Document:

Exhibit 4.2

  

   

    

   

  

  Dated as of July 8, 2019

   

   

  

   

  

   

  

  Series 2019-1 Supplement

   

  to the

    Base Indenture

   

  Up to $150,000,000 Series 2019-1 Variable Funding Senior Notes, Class A‐1

    $575,000,000 Series 2019-1 3.982% Fixed Rate Senior Secured Notes, Class A‐2-I

  $275,000,000 Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class A‐2-II

  $450,000,000 Series 2019-1 4.970% Fixed Rate Senior Secured Notes, Class A‐2-III

  

  

  between

   

  Jack in the Box Funding, LLC,

  as Master Issuer

   

  and

   

  Citibank, N.A.,

  as Trustee and Series 2019-1 Securities Intermediary

   

   

  

   

  

   

  

   

  

  
    
      

  

  

  Table of Contents

   

  

   

  

  
    	
            Article I Definitions

          	
            1

          
	
            Article II Initial Issuance, Increases and Decreases of Series 2019-1 Class A‐1 Outstanding Principal Amount

          	
            2

          
	
            Section 2.01

          	
            Procedures for Issuing and Increasing Initial Issuance and Increases of the Series 2019-1 Class A‐1 Outstanding Principal Amount

          	
            2

          
	
            Section 2.02

          	
            Procedures for Decreasing the Series 2019-1 Class A-1 Outstanding Principal Amount

          	
            3

          
	
            Article III Series 2019-1 Allocations; Payments

          	
            4

          
	
            Section 3.01

          	
            Allocations with Respect to the Series 2019-1 Notes

          	
            4

          
	
            Section 3.02

          	
            Weekly Allocation Date Applications; Quarterly Payment Date Applications

          	
            4

          
	
            Section 3.03

          	
            Certain Distributions from the Series 2019-1 Distribution Accounts and the Collection Account

          	
            4

          
	
            Section 3.04

          	
            Series 2019-1 Class A-1 Interest and Certain Fees.

          	
            5

          
	
            Section 3.05

          	
            Series 2019-1 Class A-2 Notes Interest.

          	
            6

          
	
            Section 3.06

          	
            Payment of Series 2019-1 Note Principal

          	
            7

          
	
            Section 3.07

          	
            Series 2019-1 Class A‐1 Distribution Account

          	
            12

          
	
            Section 3.08

          	
            Series 2019-1 Class A‐2 Distribution Account

          	
            13

          
	
            Section 3.09

          	
            Trustee as Securities Intermediary

          	
            14

          
	
            Section 3.10

          	
            Manager

          	
            15

          
	
            Section 3.11

          	
            Replacement of Ineligible Accounts

          	
            15

          
	
            Article IV Form of Series 2019-1 Notes

          	
            16

          
	
            Section 4.01

          	
            Issuance of Series 2019-1 Class A‐1 Notes

          	
            16

          
	
            Section 4.02

          	
            Issuance of Series 2019-1 Class A‐2 Notes

          	
            17

          
	
            Section 4.03

          	
            Transfer Restrictions of Series 2019-1 Class A‐1 Notes

          	
            18

          
	
            Section 4.04

          	
            Transfer Restrictions of Series 2019-1 Class A‐2 Notes

          	
            20

          
	
            Section 4.05

          	
            Note Owner Representations and Warranties

          	
            25

          
	
            Section 4.06

          	
            Limitation on Liability

          	
            27

          
	
            Article V General

          	
            27

          
	
            Section 5.01

          	
            Information

          	
            27

          
	
            Section 5.02

          	
            Exhibits

          	
            28

          
	
            Section 5.03

          	
            Ratification of Base Indenture

          	
            28

          
	
            Section 5.04

          	
            Certain Notices to the Rating Agency

          	
            28

          
	
            Section 5.05

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

          	
            28

          
	
            Section 5.06

          	
            Counterparts

          	
            28

          
	
            Section 5.07

          	
            Governing Law

          	
            28

          
	
            Section 5.08

          	
            Amendments

          	
            28

          
	
            Section 5.09

          	
            Termination of Series Supplement

          	
            28

          
	
            Section 5.10

          	
            Entire Agreement

          	
            28

          
	
            Section 5.11

          	
            1934 Act

          	
            29

          
	
            Section 5.12

          	
            Notices

          	
            29

          
	 	 	 

    

    

  

  

  
    	
            ANNEXES

          	 	 
	 	 	 
	
            Annex A

          	
            --

          	
            Series 2019-1 Supplemental Definitions List

          

    

    

    

    

    
      (i)

      
        

    

    
    

    

    	
            EXHIBITS

          	 
	 	 
	
            Exhibit A-1-1:

          	
            Form of Series 2019-1 Class A-1 Advance Note

          
	
            Exhibit A-1-2:

          	
            Form of Series 2019-1 Class A-1 Swingline Note

          
	
            Exhibit A-1-3:

          	
            Form of Series 2019-1 Class A-1 L/C Note

          
	
            Exhibit A-2-1:

          	
            Form of Rule 144A Global Series 2019-1 Class A-2 Notes

          
	
            Exhibit A-2-2:

          	
            Form of Temporary Regulation S Global Series 2019-1 Class A-2 Notes

          
	
            Exhibit A-2-3:

          	
            Form of Permanent Regulation S Global Series 2019-1 Class A-2 Notes

          
	
            Exhibit B-1:

          	
            Form of Transferee Certificate – Series 2019-1 Class A-1 Notes

          
	
            Exhibit B-2:

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

          
	
            Exhibit B-3:

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

          
	
            Exhibit B-4:

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

          
	
            Exhibit C:

          	
            Form of Quarterly Noteholders’ Report

          
	
            Exhibit D:

          	
            Form of Decrease Notice

          

  

  

  

  

  

  
    (ii)

    
      

  

   

  

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

     

    PRELIMINARY STATEMENT

     

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

     

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

     

    NOW, THEREFORE, the parties hereto agree as follows:

     

    DESIGNATION

     

    There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series Supplement, and such Series of Notes shall be designated as Series 2019-1 Notes.  On the Series
      2019-1 Closing Date, two Classes of Notes of such Series shall be issued:  (a) Series 2019-1 Variable Funding Senior Notes, Class A‐1 (as referred to herein, the “Series 2019-1 Class A‐1 Notes”) and (b) Series 2019-1 Senior Notes, Class A‐2
      (as referred to herein, the “Series 2019-1 Class A‐2 Notes”).  The Series 2019-1 Class A‐1 Notes shall be issued in three Subclasses:  (i) Series 2019-1 Class A‐1 Advance Notes (as referred to herein, the “Series 2019-1 Class A‐1 Advance
        Notes”), (ii) Series 2019-1 Class A-1 Swingline Notes (as referred to herein, the “Series 2019-1 Class A-1 Swingline Notes”) and (iii) Series 2019-1 Class A‐1 L/C Notes (as referred to herein, the “Series 2019-1 Class A‐1 L/C Notes”).

      The Series 2019-1 Class A-2 Notes shall be issued in three Tranches: (i) Series 2019-1 3.982% Fixed Rate Senior Secured Notes, Class A-2-I (as referred to herein, the “Series 2019-1 Class A‐2-I Notes”); (ii) Series 2019-1 4.476% Fixed Rate
      Senior Secured Notes, Class A-2-II (as referred to herein, the “Series 2019-1 Class A‐2-II Notes”); and (iii) Series 2019-1 4.970% Fixed Rate Senior Secured Notes, Class A-2-III (as referred to herein, the “Series 2019-1 Class A‐2-III Notes”
      and, together with the Series 2019-1 Class A‐2-I Notes and the Series 2019-1 Class A‐2-II Notes, the “Series 2019-1 Class A‐2 Notes” and, the Series 2019-1 Class A-2 Notes, together with the Series 2019-1 Class A-1 Notes, the “Series 2019-1
        Notes”). For purposes of the Base Indenture and this Series Supplement, the Series 2019-1 Class A‐1 Notes and the Series 2019-1 Class A‐2 Notes shall be deemed to be separate Classes of “Senior Notes”.

     

    ARTICLE I

      

      DEFINITIONS

     

    All capitalized terms used herein (including in the preamble and the recitals hereto) and not otherwise defined herein shall have the meanings assigned to such terms in the Series 2019-1 Supplemental
      Definitions List attached hereto as Annex A (the “Series 2019-1 Supplemental Definitions List”) as such Series 2019-1 Supplemental Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with
      the terms hereof.  All capitalized terms not otherwise defined herein or therein shall have the meanings assigned thereto in the Base Indenture or Base Indenture Definitions List attached to the Base Indenture as Annex A thereto, as such Base
      Indenture or Base Indenture Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the terms of the Base Indenture.  Unless otherwise specified herein, all Article, Exhibit, Section or Subsection
      references herein shall refer to Articles, Exhibits, Sections or Subsections of the Base Indenture or this Series Supplement (as indicated herein).  Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise
      defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2019-1 Notes and not to any other Series of Notes issued by the Master Issuer.  The rules of construction set forth in Section 1.04 of the
      Base Indenture shall apply for all purposes under this Series Supplement.

    

  

  
    
      

  

  
  
     

    

    ARTICLE II

      

      INITIAL ISSUANCE, INCREASES AND DECREASES OF

      SERIES 2019-1 CLASS A‐1 OUTSTANDING PRINCIPAL AMOUNT

     

    Section 2.01       Procedures for Issuing and Increasing Initial Issuance and Increases of the Series 2019-1 Class A‐1 Outstanding Principal
          Amount.

     

    (a)            Subject to satisfaction of the conditions precedent to the
        making of Series 2019-1 Class A-1 Advances set forth in the Series 2019-1 Class A-1 Note Purchase Agreement, (i) on the Series 2019-1 Closing Date, the Master Issuer may cause the Series 2019-1
        Class A-1 Initial Advance Principal Amount to become outstanding by drawing ratably, at par, the initial principal amounts of the Series 2019-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2019-1 Class A-1 Advances
        made on the Series 2019-1 Closing Date (the “Series 2019-1 Class A-1 Initial Advance”) and (ii)
        on any Business Day during the Series 2019-1 Class A-1 Commitment Term that does not occur during a Cash Trapping Period, the Master Issuer may increase the Series 2019-1 Class A-1 Outstanding Principal Amount (such increase referred to as an “Increase”), by drawing ratably (or as otherwise set forth in the Series 2019-1 Class A-1 Note Purchase Agreement), at par, additional principal amounts on the
        Series 2019-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2019-1 Class A-1 Advances made on such Business Day; provided that at no time may the Series 2019-1 Class A-1 Outstanding Principal Amount exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount.  The Series 2019-1 Class A-1 Initial Advance and each Increase shall be made in accordance
        with the provisions of Sections 2.02 and 2.03 of the Series 2019-1 Class A-1 Note Purchase Agreement and shall be ratably (except as otherwise set forth in the Series 2019-1 Class A-1 Note Purchase Agreement) allocated among the Series 2019-1 Class
        A-1 Noteholders (other than the Series 2019-1 Class A-1 Subfacility Noteholders in their capacity as such) as provided therein.  Proceeds from the Series 2019-1 Class A-1 Initial Advance and each Increase shall be paid as directed by the
      Master Issuer in the applicable Series 2019-1 Class A-1 Advance Request or as otherwise set forth in the Series 2019-1 Class A-1 Note Purchase Agreement.  Upon receipt of written notice from the Master Issuer or the Administrative Agent of the Series
      2019-1 Class A-1 Initial Advance and any Increase, the Trustee shall indicate in its books and records the amount of the Series 2019-1 Class A-1 Initial Advance or such Increase, as applicable.

     

    

    (b)            Subject to satisfaction of the applicable conditions precedent set forth in the Series 2019-1 Class A‐1
      Note Purchase Agreement, on the Series 2019-1 Closing Date, the Master Issuer may cause (i) the Series 2019-1 Class A-1 Initial Swingline Principal Amount to become outstanding by drawing, at par, the initial
        principal amounts of the Series 2019-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Series 2019-1 Class A-1 Swingline Loans made on the Series 2019-1 Closing Date pursuant
        to Section 2.06 of the Series 2019-1 Class A-1 Note Purchase Agreement and (ii) the Series 2019-1 Class A‐1 Initial Aggregate Undrawn L/C Face Amount to become outstanding  by drawing, at par, the
        initial principal amounts of the Series 2019-1 Class A-1 L/C Notes corresponding to the aggregate Undrawn L/C Face Amount of the Letters of Credit issued on the Series 2019-1 Closing Date pursuant
        to Section 2.07 of the Series 2019-1 Class A-1 Note Purchase Agreement; provided that at no time may the Series 2019-1 Class A-1 Outstanding
        Principal Amount exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount.  The procedures relating to increases in the Series 2019-1 Class A‐1 Outstanding Subfacility Amount (each such increase, a “Subfacility Increase”)
      through borrowings of Series 2019-1 Class A-1 Swingline Loans and issuance or incurrence of Series 2019-1 Class A‐1 L/C Obligations are set forth in the Series 2019-1 Class A‐1 Note Purchase Agreement.  Upon
        receipt of written notice from the Master Issuer or the Administrative Agent of the issuance of the Series 2019-1 Class A-1 Initial Swingline Principal Amount and the Series 2019-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount and any
        Subfacility Increase, the Trustee shall indicate in its books and records the amount of each such issuance and Subfacility Increase.

     

    
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    Section 2.02      Procedures for Decreasing the Series 2019-1 Class A-1 Outstanding Principal Amount.

     

    (a)            Mandatory Decrease.  Whenever a Series 2019-1 Class A-1 Excess Principal Event shall have
      occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2019-1 Class A-1 Excess Principal Event, the Master Issuer
      shall deposit in the Series 2019-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution.  Such
      written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 2019-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after
      giving effect to such decrease of the Series 2019-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2019-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2019-1 Class A-1 Outstanding
      Principal Amount to zero (each decrease of the Series 2019-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.02(a), or any other required payment of principal in respect of the Series 2019-1 Class A-1 Notes pursuant to Section

        3.06 of this Series Supplement, a “Mandatory Decrease”), plus (ii) any associated Series 2019-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2019-1 Class A-1 Note
      Purchase Agreement).  Such Mandatory Decrease shall be allocated among the Series 2019-1 Class A-1 Noteholders in accordance with the Class A-1 Order of Distribution.  Upon obtaining knowledge of such a Series 2019-1 Class A-1 Excess Principal Event,
      the Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by e‐mail of a .pdf or similar file) of the need for any such Mandatory
      Decreases to the Trustee and the Administrative Agent.  In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each
      case, with interest thereon at the Advance Interest Rate).

     

    (b)            Voluntary Decrease.  Except as provided in Section 2.02(d), on any Business Day, the
      Master Issuer may decrease the Series 2019-1 Class A-1 Outstanding Principal Amount (each such decrease of the Series 2019-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.02(b), a “Voluntary Decrease”) by depositing
      in the Series 2019-1 Class A-1 Distribution Account not later than 10:00 a.m. (Eastern time) on the date specified as the decrease date in the prior written notice referred to below and providing a written report to the Trustee directing the Trustee
      to distribute in accordance with the Class A-1 Order of Distribution (i) an amount (subject to the last sentence of this Section 2.02(b)) up to the Series 2019-1 Class A-1 Outstanding Principal Amount equal to the amount of such Voluntary
      Decrease, plus (ii) any associated Series 2019-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2019-1 Class A-1 Note Purchase Agreement); provided that to the extent the
      deposit into the Series 2019-1 Class A-1 Distribution Account described above is made after 3:00 p.m. (Eastern time) on any Business Day, the same shall be deemed to be deposited on the following Business Day; provided, further, that
      (x) in the case of Eurodollar Advances or CP Advances, the Master Issuer shall provide written notice no later than 12:00 p.m. (Eastern time) at least three (3) Business Days prior to such Voluntary Decrease and (y) in the case of Base Rate Advances,
      the Master Issuer shall provide written notice no later than 12:00 p.m. (Eastern time) at least one (1) Business Day prior to such Voluntary Decrease, in each case to each Series 2019-1 Class A-1 Investor and the Administrative Agent; provided,
      further, that the Master Issuer shall provide written notice substantially in the form of Exhibit D hereto to the Trustee of any Voluntary Decrease no later than 12:00 p.m. (Eastern time) at least one (1) Business Day prior to such
      Voluntary Decrease.  Each such Voluntary Decrease shall be in a minimum principal amount as provided in the Series 2019-1 Class A-1 Note Purchase Agreement.  In connection with any Voluntary Decrease, the Master Issuer shall reimburse the Trustee,
      the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

     

    
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      (c)            The Trustee shall indicate in its books and records any such reduction in the Series 2019-1 Class A‐1
        Commitments.

       

      (d)           The Series 2019-1 Class A‐1 Note Purchase Agreement sets forth additional procedures relating to
        decreases in the Series 2019-1 Class A‐1 Outstanding Subfacility Amount (each such decrease, together with any Voluntary Decrease or Mandatory Decrease allocated to the Series 2019-1 Class A‐1 Subfacility Noteholders, a “Subfacility Decrease”)

        through (i) borrowings of Series 2019-1 Class A-1 Advances to repay Series 2019-1 Class A-1 Swingline Loans and Series 2019-1 Class A-1 L/C Obligations or (ii) optional prepayments of Series 2019-1 Class A-1 Swingline Loans on same day notice. 
        Upon receipt of written notice from the Master Issuer or the Administrative Agent of any Subfacility Decrease, the Trustee shall indicate in its books and records the amount of such Subfacility Decrease.

       

      (e)            The Series 2019-1 Class A-1 Note Purchase Agreement also sets forth procedures relating to permanent
        reductions in the Series 2019-1 Class A-1 Notes Maximum Principal Amount.

       

      ARTICLE III

        

        SERIES 2019-1 ALLOCATIONS; PAYMENTS

       

      With respect to the Series 2019-1 Notes only, the following shall apply:

       

      Section 3.01     Allocations with Respect to the Series 2019-1 Notes.  On the Series 2019-1 Closing Date, a
        portion of the net proceeds from the initial sale of the Series 2019-1 Notes will be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Series 2019-1
        Closing Date.  The remainder of the net proceeds from the sale of the Series 2019-1 Notes shall be paid to, or at the direction of, the Master Issuer.

       

      Section 3.02     Weekly Allocation Date Applications; Quarterly Payment Date
            Applications.  On each Weekly Allocation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to allocate from the Collection Account all amounts relating to the Series 2019-1 Notes pursuant
        to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

       

      Section 3.03     Certain Distributions from the Series 2019-1 Distribution
            Accounts and the Collection Account.  On each Quarterly Payment Date, based solely upon the most recent Quarterly Noteholders’ Report, and in the order of priority of such amounts set forth in the Priority of Payments, the Trustee
        shall, in accordance with Section 6.01 of the Base Indenture, remit (i) to the Series 2019-1 Class A‐1 Noteholders from the Series 2019-1 Class A‐1 Distribution Account, in accordance with the Class A‐1 Order of Distribution, the amounts deposited
        in the Series 2019-1 Class A‐1 Distribution Account in accordance with the Base Indenture for the payment of interest, fees, principal (to the extent applicable) and other amounts in respect of the Series 2019-1 Class A‐1 Notes on such Quarterly
        Payment Date and (ii) to the Series 2019-1 Class A‐2 Noteholders from the Series 2019-1 Class A‐2 Distribution Account, the amounts deposited in the Series 2019-1 Class A‐2 Distribution Account in accordance with the Base Indenture for the payment
        of interest, principal (to the extent applicable) and other amounts in respect of the Series 2019-1 Class A‐2 Notes on such Quarterly Payment Date.  On each Weekly Allocation Date the Trustee shall withdraw from the Collection Account amounts
        required to be paid to the Administrative Agent pursuant to the Priority of Payments and remit such amounts to the Administrative Agent in accordance with the terms of the Indenture.

       

    

  

  

  

  
    4

    
      

  

  
     

    

    Notwithstanding anything to the contrary herein or in the Base Indenture, except as (i) provided under Section 3.06(f) or (ii) explicitly directed by the Master Issuer (or the Manager on its
      behalf) with respect to payments of Quarterly Scheduled Principal Amounts made under Section 3.06(c)(ii) on Quarterly Payment Dates with respect to which the Series 2019-1 Non-Amortization Test has been satisfied, each payment in respect of
      the Series 2019-1 Class A-2 Notes shall be distributed among the Tranches (A) based upon such amounts due with respect to interest on, principal of or otherwise with respect to such Tranches as provided hereunder; provided that, in each case,
      any shortfall in such payment amount shall be allocated ratably based on the Series 2019-1 Class A-2 Outstanding Principal Amount of each Tranche or (B) if not explicitly provided hereunder, ratably based on the Series 2019-1 Class A-2 Outstanding
      Principal Amount of each Tranche; provided that, in each of the cases set forth under clauses (A) and (B) above, all distributions to Noteholders of a Tranche shall be ratably allocated among the Noteholders within each
      applicable Tranche based on their respective portion of the Series 2019-1 Class A-2 Outstanding Principal Amount of such Tranche.

     

    Section 3.04             Series 2019-1 Class A-1 Interest and Certain Fees.

     

    (a)            Series 2019-1 Class A-1 Notes Interest and L/C Fees.  From and after the Series 2019-1 Closing Date, the applicable portions of the Series 2019-1 Class A-1 Outstanding Principal Amount shall accrue (i) interest at
        the Series 2019-1 Class A-1 Note Rate and (ii) L/C Quarterly Fees at the applicable rates provided therefor in the Series 2019-1 Class A-1 Note Purchase Agreement, as applicable.  Such accrued interest and fees shall be due and payable in arrears
        on each Quarterly Payment Date from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of
        the Base Indenture, commencing on November 25, 2019; provided that in any event all accrued but unpaid interest and fees shall be paid in full
        on the Series 2019-1 Class A-1 Legal Final Maturity Date, on any Series 2019-1 Prepayment Date with respect to a prepayment in full of the Series 2019-1 Class A-1 Notes, on any day when the Commitments are terminated in full, or on any other day on
        which all of the Series 2019-1 Class A-1 Outstanding Principal Amount is required to be paid in full, in each case pursuant to, and in accordance with, the provisions of the Priority of Payments.  To the extent any such amount is not paid on a
        Quarterly Payment Date when due, such unpaid amount (net of all Debt Service Advances with respect thereto, a “Class A-1 Quarterly Interest Shortfall Amount”) shall accrue interest at the Series 2019-1 Class A-1 Note Rate.

     

    (b)            Undrawn Commitment Fees.  From and after the Series 2019-1 Closing Date, Undrawn Commitment Fees shall accrue as provided in the Series 2019-1 Class A-1 Note Purchase Agreement.  Such
        accrued fees shall be due and payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such
        Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, commencing on November 25, 2019.  To the extent any such amount is not paid on a Quarterly Payment Date when due (a “Series

          2019-1 Class A-1 Quarterly Commitment Fees Shortfall Amount”), such unpaid amount shall accrue interest at the Series 2019-1 Class A-1 Note Rate.

     

    
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    (c)           Series 2019-1 Class A-1 Post-Renewal Date Contingent
          Interest.  Following a Series 2019-1 Class A-1 Notes Amortization Event additional interest shall accrue on the Series 2019-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C
        Face Amounts included therein) at a rate equal to 5.00% per annum (the “Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate”),
        calculated in accordance with Section 3.01(f) of the Series 2019-1 Class A-1 Note Purchase Agreement, in addition to the regular interest that shall continue to accrue at the Series 2019-1 Class A-1 Note Rate.  Any Series 2019-1 Class A-1
        Post-Renewal Date Contingent Interest Amount shall be due and payable on any applicable Quarterly Payment Date, as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of
        Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, in the amount so made available, and failure to pay any Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Amount in excess of
        available amounts in accordance with the foregoing shall not be an Event of Default and interest will not accrue on any unpaid portion thereof.

     

    (d)             Series 2019-1 Class A-1 Initial Interest Accrual Period.  The initial Interest Accrual Period for the Series 2019-1 Class A-1 Notes shall commence on the Series 2019-1 Closing Date and end on (but exclude) November 25,
        2019.

     

    Section 3.05           Series 2019-1 Class A-2 Notes Interest.

     

    (a)            Series 2019-1 Class A‐2 Notes Interest.  From the Series 2019-1 Closing Date until the Series
      2019-1 Class A‐2 Outstanding Principal Amount with respect to a Tranche has been paid in full, the Series 2019-1 Class A‐2 Outstanding Principal Amount with respect to such Tranche (after giving effect to all payments of principal made to Series
      2019-1 Class A-2 Noteholders as of the first day of each Interest Accrual Period, or if such day is not a Quarterly Payment Date, as of the following Quarterly Payment Date, and also giving effect to repurchases and cancellations of Series 2019-1
      Class A‐2 Notes during such Interest Accrual Period) shall accrue interest at the Series 2019-1 Class A‐2 Note Rate for such Tranche.  Such accrued interest shall be due and payable in arrears on each Quarterly Payment Date, from amounts that are
      made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, commencing on November 25, 2019; provided
      that in any event all accrued but unpaid interest on the Series 2019-1 Class A-2 Outstanding Principal Amount shall be due and payable in full on the Series 2019-1 Class A-2 Legal Final Maturity Date, on any Series 2019-1 Class A-2 Prepayment Date
      with respect to a prepayment in full of such Tranche or on any other day on which all of the Series 2019-1 Class A‐2 Outstanding Principal Amount of such Tranche is required to be paid in full.  To the extent any interest accruing at the Series
      2019-1 Class A‐2 Note Rate for any Tranche is not paid on a Quarterly Payment Date when due, such unpaid interest (net of all Debt Service Advances with respect thereto, a “Class A‐2 Quarterly Interest Shortfall Amount”) shall accrue interest
      at the Series 2019-1 Class A‐2 Note Rate for such Tranche.  All computations of interest at the Series 2019-1 Class A‐2 Note Rate shall be made on the basis of a year of 360 days and twelve 30‐day months.

     

    
      6

      
        

    

    
       

      

      (b)            Series 2019-1 Class A‐2 Quarterly Post‐ARD Contingent Interest.

       

      (i)            Post‐ARD Contingent Interest.  From and after the Series 2019-1 Anticipated Repayment Date, as
        applicable to each Tranche, until the Series 2019-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (“Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest”) shall
        accrue on such Tranche at a per annum rate (equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly
        bond-equivalent basis) on the Series 2019-1 Anticipated Repayment Date for such Tranche of the United States Treasury Security having a term closest to ten (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2019-1
        Class A-2-I Notes, 2.265%, (2) with respect to the Series 2019-1 Class A-2-II Notes, 2.670%, and (3) with respect to the Series 2019-1 Class A-2-III Notes, 3.058%, exceeds (b) such Tranche’s applicable Series 2019-1 Class A-2 Note Rate.  In
        addition, regular interest shall continue to accrue at the Tranche’s Series 2019-1 Class A-2 Note Rate from and after such Tranche’s Series 2019-1 Anticipated Repayment Date.  All computations of Series 2019-1 Class A-2 Quarterly Post-ARD
        Contingent Interest shall be made on the basis of a 360-day year of twelve 30-day months.

       

      (ii)            Payment of Series 2019-1 Class A‐2 Quarterly Post‐ARD Contingent Interest.  Any Series 2019-1
        Class A‐2 Quarterly Post‐ARD Contingent Interest shall be due and payable on any applicable Quarterly Payment Date as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority
        of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, in the amount so available.  For the avoidance of doubt, Series 2019-1 Class A‐2 Quarterly Post‐ARD Contingent Interest shall accrue and be
        payable in addition to the interest accrued on the applicable Tranche at the applicable Series 2019-1 Class A‐2 Note Rate.  The failure to pay any Series 2019-1 Class A‐2 Quarterly Post‐ARD Contingent Interest on any Quarterly Payment Date
        (including on the Series 2019-1 Class A-2 Legal Final Maturity Date) in excess of available amounts in accordance with the foregoing will not be an Event of Default and interest will not accrue on any unpaid portion thereof.

       

      (c)            Series 2019-1 Class A‐2 Initial Interest Accrual Period.  The initial Interest Accrual Period
        for the Series 2019-1 Class A‐2 Notes shall commence on the Series 2019-1 Closing Date and end on (but exclude) November 25, 2019.

       

      Section 3.06     Payment of Series 2019-1 Note Principal.

       

      (a)            Series 2019-1 Notes Principal Payment at Legal Maturity.  The Series 2019-1 Outstanding
        Principal Amount shall be due and payable on the applicable Series 2019-1 Legal Final Maturity Date.  The Series 2019-1 Outstanding Principal Amount is not prepayable, in whole or in part, except as set forth in this Section 3.06 and, in
        respect of the Series 2019-1 Class A-1 Outstanding Principal Amount, Section 2.02 of this Series Supplement.

