a manner consistent with the Servicing Standard, the acquisition, storage and delivery of equipment,
supplies and Products for resale to Franchisees, owners of Company-Owned Stores and to other Persons on behalf of the Securitization Entities, including enforcing and performing the duties and obligations of the Securitization Entities under the
Distribution Agreements and the Company-Owned Requirements Agreement. 
 “Former Distributors” means, collectively, the
Canadian Manufacturer, Domino’s International and DPL. 
 “Former Franchisors” means, collectively, DPL and
Domino’s International. 
 “Franchisee Financing Program” means any financing program facilitated by a Securitization
Entity pursuant to which a Franchisee receives financing from a third-party lender to open or operate a Store. 
 “Future Brand
Assets” has the meaning set forth in SECTION 5.2(a)(i) hereof. 
 “Improvements” shall mean 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 Owned Property. 
 “Indemnitee” has the meaning set forth in SECTION 2.8 hereof. 
  

 3 

 “Independent Accountants” has the meaning set forth in SECTION 3.2 hereof.

 “IP Development Services” means the conception, development, creation and/or acquisition of After-Acquired IP Assets,
including the filing, prosecution and maintenance of any applications and/or registrations with respect thereto, after the Initial Closing Date by the Master Servicer (or its agents) as each Securitization IP Holder’s agent, and in the name and
stead of each Securitization IP Holder. 
 “IP Management Services” means the following services performed and actions taken
on behalf of each Securitization IP Holder, in each case to the extent that the Master Servicer determines that such action is necessary or advisable, in accordance with the Servicing Standard: 
 (a) maintaining, enforcing and defending each Securitization IP Holder’s rights in and to the Securitization IP and the Overseas IP, including
diligently prosecuting trademark applications and maintaining registrations for the Trademark Assets, timely filing statements of use, applications for renewal and affidavits of use and/or incontestability and paying all fees required by applicable
law; searching and clearing the Trademarks included in the After-Acquired IP Assets; responding to third-party oppositions of trademark applications or registrations; responding to any office action or other examiner requests; conducting searches,
monitoring and taking appropriate actions to oppose or contest any applications or registrations for Trademarks that are likely to cause confusion with or to dilute, or otherwise violate any Securitization IP Holder’s rights in or to, the
Trademark Assets; 
 (b) enforcing each Securitization IP Holder’s legal title in and to the Securitization IP and the Overseas IP and
exercising each Securitization IP Holder’s rights, and performing each Securitization IP Holder’s obligations, under each IP License Agreement, including ensuring that any use of the Securitization IP and the Overseas IP satisfies the
quality control provisions of such IP License Agreement and is in compliance with all applicable laws; 
 (c) applying for registration of
Copyrights and timely filing maintenance and registration fees; 
 (d) diligently prosecuting applications (including divisionals,
continuation-in-parts, provisionals, and reissues) and maintaining the registrations for any Patents, including timely paying all maintenance and registration fees required by applicable law and responding to office actions, requests for
reexamination, interferences and any other patent office requests or requirements; 
 (e) maintaining registrations for all material domain
names included in the Securitization IP and the Overseas IP; 
 (f) in the event that the Master Servicer becomes aware of any imitation,
infringement, dilution, misappropriation and/or unauthorized use of the Securitization IP and the Overseas IP, or any portion thereof, taking reasonable actions to protect, police and enforce such Securitization IP and the Overseas IP, including, as
appropriate, (i) preparing, issuing and responding to and further prosecuting cease and desist, demand and notice letters and requests for a license; and (ii) commencing, prosecuting and/or resolving a claim or suit against such imitation,
infringement, dilution, misappropriation and/or the unauthorized use of the Securitization IP and the Overseas IP, and seeking all appropriate monetary and equitable remedies in connection therewith; 
  

 4 

 (g) performing such functions and duties, and preparing and filing such documents, as are required under
the Base Indenture or the Global G&C Agreement to be performed, prepared and/or filed by the Securitization IP Holders, including: 
 (i)
causing each Securitization IP Holder to execute and recording such financing statements (including continuation statements) or amendments thereof or supplements thereto or such other instruments as the Trustee, the Control Party and the
Securitization Entities together may from time to time reasonably request in connection with the security interests in the Securitization IP and the Overseas IP granted by each Securitization IP Holder to the Trustee; provided that such
requests are consistent with the standards and obligations set forth in the Base Indenture or the Global G&C Agreement; and 
 (ii)
causing each Securitization IP Holder to execute grants of security interests or any similar instruments as the Trustee, the Control Party and the Securitization Entities together may from time to time reasonably request; provided that such
requests are consistent with the standards and obligations set forth in the Base Indenture or the Global G&C Agreement that are intended to evidence such security interests in the Securitization IP and the Overseas IP and recording such grants
or other instruments with the relevant authority including the U.S. Patent and Trademark Office, the U.S. Copyright Office or any applicable foreign intellectual property office as may be agreed upon by the parties to such agreements; 
 (h) taking such actions on behalf of each Securitization IP Holder as the Master Issuer may reasonably request that are expressly required by the terms,
provisions and purposes of the IP License Agreements; 
 (i) causing each Securitization IP Holder to enter into license agreements with any
Securitization Entity, including any Additional Securitization Entity, granting the right to use the Securitization IP and the Overseas IP. 
 (j) preparing for execution by each Securitization IP Holder or any other appropriate Person of all documents, certificates and other filings as each Securitization IP Holder shall be required to prepare and/or file under the terms of the
IP License Agreements; and 
 (k) paying or arranging for payment or discharge of taxes and Liens levied on or threatened against the
Securitization IP and the Overseas IP. 
 “IP Services” means, collectively, the IP Development Services and the IP
Management Services. 
 “Master Servicer Termination Event” has the meaning set forth in SECTION 6.1 hereof.

 “New Asset” means a Post-Closing Collateral Franchise Document or an After-Acquired IP Asset. 
  

 5 

 “New Asset Addition Date” means, with respect to any New Asset, the earliest of
(i) the date on which such New Asset is acquired by, or developed for the benefit of, a Securitization Entity, (ii) the later of (a) the date upon which the closing occurs under the applicable contract giving rise to such New
Asset and (b) the date upon which all of the diligence contingencies in the contract for purchase of the applicable New Asset expire and the Securitization Entity acquiring such New Asset no longer has the right to cancel such
contract and (iii) the date on which a Securitization Entity begins receiving Collections with respect to such New Asset. 
 “New Included Country” means an Included Country in which no Stores were operated under the System as of the Initial Closing Date. 
 “Notes” has the meaning set forth in the recitals hereto. 
 “Offering
Memorandum” means the final offering memorandum, dated April 4, 2007, relating to the Notes being issued on the Initial Closing Date. 
 “Owned Property” means, collectively, those parcels of real property in which any Securitization Entity owns the fee estate, together with any Improvements thereon. 
 “Post-Closing Collateral Franchise Document” means any Collateral Franchise Document entered into by any of the Securitization Entities
(including any renewal) after the Initial Closing Date. 
 “Post-Closing Owned Property” means any Owned Property acquired
after the Initial Closing Date. 
 “Post-Opening Services” means, to the extent required by the Franchise Arrangements
(a) the maintenance of a continuing advisory relationship with Franchisees, including consultation in the areas of marketing, merchandising and general business operations, (b) the provision to each Franchisee of the applicable standards
for the Domino’s Brand, (c) the use of reasonable efforts to maintain standards of quality, cleanliness, appearance and service at all Stores and (d) the collection and administration of the Advertising Fees and the direction of the
development of all advertising and promotional programs for the Domino’s Brand or any Future Brand. 
 “Power of
Attorney” means the authority granted by each Securitization IP Holder to the Master Servicer pursuant to a Power of Attorney in substantially the form set forth as Exhibit B hereto. 
 “Pre-Opening Services” means, to the extent required by the Franchise Arrangements, (a) the provision to each Franchisee of
standards for the design, construction, equipping and operation of any Store owned and operated by such Franchisee and the approval of locations meeting such standards, (b) the provision to individuals designated by the Franchisee of the
applicable Franchisor’s then current initial training program corresponding to the Domino’s Brand or any Future Brands, as the case may be, at one or more training centers designated by the Master Servicer, (c) the provision to each
Franchisee of operating procedures to assist such Franchisee in complying with the applicable Franchisor’s standard methods of record keeping, controls, staffing, quality control, training requirements and production methods and (d) the
provision to each Franchisee of assistance in the pre-opening, opening and initial operation of the franchise as the Master Servicer deems advisable for purposes of complying with the applicable Franchise Arrangements. 
  

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 “Prior Terms” means, in respect of each type of contract included in New Domestic
Franchise Arrangements, the contractual terms and provisions, exclusive of the applicable rates for Initial Franchise Fees or Continuing Franchise Fees, Advertising Fees and similar fees and expenses, that were generally prevailing for agreements of
such type, entered into by the Former Franchisors on or before the Initial Closing Date. 
 “QIB” means a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act. 
 “QIB/QP” means any Person that, at the time
of its acquisition of any Note, is both a QIB and a QP. 
 “QP” means any Person that is a qualified purchaser for purposes
of Section 2(a)(51) of the Investment Company Act. 
 “Recipient” has the meaning ascribed to such term in the
definition of “Confidential Information.” 
 “Refranchising Servicer Advance” has the meaning set forth in
SECTION 2.2(a) hereof. 
 “Repurchased Store” has the meaning set forth in the recitals hereto. 
 “Securitization IP Holders” means collectively, the IP Holder and any Additional IP Holders. 
 “Serviced Assets” has the meaning set forth in the recitals hereto. 
 “Serviced Document” means any contract, agreement, arrangement or understanding relating to any of the Serviced Assets, including,
without limitation, the Holding Companies Contribution Agreement, the IP Assets Contribution Agreement, the DPL Contribution Agreement, the Domino’s International Contribution Agreement, the SPV Guarantor Contribution Agreement, the Domestic
Distribution Assets Contribution Agreement, the Third-Party License Agreements, the International Franchisee PULSE Agreements, the Existing Franchise Arrangements, the New Franchise Arrangements, the IP License Agreements, any agreement between a
Domino’s Entity and a third party that is a PULSE Asset, the Company-Owned Stores Requirements Agreement and the Distribution Agreements. 
 “Servicer Advance Reimbursement Amount” means, as of any date, the sum of (a) the amount of any unreimbursed Refranchising Servicer Advances made in respect of any Refranchising Asset Disposition that has been
consummated on or before such date and the proceeds thereof have been deposited into the Collection Account or a Concentration Account on or before such date and (b) the amount of any unreimbursed Asset Resale Servicer Advances made in respect
of any Asset Resale Disposition that has been consummated on or before such date and the proceeds thereof have been deposited into the Collection Account or a Concentration Account on or before such date. 
  

