Document:

EX-4.7

 Exhibit 4.7 

Group HRM/CoE Rewards 
 Global Philips
Restricted Share Rights Plan 
 For the Executive Committee (excluding Board of Management) 

Version February 2018 

 Group HRM/CoE Rewards 
  

 TERMS AND CONDITIONS 

OF 
 GLOBAL PHILIPS
RESTRICTED SHARE RIGHTS PLAN 
 Article 1 

Definitions 
 In this Global Philips
Restricted Share Rights Plan the following definitions shall apply: 
  

									
				
	1.	  	 Business Day
	  	 	:	 	  	any day on which Euronext Amsterdam N.V. (or its successor) is open for business.
				
	2.	  	 Date of Grant
	  	 
	:
	 
	  	the date at which a Restricted Share Right is granted pursuant to this Plan. The Dates of Grant of any Restricted Share Rights shall be the fourth Business Day after the day of publication of the Philips’ annual and/or
quarterly results or such other date as determined by Philips.
				
	3.	  	 Delivery Date
	  	 	:	 	  	depending on whether a Restricted Share Right is categorized as a “1 Year Term Restricted Share Right”, “2 Year Term Restricted Share Right” or “3 Year Term Restricted Share Right”, the Delivery Date
shall be the first, second or third anniversary of the Date of Grant of such Restricted Share Right.
				
	4.	  	 Employing Company
	  	 	:	 	  	any company within the Philips group of companies and such other company as Philips may from time to time designate or approve.
				
	5.	  	 Nominee Account
	  	 	:	 	  	an account maintained in the name of a Participant established by an administrator designated by Philips.
				
	6.	  	 Participant
	  	 	:	 	  	an individual who has accepted any Restricted Share Rights under this Plan.
				
	7.	  	 Philips
	  	 	:	 	  	Koninklijke Philips N.V.
				
	8.	  	 Plan
	  	 	:	 	  	this Global Philips Restricted Share Rights Plan.

  
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 Group HRM/CoE Rewards 
  

									
				
	9.	  	 Restricted Share Right
	  	 	:	 	  	the conditional right granted to a Participant to receive one Share, subject to the terms and conditions of this Plan. Restricted Share Rights will be categorized as “1 Year Term Restricted Share Rights”, “2 Year Term
Restricted Share Rights” or “3 Year Term Restricted Share Rights”, as applicable.
				
	10.	  	Share	  	 	:	 	  	a common share of Philips.

 Article 2 

Grant of Restricted Share Rights 
 Any
Restricted Share Rights may be granted to an eligible individual, subject to (the acceptance by such individual of) the terms and conditions of this Plan and any other Philips’ policies or guidelines that may apply to such individual. Any
Restricted Share Rights offered to any such individual and the terms and conditions governing such rights shall be deemed accepted by such individual with effect from the applicable Date of Grant in case Philips has not received, in accordance with
a procedure established by Philips, a notice of rejection of such rights within fourteen (14) days of the notice of grant of such rights or such later date as may be determined by Philips. 

Article 3 
 Termination
of Employment 
  

	1.	 Except as otherwise provided in this Article 3, in case a Participant is no longer employed by any Employing
Company as a result of the termination of such Participant’s employment with an Employing Company for any reason whatsoever prior to the applicable Delivery Date, such Participant’s Restricted Share Rights shall be forfeited effective as
of the date of termination of such Participant’s employment with the Employing Company without the Participant being entitled to any compensation or any obligation on the part of Philips or any Employing Company unless Philips determines, in
its sole discretion, otherwise in writing. Any such determination shall be final, conclusive and binding and may be subject to such conditions as Philips may determine appropriate. 

 

	2.	 In case a Participant is no longer employed by any Employing Company as a result of the termination of such
Participant’s employment with an Employing Company for reasons of: 

  

	 	(i)	 death or 

  

	 	(ii)	 legal incapacity, 

the estate of the Participant or his or her legal representative(s), as the case may be, shall remain entitled to any Restricted Share Rights
granted to such Participant nine (9) months or more prior to the date of such termination subject to the terms and conditions of this Plan. 