       

      (b)            Series 2019-1 Class A‐2 Anticipated Repayment Date; Series 2019-1 Class A-1 Renewal Date.  The
        “Series 2019-1 Anticipated Repayment Date” means, (i) with respect to the Series 2019-1 Class A-2-I Notes, the Quarterly Payment Date occurring in August 2023, (ii) with respect to the Series 2019-1 Class A-2-II Notes, the Quarterly Payment
        Date occurring in August 2026 and (iii) with respect to the Series 2019-1 Class A-2-III Notes, the Quarterly Payment Date occurring in August 2029.  The initial Series 2019-1 Class A-1 Notes Renewal Date shall be the Quarterly Payment Date
        occurring in August 2024, unless extended as provided below in this Section 3.06(b).

       

      (i)            First Extension Election.  Subject to the conditions set forth in Section 3.06(b)(iii) of this Series Supplement, the Manager shall have the option to elect (the “Series 2019-1 First Extension Election”) to extend the
        Series 2019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in August 2025 by delivering written notice to the Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in
        August 2024 to the effect that the conditions precedent to such Series 2019-1 First Extension Election have been satisfied.

       

      
        (ii)            Second Extension Election.  Subject to the conditions set forth in Section 3.06(b)(iii) of this Series Supplement, if the Series
            2019-1 First Extension Election has been made and become effective, the Manager shall have the option to elect (the “Series 2019-1 Second Extension Election”) to extend the Series 2019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in August 2026 by delivering written notice to the
            Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in August 2025 to the effect that the conditions precedent to such Series 2019-1 Second
            Extension Election have been satisfied.

         

        
          7

          
            

        

         

        

        (iii)            Conditions Precedent to Extension Elections.  It shall be a condition to each applicable extension of the Series 2019-1 Class A-1 Notes Renewal Date that, in the case of Section 3.06(b)(i), on the Quarterly Payment Date occurring in August 2024, or in the case of Section 3.06(b)(ii), on the Quarterly Payment Date occurring in August 2025 (a) the DSCR is greater than or equal to 2.75x (calculated with respect to the most recently ended Quarterly Collection Period); (b) either the rating assigned to the Series 2019-1 Class A-2 Notes by S&P
            has not been downgraded below “BBB” or withdrawn; and (c) all Class A-1 Extension Fees shall have been paid on or prior to such
            Quarterly Payment Date.  Any notice given pursuant to Section 3.06(b)(i) or (ii) of this Series Supplement shall be irrevocable; provided that if the conditions set forth in this Section 3.06(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective.  For the avoidance of doubt, no consent of the Trustee, the Control Party, the
            Administrative Agent or any Noteholder shall be necessary for the effectiveness of the Series 2019-1 Extension Elections.

         

        (c)            Payment of Class A‐2 Accrued Quarterly Scheduled Principal Amount, Quarterly Scheduled Principal
            Amounts and Quarterly Scheduled Principal Deficiency Amounts with respect to the Series 2019-1 Class A‐2 Notes.

         

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

         

        (ii)            Quarterly Scheduled Principal Amounts shall be due and payable with respect to each Tranche on
          each Quarterly Payment Date prior to the applicable Series 2019-1 Anticipated Repayment Date, commencing on the Quarterly Payment Date in November 2019, in accordance with Section 5.13 of the Base Indenture, in the amount so available, and
          failure to pay any Quarterly Scheduled Principal Amounts in excess of available amounts in accordance with the foregoing will not be an Event of Default; provided that Quarterly Scheduled Principal Amounts shall only be due and payable on
          a Quarterly Payment Date with respect to a Tranche if the Series 2019-1 Non‐Amortization Test is not satisfied with respect to such Quarterly Payment Date; provided, further that if the Series 2019-1 Non‐Amortization Test is
          satisfied, the Master Issuer may, at its option, prior to the applicable Series 2019-1 Anticipated Repayment Date for such Tranche, pay all or any part of such Quarterly Scheduled Principal Amounts with respect to such Tranche on such Quarterly
          Payment Date.

         

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

         

        
          (d)            Series 2019-1 Mandatory Payments of Principal.

           

          (i)            During any Rapid Amortization Period, principal payments shall be due and payable on each
            Quarterly Payment Date on the Series 2019-1 Notes (sequentially, in alphanumerical order of Class A Notes) as and when amounts are made available for payment thereof (x) on any related Weekly Allocation Date in accordance with the Priority of
            Payments and (y) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, in the amount so available, together with any Series 2019-1 Class A‐2 Make‐Whole Prepayment Premium required to be paid in connection
            therewith pursuant to Section 3.06(e) of this Series Supplement; provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2019-1 Class A‐2 Make‐Whole Prepayment Premium is not paid because
            insufficient funds are available to pay such Series 2019-1 Class A‐2 Make‐Whole Prepayment Premium, in accordance with the Priority of Payments.  Such payments shall be ratably allocated among the
              Series 2019-1 Noteholders within each applicable Class and Tranche, based on their respective portion of the Series 2019-1 Outstanding Principal Amount of such Class or Tranche (or, in the case of the Series 2019-1 Class A-1
            Noteholders, in accordance with the Class A-1 Order of Distribution).

           

          
            8

            
              

          

           

          

          (ii)            During any Series 2019-1 Class A-1 Notes Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the applicable Series 2019-1 Class A-1 Notes as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of
              Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, in the amount so available.  Such payments shall be allocated among the Series 2019-1
              Class A-1 Noteholders, in accordance with the Class A-1 Order of Distribution. For the avoidance of doubt, no Series 2019-1 Class A-2 Make-Whole Prepayment Premium will be due in connection with
              any principal payments on the Series 2019-1 Class A-1 Notes.

           

          (e)            Series 2019-1 Class A‐2 Make‐Whole Prepayment Premium Payments.  In connection with any
            (i) mandatory prepayment of any Series 2019-1 Class A‐2 Notes made during a Rapid Amortization Period pursuant to Section 3.06(d), (ii) prepayments funded with Asset Disposition Proceeds pursuant to Section 3.06(j) or (iii) any optional
            prepayment of any Series 2019-1 Class A‐2 Notes or a Tranche made pursuant to Section 3.06(f) (each, a “Series 2019-1 Class A‐2 Prepayment”), in each case prior to (I) with respect to the Series 2019-1 Class A-2-I Notes, the Quarterly
            Payment Date in the 18th month prior to the Series 2019-1 Anticipated Repayment Date for such Tranche, (II) with respect to the Series 2019-1 Class A‐2‐II Notes, the Quarterly Payment Date in the 36th month prior to the Series 2019-1
            Anticipated Repayment Date for such Tranche and (III) with respect to the Series 2019-1 Class A‐2‐III Notes, the Quarterly Payment Date in the 54th month prior to the Series 2019-1 Anticipated Repayment Date for such Tranche (as applicable, the
            “Make-Whole End Date”), the Master Issuer shall pay, in the manner described herein, the Series 2019-1 Class A‐2 Make‐Whole Prepayment Premium; provided that no such Series 2019-1 Class A‐2 Make‐Whole Prepayment Premium shall be
            payable in connection with (A) any prepayment funded by Indemnification Amounts or Insurance/Condemnation Proceeds or (B) Quarterly Scheduled Principal Amounts (including those paid, in whole or in part, at the option of the Master Issuer on a
            Quarterly Payment Date with respect to which the Series 2019-1 Non‐Amortization Test has been satisfied) or Quarterly Scheduled Principal Deficiency Amounts.

           

          
            (f)            Optional Prepayment of Series 2019-1 Class A‐2 Notes.  In addition to any right to
              optionally prepay any or all of the Notes in accordance with the Base Indenture, including Section 5.13(o) of the Base Indenture, and subject to Section 3.06(e) and (g) of this Series Supplement, the Master Issuer shall have the option to
              prepay the Outstanding Principal Amount of any or all of the Tranches in whole or in part on any Business Day or on any date a mandatory prepayment may be made and that is specified as the Series 2019-1 Class A-2 Prepayment Date in the
              applicable Prepayment Notices; provided that the Master Issuer shall not make any optional prepayment in part of any Tranche pursuant to this Section 3.06(f) in a principal amount for any single prepayment in part of less than $5
              million on any Business Day (except that any such prepayment may be in a principal amount less than such amount if effected on the same day as any partial mandatory prepayment or repayment pursuant to this Series Supplement); provided,
              further, that no such optional prepayment may be made unless (i) the amount on deposit in the Series 2019-1 Class A‐2 Distribution Account (including amounts to be transferred from the Cash Trap Reserve Account) is sufficient to pay
              the principal amount of the Tranches to be prepaid, and the amount on deposit in the Senior Notes Principal Payment Account that is allocable to the Tranches to be prepaid is sufficient to pay any Series 2019-1 Class A‐2 Make‐Whole Prepayment
              Premium required pursuant to Section 3.06(e), in each case, payable on the relevant Series 2019-1 Class A-2 Prepayment Date; (ii)  (A) the amount on deposit in the Senior Notes Interest Payment Account that is allocable to the Outstanding
              Principal Amount of the Tranche(s) to be prepaid is sufficient to pay the Class A‐2 Quarterly Interest to but excluding the relevant Series 2019-1 Prepayment Date relating to the Outstanding Principal Amount of the Tranche(s) to be prepaid
              (other than any Post‐ARD Contingent Interest) and (B) only if such optional prepayment is a prepayment of the Series 2019-1 Class A‐2 Notes in whole, (x) the amount on deposit in the Senior Notes Post‐ARD Contingent Interest Account that is
              allocable to the Series 2019-1 Class A‐2 Notes is sufficient to pay the Series 2019-1 Class A‐2 Quarterly Post‐ARD Contingent Interest accrued through such Series 2019-1 Prepayment Date and (y) the amounts on deposit in the Collection Account
              and the Management Accounts are (in the Manager’s determination) reasonably expected to be sufficient to pay all Securitization Operating Expenses attributable to the Series 2019-1 Class A‐2 Notes on the next Weekly Allocation Date or, in
              each case, such amounts have been either paid in the case of clause (B)(y) or deposited to the Series 2019-1 Class A‐2 Distribution Account pursuant to Section 3.06(h); and (iii) the Master Issuer shall reimburse the Trustee, the
              Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).  The Master Issuer may prepay any or all of the Tranche(s) of Series 2019-1 Class
              A‐2 Notes in full on any Business Day regardless of the number of prior optional prepayments or any minimum payment requirement.

             

            
              9

              
                

            

             

            

            (g)            Notices of Optional Prepayments.  The Master Issuer shall give prior written notice
              (each, a “Prepayment Notice”) at least ten (10) Business Days but not more than twenty (20) Business Days prior to any Series 2019-1 Class A-2 Prepayment Date with respect to a Tranche pursuant to Section 3.06(f) to each Series 2019-1
              Class A‐2 Noteholder of such Tranche, the Rating Agency, the Servicer, the Control Party and the Trustee; provided that at the request of the Master Issuer, such notice to the Series 2019-1 Class A‐2 Noteholders of such Tranche shall
              be given by the Trustee in the name and at the expense of the Master Issuer.  In connection with any such Prepayment Notice, the Master Issuer shall provide a written report to the Trustee directing the Trustee to distribute such prepayment
              in accordance with the applicable provisions of Section 3.06(k) of this Series Supplement.  With respect to each such Series 2019-1 Class A‐2 Prepayment, the related Prepayment Notice shall specify (i) the Series 2019-1 Class A-2 Prepayment
              Date on which such prepayment will be made, which in all cases shall be a Business Day, (ii) the Series 2019-1 Prepayment Amount and the Series 2019-1 Class A-2 Make-Whole Prepayment Premium, if applicable, and (iii) the date on which the
              applicable Series 2019-1 Class A‐2 Make‐Whole Prepayment Premium, if any, to be paid in connection therewith will be calculated, which calculation date shall be no earlier than the fifth (5th) Business Day before such Series 2019-1 Class A-2 Prepayment Date (the “Series 2019-1 Class A‐2 Make‐Whole Premium Calculation Date”).  The Master Issuer shall have the option, by written notice to the
              Trustee, the Servicer, the Control Party, the Rating Agency and the Series 2019-1 Class A‐2 Noteholders of the applicable Tranche, to withdraw, or amend the Series 2019-1 Class A-2 Prepayment Date set forth in any Prepayment Notice relating
              to an optional prepayment at any time up to and including the second (2nd) Business Day before the Series 2019-1 Class A-2 Prepayment Date set forth in such
              Prepayment Notice.  Any such optional prepayment and Prepayment Notice may, in the Master Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.  If such conditions precedent are not satisfied, the Master
              Issuer may cancel such optional prepayment in its sole discretion at any time prior to the second (2nd) Business Day prior to the prepayment date set forth in the applicable prepayment notice by providing notice to the Trustee (who shall
              forward such notice to the applicable Noteholders) and the Control Party.  The Master Issuer shall have the option to provide in any Prepayment Notice that the payment of the amounts set forth in Section 3.06(f) and the performance of the
              Master Issuer’s obligations with respect to such optional prepayment may be performed by another Person. All Prepayment Notices shall be transmitted by email to (A) each Series 2019-1 Class A-2 Noteholder that will receive a prepayment to the
              extent such Series 2019-1 Class A-2 Noteholder has provided an email address to the Trustee and (B)  the Rating Agency, the Servicer and the Trustee. For the avoidance of doubt, a Voluntary Decrease or a Subfacility Decrease in respect of the
              Series 2019-1 Class A-1 Notes is governed by Section 2.02 of this Series Supplement and not by this Section 3.06(g).  A Prepayment Notice may be revoked or amended by the Master Issuer if the Trustee receives written notice of
              such revocation or amendment no later than 12:00 p.m. (Eastern time) up to and including the second (2nd) Business Day prior to the applicable Series 2019-1
              Class A-2 Prepayment Date.  The Master Issuer shall give written notice of such revocation or amendment to the Servicer, and at the request of the Master Issuer, the Trustee shall forward the notice of revocation or amendment to each Series
              2019-1 Class A-2 Noteholder previously sent a Prepayment Notice for such Series 2019-1 Class A-2 Prepayment Date.

             

            
              10

              
                

            

            
               

              

              (h)            Series 2019-1 Prepayments.  On each Series 2019-1 Prepayment Date with respect to any
                Series 2019-1 Prepayment, the Series 2019-1 Prepayment Amount, the Series 2019-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2019-1 Class A-1 Breakage Amounts applicable to such Series 2019-1 Prepayment shall
                be due and payable.  The Master Issuer shall pay the Series 2019-1 Prepayment Amount together with the applicable Series 2019-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2019-1 Class A-1 Breakage Amounts
                applicable to such Series 2019-1 Prepayment by depositing such amounts in the applicable Indenture Trust Accounts in accordance with the Priority of Payments or the applicable Series 2019-1 Distribution Account pursuant to Section
                  3.06(f), in each case, on or prior to the related Series 2019-1 Prepayment Date to be distributed in accordance with Section 5.13 of the Base Indenture, Section 3.03, or Section 3.06(k), as applicable.

               

              (i)            Prepayment Premium Not Payable.  For the avoidance of doubt, there is no Series 2019-1
                Class A‐2 Make‐Whole Prepayment Premium for any Tranche payable as a result of (i) the application of Indemnification Amounts or Insurance/Condemnation Proceeds allocated to the Series 2019-1 Class A‐2 Notes pursuant to priority (i) of

                the Priority of Payments, (ii) the payment of any Quarterly Scheduled Principal Amounts (including those paid, in part or in full, at the election of the Master Issuer on a Quarterly Payment Date with respect to which the Series 2019-1
                Non‐Amortization Test has been satisfied) or Quarterly Scheduled Principal Deficiency Amounts and (iii) any prepayment on or after the Make‐Whole End Date for such Tranche.

               

              (j)            Indemnification Amounts; Insurance/Condemnation Proceeds; Asset Disposition Proceeds. 
                Any Indemnification Amounts, Insurance/Condemnation Proceeds or Asset Disposition Proceeds allocated to the Senior Notes Principal Payment Account in accordance with Section 5.12(i) of the Base Indenture shall be withdrawn from the Senior
                Notes Principal Payment Account in accordance with Section 5.13(d) of the Base Indenture and deposited in the applicable Series 2019-1 Distribution Accounts and used to prepay first, if a Series 2019-1 Class A‐1 Notes Amortization
                Period is continuing, the Series 2019-1 Class A‐1 Notes (in accordance with the Class A‐1 Order of Distribution), second, the Series 2019-1 Class A‐2 Notes (to be allocated among the Tranches  ratably based on the Series 2019-1
                Class A-2 Outstanding Principal Amount of each Tranche) and third, provided that clause first does not apply, the Series 2019-1 Class A‐1 Notes (in accordance with the Class A‐1 Order of Distribution), on the
                Quarterly Payment Date immediately succeeding such deposit.  In connection with any prepayment made with Indemnification Amounts or Insurance/Condemnation Proceeds pursuant to this Section 3.06(j), the Master Issuer shall not be obligated
                to pay any prepayment premium.  The Master Issuer shall, however, be obligated to pay any applicable Series 2019-1 Class A‐2 Make‐Whole Prepayment Premium required to be paid pursuant to Section 3.06(e) of this Series Supplement in
                connection with any prepayment made with Asset Disposition Proceeds pursuant to this Section 3.06(j); provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2019-1 Class A‐2 Make‐Whole
                Prepayment Premium is not paid because insufficient funds are available to pay such Series 2019-1 Class A‐2 Make‐Whole Prepayment Premium in accordance with the Priority of Payments.

               

              
                11

                
                  

              

              
                 

                

                (k)            Distributions of Series 2019-1 Class A‐2 Optional Prepayment.  On the Series 2019-1
                  Class A-2 Prepayment Date for a Series 2019-1 Class A-2 Prepayment to be made pursuant to Section 3.06(f) for a Tranche, the Trustee shall, in accordance with Section 6.01 of the Base Indenture (except that notwithstanding
                  anything to the contrary therein, in the case of a prepayment to be made on a date that is not a Quarterly Payment Date, references to the distributions being made on a Quarterly Payment Date shall be deemed to be references to
                  distributions made on such Series 2019-1 Class A-2 Prepayment Date and references to the Record Date shall be deemed to be references to the Prepayment Record Date) and based solely on either a written report which shall be provided by
                  the Master Issuer to the Trustee or the applicable Quarterly Noteholders’ Report, as applicable, distribute to the Series 2019-1 Class A-2 Noteholders of record for such Tranche on the preceding Prepayment Record Date the amount deposited
                  in the Series 2019-1 Class A-2 Distribution Account pursuant to Section 3.06(h) with respect to such Series 2019-1 Class A-2 Prepayment, in order to repay the applicable portion of the Series 2019-1 Class A-2 Outstanding Principal
                  Amount of such Tranche.  All accrued and unpaid interest on the Series 2019-1 Class A-2 Outstanding Principal Amount prepaid and any related Series 2019-1 Class A-2 Make-Whole Prepayment Premium due to the Series 2019-1 Class A-2
                  Noteholders shall be payable on the immediately following Quarterly Payment Date in accordance with the Priority of Payments.

                 

                (l)            Series 2019-1 Notices of Final Payment.  The Master Issuer shall notify the Trustee,
                  the Servicer and the Rating Agency on or before the Prepayment Record Date preceding the Series 2019-1 Prepayment Date that will be the Series 2019-1 Final Payment Date; provided, however, that with respect to any Series
                  2019-1 Final Payment that is made in connection with any mandatory or optional prepayment in full, the Master Issuer shall not be obligated to provide any additional notice to the Trustee or the Rating Agency of such Series 2019-1 Final
                  Payment beyond the notice required to be given in connection with such prepayment pursuant to Section 3.06(g) of this Series Supplement.  The Trustee shall provide any written notice required under this Section 3.06(l) to each Person in
                  whose name a Series 2019-1 Note is registered at the close of business on such Prepayment Record Date of the Series 2019-1 Prepayment Date that will be the Series 2019-1 Final Payment Date.  Such written notice to be sent to the Series
                  2019-1 Noteholders shall be made at the expense of the Master Issuer and shall be mailed by the Trustee within five (5) Business Days of receipt of notice from the Master Issuer indicating that the Series 2019-1 Final Payment will be made
                  and shall specify that such Series 2019-1 Final Payment will be payable only upon presentation and surrender of the Series 2019-1 Notes and shall specify the place where the Series 2019-1 Notes may be presented and surrendered for such
                  Series 2019-1 Final Payment.

                 

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

                 

                Section 3.07     Series 2019-1 Class A‐1 Distribution Account.

                 

                (a)            Establishment of Series 2019-1 Class A‐1 Distribution Account.  The Master Issuer has
                  established with the Trustee the Series 2019-1 Class A‐1 Distribution Account in the name of the Trustee for the benefit of the Series 2019-1 Class A‐1 Noteholders, bearing a designation clearly indicating that the funds deposited therein
                  are held for the benefit of the Series 2019-1 Class A‐1 Noteholders.  The Series 2019-1 Class A‐1 Distribution Account shall be an Eligible Account.  Initially, the Series 2019-1 Class A‐1 Distribution Account will be established with the
                  Trustee.

                 

                
                  12

                  
                    

                

                
                   

                  

                  (b)            Series 2019-1 Class A‐1 Distribution Account Constitutes Additional Collateral for
                      Series 2019-1 Class A‐1 Notes.  In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2019-1 Class A‐1 Notes, the Master Issuer hereby grants a security interest in and assigns,
                    pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2019-1 Class A‐1 Noteholders, all of the Master Issuer’s rights, title and interests in and to the following (whether now or hereafter existing or
                    acquired):  (i) the Series 2019-1 Class A‐1 Distribution Account, including any security entitlement with respect thereto; (ii) all funds and other property (including, without limitation, Financial Assets) on deposit therein from time
                    to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2019-1 Class A‐1 Distribution Account or the funds on deposit therein from time to time; (iv) all interest, dividends, cash,
                    instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2019-1 Class A‐1 Distribution Account or the funds on deposit therein from time to time; and
                    (v) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (v) are referred to, collectively, as the “Series 2019-1 Class A‐1 Distribution
                      Account Collateral”).

                   

                  (c)            Termination of Series 2019-1 Class A‐1 Distribution Account.  On or after the date
                    on which (1) all accrued and unpaid interest on and principal of all Outstanding Series 2019-1 Class A‐1 Notes have been paid, (2) all Undrawn L/C Face Amounts have expired or have been cash collateralized in accordance with the terms
                    of the Series 2019-1 Class A-1 Note Purchase Agreement (after giving effect to the provisions of Section 4.04 of the Series 2019-1 Class A-1 Note Purchase Agreement), (3) all fees and expenses and other amounts then due and payable
                    under the Series 2019-1 Class A-1 Note Purchase Agreement have been paid and (4) all Series 2019-1 Class A‐1 Commitments have been terminated in full, the Trustee, acting in accordance with the written instructions of the Master Issuer
                    (or the Manager on its behalf), shall withdraw from the Series 2019-1 Class A‐1 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens with respect to Series 2019-1 Class
                    A‐1 Distribution Account created in favor of the Trustee for the benefit of the Series 2019-1 Class A‐1 Noteholders under this Series Supplement shall be automatically released, and the Trustee, upon written request of the Master
                    Issuer, at the written direction of the Control Party, shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at the Master Issuer’s expense to effect or evidence
                    the release by the Trustee of the Series 2019-1 Class A‐1 Noteholders’ security interest in the Series 2019-1 Class A‐1 Distribution Account Collateral.

                   

                  Section 3.08     Series 2019-1 Class A‐2 Distribution Account.

                   

                  (a)            Establishment of Series 2019-1 Class A‐2 Distribution Account.  The Master Issuer
                    has established with the Trustee the Series 2019-1 Class A‐2 Distribution Account in the name of the Trustee for the benefit of the Series 2019-1 Class A‐2 Noteholders, bearing a designation clearly indicating that the funds deposited
                    therein are held for the benefit of the Series 2019-1 Class A‐2 Noteholders.  The Series 2019-1 Class A‐2 Distribution Account shall be an Eligible Account.  Initially, the Series 2019-1 Class A‐2 Distribution Account will be
                    established with the Trustee.

                   

                  (b)            Series 2019-1 Class A‐2 Distribution Account Constitutes Additional Collateral for
                      Series 2019-1 Class A‐2 Notes.  In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2019-1 Class A‐2 Notes, the Master Issuer hereby grants a security interest in and assigns,
                    pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2019-1 Class A‐2 Noteholders, all of the Master Issuer’s right, title and interest in and to the following (whether now or hereafter existing or
                    acquired):  (i) the Series 2019-1 Class A‐2 Distribution Account, including any security entitlement with respect thereto; (ii) all funds and other property (including, without limitation, Financial Assets) on deposit therein from time
                    to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2019-1 Class A‐2 Distribution Account or the funds on deposit therein from time to time; (iv) all interest, dividends, cash,
                    instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2019-1 Class A‐2 Distribution Account or the funds on deposit therein from time to time; and
                    (v) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (v) are referred to, collectively, as the “Series 2019-1 Class A‐2 Distribution
                      Account Collateral”).

                   

                  
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                    (c)            Termination of Series 2019-1 Class A‐2 Distribution Account.  On or after the
                      date on which all accrued and unpaid interest on and principal of all Outstanding Series 2019-1 Class A‐2 Notes have been paid, the Trustee, acting in accordance with the written instructions of the Master Issuer (or the Manager on
                      its behalf), shall withdraw from the Series 2019-1 Class A‐2 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens with respect to Series 2019-1 Class A‐2 Distribution
                      Account created in favor of the Trustee for the benefit of the Series 2019-1 Class A‐2 Noteholders under this Series Supplement shall be automatically released, and the Trustee, upon written request of the Master Issuer, at the
                      written direction of the Control Party, shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at the Master Issuer’s expense to effect or evidence the release
                      by the Trustee of the Series 2019-1 Class A‐2 Noteholders’ security interest in the Series 2019-1 Class A‐2 Distribution Account Collateral.

                     

                    Section 3.09     Trustee
                          as Securities Intermediary.  i)  The Trustee or other Person holding the Series 2019-1 Distribution Accounts shall be the “Series 2019-1 Securities Intermediary”.  If the Series 2019-1 Securities Intermediary in
                      respect of any Series 2019-1 Distribution Account is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Series 2019-1 Securities Intermediary set forth in this Section
                        3.09.

                     

                    (b)            The Series 2019-1 Securities Intermediary agrees that:

                     

                    (i)            The Series 2019-1 Distribution Accounts are accounts to which Financial Assets will or
                      may be credited;

                     

                    (ii)            The Series 2019-1 Distribution Accounts are “securities accounts” within the meaning
                      of Section 8‐501 of the New York UCC and the Series 2019-1 Securities Intermediary qualifies as a “securities intermediary” under Section 8‐102(a) of the New York UCC;

                     

                    (iii)            All securities or other property (other than cash) underlying any Financial Assets
                      credited to any Series 2019-1 Distribution Account shall be registered in the name of the Series 2019-1 Securities Intermediary, indorsed to the Series 2019-1 Securities Intermediary or in blank or credited to another securities
                      account maintained in the name of the Series 2019-1 Securities Intermediary, and in no case will any Financial Asset credited to any Series 2019-1 Distribution Account be registered in the name of the Master Issuer, payable to the
                      order of the Master Issuer or specially indorsed to the Master Issuer;

                     

                    (iv)            All property delivered to the Series 2019-1 Securities Intermediary pursuant to this
                      Series Supplement will be promptly credited to the appropriate Series 2019-1 Distribution Account;

                     

                    (v)            Each item of property (whether investment property, security, instrument or cash)
                      credited to any Series 2019-1 Distribution Account shall be treated as a Financial Asset;

                     

                    (vi)            If at any time the Series 2019-1 Securities Intermediary shall receive any entitlement
                      order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Series 2019-1 Distribution Accounts, the Series 2019-1 Securities Intermediary shall comply with such entitlement order
                      without further consent by the Master Issuer, any other Securitization Entity or any other Person;

                     

                    
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                      (vii)            The Series 2019-1 Distribution Accounts shall be governed by the laws of the State
                        of New York, regardless of any provision of any other agreement.  For purposes of all applicable UCCs, the State of New York shall be deemed to the Series 2019-1 Securities Intermediary’s jurisdiction and the Series 2019-1
                        Distribution Accounts (as well as the “security entitlements” (as defined in Section 8‐102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York. The parties further agree that with
                        respect to the Series 2019-1 Distribution Accounts the law applicable to all the issues in Article 2(1) of The Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held
                          with an Intermediary shall be the law of the State of New York;

                       

                      (viii)            The Series 2019-1 Securities Intermediary has not entered into, and until
                        termination of this Series Supplement will not enter into, any agreement with any other Person relating to the Series 2019-1 Distribution Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to
                        comply with “entitlement orders” (as defined in Section 8‐102(a)(8) of the New York UCC) of such other Person, and the Series 2019-1 Securities Intermediary has not entered into, and until the termination of this Series Supplement
                        will not enter into, any agreement with the Master Issuer purporting to limit or condition the obligation of the Series 2019-1 Securities Intermediary to comply with entitlement orders as set forth in Section 3.09(b)(vi) of this
                        Series Supplement; and

                       

                      (ix)            Except for the claims and interest of the Trustee, the Secured Parties and the
                        Securitization Entities in the Series 2019-1 Distribution Accounts, neither the Series 2019-1 Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest in, any Series 2019-1
                        Distribution Account or any Financial Asset credited thereto.  If the Series 2019-1 Securities Intermediary or, in the case of the Trustee, a Trust Officer has Actual Knowledge of the assertion by any other person of any Lien,
                        encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2019-1 Distribution Account or any Financial Asset carried therein, the Series 2019-1
                        Securities Intermediary will promptly notify the Trustee, the Manager, the Servicer and the Master Issuer thereof.