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 “Services” means the servicing and administration of the Serviced Assets in accordance
with the terms of this Agreement, the Indenture, the other Related Documents and the Serviced Documents, including, without limitation: 
 (a)
calculating and compiling information required in connection with any report to be delivered pursuant to any Related Document (other than the Back-Up Management Agreement); 
 (b) preparing and filing of all tax returns and tax reports required to be prepared by any Securitization Entity; 
 (c) performing the duties and obligations of the Securitization Entities pursuant to the Related Documents; 
 (d) performing the duties and obligations of the Securitization Entities required pursuant to the Franchise Arrangements, including, without limitation,
collecting payments under the Franchise Arrangements, providing each Franchisee party to a Franchise Arrangement with operations assistance, access to advertising and marketing materials, information and program updates and ongoing training programs
for such Franchisee and its employees; 
 (e) preparing, for the Franchisors, New Franchise Arrangements, including, without limitation,
adopting variations to the forms of agreements used in documenting New Franchise Arrangements and preparing and executing documentation of franchise transfers, terminations, renewals, site relocations and ownership changes; 
 (f) preparing, for the Distributors, new Distribution Agreements; 
 (g) preparing and filing, for the Master Issuer and the Franchisors, franchise offering circulars to comply in all material respects with applicable federal, state and foreign laws; 
 (h) preparing, for any Securitization Entity, New Third-Party License Agreements; 
 (i) ensuring material compliance by the Master Issuer and each Franchisor with franchise industry-specific government regulation and applicable laws;

 (j) performing the obligations of the Securitization Entities under the Serviced Documents, including entering into new Serviced Documents
from time to time; 
 (k) enforcing and providing legal services with respect to the Serviced Assets, including enforcing the Collateral
Franchise Documents; 
 (l) providing accounting and financial reporting services; 
  

 8 

 (m) establishing and/or providing quality control services and standards with respect to the promulgation
and maintenance of standards for food, equipment, suppliers and distributors; 
 (n) monitoring industry conditions and adapting accordingly
to meet changing consumer needs; 
 (o) administering and facilitating any Franchisee Financing Programs; 
 (p) formulating and implementing growth and business strategies and causing any applicable Securitization Entity to enter into new joint venture,
strategic partnership and licensing arrangements; 
 (q) supporting the development of new products for and increased brand awareness of the
Domino’s Brand, and, if applicable, any Future Brands; 
 (r) the Pre-Opening Services; 
 (s) the Post-Opening Services; 
 (t) the IP
Services; 
 (u) the Distribution Services; and 
 (v) any and all activities that the Master Servicer deems necessary or convenient in connection with the foregoing. 
 “Servicing Period” has the meaning set forth in SECTION 8.1 hereof. 
 “Servicing Standard”
means standards that (a) are consistent with Current Practices or, to the extent of changed circumstances, practices, technologies, strategies or implementation methods, such standards as the Master Servicer would implement or observe if the
Serviced Assets were owned by the Master Servicer; (b) will enable the Master Servicer to comply in all material respects with all of the duties and obligations of the Securitization Entities under the Related Documents and each Collateral
Franchise Document; (c) are in material compliance with all applicable Requirements of Law; and (d) with respect to the use and maintenance of the Securitization IP Holders’ rights in and to the Securitization IP and Overseas IP,
those standards imposed by the IP License Agreements. 
 “Subservicer” means any subservicer that has entered into a
Subservicing Arrangement with the Master Servicer or the Canadian Manufacturer. 
 “Subservicing Arrangement” means an
arrangement whereby the Master Servicer or the Canadian Manufacturer engages any other Person to perform certain of its duties under this Agreement; provided that any agreement between the Master Servicer and third-party vendors pursuant to
which the Master Servicer purchases a specific product or service including, without limitation, the Distribution Agreements, shall not be considered to be a Subservicing Arrangement. 
  

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 “Successor Servicer” means any successor to the Master Servicer selected by the Control
Party upon the resignation or removal of the Master Servicer pursuant to the terms of this Agreement. 
 “Trademark Assets”
means any trademarks, service marks, trade dress, designs, logos, or other indicia of origin, whether registered or unregistered, and all registrations and applications therefor and all goodwill of any business associated and connected therewith or
symbolized thereby, included in the Securitization IP or the Overseas IP. 
 “Trustee” has the meaning set forth in the
preamble hereto. 
 “Trustee Indemnitee” has the meaning set forth in SECTION 2.8 hereof. 
 “Weekly Canadian Servicing Fee” means the amount set forth in SECTION 2.7(b). 
 “Weekly Master Servicing Fee” means the sum of the amounts set forth in SECTIONS 2.7(a)(i) and 2.7(a)(ii). 
 SECTION 1.2 Other Defined Terms. 
 (a)
Each term defined in the singular form in SECTION 1.1 or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement and each term defined in the plural form in SECTION 1.1
shall mean the singular thereof when the singular form of such term is used herein. 
 (b) The words “hereof,” “herein,”
“hereunder” and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are
references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified. 
 SECTION 1.3 Other
Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such
Article 9. 
 SECTION 1.4 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of
time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding.”

  

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 ARTICLE 2 
 ADMINISTRATION AND SERVICING OF SERVICED ASSETS 
 SECTION 2.1 Domino’s Pizza LLC to Act as
the Master Servicer. 
 (a) Engagement of the Master Servicer. The Securitization Entities hereby engage and authorize the Master
Servicer and the Master Servicer hereby accepts such engagement to perform the Services in accordance with the terms of this Agreement and, except as otherwise provided herein, the Servicing Standard. With respect to the IP Services, the Master
Servicer shall perform such IP Services in accordance with the Servicing Standard unless a Securitization IP Holder determines, in its sole discretion, that additional action is necessary or desirable in furtherance of the protection of the
Securitization IP or the Overseas IP. The Master Servicer shall have full power and authority, acting alone and subject only to the specific requirements and prohibitions of this Agreement, the Indenture and the other Related Documents, to do and
take any and all actions, or to refrain from taking any such actions, and to do any and all things in connection with performing the Services which the Master Servicer may deem necessary or desirable. The Canadian Manufacturer will perform all
Services for the Canadian Distributor. Without limiting the generality of the foregoing, but subject to the provisions of this Agreement, the Indenture and the other Related Documents, including, without limitation, SECTION 2.9, the Master
Servicer, in connection with performing the Services, is hereby authorized and empowered to execute and deliver, in the Master Servicer’s own name (in its capacity as Master Servicer) or in the name of any Securitization Entity, on behalf of
any Securitization Entity or the Trustee, as the case may be, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Serviced Assets, including,
without limitation, consents to sales, transfers or encumbrances of a franchise by any Franchisee or consents to assignments and assumptions of the Franchise Arrangements by any Franchisee in accordance with the terms thereof. 
 (b) Actions to Perfect Security Interests. Subject to the terms of the Base Indenture and any applicable Series Supplement, the Master Servicer
shall take those actions that are required under the Related Documents to maintain continuous perfection and priority (subject to Permitted Liens) of any Securitization Entity’s and the Trustee’s respective interests in the Collateral.
Without limiting the foregoing, the Master Servicer shall file or cause to be filed the financing statements on Form UCC 1 (or the PPSA, as the case may be), and assignments and/or amendments of financing statements on Form UCC 3 (or the PPSA, as
the case may be), and other filings required to be filed in connection with each Contribution Agreement, the IP License Agreements, the Securitization IP, Overseas IP, the Base Indenture, the other Related Documents and the transactions contemplated
thereby. 
 (c) Ownership of Securitization IP and Overseas IP. All Securitization IP and Overseas IP, including all After-Acquired IP
Assets, shall be owned exclusively by the Securitization IP Holders. The Master Servicer shall assign and transfer, and hereby does irrevocably assign and transfer, to the Securitization IP Holders all right, title and interest to any Securitization
IP that the Master Servicer may acquire or develop and will take all appropriate measures to record any such assignments at the Master Servicer’s sole cost and expense. The Securitization IP Holders and Master Servicer expressly agree that, to
the fullest extent allowed by law, Copyrights included in the After-Acquired IP Assets shall be considered a “work made for hire,” as that term is defined in Section 101 of the United States Copyright Act, as amended. All use of the
Securitization IP and Overseas IP hereunder, and any goodwill that may arise from the provision of the Services by the Master Servicer, shall inure solely to the benefit of the Securitization IP Holders. 
  

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 (d) Grant of Power of Attorney. In order to provide the Master Servicer with the authority to
perform and execute its duties and obligations as set forth herein, each Securitization IP Holder hereby agrees to execute, upon request of the Master Servicer, a Power of Attorney, which Powers of Attorney shall terminate in the event that the
Master Servicer’s rights under this Agreement are terminated as provided herein. 
 (e) Franchisee Insurance. The Master Servicer
acknowledges that, to the extent that it is named as a “loss payee” or “additional insured” under any Franchisee Insurance Policies, it will use commercially reasonable efforts to cause it to be so named in its capacity as the
Master Servicer, and the Master Servicer shall promptly remit to the Trustee for deposit in the Collection Account any Franchisee Insurance Proceeds received by it or by any Securitization Entity under any Franchisee Insurance Policy to the extent
such Franchisee Insurance Proceeds relate to any Franchise Arrangements. The Master Servicer shall use commercially reasonable efforts to cause the applicable Securitization Entity to be named as “loss payee” or “additional
insured” under all Franchisee Insurance Policies at the earliest time such Franchisee Insurance Policies are issued, renewed or replaced after the date hereof. 
 (f) Master Servicer Insurance. The Master Servicer agrees to maintain adequate insurance in accordance with industry standards and consistent with the type and amount maintained by the Master Servicer on the
Initial Closing Date. Such insurance will cover each of the Securitization Entities, as an additional insured or loss payee, to the extent that such Securitization Entity has an insurable interest therein. 
 (g) Collection of Payments; Remittances; Collection Account. The Master Servicer shall cause the collection of all amounts owing under the terms
and provisions of each Serviced Document in accordance with the Servicing Standard. 
 (h) Collections. The Master Servicer shall use
commercially reasonable efforts to cause all Collections due and to become due to any Securitization Entity to be deposited into a Concentration Account or the Collection Account, as the case may be, in accordance with Section 5.8 of the Base
Indenture. 
 (i) Deposit of Misdirected Funds; No Commingling; Misdirected Payments. The Master Servicer shall promptly deposit into
any Concentration Account, as determined by the Master Servicer, by the second Business Day immediately following actual knowledge of the receipt thereof by the Master Servicer or any of its Affiliates and in the form received or in cash, all
payments received by the Master Servicer or any of its Affiliates in respect of the Serviced Assets incorrectly sent to the Master Servicer or any of its Affiliates. The Master Servicer shall not commingle with its own assets and shall keep
separate, segregated and appropriately marked and identified all Serviced Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Serviced Assets or such other property are in the possession or control
of the Master Servicer to the extent such Serviced Assets or such other property is Collateral, the Master Servicer shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the
applicable Securitization Entity). Additionally, the Master Servicer shall notify the Trustee in writing of any amounts incorrectly deposited into the Collection Account, and arrange for the prompt remittance by the Trustee of such funds from the
Collection Account to the Master Servicer. The Trustee shall have no 

  

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obligation to verify any information provided to it by the Master Servicer hereunder and shall remit such funds to the Master Servicer based solely on the
notification it receives from the Master Servicer. 
 (j) Other Amounts Received. The Master Servicer shall cause all amounts
received, other than Collections, to be deposited directly into an account maintained by Domino’s Pizza LLC or its Affiliates (other than the Securitization Entities) and not subject to the Lien of the Trustee pursuant to the Related Documents.

 SECTION 2.2 Servicer Advances.  
 (a) The Master Servicer may (but shall in no event be obligated to) advance from its own funds, if in its sole discretion it deems such advance recoverable, any amounts used to effect a Refranchising Asset Disposition
transaction, including amounts related to the acquisition of assets disposed of later in such a transaction (such amounts, “Refranchising Servicer Advances”). 
 (b) The Master Servicer may (but shall in no event be obligated to) advance from its own funds, if in its sole discretion it deems such advance
recoverable, any amounts used to effect an Asset Resale Disposition transaction, including amounts related to the acquisition of assets disposed of later in such a transaction (such amounts, “Asset Resale Servicer Advances”).

 (c) The Master Issuer shall pay Master Servicer Advances Reimbursement Amounts to the Master Servicer in accordance with Section 5.9
of the Base Indenture. 
 SECTION 2.3 Concentration Accounts. The Master Servicer shall maintain the Concentration Accounts in
accordance with the Indenture. 
 SECTION 2.4 Records. The Master Servicer shall retain all data (including, without limitation,
computerized records) relating directly to, or maintained in connection with, the servicing of the Serviced Assets at its address indicated in SECTION 8.5 (or at an off-site storage facility reasonably acceptable to the Master Issuer and the
Lead Insurer) or, upon 30 days’ notice to the Master Issuer, each Securitization IP Holder, the Rating Agencies, the Control Party and the Trustee, at such other place where the servicing office of the Master Servicer is located, and shall give
the Trustee and the Lead Insurer access to all such data in accordance with the terms and conditions set forth in Section 8.6 of the Base Indenture; provided, however, that the Trustee shall not be obligated to verify, recalculate
or review any such data. If the rights of the Master Servicer shall have been terminated in accordance with SECTION 6.1 or SECTION 8.1 or the Master Servicer shall have resigned pursuant to SECTION 4.4(b), the Master Servicer
shall, upon demand of the Trustee (based upon the written direction of the Control Party), in the case of a termination pursuant to SECTION 6.1, a resignation pursuant to SECTION 4.4(b) or upon the demand of the Master Issuer or the
Control Party, in the case of a termination pursuant to SECTION 8.1, deliver to the demanding party or its designee all data in its possession or under its control (including, without limitation, computerized records) necessary for the
servicing of the Serviced Assets; provided, however, that the Master Servicer may retain a single set of copies of any books and records that the Master Servicer reasonably believes will be required by it for the purpose of performing
any of the Master Servicer’s 

  

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accounting, public reporting or other administrative functions that are performed in the ordinary course of the Master Servicer’s business; and
provided, further, that the Master Servicer shall have access, during normal business hours and upon reasonable notice, to all books and records that the Master Servicer reasonably believes would be necessary or desirable for the
Master Servicer in connection with the preparation of any tax or other governmental reports and filings and other uses; and provided, further, that if the Master Issuer or the Trustee shall desire to dispose of any of such books and
records at any time within five years of the Master Servicer’s termination, the Master Issuer shall, prior to such disposition, give the Master Servicer a reasonable opportunity, at the Master Servicer’s expense, to segregate and remove
such books and records as the Master Servicer may select. The provisions of this SECTION 2.4 shall not require the Master Servicer to transfer any proprietary material or computer programs unrelated to the servicing of the Serviced Assets.