  
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 Group HRM/CoE Rewards 
  

	3.	 Subject to Article 3.4, in case a Participant is no longer employed by any Employing Company as a result of the
termination of such Participant’s employment with an Employing Company for reasons of: 

  

	 	(i)	 disablement, 

  

	 	(ii)	 retirement or 

  

	 	(iii)	 the expiration of any temporary contract of employment, 

such Participant shall remain entitled to any Restricted Share Rights granted to such Participant nine (9) months or more prior to the
date of such termination subject to the terms and conditions of this Plan. 
 For the purpose of this Plan, unless Philips determines, in its
sole discretion, otherwise in writing to the Participant in question, a Participant’s employment shall be deemed terminated as a result of “retirement” if such Participant’s employment is terminated and such Participant satisfies
at the date of such termination the eligibility requirements to receive an immediate (early) retirement benefit under an (early) retirement plan of an Employing Company under which such Participant was covered, provided that payment of such (early)
retirement benefit commences immediately following such termination. 
  

	4.	 In case – in the reasonable opinion of Philips – a Participant 

 

	 	a.	 Breaches the non-competition obligations; or; 

 

	 	b.	 Within one year from the date of termination, directly or indirectly on his own behalf or in the service or on
behalf of others, solicits or attempts to solicit, divert or hire away any person employed by Philips or any Employing Company or any customer of Philips or any Employing Company; or 

 

	 	c.	 Disparages the Employing Company or the Employing Company’s officers, directors or employees, in any
manner likely to be harmful to any of them or their business, business reputation or personal reputation; provided that the Participant may respond fully and accurately to any questions, inquiry or request for information when required by legal
process. 

 The Supervisory Board has the discretion to decide that the Restricted Share Rights still outstanding will
– in whole or in part – be forfeited with immediate effect, without the Participant being entitled to any compensation or any obligation on the part of Philips or any Employing Company. 

Article 4 
 Non-transferability 
 The Restricted Share Rights are strictly personal and may not be assigned, transferred (except
that, in case of death of the Participant any Restricted Share Rights granted to such Participant at the date of his death shall pass to his heirs or legatees), pledged, hypothecated, or otherwise encumbered or disposed of in any manner. The
Participant may not engage in any transactions on any exchange or otherwise on the basis of any Restricted Share Rights, such as hedging his Restricted Share Rights exposure on the basis of any Restricted Shares Rights. Any violation of the terms of
this Article 4 will cause the Restricted Share Rights to become immediately null and void without further notice and without the Participant being entitled to any compensation. 

  
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 Group HRM/CoE Rewards 
  

 Article 5 

Delivery and Holding of Shares 
  

	1.	 Philips may require a Participant to maintain a personal brokerage account in connection with this Plan.
Nothing contained in this Plan shall obligate Philips to establish or maintain or cause to establish or maintain a Nominee Account for any Participant. 

  

	2.	 Subject to the terms and conditions of this Plan, and further to the Participants tax election, Philips will
deliver a Share pursuant to a Restricted Share Right to a Participant on or as soon as reasonably practicable after the relevant Delivery Date. In no event shall Philips have any obligation to deliver any Shares to a Participant prior to the
relevant Delivery Date. 

  

	3.	 Any Shares to be delivered pursuant to Article 5.2 will be credited to the Nominee Account or a personal
brokerage account. 

  

	4.	 Except as may be otherwise approved in writing by Philips in its sole discretion, in case a Participant is no
longer employed by any Employing Company as a result of the termination of such Participant’s employment with an Employing Company, the Participant (or his or her estate or legal representatives, as the case may be) shall withdraw all Shares
credited to the Participant’s Nominee Account within: 

  

	 	a.	 one hundred and eighty (180) days of the date of such termination, or 

 

	 	b.	 five (5) years from the date of such termination in case of the termination of such Participant’s
employment with an Employing Company for reasons of: 

  

	 	i.	 death, 

  

	 	ii.	 legal incapacity, 

  

	 	iii.	 disablement, 

  

	 	iv.	 retirement or 

  

	 	v.	 the expiration of any temporary contract of employment. 

In case the Participant (or his or her estate or legal representatives, as the case may be) fails to comply with the foregoing obligation, then
Philips reserves the right to sell the Shares on behalf of the Participant and Philips is herewith irrevocably authorized to such sale or to request the administrator to collect the cost of the Participant’s Nominee Account from the
Participant. 
  