                       

                      (c)            At any time after the occurrence and during the continuation of an Event of Default,
                        the Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2019-1 Distribution Accounts and in all proceeds thereof, and shall (acting at the direction of the Control Party (at
                        the direction of the Controlling Class Representative)) be the only Person authorized to originate entitlement orders in respect of the Series 2019-1 Distribution Accounts; provided, however, that at all other times
                        the Master Issuer shall be authorized to instruct the Trustee to originate entitlement orders in respect of the Series 2019-1 Distribution Accounts.

                       

                      Section 3.10     Manager. 
                        Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions and other services on behalf of the Master Issuer.  The Series
                          2019-1 Noteholders by their acceptance of the Series 2019-1 Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master Issuer.  Any such reports and notices that are
                        required to be delivered to the Series 2019-1 Noteholders hereunder will be made available on the Trustee’s website in the manner set forth in Section 4.03 of the Base Indenture.

                       

                    

                  

                

              

            

          

        

      

    

  

  
    Section 3.11     Replacement of
          Ineligible Accounts.  If, at any time, either of the Series 2019-1 Class A‐1 Distribution Account or the Series 2019-1 Class A‐2 Distribution Account shall cease to be an Eligible Account (each, a “Series 2019-1 Ineligible Account”),
      the Master Issuer shall (i) within five (5) Business Days of obtaining Actual Knowledge thereof, notify the Control Party thereof and (ii) within sixty (60) days of obtaining Actual Knowledge thereof, (A) establish, or cause to be established, a new
      account that is an Eligible Account in substitution for such Series 2019-1 Ineligible Account, (B) following the establishment of such new Eligible Account, transfer or, with respect to the Series 2019-1 Distribution Accounts maintained at the
      Trustee, instruct the Trustee in writing to transfer all cash and investments from such Series 2019-1 Ineligible Account into such new Eligible Account and (C) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit
      of the Series 2019-1 Class A-1 Noteholders or the Series 2019-1 Class A-2 Noteholders, as applicable, and, if such new Eligible Account is not established with the Trustee, cause such new Eligible Account to be subject to an Account Control Agreement
      in form and substance reasonably acceptable to the Control Party and the Trustee.

    

     

    

    
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        FORM OF SERIES 2019-1 NOTES

    

     

    Section 4.01    Issuance
          of Series 2019-1 Class A‐1 Notes(a)    .  (a) The Series 2019-1 Class A‐1 Advance Notes will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit
        A‐1-1 hereto, and will be issued to the Series 2019-1 Class A‐1 Noteholders (other than the Series 2019-1 Class A‐1 Subfacility Noteholders) pursuant to and in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note Purchase
      Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section 2.04 of the Base Indenture.  Other than in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note
      Purchase Agreement, the Series 2019-1 Class A‐1 Advance Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by such Series 2019-1 Class A‐1 Noteholders.  The Series 2019-1 Class A‐1 Advance Notes shall
      bear a face amount equal in the aggregate to up to the Series 2019-1 Class A‐1 Notes Maximum Principal Amount as of the Series 2019-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2019-1
      Class A‐1 Initial Advance Principal Amount pursuant to Section 2.01(a) of this Series Supplement.  The Trustee shall record any Increases or Decreases with respect to the Series 2019-1 Class A‐1 Outstanding Principal Amount such that, subject
      to Section 4.01(d) of this Series Supplement, the principal amount of the Series 2019-1 Class A‐1 Advance Notes that are Outstanding accurately reflects all such Increases and Decreases.  The
        Series 2019-1 Class A-1 Swingline Notes will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit
          A-1-2 hereto, and will be issued to the Swingline Lender pursuant to and in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note Purchase Agreement and shall be
        duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section 2.04 of the Base Indenture.  Other than in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note Purchase Agreement, the
        Series 2019-1 Class A-1 Swingline Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the Swingline Lender.  The Series 2019-1 Class A-1 Swingline Note shall bear a face amount equal in the
        aggregate to up to the Swingline Commitment as of the Series 2019-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2019-1
        Class A-1 Initial Swingline Principal Amount pursuant to Section 2.01(b)(i) of this Series Supplement.  The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to the Swingline Loans such that, subject to Section 4.01(d) of this Series Supplement, the aggregate principal amount of
        the Series 2019-1 Class A-1 Swingline Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases.

     

    
      (b)            The Series 2019-1 Class A‐1 L/C Notes will be issued in the form of definitive notes in fully
        registered form without interest coupons, substantially in the form set forth in Exhibit A-1-3 hereto, and will be issued to the L/C Provider pursuant to and in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note
        Purchase Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section 2.04 of the Base Indenture.  Other than in accordance with this Series Supplement and the Series 2019-1 Class A-1
        Note Purchase Agreement, the Series 2019-1 Class A‐1 L/C Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the L/C Provider.  The Series 2019-1 Class A-1 L/C Notes shall bear a face amount equal
        in the aggregate to up to the L/C Commitment as of the Series 2019-1 Closing Date, and shall be initially issued in an aggregate amount equal to the Series 2019-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount pursuant to Section
          2.01(b)(ii) of this Series Supplement.  The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to the Undrawn L/C Face Amounts of Unreimbursed L/C Drawings, as applicable, such that, subject to Section 4.01(d)
        of this Series Supplement, the aggregate amount of the Series 2019-1 Class A-1 L/C Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases.  All Undrawn L/C Face Amounts shall be deemed to be
        “principal” outstanding under the Series 2019-1 Class A-1 L/C Note for all purposes of the Indenture and the other Related Documents other than for purposes of accrual of interest.

       

      
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      (c)            For the avoidance of doubt, notwithstanding that the aggregate face amount of the Series 2019-1 Class
        A‐1 Notes will exceed the Series 2019-1 Class A‐1 Notes Maximum Principal Amount, at no time will the principal amount actually outstanding of the Series 2019-1 Class A‐1 Advance Notes, the Series 2019-1 Class A-1 Swingline Notes and the Series
        2019-1 Class A-1 L/C Notes in the aggregate exceed the Series 2019-1 Class A‐1 Notes Maximum Principal Amount.

       

      (d)            The Series 2019-1 Class A‐1 Notes may have such letters, numbers or other marks of identification and
        such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Authorized Officers executing such Series 2019-1 Class A‐1 Notes, as evidenced
        by their execution of the Series 2019-1 Class A‐1 Notes.  The Series 2019-1 Class A‐1 Notes may be produced in any manner, all as determined by the Authorized Officers executing such Series 2019-1 Class A‐1 Notes, as evidenced by their execution of
        such Series 2019-1 Class A‐1 Notes.  The initial sale of the Series 2019-1 Class A‐1 Notes is limited to Persons who have executed the Series 2019-1 Class A-1 Note Purchase Agreement.  The Series 2019-1 Class A‐1 Notes may be resold only to the
        Master Issuer and its Affiliates and Persons who are not Competitors (except that Series 2019-1 Class A-1 Notes may be resold to Persons who are Competitors with the written consent of the Master Issuer) in compliance with the terms of the Series
        2019-1 Class A-1 Note Purchase Agreement.

       

      Section 4.02     Issuance of Series 2019-1 Class A‐2 Notes.  The Series 2019-1 Class A-2 Notes in the aggregate may be offered
        and sold in the Series 2019-1 Class A-2 Initial Principal Amount on the Series 2019-1 Closing Date by the Master Issuer pursuant to the Series 2019-1 Class A-2 Note Purchase Agreement.  The Series 2019-1 Class A-2 Notes will be resold initially
        only to (A) the Master Issuer or an Affiliate of the Master Issuer, (B) in the United States, to Persons who are QIBs in reliance on Rule 144A and who are not Competitors and (C) outside the United States, to Persons who are not a U.S. person (as
        defined in Regulation S, a “U.S. Person”) in reliance on Regulation S and who are not Competitors.  The Series 2019-1 Class A-2 Notes may thereafter be transferred in reliance on Rule 144A and/or Regulation S and in accordance with the
        procedure described herein.  The Series 2019-1 Class A-2 Notes will be Book-Entry Notes and DTC will be the Depository for the Series 2019-1 Class A-2 Notes.  The Applicable Procedures shall apply to transfers of beneficial interests in the Series
        2019-1 Class A-2 Notes.  The Series 2019-1 Class A-2 Notes shall be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.

       

      (a)            Rule 144A Global Notes.  The Series 2019-1 Class A-2 Notes offered and sold in their initial
        resale in reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth in Exhibit A-2-1, Exhibit A-2-2 and Exhibit A-2-3, as
        applicable, hereto, registered in the name of Cede & Co. (“Cede”), as nominee of DTC, and deposited with the Trustee, as custodian for DTC (collectively, for purposes of this Section 4.02 and Section 4.04, the “Rule 144A
          Global Notes”).  The aggregate initial principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding
        decrease or increase in the aggregate initial principal amount of the corresponding class of Temporary Regulation S Global Notes or Permanent Regulation S Global Notes, as hereinafter provided.

       

      
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        (b)            Temporary Regulation S Global Notes and Permanent Regulation S Global Notes.  Any Series
          2019-1 Class A-2 Notes offered and sold on the Series 2019-1 Closing Date in reliance upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth in Exhibit
            A-2-4, Exhibit A-2-5 and Exhibit A-2-6, as applicable, hereto, registered in the name of Cede, as nominee of DTC, and deposited with the Trustee, as custodian for DTC, for credit to the respective accounts at DTC of the designated
          agents holding on behalf of Euroclear or Clearstream.  Until such time as the Restricted Period shall have terminated with respect to any Series 2019-1 Class A-2 Note, such Series 2019-1 Class A-2 Notes shall be referred to herein collectively,
          for purposes of this Section 4.02 and Section 4.04, as the “Temporary Regulation S Global Notes”.  After such time as the Restricted Period shall have terminated, the Temporary Regulation S Global Notes shall be
          exchangeable, in whole or in part, for interests in one or more permanent global notes in registered form without interest coupons, substantially in the form set forth in Exhibit A-2-7, Exhibit A-2-8 and Exhibit A-2-9, as
          applicable, hereto, as hereinafter provided (collectively, for purposes of this Section 4.02 and Section 4.04, the “Permanent Regulation S Global Notes”).  The aggregate principal amount of the Temporary Regulation S Global
          Notes or the Permanent Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate
          principal amount of the corresponding Rule 144A Global Notes, as hereinafter provided.

         

        (c)            Definitive Notes.  The Series 2019-1 Global Notes shall be exchangeable in their entirety for
          one or more definitive notes in registered form, without interest coupons (collectively, for purposes of this Section 4.02 and Section 4.04 of this Series Supplement, the “Definitive Notes”) pursuant to Section 2.13 of the
          Base Indenture and this Section 4.02(c) in accordance with their terms and, upon complete exchange thereof, such Series 2019-1 Global Notes shall be surrendered for cancellation at the applicable Corporate Trust Office.

         

        Section 4.03     Transfer Restrictions of Series 2019-1 Class A‐1 Notes(a)    . 
          i)  Subject to the terms of the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement, the holder of any Series 2019-1 Class A‐1 Advance Note may transfer the same in whole or in part, in an amount equivalent to an authorized
          denomination, by surrendering such Series 2019-1 Class A‐1 Advance Note at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form
          satisfactory to the Trustee, the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
          which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
          STAMP, and accompanied by a certificate substantially in the form of Exhibit B‐1 hereto; provided that if the holder of any Series 2019-1 Class A‐1 Advance Note transfers, in whole or in part, its interest in any Series 2019-1
          Class A‐1 Advance Note pursuant to (i) an Assignment and Assumption Agreement substantially in the form of Exhibit B to the Series 2019-1 Class A-1 Note Purchase Agreement or (ii) an Investor Group Supplement substantially in the form of
          Exhibit C to the Series 2019-1 Class A-1 Note Purchase Agreement, then such Series 2019-1 Class A‐1 Noteholder will not be required to submit a certificate substantially in the form of Exhibit B‐1 hereto upon transfer of its interest in
          such Series 2019-1 Class A‐1 Advance Note.  In exchange for any Series 2019-1 Class A‐1 Advance Note properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be
          authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series 2019-1 Class A‐1 Advance Notes for the same
          aggregate principal amount as was transferred.  In the case of the transfer of any Series 2019-1 Class A‐1 Advance Note in part, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated
          and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Series 2019-1 Class A‐1 Notes for the aggregate principal amount that was not transferred.  No transfer
          of any Series 2019-1 Class A‐1 Advance Note shall be made unless the request for such transfer is made by the Series 2019-1 Class A‐1 Noteholder at such office.  Neither the Master Issuer nor the Trustee shall be liable for any delay in delivery
          of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of transferred Series 2019-1 Class A‐1 Advance Notes, the Trustee shall recognize the holders of such Series
          2019-1 Class A‐1 Advance Note as Series 2019-1 Class A‐1 Noteholders.

         

        
          18

          
            

        

        
           

          

          (b)            Subject to the terms of the Indenture and the
              Series 2019-1 Class A-1 Note Purchase Agreement, the Swingline Lender may transfer the Series 2019-1 Class A-1 Swingline
              Notes in whole but not in part by surrendering such Series 2019-1 Class A-1 Swingline Notes at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written
              instrument of transfer in form satisfactory to the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the
              requirements of the Registrar, which requirements include membership or participation in the STAMP or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, and
              accompanied by an assignment agreement pursuant to Section 9.17(d) of the Series 2019-1 Class A-1 Note Purchase Agreement.  In exchange for any Series 2019-1 Class A-1 Swingline Note properly presented for transfer, the Master Issuer shall
              execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as
              the transferee may request, a Series 2019-1 Class A-1 Swingline Note for the same aggregate principal amount as was transferred.  No transfer of any Series 2019-1 Class A-1 Swingline Note shall be made unless the request for such transfer is
              made by the Swingline Lender at such office.  Neither the Master Issuer nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such
              instructions.  Upon the issuance of any transferred Series 2019-1 Class A-1 Swingline Note, the Trustee shall recognize the holder of such Series 2019-1 Class A-1 Swingline Note as a Series 2019-1 Class A-1 Noteholder.

           

          (c)            Subject to the terms of the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement, the
            L/C Provider may transfer any Series 2019-1 Class A‐1 L/C Note in whole or in part, in an amount equivalent to an authorized denomination, by surrendering such Series 2019-1 Class A‐1 L/C Note at the applicable Corporate Trust Office, with the
            form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing,
            with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other “signature guarantee program” as may be
            determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to Section 9.17(a) of the Series 2019-1 Class A-1 Note Purchase Agreement.  In exchange for any Series 2019-1 Class
            A‐1 L/C Note properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such
            office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series 2019-1 Class A‐1 L/C Notes for the same aggregate principal amount as was transferred.  In the case of the transfer of any Series
            2019-1 Class A‐1 L/C Note in part, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of transferor)
            to such address as the transferor may request, Series 2019-1 Class A‐1 L/C Notes for the aggregate principal amount that was not transferred.  No transfer of any Series 2019-1 Class A‐1 L/C Note shall be made unless the request for such
            transfer is made by the L/C Provider at such office.  Neither the Master Issuer nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such
            instructions.  Upon the issuance of any transferred Series 2019-1 Class A‐1 L/C Note, the Trustee shall recognize the holder of such Series 2019-1 Class A‐1 L/C Note as a Series 2019-1 Class A‐1 Noteholder.

           

          
            19

            
              

          

          
             

            

            (d)            Each Series 2019-1 Class A‐1 Note shall bear the following legend:

             

            THE ISSUANCE AND SALE OF THIS SERIES 2019-1 CLASS A-1 NOTE (THIS “NOTE”) HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT
              OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND JACK IN THE BOX FUNDING, LLC (THE “MASTER

                ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).  THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
              ONLY TO PERSONS WHO ARE NOT COMPETITORS (AS DEFINED IN THE INDENTURE) (UNLESS THE MASTER ISSUER GIVES WRITTEN CONSENT TO SUCH OFFER, SALE, PLEDGE, OR OTHER TRANSFER), AND IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-1 NOTE PURCHASE
              AGREEMENT, DATED AS OF JULY 8, 2019 BY AND AMONG THE MASTER ISSUER, JACK IN THE BOX INC., AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND COÖPERATIEVE RABOBANK, U.A., NEW YORK
              BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT.

             

            The required legend set forth above shall not be removed from the Series 2019-1 Class A‐1 Notes except as provided herein.

             

            Section 4.04     Transfer Restrictions of Series 2019-1 Class A‐2 Notes.  i)  A Series 2019-1 Global Note may not be transferred,
              in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; provided, however,
              that this Section 4.04(a) shall not prohibit any transfer of a Series 2019-1 Class A‐2 Note that is issued in exchange for a Series 2019-1 Global Note in accordance with Section 2.08 of the Base Indenture and shall not prohibit any transfer
              of a beneficial interest in a Series 2019-1 Global Note effected in accordance with the other provisions of this Section 4.04.

             

            (b)            The transfer by a Series 2019-1 Note Owner holding a beneficial interest in a Series 2019-1
              Class A‐2 Note in the form of a Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note shall be made upon the deemed representation of the transferee that it is
              purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB and not a Competitor, and is aware that the sale to it is being made in reliance on Rule 144A
              and acknowledges that it has received such information regarding the Master Issuer as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying
              upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

             

            
              20

              
                

            

             

            

            (c)            If a Series 2019-1 Note Owner holding a beneficial interest in a Series 2019-1 Class A‐2 Note in
              the form of a Rule 144A Global Note wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the Temporary Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery
              thereof in the form of a beneficial interest in the Temporary Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.04(c).  Upon
              receipt by the Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to
              a specified Clearing Agency Participant’s account a beneficial interest in the Temporary Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred,
              (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and
              the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in Exhibit B‐2 hereto given by the Series 2019-1 Note Owner holding such beneficial
              interest in such Rule 144A Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of the Rule 144A Global Note, and to increase the principal amount of the Temporary Regulation S Global
              Note, by the principal amount of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the
              Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Temporary Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such
              Rule 144A Global Note was reduced upon such exchange or transfer.

             

          

        

      

    

  

  
    (d)            If a Series 2019-1 Note Owner holding a beneficial interest in a Rule 144A Global Note wishes at any
      time to exchange its interest in such Rule 144A Global Note for an interest in the Permanent Regulation S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent
      Regulation S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.04(d).  Upon receipt by the Registrar, at the applicable Corporate Trust Office, of
      (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in the
      Permanent Regulation S Global Note in a principal amount equal to that of the beneficial interest in such Rule 144A Global Note to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing
      information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest
      and (iii) a certificate in substantially the form of Exhibit B‐3 hereto given by the Series 2019-1 Note Owner holding such beneficial interest in such Rule 144A Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to
      reduce the principal amount of such Rule 144A Global Note, and to increase the principal amount of the Permanent Regulation S Global Note, by the principal amount of the beneficial interest in such Rule 144A Global Note to be so exchanged or
      transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the
      Permanent Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such Rule 144A Global Note was reduced upon such exchange or transfer.

     

    
      21

      
        

    

     

    

    (e)            If a Series 2019-1 Note Owner holding a beneficial interest in a Temporary Regulation S Global Note or a
      Permanent Regulation S Global Note wishes at any time to exchange its interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note for an interest in the Rule 144A Global Note, or to transfer such interest to a
      Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule 144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section
      4.04(e).  Upon receipt by the Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be
      credited to a specified Clearing Agency Participant’s account a beneficial interest in the Rule 144A Global Note in a principal amount equal to that of the beneficial interest in such Temporary Regulation S Global Note or such Permanent Regulation S
      Global Note, as the case may be, to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or
      Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) with respect to a transfer of a beneficial interest in such Temporary Regulation S
      Global Note or such Permanent Regulation S Global Note, a certificate in substantially the form set forth in Exhibit B‐4 hereto given by such Series 2019-1 Note Owner holding such beneficial interest in such Temporary Regulation S Global Note
      or such Permanent Regulation S Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, and
      to increase the principal amount of the Rule 144A Global Note, by the principal amount of the beneficial interest in such Temporary Regulation S Global Note or such Permanent Regulation S Global Note to be so exchanged or transferred, and to credit
      or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in the Rule 144A Global Note having a principal amount equal to the amount by which the
      principal amount of such Temporary Regulation S Global Note or such Permanent Regulation S Global Note, as the case may be, was reduced upon such exchange or transfer.

     

    (f)            In the event that a Series 2019-1 Global Note or any portion thereof is exchanged for Series 2019-1
      Class A‐2 Notes other than Series 2019-1 Global Notes, such other Series 2019-1 Class A‐2 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2019-1 Class A‐2 Notes that are not Series 2019-1 Global Notes or for a beneficial
      interest in a Series 2019-1 Global Note (if any is then outstanding) only in accordance with such procedures as may be adopted from time to time by the Master Issuer and the Registrar, which shall be substantially consistent with the provisions of
      Section 4.04(a) through Section 4.04(e) and Section 4.04(g) of this Series Supplement (including the certification requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2019-1 Global Note comply with
      Rule 144A or Regulation S, as the case may be) and any Applicable Procedures.

     

    (g)            Until the termination of the Restricted Period with respect to any Series 2019-1 Class A‐2 Note,
      interests in the Regulation S Global Notes representing such Series 2019-1 Class A‐2 Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and Clearstream; provided that this Section 4.04(g) shall
      not prohibit any transfer in accordance with Section 4.04(e) of this Series Supplement.  After the expiration of the applicable Restricted Period, interests in the Permanent Regulation S Global Notes may be transferred without requiring any
      certifications other than those set forth in this Section 4.04.

     

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

       

      THE ISSUANCE AND SALE OF THIS SERIES 2019-1 CLASS A-2 NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933

          ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND JACK IN THE BOX FUNDING, LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT
        COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).  THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE
        UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND WHO IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (“RULE 144A”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS
        WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS NOT A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE 1933 ACT (“REGULATION

          S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION, NONE OF WHICH ARE A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN
        COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

       

      
        22

        
          

      

       

      

      BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT IT IS NOT A COMPETITOR AND (A) IT IS EITHER (X) A “QUALIFIED
        INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A OR (Y) NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B) IT IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS EITHER (X) A QUALIFIED
        INSTITUTIONAL BUYER OR (Y) NOT A U.S. PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION, (C) IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF NOTES,
        (D) IT UNDERSTANDS THAT THE MASTER ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES AND (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES.

       

      EACH PERSON (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND
        AGREEMENTS REFERRED TO IN THE INDENTURE.  EACH PERSON TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A GLOBAL NOTE WILL BE REQUIRED TO DELIVER THE APPLICABLE TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE
        INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE.

       

      ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION,
        NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY.

       

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

       

      
        23

        
          

      

       

      

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

       

      BY ACCEPTING THIS NOTE, EACH PURCHASER COVENANTS THAT IT WILL NOT AT ANY TIME PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE LATEST MATURING NOTE,
        INSTITUTE AGAINST, OR JOIN WITH ANY OTHER PERSON IN INSTITUTING AGAINST, ANY SECURITIZATION ENTITY ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS, UNDER ANY FEDERAL OR STATE BANKRUPTCY OR
        SIMILAR LAW.

       

      (i)            The Series 2019-1 Class A‐2 Notes Temporary Regulation S Global Notes shall also bear the following
        legend:

       

      UNTIL FORTY (40) DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”) IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES
        FROM OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS.  THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS EITHER NOT A
        “U.S. PERSON” OR THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933 ACT AND AGREES FOR THE BENEFIT OF THE MASTER ISSUER THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE
        TRANSFERRED ONLY TO THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND
        PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE 1933 ACT.

       

      (j)            The Series 2019-1 Global Notes issued in connection with the Series 2019-1 Class A‐2 Notes shall bear
        the following legend:

       

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

       

      

      1 Applicable to 144A Notes only.

       

      2 Applicable to Reg S Notes only.

      
        24

        
          

      

      
         

        

        (k)            The required legends set forth above shall not be removed from the applicable Series 2019-1 Class
          A‐2 Notes except as provided herein.  The legend required for a Rule 144A Global Note may be removed from such Rule 144A Global Note if there is delivered to the Master Issuer and the Registrar such satisfactory evidence, which may include an
          Opinion of Counsel, as may be reasonably required by the Master Issuer that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Rule 144A Global Note will not violate the
          registration requirements of the 1933 Act.  Upon provision of such satisfactory evidence, the Trustee at the direction of the Master Issuer (or the Manager on its behalf), shall authenticate and deliver in exchange for such Rule 144A Global Note
          a Series 2019-1 Class A‐2 Note or Series 2019-1 Class A‐2 Notes having an equal aggregate principal amount that does not bear such legend.  If such a legend required for a Rule 144A Global Note has been removed from a Series 2019-1 Class A‐2 Note
          as provided above, no other Series 2019-1 Class A‐2 Note issued in exchange for all or any part of such Series 2019-1 Class A‐2 Note shall bear such legend, unless the Master Issuer has reasonable cause to believe that such other Series 2019-1
          Class A‐2 Note is a “restricted security” within the meaning of Rule 144 under the 1933 Act and instructs the Trustee to cause a legend to appear thereon.

         

        Section 4.05      Note Owner Representations and Warranties.  Each Person who becomes a Note Owner of a beneficial interest in a Series
          2019-1 Note pursuant to the Offering Memorandum will be deemed to represent, warrant and agree on the date such Person acquires any interest in any Series 2019-1 Note as follows: (a)With respect to any sale of Series 2019-1 Notes pursuant to
          Rule 144A, it is a QIB pursuant to Rule 144A, and is aware that any sale of Series 2019-1 Notes to it will be made in reliance on Rule 144A.  Its acquisition of Series 2019-1 Notes in any such sale will be for its own account or for the account
          of another QIB.

         

        (b)            With respect to any sale of Series 2019-1 Notes pursuant to Regulation S, at the time the buy order
          for such Series 2019-1 Notes was originated, it was outside the United States and the offer was made to a Person who is not a U.S. Person, and was not purchasing for the account or benefit of a U.S. Person.

         

        (c)            It will, and each account for which it is purchasing will, hold and transfer at least the minimum
          denomination of Series 2019-1 Notes.

         

        (d)            It understands that the Master Issuer, the Manager and the Servicer may receive a list of
          participants holding positions in the Series 2019-1 Notes from one or more book‐entry depositories.

         

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

         

        
          25

          
            

        

         

        

        (f)            It will provide to each person to whom it transfers Series 2019-1 Notes notices of any restrictions
          on transfer of such Series 2019-1 Notes.

         

      

    

    
      (g)            It understands that (i) the Series 2019-1 Notes are being offered in a transaction not involving any
        public offering in the United States within the meaning of the 1933 Act, (ii) the Series 2019-1 Notes have not been registered under the 1933 Act, (iii) such Series 2019-1 Notes may be offered, resold, pledged or otherwise transferred only (A) to
        the Master Issuer or an Affiliate of the Master Issuer, (B) in the United States to a Person who the seller reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A and who is not a Competitor, (C) outside the United
        States to a Person who is not a U.S. Person in a transaction meeting the requirements of Regulation S and who is not a Competitor and (iv) the purchaser will, and each subsequent holder of a Series 2019-1 Note is required to, notify any subsequent
        purchaser of a Series 2019-1 Note of the resale restrictions set forth in clause (iii) above.

       

      (h)            It understands that the certificates evidencing the Rule 144A Global Notes will bear legends
        substantially similar to those set forth in Section 4.04(h) of this Series Supplement.

       

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

       

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

       

      (k)            Either (i) the purchaser or transferee is neither a Plan (including, without limitation, any entity
        whose underlying assets include “plan assets” by reason of a Plan’s investment in the entity or otherwise), nor a governmental, church, non-U.S. or other plan which is subject to any  federal, state, local or non-U.S. law that is similar to the
        provisions of Section 406 of ERISA or Section 4975 of the Code or (ii) the purchaser’s or transferee’s acquisition, holding and disposition of the Series 2019-1 Notes (or any interest therein) will not constitute or result in a non-exempt
        prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, in the case of a governmental, church, non-U.S. or other plan, a non-exempt violation under any similar law).

       

      (l)            If such purchaser or transferee is a Plan, it understands that it shall be deemed to represent,
        warrant and agree that (i) none of the Master Issuer, Guarantor, the Initial Purchasers or other party to the securitization transaction or other persons that provide marketing services, nor any of their affiliates, has provided, and none of them
        will provide, any investment recommendation or investment advice on which it, or any fiduciary or other person investing the assets of the Plan (“Plan Fiduciary”), has relied as a primary basis in connection with its decision to invest in
        the Series 2019-1 Notes, and they are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Plan or the Plan Fiduciary in connection with the Plan’s acquisition of the Series 2019-1
        Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Series 2019-1 Notes.