 SECTION 2.5 Administrative Duties of Master Servicer. 
 (a) Duties with Respect to the Related Documents. The Master Servicer shall perform the duties of each applicable Securitization Entity under the Related Documents except for those duties that are required to
be performed by the equityholders or the managers of a limited liability company, equityholders or the directors of an unlimited liability company or the stockholders or directors of a corporation pursuant to applicable law. In furtherance of the
foregoing, the Master Servicer shall consult the managers or the directors, as the case may be, of the Securitization Entities as the Master Servicer deems appropriate regarding the duties of the Securitization Entities under the Related Documents.
The Master Servicer shall monitor the performance of the Securitization Entities and, promptly upon obtaining knowledge thereof, shall advise the applicable Securitization Entity when action is necessary to comply with the such Securitization
Entity’s duties under the Related Documents. The Master Servicer shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all documents, reports, filings, instruments,
certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to the Related Documents. 
 (b) Duties with Respect to the Securitization Entities. In addition to the duties of the Master Servicer set forth in this Agreement or any of the other Related Documents, the Master Servicer, in accordance
with the Servicing Standard, shall perform such calculations and shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all documents, reports, filings, instruments, certificates,
notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to securities laws and franchise laws. Pursuant to the directions of the Securitization Entities and in accordance with the Servicing
Standard, the Master Servicer shall administer, perform or supervise the performance of such other activities in connection with the Securitization Entities as are not covered by any of the foregoing provisions and as are expressly requested by any
Securitization Entity and are reasonably within the capability of the Master Servicer. 
 (c) Records. The Master Servicer shall
maintain, at its sole cost and expense, appropriate books of account and records relating to the Services performed under this Agreement. Such books of account and records shall be accessible for inspection by the Trustee, the Master Issuer and any
Lead Insurer during normal business hours and upon reasonable notice. 
  

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 SECTION 2.6 No Offset. The obligations of the Master Servicer under this Agreement shall not be
subject to, and the Master Servicer hereby waives, any defense, counterclaim or right of offset which the Master Servicer has or may have against the Securitization Entities, whether in respect of this Agreement, any other Related Document, any
document governing any Serviced Asset or otherwise. 
 SECTION 2.7 Compensation. 
 (a) General. As compensation for the performance of their obligations under this Agreement, the Master Servicer and the Canadian Manufacturer shall
be entitled to receive an arm’s-length fee as follows: 
 (i) on each Weekly Allocation Date, an amount equal to the Weekly Master
Servicing Amount; 
 (ii) from time to time, the Securitization Entities shall pay in advance, or reimburse for all operating expenses of
the Master Servicer or the Canadian Manufacturer incurred in respect of the provision of Distribution Services since the immediately preceding Weekly Allocation Date; and 
 (iii) with the consent of the Control Party and prior notice by the Control Party to Moody’s, on each Weekly Allocation Date, the Supplemental
Master Servicing Fee, if any. 
 (b) Canadian Manufacturer. From the amounts payable under Section 2.7(a) in respect of
any Weekly Collection Period, as compensation for the performance of its obligations under this Agreement, the Canadian Manufacturer will be compensated on a cost-plus basis for performance of Services for the Canadian Distributor during such Weekly
Collection Period (the “Weekly Canadian Servicing Fee”). 
 (c) Master Servicer. As compensation for the performance
of its obligations under this Agreement, the Master Servicer will be entitled to receive all amounts payable under Section 2.7(a) in respect of any Weekly Collection Period, less the Weekly Canadian Servicing Fee, if any, payable in respect of
such Weekly Collection Period. 
 SECTION 2.8 Indemnification. 
 (a) The Master Servicer agrees to indemnify and hold each Securitization Entity, each Insurer and the Trustee and their respective officers, directors,
employees and agents (each an “Indemnitee”) harmless against all claims, losses, penalties, fines, forfeitures, legal fees and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur as a
result of (i) the failure of the Master Servicer to perform its obligations under this Agreement, (ii) the breach by the Master Servicer of any representation or warranty under this Agreement or (iii) the Master Servicer’s
negligence, bad faith or willful misconduct; provided, however, that there shall be no indemnification under this SECTION 2.8(a) for a breach of any 

  

 15 

 
representation, warranty or covenant relating to any New Asset provided in ARTICLE 5, unless the applicable Indemnitees elect to forego the liquidated
damages remedy provided below (with the consent of the Control Party), with respect to the applicable breach; provided further that, solely for purposes of determining the indemnification obligations pursuant to clause (i) above,
the definition of “Servicing Standard” will be read without giving effect to the materiality standard contained in clause (c) of the definition of “Servicing Standard.” Notwithstanding anything to the contrary
provided herein, DPL, as Master Servicer, will only be required to enforce the provisions of SECTION 2.8 against itself to the extent such indemnifiable claims, losses, penalties, fines, forfeitures, legal fees and related costs and judgments
and other costs, fees and reasonable expenses in the then current fiscal quarter together with the preceding three (3) fiscal quarters exceed $50,000 in the aggregate. 
 (b) With respect to any claim described in clause (i) or (ii) of SECTION 2.8(a) relating to the Master Servicer’s
breach of a representation, warranty or covenant under ARTICLE 5 relating to any New Asset, each Indemnitee shall have the option (that it may exercise in its sole discretion) of proceeding under such SECTION 2.8(a) or under this
SECTION 2.8(b) but not both. Unless the applicable Indemnitee elects the remedy set forth in SECTION 2.8(a) above, the Master Servicer shall pay to the Master Issuer liquidated damages in an amount equal to the Defective Asset Damages
Amount. Upon payment by the Master Servicer of the Defective Asset Damages Amount to the Master Issuer with respect to any Defective New Asset in accordance with the preceding sentence, the Master Issuer or the applicable Securitization Entity
shall, to the extent permitted by applicable law, assign such Defective New Asset to the Master Servicer (together with a master franchise or license agreement permitting the Master Servicer and its Affiliates the right to sub-franchise such
Defective New Asset) and the Master Servicer shall accept assignment of such Defective New Asset from the relevant Securitization Entity. Such Securitization Entity shall, in such event, make all assignments of such Defective New Asset necessary to
effect such assignment, as applicable. Any such assignment by such Securitization Entity shall be without recourse to, or representation or warranty by, such Securitization Entity, except that such ownership rights being conveyed are free and clear
of any Liens created by any Related Document. All costs and expenses associated with the foregoing shall be paid by the Master Servicer on demand by or at the direction of such Securitization Entity or the Trustee (at the direction of the Control
Party). 
 (c) Any Indemnitee that proposes to assert the right to be indemnified under SECTION 2.8 will promptly, after receipt of
notice of the commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against the Master Servicer under this SECTION 2.8, notify the Master Servicer of the commencement of such action, suit
or proceeding, enclosing a copy of all papers served. In the event that any action, suit or proceeding shall be brought against any Indemnitee (other than the Trustee and its officers, directors, employees and agents), such Indemnitee shall notify
the Master Servicer of the commencement thereof and the Master Servicer shall be entitled to participate in, and to the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee, and after
notice from the Master Servicer to such Indemnitee of its election to assume the defense thereof, the Master Servicer shall not be liable to such Indemnitee for any legal expenses subsequently incurred by such Indemnitee in connection with the
defense thereof; provided that the Master Servicer shall not enter into any settlement with respect to any claim or proceeding unless such settlement includes a release of such Indemnitee from all liability on 

  

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claims that are the subject matter of such settlement; and provided further that the Indemnitee shall have the right to employ its own counsel in any
such action the defense of which is assumed by the Master Servicer in accordance with this SECTION 2.8, but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless the employment of counsel by such Indemnitee
has been specifically authorized by the Master Servicer, or unless the Master Servicer is advised in writing by counsel that joint representation would give rise to a conflict between the Indemnitee’s position and the position of the Master
Servicer and its Affiliates in respect of the defense of the claim. In the event that any action, suit or proceeding shall be brought against the Trustee or any of its officers, directors, employees or agents (each, a “Trustee
Indemnitee”), it shall notify the Master Servicer of the commencement thereof and the Trustee Indemnitee shall have the right to employ its own counsel in any such action at the expense of the Master Servicer. No Indemnitee shall settle or
compromise any claim covered pursuant to this SECTION 2.8 without the prior written consent of the Master Servicer, which shall not be unreasonably withheld, conditioned or delayed. The provisions of this SECTION 2.8 shall survive the
termination of this Agreement or the earlier resignation or removal of any party hereto. 
 SECTION 2.9 Nonpetition Covenant. The
Master Servicer shall not, prior to the date that is one year and one day after the payment in full of the Outstanding Principal Amount of the Notes of any Series, petition or otherwise invoke the process of any court or governmental authority for
the purpose of commencing or sustaining a case against any Securitization Entity under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of any Securitization Entity or any
substantial part of its property, or ordering the winding up or liquidation of the affairs of any Securitization Entity. 
 SECTION 2.10
Certain Amendments to Documents Governing Serviced Assets. Except with the prior written consent of the Control Party, the Master Servicer shall not (a) take any action (or omit to take any action) (or permit any such action or inaction)
with respect to the Serviced Assets or (b) permit the termination, amendment or waiver of any provision of any document governing the Serviced Assets, other than in accordance with the Servicing Standard, and then only if the effect of such
action, inaction, termination, amendment or waiver, together with the effect of all other actions, inactions, terminations, amendments and waivers theretofore effected, with respect to the Serviced Asset or to such documents governing the Serviced
Assets, could not be reasonably expected to result in (i) a material decrease in the amount of Collections other than Excluded Amounts, taken as a whole, (ii) a material adverse change in the nature or quality of Collections other than
Excluded Amounts, taken as a whole or (iii) a material alteration in the general assets categories generating Collections other than Excluded Amounts, taken as a whole, or the relative contribution of each such category; provided,
however, that this SECTION 2.10 shall not permit the termination, amendment or waiver of, any provision of any Related Document other than in accordance with the terms of such Related Document. 
 SECTION 2.11 Franchisor Consent. Subject to the Servicing Standard and the terms of the Related Documents, the Master Servicer shall have the
authority, on behalf of the applicable Franchisor, to grant or withhold consents of the “franchisor” required under the Franchise Arrangements. 
  

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 SECTION 2.12 Appointment of Subservicers. The Master Servicer may enter into Subservicing
Arrangements; provided that, other than with respect to a Subservicing Arrangement with an Affiliate of the Master Servicer, no Subservicing Arrangement shall be effective unless and until (i) the Master Servicer receives the written
consent of the Control Party and (ii) the Subservicer or the Successor Servicer party to such Subservicing Arrangement executes and delivers an agreement, in the form and substance reasonably satisfactory to the Control Party, to perform and
observe, or in the case of an assignment, an assumption by such successor entity of the due and punctual performance and observance of, the applicable covenants and conditions to be performed or observed by the Master Servicer under this Agreement;
provided that such Subservicing Arrangement shall be terminable by the Control Party upon a Master Servicer Termination Event and shall contain disentanglement provisions substantially similar to those provided in SECTION 6.2 herein.