	5.	 Each Participant shall comply with any applicable “insider trading” laws and regulations and the
Philips’ Rules of Conduct with respect to Inside Information. 

 Article 6 

Capital Dilution 
 Philips may make –
but is not under any obligation to do so – equitable adjustment or substitution of the number or kind of Shares subject to the Restricted Shares Rights, as it, in its sole discretion, deems equitable to reflect any significant corporate event
of or by Philips, for example a change in the outstanding Shares by reason of any stock dividend or split, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other
corporate change, or any distribution to holders of Shares other than regular cash dividends. 

  
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 Group HRM/CoE Rewards 
  

 Article 7 

Dividend Equivalent 
 The Participant will
have no rights to dividends in respect of Restricted Share Rights prior to the Delivery Date. However, Restricted Share Rights will be adjusted for any payment of dividend by Philips between the Date of Grant and the Delivery Date. Philips is
entitled, in its sole discretion, to determine the manner in which the number of Restricted Share Rights will be increased. These additional Shares will only be delivered to the extent the Restricted Share Rights vest. 

Article 8 
 Costs and
Taxes 
  

	1.	 All costs of delivering any Shares under this Plan to a Participant’s Nominee Account and any other costs
connected with the Shares shall be borne by the Participant. 

  

	2.	 Any and all taxes, duties, levies, charges or social security contributions (“Taxes”) which arise
under any applicable national, state, local or supra-national laws, rules or regulations, whether already effective on the Date of Grant of any Restricted Shares Rights or becoming effective thereafter, and any changes or modifications therein and
termination thereof which may result for the Participant in connection with this Plan (including, but not limited to, the grant of the Restricted Shares Rights, the ownership of the Restricted Shares Rights and/or the delivery of any Shares
under this Plan, the ownership and/or the sale of any Shares acquired under this Plan) shall be for the sole risk and account of the Participant. 

  

	3.	 Philips and any other Employing Company shall have the right to deduct or withhold (or cause to be deducted or
withheld) from any salary payment or other sums due by Philips or any other Employing Company to Participant, or requiring the Participant or beneficiary of the Participant, to pay to Philips an amount necessary to settle any Taxes and any costs
determined by Philips necessary to be withheld in connection with this Plan (including, but not limited to, the grant of the Restricted Shares Rights or the delivery of any Shares under this Plan). 

 

	4.	 Philips shall not be required to deliver any Shares and Philips may delay (or cause to be delayed) the transfer
of any Shares to a Nominee Account or a personal brokerage account until Philips has received an amount, or the Participant has made such arrangements required by Philips necessary to satisfy any withholding of any Taxes and any costs to be borne by
the Participant in connection with this Plan as determined by Philips. 

  

	5.	 Philips is herewith irrevocably authorized by the Participant to sell (part of) Participant’s Shares
credited to a Nominee Account and to maintain such part of the proceeds of this sale as payment to Philips necessary to satisfy any withholding of any Taxes and any costs to be borne by the Participant in connection with this Plan as determined by
Philips. 

  
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 Group HRM/CoE Rewards 
  

 Article 9 

Dividend Payment on Shares 
 Philips is
entitled, in its sole discretion, to determine the manner in which dividend on any Shares acquired by a Participant pursuant to this Plan and deposited on the Nominee Account at the applicable record date, is paid to such Participant including, but
not limited to, the payment of dividend by means of a dividend reinvestment plan pursuant to which the dividend will be reinvested in the purchase of Shares. 

Article 10 
 Change of
Control 
 In the event of a change of control situation, Philips shall have the discretion to accelerate the vesting of Restricted Share Rights to the
date of completion of the change of control, taking into account the principles of reasonableness and fairness and, unless Philips determines otherwise, the part of the Restricted Share Rights which vest will be reduced on a time pro-rated basis. 
 Article 11 

General Provisions 
  

	1.	 Philips shall have the authority to: i) interpret this Plan, ii) establish, amend, and rescind any terms and
conditions of this Plan including any rules and regulations relating to this Plan and/or establish supplements to comply with or suit country specific requirements, iii) determine the terms and conditions of any agreements entered into hereunder,
and iv) make all other determinations necessary or advisable. The terms and conditions of this Plan including any rules and regulations relating to this Plan, including any supplements thereto, in force from time to time are published on the website
of Philips or its global plan administrator and apply to all previous and future Restricted Share Rights granted under this Plan. Philips may delegate the authority to practice administrative and operational functions with respect to the Plan to
officers or employees of subsidiaries of Philips and to service providers. 