       

      (m)            It understands that any subsequent transfer of the Series 2019-1 Notes or any interest therein is
        subject to certain restrictions and conditions set forth in the Indenture and it agrees to be bound by, and not to resell, pledge or otherwise transfer the Series 2019-1 Notes or any interest therein except in compliance with, such restrictions and
        conditions and the 1933 Act.

       

      (n)            It is not a Competitor.

       

      
        26

        
          

      

      
         

        

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

         

        ARTICLE V

          

          GENERAL

         

        Section 5.01     Information.  On or before each Quarterly Payment Date, the Master Issuer shall furnish, or cause to be furnished, a
          Quarterly Noteholders’ Report with respect to the Series 2019-1 Notes to the Trustee, substantially in the form of Exhibit C hereto, setting forth, inter alia, the following information with respect to such Quarterly Payment Date:

         

        (a)            the total amount available to be distributed to Series 2019-1 Noteholders on such
          Quarterly Payment Date and payment instructions with respect thereto;

         

        (b)            the amount of such distribution allocable to the payment of interest on each
          Class and Tranche of the Series 2019-1 Notes;

         

        (c)            the amount of such distribution allocable to the payment of principal of each
          Class and Tranche of the Series 2019-1 Notes;

         

        (d)            the amount of such distribution allocable to the payment of any Series 2019-1
          Class A‐2 Make‐Whole Prepayment Premium, if any, on each Tranche;

         

        (e)            the amount of such distribution allocable to the payment of any fees or other
          amounts due to the Series 2019-1 Class A‐1 Noteholders;

         

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

         

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

         

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

         

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

         

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

         

        
          27

          
            

        

        

        Any Series 2019-1 Noteholder may obtain copies of each Quarterly Noteholders’ Report in accordance with the procedures set forth in Section 4.04 of the Base Indenture.

         

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

         

        Section 5.03     Ratification of Base Indenture. 

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

         

        Section 5.04     Certain Notices to the Rating Agency. 

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

         

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

         

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

         

        Section 5.07     Governing Law.  THIS SERIES
          SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

         

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

         

        Section 5.09     Termination of Series Supplement. 

          This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2019-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2019-1 Notes that have been replaced or
          paid) to the Trustee for cancellation and all Letters of Credit have expired, have been cash collateralized in full pursuant to the terms of the Series 2019-1 Class A‐1 Note Purchase Agreement or are deemed to no longer be outstanding in
          accordance with Section 4.04 of the Series 2019-1 Class A‐1 Note Purchase Agreement, (ii) all fees and expenses and other amounts under the Series 2019-1 Class A‐1 Note Purchase Agreement have been paid in full and all Series 2019-1 Class A‐1
          Commitments have been terminated, (iii) the Master Issuer has paid all sums payable hereunder and, without duplication (iv) the conditions set forth in Section 12.01(c) of the Base Indenture have been satisfied with respect to the Series 2019-1
          Notes; provided that any provisions of this Series Supplement required for the Series 2019-1 Final Payment to be made shall survive until the Series 2019-1 Final Payment is paid to the Series 2019-1 Noteholders.

         

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

         

        

        
          28

          
            

        

        
           

          

          Section 5.11     1934 Act.  The Master
            Issuer hereby represents and warrants, for the benefit of the Trustee and the Noteholders, that payments on the Notes will not depend primarily on cash flow from self-liquidating financial assets within the meaning of Section 3(a)(79) of the
            1934 Act.

           

          Section 5.12     Notices.  All notices,
            requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent according to Section 14.01 of the Base Indenture.  In addition, any notice or communication to the Rating Agency shall
            be sent to the following addresses:

           

        

      

    

  

  
    If to S&P:

     

    S&P Global Ratings

    55 Water Street

    42nd Floor

    New York, NY 10041-0003

    Attention: ABS Surveillance Group – New Assets

    E-mail: Servicer_Reports@standardandpoors.com

     

    If to KBRA:

     

    Kroll Bond Rating Agency, Inc.

    845 Third Avenue, Fourth Floor

    New York, NY 10022

    Attention: ABS Surveillance Group

    E-mail: abssurveillance@kbra.com

    

    

     

    [Signature Pages Follow]

     

    
      29

      
        

    

     
      IN WITNESS WHEREOF, each of the Master Issuer, the Trustee and the Series 2019-1 Securities Intermediary has caused this Series Supplement to be duly executed by its respective duly authorized
        officer as of the day and year first written above.

       

    

  

  

  

  
    	 	
            JACK IN THE BOX FUNDING, LLC,

          	 
	 	
            a Delaware limited liability company, as Master Issuer

          	 
	 	 	 	 
	 	 	 	 
	 	
            By:

          	
            /s/ Michael J. Snider

          	 
	 	
            

            

          	
            Name: Michael J. Snider

          	 
	 	 	
            Title:   Assistant Secretary

          	 

    

    

    

    

    

    

  

  Signature Page to Series 2019-1 Supplement

  

  
    
      

  

   

  

  

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

              

            	 
	 	
              solely as Trustee and as Series 2019-1 Securities Intermediary

            	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              /s/ Jacqueline Suarez

            	 
	 	
              

              

            	
              Name: Jacqueline Suarez

            	 
	 	 	
              Title:   Senior Trust Officer

            	 

    

    
      

      

      

      

      

      

      

      

      Signature Page to Series 2019-1 Supplement

      
        
          

      

      
       

      

    

  

  
    ANNEX A

     

    SERIES 2019-1

     

    SUPPLEMENTAL DEFINITIONS LIST

     

                

    

     

    “Administrative Agent” has the meaning set forth in the
        preamble to the Series 2019-1 Class A-1 Note Purchase Agreement.  For purposes of the Base Indenture, the Administrative Agent shall be deemed to be a “Class A-1 Administrative Agent”.

     

    “Administrative Agent Fees” has the meaning set forth
        in the Series 2019-1 Class A-1 VFN Fee Letter.

     

    “Advance Request” has the meaning set forth in Section 7.03(d) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

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

     

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

     

    “Assignment and Assumption Agreement” has the meaning set forth in Section 9.17(a) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Base Rate” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Base Rate Advance” has the meaning set forth in
        Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Breakage Amount” has the meaning set forth in Section
        3.06(c) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Cede” has the meaning set forth in Section 4.02(a) of the Series 2019-1 Supplement.

     

    “Class A-1 Accrued Quarterly Commitment Fee Shortfall”
        means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the aggregate
        amount allocated to the Class A‐1 Notes Commitment Fees Account with respect to the Series 2019-1 Class A-1 Notes on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the aggregate Class A-1
        Notes Accrued Quarterly Commitment Fee Amounts for all such preceding Weekly Allocation Dates.

     

    “Class A-1 Amendment Expenses” means “Amendment
        Expenses” as defined in, and payable pursuant to, Section 9.05(a)(ii) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

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

     

    (a)            with respect to any Eurodollar Advance outstanding on such day, the result of (i) the product of (x) the Eurodollar Rate in effect for such Interest Accrual Period and (y) the
          principal amount of such Series 2019-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 360; plus

     

    
      A-1

      
        

    

     

    

    (b)            with respect to any Base Rate Advance outstanding on such day, the result of (i) the product of (x) the Base Rate in effect for such day and (y) the principal amount of such
          Series 2019-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 365 (or 366, as applicable); plus

     

    (c)            with respect to any CP Advance outstanding on such day, the result of (i) the product of (x) the CP Rate in effect for such Interest Accrual Period and (y) the principal
          amount of such Series 2019-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 360; plus

     

    (d)            with respect to any Swingline Loans or Unreimbursed L/C Drawings outstanding on such day, the result of (i) the product of (x) the Base Rate in effect for such day and (y) the
          principal amount of such Series 2019-1 Class A-1 Swingline Loans and Unreimbursed L/C Drawings outstanding as of the close of business on such day divided by (ii) 365 (or 366, as applicable); plus

     

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

     

    “Class A-1 Estimated Quarterly Commitment Fee” means,
        with respect to any Interest Accrual Period, an amount equal to the sum of (a) the product of (i) the Estimated Daily Commitment Fees Amount for
        such Interest Accrual Period and (ii) the number of days in such Interest Accrual Period, and (b) the amount of any Series 2019-1 Class A-1 Quarterly Commitment Fees Shortfall Amount for the immediately preceding Interest Accrual Period together
        with additional interest thereon as set forth in Section 3.04(a).

     

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

     

    “Class A-1 Extension Fees” means the fees payable
        pursuant to the Series 2019-1 Class A-1 VFN Fee Letter in connection with the extension of a Commitment Termination Date.

     

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

     

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

     

    
      A-2

      
        

    

     

    

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

     

      

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

     

      

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

     

    

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

     

    “Class A-1 Order of Distribution” shall mean the priorities of distribution set forth in in Section 4.02(a) and (b) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

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

     

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

     

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

     

    “Class A-2 Quarterly Interest” means, with respect to any Interest Accrual Period, an amount equal to the sum of (i) the accrued interest at the Series 2019-1 Class A-2 Note Rate on the Series
      2019-1 Class A-2 Outstanding Principal Amount (excluding, for the avoidance of doubt, Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount), calculated based on a 360-day year of twelve 30-day months and (ii) the amount of any Class A-2
      Quarterly Interest Shortfall Amount  for the immediately preceding Interest Accrual Period together with additional interest thereon as set forth in Section 3.05(a).

     

    
      A-3

      
        

    

     

    

    “Commitments” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

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

     

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

     

    “Commitment Termination Date” has the meaning set forth
        in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Committed Note Purchaser” has the meaning set forth in the preamble to the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Conduit Investors” has the meaning set forth in the preamble to the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “CP Advance” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “CP Rate” has the meaning set forth in Section 1.02 of
        the Series 2019-1 Class A-1 Note Purchase Agreement.

     

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

     

    “Daily Post-Renewal Date Contingent Interest Amount”
        means, for any day during any Interest Accrual Period commencing on or after the Series 2019-1 Class A-1 Notes Renewal Date, the sum of (a) the result of (i) the product of (x) the Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate
        and (y) the Series 2019-1 Class A-1 Outstanding Principal Amount (excluding any Base Rate Advances and Undrawn L/C Face Amounts included therein) as of the close of business on such day divided by (ii) 360 and (b) the result of (i) the product of
        (x) the Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate and (y) any Base Rate Advances included in the Series 2019-1 Class A-1 Outstanding Principal Amount as of the close of business on such day divided by (ii) 365 or 366, as
        applicable.

     

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

     

    
      A-4

      
        

    

     

    

    “Definitive Notes” has the meaning set forth in Section 4.02(c) of the Series 2019-1 Supplement.

     

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

     

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

     

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

     

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

     

    “Estimated Class A-1 Daily Interest Amount” means (a)
        for the first Interest Accrual Period, the Class A-1 Daily Interest Amount as of the Series 2019-1 Closing Date and (b) for any other Interest Accrual Period,
        the Class A-1 Daily Interest Amount for the first day of the Quarterly Collection Period during which such Interest Accrual Period commenced.

     

    “Estimated Daily Commitment Fees Amount” means (a) for
        the first Interest Accrual Period, the Daily Commitment Fees Amount as of the Series 2019-1 Closing Date and (b) for any other Interest Accrual Period, the Daily
        Commitment Fees Amount for the first day of the Quarterly Collection Period during which such Interest Accrual Period commenced.

     

    “Eurodollar Advance” has the meaning set forth in
        Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Eurodollar Rate” has the meaning set forth in Section
        1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

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

     

    “Funding Agent” has the meaning set forth in the preamble to the Series 2019-1 Class A‐1 Note Purchase Agreement.

     

    

     “Increase” has the meaning set forth in Section 2.01(a) of the Series 2019-1 Supplement.

     

    “Initial Purchasers” means, collectively, Guggenheim Securities, LLC, Morgan Stanley & Co. LLC, Rabo Securities U.S.A., Inc., BofA Securities Inc. and
        Wells Fargo Securities LLC.

     

    “Investor” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A‐1 Note Purchase Agreement.

     

    “Investor Group Supplement” has the meaning set forth in Section 9.17(c) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

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

     

    “L/C Commitment” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “L/C Issuing Bank” has the meaning set forth in Section 2.07(g) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    
      A-5

      
        

    

     

    

    “L/C Quarterly Fees” has the meaning set forth in Section 2.07(d) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “L/C Obligations” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “L/C Provider” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Letter of Credit” has the meaning set forth in Section 2.07(a) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Make-Whole End Date” has the meaning set forth in Section 3.06(e) of the Series 2019-1 Supplement.

     

    “Mandatory Decrease” has the meaning set forth in the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Offering Memorandum” means the offering memorandum for the offering of the Series 2019-1 Class A-2 Notes, dated June 28, 2019, prepared by the Master Issuer.

     

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

     

    “Permanent Regulation S Global Notes” has the meaning set forth in Section 4.02(b) of the Series 2019-1 Supplement.

     

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

     

    “Plan Fiduciary” has the meaning set forth in Section 4.05(l) of the Series 2019-1 Supplement.

     

    “Prepayment Notice” has the meaning set forth in Section 3.06(g) of the Series 2019-1 Supplement.

     

    “Prepayment Record Date” means, with respect to the date of any Series 2019-1 Prepayment, the last day of the calendar month immediately preceding the date of such Series 2019-1 Prepayment
      unless such last day is less than ten (10) Business Days prior to the date of such Series 2019-1 Prepayment, in which case the “Prepayment Record Date” will be the last day of the second calendar month immediately preceding the date of such Series
      2019-1 Prepayment.

     

    “Quarterly Scheduled Principal Amount” means, with respect to any Quarterly Payment Date, (i) with respect to the Series 2019-1 Class A-2-I Notes, $1,437,500, (ii) with respect to the Series
      2019-1 Class A-2-II Notes, $687,500 and (iii) with respect to the Series 2019-1 Class A-2-III Notes, $1,125,000; provided that amounts paid to the Series 2019-1 Class A-2 Noteholders in respect of the Series 2019-1 Class A-2 Outstanding
      Principal Amount (x) in respect of amounts allocated pursuant to priority (i)(D) of the Priority of Payments shall reduce the respective Quarterly Scheduled Principal Amounts ratably and (y) as optional prepayments pursuant to Section
        3.06(f) shall reduce all remaining Quarterly Scheduled Principal Amounts with respect to the applicable Tranche ratably.  Series 2019-1 Class A-2 Notes that are cancelled pursuant to Section 2.14 of the Base Indenture shall reduce the
      applicable Quarterly Scheduled Principal Amounts prior to the applicable Series 2019-1 Anticipated Repayment Date ratably based on the Outstanding Principal Amount of such Series 2019-1 Class A-2 Notes.  For purposes of the Base Indenture, Quarterly
      Scheduled Principal Amounts shall be deemed to be “Scheduled Principal Payments”.

     

    
      A-6

      
        

    

     

    

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

     

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

     

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

     

    “Rating Agency” means S&P, KBRA and any respective successor or successors thereto.  Solely with respect to the Series 2019-1 Class A-2 Notes, in the event that at any time the rating
      agency rating the Series 2019-1 Class A-2 Notes does not include S&P and/or KBRA, references to rating categories of S&P and/or KBRA in this Series Supplement shall be deemed instead to be references to the equivalent categories of such other
      rating agency as then is rating the Notes as of the most recent S&P and/or KBRA date on which such other rating agency and S&P and/or KBRA published ratings for the type of security in respect of which such alternative rating agency is used.

     

    “Regulation S” means Regulation S promulgated under the 1933 Act.

     

    “Regulation S Global Notes” means, collectively, the Temporary Regulation S Global Notes and the Permanent Regulation S Global Notes.

     

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

     

    	 	
            Length of Fiscal Quarter

          
	
            Week

          	
            12-week quarter

          	
            13-week quarter

          	
            16-week quarter

          
	
            1

          	
            –

          	
            –

          	
            –

          
	
            2

          	
            –

          	
            –

          	
            –

          
	
            3

          	
            –

          	
            –

          	
            –

          
	
            4

          	
            45%

          	
            45%

          	
            –

          
	
            5

          	
            45%

          	
            45%

          	
            –

          
	
            6

          	
            45%

          	
            45%

          	
            45%

          
	
            7

          	
            80%

          	
            80%

          	
            45%

          
	
            8

          	
            80%

          	
            80%

          	
            45%

          
	
            9

          	
            100%

          	
            100%

          	
            45%

          
	
            10

          	
            100%

          	
            100%

          	
            80%

          
	
            11

          	
            100%

          	
            100%

          	
            80%

          
	
            12

          	
            100%

          	
            100%

          	
            80%

          
	
            13

          	
            N/A

          	
            100%

          	
            100%

          
	
            14

          	
            N/A

          	
            N/A

          	
            100%

          
	
            15

          	
            N/A

          	
            N/A

          	
            100%

          
	
            16

          	
            N/A

          	
            N/A

          	
            100%

          

    

    

    
      A-7

      
        

    

     

    “Restricted Period” means, with respect to any Series 2019-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on the Series 2019-1 Closing Date and ending on the 40th day after the Series 2019-1 Closing Date.

     

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

     

    “Rule 144A Global Notes” has the meaning set forth in Section 4.02(a) of the Series 2019-1 Supplement.

     

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

     

    “Senior Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection
        Period and the Interest Accrual Period beginning during such Quarterly Collection Period (or to the extent necessary to cover any Class A-1 Final Interest Adjustment Amount with respect to the Interest Accrual Period ending in such Quarterly
        Collection Period, as provided for in clause (iii) of “Senior Notes Accrued Quarterly Interest Amount (Class A-1)”), an amount equal to the sum
        of Senior Notes Accrued Quarterly Interest Amount (Class A-1) and Senior Notes Accrued Quarterly Interest Amount (Class A-2) for such Weekly Allocation Date.  For purposes of the Base Indenture, the Senior Notes Accrued Quarterly Interest Amount
        shall be deemed to be a “Senior Notes Accrued Quarterly Interest Amount”.

     

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

     

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

     

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

     

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

     

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

     

    
      A-8

      
        

    

     

    

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

     

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

     

    “Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the sum of (i) the
      product of (1) the applicable Weekly Allocation Percentage and (2) the aggregate of each interest amount designated hereunder as a “Senior Notes Quarterly Post-ARD Contingent Interest Amount” for purposes of the Base Indenture (collectively, the “Designated

        SNQPCIA”) due on the Quarterly Payment Date in the next succeeding Quarterly Collection Period and (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Shortfall for such Weekly
      Allocation Date, until such Designated SNQPCIA shall have been allocated in full.  For purposes of the Base Indenture, the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount shall be deemed to
        be a “Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount”.

     

    “Senior Notes Accrued Quarterly Post-ARD Contingent Interest Shortfall” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any
      other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the aggregate amount allocated to the Senior Notes Post-ARD Contingent Interest Account with respect to the Series 2019-1 Notes on each
      preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for all such preceding Weekly Allocation Dates.

     

    “Series 2019-1 Anticipated Repayment Date” has the meaning set forth in Section 3.06(b) of the Series 2019-1 Supplement.  For purposes of the Base Indenture, the Series 2019-1
      Anticipated Repayment Date shall be deemed to be a “Series Anticipated Repayment Date”.

     

    “Series 2019-1 Class A-1 Administrative Expenses”
        means, for any Weekly Allocation Date, the aggregate amount of any Administrative Agent Fees and Class A-1 Amendment Expenses then due and payable and not previously paid and, if the following Quarterly Payment Date is a Series 2019-1 Class A-1
        Notes Renewal Date, the amount of any Class A-1 Extension Fees due and payable on such Quarterly Payment Date.  For purposes of the Base Indenture, the Series 2019-1 Class A-1 Administrative Expenses shall be deemed to be “Class A-1 Notes
        Administrative Expenses”.

     

    
      A-9

      
        

    

     

    

    “Series 2019-1 Class A-1 Advance” has the meaning set
        forth in the recitals to the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Series 2019-1 Class A-1 Advance Notes” has the meaning set forth in “Designation” in the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-1 Advance Request” has the meaning set forth under “Advance Request” in this Annex A.

     

    “Series 2019-1 Class A-1 Breakage Amount” has the meaning set forth under the “Breakage Amount” in this Annex A.

     

    “Series 2019-1 Class A-1 Commitments” has the meaning set forth under “Commitments” in this Annex A.

     

    “Series 2019-1 Class A-1 Commitment Term” has the meaning set forth in under “Commitment Term” in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Series 2019-1 Class A-1 Distribution Account” means account no. 12206200 entitled “Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Series 2019-1 – Series 2019-1 Distribution Account”
      maintained by the Trustee pursuant to Section 3.07(a) of the Series 2019-1 Supplement or any successor securities account maintained pursuant to Section 3.07(a) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-1 Distribution Account Collateral” has the meaning set forth in Section 3.07(b) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-1 Excess Principal Event” shall be deemed to have occurred if, on any date, the Series 2019-1 Class A-1 Outstanding Principal Amount exceeds the Series 2019-1 Class A-1
      Notes Maximum Principal Amount.

     

    “Series 2019-1 Class A-1 Initial Advance” has the meaning set forth in Section 2.01(a) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-1 Initial Advance Principal Amount” means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-1 Advance Notes corresponding to the aggregate
      amount of the Series 2019-1 Class A-1 Initial Advances made on the Series 2019-1 Closing Date pursuant to Section 2.01(a) of the Series 2019-1 Supplement, which is $0.

     

    “Series 2019-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount” means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-1 L/C Note of the L/C Provider
      corresponding to the aggregate Undrawn L/C Face Amounts of the Letters of Credit issued on the Series 2019-1 Closing Date pursuant to Section 2.07 of the Series 2019-1 Class A-1 Note Purchase Agreement, which is
      $76,798,364.16.

     

    “Series 2019-1 Class A-1 Initial Swingline Principal Amount” means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Swingline Loans made on the Series 2019-1 Closing Date pursuant to Section 2.06 of the Series 2019-1 Class A-1 Note Purchase Agreement, which is $0.

     

    “Series 2019-1 Class A-1 Investor” has the meaning set forth under “Investor” in this Annex A.

     

    
      A-10

      
        

    

     

    

    “Series 2019-1 Class A-1 L/C Notes” has the meaning set forth in “Designation” in the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-1 L/C Obligations” has the meaning set forth under “L/C Obligations” in this Annex A.

     

    “Series 2019-1 Class A-1 Legal Final Maturity Date” is the Quarterly Payment Date occurring in August 2049.

     

    “Series 2019-1 Class A-1 Note Purchase Agreement” means the Class A-1 Note Purchase Agreement, dated as of July 8, 2019, by and among the Master Issuer, the Guarantors, the Manager, the Series
      2019-1 Class A-1 Investors, the Series 2019-1 Class A-1 Noteholders and Coöperatieve Rabobank, U.A., New York Branch, as administrative agent thereunder, pursuant to which the Series 2019-1 Class A-1 Noteholders have agreed to purchase the Series
      2019-1 Class A-1 Notes from the Master Issuer, subject to the terms and conditions set forth therein, as amended, supplemented or otherwise modified from time to time.  For purposes of the Base Indenture, the Series 2019-1 Class A-1 Note Purchase
      Agreement shall be deemed to be a “Variable Funding Note Purchase Agreement”.

     

    “Series 2019-1 Class A-1 Note Rate” means, for any day,
        (a) with respect to any portion of the Series 2019-1 Class A-1 Outstanding Principal Amount as of such day, the CP Rate, the Eurodollar Rate or the Base Rate, as applicable thereto pursuant to the Series 2019-1 Class A-1 Note Purchase Agreement for
        such day, and (b) with respect to any other amounts that any Related Document provides is to bear interest by reference to the Series 2019-1 Class A-1 Note Rate, the Base Rate in effect for such day.

     

    “Series 2019-1 Class A-1 Noteholder” means the Person in whose name a Series 2019-1 Class A-1 Note is registered in the Note Register.

     

    “Series 2019-1 Class A-1 Notes” has the meaning set forth in “Designation” in the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-1 Notes Amortization Event” means that the Outstanding Principal Amount of the Series 2019-1 Class A-1 Notes is not paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) on or prior to the Series 2019-1 Class A-1 Notes Renewal Date.  For purposes of the Base
        Indenture, a Series 2019-1 Class A-1 Notes Amortization Event shall be deemed to be a “Class A-1 Notes Amortization Event”.

     

    “Series 2019-1 Class A-1 Notes Amortization Period”
        means the period commencing on the date on which a Series 2019-1 Class A-1 Notes Amortization Event occurs and ending on the date on which there are no Series 2019-1 Class A-1 Notes Outstanding.  For purposes of the Base Indenture, a Series 2019-1
        Class A-1 Notes Amortization Period shall be deemed to be a “Class A-1 Notes Amortization Period”.

     

    “Series 2019-1 Class A-1 Notes Maximum Principal Amount” means $150,000,000, as such amount may be reduced pursuant to Section 2.05 of the
      Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Series 2019-1 Class A-1 Notes Renewal Date” means (i)
        the Quarterly Payment Date in August 2024, (ii) if the date in clause (i) is extended at such time to the Quarterly Payment Date in August 2025,
        the Quarterly Payment Date in August 2025, and (iii) if the date in clause (ii) is extended at such time to the Quarterly Payment Date in August
        2026, the Quarterly Payment Date in August 2026, in each case pursuant to Section 3.06(b) of this Series Supplement.  For purposes of the Base
        Indenture, the Series 2019-1 Class A-1 Notes Renewal Date shall be deemed to be a “Class A-1 Notes Renewal Date”.

     

    
      A-11

      
        

    

     

    

    “Series 2019-1 Class A-1 Outstanding Principal Amount”
        means, when used with respect to any date, an amount equal to (a) the Series 2019-1 Class A-1 Initial Advance Principal Amount, if any, minus
        (b) the amount of principal payments (whether pursuant to a Decrease, a prepayment, a redemption or otherwise) made on the Series 2019-1 Class A-1 Advance Notes on or prior to such date plus (c) any Increases in the Series 2019-1 Class A-1 Outstanding Principal Amount pursuant to Section 2.01 of
        the Series 2019-1 Supplement resulting from Series 2019-1 Class A-1 Advances made on or prior to such date and after the Series 2019-1 Closing Date plus (d) any Series 2019-1 Class A-1 Outstanding Subfacility Amount on such date; provided that at no time may the Series 2019-1 Class A-1 Outstanding Principal Amount exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount.  For purposes of the Base Indenture, the Series 2019-1 Class A-1
        Outstanding Principal Amount shall be deemed to be an “Outstanding Principal Amount”.

     

    “Series 2019-1 Class A-1 Outstanding Subfacility Amount” means, when used with respect to any date, the aggregate principal amount of any Series 2019-1 Class A-1 Swingline Notes and Series
      2019-1 Class A-1 L/C Notes outstanding on such date (after giving effect to Subfacility Increases or Subfacility Decreases therein to occur on such date pursuant to the terms of the Series 2019-1 Class A-1 Note Purchase Agreement or the Series 2019-1
      Supplement).

     

    “Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Amount” means, for any Interest Accrual Period commencing on or after the Series 2019-1 Class A-1 Notes Renewal Date, an amount equal to the sum of the aggregate of the Daily Post-Renewal Date Contingent Interest
        Amounts for each day in such Interest Accrual Period.  For purposes of the Base Indenture, the Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Amount shall be deemed to be a “Senior Notes Quarterly Post-ARD Contingent Interest
        Amount”.

     

    “Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate” has the meaning set forth in Section 3.04(c) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-1 Subfacility Noteholder” means the Person in whose name a Series 2019-1 Class A-1 Swingline Note or Series 2019-1 Class A-1 L/C Note is registered in the Note Register.

     

    “Series 2019-1 Class A-1 Swingline Loan” has the
        meaning set forth under “Swingline Loan” in this Annex A.

     

    “Series 2019-1 Class A-1 Swingline Notes” has the
        meaning set forth in “Designation” of the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-1 VFN Fee Letter” means the Fee
        Letter, dated as of the Series 2019-1 Closing Date, by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, the Committed Note
        Purchasers, the Funding Agents, the L/C Provider, the Swingline Lender, and the Administrative Agent, as the same may be amended, supplemented or otherwise modified from time to time pursuant to the terms thereof.

     

    “Series 2019-1 Class A-2 Distribution Account” means account no. 12206300 entitled “Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Series 2019-1 – Series 2019-1 Distribution Account”
      maintained by the Trustee pursuant to Section 3.08(a) of the Series 2019-1 Supplement or any successor securities account maintained pursuant to Section 3.08(a) of the Series 2019-1 Supplement.

     

    
      A-12

      
        

    

     

    

    “Series 2019-1 Class A-2 Distribution Account Collateral” has the meaning set forth in Section 3.08(b) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-2 Initial Principal Amount” means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-2 Notes, which is $1,300,000,000.