 ARTICLE 3 
 STATEMENTS AND
REPORTS 
 SECTION 3.1 Reporting by the Master Servicer. 
 (a) Reports Required Pursuant to the Indenture. The Master Servicer, on behalf of the Master Issuer, will furnish, or cause to be furnished, to the
Trustee and each Insurer, all reports required to be delivered by any Securitization Entity pursuant to Section 4.1 of the Base Indenture. 
 (b) Instructions as to Withdrawals and Payments. The Master Servicer, on behalf of the Master Issuer, will furnish, or cause to be furnished, to the Trustee or the Paying Agent, as applicable, written instructions to make withdrawals
and payments from the Collection Account and any other Base Indenture Accounts or any Series Account, as contemplated herein, in the Base Indenture or in any Series Supplement. The Trustee and the Paying Agent shall follow any such written
instructions in accordance with the terms and conditions of the Base Indenture and any applicable Series Supplement. 
 SECTION 3.2
Appointment of Independent Accountant. On or before the Initial Closing Date, the Master Issuer shall appoint a firm of independent public accountants of recognized national reputation to serve as the independent accountants
(“Independent Accountants”) for purposes of preparing and delivering the reports required by SECTION 3.3. It is hereby acknowledged that the accounting firm of PricewaterhouseCoopers LLP is acceptable for purposes of serving
as Independent Accountants. The Master Issuer may not remove the Independent Accountants without first giving 30 days’ prior written notice to the Independent Accountants, with a copy of such notice also given concurrently to the Trustee, the
Rating Agencies, each Insurer and the Master Servicer. Upon any resignation by such firm or removal of such firm, the Master Issuer shall promptly appoint a successor thereto that shall also be a firm of independent public accountants of recognized
national reputation to serve as the Independent Accountants hereunder. If the Master Issuer shall fail to appoint a successor firm of Independent Accountants which has resigned or been removed within 30 days after the effective date of such
resignation or removal, the Control Party shall promptly appoint a successor firm of independent public accountants of recognized national reputation that is reasonably satisfactory to the Master Servicer to serve as the Independent Accountants
hereunder. The fees of any Independent Accountants shall be payable by the Master Issuer. 
  

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 SECTION 3.3 Annual Accountants’ Reports. 
 (a) On or before ninety (90) days after the end of each fiscal year of the Master Servicer, the Master Servicer shall deliver to the Master Issuer,
the Trustee, each Insurer and the Rating Agencies a separate report, concerning the fiscal year just ended, prepared by the Independent Accountants, to the effect that their examination was made in accordance with generally accepted auditing
standards and accordingly included such tests of the accounting records and such other auditing procedures as they considered necessary in the circumstances in accordance with the standards established by the American Institute of Certified Public
Accountants relating to the servicing of the Serviced Assets. The nature, scope and design of the procedures will not constitute an audit made in accordance with generally accepted auditing standards, the objective of which is the issuance of
an opinion. 
 (b) The Master Servicer shall cause the Independent Accountants or the Back-Up Manager to deliver to the Master Issuer, the
Trustee, each Insurer and the Rating Agencies on or before ninety (90) days after the end of each fiscal year of the Master Servicer concerning the fiscal year just ended, (i) a report to the effect that such firm is of the opinion that
the Quarterly Servicer’s Certificates for such year (or other period) were prepared in compliance with this Agreement, except for such exceptions as it believes to be immaterial and such other exceptions as will be set forth in such firm’s
report, and (ii) a report to the effect that such firm has examined the assertion of the Master Servicer’s management as to its compliance with the servicing requirements set forth in ARTICLE 2 with respect to such fiscal year (or
other) period and that (x) in the case of the Independent Accountants, such examination was made in accordance with standards established by the American Institute of Certified Public Accountants and (y) except as described in the report,
management’s assertion is fairly stated in all material respects. In the case of the Independent Accountants, the report will also indicate that the firm is independent of the Master Servicer within the meaning of the Code of Professional
Ethics of the American Institute of Certified Public Accountants. 
 SECTION 3.4 Notice of Reduction in Blended Rate of Continuing
Franchise Fees. If during any Quarterly Collection Period the weighted average rate of (a) Domestic Continuing Franchise Fees (calculated as the aggregate amount of such Domestic Continuing Franchise Fees divided by the aggregate systemwide
sales (after all appropriate deductions) on which such Domestic Continuing Franchise Fees were payable) falls below 5% or (b) International Continuing Franchise Fees (calculated as the aggregate amount of such International Continuing Franchise
Fees divided by the aggregate systemwide sales (after all appropriate deductions) on which such International Continuing Franchise Fees were payable) falls below 2.5% , the Master Servicer, on behalf of the Master Issuer, shall give written notice
of such reduction to each Insurer and the Rating Agencies on the next succeeding Quarterly Payment Date. 
  

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 ARTICLE 4 
 THE MASTER SERVICER 
 SECTION 4.1 Representations and Warranties Concerning the Master
Servicer. The Master Servicer represents and warrants to the Master Issuer and the other Securitization Entities, and the Trustee, as of each Series Closing Date (except if otherwise expressly noted), as follows: 
 (a) Organization and Good Standing. 
 (i) The Master Servicer (i) is a limited liability company, duly formed and organized, validly existing and in good standing under the laws of the State of Michigan, (ii) is duly qualified to do business as a foreign corporation
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, except to the extent that
the failure to so qualify is not reasonably likely to result in a Material Adverse Effect and (iii) has the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is
currently conducted and to perform its obligations under this Agreement. 
 (ii) The Canadian Manufacturer (i) is a unlimited company,
duly formed and organized, validly existing and in good standing under the laws of the Province of Nova Scotia, (ii) is duly qualified to do business as a foreign unlimited company 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, except to the extent that the failure to so qualify is not reasonably likely to result in
a Material Adverse Effect and (iii) has the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted and to perform its obligations under this
Agreement. 
 (b) Power and Authority; No Conflicts. The execution and delivery by the Master Servicer of this Agreement and its
performance of, and compliance with, the terms hereof are within the power of the Master Servicer and have been duly authorized by all necessary corporate action on the part of the Master Servicer. Neither the execution and delivery of this
Agreement, nor the consummation of the transactions herein contemplated to be consummated by the Master Servicer, nor compliance with the provisions hereof, will conflict with or result in a breach of, or constitute a default (or an event which,
with notice or lapse of time, or both, would constitute a default) under (i) any order or any Governmental Authority or any of the provisions of any Requirement of Law binding on the Master Servicer or its properties, except to the extent that
such conflict, breach or default would not result in a Material Adverse Effect, (ii) the DPL Charter Documents or (iii) any of the provisions of any indenture, mortgage, lease, contract or other instrument to which the Master Servicer is a
party or by which it or its property is bound or result in the creation or imposition of any Lien upon any of its property pursuant to the terms of any such indenture, mortgage, leases, contract or other instrument except to the extent such default,
creation or imposition would not result in a Material Adverse Effect. 
  

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 (c) Consents. Except for registrations as a franchise broker or franchise sales agent as may be
required under federal, state or foreign franchise statutes and regulations, the Master Servicer is not required to obtain the consent of any other party or the consent, license, approval or authorization of, or file any registration or declaration
with, any Governmental Authority in connection with the execution, delivery or performance by the Master Servicer of this Agreement, or the validity or enforceability of this Agreement against the Master Servicer, except to the extent that a state
or foreign franchise law requires filing and other compliance actions by virtue of considering the Master Servicer as a “subfranchisor”. 
 (d) Due Execution and Delivery. This Agreement has been duly executed and delivered by the Master Servicer and constitutes a legal, valid and binding instrument enforceable against the Master Servicer in accordance with its terms
(subject to applicable insolvency laws and to general principles of equity). 
 (e) No Litigation. There are no actions, suits,
investigations or proceedings pending or, to the knowledge of the Master Servicer, threatened against or affecting the Master Servicer, before or by any Governmental Authority having jurisdiction over the Master Servicer or any of its properties or
with respect to any of the transactions contemplated by this Agreement (i) asserting the illegality, invalidity or unenforceability, or seeking any determination or ruling that would affect the legality, binding effect, validity or
enforceability of this Agreement, or (ii) which could reasonably be expected to have a Material Adverse Effect. The Master Servicer is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could
not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (f) Due Qualification. Except for registrations as
a franchise broker or franchise sales agent as may be required under state or foreign franchise statutes and regulations and except to the extent that a state or foreign franchise law requires filing and other compliance actions by virtue of
considering the Master Servicer as a “subfranchisor”, the Master Servicer has obtained or made all licenses, registrations, consents, approvals, waivers and notifications of creditors, lessors and other Persons, in each case, in connection
with the execution and delivery of this Agreement by the Master Servicer, and the consummation by the Master Servicer of all the transactions herein contemplated to be consummated by the Master Servicer and the performance of its obligations
hereunder, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 (g) No
Default. The Master Servicer is not in default under any agreement, contract, instrument or indenture to which the Master Servicer is a party or by which it or its properties is or are bound, or with respect to any order of any Governmental
Authority, which would have a Material Adverse Effect; and no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any
such order of any Governmental Authority, which would have a Material Adverse Effect. 
 (h) Taxes. The Master Servicer has filed or
caused to be filed all federal tax returns and all state and other tax returns which, to its knowledge, are required to be filed. The Master Servicer has paid or made adequate provisions for the payment of all taxes shown as due on such returns, and
all assessments made against it or any of its property (other than any amount 

  

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of tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP
have been provided on the books of the Master Servicer). The charges, accruals and reserves on the Master Servicer’s books in respect of taxes are, in the Master Servicer’s reasonable opinion, adequate. 
 (i) Accuracy of Information. As of the date thereof, the information contained in the Offering Memorandum regarding (i) the Master Servicer,
(ii) the servicing of the Serviced Assets by the Master Servicer and (iii) the description of this Agreement therein does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. 
 (j) Financial Statements. As of the
Initial Closing Date, the audited combined balance sheets of Holdco and its Subsidiaries as of January 1, 2006 and December 31, 2006 and the related consolidated statements of income, shareholders’ equity and cash flows for the fiscal
years ended January 2, 2005, January 1, 2006 and December 31, 2006 incorporated in the Offering Memorandum, and reported on and accompanied by an unqualified report from PricewaterhouseCoopers LLP have been prepared in accordance
with GAAP and present fairly the financial position of Holdco and its Subsidiaries as at such date and the results of their operations and their cash flows for the periods covered thereby. 
 (k) No Material Adverse Change. Since December 31, 2006, there has been no development or event that has had or could reasonably be expected
to have a Material Adverse Effect. 
 (l) No ERISA Plan. Neither the Master Servicer nor any corporation or any trade, business,
organization or other entity (whether or not incorporated) that would be treated together with the Master Servicer as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA has
established, maintains, contributes to, or has any liability in respect of (or has in the past six years established, maintained, contributed to, or had any liability in respect of) any Plan that is subject to Title IV of ERISA or Section 412
of the Code. Except as set forth in Schedule 4.1(l), the Master Servicer is not a member of a Controlled Group which has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability
for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage laws. 
 (m)
Environmental Matters. 
 (i) The Master Servicer (A) is, and for the past three years has been, in material compliance with any
and all applicable foreign, federal, state and local laws and regulations, and directives of any Governmental Authority relating to the protection of human health and safety, natural resources, the environment or hazardous or toxic substances or
wastes, pollutants or contaminants (“Environmental Laws”), (B) has received and will have in full force and effect all material permits, licenses or other approvals required of it under applicable Environmental Laws to conduct
its businesses (including, without limitation, the business of servicing the Serviced Assets) and (C) is in compliance with all terms and conditions of any such permit, license or approval. 
  