  
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 Group HRM/CoE Rewards 
  

	2.	 Philips may in its sole discretion but acting in good faith, resolve to recoup some or all of such incentive
compensation -including any benefits derived therefrom- in all appropriate cases (taking into account all relevant factors, including whether the assertion of a recoupment claim may in its opinion prejudice the interests of Philips and its group
companies in any related proceeding or investigation), granted to an individual under these terms and conditions, if: 

  

	 	a.	 Equity-based incentive compensation under these terms and conditions has been granted and/or has vested on the
basis of incorrect financial or other data; or 

  

	 	b.	 There are circumstances which would warrant Philips or the Employing Company summarily dismissing (or
requesting in court the termination of the employment of) that individual – for instance on the basis of article 677 or 685 Dutch Civil Code – (whether or not Philips or the Employing Company has chosen to do so) where such circumstances
arose in the period from the Date of Date of Grant to the Delivery Date; or 

  

	 	c.	 That individual was involved in, or directly or indirectly responsible for a serious violation of the Philips
General Business Principles or applicable law; or 

  

	 	d.	 The Employing Company or the business unit in which the relevant individual works/worked, or for which he was
responsible, suffered a material failure of risk management, or 

  

	 	e.	 Something which occurred in the period from the Date of Grant to the Delivery Date has a sufficiently
significant impact on the reputation of Philips or the group members to justify the operation of a recoupment claim. 

 By
accepting Restricted Share Rights under these terms and conditions, the individual concerned agrees to fully co-operate with Philips and the Employing Company in order to give effect to this article. 

Furthermore by accepting any Restricted Share Rights under this Plan, the individual provides an irrevocable power of attorney to Philips to
transfer any Shares held by such individual in the account administered by Philips’ global plan administrator and any other acts necessary or desirable to give effect to this article. This power of attorney is governed by Dutch law exclusively.

  

	3.	 No Participant shall have any rights or privileges of shareholders (including the right to receive dividends
and to vote) with respect to Shares to be delivered pursuant to Restricted Share Rights until such Shares are actually delivered to such Participant in accordance with Article 5 of this Plan. 

 

	4.	 The (value of) Restricted Share Rights granted to, or Shares acquired by, a Participant pursuant to such
Restricted Share Right under this Plan shall not be considered as compensation in determining a Participant’s benefits under any benefit plan of an Employing Company, including but not limited to, group life insurance, long-term disability,
family survivors, or any retirement, company pension or savings plan. 

  

	5.	 Nothing contained in this Plan or in any grant made or agreement entered into pursuant hereto shall confer upon
any Participant any right to be retained in employment with any Employing Company, or to be entitled to any remuneration or benefits not set forth in this Plan or interfere with or limit in any way with the right of any Employing Company to
terminate such Participant’s employment or to discharge or retire a Participant at any time. 

  
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 Group HRM/CoE Rewards 
  

	6.	 If a provision of this Plan is deemed illegal or invalid, the illegality or invalidity shall not affect the
remaining parts of this Plan, this Plan shall be construed as if the illegal or invalid provisions had not been included in this Plan. 

  

	7.	 Where the context requires, words in either gender shall include also the other gender. 

 

	8.	 The English version of this Plan is leading. If there is a discrepancy between the contents of a translation
and the English version of this Plan, the English version of this Plan prevails. 

  

	9.	 This Plan shall be governed by and construed in accordance with the laws of The Netherlands, without regard to
its principles of conflict of laws. 