     

    “Series 2019-1 Class A-2 Legal Final Maturity Date” means the Quarterly Payment Date occurring in August 2049.

     

    “Series 2019-1 Class A-2 Make-Whole Premium Calculation Date” has the meaning set forth in Section 3.06(g) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-2 Make-Whole Prepayment Premium” means, with respect to a Series 2019-1 Class A-2 Prepayment, an amount (not less than zero) calculated by the Manager on behalf of the
      Master Issuer equal to (A) if such Series 2019-1 Class A-2 Prepayment occurs prior to the relevant Make-Whole End Date with respect to the applicable Tranche (i) the discounted present value as of the relevant Series 2019-1 Class A-2 Make-Whole
      Premium Calculation Date of all future installments of interest (excluding any interest required to be paid on the applicable Series 2019-1 Prepayment Date) on and principal of such Tranche (or portion thereof) being prepaid that the Master Issuer
      would otherwise be required to pay on such Tranche (or such portion thereof to be prepaid) from the applicable Series 2019-1 Prepayment Date to and including the Make-Whole End Date with respect to such Tranche, assuming that (x) principal payments
      of Quarterly Scheduled Principal Amounts are made pursuant to the then-applicable schedule of payments (giving effect to any ratable reductions in the Quarterly Scheduled Principal Amounts due to optional and mandatory prepayments, including
      prepayments in connection with a Rapid Amortization Event and cancellations of repurchased Notes prior to the date of such repayment), (y) Quarterly Scheduled Principal Amounts (or ratable amounts thereof based on the principal of such Tranche (or
      portion thereof) being prepaid) are to be made with respect to such Tranche (or portion thereof to be prepaid) on each Quarterly Payment Date prior to such Make-Whole End Date and (z) the entire remaining unpaid principal amount of such Tranche (or
      portion thereof) is paid on such Make-Whole End Date minus (ii) the Outstanding Principal Amount of such Tranche (or portion thereof) being prepaid or (B) if such Series 2019-1 Class A-2 Prepayment occurs on or after the Make-Whole End Date
      with respect to the applicable Tranche, zero.  For the purposes of the calculation of the discounted present value in clause (A)(i) above, such present value shall be determined by the Manager, on behalf of the Master Issuer, using a discount
      rate equal to the sum of:  (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 2019-1 Class A-2 Make-Whole Premium Calculation Date, of the United States Treasury Security having a maturity closest to the relevant
      Make-Whole End Date plus (y) 0.50%.  For purposes of the Base Indenture, Series 2019-1 Class A-2 Make-Whole Prepayment Premium shall be deemed to be “unpaid premiums and make-whole prepayment premiums” for purposes of the Priority of
      Payments.

     

    “Series 2019-1 Class A-2 Note Purchase Agreement” means the Purchase Agreement, dated as of June 28, 2019, by and among Guggenheim Securities, LLC, on behalf of itself and as representative of
      the Initial Purchasers, the Master Issuer, the Guarantors, the Manager, Jack in the Box Eastern Division L.P., JBX General Partner LLC and JBX Limited Partner LLC, as amended, supplemented or otherwise modified from time to time.

     

    “Series 2019-1 Class A-2 Note Rate” means (i) with respect to the Series 2019-1 Class A-2-I Notes, the Series 2019-1 Class A-2-I Note Rate, (ii) with respect to the Series 2019-1 Class A-2-II
      Notes, the Series 2019-1 Class A-2-II Note Rate and (iii) (ii) with respect to the Series 2019-1 Class A-2-III Notes, the Series 2019-1 Class A-2-III Note Rate.

     

    
      A-13

      
        

    

     

    

    “Series 2019-1 Class A-2 Noteholder” means the Person in whose name a Series 2019-1 Class A-2 Note is registered in the Note Register.

     

    “Series 2019-1 Class A-2-I Note Rate” means 3.982% per annum.

     

    “Series 2019-1 Class A-2-II Note Rate” means 4.476% per annum.

     

    “Series 2019-1 Class A-2-III Note Rate” means 4.970% per annum.

     

    “Series 2019-1 Class A-2 Notes” has the meaning set forth in “Designation” of the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-2 Outstanding Principal Amount” means, when used with respect to any date, an amount equal to (a) the Series 2019-1 Class A-2 Initial Principal Amount, minus
      (b) the aggregate amount of principal payments (whether a Quarterly Scheduled Principal Amount, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series 2019-1 Class A-2 Noteholders with respect to Series 2019-1 Class A-2
      Notes on or prior to such date.  For purposes of the Base Indenture, the Series 2019-1 Class A-2 Outstanding Principal Amount shall be deemed to be an “Outstanding Principal Amount”.

     

    “Series 2019-1 Class A-2 Prepayment” has the meaning set forth in Section 3.06(e) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Class A-2 Prepayment Date” means the date on which any prepayment on the Series 2019-1 Class A-2 Notes is made pursuant to Section 3.06(d), Section 3.06(f) or Section
        3.06(j) of this Series Supplement, which shall be, with respect to any Series 2019-1 Class A-2 Prepayment pursuant to Section 3.6(f) of this Series Supplement, the date specified as such in the applicable Prepayment Notice and, with
      respect to any Series 2019-1 Class A-2 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date.

     

     “Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest” has the meaning set forth in Section 3.05(b)(i). 
      For purposes of the Base Indenture, the Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be deemed to be a “Senior Notes Quarterly Post-ARD Contingent Interest Amount”.

     

    “Series 2019-1 Closing Date” means July 8, 2019.  For purposes of the Base Indenture, the Series 2019-1 Closing Date shall be deemed the “Series Closing Date” with respect to the Series 2019-1
      Notes.

     

    “Series 2019-1 Distribution Accounts” means, collectively, the Series 2019-1 Class A-1 Distribution Account and the Series 2019-1 Class A-2 Distribution Account.  For purposes of the Base
      Indenture, the Series 2019-1 Distribution Accounts shall be deemed to be “Series Distribution Accounts”.

     

    “Series 2019-1 Extension Elections” means, collectively, the Series 2019-1 First Extension Election and the Series 2019-1 Second Extension Election.

     

    “Series 2019-1 Final Payment” means the payment of all accrued and unpaid interest on and principal of all Outstanding Series 2019-1 Notes, the expiration or cash collateralization in
      accordance with the terms of the Series 2019-1 Class A-1 Note Purchase Agreement of all Undrawn L/C Face Amounts (after giving effect to the provisions of Section 4.04 of the Series 2019-1 Class A-1 Note Purchase Agreement), the payment of all fees
      and expenses and other amounts then due and payable under the Series 2019-1 Class A-1 Note Purchase Agreement and the termination in full of all Series 2019-1 Class A-1 Commitments.

     

    
      A-14

      
        

    

     

    

    “Series 2019-1 Final Payment Date” means the date on which the Series 2019-1 Final Payment is made.

     

    “Series 2019-1 First Extension Election” has the meaning set forth in Section 3.06(b)(i) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Global Notes” means, collectively, the Regulation S Global Notes and the Rule 144A Global Notes.

     

    “Series 2019-1 Ineligible Account” has the meaning set forth in Section 3.11 of the Series 2019-1 Supplement.

     

    “Series 2019-1 Legal Final Maturity Date” means, (i) with respect to the Series 2019-1 Class A-1 Notes, the Series 2019-1 Class A-1 Legal Final Maturity Date and (ii) with respect to the
      Series 2019-1 Class A-2 Notes, the Series 2019-1 Class A-2 Legal Final Maturity Date.  For purposes of the Base Indenture, the Series 2019-1 Legal Final Maturity Date shall be deemed to be a “Series Legal Final Maturity Date”.

     

    “Series 2019-1 Non-Amortization Test” means a test that will be satisfied on any Quarterly Payment Date only if both (i) the Holdco Leverage Ratio is less than or equal to 5.00x as calculated
      on the Quarterly Calculation Date immediately preceding such Quarterly Payment Date and (ii) no Rapid Amortization Event has occurred and is continuing.  For purposes of the Base Indenture, the Series 2019-1 Non-Amortization Test shall be deemed to
      be a “Series Non-Amortization Test”.

     

    “Series 2019-1 Note Owner” means, with respect to a Series 2019-1 Note that is a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of
      the Clearing Agency that holds such Book-Entry Note, or on the books of a Person maintaining an account with such Clearing Agency (directly or as an indirect participant, in accordance with the rules of such Clearing Agency).

     

    “Series 2019-1 Noteholders” means, collectively, the Series 2019-1 Class A-1 Noteholders and the Series 2019-1 Class A-2 Noteholders.

     

    “Series 2019-1 Notes” has the meaning set forth in “Designation” in the Series 2019-1 Supplement.

     

    “Series 2019-1 Outstanding Principal Amount” means, with respect to any date, the sum of the Series 2019-1 Class A-1 Outstanding Principal Amount, plus the Series 2019-1 Class A-2
      Outstanding Principal Amount.

     

    “Series 2019-1 Prepayment” means a Series 2019-1 Class A-2 Prepayment, a prepayment in respect of the Series 2019-1 Class A-1 Notes or any other prepayment in respect of the Series 2019-1
      Notes pursuant to Section 3.06(e), (f) and (k).

     

    “Series 2019-1 Prepayment Amount” means the aggregate principal amount of the applicable Class(es) or Tranche(s) of Notes to be prepaid on any Series 2019-1 Prepayment Date, together with all
      accrued and unpaid interest thereon to such date.

     

    
      A-15

      
        

    

     

    

    “Series 2019-1 Prepayment Date” means the date on which any prepayment on the Series 2019-1 Class A-1 Notes or the Series 2019-1 Class A-2 Notes is made pursuant to Section 3.06(d)(i),
      Section 3.06(d)(ii), Section 3.06(f) or Section 3.06(j) of this Series Supplement, which shall be, with respect to any Series 2019-1 Prepayment pursuant to Section 3.06(f) of this Series Supplement, the date specified
      as such in the applicable Prepayment Notice and, with respect to any Series 2019-1 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date.

     

    “Series 2019-1 Second Extension Election” has the meaning set forth in Section 3.06(b)(ii) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Securities Intermediary” has the meaning set forth in Section 3.09(a) of the Series 2019-1 Supplement.

     

    “Series 2019-1 Senior Notes” means, collectively, the Series 2019-1 Class A-1 Notes and the Series 2019-1 Class A-2 Notes.

     

    “Series 2019-1 Senior Notes Quarterly Interest Amount”
        means, with respect to each Quarterly Payment Date, the aggregate amount of Senior Notes Accrued Quarterly Interest Amounts with respect to the related Quarterly Collection Period (assuming that each of the Senior Notes Accrued Quarterly Interest
        Shortfall (Class A-1), the Class A-1 Weekly Interest Adjustment Amount and the Senior Notes Accrued Quarterly Interest Shortfall (Class A-2) for each applicable Weekly Allocation Date were equal to zero) net of any allocated but unpaid negative
        Class A-1 Final Interest Adjustment Amount with respect to the related Interest Accrual Period.  While not otherwise used herein, for purposes of the Base Indenture, the Series 2019-1 Senior Notes Quarterly Interest Amount shall be deemed to be a
        “Senior Notes Quarterly Interest Amount”.

     

    “Series 2019-1 Supplement” means the Series 2019-1 Supplement, dated as of the Series 2019-1 Closing Date by and among the Master Issuer, the Trustee and the Series 2019-1 Securities
      Intermediary, as amended, supplemented or otherwise modified from time to time.

     

    “Series 2019-1 Supplemental Definitions List” has the meaning set forth in Article I of the Series 2019-1 Supplement.

     

    “STAMP” has the meaning set forth in Section 4.03(a) of the Series 2019-1 Supplement.

     

    “Subfacility Decrease” has the meaning set forth in Section 2.02(d) of the Series 2019-1 Supplement.

     

    “Subfacility Increase” has the meaning set forth in Section 2.01(b) of the Series 2019-1 Supplement.

     

    “Swingline Commitment” has the meaning set forth in
        Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Swingline Lender” has the meaning set forth in Section
        1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Swingline Loans” has the meaning set forth in Section
        2.06(a) of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    
      A-16

      
        

    

     

    

    “Temporary Regulation S Global Notes” has the meaning set forth in Section 4.02(b) of the Series 2019-1 Supplement.

     

    “Tranche” means (i) the Series 2019-1 Class A-2-I Notes, (ii) the Series 2019-1 Class A-2-II Notes and (iii) the Series 2019-1 Class A-2-III Notes, each
        of which is hereby designated as a “Tranche” of the Series 2019-1 Class A-2 Notes for purposes of the Base Indenture.

     

    “Undrawn Commitment Fees” has the meaning set forth in
      Section 3.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Undrawn L/C Face Amounts” has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “Unreimbursed L/C Drawings” has the meaning set forth
        in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.

     

    “U.S. Person” has the meaning set forth in Section 4.02 of the Series 2019-1 Supplement.

     

    “Voluntary Decrease” has the meaning set forth in Section 2.02(b) of the Series 2019-1 Supplement.

     

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

     

    

     

    

  

  A-17Exhibit 10.1

  
    

    

  

  
    

    

     

    CLASS A-1 NOTE PURCHASE AGREEMENT

     
     

     
     

     
    (SERIES 2019-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1)

     
     

     
    dated as of July 8, 2019

     
     

     
    among

     
     

     
    JACK IN THE BOX FUNDING, LLC,

      as Master Issuer,

     
     

     
    JACK IN THE BOX SPV GUARANTOR, LLC,

     
    DIFFERENT RULES, LLC,

     
    JACK IN THE BOX PROPERTIES, LLC,

     
     

     
    each as a Guarantor,

     
     

     
    JACK IN THE BOX INC.,

      as Manager,

     
     

     
    CERTAIN CONDUIT INVESTORS,

      each as a Conduit Investor,

     
     

     
    CERTAIN FINANCIAL INSTITUTIONS,

      each as a Committed Note Purchaser,

     
     

     
    CERTAIN FUNDING AGENTS,

     
     

     
    COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH,

      as L/C Provider,

     
     

     
    COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH,

      as Swingline Lender,

     
     

     
    and

     
     

     
    COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH,

      as Administrative Agent

     
    

    

    
      

      

      

      

      

      

    

    
      
        

    

    
     

    

    TABLE OF CONTENTS

     

  

  
    
      	 	 Page
	 	 
	ARTICLE I DEFINITIONS	2

            
	
               

            	Section 1.01	Definitions	
              2

            
	
               

            	Section 1.02	Defined terms	2

            
	
               

            	
               

            	
               

            	

            
	ARTICLE II PURCHASE AND SALE OF SERIES 2019-1 CLASS A-1 NOTES	10

            
	
               

            	Section 2.01	
              The Initial Advance Notes 

              

            	10

            
	
               

            	Section 2.02	Advances	11

            
	
               

            	Section 2.03	Borrowing Procedures	12

            
	
               

            	Section 2.04	The Series 2019-1 Class A-1 Notes	15

            
	
               

            	Section 2.05	Reduction in Commitments	16

            
	
               

            	Section 2.06	Swingline Commitment	18

            
	
               

            	Section 2.07	L/C Commitment	21

            
	
               

            	
              Section 2.08 

              

            	L/C Reimbursement Obligations	25

            
	
               

            	
              Section 2.09 

              

            	
              L/C Participations 

              

            	27

            
	
               

            	
               

            	
               

            	
               

            
	ARTICLE III INTEREST AND FEES	29

            
	
               

            	Section 3.01	Interest	29

            
	
               

            	Section 3.02	Fees	31

            
	
               

            	Section 3.03	Eurodollar Lending Unlawful	31

            
	
               

            	
              Section 3.04 

              

            	Deposits Unavailable	31

            
	
               

            	Section 3.05	Increased Costs, etc.	33

            
	
               

            	Section 3.06	Funding Losses	33

            
	
               

            	Section 3.07	Increased Capital or Liquidity Costs	34

            
	
               

            	Section 3.08	Taxes	35

            
	
               

            	Section 3.09	Change of Lending Office	38

            
	
               

            	
               

            	
               

            	
               

            
	ARTICLE IV OTHER PAYMENT TERMS	39

            
	
               

            	Section 4.01	Time and Method of Payment (Amounts Distributed by the Administrative Agent)	39

            
	 	Section 4.02	Order of Distributions (Amounts Distributed by the Trustee or the Paying Agent)	39

            
	 	Section 4.03	L/C Cash Collateral	40

            
	 	Section 4.04	Alternative Arrangements with Respect to Letters of Credit	41
	 	 	 	

            
	ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS	41

            
	 	Section 5.01	Authorization and Action of the Administrative Agent	41

            
	 	Section 5.02 

            	Delegation of Duties	41

            
	 	Section 5.03	Exculpatory Provisions	42

            
	 	Section 5.04	Reliance	42

            
	 	Section 5.05	Non-Reliance on the Administrative Agent and Other Purchasers	42

            
	 	Section 5.06	The Administrative Agent in its Individual Capacity	43 

            

    

    

    

    
      i

      
        

    

    
     

    

    
      	
               

            	Section 5.07	Successor Administrative Agent; Defaulting Administrative Agent	43

            
	
               

            	Section 5.08	Authorization and Action of Funding Agents	45

            
	
               

            	Section 5.09	Delegation of Duties	45

            
	
               

            	Section 5.10	Exculpatory Provisions	45

            
	
               

            	Section 5.11	Reliance	46

            
	
               

            	Section 5.12	Non-Reliance on the Funding Agent and Other Purchasers	46

            
	
               

            	Section 5.13	The Funding Agent in its Individual Capacity	46

            
	
               

            	Section 5.14	Successor Funding Agent	46

            
	
               

            	
               

            	
               

            	
               

            
	ARTICLE VI REPRESENTATIONS AND WARRANTIES	46

            
	
               

            	Section 6.01

            	The Master Issuer and Guarantors	46

            
	
               

            	
              Section 6.02 

              

            	The Manager	49

            
	
               

            	Section 6.03	Lender Parties	49

            
	
               

            	
               

            	
               

            	
               

            
	ARTICLE VII CONDITIONS	50

            
	
               

            	Section 7.01	Conditions to Issuance and Effectiveness	50

            
	
               

            	Section 7.02	Conditions to Initial Extensions of Credit	50

            
	
               

            	Section 7.03	Conditions to Each Extension of Credit	51

            
	
               

            	
               

            	
               

            	
               

            
	ARTICLE VIII COVENANTS	52

            
	
               

            	Section 8.01	Covenants	52

            
	
               

            	
               

            	
               

            	
               

            
	ARTICLE IX MISCELLANEOUS PROVISIONS	54

            
	
               

            	Section 9.01	Amendments	54

            
	
               

            	Section 9.02	No Waiver; Remedies	55

            
	
               

            	Section 9.03	Binding on Successors and Assigns	55

            
	
               

            	Section 9.04	Survival of Agreement	56

            
	
               

            	Section 9.05	Payment of Costs and Expenses; Indemnification	56

            
	
               

            	Section 9.06	Characterization as Related Document; Entire Agreement	59

            
	
               

            	Section 9.07	Notices	59

            
	
               

            	Section 9.08	Severability of Provisions	59

            
	
               

            	Section 9.09	Tax Characterization	59

            
	
               

            	Section 9.10	No Proceedings; Limited Recourse	60

            
	
               

            	Section 9.11	Confidentiality	61

            
	
               

            	Section 9.12	GOVERNING LAW; CONFLICTS WITH INDENTURE	61

            
	
               

            	Section 9.13	JURISDICTION	62

            
	 	Section 9.14 

            	WAIVER OF JURY TRIAL	62

            
	 	Section 9.15	Counterparts	62

            
	 	Section 9.16	Third-Party Beneficiary	62

            
	 	Section 9.17	Assignment	62

            
	 	Section 9.18 

            	Defaulting Investors	65

            
	 	Section 9.19	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	65

            
	 	Section 9.20	Patriot Act	65

            

       

      

    

     

    
      ii

      
        

    

     
    
      	SCHEDULES AND EXHIBITS 
	SCHEDULE I

              	Investor Groups and Commitments
	SCHEDULE II	Notice Addresses for Lender Parties, Agents, Master Issuer and Manager
	SCHEDULE III

              	Additional Closing Conditions
	SCHEDULE IV	Letters of Credit
	
               

            	
               

            
	EXHIBIT A-1

              	Form of Advance Request
	EXHIBIT A-2	Form of Swingline Loan Request
	EXHIBIT B	Form of Assignment and Assumption Agreement
	EXHIBIT C	Form of Investor Group Supplement
	EXHIBIT D	Form of Purchaser’s Letter

    

    

      

    

    
    
      iii

      
        

    

     

    CLASS A-1 NOTE PURCHASE AGREEMENT

     

    THIS CLASS A-1 NOTE PURCHASE AGREEMENT, dated as of July 8, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time in
      accordance with the terms hereof, this “Agreement”), is made by and among:

     

    (a)            JACK

        IN THE BOX FUNDING, LLC, a Delaware limited liability company (the “Master Issuer”),

     

    (b)            JACK

        IN THE BOX SPV GUARANTOR, LLC, a Delaware limited liability company, DIFFERENT RULES, LLC, a Delaware limited liability company, and JACK IN THE BOX PROPERTIES, LLC, a Delaware limited liability company (each, a “Guarantor” and,
        collectively, the “Guarantors”),

     

    (c)            JACK

        IN THE BOX INC., a Delaware corporation, as the manager (the “Manager”),

     

    (d)            the

        several commercial paper conduits listed on Schedule I as Conduit Investors and their respective permitted successors and assigns (each, a “Conduit Investor” and, collectively, the “Conduit Investors”),

     

    (e)            the

        several financial institutions listed on Schedule I as Committed Note Purchasers and their respective permitted successors and assigns (each, a “Committed Note Purchaser” and, collectively, the “Committed Note Purchasers”),

     

    (f)            for

        each Investor Group, the financial institution entitled to act on behalf of the Investor Group set forth opposite the name of such Investor Group on Schedule I as Funding Agent and its permitted successors and assigns (each, the “Funding
          Agent” with respect to such Investor Group and, collectively, the “Funding Agents”),

     

    (g)            COÖPERATIEVE

        RABOBANK, U.A., NEW YORK BRANCH, as L/C Provider,

     

    (h)            COÖPERATIEVE

        RABOBANK, U.A., NEW YORK BRANCH, as Swingline Lender, and

     

    (i)            COÖPERATIEVE

        RABOBANK, U.A., NEW YORK BRANCH, in its capacity as administrative agent for the Conduit Investors, the Committed Note Purchasers, the Funding Agents, the L/C Provider and the Swingline Lender (together with its permitted successors and assigns in
        such capacity, the “Administrative Agent”).

     

    BACKGROUND

     

    1.            Contemporaneously

        with the execution and delivery of this Agreement, the Master Issuer and Citibank, N.A., as Trustee, are entering into the Series 2019-1 Supplement, of even date herewith (as the same may be amended, supplemented, amended and restated or otherwise
        modified from time to time in accordance with the terms thereof, the “Series 2019-1 Supplement”), to the Base Indenture, dated as of July 8, 2019 (as the same may be amended, supplemented, amended and restated or otherwise modified from time
        to time in accordance with the terms thereof, the “Base Indenture” and, together with the Series 2019-1 Supplement and any other supplement to the Base Indenture, the “Indenture”), by and between the Master Issuer and the Trustee,
        pursuant to which the Master Issuer will issue the Series 2019-1 Notes (as defined in the Series 2019-1 Supplement) in accordance with the Indenture.

     

    
      
        

    

    
     

    

    2.            The

        Master Issuer wishes to (a) issue the Series 2019-1 Class A-1 Advance Notes to each Funding Agent on behalf of the Investors in the related Investor Group, and obtain the agreement of the applicable Investors to make loans from time to time (each,
        an “Advance” or a “Series 2019-1 Class A-1 Advance” and, collectively, the “Advances” or the “Series 2019-1 Class A-1 Advances”) that will constitute the purchase of Series 2019-1 Class A‐1 Outstanding Principal Amounts
        on the terms and conditions set forth in this Agreement; (b) issue the Series 2019-1 Class A-1 Swingline Note to the Swingline Lender and obtain the agreement of the Swingline Lender to make Swingline Loans on the terms and conditions set forth in
        this Agreement; and (c) issue the Series 2019-1 Class A-1 L/C Note to the L/C Provider and obtain the agreement of the L/C Provider to provide Letters of Credit on the terms and conditions set forth in this Agreement. The Series 2019-1 Class A-1
        Advance Notes, the Series 2019-1 Class A-1 Swingline Note and the Series 2019-1 Class A-1 L/C Note constitute Series 2019-1 Class A-1 Notes. The Manager has joined in this Agreement to confirm certain representations, warranties and covenants made
        by it in favor of the Trustee and the Noteholders in the Related Documents for the benefit of each Lender Party.

     

    ARTICLE I

      DEFINITIONS

     

    Section 1.01          Definitions. 

        As used in this Agreement and unless the context requires a different meaning, capitalized terms used but not defined herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Series 2019-1
        Supplemental Definitions List attached to the Series 2019-1 Supplement as Annex A thereto or in the Base Indenture Definitions List attached to the Base Indenture as Annex A thereto, as applicable. Unless otherwise specified herein,
        all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections of this Agreement.

     

    Section 1.02           Defined terms.

    

    

    “Acquiring Committed Note Purchaser” has the meaning set forth in Section 9.17(a).

     

    “Acquiring Investor Group” has the meaning set forth in Section 9.17(c).

     

    “Affected Person” has the meaning set forth in Section 3.05.

     

    “Aggregate Unpaids” has the meaning set forth in Section 5.01.

     

    “Base Rate” means, on any day, a rate per annum equal to the sum of (a) (i) the greatest of (A) the Prime Rate in effect on such day, (B) the
      Federal Funds Rate in effect on such day plus 0.50% and (C) the Eurodollar Funding Rate for a Eurodollar Interest Accrual Period of one (1) month plus 0.50% plus (b) 1.60%; provided that any change in the Base Rate due to a change in
      the Prime Rate or the Federal Funds Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Rate, respectively; provided, further, that changes in any rate of
      interest calculated by reference to the Base Rate shall take effect simultaneously with each change in the Base Rate; provided, further, that the Base Rate will in no event be higher than the maximum rate permitted by applicable law.

     

    
      2

      
        

    

     

    

    “Base Rate Advance” means an Advance that bears interest at the Base Rate during such time as it bears interest at such rate, as provided in this
      Agreement.

     

    “Borrowing” has the meaning set forth in Section 2.02(c).

     

    “Change in Law” means (a) any law, rule or regulation or any change therein or in the interpretation or application thereof (whether or not having
      the force of law), in each case, adopted, issued or occurring after the Closing Date or (b) any request, guideline or directive (whether or not having the force of law) from any government or political subdivision or agency, authority, bureau,
      central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not a Governmental Authority) which is responsible for the establishment or
      interpretation of national or international accounting principles, in each case, whether foreign or domestic (each, an “Official Body”) charged with the administration, interpretation or application thereof, or the compliance with any request
      or directive of any Official Body (whether or not having the force of law) made, issued or occurring after the Closing Date; provided, however, for purposes of this definition, (i) the Dodd-Frank Wall Street Reform and Consumer
      Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
      Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof.

     

    “Commercial Paper” means, with respect to any Conduit Investor, the promissory notes issued in the commercial paper market by or for the benefit of
      such Conduit Investor.

     

    “Commitments” means the obligations of each Committed Note Purchaser included in each Investor Group to fund Advances pursuant to Section 2.02(a)
      and to participate in Swingline Loans and Letters of Credit pursuant to Sections 2.06 and 2.08, respectively, in an aggregate stated amount up to its Commitment Amount.

     

    “Commitment Amount” means, as to each Committed Note Purchaser, the amount set forth on Schedule I opposite such Committed Note Purchaser’s
      name as its Commitment Amount or, in the case of a Committed Note Purchaser that becomes a party to this Agreement pursuant to an Assignment and Assumption Agreement or Investor Group Supplement, the amount set forth therein as such Committed Note
      Purchaser’s Commitment Amount, in each case, as such amount may be (i) reduced pursuant to Section 2.05 or (ii) increased or reduced by any Assignment and Assumption Agreement or Investor Group Supplement entered into by such Committed Note
      Purchaser in accordance with the terms of this Agreement.

     

    
      3

      
        

    

     

    

    “Commitment Percentage” means, on any date of determination, with respect to any Investor Group, the ratio, expressed as a percentage, which such
      Investor Group’s Maximum Investor Group Principal Amount bears to the Series 2019-1 Class A-1 Notes Maximum Principal Amount on such date.

     

    “Commitment Term” means the period from and including the Closing Date to but excluding the earlier of (a) the Commitment Termination Date and
      (b) the date on which the Commitments are terminated or reduced to zero in accordance with this Agreement.

     

    “Commitment Termination Date” means the Series 2019-1 Class A-1 Notes Renewal Date (as such date may be extended pursuant to Section 3.06(b) of the
      Series 2019-1 Supplement).