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 (ii) There are no material costs or liabilities associated with Environmental Laws (including, without
limitation, any capital operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to
third parties). 
 (n) No Master Servicer Termination Event. No Master Servicer Termination Event has occurred or is continuing, and,
to the knowledge of the Master Servicer, there is no event which, with notice or lapse of time, or both, would constitute a Master Servicer Termination Event. 
 SECTION 4.2 Existence. The Master Servicer shall keep in full effect its existence under the laws of the state of its formation, and maintain its rights and privileges necessary or desirable in the normal
conduct of its business and the performance of its obligations hereunder, and will obtain and preserve its qualification to do business in each jurisdiction in which the failure to so qualify either individually or in the aggregate would be
reasonably likely to have a Material Adverse Effect. 
 SECTION 4.3 Performance of Obligations. 
 (a) Punctual Performance. The Master Servicer shall punctually perform and observe all of its obligations and agreements contained in this
Agreement in accordance with the terms hereof and in accordance with the Servicing Standard. 
 (b) Limitations of Responsibility of the
Master Servicer. The Master Servicer will have no responsibility under this Agreement other than to render the Services called for hereunder in good faith and consistent with the Servicing Standard. 
 (c) Right to Receive Instructions. In the event that the Master Servicer is unable to decide between alternative courses of action, or is unsure
as to the application of any provision of this Agreement or any other Related Document, or any such provision is, in the good faith judgment of the Master Servicer, ambiguous as to its application, or is, or appears to be, in conflict with any other
applicable provision, or in the event that this Agreement or any other Related Document permits any determination by the Master Servicer or is silent or is incomplete as to the course of action which the Master Servicer is required to take with
respect to a particular set of facts, the Master Servicer may give notice (in such form as shall be appropriate under the circumstances) to the Control Party requesting instructions in accordance with the Base Indenture and, to the extent that the
Master Servicer shall have acted or refrained from acting in good faith in accordance with any such instructions received from the Control Party, the Master Servicer shall not be liable on account of such action or inaction to any Person. Subject to
the Servicing Standard, if the Master Servicer shall not have received appropriate instructions from the Control Party within ten days of such notice (or within such shorter period of time as may be specified in such notice) the Master Servicer may,
but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Related Documents, as the Master Servicer shall deem to be in the best interests of the Control Party and the Securitization
Entities; provided, however, that if an Insurer is not the Control Party, the Master Servicer shall prepare and provide to the Trustee all notices, forms and consent 

  

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solicitations to be delivered to the Noteholders in connection with such notice and request for instructions; and provided, further, that if an
Insurer is not the Control Party and if the Master Servicer shall not have received appropriate instructions from the Control Party within twenty (20) days of such notice, the Master Servicer may, but shall be under no duty to, take or refrain
from taking such action, not inconsistent with this Agreement or the other Related Documents, as the Master Servicer shall deem to be in the best interests of the Control Party and the Securitization Entities. The Master Servicer shall have no
liability to any Person for such action or inaction taken in reliance on the preceding sentence except for the Master Servicer’s own willful misconduct or negligence. 
 (d) No Duties Except as Specified in this Agreement or in Instructions. The Master Servicer shall not have any duty or obligation to manage, make
any payment in respect of, register, record, sell, reinvest, dispose of, create, perfect or maintain title to, or any security interest in, or otherwise deal with the Collateral, to prepare or file any report or other document or to otherwise take
or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Master Servicer is a party, except as expressly provided by the terms of this Agreement and consistent with the Servicing Standard, and no
implied duties or obligations shall be read into this Agreement against the Master Servicer. The Master Servicer nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on
any part of the Serviced Assets which result from claims against the Master Servicer personally that are not related to the ownership or administration of the Serviced Assets or the transactions contemplated by the Related Documents. 
 (e) No Action Except Under Specified Documents or Instructions. The Master Servicer shall not manage, control, use, sell, reinvest, dispose of or
otherwise deal with any part of the Collateral except in accordance with the powers granted to, and the authority conferred upon, the Master Servicer pursuant to this Agreement. 
 (f) Limitations on the Master Servicer’s Liability. Subject to the Servicing Standard, and except for any loss, liability, expense, damage or
injury arising out of, or resulting from, (i) any breach or default by the Master Servicer in the observance or performance of any of its agreements contained in this Agreement, (ii) the breach by the Master Servicer of any representation
or warranty made by it herein or (iii) acts or omissions constituting the Master Servicer’s own willful misconduct, bad faith or negligence in the performance of its duties hereunder or otherwise, neither the Master Servicer nor any of its
Affiliates, managers, officers, members or employees shall be liable to any Securitization Entity, any Insurer, the Noteholders or any other Person under any circumstances, including, without limitation: 
 (i) for any error of judgment made in good faith; 
 (ii) for any action taken or omitted to be taken by the Master Servicer in good faith in accordance with the instructions of the Control Party made in accordance herewith; 
 (iii) for any representation, warranty, covenant, agreement or indebtedness of any Securitization Entity under the Notes or any Related Document, or for
any other liability or obligation of any Securitization Entity; 
  

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 (iv) for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof
by any party hereto other than the Master Servicer, or for the form, character, genuineness, sufficiency, value or validity of any part of the Collateral, or for or in respect of the validity or sufficiency of the Related Documents; and 

(v) for any action or inaction of the Trustee or the Control Party, or for the performance of, or the supervision of the performance of, any
obligation under this Agreement or any other Related Document that is required to be performed by the Trustee or the Control Party under this Agreement or any other Related Document. 
 (g) No Financial Liability. No provision of this Agreement (other than the last sentence of clause (d) above) shall require the Master
Servicer to expend or risk its funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Master Servicer shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured or provided to it. Notwithstanding the foregoing, the Master Servicer shall be obligated to perform its obligations hereunder, consistent with the Servicing Standard, notwithstanding
the fact that the Master Servicer may not be entitled to be reimbursed for all of its expenses incurred in connection with its obligations hereunder as a result of any limit on amounts payable pursuant to the definitions of Weekly Master Servicing
Fee, Weekly Canadian Servicing Fee and Supplemental Master Servicing Fee. 
 (h) Reliance. The Master Servicer may conclusively rely
on, and shall be protected in acting or refraining from acting when doing so, in each case in accordance with any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper
believed by it to be genuine and believed by it to be signed by the proper party or parties. The Master Servicer may accept a certified copy of a resolution of the board of directors or other governing body of any Person as conclusive evidence that
such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner or ascertainment of which is not specifically prescribed herein, the Master Servicer may for all purposes hereof
rely on a certificate, signed by any Authorized Officer of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Master Servicer for any action taken or omitted to be taken by it in good faith in
reliance thereon. 
 (i) Consultations with Third Parties; Advice of Counsel. In the exercise and performance of its duties and
obligations hereunder or under any of the other Related Documents, the Master Servicer (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them and (ii) may, at the expense of the Master
Servicer, consult with counsel, accountants and other professionals or experts selected and monitored by the Master Servicer in good faith and in the absence of gross negligence, and the Master Servicer shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other professionals or experts. 
 (j) Independent Contractor. In performing its obligations as servicer hereunder the Master Servicer acts solely as an independent contractor of the Securitization Entities, except to the extent the Master
Servicer is deemed to be an agent of the Securitization 

  

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Entities by virtue of engaging in franchise sales activities as broker. Nothing in this Agreement shall, or shall be deemed to, create or constitute any
joint venture, partnership, employment or any other relationship between any of the Securitization Entities and the Master Servicer other than the independent contractor contractual relationship established hereby. Nothing herein shall be deemed to
vest in the Master Servicer title or any ownership or property interest in or to the Securitization IP or the Overseas IP. The Master Servicer shall not be, nor shall be deemed to be, liable for any acts or obligations of the Securitization
Entities, the Control Party or the Trustee (except as set forth in SECTION 4.3(f) hereof) and, without limiting the foregoing, the Master Servicer shall not be liable under or in connection with the Notes. The Master Servicer shall not be
responsible for any amounts required to be paid by the Trustee under or pursuant to the Indenture. 
 SECTION 4.4 Merger; Resignation and
Assignment. 
 (a) Preservation of Existence. The Master Servicer shall not merge into any other Person or convey, transfer or
lease all or substantially all of its assets; provided, however, that nothing contained in this Agreement shall be deemed to prevent (a) the merger into the Master Servicer of another Person, (b) the consolidation of the
Master Servicer and another Person, (c) the merger of the Master Servicer into another Person or (d) the sale of all or substantially all of the property or assets of the Master Servicer to another Person, so long as (i) the surviving
Person of the merger or the purchaser of the assets of the Master Servicer shall continue to be engaged in the same line of business as the Master Servicer and shall have the capacity to perform its obligations hereunder with at least the same
degree of care, skill and diligence as measured by customary practices with which the Master Servicer is required to perform such obligations hereunder, (ii) in the case of a merger or sale, the surviving Person of the merger or the purchaser
of the assets of the Master Servicer shall expressly assume all obligations of the Master Servicer under this Agreement and expressly agree to be bound by all provisions applicable to the Master Servicer under this Agreement in a supplement to this
Agreement in form and substance reasonably satisfactory to the Control Party and (iii) with respect to such event, in and of itself, the Rating Agency Condition has been met. 
 (b) Resignation. The Master Servicer shall not resign from the rights, powers, obligations and duties hereby imposed on it with respect to the
performance of the Services except (a) upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which the Master Servicer could take to
make the performance of its duties hereunder permissible under applicable law or (b) if the Master Servicer is terminated as the Master Servicer pursuant to SECTION 6.1(b) or SECTION 8.1. As to clause (a)(i) of this clause
(b), any such determination permitting the resignation of the Master Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee and each Insurer. No such resignation shall become effective until a Successor Servicer
shall have assumed the responsibilities and obligations of the Master Servicer in accordance with SECTION 6.1(b). The Trustee, each Insurer and the Rating Agencies shall be notified of such resignation in writing by the Master Servicer. From
and after such effectiveness, the Successor Servicer shall be, to the extent of the assignment, the “Master Servicer” hereunder. Except as provided above in this SECTION 4.4(b), the Master Servicer may not assign this Agreement or
any of its rights, powers, duties or obligations hereunder. 
  

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 (c) Termination of Duties. The duties and obligations of the Master Servicer under this Agreement
shall continue until such obligations shall have been terminated as provided in SECTION 4.4(b), SECTION 6.1, or SECTION 8.1. Such duties and obligations shall survive the exercise by any of the Securitization Entities, the
Trustee or the Control Party of any right or remedy under this Agreement, or the enforcement by any Securitization Entity, the Trustee, the Control Party or any Noteholder of any provision of the Indenture, the other Related Documents, the Notes or
this Agreement. 
 SECTION 4.5 Taxes. The Master Servicer shall file or cause to be filed all federal tax returns and all state and
other tax returns which are required to be filed by the Master Servicer. The Master Servicer shall pay or make adequate provisions for the payment of all taxes shown as due on such returns, and all assessments made against it or any of its property
(other than any amount of tax the validity of which is being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Master Servicer). The charges, accruals
and reserves on the Master Servicer’s books in respect of taxes shall be, in the Master Servicer’s reasonable opinion, adequate. 
 SECTION 4.6 Notice of Certain Events. On the determination of either the chief financial officer or the chief legal officer of the Master Servicer or its direct or indirect parent regarding the occurrence of any of the following
events: (a) a Master Servicer Termination Event or (b) any litigation, arbitration or other proceeding pending before or by any court, administrative agency, arbitrator or governmental body having jurisdiction over the Master Servicer or
any of its properties either asserting the illegality, invalidity or unenforceability of any of the Related Documents, seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of any of the
Related Documents or which could reasonably be expected to have a Material Adverse Effect, the Master Servicer shall provide written notice to the Trustee, each Insurer and the Rating Agencies of the same promptly and in any event within five
(5) Business Days . 
 SECTION 4.7 Capitalization. The Master Servicer shall have sufficient capital to perform all of its
obligations under this Agreement at all times from the Initial Closing Date and until the Indenture has been terminated in accordance with the terms thereof. 
 SECTION 4.8 Franchise Law Determination. The Master Servicer shall file such documents as are necessary to register as a franchise broker or franchise sales agent as required by any state franchising authority.
Upon final determination by any state franchising authority that the Master Servicer is considered by such state franchising authority to be a “subfranchisor”, the Master Servicer within 120 days of such determination shall file such
documents and take such other compliance actions as are required by such state franchising authority or under such state’s franchise laws. 
 SECTION 4.9 Maintenance of Separateness. The Master Servicer covenants that, except as contemplated by the Related Documents: 
 (a) the books and records of each Securitization Entity will be maintained separately from those of the Master Servicer and each of its Affiliates that is not a Securitization Entity; 
  

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 (b) all financial statements of the Master Servicer that are consolidated to include any Securitization
Entity and that are distributed to any party will contain detailed notes clearly stating that (i) all of such Securitization Entity’s assets are owned by such Securitization Entity and (ii) such Securitization Entity is a separate
entity and has creditors who have received interests in the Securitization Entity’s assets; 
 (c) the Master Servicer will observe (and
will cause each of its Affiliates that is not a Securitization Entity to observe) limited liability company or corporate formalities in its dealing with any Securitization Entity; 
 (d) the Master Servicer shall not (and shall not permit any of its Affiliates that is not a Securitization Entity to) commingle its funds with any funds
of any Securitization Entity; provided that the foregoing shall not prohibit the Master Servicer from holding funds of the Securitization Entity in its capacity as servicer for such entity in a segregated account identified for such purpose;

 (e) the Master Servicer will (and shall cause each of its Affiliates that is not a Securitization Entity to) maintain arm’s length
relationships with each Securitization Entity and each of the Master Servicer and its Affiliates that are not Securitization Entities will be compensated at market rates for any services it renders or otherwise furnishes to such Securitization
Entity; 
 (f) the Master Servicer will not be, and will not hold itself out to be, responsible for the debts of any Securitization Entity or
the decisions or actions in respect of the daily business and affairs of any Securitization Entity and the Master Servicer will not permit any Securitization Entity to hold the Master Servicer out to be responsible for the debts of such
Securitization Entity or the decisions or actions in respect of the daily business and affairs of such Securitization Entity; and 
 (g) upon
an officer of the Master Servicer obtaining actual knowledge that any of the foregoing provisions in this SECTION 4.9 hereof has been breached or violated in any material respect, the Master Servicer will take such actions as may be
reasonable and appropriate under the circumstances to correct and remedy such breach or violation as soon as reasonably practicable under such circumstances. 
 SECTION 4.10 No ERISA Plan. Neither the Master Servicer nor any corporation or any trade, business, organization or other entity (whether or not incorporated), that would be treated together with the Master
Servicer as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA shall establish, maintain, contribute to, incur any obligation to contribute to, or incur any liability in respect
of, any Plan that is subject to Title IV of ERISA. 
  