  
 •
• • • • 

  
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 Group HRM/CoE Rewards 
  

 ADDENDUM TO THE 

GLOBAL PHILIPS RESTRICTED SHARE RIGHTS PLAN 

FOR PARTICIPANTS ELIGIBLE TO PARTICIPATE IN A U.S. RETIREMENT OR 

PENSION PLAN 
 For the purpose of Article
3.3 with respect to a Participant who is eligible to participate in a U.S. retirement or pension plan and who is a not a party to a contract governing employment conditions or benefits with an entity which is domiciled outside of the United States,
the Participant’s employment shall be deemed terminated as a result of retirement if such Participant’s employment is terminated and, at the time of his or her termination of employment the Participant has at least five (5) years of
service with an U.S. Employing Company and/or Philips affiliates (including foreign affiliates) that are at least 80% owned and has attained the age of fifty-five (55) years. 

  
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EXECUTION VERSION

	
					
	 

WENDY’S FUNDING, LLC, 
as Master Issuer

and

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

THIRD SUPPLEMENT
Dated as of February 4, 2019
to the 
BASE INDENTURE 
Dated as of June 1, 2015
	
					
	 

Asset Backed Notes
(Issuable in Series)

THIRD SUPPLEMENT TO BASE INDENTURE
THIRD SUPPLEMENT, dated as of February 4, 2019 (this “Third Supplement”), to the Base Indenture, dated as of June 1, 2015, by and among WENDY’S FUNDING, LLC, a Delaware limited liability company (the “Master Issuer”), and CITIBANK, N.A., as Trustee and   Securities Intermediary (the “Trustee”).
PRELIMINARY STATEMENT
WHEREAS, the Master Issuer and the Trustee have entered into the Base Indenture, dated as of June 1, 2015 (as Supplemented on February 10, 2017 and January 17, 2018, and as further amended, supplement or otherwise modified from time to time, the “Indenture”); 
WHEREAS, Section 13.2(a) of the Indenture provides, among other things, that the provisions of the Indenture may, from time to time, be amended, modified or waived, if such amendment, modification or waiver is in writing in a Supplement and consented to in writing by the Control Party (at the direction of the Controlling Class Representative);
WHEREAS, the execution and delivery of this Third Supplement has been duly authorized and all conditions and requirements necessary to make this Third Supplement a valid and binding agreement have been duly performed and complied with; 
WHEREAS, the Master Issuer has provided written notice to each Rating Agency of the proposed amendments described herein no less than ten (10) days prior to the date hereof; and
WHEREAS, the Master Issuer wishes to amend the Indenture as set forth herein.
NOW, THEREFORE, in consideration of the provisions, covenants and mutual agreements herein contained, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
Unless otherwise defined herein, all capitalized terms used herein (including in the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Base Indenture Definitions List attached to the Indenture as Annex A thereto (the “Indenture Definitions List”).
ARTICLE II
AMENDMENTS
Section 2.1    Amendments.  The following defined terms in the Indenture Definitions List are hereby amended and restated in their entirety by deleting the stricken text (indicated in the same manner as the following example:  stricken text) and adding the inserted text (indicated in the same manner as the following example:  inserted text) as follows:
(a)    ““Capitalized Lease Obligations” means the obligations of a Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capitalfinance leases on a balance sheet of such Person under GAAP and, for the purposes of the 