     

    “Committed Note Purchaser Percentage” means, on any date of determination, with respect to any Committed Note Purchaser in any Investor Group, the
      ratio, expressed as a percentage, which the Commitment Amount of such Committed Note Purchaser bears to such Investor Group’s Maximum Investor Group Principal Amount on such date.

     

    “Conduit Assignee” means, with respect to any Conduit Investor, any commercial paper conduit whose Commercial Paper is rated by at least two of the
      Specified Rating Agencies and is rated at least “A-1” from Standard & Poor’s, “P-1” from Moody’s and/or “F1” from Fitch, as applicable, that is administered by the Funding Agent with respect to such Conduit Investor or any Affiliate of such
      Funding Agent, in each case, designated by such Funding Agent to accept an assignment from such Conduit Investor of the Investor Group Principal Amount or a portion thereof with respect to such Conduit Investor pursuant to Section 9.17(b).

     

    “Confidential Information” has the meaning set forth in Section 9.11.

     

    “CP Advance” means an Advance that bears interest at the CP Rate during such time as it bears interest at such rate, as provided in this Agreement.

     

    “CP Funding Rate” means, with respect to each Conduit Investor, for any day during any Interest Accrual Period, for any portion of the Advances
      funded or maintained through the issuance of Commercial Paper by such Conduit Investor, the per annum rate equivalent to the weighted average cost (as determined by the related Funding Agent, and which shall include (without duplication) the fees and
      commissions of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by such Conduit Investor, other borrowings by such Conduit
      Investor and any other costs associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper that are allocated, in whole or in part, by such Conduit Investor or its related Funding Agent to fund or maintain such
      Advances for such Interest Accrual Period (and which may also be allocated in part to the funding of other assets of the Conduit Investor); provided, however, that if any component of any such rate is a discount rate, in calculating
      the “CP Funding Rate” for such Advances for such Interest Accrual Period, the related Funding Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.

     

    
      4

      
        

    

     

    

    “CP Rate” means, on any day during any Interest Accrual Period, an interest rate per annum equal to the sum of (i) the CP Funding Rate for such
      Interest Accrual Period plus (ii) 2.10%; provided that the CP Rate will in no event be higher than the maximum rate permitted by applicable law.

     

    “Defaulting Administrative Agent Event” has the meaning set forth in Section 5.07(b).

     

    “Defaulting Investor” means any Investor that has (a) failed to make a payment required to be made by it under the terms of this Agreement within
      one (1) Business Day of the day such payment is required to be made by such Investor thereunder, (b) notified the Administrative Agent in writing that it does not intend to make any payment required to be made by it under the terms of this Agreement
      within one (1) Business Day of the day such payment is required to be made by such Investor thereunder or (c) become the subject of an Event of Bankruptcy.

     

    “Eligible Conduit Investor” means, at any time, any Conduit Investor whose Commercial Paper at such time is rated by at least two of the Specified
      Rating Agencies and is rated at least “A-1” from Standard & Poor’s, “P-1” from Moody’s and/or “F1” from Fitch, as applicable.

     

    “Eurodollar Advance” means an Advance that bears interest at the Eurodollar Rate during such time as it bears interest at such rate, as provided in
      this Agreement.

     

    “Eurodollar Business Day” means any Business Day on which dealings are also carried on in the London interbank market and banks are open for
      business in London.

     

    “Eurodollar Funding Rate” means, for any Eurodollar Interest Accrual Period, the rate per annum determined by the Administrative Agent at
      approximately 11:00 a.m. (London time) on the date that is two (2) Eurodollar Business Days prior to the beginning of such Eurodollar Interest Accrual Period by reference to the London interbank offered rate administered by ICE Benchmark
      Administration (or any other Person that takes over the administration of such rate) for U.S. Dollars for a period equal in length to such Eurodollar Interest Accrual Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the
      event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by
      the Administrative Agent from time to time in its reasonable discretion; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the “Eurodollar Funding Rate” shall be
      the rate (rounded upward, if necessary, to the nearest one hundred-thousandth of a percentage point), determined by the Administrative Agent to be the average of the offered rates for deposits in U.S. Dollars in the amount of $1,000,000 for a period
      of time comparable to such Eurodollar Interest Accrual Period which are offered by three leading banks in the London interbank market at approximately 11:00 a.m. (London time) on the date that is two (2) Eurodollar Business Days prior to the
      beginning of such Eurodollar Interest Accrual Period as selected by the Administrative Agent (unless the Administrative Agent is unable to obtain such rates from such banks, in which case it will be deemed that a Eurodollar Funding Rate cannot be
      ascertained for purposes of Section 3.04).  In respect of any Eurodollar Interest Accrual Period that is less than one (1) month in duration and if no Eurodollar Funding Rate is otherwise determinable with respect thereto in accordance with
      the preceding sentence of this definition, the Eurodollar Funding Rate shall be determined through the use of straight-line interpolation by reference to two rates calculated in accordance with the preceding sentence, one of which shall be determined
      as if the maturity of the U.S. Dollar deposits referred to therein were the period of time for which rates are available next shorter than the Eurodollar Interest Accrual Period and the other of which shall be determined as if such maturity were the
      period of time for which rates are available next longer than the Eurodollar Interest Accrual Period.

     

    
      5

      
        

    

     

    

    “Eurodollar Funding Rate (Reserve Adjusted)” means, for any Eurodollar Interest Accrual Period, an interest rate per annum (rounded upward to the
      nearest 1/100th of 1%) determined pursuant to the following formula:

     

    	
            Eurodollar Funding Rate

          	
            =

          	
            Eurodollar Funding Rate

             

            

          
	
            (Reserve Adjusted)

          	 	
            1.00 - Eurodollar Reserve Percentage

          

    

    

    The Eurodollar Funding Rate (Reserve Adjusted) for any Eurodollar Interest Accrual Period will be determined by the Administrative Agent on the basis of
      the Eurodollar Reserve Percentage in effect two (2) Eurodollar Business Days before the first day of such Eurodollar Interest Accrual Period.

     

    “Eurodollar Interest Accrual Period” means, with respect to any Eurodollar Advance, the period commencing on and including the Eurodollar Business
      Day such Advance first becomes a Eurodollar Advance in accordance with Section 3.01(b) and ending on but excluding a date, as elected by the Master Issuer pursuant to such Section 3.01(b), which is (i) one (1) month subsequent to such
      date, (ii) two (2) months subsequent to such date, (iii) three (3) months subsequent to such date or (iv) six (6) months subsequent to such date; provided, however, that no Eurodollar Interest Accrual Period may end subsequent to the
      second Business Day before the Quarterly Calculation Date occurring immediately prior to the then-current Series 2019-1 Class A-1 Notes Renewal Date and upon the occurrence and during the continuation of any Rapid Amortization Period or any Event of
      Default, any Eurodollar Interest Accrual Period with respect to the Eurodollar Advances of all Investor Groups may be terminated at the end of the then-current Eurodollar Interest Accrual Period (or, if the Class A-1 Notes have been accelerated in
      accordance with Section 9.02 of the Base Indenture, immediately), at the election of the Administrative Agent or Investor Groups holding in the aggregate more than 50% of the Eurodollar Tranche, by notice to the Master Issuer, the Manager, the
      Control Party and the Funding Agents, and upon such election the Eurodollar Advances in respect of which interest was calculated by reference to such terminated Eurodollar Interest Accrual Period shall be converted to Base Rate Advances.

     

    “Eurodollar Rate” means, on any day during any Eurodollar Interest Accrual Period, an interest rate per annum equal to the sum of (i) the Eurodollar
      Funding Rate (Reserve Adjusted) for such Eurodollar Interest Accrual Period plus (ii) 2.10%; provided that the Eurodollar Rate will in no event be higher than the maximum rate permitted by applicable law.

     

    “Eurodollar Reserve Percentage” means, for any Eurodollar Interest Accrual Period, the reserve percentage (expressed as a decimal) equal to the
      maximum aggregate reserve requirements (including all basic, emergency, supplemental, marginal and other reserves and taking into account any transitional adjustments or other scheduled changes in reserve requirements) specified under regulations
      issued from time to time by the F.R.S. Board and then applicable to liabilities or assets constituting “Eurocurrency Liabilities,” as currently defined in Regulation D of the F.R.S. Board, having a term approximately equal or comparable to such
      Eurodollar Interest Accrual Period.

     

    
      6

      
        

    

     

    

    “Eurodollar Tranche” means any portion of the Series 2019-1 Class A-1 Outstanding Principal Amount funded or maintained with Eurodollar Advances.

     

    “FATCA” means (a) Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively
      comparable and not materially more onerous to comply with) and any current or future Treasury regulations thereunder or official interpretations thereof, (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or
      relating to an intergovernmental agreement between the United States and any other jurisdiction with the purpose (in either case) of facilitating the implementation of (a) above, or (c) any agreement pursuant to the implementation of paragraphs (a)
      or (b) above with the U.S. Internal Revenue Service or any other Governmental Authority in the United States.

     

    “Federal Funds Rate” means, for any specified period, a fluctuating interest rate per annum equal for each day during such period to the weighted
      average of the overnight federal funds rates as published in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day, for the next
      preceding Business Day), or if, for any reason, such rate is not available on any day, the rate determined, in the reasonable opinion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national
      federal funds market at 9:00 a.m. (Eastern time).

     

    “F.R.S. Board” means the Board of Governors of the Federal Reserve System.

     

    “Increase” has the meaning set forth in Section 2.01(a) of the Series 2019-1 Supplement.

     

    “Interest Reserve Letter of Credit” means any letter of credit issued hereunder for the benefit of the Trustee and the Senior Noteholders or the
      Senior Subordinated Noteholders, as applicable.

     

    “Investor” means any one of the Conduit Investors and the Committed Note Purchasers and “Investors” means the Conduit Investors and the
      Committed Note Purchasers collectively.

     

    “Investor Group” means (i) for each Conduit Investor, collectively, such Conduit Investor, the related Committed Note Purchaser(s) set forth
      opposite the name of such Conduit Investor on Schedule I (or, if applicable, set forth for such Conduit Investor in the Assignment and Assumption Agreement or Investor Group Supplement pursuant to which such Conduit Investor or Committed Note
      Purchaser becomes a party thereto), any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2019-1 Class A-1 Noteholder for such Investor Group) and (ii) for each other Committed Note Purchaser that is
      not related to a Conduit Investor, collectively, such Committed Note Purchaser, any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2019-1 Class A-1 Noteholder for such Investor Group).

     

    
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    “Investor Group Increase Amount” means, with respect to any Investor Group, for any Business Day, the portion of the Increase, if any, actually
      funded by such Investor Group on such Business Day.

     

    “Investor Group Principal Amount” means, with respect to any Investor Group, (a) when used with respect to the Closing Date, an amount equal to
      (i) such Investor Group’s Commitment Percentage of the Series 2019-1 Class A-1 Initial Advance Principal Amount, plus (ii) such Investor Group’s Commitment Percentage of the Series 2019-1 Class A-1 Outstanding Subfacility Amount outstanding on the
      Closing Date, and (b) when used with respect to any other date, an amount equal to (i) the Investor Group Principal Amount with respect to such Investor Group on the immediately preceding Business Day (excluding any Series 2019-1 Class A-1
      Outstanding Subfacility Amount included therein), plus (ii) the Investor Group Increase Amount with respect to such Investor Group on such date, minus (iii) the amount of principal payments made to such Investor Group on the Series 2019-1 Class A-1
      Advance Notes on such date, plus (iv) such Investor Group’s Commitment Percentage of the Series 2019-1 Class A-1 Outstanding Subfacility Amount outstanding on such date.

     

    “L/C Commitment” means the obligation of the L/C Provider to provide Letters of Credit pursuant to Section 2.07, in an aggregate Undrawn L/C
      Face Amount, together with any Unreimbursed L/C Drawings, at any one time outstanding not to exceed $80,000,000, as such amount may be reduced or increased pursuant to Section 2.07(g) or reduced pursuant to Section 2.05(b).

     

    “L/C Obligations” means, at any time, an amount equal to the sum of (i) any Undrawn L/C Face Amounts outstanding at such time and (ii) any
      Unreimbursed L/C Drawings outstanding at such time.

     

    “L/C Provider” means Rabobank, in its capacity as provider of any Letter of Credit under this Agreement, and its permitted successors and assigns in
      such capacity.

     

    “L/C Reimbursement Amount” has the meaning set forth in Section 2.08(a).

     

    “Lender Party” means any Investor, the Swingline Lender or the L/C Provider and “Lender Parties” means the Investors, the Swingline Lender
      and the L/C Provider, collectively.

     

    “Margin Stock” means “margin stock” as defined in Regulation U of the F.R.S. Board, as amended from time to time.

     

    “Maximum Investor Group Principal Amount” means, as to each Investor Group existing on the Closing Date, the amount set forth on Schedule I
      to this Agreement as such Investor Group’s Maximum Investor Group Principal Amount or, in the case of any other Investor Group, the amount set forth as such Investor Group’s Maximum Investor Group Principal Amount in the Assignment and Assumption
      Agreement or Investor Group Supplement by which the members of such Investor Group become parties to this Agreement, in each case, as such amount may be (i) reduced pursuant to Section 2.05 of this Agreement or (ii) increased or reduced by
      any Assignment and Assumption Agreement or Investor Group Supplement entered into by the members of such Investor Group in accordance with the terms of this Agreement.

    

    

    
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    “Non-Excluded Taxes” has the meaning set forth in Section 3.08(a).

     

    “Non-Funding Committed Notes Purchaser” has the meaning set forth in Section 2.02(a).

     

    “Official Body” has the meaning set forth in the definition of “Change in Law.”

     

    “Program Support Agreement” means, with respect to any Investor, any agreement entered into by any Program Support Provider in respect of any
      Commercial Paper and/or Series 2019-1 Class A-1 Note of such Investor providing for the issuance of one or more letters of credit for the account of such Investor, the issuance of one or more insurance policies for which such Investor is obligated to
      reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Investor to any Program Support Provider of the Series 2019-1 Class A-1 Notes (or portions thereof or interests therein) and/or the making of loans and/or
      other extensions of credit to such Investor in connection with such Investor’s securitization program, together with any letter of credit, insurance policy or other instrument issued thereunder or guaranty thereof (but excluding any discretionary
      advance facility provided by a Committed Note Purchaser).

     

    “Program Support Provider” means, with respect to any Investor, any financial institutions and any other or additional Person now or hereafter
      extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, such Investor in respect of such Investor’s Commercial Paper and/or Series 2019-1 Class A-1 Note, and/or agreeing to issue a
      letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Investor’s securitization program as it relates to any Commercial Paper issued by such Investor, and/or holding equity
      interests in such Investor, in each case pursuant to a Program Support Agreement, and any guarantor of any such Person.

     

    “Reimbursement Obligation” means the obligation of the Master Issuer to reimburse the L/C Provider pursuant to Section 2.08 for amounts drawn under Letters of
      Credit.

     

    “Sale Notice” has the meaning set forth in Section 9.18(b).

     

    “Series 2019-1 Class A-1 Allocated Payment Reduction Amount” has the meaning set forth in Section 2.05(b)(iv).

     

    “Series 2019-1 Class A-1 Notes Exposure Amount” means, as of any date of determination, the excess (if any) of (1) the sum of the Series 2019-1
      Class A-1 Outstanding Principal Amount as of such date and the Undrawn L/C Face Amounts as of such date over (2) the aggregate amount Undrawn L/C Face Amounts that are cash collateralized.

     

    “Series 2019-1 Class A-1 Notes Other Amounts” means, as of any date of determination, the aggregate unpaid Breakage Amount, Indemnified
        Liabilities, Agent Indemnified Liabilities, Increased Capital Costs, Increased Costs, Increased Tax Costs, Pre-Closing Costs, Other Post-Closing Expenses and Out-of-Pocket Expenses then due and payable.  For purposes of the Base Indenture, the
      “Series 2019-1 Class A-1 Notes Other Amounts” shall be deemed to be “Class A-1 Notes Other Amounts.”

     

    
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    “Solvent” means with respect to any Person as of any date of determination, (i) the fair value of the assets of such Person will exceed its debts
      and liabilities, including contingent liabilities; (ii) the present fair saleable value of the property of such Person will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities as such
      debts and other liabilities become absolute and matured; (iii) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay such debts and liabilities as they mature; and (iv) such Person
      will not have unreasonably small capital with which to conduct the business in which it is engaged as such business is presently conducted and is proposed to be conducted after such date of determination, and no Event of Bankruptcy has occurred with
      respect to such Person.

     

     “Specified Rating Agencies” means any of Standard & Poor’s, Moody’s or Fitch, as applicable.

     

    “Swingline Commitment” means the obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.06 in an aggregate
      principal amount at any one time outstanding not to exceed $25,000,000, as such amount may be reduced or increased pursuant to Section 2.06(i) or reduced pursuant to Section 2.05(b).

     

    “Swingline Lender” means Rabobank, in its capacity as maker of Swingline Loans, and its permitted successors and assigns in such capacity.

     

    “Swingline Loan Request” has the meaning set forth in Section 2.06(b).

     

    “Swingline Participation Amount” has the meaning set forth in Section 2.06(f).

     

    “Undrawn L/C Face Amounts” means, at any time, the aggregate then undrawn and unexpired face amount of any Letters of Credit outstanding at such
      time.

     

    “Unreimbursed L/C Drawings” means, at any time, the aggregate amount of any L/C Reimbursement Amounts that have not then been reimbursed pursuant to
      Section 2.08.

     

    

    

    ARTICLE II

        PURCHASE AND SALE OF SERIES 2019-1 CLASS A-1 NOTES

     

    Section 2.01           The Initial Advance Notes.

     

     (a)  On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Master Issuer
      shall issue and shall request the Trustee to authenticate the Series 2019-1 Class A-1 Advance Notes, which the Master Issuer shall deliver to each Funding Agent on behalf of the Investors in the related Investor Group on the Closing Date. The Series
      2019-1 Class A-1 Advance Note for each Investor Group, shall (i) be dated the Closing Date, (ii) be registered in the name of the related Funding Agent or its nominee, as agent for the related Investors, or in such other name or nominee as such
      Funding Agent may request, (iii) have a maximum principal amount equal to the Maximum Investor Group Principal Amount for such Investor Group, (iv) have an initial outstanding principal amount equal to such Investor Group’s Commitment Percentage of
      the Series 2019-1 Class A-1 Initial Advance Principal Amount, and (v) be duly authenticated in accordance with the provisions of the Indenture.

     

    

    
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    (b)   Each Series 2019-1 Class A-1 Noteholder shall, acting solely for this purpose as an agent of the Master Issuer, maintain a register on which it enters the name and address of each related Lender Party (and, if applicable,
        Program Support Provider) and the applicable portions of the Series 2019-1 Class A-1 Outstanding Principal Amount (and stated interest) with respect to such Series 2019-1 Class A-1 Noteholder of each Lender Party (and, if applicable, Program
        Support Provider) that has an interest in such Series 2019-1 Class A-1 Noteholder’s Series 2019-1 Class A-1 Notes (the “Series 2019-1 Class A-1 Notes Register”), provided that no Series 2019-1 Class A-1 Noteholder shall have any
        obligation to disclose all or any portion of the Series 2019-1 Class A-1 Notes Register to any Person except to the extent such that such disclosure is necessary to establish that such Series 2019-1 Class A-1 Notes are in registered form for U.S.
        federal income tax purposes.

     

    Section 2.02           Advances.

     

     (a)  Subject to the terms and conditions of this Agreement and the Indenture, each Eligible Conduit Investor, if any, may and, if such Conduit Investor determines that it will not make (or it does
      not in fact make) an Advance or any portion of an Advance, its related Committed Note Purchaser(s) shall or, if there is no Eligible Conduit Investor with respect to any Investor Group, the Committed Note Purchaser(s) with respect to such Investor
      Group shall, upon the Master Issuer’s request delivered in accordance with the provisions of Section 2.03 and the satisfaction of all conditions precedent thereto (or under the circumstances set forth in Sections 2.05, 2.06 or
      2.08), make Advances from time to time during the Commitment Term; provided that such Advances shall be made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such Advance made by
      any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor Group); provided,
      further, that if, as a result of any Committed Note Purchaser (a “Non-Funding Committed Note Purchaser”) failing to make any previous Advance that such Non-Funding Committed Note Purchaser was required to make, outstanding Advances are
      not held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages at the time a request for
      Advances is made, (x) such Non-Funding Committed Note Purchaser shall make all of such Advances until outstanding Advances are held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note
      Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages and (y) further Advances shall be made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such
      Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor
      Group); provided, further, that the failure of a Non-Funding Committed Note Purchaser to make Advances pursuant to the immediately preceding proviso shall not, subject to the immediately following proviso, relieve any other Committed
      Note Purchaser of its obligation hereunder, if any, to make Advances in accordance with Section 2.03(b)(i); provided, further, that, subject, in the case of clause (i) below, to Section 2.03(b)(ii), no Advance shall be
      required or permitted to be made by any Investor on any date to the extent that, after giving effect to such Advance, (i) the Investor Group Principal Amount for the related Investor Group would exceed such Investor Group’s Maximum Investor Group
      Principal Amount or (ii) the Series 2019-1 Class A-1 Outstanding Principal Amount would exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount.

     

    

    
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     (b)  Notwithstanding anything herein or in any other Related Document to the contrary, at no time shall a Conduit Investor be obligated to make Advances hereunder. If at any time any Conduit
      Investor is not an Eligible Conduit Investor, such Conduit Investor shall promptly notify the Administrative Agent (who shall promptly notify the related Funding Agent and the Master Issuer) thereof.

     

    

     (c)  Each of the Advances to be made on any date shall be made as part of a single borrowing (each such single borrowing being a “Borrowing”). The Advances made as part of the initial
      Borrowing on the Closing Date, if any, shall be evidenced by the Series 2019-1 Class A-1 Advance Notes issued in connection herewith and shall constitute purchases of portions of the Series 2019-1 Class A-1 Initial Advance Principal Amount
      corresponding to the amount of such Advances. All of the other Advances shall constitute Increases evidenced by the Series 2019-1 Class A-1 Advance Notes issued in connection herewith and shall constitute purchases of Series 2019-1 Class A-1
      Outstanding Principal Amounts corresponding to the amount of such Advances.

     

    

     (d)  Section 2.02(b) of the Series 2019-1 Supplement specifies the procedures to be followed in connection with any Voluntary Decrease of the Series 2019-1 Class A-1 Outstanding Principal Amount.
      Each such Voluntary Decrease in respect of any Advances shall be either (i) in an aggregate minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof or (ii) in such other amount necessary to reduce the Series 2019-1
      Class A-1 Outstanding Principal Amount to zero.

     

    

     (e)  Subject to the terms of this Agreement and the Series 2019-1 Supplement, the aggregate principal amount of the Advances evidenced by the Series 2019-1 Class A-1 Advance Notes may be increased
      by Borrowings or decreased by Voluntary Decreases from time to time.

     

    

    Section 2.03           Borrowing Procedures.

     

    
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      (a)  Whenever the Master Issuer wishes to make a Borrowing, the Master Issuer shall (or shall cause the Manager on its behalf to) notify the Administrative Agent (who shall promptly, and in any
        event by 4:00 p.m. (Eastern time) on the same Business Day as its receipt of the same, notify each Funding Agent of its pro rata share thereof (or other required share, as required pursuant to Section 2.02(a)) and notify the
        Trustee, the Control Party, the Swingline Lender and the L/C Provider in writing of such Borrowing) by written notice in the form of an Advance Request delivered to the Administrative Agent no later than 12:00 p.m. (Eastern time) one (1) Business
        Day (or, in the case of any Eurodollar Advances for purposes of Section 3.01(b), three (3) Eurodollar Business Days) prior to the date of Borrowing (unless a shorter period is agreed upon by the Administrative Agent and the L/C Provider,
        the L/C Issuing Bank, the Swingline Lender or the Funding Agents, as applicable), which date of Borrowing shall be a Business Day during the Commitment Term. Each such notice of Borrowing shall be irrevocable and shall in each case refer to this
        Agreement and specify (i) the date of such Borrowing, (ii) the aggregate amount of the requested Borrowing to be made on such date, (iii) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings (if applicable) to be repaid with the
        proceeds of such Borrowing on such date, which amount shall constitute all outstanding Swingline Loans and Unreimbursed L/C Drawings outstanding on the date of such notice of Borrowing that are not prepaid with other funds of the Master Issuer
        available for such purpose, and (iv) sufficient instructions for application of the balance, if any, of the proceeds of such Borrowing on such date (which proceeds shall be made available to the Master Issuer). Requests for any Borrowing may not be
        made in an aggregate principal amount of less than $100,000 or in an aggregate principal amount that is not an integral multiple of $100,000 in excess thereof (except as otherwise provided herein with respect to Borrowings for the purpose of
        repaying then-outstanding Swingline Loans or Unreimbursed L/C Drawings). The Master Issuer agrees that Borrowings shall be made automatically (to the extent not deemed made pursuant to Sections 2.05(b)(i), 2.05(b)(ii) or 2.08),

        without the requirement of providing an Advance Request, but subject to the requirements set forth in Section 7.03, upon notice of any drawing under a Letter of Credit and one time per month, the timing of which shall be determined by the
        Administrative Agent in its discretion, if any Swingline Loans are outstanding, in each case, in an amount at least sufficient to repay in full all Unreimbursed L/C Drawings or Swingline Loans, as the case may be, outstanding on the date of the
        applicable automatic Borrowing. Subject to the provisos to Section 2.02(a), each Borrowing shall be ratably allocated among the Investor Groups’ respective Maximum Investor Group Principal Amounts. Each Funding Agent shall promptly advise
        its related Conduit Investor, if any, of any notice given pursuant to this Section 2.03(a) and shall promptly thereafter (but in no event later than 10:00 a.m. (Eastern time) on the date of Borrowing) notify the Administrative Agent, the
        Master Issuer and the related Committed Note Purchaser(s) whether such Conduit Investor has determined to make all or any portion of the Advances in such Borrowing that are to be made by its Investor Group. On the date of each Borrowing and subject
        to the other conditions set forth herein and in the Series 2019-1 Supplement (and, if requested by the Administrative Agent, confirmation from the Swingline Lender and the L/C Provider, as applicable, as to (x) the amount of outstanding Swingline
        Loans and Unreimbursed L/C Drawings to be repaid with the proceeds of such Borrowing on the date of Borrowing, (y) the Undrawn L/C Face Amount of all Letters of Credit then outstanding and (z) the principal amount of any other Swingline Loans or
        Unreimbursed L/C Drawings then outstanding), the applicable Investors in each Investor Group shall make available to the Administrative Agent the amount of the Advances in such Borrowing that are to be made by such Investor Group by wire transfer
        in U.S. Dollars of such amount in same day funds no later than 10:00 a.m. (Eastern time) on the date of such Borrowing, and upon receipt thereof the Administrative Agent shall make such proceeds available by 3:00 p.m. (Eastern time), first,
        to the Swingline Lender and the L/C Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such
        respective amounts, and, second, to the Master Issuer, as instructed in the applicable Advance Request.

      

      

      
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      (b)   (i)   The failure of any Committed Note Purchaser to make the Advance to be made by it as part of any Borrowing shall not relieve any other Committed Note Purchaser (whether or not in the
        same Investor Group) of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Committed Note Purchaser shall be responsible for the failure of any other Committed Note Purchaser to make the Advance to be made
        by such other Committed Note Purchaser on the date of any Borrowing and (ii) in the event that one or more Committed Note Purchasers fails to make its Advance by 11:00 a.m. (Eastern time) on the date of such Borrowing, the Administrative Agent
        shall notify each of the other Committed Note Purchasers not later than 1:00 p.m. (Eastern time) on such date, and each of the other Committed Note Purchasers shall make available to the Administrative Agent a supplemental Advance in a principal
        amount (such amount, the “reference amount”) equal to the lesser of (a) the aggregate principal Advance that was unfunded multiplied by a fraction, the numerator of which is the Commitment Amount of such Committed Note Purchaser and the
        denominator of which is the aggregate Commitment Amounts of all Committed Note Purchasers (less the aggregate Commitment Amount of the Committed Note Purchasers failing to make Advances on such date) and (b) the excess of (i) such Committed Note
        Purchaser’s Commitment Amount over (ii) the product of such Committed Note Purchaser’s related Investor Group Principal Amount multiplied by such Committed Note Purchaser’s Committed Note Purchaser Percentage (after giving effect to all prior
        Advances on such date of Borrowing) (provided that a Committed Note Purchaser may (but shall not be obligated to), on terms and conditions to be agreed upon by such Committed Note Purchaser and the Master Issuer, make available to the
        Administrative Agent a supplemental Advance in a principal amount in excess of the reference amount; provided, however, that no such supplemental Advance shall be permitted to be made to the extent that, after giving effect to such
        Advance, the Series 2019-1 Class A-1 Notes Exposure Amount would exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount). Such supplemental Advances shall be made by wire transfer in U.S. Dollars in same day funds no later than 3:00 p.m.
        (Eastern time) one (1) Business Day following the date of such Borrowing, and upon receipt thereof the Administrative Agent shall immediately make such proceeds available, first, to the Swingline Lender and the L/C Provider for application
        to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such respective amounts, and, second, to the Master Issuer, as
        instructed in the applicable Advance Request. If any Committed Note Purchaser which shall have so failed to fund its Advance shall subsequently pay such amount, the Administrative Agent shall apply such amount pro rata to repay any supplemental
        Advances made by the other Committed Note Purchasers pursuant to this Section 2.03(b).