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 ARTICLE 5 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 AS TO NEW ASSETS 
 SECTION 5.1 Representations and Warranties Made in Respect of New Assets. The Master Servicer represents and warrants to the Master Issuer and the
other Securitization Entities, and the Trustee, as of the dates set forth below (except if otherwise expressly noted) as follows: 
 (a)
New Domestic Franchise Arrangements. As of the applicable New Asset Addition Date with respect to the New Domestic Franchise Arrangement acquired on such New Asset Addition Date: 
 (i) Such New Domestic Franchise Arrangement does not contain terms and conditions that are reasonably expected to result in (A) a material decrease
in the amount of Retained Collections, taken as a whole, (B) a material adverse change in nature or quality of Retained Collections, taken as a whole, or (C) a material adverse change in the general assets categories generating Retained
Collections, taken as a whole, in each case when compared to the amount, nature, quality or general categories generating Collections that could have been reasonably expected to result had such New Domestic Franchise Arrangement been entered into in
accordance with the Prior Terms; 
 (ii) Such New Domestic Franchise Arrangement is the legal, valid and binding obligation of the parties
thereto, has been fully and properly executed by the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles
of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); 
 (iii) Such New Domestic
Franchise Arrangement complies in all material respects with all applicable Requirements of Law; 
 (iv) No Franchisee party to such New
Domestic Franchise Arrangement is, to the Master Servicer’s knowledge subject to an Event of Bankruptcy; 
 (v) Continuing Franchise
Fees and similar fees payable pursuant to such New Domestic Franchise Arrangement are payable at least weekly; provided, however, that the Master Servicer may cause the applicable Franchisor to enter into New Domestic Franchise
Arrangements that provide for Continuing Franchise Fees and similar fees to be payable less frequently than weekly if the aggregate fees payable under all New Domestic Franchise Arrangements that provide for payment of Continuing Franchise Fees and
similar fees less frequently than weekly are not reasonably anticipated to exceed 10% of total Retained Collections in the twelve-month period immediately following the commencement of any such New Domestic Franchise Arrangement; 
 (vi) Except as required by law, such New Domestic Franchise Arrangement contains no contractual rights of setoff or contractual defenses to obligations
to make payment of any amounts payable by the Franchisee under such New Domestic Franchise Arrangement; 
  

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 (vii) Such New Domestic Franchise Arrangement contains no restrictions on assignment that are reasonably
expected to be materially more onerous on the Domestic Franchisor thereto than the Prior Terms (which do not include any such restrictions on assignments); provided, however, that the Master Servicer may cause the Domestic Franchisor
to enter into New Domestic Franchise Arrangements that include such restrictions with the prior written consent of the Control Party, such consent not to be unreasonably withheld (it being agreed that in determining whether to so consent, the
Control Party may assess whether such restrictions (together with other structural protections implemented by the Domestic Franchisor) will adversely affect the liquidation value of all Domestic Franchise Arrangements and the Securitization IP and
Overseas IP); provided that the royalties from such New Domestic Franchise Arrangements are not reasonably anticipated to exceed 5% of the total royalties of all New Domestic Franchise Arrangements in the four (4) fiscal quarter period
immediately following the commencement of such New Domestic Franchise Arrangements; and 
 (b) New International Franchise
Arrangements. As of the applicable New Asset Addition Date with respect to the New International Franchise Arrangement acquired on such New Asset Addition Date: 
 (i) Such New International Franchise Arrangement is the legal, valid and binding obligation of the parties thereto, has been fully and properly executed by the parties thereto and is enforceable against the parties
thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at
law); 
 (ii) Such New International Franchise Arrangement complies in all material respects with all applicable Requirements of Law and, in
the case of a New International Franchise Arrangement governing (A) the operation of the first Store opened in a New Included Country or (B) the operation of a Store under a different business relationship than previously existed between a
Securitization Entity and any Franchisee in such Included Country, the Master Servicer has obtained a legal opinion or other evidence reasonably acceptable to the Control Party to the effect that such New International Franchise Arrangement complies
in all material respects with all applicable Requirements of Law in such New Included Country; and 
 (iii) No Franchisee party to such New
International Franchise Arrangement is, to the Master Servicer’s knowledge, subject to an Event of Bankruptcy. 
 (c) Post-Closing
Owned Property. As of the applicable New Asset Addition Date with respect to any Post-Closing Owned Property acquired on such date, the Master Servicer has conducted or caused to be conducted a “desktop” Phase I environmental study on
such Owned Property and has taken or caused to be taken appropriate remediation or follow-up study measures on such Owned Property, consistent with the Servicing Standard. 
  

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 SECTION 5.2 Covenants in Respect of New Collateral. 
 (a) Other Contributed, Developed or Acquired Assets. In consideration of being engaged as the Master Servicer, the Master Servicer agrees that
neither it nor its Affiliates (other than the Securitization Entities) will compete with the business of the Securitization Entities (other than operation of Company-Owned Stores and the sale of inventory owned by the Canadian Manufacturer after the
Initial Closing Date) and, accordingly: 
 (i) Future Brand IP. The Master Servicer and its Affiliates (other than the Overseas
Entities) (A) shall be required to contribute to the applicable Securitization Entity, or otherwise cause such Securitization Entity to own all rights in and to all Future Brand IP, (B) acknowledge and agree that all such Future Brand IP
is developed for the benefit of the applicable Securitization Entity and (C) shall contribute to the applicable Securitization Entity, or otherwise cause the applicable Securitization Entity to enter into, develop or acquire, any other assets
and liabilities relating to a Future Brand that are of a type and nature similar to the Conveyed Assets (together with Future Brand IP, “Future Brand Assets”). The Control Party shall have the right to approve the Securitization
Entities that shall hold any Future Brand Assets (including the right to direct that such Future Brand Assets be held by one or more newly formed Additional Securitization Entities if the Control Party reasonably believes such Future Brand Assets
could impair the Collateral). 
 (ii) Franchise Agreements. Unless otherwise agreed to in writing by the Control Party, any
contribution to, or development or acquisition by, the Master Issuer of any Franchise Agreements (whether related to the Domino’s Brand or any Future Brand) shall be subject to all applicable provisions of the Indenture, this Agreement
(including the applicable representations and covenants in ARTICLE 2 and ARTICLE 5), the IP License Agreements and the other Related Documents. 
 (iii) Additional Securitization Entities. The Master Servicer shall have the right to form an Additional Securitization Entity for the purpose of holding Future Brand Assets until such time as the Control Party
shall direct the Master Servicer as to which Securitization Entity should hold such Future Brand Assets in accordance with clause (i) above. 
 ARTICLE 6 
 DEFAULT 
 SECTION 6.1 Master Servicer Termination Event. 
 (a) Master Servicer Termination Events. Any of the following events
or occurrences shall constitute a Master Servicer Termination Event under this Agreement, the assertion as to the occurrence of which may be made, and notice of which may be given, by either the Master Issuer or the Trustee (acting at the direction
of the Control Party): 
 (i) any failure by the Master Servicer to remit to the Collection Account, any Base Indenture Account or any Series
Account, within two (2) Business Days of its actual knowledge of its receipt thereof, any payments required to be deposited into the Collection Account, such Base Indenture Account or such Series Account received by it in respect of the
Serviced Assets; 
  

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 (ii) the Quarterly DSCR for any Quarterly Payment Date is less than 1.20x. 
 (iii) on and after the eighth anniversary of the Initial Closing Date, the Post-ARD Quarterly DSCR for any Quarterly Payment Date is less than 1.20x.

 (iv) any failure by the Master Servicer to provide (A) any required certificate or report set forth in Sections 4.1(a),
(b), (d) or (j) of the Base Indenture within three Business Days of its due date or (B) any required certificate or report set forth in Section 4.1(c) of the Base Indenture when due; 
 (v) a material default by the Master Servicer in the due performance and observance of any provision of this Agreement or any other Related Document to
which it is party and the continuation of such default uncured for a period of 30 days after it has been notified thereof by the Master Issuer or the Control Party, or otherwise obtained knowledge of such default; provided, however,
that as long as the Master Servicer is diligently attempting to cure such default, such cure period shall be extended by an additional period as may be required to cure such default, but in no event by more than an additional 30 days; and
provided, further, that any default related to transfer of a defective asset pursuant to the terms of this Agreement or a Contribution Agreement shall be deemed cured for purposes hereof upon payment in full by the applicable
transferor of the liquidated damages amount specified in this Agreement or such Contribution Agreement. 
 (vi) any representation, warranty
or statement of the Master Servicer made in this Agreement or any other Related Document or in any certificate, report or other writing delivered pursuant thereto that is not qualified by materiality or a “Material Adverse Effect” proves
to be incorrect in any material respect, or any such representation, warranty or statement that is qualified by materiality or “Material Adverse Effect” proves to be incorrect, in each case as of the time when the same was made or deemed
to have been made or as of any other date specified in such document or agreement; provided that if any such breach is capable of being remedied within 30 days of the Master Servicer’s knowledge of such breach or receipt of notice
thereof, then a Master Servicer Termination Event shall only occur under this clause (vi) as a result of such breach if it is not cured in all material respects by the end of such 30 day period; 
 (vii) an Event of Bankruptcy with respect to the Master Servicer shall have occurred; 
 (viii) any final, non-appealable order, judgment or decree is entered in any proceedings against the Master Servicer by a court of competent
jurisdiction decreeing the dissolution of the Master Servicer and such order, judgment or decree remains unstayed and in effect for more than ten days; 
 (ix) a final non-appealable judgment for an amount in excess of $25,000,000 (exclusive of any portion thereof which is insured) is rendered against Holdco, Intermediate Holdco or the Master Servicer by a court of
competent jurisdiction and is not paid or discharged within 30 days; and 
  

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 (x) an acceleration of more than $25,000,000 of the Indebtedness of DPL, Intermediate Holdco or Holdco.