Indenture, the amount of such obligations will be the capitalized amount thereof determined in accordance with GAAP.”
(b)    ““GAAP” means the generally accepted accounting principles in the United States promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors in effect from time to time; provided that, for purposes of computing the Holdco Leverage Ratio (including any financial and accounting terms included in the components thereof), GAAP shall mean the material generally accepted accounting principles in the United States promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors in effect on the Closing Date the first day of the 2019 fiscal year.”
(c)    ““Indebtedness” means, as to any Person as of any date, without duplication, (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all Capitalized Lease Obligations of such Person (other than (A) leases from landlords, in respect of which Wendy’s or any of its Affiliates is the lessee where the related property (i) is or becomes subject to a lease from Wendy’s or any of its Affiliates, in respect of which a Franchisee is the lessee or (ii) is a Company Restaurant and (B) leases identified in contracts or other similar obligations in respect of which Wendy’s or any of its Affiliates is the lessee), (c) the net obligations of such Person under any swap contract, (d) all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business, (ii) any earn-out obligation until such obligation appears in the liabilities section of the balance sheet of such Person, and (iii) liabilities associated with customer prepayments and deposits); and (e) the maximum amount of all direct or contingent obligations of such Person arising under letters of credit, in the case of the foregoing clauses (a), (b), (c) and (d), to the extent such item would be classified as a liability on a consolidated balance sheet of such Person as of such date; provided, however, that guarantees by Securitization Entities for the benefit of Franchisees in an aggregate principal amount at any time outstanding of up to the greater of (x) $20,000,000 and (y) 5.0% of the Net Cash Flow for the preceding four (4) Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared shall not be considered Indebtedness. For purposes of the foregoing clause (c), the amount of any net obligation under any swap contract on any date shall be deemed to the swap termination value thereof. For the avoidance of doubt, operating lease liabilities and guarantees with respect to operating leases and product volumes shall not be considered Indebtedness.”  
(d)    ““Permitted Lien” means (a) Liens for (i) Taxes, assessments or other governmental charges not delinquent or (ii) Taxes, assessments or other charges being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (b) all Liens created or permitted under the Related Documents in favor of the Trustee for the benefit of the Secured Parties, (c) Liens existing on the Closing Date, which shall be released on such date, provided that Intellectual Property recordations need not have been terminated of record on the Closing Date so long as such Intellectual Property recordations are terminated of record within sixty (60) days of the Closing Date, (d) encumbrances in the nature of (i) a lessor’s fee interest, (ii) zoning, building code and similar restrictions, (iii) easements, covenants, restrictions, leases, subleases, rights of way and other title matters whether or not shown by the public records, (iv) overlaps, encroachments and any matters not of record which would be disclosed by an accurate survey or a personal inspection of the property, (v) title to any portion of any premises lying within the right of way or boundary of any public road or private road, (vi) landlords’ and lessors’ Liens on rented premises, and which, in each case (as described in clauses (d)(i) through (vi) above), do not 

materially detract from the value of the encumbered property or impair the use thereof in the business of any Securitization Entity and (vii) the interest of a lessee in property leased to a Franchisee, (e) in the case of any interest in real estate consisting of a Contributed Restaurant Third-Party Lease or New Contributed Restaurant Third-Party Lease, (i) the terms of the applicable Contributed Restaurant Third-Party Lease or New Contributed Restaurant Third-Party Lease, (ii) Liens affecting the underlying fee interest in the real estate and/or any of the property of the lessor grantor under the applicable lease (including, without limitation, any mortgages on the landlord’s fee interest in the leased real estate) and (iii) Liens with respect to which the Contributed Restaurant Third-Party Lease or New Contributed Restaurant Third-Party Lease has priority, (f) deposits or pledges made (i) in connection with casualty insurance maintained in accordance with the Related Documents, (ii) to secure the performance of bids, tenders, contracts or leases, (iii) to secure statutory obligations or surety or appeal bonds or (iv) to secure indemnity, performance or other similar bonds in the ordinary course of business of any Securitization Entity, (g) Liens of carriers, warehouses, mechanics and similar Liens, in each case securing obligations (i) that are not yet due and payable or not overdue for more than forty-five (45) days from the date of creation thereof or (ii) being contested in good faith by any Securitization Entity in appropriate proceedings (so long as such Securitization Entity shall, in accordance with GAAP, have set aside on its books adequate reserves with respect thereto), (h) restrictions under federal, state or foreign securities laws on the transfer of securities, (i) any Liens arising under law or pursuant to documentation governing permitted accounts in connection with the Securitization Entities’ cash management system (including credit card and processing arrangements), (j) defects of title, survey defects, easements, rights-of-way, covenants, restrictions and other similar charges or encumbrances with respect to each real property, which (1) do not constitute Permitted Liens under any other clause of this definition and (2) neither have nor would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business or operations as currently conducted at such real property, (k) Liens arising from judgment, decrees or attachments in circumstances not constituting an Event of Default, (l) Liens arising in connection with any Capitalized Lease Obligations, operating lease liabilities, sale-leaseback transaction or in connection with any Indebtedness, in each case that is permitted under the Indenture, (m) Liens not securing Indebtedness that attach to any Collateral in an aggregate outstanding amount not exceeding $1,000,000 at any time, (n) Liens on Collateral that has been pledged pursuant to a Variable Funding Note Purchase Agreement with respect to letters of credit issued thereunder, and (o) any encumbrance on Securitization IP created by entering into (i) any licenses of Securitization IP under the Canadian Franchisor IP License, the Company Restaurant Licenses and the Wendy’s IP License and to the Manager in connection with the performance of its Services under the Management Agreement and (ii) other non-exclusive licenses of Securitization IP (A) granted in the ordinary course of business, (B) that when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement and (C) that would not reasonably be expected to materially and adversely impact the Securitization IP (taken as a whole).”  