      

      

      
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      (c)  Unless the Administrative Agent shall have received notice from a Funding Agent prior to the date of any Borrowing that an applicable Investor in the related Investor Group will not make
        available to the Administrative Agent such Investor’s share of the Advances to be made by such Investor Group as part of such Borrowing, the Administrative Agent may (but shall not be obligated to) assume that such Investor has made such share
        available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.02(a) and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Swingline
        Lender, the L/C Provider and/or the Master Issuer, as applicable, on such date a corresponding amount, and shall, if such corresponding amount has not been made available by the Administrative Agent, make available to the Swingline Lender, the L/C
        Provider and/or the Master Issuer, as applicable, on such date a corresponding amount once such Investor has made such portion available to the Administrative Agent. If and to the extent that any Investor shall not have so made such amount
        available to the Administrative Agent, such Investor and the Master Issuer jointly and severally agree to repay (without duplication) to the Administrative Agent on the next Weekly Allocation Date such corresponding amount (in the case of the
        Master Issuer, in accordance with the Priority of Payments), together with interest thereon, for each day from the date such amount is made available to the Master Issuer until the date such amount is repaid to the Administrative Agent, at (i) in
        the case of the Master Issuer, the interest rate applicable at the time to the Advances comprising such Borrowing and (ii) in the case of such Investor, the Federal Funds Rate. If such Investor is required by law to deduct any withholding taxes
        from the amount paid to the Administrative Agent under this Section 2.03(c), the sum payable by the Investor shall be increased as necessary so that after such deduction has been made, the Administrative Agent receives an amount equal to
        the sum it would have received had no such deduction been made. If such Investor shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Investor’s Advance as part of such Borrowing for
        purposes of this Agreement.

    

    

    Section 2.04           The Series
          2019-1 Class A-1 Notes. On each date an Advance or Swingline Loan is made or a Letter of Credit is issued hereunder, and on each date the outstanding amount thereof is reduced (or the face amount of a Letter of Credit is reduced), a duly
        authorized officer, employee or agent of the related Series 2019-1 Class A-1 Noteholder shall make appropriate notations in its books and records of the amount, evidenced by the related Series 2019-1 Class A-1 Advance Note, Series 2019-1 Class A-1
        Swingline Note or Series 2019-1 Class A-1 L/C Note, of such Advance, Swingline Loan or Letter of Credit, as applicable, and the amount of such reduction, as applicable. The Master Issuer hereby authorizes each duly authorized officer, employee and
        agent of such Series 2019-1 Class A-1 Noteholder to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be prima facie evidence of the accuracy of the information
        so recorded; provided, however, that in the event of a discrepancy between the books and records of such Series 2019-1 Class A-1 Noteholder and the Note Register, (x)  such discrepancy shall be resolved by such Series 2019-1 Class
        A-1 Noteholder, the Control Party and the Trustee, in consultation with the Master Issuer (provided that such consultation with the Master Issuer will not in any way limit or delay such Series 2019-1 Class A-1 Noteholder’s, the Control Party’s and
        the Trustee’s ability to resolve such discrepancy), and such resolution shall control in the absence of manifest error and the Note Register shall be corrected as appropriate and (y) until any such discrepancy is resolved pursuant to clause (x),
        the Note Register shall control; provided, further, that the failure of any such notation to be made, or any finding that a notation is incorrect, in any such records shall not limit or otherwise affect the obligations of the Master
        Issuer under this Agreement or the Indenture.

     

    
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    Section 2.05             Reduction in Commitments.

     

     (a)  The Master Issuer may, upon three (3) Business Days’ notice to the Administrative Agent (who shall promptly notify the Trustee, the Control Party, each Funding Agent and each Investor), effect
      a permanent reduction in the Series 2019-1 Class A-1 Notes Maximum Principal Amount and a corresponding reduction in each Commitment Amount and Maximum Investor Group Principal Amount on a pro rata basis; provided that (i) any such
      reduction will be limited to the undrawn portion of the Commitments, although any such reduction may be combined with a Voluntary Decrease effected pursuant to and in accordance with Section 2.02(b) of the Series 2019-1 Supplement, (ii) any such
      reduction must be in a minimum amount of $1,000,000, (iii) after giving effect to such reduction, the Series 2019-1 Class A-1 Notes Maximum Principal Amount equals or exceeds $5,000,000, unless reduced to zero, and (iv) no such reduction shall be
      permitted if, after giving effect thereto, (x) the aggregate Commitment Amounts would be less than the Series 2019-1 Class A-1 Notes Exposure Amount or (y) the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and
      the L/C Commitment. Any reduction made pursuant to this Section 2.05(a) shall be made ratably among the Investor Groups on the basis of their respective Maximum Investor Group Principal Amounts.

     

    

    (b)   If any of the following events shall occur, then the Commitment Amounts shall be automatically reduced on the dates and in the amounts set forth below with respect to the applicable event and
      the other consequences set forth below with respect to the applicable event shall ensue (and the Master Issuer shall give the Trustee, the Control Party, each Funding Agent and the Administrative Agent prompt written notice thereof):

     

    

    (i)    (A)

        if the Outstanding Principal Amount of the Series 2019-1 Class A-1 Notes has not been paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) by the Business Day immediately preceding the Series 2019-1
      Class A-1 Notes Renewal Date, on such Business Day, (x) the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances made on such date (and the Master Issuer shall be
      deemed to have delivered such Advance Requests under Section 2.03 as may be necessary to cause such Advances to be made), and (y) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero; and
      (B) upon a Series 2019-1 Class A-1 Notes Amortization Event, (x) the Commitments with respect to all undrawn Commitment Amounts shall automatically and permanently terminate and the corresponding portions of the Series 2019-1 Class A-1 Notes Maximum
      Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically and permanently reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis) and (y) each payment of
      principal on the Series 2019-1 Class A-1 Outstanding Principal Amount occurring following such Series 2019-1 Class A-1 Notes Amortization Event shall result automatically and permanently in a dollar-for-dollar reduction of the Series 2019-1 Class A-1
      Notes Maximum Principal Amount and a corresponding reduction in each Maximum Investor Group Principal Amount on a pro rata basis;

    

    
       

      

      
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      (ii)  if a Rapid Amortization Event occurs prior to the Series 2019-1 Class A-1 Notes Renewal Date, then (A) on the date such Rapid Amortization Event occurs, the Commitments with respect to all
        undrawn Commitment Amounts shall automatically terminate, which termination shall be deemed to have occurred immediately following the making of Advances pursuant to clause (B) below, and the corresponding portions of the Series 2019-1 Class A-1
        Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis); (B) no later than
        the second Business Day after the occurrence of such Rapid Amortization Event, the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings (to the extent not repaid pursuant to Section 2.08(a) or Section
          4.03(b)) shall be repaid in full with proceeds of Advances (and the Master Issuer shall be deemed to have delivered such Advance Requests under Section 2.03 as may be necessary to cause such Advances to be made) and the Swingline
        Commitment and the L/C Commitment shall be automatically reduced to zero and by such amount of Unreimbursed L/C Drawings, respectively; and (C) each payment of principal (which, for the avoidance of doubt, shall include cash collateralization of
        Undrawn L/C Face Amounts pursuant to Sections 4.02(b), 4.03(a), 4.03(b) and 9.18(c)(ii)) on the Series 2019-1 Class A-1 Outstanding Principal Amount occurring on or after the date of such Rapid Amortization Event
        (excluding the repayment of any outstanding Swingline Loans and Unreimbursed L/C Drawings with proceeds of Advances pursuant to clause (B) above) shall result automatically in a dollar-for-dollar reduction of the Series 2019-1 Class A-1 Notes
        Maximum Principal Amount and a corresponding reduction in each Maximum Investor Group Principal Amount on a pro rata basis; provided that if such Rapid Amortization Event shall cease to be in effect pursuant to Section 9.01(b) of
        the Base Indenture, then the Commitments, Swingline Commitment, L/C Commitment, Series 2019-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be restored to the amounts in effect immediately prior to
        the occurrence of such Rapid Amortization Event;

      

      

      (iii)  [Reserved];

      

      

      (iv)  if Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds are allocated to and deposited in the Series 2019-1 Class A-1 Distribution Account in accordance
        with Section 3.06(j) of the Series 2019-1 Supplement at a time when either (i) no Senior Notes other than Series 2019-1 Class A-1 Notes are Outstanding or (ii) if a Series 2019-1 Class A-1 Notes Amortization Period is continuing, then (x) the
        aggregate Commitment Amount shall be automatically and permanently reduced on the date of such deposit by an amount (the “Series 2019-1 Class A-1 Allocated Payment Reduction Amount”) equal to the amount of such deposit, and each Committed
        Note Purchaser’s Commitment Amount shall be reduced on a pro rata basis of such Series 2019-1 Class A-1 Allocated Payment Reduction Amount based on each Committed Note Purchaser’s Commitment Amount, (y) the corresponding portions of the
        Series 2019-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically and permanently reduced on a pro rata basis based on each Investor Group’s Maximum Investor Group Principal
        Amount by a corresponding amount on such date (and, if after giving effect to such reduction the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment, then the aggregate amount of the Swingline
        Commitment and the L/C Commitment shall be reduced by the amount of such difference, with such reduction to be allocated between them in accordance with the written instructions of the Master Issuer delivered prior to such date; provided
        that after giving effect thereto the aggregate amount of the Swingline Loans and the L/C Obligations do not exceed the Swingline Commitment and the L/C Commitment, respectively, as so reduced; provided, further, that in the absence
        of such instructions, such reduction shall be allocated first to the Swingline Commitment and then to the L/C Commitment) and (z) the Series 2019-1 Class A-1 Outstanding Principal Amount shall be repaid or prepaid and the Series 2019-1 Class A-1
        Notes Exposure Amounts to be reduced to zero (which, for the avoidance of doubt, shall be accomplished by cash collateralization of Undrawn L/C Face Amounts pursuant to Sections 4.02(b), 4.03(a), 4.03(b) and 9.18(c)(ii))
        in an aggregate amount equal to such Series 2019-1 Class A-1 Allocated Payment Reduction Amount on the date and in the order required by Section 3.06(j) of the Series 2019-1 Supplement; and

      

      

      
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      (v)  if any Event of Default shall occur and be continuing (and shall not have been waived in accordance with the Base Indenture) and as a result the payment of the Series 2019-1 Class A-1 Notes
        is accelerated pursuant to the terms of the Base Indenture (and such acceleration shall not have been rescinded in accordance with the Base Indenture), then in addition to the consequences set forth in clause (ii) above in respect of the Rapid
        Amortization Event resulting from such Event of Default, the Series 2019-1 Class A-1 Notes Maximum Principal Amount, the Commitment Amounts, the Swingline Commitment, the L/C Commitment and the Maximum Investor Group Principal Amounts shall all be
        automatically and permanently reduced to zero upon such acceleration and the Master Issuer shall (in accordance with the Series 2019-1 Supplement) cause the Series 2019-1 Class A-1 Outstanding Principal Amount to be paid in full and the Series
        2019-1 Class A-1 Notes Exposure Amounts to be reduced to zero (which, for the avoidance of doubt, shall be accomplished by cash collateralization of Undrawn L/C Face Amounts pursuant to Sections 4.02(b), 4.03(a), 4.03(b) and
        9.18(c)(ii)), together with accrued interest, Series 2019-1 Class A-1 Quarterly Commitment Fees, Series 2019-1 Class A-1 Notes Other Amounts and all other amounts then due and payable to the Lender Parties, the Administrative Agent and the
        Funding Agents under this Agreement and the other Related Documents and any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate) subject to and in accordance with the Priority of Payments.

    

    

    Section 2.06             Swingline Commitment.

     

    
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     (a)  On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Master Issuer
      shall issue and shall cause the Trustee to authenticate the Series 2019-1 Class A-1 Swingline Note, which the Master Issuer shall deliver to the Swingline Lender on the Closing Date. Such Series 2019-1 Class A-1 Swingline Note shall (i) be dated the
      Closing Date, (ii) be registered in the name of the Swingline Lender or its nominee, or in such other name as the Swingline Lender may request, (iii) have a maximum principal amount equal to the Swingline Commitment, (iv) have an initial outstanding
      principal amount equal to the Series 2019-1 Class A-1 Initial Swingline Principal Amount, and (v) be duly authenticated in accordance with the provisions of the Indenture. Subject to the terms and conditions hereof, the Swingline Lender, in reliance
      on the agreements of the Committed Note Purchasers set forth in this Section 2.06, agrees to make swingline loans (each, a “Swingline Loan” or a “Series 2019-1 Class A-1 Swingline Loan” and, collectively, the “Swingline Loans”
      or the “Series 2019-1 Class A-1 Swingline Loans”) to the Master Issuer from time to time during the period commencing on the Closing Date and ending on the date that is two (2) Business Days prior to the Commitment Termination Date; provided
      that the Swingline Lender shall have no obligation or right to make any Swingline Loan if, after giving effect thereto, (i) the aggregate principal amount of Swingline Loans outstanding would exceed the Swingline Commitment then in effect
      (notwithstanding that the Swingline Loans outstanding at any time, when aggregated with the Swingline Lender’s other outstanding Advances hereunder, may exceed the Swingline Commitment then in effect) or (ii) the Series 2019-1 Class A-1 Notes
      Exposure Amount would exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount. Each such borrowing of a Swingline Loan will constitute a Subfacility Increase in the outstanding principal amount evidenced by the Series 2019-1 Class A-1
      Swingline Note in an amount corresponding to such borrowing. Subject to the terms of this Agreement and the Series 2019-1 Supplement, the outstanding principal amount evidenced by the Series 2019-1 Class A-1 Swingline Note may be increased by
      borrowings of Swingline Loans or decreased by payments of principal thereon from time to time.

     

    

     (b)   Whenever the Master Issuer desires that the Swingline Lender make Swingline Loans, the Master
      Issuer shall (or shall cause the Manager on its behalf to) give the Swingline Lender and the Administrative Agent irrevocable notice in writing not later than 11:00 a.m. (Eastern time) on the proposed borrowing date, specifying (i) the amount to be
      borrowed, (ii) the requested borrowing date (which shall be a Business Day during the Commitment Term not later than the date that is two (2) Business Days prior to the Commitment Termination Date) and (iii) the payment instructions for the proceeds
      of such borrowing (which shall be consistent with the terms and provisions of this Agreement and the Indenture and which proceeds shall be made available to the Master Issuer). The notice shall be in the form of a Swingline Advance Request in the
      form attached hereto as Exhibit A-2 (a “Swingline Loan Request”), a copy of which shall also be provided by the Master Issuer (or the Manager on its behalf) to the Control Party and the Trustee by 2:00 p.m. (Eastern time) on the date
      of delivery thereof to the Swingline Lender and the Administrative Agent. Each Borrowing under the Swingline Commitment shall be in a minimum amount equal to $100,000. Promptly upon receipt of any Swingline Loan Request (but in no event later than
      2:00 p.m. (Eastern time) on the date of such receipt), the Administrative Agent (based, with respect to any portion of the Series 2019-1 Class A-1 Outstanding Subfacility Amount held by any Person other than the Administrative Agent, solely on
      written notices received by the Administrative Agent under this Agreement) will inform the Swingline Lender whether or not, after giving effect to the requested Swingline Loan, the Series 2019-1 Class A-1 Notes Exposure Amount would exceed the Series
      2019-1 Class A-1 Notes Maximum Principal Amount. If the Administrative Agent confirms that the Series 2019-1 Class A-1 Notes Exposure Amount would not exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount after giving effect to the
      requested Swingline Loan, then not later than 3:00 p.m. (Eastern time) on the date for such Borrowing specified in the Swingline Loan Request, subject to the other conditions set forth herein and in the Series 2019-1 Supplement, the Swingline Lender
      shall make available to the Master Issuer in accordance with the payment instructions set forth in such notice an amount in immediately available funds equal to the amount of the requested Swingline Loan.

     

    

    
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    (c)  The Master Issuer hereby agrees that each Swingline Loan made by the Swingline Lender to the
      Master Issuer pursuant to Section 2.06(a) shall constitute the promise and obligation of the Master Issuer to pay to the Swingline Lender the aggregate unpaid principal amount of all Swingline Loans made by such Swingline Lender pursuant to Section
        2.06(a), which amounts shall be due and payable (whether at maturity or by acceleration) as set forth in this Agreement and in the Indenture for the Series 2019-1 Class A-1 Outstanding Principal Amount.

    

     

    

     (d)  In accordance with Section 2.03(a), the Master Issuer agrees to cause requests for
      Borrowings to be made at least one time per month if any Swingline Loans are outstanding in amounts at least sufficient to repay in full all Swingline Loans outstanding on the date of the applicable request. In accordance with Section 3.01(c),
      outstanding Swingline Loans shall bear interest at the Base Rate. 

     

    

     (e)  [Reserved]. 

     

    

    (f)  If, prior to the time Advances would have otherwise been made pursuant to Section 2.06(d),
      an Event of Bankruptcy shall have occurred and be continuing with respect to the Master Issuer or any Guarantor or if, for any other reason, as determined by the Swingline Lender in its sole and absolute discretion, Advances may not be made as
      contemplated by Section 2.06(d), each Committed Note Purchaser shall, on the date such Advances were to have been made pursuant to the notice referred to in Section 2.06(d), purchase for cash an undivided participating interest in the
      then-outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline Participation Amount”) equal to (i) its Committed Note Purchaser Percentage, multiplied by (ii) the related Investor Group’s Commitment
      Percentage, multiplied by (iii) the aggregate principal amount of Swingline Loans then outstanding that was to have been repaid with such Advances. 

     

      (g)  Whenever, at any time after the Swingline Lender has received from any Investor such Investor’s
        Swingline Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Investor its Swingline Participation Amount (appropriately adjusted, in the case of interest
        payments, to reflect the period of time during which such Investor’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Investor’s pro rata portion of such payment if such
        payment is not sufficient to pay the principal of and interest on all Swingline Loans then due); provided, however, that in the event that such payment received by the Swingline Lender is required to be returned, such Investor will
        return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender.

       

      

      
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          (h)   Each applicable Investor’s obligation to make the Advances referred to in Section 2.06(d)
            and each Committed Note Purchaser’s obligation to purchase participating interests pursuant to Section 2.06(f) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim,
            recoupment, defense or other right that such Investor, Committed Note Purchaser or the Master Issuer may have against the Swingline Lender, the Master Issuer or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a
            Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article VII other than at the time the related Swingline Loan was made; (iii) any adverse change in the condition (financial or otherwise) of the
            Master Issuer; (iv) any breach of this Agreement or any other Indenture Document by the Master Issuer or any other Person or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

          

          
            

            

          

        

      

      (i) The Master Issuer may, upon three (3) Business Days’ notice to the Administrative Agent and the Swingline Lender, effect a permanent reduction in the Swingline Commitment; provided that any
        such reduction will be limited to the undrawn portion of the Swingline Commitment. If requested by the Master Issuer in writing and with the prior written consent of the Administrative Agent, the Swingline Lender may (but shall not be obligated to)
        increase the amount of the Swingline Commitment; provided that, after giving effect thereto, the aggregate amount of the Swingline Commitment and the L/C Commitment does not exceed the aggregate amount of the Commitments.

      

      (j)  The Master Issuer may, upon notice to the Swingline Lender (who shall promptly notify the
        Administrative Agent and the Trustee thereof in writing), at any time and from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; provided that (x) such notice must be received by the Swingline
        Lender not later than 11:00 a.m. (Eastern time) on the date of the prepayment, (y) any such prepayment shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount
        thereof then outstanding and (z) if the source of funds for such prepayment is not a Borrowing, there shall be no unreimbursed Advances or Manager Advances (or interest thereon) at such time. Each such notice shall specify the date and amount of
        such prepayment. If such notice is given, the Master Issuer shall make such prepayment directly to the Swingline Lender and the payment amount specified in such notice shall be due and payable on the date specified therein.

    

    

    Section 2.07            L/C Commitment.

     

     (a)  Subject to the terms and conditions hereof, the L/C Provider (or its permitted assigns pursuant
      to Section 9.17), in reliance on the agreements of the Committed Note Purchasers set forth in Sections 2.08 and 2.09, agrees to provide standby letters of credit, including Interest Reserve Letters of Credit (each, a “Letter

        of Credit” and, collectively, the “Letters of Credit”) for the account of the Master Issuer or its designee on any Business Day during the period commencing on the Closing Date and ending on the date that is ten (10) Business Days prior
      to the Commitment Termination Date to be issued in accordance with Section 2.07(h) in such form as may be approved from time to time by the L/C Provider; provided that the L/C Provider shall have no obligation or right to provide any
      Letter of Credit on a requested issuance date if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the Series 2019-1 Class A-1 Notes Exposure Amount would exceed the Series 2019-1 Class A-1 Notes
      Maximum Principal Amount.

     

    

    
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    Each Letter of Credit shall (x) be denominated in Dollars, (y) have a face amount of at least $25,000 or, if less than $25,000, shall bear a reasonable
      administrative fee to be agreed upon by the Master Issuer and the L/C Provider and (z) expire no later than the earlier of (A) the first anniversary of its date of issuance and (B) the date that is ten (10) Business Days prior to the Commitment
      Termination Date (the “Required Expiration Date”); provided that any Letter of Credit may provide for the automatic renewal thereof for additional periods, each individually not to exceed one year (which shall in no event extend beyond
      the Required Expiration Date) unless the L/C Provider notifies the beneficiary of such Letter of Credit at least 30 calendar days prior to the then-applicable expiration date (or no later than the applicable notice date, if earlier, as specified in
      such Letter of Credit) that such Letter of Credit shall not be renewed; provided, further, that any Letter of Credit may have an expiration date that is later than the Required Expiration Date so long as (x) the Undrawn L/C Face Amount
      with respect to such Letter of Credit has been fully cash collateralized by the Master Issuer in accordance with Section 4.02(b) or 4.03 as of the Required Expiration Date and there are no other outstanding L/C Obligations with
      respect to such Letter of Credit as of the Required Expiration Date and (y) such arrangement is satisfactory to the L/C Provider in its sole and absolute discretion.

     

    Additionally, each Interest Reserve Letter of Credit shall (1) name each of (A) the Trustee, for the benefit of the Senior Noteholders or the Senior
      Subordinated Noteholders, as applicable, and (B) the Control Party, as the beneficiary thereof; (2) allow the Trustee or the Control Party to submit a notice of drawing in respect of such Interest Reserve Letter of Credit whenever amounts would
      otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to the Indenture and (3) indicate by its terms that the proceeds in respect of
      drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable.

     

    The L/C Provider shall not at any time be obligated to (I) provide any Letter of Credit hereunder if such issuance would violate, or cause any L/C Issuing
      Bank to exceed any limits imposed by, any applicable Requirement of Law or (II) amend any Letter of Credit hereunder if (1) the L/C Provider would have no obligation at such time to issue such Letter of Credit in its amended form under the terms
      hereof or (2) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

     

     (b)  On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the
      covenants, representations and agreements set forth herein and therein, the Master Issuer shall issue and shall cause the Trustee to authenticate the Series 2019-1 Class A-1 L/C Note, which the Master Issuer shall deliver to the L/C Provider on the
      Closing Date. Such Series 2019-1 Class A-1 L/C Note shall (i) be dated the Closing Date, (ii)  be registered in the name of the L/C Provider or in such other name or nominee as the L/C Provider may request, (iii) have a maximum principal amount equal
      to the L/C Commitment, (iv) have an initial outstanding principal amount equal to the Series 2019-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount, and (v) be duly authenticated in accordance with the provisions of the Indenture. Each issuance
      of a Letter of Credit after the Closing Date shall increase the Series 2019-1 Class A-1 Notes Exposure Amount in an amount corresponding to the Undrawn L/C Face Amount of such Letter of Credit. All Unreimbursed L/C Drawings shall be deemed to be
      principal outstanding under the Series 2019-1 Class A-1 L/C Note and shall be deemed to be Series 2019-1 Class A-1 Outstanding Principal Amounts for all purposes of this Agreement, the Indenture and the other Related Documents. The L/C Provider and
      the Master Issuer agree to promptly notify the Administrative Agent and the Trustee of any such decreases for which notice to the Administrative Agent is not otherwise provided hereunder.

     

    

    
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      (c)  The Master Issuer may (or shall cause the Manager on its behalf to) from time to time request
        that the L/C Provider provide a new Letter of Credit by delivering to the L/C Provider at its address for notices specified herein an Application therefor (in the form required by the applicable L/C Issuing Bank as notified to the Master Issuer by
        the L/C Provider), completed to the satisfaction of the L/C Provider, and such other certificates, documents and other papers and information as the L/C Provider may reasonably request on behalf of the L/C Issuing Bank. Notwithstanding the
        foregoing sentence, the letters of credit set forth on Schedule IV hereto shall be deemed Letters of Credit provided and issued by the L/C Provider hereunder as of the Closing Date. Upon receipt of any completed Application, the L/C
        Provider will notify the Administrative Agent and the Trustee in writing of the amount, the beneficiary and the requested expiration of the requested Letter of Credit (which shall comply with Sections 2.07(a) and (i)) and, subject
        to the other conditions set forth herein and in the Series 2019-1 Supplement and upon receipt of written confirmation from the Administrative Agent (based, with respect to any portion of the Series 2019-1 Class A-1 Outstanding Subfacility Amount
        held by any Person other than the Administrative Agent, solely on written notices received by the Administrative Agent under this Agreement) that after giving effect to the requested issuance, the Series 2019-1 Class A-1 Notes Exposure Amount would
        not exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount (provided that the L/C Provider shall be entitled to rely upon any written statement, paper or document believed by it to be genuine and correct and to have been signed or
        sent by the proper Person or Persons of the Administrative Agent for purposes of determining whether the L/C Provider received such prior written confirmation from the Administrative Agent with respect to any Letter of Credit), the L/C Provider
        will cause such Application and the certificates, documents and other papers and information delivered in connection therewith to be processed in accordance with the L/C Issuing Bank’s customary procedures and shall promptly provide the Letter of
        Credit requested thereby (but in no event shall the L/C Provider be required to provide any Letter of Credit earlier than three (3) Business Days after its receipt of the Application therefor and all such other certificates, documents and other
        papers and information relating thereto, as provided in Section 2.07(a)) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the L/C Provider and the Master Issuer. The L/C
        Provider shall furnish a copy of such Letter of Credit to the Manager (with a copy to the Administrative Agent) promptly following the issuance thereof. The L/C Provider shall promptly furnish to the Administrative Agent, which shall in turn
        promptly furnish to the Funding Agents, the Investors, the Control Party and the Trustee, written notice of the issuance of each Letter of Credit (including the amount thereof).

      

      

      (d)  The Master Issuer shall pay ratably to the Committed Note Purchasers the L/C Quarterly Fees (as
        defined in the Series 2019-1 Class A-1 VFN Fee Letter, the “L/C Quarterly Fees”) in accordance with the terms of the Series 2019-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.

      

      

      
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      (e)  To the extent that any provision of any Application related to any Letter of Credit is
        inconsistent with the provisions of this Article II, the provisions of this Article II shall apply.

      

      

      (f)  The Master Issuer may, upon three (3) Business Days’ notice to the Administrative Agent and the
        L/C Provider, effect a permanent reduction in the L/C Commitment; provided that any such reduction will be limited to the undrawn portion of the L/C Commitment. If requested by the Master Issuer in writing and with the prior written consent
        of the L/C Provider and the Administrative Agent, the L/C Provider may (but shall not be obligated to) increase the amount of the L/C Commitment; provided that, after giving effect thereto, the aggregate amount of each of the Series 2019-1
        Class A-1 Outstanding Principal Amount, the Swingline Commitment and the L/C Commitment does not exceed the aggregate Commitment Amounts.