 (b) Remedies. Upon the occurrence and continuance of any Master Servicer Termination Event, subject to the limitations set forth in
the Indenture, the Master Issuer or the Trustee, acting at the direction of the Control Party, may, by notice given to the Master Servicer (with copies to the Rating Agencies and to whichever of the Master Issuer and the Trustee has not provided
such notice), terminate all of the rights, powers, duties, obligations and responsibilities of the Master Servicer under this Agreement, including, without limitation, all rights of the Master Servicer to receive all or a portion of the servicing
compensation provided for in SECTION 2.7 or any expense reimbursement hereunder, other than to the extent accrued prior to such termination and not previously paid. Upon any termination or the giving of the notice referred to in the preceding
sentence, the Master Servicer shall promptly notify the Master Issuer and the Trustee of such notice and the rights, powers, duties, obligations and responsibilities of the Master Servicer under this Agreement to the extent specified in such notice,
whether with respect to the Serviced Assets, the Collection Account, any Weekly Master Servicing Fee, Weekly Canadian Servicing Fee, Supplemental Master Servicing Fee (other than to the extent accrued prior to such termination and not previously
paid) or otherwise shall vest in and be assumed by any Successor Servicer appointed by the Control Party. No termination or resignation of the Master Servicer shall become effective until a Successor Servicer shall have assumed the rights, powers,
duties, obligations and responsibilities of the Master Servicer. The Master Servicer hereby agrees it shall cooperate with the Successor Servicer to facilitate such transition, shall execute and deliver any instrument as shall reasonably be
necessary for such transition, and shall use best efforts to promptly assign and transfer to the Successor Servicer all books and records, property, money and other assets held by such Master Servicer hereunder; provided, however, that
the Master Servicer shall have access, during normal business hours and upon reasonable notice, to all books and records that the Master Servicer reasonably believes would be necessary or desirable for the Master Servicer in connection with the
preparation of any tax or other governmental reports and filings and other uses. 
 (c) From and during the continuation of a Master Servicer
Termination Event where the rights and powers of the Master Servicer have been terminated, each Securitization Entity and the Trustee (at the direction of the Control Party) are hereby irrevocably authorized and empowered to execute and deliver, on
behalf of the Master Servicer, as attorney in fact or otherwise, all documents and other instruments (including any notices to Franchisees deemed necessary or advisable by the Master Issuer, the Franchisors or the Control Party), and to do or
accomplish all other acts or things necessary or appropriate, to effect such vesting and assumption. 
 (d) Notice of Master Servicer
Termination Event. Promptly after the occurrence of any Master Servicer Termination Event pursuant to SECTION 6.1(a), the Master Servicer shall transmit notice of such Master Servicer Termination Event to the Control Party and the
Trustee, with a copy to each Rating Agency and the Back-Up Manager. 
  

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 SECTION 6.2 Disentanglement. 
 (a) Obligations. Upon termination of the Master Servicer following a Master Servicer Termination Event or if the Servicing Period terminates
pursuant to SECTION 8.1 and is not renewed, the Master Servicer will accomplish a complete transition to the Successor Servicer, without interruption or adverse impact on the provision of Services (the “Disentanglement”). The
Master Servicer will cooperate with the Successor Servicer and otherwise promptly take all actions required or reasonably requested by the Control Party to assist in effecting a complete Disentanglement. The Master Servicer will provide all
information and assistance regarding the terminated Services required or reasonably requested by the Control Party for Disentanglement, including data conversion and migration, interface specifications, and related professional services. The Master
Servicer will provide for the prompt and orderly conclusion of all work, as the Control Party may direct, including completion or partial completion of projects, documentation of all work in progress, and other measures to assure an orderly
transition to the Successor Servicer. All services relating to Disentanglement (“Disentanglement Services”) will be deemed a part of the Services to be performed by the Master Servicer. The Master Servicer will use commercially
reasonable efforts to utilize existing resources to perform the Disentanglement Services. 
 (i) Charges for Disentanglement Services.
So long as the Master Servicer continues to provide the Services (whether or not the Master Servicer has been terminated as Master Servicer) during the Disentanglement Period, the Master Servicer shall continue to be paid the Weekly Master Servicing
Fee and Weekly Canadian Servicing Fee. Upon the Successor Servicer’s assumption of the obligation to perform the Services, the Master Servicer shall be entitled to reimbursement of its actual costs for the provision of any Disentanglement
Services. 
 (ii) Duration of Disentanglement Obligations. The Master Servicer’s obligation to provide Disentanglement Services
will continue until the earlier of (a) the date a Disentanglement reasonably satisfactory to the Control Party has been completed and (b) the date the Disentanglement Period expires. The “Disentanglement Period” means the
period of time designated by the Control Party, continuing for up to twenty-four (24) months after the date of the Master Servicer’s termination due to a Master Servicer Termination Event. The Disentanglement Period will commence on the
date that the Master Servicer is terminated. 
 (b) Specific Obligations. Disentanglement Services provided by the Master Servicer
will include, but will not be limited to the following services: 
 (i) Termination Assistance Plan. The Master Servicer will work
with the Back-Up Manager to develop a plan reasonably acceptable to the Control Party for the orderly transition of the performance of the Services from the Master Servicer and its subservicers to the Successor Servicer or its designated alternate
service provider. 
 (ii) Training. The Master Servicer will provide all reasonable training for personnel of the Successor Servicer
or the Successor Servicer’s designated alternate service provider in the performance of the Services being transitioned. 
  

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 (c) Subservicing Arrangements; Authorizations. 
 (i) With respect to each Subservicing Arrangement and unless the Control Party elects to terminate such Subservicing Arrangement in accordance with
SECTION 2.12 hereof, the Master Servicer will: 
 (A) assign to the Successor Servicer or its designated alternate service provider
all of the Master Servicer’s rights under such Subservicing Arrangement to which it is party used by the Master Servicer in performance of the transitioned Services; and 
 (B) procure any third party authorizations necessary to grant the Successor Servicer or its designated alternate service provider the use and benefit of
such Subservicing Arrangement to which it is party used by the Master Servicer in performing the transitioned Services, pending their assignment to the Successor Servicer under this Agreement. 
 (ii) If the Control Party elects to terminate such Subservicing Arrangement in accordance with SECTION 2.12 hereof, the Master Servicer will take
all reasonable actions necessary or reasonably requested by the Control Party to accomplish a complete transition of the Services performed by a Subservicer under the applicable Subservicing Arrangement to the Successor Servicer, or to any alternate
service provider designated by the Control Party, without interruption or adverse impact on the provision of Services. 
 (d) Confidential
Information. The Master Servicer will comply with the terms of ARTICLE 7 relating to the return and destruction of Confidential Information. 
 (e) Third-Party Intellectual Property. The Master Servicer will assist the Successor Servicer or its designated alternate service provider in obtaining any necessary licenses or consents to use any third-party
Intellectual Property then being used by the Master Servicer or any Subservicer. The Master Servicer will assign any such license or sublicense directly to the Successor Servicer or its designated alternate service provider to the extent the Master
Servicer has the necessary rights to assign such agreements to the Successor Servicer or its designated alternate service provider without incurring any additional cost. 
 SECTION 6.3 No Effect on Other Parties. Upon any termination of the rights and powers of the Master Servicer from time to time pursuant to SECTION 6.1 or SECTION 8.1, or a resignation pursuant to
SECTION 4.4(b), upon any appointment of a Successor Servicer, all the rights, powers, duties, obligations and responsibilities of the Securitization Entities, the Control Party or the Trustee under this Agreement, the Indenture and the other
Related Documents shall remain unaffected by such termination or appointment and shall remain in full force and effect thereafter, except as otherwise expressly provided in this Agreement or in the Indenture. 
 SECTION 6.4 Rights Cumulative. All rights and remedies from time to time conferred upon or reserved to the Securitization Entities, the Trustee,
each Insurer or the Noteholders or to any or all of the foregoing are cumulative, and none is intended to be exclusive of another or any other right or remedy which they may have at law or in equity. Except as otherwise expressly provided herein, no
delay or omission in insisting upon the strict observance or performance of any provision of this Agreement, or in exercising any right or remedy, shall be 

  

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construed as a waiver or relinquishment of such provision, nor shall it impair such right or remedy. Every right and remedy may be exercised from time to
time and as often as deemed expedient. 
 ARTICLE 7 
 CONFIDENTIALITY 
 SECTION 7.1 Confidentiality. 
 (a) The parties hereto acknowledge that during the term of this Agreement each party may receive Confidential Information from another party hereto. Each
party agrees to maintain the Confidential Information in the strictest of confidence and will not, at any time, use, disseminate or disclose any Confidential Information to any person or entity other than those of its employees or representatives
who have a “need to know”, who have been apprised of this restriction. Recipient shall be liable for any breach of this SECTION 7.1(a) by any of its employees or representatives and shall immediately notify Discloser in the event of
any loss or disclosure of any Confidential Information of Discloser. Upon termination of this Agreement, Recipient will return to Discloser, or at Discloser’s request, destroy, all documents and records in its possession containing the
Confidential Information of Discloser. Confidential Information shall not include information that: (i) is already known to Recipient without restriction on use or disclosure prior to receipt of such information from Discloser; (ii) is or
becomes part of the public domain other than by breach of this Agreement by, or other wrongful act of, Recipient; (iii) is developed by Recipient independently of and without reference to any Confidential Information; (iv) is received by
Recipient from a third party who is not under any obligation to Discloser to maintain the confidentiality of such information; or (v) is required to be disclosed by applicable law, statute, rule, regulation, subpoena, court order or legal
process; provided that Recipient shall promptly inform the Discloser of any such requirement and cooperate with any attempt by the Discloser to obtain a protective order or other similar treatment. It shall be the obligation of Recipient to
prove that such an exception to the definition of Confidential Information exists. 
 (b) Notwithstanding anything to the contrary contained
in SECTION 7.1(a), the Securitization Entities, the Trustee, the Noteholders or the Insurers may use, disseminate or disclose any Confidential Information to any person or entity in connection with the enforcement of rights of the
Securitization Entities, the Trustee, the Noteholders or the Insurers under the Indenture or the Related Documents; provided, however, that prior to disclosing any such Confidential Information: 
 (i) to any such person or entity other than in connection with any judicial or regulatory proceeding, such person or entity shall agree in
writing to maintain such Confidential Information in a manner at least as protective of the Confidential Information as the terms of SECTION 7.1(a); or 
 (ii) to any such person or entity in connection with any judicial or regulatory proceeding, the Recipient will (x) promptly notify
Discloser of each such requirement and identify the documents so required thereby, so that 

  

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Discloser may seek an appropriate protective order or similar treatment and/or waive compliance with the provisions of this Agreement; (y) use
reasonable efforts to assist Discloser in obtaining such protective order or other similar treatment protecting such Confidential Information prior to any such disclosure; and (z) consult with Discloser on the advisability of taking legally
available steps to resist or narrow the scope of such requirement. If, in the absence of such a protective order or similar treatment, the Recipient is nonetheless required by mandatory applicable law to disclose any part of Discloser’s
Confidential Information which is disclosed to it under this Agreement, the Recipient may disclose such Confidential Information without liability under this Agreement, except that the Recipient will furnish only that portion of the Confidential
Information which is legally required. 
 ARTICLE 8 
 MISCELLANEOUS PROVISIONS 
 SECTION 8.1 Retention and Termination of Master Servicer. The
Master Servicer hereby covenants and agrees to act as servicer under this Agreement for an initial term of one year commencing on the Initial Closing Date, which term shall be renewed for successive one year periods on each anniversary of the
Initial Closing Date (each such one year period or such shorter period designated below being hereinafter referred to as a “Servicing Period”) without the giving of further notice or any other action on the part of the Trustee or
any party hereto unless a Master Servicer Termination Event has occurred and is continuing. If a Master Servicer Termination Event has occurred and is continuing, the Trustee may (at the written direction of the Control Party), by written notice to
the Master Servicer and the Securitization Entities, (i) terminate the Servicing Period or (ii) specify a new Servicing Period (which may be 30 days or more), upon which notice the Master Servicer’s right to service shall be limited
to the new Servicing Period and such new Servicing Period shall expire unless renewed through delivery of a written notice of extension of the Servicing Period by the Trustee (at the written direction of the Control Party) to the Master Servicer.
Upon the expiration of any Servicing Period that is not renewed pursuant to this SECTION 8.1, the Master Servicer shall pay over to the applicable Securitization Entity or any other Person entitled thereto all proceeds of the Serviced Assets
held by the Master Servicer. The provisions of SECTION 2.8 shall survive termination of this Agreement. 
 SECTION 8.2
Amendment. 
 (a) This Agreement may only be amended from time to time in writing, upon the consent of the Control Party, by the
Securitization Entities party hereto, the Master Servicer and the Trustee; provided that, at the discretion of the Control Party, a Securitization Entity may be withdrawn from this Agreement if the Equity Interests of such Securitization Entity are
foreclosed in the exercise of remedies upon an Event of Default. 
 (b) Promptly after the execution of any amendment, the Master Servicer
shall send to the Trustee and each Rating Agency a conformed copy of such amendment, but the failure to do so will not impair or affect its validity. 
  