ARTICLE III
GENERAL

Section 3.1    Conditions to Effectiveness.  The effectiveness of the amendments set forth herein are subject to the satisfaction of the following conditions precedent:  
(a)    the delivery on the date hereof to the Trustee of one or more Officer’s Certificates of the Master Issuer pursuant to Sections 13.6 and 14.3 of the Indenture, certifying that this Third Supplement is authorized or permitted by the Indenture and that all conditions precedent have been satisfied, and that it will be valid and binding upon the Master Issuer and the Guarantors in accordance with its terms; and
(b)    the delivery on the date hereof to the Trustee of one or more Opinions of Counsel pursuant to Sections 13.3, 13.6 and 14.3 of the Indenture, confirming that this Third Supplement is authorized or permitted by the Indenture and that all conditions precedent have been satisfied, and that it will be valid and binding upon the Master Issuer and the Guarantors in accordance with its terms.
Section 3.2     Effect on Indenture.   Subject to the satisfaction of the conditions precedent set forth in Section 3.1, upon the date hereof (i) the Indenture shall be amended in accordance herewith, (ii) this Third Supplement shall form part of the Indenture for all purposes and (iii) the parties and each Noteholder shall be bound by the Indenture, as so amended.  Except as expressly set forth or contemplated in this Third Supplement, the terms and conditions of the Indenture shall remain in place and shall not be altered, amended or changed in any manner whatsoever, except by any further amendment to the Indenture made in accordance with the terms of the Indenture, as amended by this Third Supplement.
Section 3.3    Binding Effect.  This Third Supplement shall inure to the benefit of and be binding on the respective successors and assigns of the parties hereto, each Noteholder and each other Secured Party.
Section 3.4    Counterparts. This Third Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.
Section 3.5    Governing Law.  THIS THIRD SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Section 3.6    Amendments.  This Third Supplement may not be modified or amended except in accordance with the terms of the Indenture.
Section 3.7    Trustee and Securities Intermediary.  The Trustee and the Securities Intermediary assume no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Master Issuer and neither the Trustee nor the Securities Intermediary shall be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Third Supplement and makes no representation with respect thereto.  In entering into this Third Supplement, the Trustee and the Securities Intermediary shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee or the Securities Intermediary.

ARTICLE IV
REPRESENTATIONS AND WARRANTIES
Section 4.1    Each party hereto represents and warrants to each other party hereto that this Third Supplement has been duly and validly executed and delivered by such party and constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms.
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IN WITNESS WHEREOF, each of the Master Issuer and the Trustee have caused this Third Supplement to be executed and delivered by its respective duly authorized officer as of the day and year first written above.

WENDY’S FUNDING, LLC, as Master Issuer

	
	
	By: /s/ Gavin P. Waugh

	       Name:___Gavin P. Waugh

	       Title:___ VP & Treasurer

[Signature Page of Third Supplement to Base Indenture]

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

	
	
	By: /s/ Jacqueline Suarez

	       Name:___Jacqueline Suarez

	       Title:___ Vice President

 

[Signature Page of Third Supplement to Base Indenture]

CONSENT OF CONTROL PARTY AND SERVICER:

In accordance with Section 2.4 and Section 8.4 of the Servicing Agreement, Midland Loan Services, a division of PNC Bank, National Association, as Control Party (exercising the rights of the Controlling Class Representative in accordance with Section 11.4(b) of the Indenture) and as Servicer hereby consents to the execution and delivery by the Master Issuer and the Trustee of this Third Supplement to the Indenture. 

MIDLAND LOAN SERVICES, 
A DIVISION OF PNC BANK, NATIONAL ASSOCIATION

	
	
	By:___/s/ Alan H. Torgler

	           Name:_Alan H. Torgler

	           Title:__Vice President Servicing Officer

[Signature Page of Third Supplement to Base Indenture]

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