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 (c) Any amendment or modification effected contrary to the provisions of this SECTION 8.2 shall be
null and void. 
 SECTION 8.3 Acknowledgement. Without limiting the foregoing, the Master Servicer hereby acknowledges that, on the
date hereof, the Securitization Entities will pledge to the Trustee under the Indenture and the Global G&C Agreement, all of such Securitization Entities’ right and title to, and interest in, this Agreement and the Collateral; and such
pledge includes all of such Securitization Entities’ rights, remedies, powers and privileges, and all claims of such Securitization Entities against the Master Servicer, under or with respect to this Agreement (whether arising pursuant to the
terms of this Agreement or otherwise available at law or in equity), including (i) the rights of such Securitization Entities and the obligations of the Master Servicer hereunder and (ii) the right, at any time, to give or withhold
consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or the obligations in respect of the Master Servicer hereunder to the same extent as such Securitization Entities may do. The
Master Servicer hereby consents to such pledges described above, acknowledges and agrees that the Trustee and its assigns and the Control Party, shall be third-party beneficiaries of the rights of such Securitization Entities arising hereunder and
agree that the Trustee or the Control Party may enforce the provisions of this Agreement, exercise the rights of such Securitization Entities and enforce the obligations of the Master Servicer hereunder without the consent of the such Securitization
Entities. 
 SECTION 8.4 Governing Law; Waiver of Jury Trial; Jurisdiction. 
 (a) This Agreement shall be construed in accordance with and governed by 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). 
 (b) The parties hereto each hereby waive
any right to have a jury participate in resolving any dispute, whether in contract, tort or otherwise, arising out of, connected with, relating to or incidental to the transactions contemplated by this Agreement. 
 (c) The parties hereto each hereby irrevocably submit (to the fullest extent permitted by applicable law) to the non-exclusive jurisdiction of any New
York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or proceeding arising out of or relating to this Agreement or any related documents and the parties hereto hereby irrevocably agree
that all claims in respect of such action or proceeding shall be heard and determined in such New York state or federal court. The parties hereto each hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection each
may now or hereafter have, to remove any such action or proceeding, once commenced, to another court on the grounds of forum non conveniens or otherwise. 
 SECTION 8.5 Notices. All notices, requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent by (a) certified or registered mail, return
receipt requested, postage prepaid, (b) national prepaid overnight delivery service, (c) telecopy or other facsimile transmission (following with hard copies to be sent by national prepaid overnight delivery service) or (d) personal
delivery with receipt acknowledged in writing, to the address set forth in the Base Indenture. Any party hereto may change its 

  

 38 

 
address for notices hereunder by giving notice of such change to the other parties hereto, with a copy to the Control Party. Any change of address of a
Noteholder shown on a Note Register shall, after the date of such change, be effective to change the address for such Noteholder hereunder. All notices and demands shall be deemed to have been given either at the time of the delivery thereof to any
officer or manager of the Person entitled to receive such notices and demands at the address of such Person for notices hereunder, or on the third day after the mailing thereof to such address, as the case may be. 
 SECTION 8.6 Severability of Provisions. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or
unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining
provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect. 
 SECTION 8.7 Delivery Dates. If the due date of any notice, certificate or report required to be delivered by the Master Servicer hereunder falls
on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next succeeding day that is a Business Day. 
 SECTION 8.8 Binding Effect; Limited Rights of Others. The provisions of this Agreement shall be binding upon and inure to the benefit of the
respective successors and assigns of the parties hereto. Except as provided in the preceding sentence and except for the rights of the third party beneficiaries described in SECTION 8.3, nothing in this Agreement expressed or implied, shall
be construed to give any Person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenants, agreements, representations or provisions contained herein. 
 SECTION 8.9 Termination; Article and Section Headings. The Agreement shall terminate upon the latest to occur of (x) the final payment or
other liquidation of the last outstanding Serviced Asset included in the Collateral or (y) the satisfaction and discharge of the Indenture pursuant to Article 11 of the Base Indenture. The Article and Section headings herein are for convenience
of reference only, and shall not limit or otherwise affect the meaning hereof. 
 SECTION 8.10 Counterparts. This Agreement may be
executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
 [The remainder of this page is intentionally left blank.] 
  

 39 

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

			
	DOMINO’S PIZZA LLC, as Master Servicer
		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Chief Financial Officer and
		 	Vice President
	
	DOMINO’S PIZZA NS CO.
		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Vice President
	
	DOMINO’S SPV GUARANTOR LLC
		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Chief Financial Officer and
		 	Vice President
	
	DOMINO’S PIZZA MASTER ISSUER LLC
		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Chief Financial Officer and
		 	Vice President
	
	DOMINO’S PIZZA FRANCHISING LLC
		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Chief Financial Officer and
		 	Vice President

 [Signatures continued on next page] 
 [SIGNATURE PAGE TO MASTER SERVICING AGREEMENT] 

			
	 DOMINO’S PIZZA INTERNATIONAL
 FRANCHISING INC.

		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Vice President and Treasurer
	
	DOMINO’S PIZZA DISTRIBUTION LLC
		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Chief Financial Officer and
		 	Vice President
	
	 DOMINO’S SPV CANADIAN HOLDING
 COMPANY
INC.

		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Vice President
	
	 DOMINO’S PIZZA CANADIAN DISTRIBUTION
 ULC

		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Vice President

 [Signatures continued on next page] 
 [SIGNATURE PAGE TO MASTER SERVICING AGREEMENT] 

 [Signatures continued from previous page] 
  

			
	DOMINO’S IP HOLDER LLC
		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Vice President

 [Signatures continued on next page] 
 [SIGNATURE PAGE TO MASTER SERVICING AGREEMENT] 

 [Signatures continued from previous page] 
  

			
	CITIBANK, N.A.
	as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO MASTER
SERVICING AGREEMENT] 

 EXHIBIT A 
 JOINDER AGREEMENT 
 This Joinder Agreement (this “Agreement”), dated as of [insert
date], among [insert name] (the “Additional Securitization Entity”), Domino’s Pizza LLC, a Michigan limited liability company (the “Master Servicer”), and Citibank, N.A., as trustee (the
“Trustee”). 
 Section 1. Reference to Master Servicing Agreement; Definitions. Reference is made to the Master
Servicing Agreement, dated as of April 16, 2007, as now in effect (the “Master Servicing Agreement”), among Domino’s Pizza Master Issuer LLC, a Delaware limited liability company (the “Master Issuer”), the
other Securitization Entities party thereto, the Master Servicer and the Trustee. For all purposes of this Agreement, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in Annex A to the Base
Indenture dated as of April 16, 2007, as now in effect (the “Base Indenture”), among the Master Issuer, the other Co-Issuers and the Trustee. 
 Section 2. Joinder. Effective as of the date on which all the conditions in Section 3 below are satisfied (the “Joinder Date”), the Additional Securitization Entity joins in
and becomes party (as fully as if the Additional Securitization Entity had been an original signatory thereto) to the Master Servicing Agreement as a party thereunder for all purposes thereof. 
 Section 3. Conditions. The effectiveness of the joinder in Section 2 above shall be subject to the satisfaction of the following
conditions on or prior to the Joinder Date: 
 (a) Proper Proceedings. This Agreement shall have been authorized by all necessary
corporate or other proceedings. All necessary consents, approvals and authorizations of any governmental or administrative agency or any other Person of any of the transactions contemplated hereby shall have been obtained and shall be in full force
and effect. 
 (b) General. All legal and corporate proceedings in connection with the transactions contemplated by this Agreement
shall be reasonably satisfactory in form and substance to the Control Party and the Control Party shall have received copies of all documents, including certified copies of the formation documents of the Additional Securitization Entity, records of
limited liability company or corporate proceedings, certificates as to signatures and incumbency of officers and opinions of counsel, which the Control Party may have reasonably requested in connection therewith, such documents where appropriate to
be certified by proper corporate or governmental authorities. 
 Section 4. Further Assurances. The Additional Securitization
Entity will, upon the request of the Control Party from time to time, execute, acknowledge and deliver, and file and record, all such instruments, and take all such action, as the Control Party may reasonably request to carry out the intent and
purpose of this Agreement and any other Related Document. 
 Section 5. Notices. Any notice or other communication to the
Additional Securitization Entity in connection with this Agreement or any other Related Document shall be deemed to be delivered if in writing and addressed to: 
  

 1 

 [Insert Address] 
 Section 6. General. This Agreement, the Master Servicing Agreement and the other Related Documents constitute the entire understanding of the parties with respect to the subject matter hereof and thereof
and supersede all prior and current understandings and agreements, whether written or oral. Except to the extent specifically supplemented hereby, the provisions of the Related Documents shall remain unmodified. The Master Servicing Agreement and
the Related Documents, each as supplemented hereby, are each confirmed as being in full force and effect. This Agreement shall constitute a Related Document. This Agreement may be executed in any number of counterparts, which together shall
constitute one instrument, and shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, including as such successors and assigns all holders of any obligations evidenced by the Notes. This Agreement
shall be construed in accordance with and governed by 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). 
 [The remainder of this page is intentionally left blank.] 
  

 2 

 Each of the parties has executed this Agreement under seal by a duly authorized officer as of the date
first written above. 
  

			
	 [ NAME OF ADDITIONAL
 SECURITIZATION ENTITY]

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 DOMINO’S PIZZA LLC, as Master
 Servicer

		
	By:	 	  

	Name:	 	L. David Mounts
	Title:	 	Chief Financial Officer and Vice
		 	President
	
	CITIBANK, N.A.
	as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 3 

 EXHIBIT B 
 POWER OF ATTORNEY 
 KNOWN ALL MEN BY THESE PRESENTS, that
[            ], a Delaware limited liability company (the “Securitization IP Holder”), hereby appoints Domino’s Pizza LLC, a Michigan limited liability company,
and any and all officers thereof as its true and lawful attorney-in-fact, with full power of substitution, in connection with the services ascribed below with respect to the Securitization IP and the Overseas IP (as such terms are defined in the
Master Servicing Agreement, dated as of the date hereof, among the Securitization IP Holder, certain of its affiliates and Citibank, N.A. (the “Master Servicing Agreement”)), with full irrevocable power and authority in the place of
the Securitization IP Holder and in the name of the Securitization IP Holder or in its own name as nominee for the Securitization IP Holder, to take any and all appropriate action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish the foregoing, subject to the Master Servicing Agreement, including, without limitation, the full power to: 
 (i) sign its name upon all filings and to do all things necessary to maintain and register the Trademark Assets with the United States Patent and Trademark Office (the “PTO”), any state trademark registry and/or any
applicable foreign intellectual property office; 
 (ii) sign its name upon all filings and to do all things necessary to maintain and
prosecute Patents among the Securitization IP and the Overseas IP with the PTO and with any applicable foreign intellectual property office; 
 (iii) sign its name upon all filings and to do all things necessary to maintain, register and renew the Copyrights among the Securitization IP and the Overseas IP with the United States Copyright Office and with any applicable foreign
intellectual property office; 
 (iv) sign its name upon all filings and to do all things necessary to maintain, register and renew domain
names among the Securitization IP and the Overseas IP; 
 (v) perform such functions and duties, and prepare and file such documents, as are
required under the Base Indenture (as defined in the Master Servicing Agreement) to be performed, prepared and/or filed by the Securitization IP Holder, including: (i) executing and recording such financing statements (including continuation
statements) or amendments thereof or supplements thereto or other instruments as the Trustee and the Co-Issuers may from time to time reasonably request in order to perfect and maintain the security interests in the Securitization IP and the
Overseas IP granted by each Securitization IP Holder to the Trustee (as defined in the Master Servicing Agreement) under the Related Documents (as defined in the Master Servicing Agreement) in accordance with the UCC (as defined in the Master
Servicing Agreement); and (ii) executing grants of security interests or any similar instruments required under the Related Documents to evidence such security interests in the Securitization IP and the Overseas IP and recording such grants or
other instruments with the relevant authority including the U.S. Patent and Trademark Office, the U.S. Copyright Office or any applicable foreign intellectual property office; 

 (vi) take such actions on behalf of the Securitization IP Holder that are expressly required by the
terms, provisions and purposes of the IP License Agreements; or cause the preparation by other appropriate persons, of all documents, certificates and other filings as the Securitization IP Holder shall be required to prepare and/or file under the
terms of the IP License Agreements; and 
 (vii) pay or arrange for payment or discharge taxes and liens levied or placed on or threatened
against the Securitization IP or the Overseas IP. 
 This Power of Attorney is governed by the laws of the State of New York applicable to
powers of attorney made and to be exercised wholly within such State. 
 Dated: This
[                    ] 
  

			
	[                    ]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 2 

					
	STATE OF NEW YORK	  	)	  	
		  	:	  	ss.:
	COUNTY OF NEW YORK	  	)	  	

 On the
[                    ], before me the undersigned, personally appeared
                                       
                     , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

  

	
	  
 Notary Public

  

 3

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