      

      

      (g)  The L/C Provider shall satisfy its obligations under this Section 2.07 with respect to
        providing any Letter of Credit hereunder by issuing such Letter of Credit itself or through an Affiliate, so long as the L/C Issuing Bank Rating Test is satisfied with respect to such Affiliate and the issuance of such Letter of Credit. If the L/C
        Issuing Bank Rating Test is not satisfied with respect to such Affiliate and the issuance of such Letter of Credit, the L/C Provider or a Person selected by (at the expense of the L/C Provider) the Master Issuer shall issue such Letter of Credit; provided
        that such Person and issuance of such Letter of Credit satisfies the L/C Issuing Bank Rating Test (the L/C Provider (or such Affiliate of the L/C Provider) in its capacity as the issuer of such Letter of Credit or such other Person selected by the
        Master Issuer being referred to as the “L/C Issuing Bank” with respect to such Letter of Credit). The “L/C Issuing Bank Rating Test” is a test that is satisfied with respect to a Person issuing a Letter of Credit if the Person is a
        U.S. commercial bank that has, at the time of the issuance of such Letter of Credit, (i) a short-term certificate of deposit rating of not less than “P-2” from Moody’s and “A-2” from S&P and (ii) a long-term unsecured debt rating of not less
        than “Baa2” from Moody’s or “BBB” from S&P or such other minimum long-term unsecured debt rating as may be reasonably required by the beneficiary of such proposed Letter of Credit.

      

      

      (h)  The L/C Provider and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit,
        the L/C Issuing Bank shall be under no obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Provider or the L/C Issuing
        Bank, as applicable, from issuing the Letter of Credit or (ii) any law applicable to the L/C Provider or the L/C Issuing Bank, as applicable, or any request or directive (which request or directive, in the reasonable judgment of the L/C Provider or
        the L/C Issuing Bank, as applicable, has the force of law) from any Governmental Authority with jurisdiction over the L/C Provider or the L/C Issuing Bank, as applicable, shall prohibit the L/C Provider or the L/C Issuing Bank, as applicable, from
        issuing of letters of credit generally or the Letter of Credit in particular.

       

      

      
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       (i)  Unless otherwise expressly agreed by the L/C Provider or the L/C Issuing Bank, as applicable,
        and the Master Issuer when a Letter of Credit is issued, the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time
        of issuance) shall apply to each standby Letter of Credit issued hereunder.

       

      

      (j)  For the avoidance of doubt, the L/C Commitment shall be a sub-facility limit of the Commitment
        Amounts and aggregate outstanding Unreimbursed L/C Drawings as of any date of determination shall be a component of the Series 2019-1 Class A-1 Outstanding Principal Amount on such date of determination, pursuant to the definition thereof.

      

      

      

      (k)  If, on the date that is five (5) Business Days prior to the expiration of any Interest Reserve
        Letter of Credit, such Interest Reserve Letter of Credit has not been replaced or renewed and the Master Issuer has not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve
        Account, as applicable, in the amounts that would otherwise be required pursuant to the Indenture had such Interest Reserve Letter of Credit not been issued, the Master Issuer shall instruct the Control Party to submit a notice of drawing under
        such Interest Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes
        Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued.

      

      

      (l)  Each of the parties hereto shall execute any amendments to this Agreement reasonably requested
        by the Master Issuer in order to have any letter of credit issued by a Person selected by the Master Issuer pursuant to Section 2.07(g) hereto or Section 5.18 of the Base Indenture be a “Letter of Credit” that has been issued hereunder and
        such Person selected by the Master Issuer be an “L/C Issuing Bank.”

      

    

    Section 2.08            L/C Reimbursement Obligations.

     

     (a)  For the purpose of reimbursing the payment of any draft presented under any Letter of Credit, the
      Master Issuer agrees to pay, as set forth in this Section 2.08, the L/C Provider, for its own account or for the account of the L/C Issuing Bank, as applicable, an amount in Dollars equal to the sum of (i) the amount of such draft so paid
      (the “L/C Reimbursement Amount”) and (ii) any taxes, fees, charges or other costs or expenses (including amounts payable pursuant to Section 3.02(c), and collectively, the “L/C Other Reimbursement Costs”) incurred by the L/C
      Issuing Bank in connection with such payment. Each drawing under any Letter of Credit shall (unless an Event of Bankruptcy shall have occurred and be continuing with respect to the Master Issuer or any Guarantor, in which cases the procedures
      specified in Section 2.09 for funding by Committed Note Purchasers shall apply) constitute a request by the Master Issuer to the Administrative Agent and each Funding Agent for a Base Rate Borrowing pursuant to Section 2.03 in the
      amount equal to the applicable L/C Reimbursement Amount plus the applicable L/C Other Reimbursement Costs minus any such amounts repaid pursuant to Section 4.03(b), and the Master Issuer shall be deemed to have made such request pursuant to
      the procedures set forth in Section 2.03. The applicable Investors in each Investor Group hereby agree to make Advances in an aggregate amount for each Investor Group equal to such Investor Group’s Commitment Percentage of the L/C
      Reimbursement Amount and L/C Other Reimbursement Costs to pay the L/C Provider. The Borrowing date with respect to such Borrowing shall be the first date on which a Base Rate Borrowing could be made pursuant to Section 2.03 if the
      Administrative Agent had received a notice of such Borrowing at the time the Administrative Agent receives notice from the L/C Provider of such drawing under such Letter of Credit. Such Investors shall make the amount of such Advances available to
      the Administrative Agent in immediately available funds not later than 3:00 p.m. (Eastern time) on such Borrowing date, and the proceeds of such Advances shall be immediately made available by the Administrative Agent to the L/C Provider for
      application to the reimbursement of such drawing.

     

    

    
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    (b)  The Master Issuer’s obligations under Section 2.08(a) shall be absolute and unconditional,
      and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances and irrespective of (i) any setoff, counterclaim or defense to payment that the Master Issuer may have or has had against the L/C
      Provider, the L/C Issuing Bank, any beneficiary of a Letter of Credit or any other Person; (ii) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein; (iii) payment by the L/C Issuing Bank
      under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit; (iv) payment by the L/C Issuing Bank under a Letter of Credit to any Person purporting to be a trustee in
      bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any
      proceeding under the Bankruptcy Code or any other liquidation, conservatorship, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of any jurisdictions or (v) any
      other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.08(b), constitute a legal or equitable discharge of, or provide a right of setoff against, the Master
      Issuer’s obligations hereunder. The Master Issuer also agrees that the L/C Provider and the L/C Issuing Bank shall not be responsible for, and the Master Issuer’s Reimbursement Obligations under Section 2.08(a) shall not be affected by, among
      other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Master Issuer and any beneficiary of any
      Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Master Issuer against any beneficiary of such Letter of Credit or any such transferee. Neither the L/C Provider nor the L/C Issuing
      Bank shall be liable for any error, omission, interruption, loss or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for direct damages (as opposed to
      consequential damages, claims in respect of which are hereby waived by the Master Issuer to the extent permitted by applicable law) caused by errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have
      resulted from the gross negligence, bad faith or willful misconduct of the L/C Provider or the L/C Issuing Bank, as the case may be. The Master Issuer agrees that any action taken or omitted by the L/C Provider or the L/C Issuing Bank, as the case
      may be, under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence, bad faith or willful misconduct and in accordance with the standards of care specified in the UCC of the State of
      New York, shall be binding on the Master Issuer and shall not result in any liability of the L/C Provider or the L/C Issuing Bank to the Master Issuer. As between the Master Issuer and the L/C Issuing Bank, the Master Issuer hereby assumes all risks
      of the acts or omissions of any beneficiary or transferee with respect to such beneficiary’s or transferee’s use of any Letter of Credit. In furtherance of the foregoing and without limiting the generality thereof, the Master Issuer agrees with the
      L/C Issuing Bank that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the L/C Issuing Bank may, in its sole discretion, either accept and make payment upon such
      documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter
      of Credit. 

     

    

    
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    (c)  If any draft shall be presented for payment under any Letter of Credit, the L/C Provider shall
      promptly notify the Manager, the Control Party, the Master Issuer and the Administrative Agent of the date and amount thereof. The responsibility of the applicable L/C Issuing Bank to the Master Issuer in connection with any draft presented for
      payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection
      with such presentment are substantially in conformity with such Letter of Credit and, in paying such draft, such L/C Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents
      expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of any Person(s) executing or delivering any such document. 

     

    

    Section 2.09            L/C Participations.

     

     (a)  The L/C Provider irrevocably agrees to grant and hereby grants to each Committed Note Purchaser,
      and, to induce the L/C Provider to provide Letters of Credit hereunder (and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit, to induce the L/C Provider to agree to reimburse such L/C Issuing Bank for any payment of any
      drafts presented thereunder), each Committed Note Purchaser irrevocably and unconditionally agrees to accept and purchase and hereby accepts and purchases from the L/C Provider, on the terms and conditions set forth below, for such Committed Note
      Purchaser’s own account and risk an undivided interest equal to its Committed Note Purchaser Percentage of the related Investor Group’s Commitment Percentage of the L/C Provider’s obligations and rights under and in respect of each Letter of Credit
      provided hereunder and the L/C Reimbursement Amount with respect to each draft paid or reimbursed by the L/C Provider in connection therewith. Subject to Section 2.07(c), each Committed Note Purchaser unconditionally and irrevocably agrees
      with the L/C Provider that, if a draft is paid under any Letter of Credit for which the L/C Provider is not paid in full by the Master Issuer in accordance with the terms of this Agreement, such Committed Note Purchaser shall pay to the
      Administrative Agent upon demand of the L/C Provider an amount equal to its Committed Note Purchaser Percentage of the related Investor Group’s Commitment Percentage of the L/C Reimbursement Amount with respect to such draft, or any part thereof,
      that is not so paid.

     

    

    
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      (b)  If any amount required to be paid by any Committed Note Purchaser to the Administrative Agent
        for forwarding to the L/C Provider pursuant to Section 2.09(a) in respect of any unreimbursed portion of any payment made or reimbursed by the L/C Provider under any Letter of Credit is paid to the Administrative Agent for forwarding to the
        L/C Provider within three (3) Business Days after the date such payment is due, such Committed Note Purchaser shall pay to Administrative Agent for forwarding to the L/C Provider on demand an amount equal to the product of (i) such amount,
        times (ii) the daily average Federal Funds Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the L/C Provider, times (iii) a fraction the
        numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any Committed Note Purchaser pursuant to Section 2.09(a) is not made available to the
        Administrative Agent for forwarding to the L/C Provider by such Committed Note Purchaser within three (3) Business Days after the date such payment is due, the L/C Provider shall be entitled to recover from such Committed Note Purchaser, on demand,
        such amount with interest thereon calculated from such due date at the Base Rate. A certificate of the L/C Provider submitted to any Committed Note Purchaser with respect to any amounts owing under this Section 2.09(b), in the absence of
        manifest error, shall be conclusive and binding on such Committed Note Purchaser. If any withholding taxes are required by law to be deducted from any amounts payable under this Section 2.09(b), the sum payable by the Committed Note
        Purchaser shall be increased as necessary so that after such deduction has been made, the L/C Provider receives an amount equal to the sum it would have received had no such deduction been made.

      

      

      (c)  Whenever, at any time after payment has been made under any Letter of Credit and the L/C
        Provider has received from any Committed Note Purchaser its pro rata share of such payment in accordance with Section 2.09(a), the Administrative Agent or the L/C Provider receives any payment related to such Letter of Credit
        (whether directly from the Master Issuer or otherwise, including proceeds of collateral applied thereto by the L/C Provider), or any payment of interest on account thereof, the Administrative Agent or the L/C Provider, as the case may be, will
        distribute to such Committed Note Purchaser its pro rata share thereof; provided, however, that in the event that any such payment received by the Administrative Agent or the L/C Provider, as the case may be, shall be
        required to be returned by the Administrative Agent or the L/C Provider, such Committed Note Purchaser shall return to the Administrative Agent for the account of the L/C Provider the portion thereof previously distributed by the Administrative
        Agent or the L/C Provider, as the case may be, to it.

      

      

      (d)  Each Committed Note Purchaser’s obligation to make the Advances referred to in Section
          2.08(a) and to pay its pro rata share of any unreimbursed draft pursuant to Section 2.09(a) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment,
        defense or other right that such Committed Note Purchaser or the Master Issuer may have against the L/C Provider, any L/C Issuing Bank, the Master Issuer or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default
        or an Event of Default or the failure to satisfy any of the other conditions specified in Article VII other than at the time the related Letter of Credit was issued; (iii) an adverse change in the condition (financial or otherwise) of the
        Master Issuer; (iv) any breach of this Agreement or any other Indenture Document by the Master Issuer or any other Person; (v) any amendment, renewal or extension of any Letter of Credit in compliance with this Agreement or with the terms of such
        Letter of Credit, as applicable; or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

      

      

      
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    ARTICLE III

        INTEREST AND FEES

     

    Section 3.01            Interest.

     

     (a)  To the extent that an Advance is funded or maintained by a Conduit Investor through the issuance
      of Commercial Paper, such Advance shall bear interest at the CP Rate applicable to such Conduit Investor. To the extent that, and only for so long as, an Advance is funded or maintained by a Conduit Investor through means other than the issuance of
      Commercial Paper (based on its determination in good faith that it is unable to raise or is precluded or prohibited from raising, or that it is not advisable to raise, funds through the issuance of Commercial Paper in the commercial paper market of
      the United States to finance its purchase or maintenance of such Advance or any portion thereof (which determination may be based on any allocation method employed in good faith by such Conduit Investor), including by reason of market conditions or
      by reason of insufficient availability under any of its Program Support Agreement or the downgrading of any of its Program Support Providers), such Advance shall bear interest at (i) the Base Rate or (ii) if the required notice has been given
      pursuant to Section 3.01(b) with respect to such Advance, for any Eurodollar Interest Accrual Period, the Eurodollar Rate applicable to such Eurodollar Interest Accrual Period for such Advance, in each case except as otherwise provided in the
      definition of Eurodollar Interest Accrual Period or in Sections 3.03 or 3.04.  Each Advance funded or maintained by a Committed Note Purchaser or a Program Support Provider shall bear interest at (i) the Base Rate or (ii) if the
      required notice has been given pursuant to Section 3.01(b) with respect to such Advance, for any Eurodollar Interest Accrual Period, the Eurodollar Rate applicable to such Eurodollar Interest Accrual Period for such Advance, in each case
      except as otherwise provided in the definition of Eurodollar Interest Accrual Period or in Sections 3.03 or 3.04. By (x) 11:00 a.m. (Eastern time) on the second Business Day preceding each Quarterly Calculation Date, each Funding
      Agent shall notify the Administrative Agent of the applicable CP Rate for each Advance made by its Investor Group that was funded or maintained through the issuance of Commercial Paper and was outstanding during all or any portion of the Interest
      Accrual Period ending immediately prior to such Quarterly Calculation Date and (y) 3:00 p.m. (Eastern time) on the second Business Day preceding each Quarterly Calculation Date, the Administrative Agent shall notify the Master Issuer, the Manager,
      the Trustee, the Servicer and the Funding Agents of such applicable CP Rate and of the applicable interest rate for each other Advance for such Interest Accrual Period and of the amount of interest accrued on Advances during such Interest Accrual
      Period.

     

    

    
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       (b)  With respect to any Advance (other than one funded or maintained by a Conduit Investor through
        the issuance of Commercial Paper), so long as no Potential Rapid Amortization Event, Rapid Amortization Period or Event of Default has commenced and is continuing, the Master Issuer may elect that such
        Advance bear interest at the Eurodollar Rate for any Eurodollar Interest Accrual Period (which shall be a period with a term of, at the election of the Master Issuer subject to the proviso in the definition of Eurodollar Interest Accrual Period,
        one month, two months, three months or six months) while such Advance is outstanding to the extent provided in Section 3.01(a) by giving notice thereof (including notice of the Master Issuer’s election of the term for the applicable
        Eurodollar Interest Accrual Period) to the Funding Agents prior to 2:00 p.m. (Eastern time) on the date which is three (3) Eurodollar Business Days prior to the commencement of such Eurodollar Interest Accrual Period. If such notice is not given in
        a timely manner, such Advance shall bear interest at the Base Rate. Each such conversion to or continuation of Eurodollar Advances for a new Eurodollar Interest Accrual Period in accordance with this Section 3.01(b) shall be in an aggregate
        principal amount of $1,000,000 or an integral multiple of $500,000 in excess thereof.

       

      

       (c)  Any outstanding Swingline Loans and Unreimbursed L/C Drawings shall bear interest at the Base
        Rate. By (x) 11:00 a.m. (Eastern time) on the second Business Day preceding each Quarterly Calculation Date, the Swingline Lender shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Swingline Loans
        during the Interest Accrual Period ending on such date and the L/C Provider shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Unreimbursed L/C Drawings during such Interest Accrual Period and the
        amount of fees accrued on any Undrawn L/C Face Amounts during such Interest Accrual Period and (y) 3:00 p.m. (Eastern time) on such date, the Administrative Agent shall notify the Servicer, the Trustee, the Master Issuer and the Manager of the
        amount of such accrued interest and fees as set forth in such notices.

       

      

      (d)  All accrued interest pursuant to Sections 3.01(a) or (c) shall be due and
        payable in arrears on each Quarterly Payment Date in accordance with the applicable provisions of the Indenture. 

       

      

       (e)  In addition, under the circumstances set forth in Section 3.04 of the Series 2019-1 Supplement,
        the Master Issuer shall pay quarterly interest in respect of the Series 2019-1 Class A-1 Outstanding Principal Amount in an amount equal to the Series 2019-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest payable pursuant to such Section
        3.04, subject to and in accordance with the Priority of Payments.

       

      

       (f)  All computations of interest at the CP Rate and the Eurodollar Rate, all computations of Series
        2019-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest (other than any accruing on any Base Rate Advances) and all computations of fees shall be made on the basis of a year of 360 days and the actual number of days elapsed. All
        computations of interest at the Base Rate and all computations of Series 2019-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest accruing on any Base Rate Advances shall be made on the basis of a 365- (or 366-, as applicable) day year and
        actual number of days elapsed. Whenever any payment of interest, principal or fees hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, unless specified otherwise in the
        Indenture, and such extension of time shall be included in the computation of the amount of interest owed. Interest shall accrue on each Advance, Swingline Loan and Unreimbursed L/C Drawing from and including the day on which it is made to but
        excluding the date of repayment thereof.

       

      

      
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    Section 3.02            Fees.

     

     (a)  The Master Issuer shall pay to the Administrative Agent for its own account the Administrative
      Agent Fees (as defined in the Series 2019-1 Class A-1 VFN Fee Letter, collectively, the “Administrative Agent Fees”) in accordance with the terms of the Series 2019-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.

     

    

     (b)  On each Quarterly Payment Date on or prior to the Commitment Termination Date, the Master Issuer
      shall, in accordance with Section 4.01, pay to each Funding Agent, for the account of the related Committed Note Purchaser(s), the Undrawn Commitment Fees (as defined in the Series 2019-1 Class A-1 VFN Fee Letter, the “Undrawn Commitment
        Fees”) in accordance with the terms of the Series 2019-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.

     

    

     (c)  The Master Issuer shall pay (i) the fees required pursuant to Section 2.07 in respect of
      Letters of Credit and (ii) any other fees set forth in the Series 2019-1 Class A-1 VFN Fee Letter (including the Upfront Commitment Fee and any Extension Fees (each, as defined in the Series 2019-1 Class A-1 VFN Fee Letter)), subject to the Priority
      of Payments.

     

    

     (d)  All fees payable pursuant to this Section 3.02 shall be calculated in accordance with Section

        3.01(f) and paid on the date due in accordance with the applicable provisions of the Indenture. Once paid, all fees shall be nonrefundable under all circumstances other than manifest error.

     

    

    Section 3.03           Eurodollar
          Lending Unlawful. If any Investor or Program Support Provider shall determine that any Change in Law makes it unlawful, or any Official Body asserts that it is unlawful, for any such Person to fund or maintain any Advance as a Eurodollar
        Advance, the obligation of such Person to fund or maintain any such Advance as a Eurodollar Advance shall, upon such determination, forthwith be suspended until such Person shall notify the Administrative Agent, the related Funding Agent, the
        Manager and the Master Issuer that the circumstances causing such suspension no longer exist, and all then-outstanding Eurodollar Advances of such Person shall be automatically converted into Base Rate Advances at the end of the then-current
        Eurodollar Interest Accrual Period with respect thereto or sooner, if required by such law or assertion.

     

    Section 3.04            Deposits Unavailable. If the
        Administrative Agent shall have determined that:

     

    

    (a)  by reason of circumstances affecting the relevant market, adequate and reasonable means do not
      exist for ascertaining the interest rate applicable hereunder to the Eurodollar Advances; or 

    

     

    

    (b)  with respect to any interest rate otherwise applicable hereunder to any Eurodollar Advances the
      Eurodollar Interest Accrual Period for which has not then commenced, Investor Groups holding in the aggregate more than 50% of the Eurodollar Advances have determined that such interest rate will not adequately reflect the cost to them of funding,
      agreeing to fund or maintaining such Eurodollar Advances for such Eurodollar Interest Accrual Period, 

  

   

  

  
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    then, upon notice from the Administrative Agent (which, in the case of clause (b) above, the Administrative Agent shall give upon obtaining actual knowledge that such percentage of the Investor Groups have so
      determined) to the Funding Agents, the Manager and the Master Issuer, the obligations of the Investors to fund or maintain any Advance as a Eurodollar Advance after the end of the then-current Eurodollar Interest Accrual Period, if any, with respect
      thereto shall forthwith be suspended and on the date such notice is given such Advances will convert to Base Rate Advances until the Administrative Agent has notified the Funding Agents and the Master Issuer that the circumstances causing such
      suspension no longer exist. 

     

    If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Sections
        3.04(a) or (b) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Sections 3.04(a) or (b) have not arisen but the supervisor for the administrator referred to in the
      definition of “Eurodollar Funding Rate” or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the Eurodollar Funding Rate shall no longer be used for
      determining interest rates for loans, then the Administrative Agent and the Master Issuer shall endeavor to establish an alternate rate of interest to the Eurodollar Funding Rate (any such proposed rate, a “LIBOR Successor Rate”) that gives due
      consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such
      other related changes to this Agreement as may be applicable, including LIBOR Successor Rate Conforming Changes (as defined below); provided, that (i) if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero
      for the purposes of this Agreement and (ii) any LIBOR Successor Rate proposed by the Administrative Agent shall be no less favorable to the Master Issuer than comparable successor rates applied to other similarly situated issuers or borrowers under
      syndicated loan facilities and/or applied under other facilities under which the Administrative Agent functions in a similar capacity.  Notwithstanding anything to the contrary in Section 9.01, such amendment shall become effective without any
      further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to Investor Groups, written
      notice from the Investor Groups (or, in the event there are only two Investor Groups, any one of such Investor Groups) stating that such Investor Groups reasonably object to such amendment.

     

    “LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definitions (and components thereof) and
      provisions relating to interest herein and in the Series 2019-1 Supplement, including, the definition of “Base Rate”, “CP Funding Rate”, “Eurodollar Rate”, “Eurodollar Advance”, “Eurodollar Business Day”, “Eurodollar Funding Rate”, “Eurodollar
      Funding Rate (Reserve Adjusted)”, “Eurodollar Reserve Percentage”, “Eurodollar Tranche”, “Series 2019-1 Class A-1 Note Rate”, “Eurodollar Interest Accrual Period”, timing and frequency of determining rates and making payments of interest and other
      administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially
      consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists,
      in such other manner of administration as the Administrative Agent determines in consultation with the Master Issuer).

     

    
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    Section 3.05            Increased
          Costs, etc. The Master Issuer agrees to reimburse each Investor and any Program Support Provider (each, an “Affected Person”, which term, for purposes of Sections 3.07 and 3.08 and 3.09, shall also include the
        Swingline Lender and the L/C Issuing Bank) for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person, including reductions in the rate of return on such Affected Person’s capital, in respect
        of funding or maintaining (or of its obligation to fund or maintain) any Advances that arise in connection with any Change in Law, except for any Change in Law with respect to increased capital costs and Taxes which shall be governed by Sections
          3.07 and 3.08, respectively (whether or not amounts are payable thereunder in respect thereof). For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests,
        guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
        or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof. Each such demand shall be provided to the related Funding Agent and the
        Master Issuer in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Affected Person for such increased cost or reduced amount of return. Such additional amounts (“Increased
          Costs”) shall be deposited into the Collection Account by the Master Issuer within seven (7) Business Days of receipt of such notice to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments,
        to the Administrative Agent and by the Administrative Agent to such Funding Agent and by such Funding Agent directly to such Affected Person, and such notice shall, in the absence of manifest error, be conclusive and binding on the Master Issuer; provided
        that with respect to any notice given to the Master Issuer under this Section 3.05, the Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such
        demand if the relevant Affected Person knew or could reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions in the rate of return (except that, if the Change in Law giving rise to such increased
        costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

     

    Section 3.06            Funding
          Losses.  In the event any Affected Person shall incur any loss or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Person to fund or maintain any
        portion of the principal amount of any Advance as a Eurodollar Advance) as a result of:

     

     (a)  any conversion, repayment, prepayment or redemption (for any reason, including, without
      limitation, as a result of any Mandatory Decrease or Voluntary Decrease, or the acceleration of the maturity of such Eurodollar Advance) of the principal amount of any Eurodollar Advance on a date other than the scheduled last day of the Eurodollar
      Interest Accrual Period applicable thereto;

     

    

    
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     (b)  any Advance not being funded or maintained as a Eurodollar Advance after a request therefor has
      been made in accordance with the terms contained herein (for a reason other than the failure of such Affected Person to make an Advance after all conditions thereto have been met); or

     

    

     (c)  any failure of the Master Issuer to make a Mandatory Decrease or a Voluntary Decrease, prepayment
      or redemption with respect to any Eurodollar Advance after giving notice thereof pursuant to the applicable provisions of the Series 2019-1 Supplement;

    

    then, upon the written notice of any Affected Person to the related Funding Agent and the Master Issuer, the Master Issuer shall deposit into the Collection Account (within
      seven (7) Business Days of receipt of such notice) to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and such
      Funding Agent shall pay directly to such Affected Person such amount (“Breakage Amount” or “Series 2019-1 Class A-1 Breakage Amount”) as will (in the reasonable determination of such Affected Person) reimburse such Affected Person for
      such loss or expense; provided that with respect to any notice given to the Master Issuer under this Section 3.06, the Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the date that
      is nine (9) months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the circumstances giving rise to such loss or expense. Such written notice (which shall include calculations in reasonable
      detail) shall, in the absence of manifest error, be conclusive and binding on the Master Issuer.

     

    Section 3.07            Increased
          Capital or Liquidity Costs. If any Change in Law affects or would affect the amount of capital or liquidity required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person and such
        Affected Person determines in its sole and absolute discretion that the rate of return on its or such controlling Person’s capital as a consequence of its commitment hereunder or under a Program Support Agreement or the Advances, Swingline Loans or
        Letters of Credit made or issued by such Affected Person is reduced to a level below that which such Affected Person or such controlling Person would have achieved but for the occurrence of any such circumstance, then, in any such case after notice
        from time to time by such Affected Person (or in the case of an L/C Issuing Bank, by the L/C Provider) to the related Funding Agent and the Master Issuer (or, in the case of the Swingline Lender or the L/C Provider, to the Master Issuer), the
        Master Issuer shall deposit into the Collection Account within seven (7) Business Days of the Master Issuer’s receipt of such notice, to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the
        Administrative Agent and by the Administrative Agent to such Funding Agent (or, in the case of the Swingline Lender or the L/C Provider, directly to such Person) and such Funding Agent shall pay to such Affected Person, such amounts (“Increased
          Capital Costs”) as will be sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return; provided that with respect to any notice given to the Master Issuer under this Section 3.07,
        the Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of
        the Change in Law (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). A statement
        of such Affected Person as to any such additional amount or amounts (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on the Master Issuer. In determining such additional
        amount, such Affected Person may use any method of averaging and attribution that it (in its reasonable discretion) shall deem applicable so long as it applies such method to other similar transactions. For purposes of this Agreement, (i) the
        Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International
        Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted
        subsequent to the date hereof.

     

    
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    Section 3.08            Taxes.

     

     (a)  Except as otherwise required by law, all payments by the Master Issuer of principal of, and
      interest on, the Advances, the Swingline Loans and the L/C Obligations and all other amounts payable hereunder (including fees) shall be made free and clear of and without deduction or withholding for or on account of any present or future income,
      excise, documentary, property, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges in the nature of a tax imposed by any taxing authority including all interest, penalties or additions to tax and other liabilities
      with respect thereto (all such taxes, fees, duties, withholdings and other charges, and including all interest, penalties or additions to tax and other liabilities with respect thereto, being called “Taxes”), but excluding in the case of any
      Affected Person (i) net income, franchise (imposed in lieu of net income) or similar Taxes (and including branch profits or alternative minimum Taxes) and any other Taxes imposed or levied on the Affected Person as a result of a connection between
      the Affected Person and the jurisdiction of the Governmental Authority imposing such Taxes (or any political subdivision or taxing authority thereof or therein) (other than any such connection arising solely from such Affected Person having executed,
      delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Related Document), (ii) with respect to any Affected Person organized under the laws of a jurisdiction other than the United States or any
      state of the United States (“Foreign Affected Person”), any withholding Tax that is imposed on amounts payable to the Foreign Affected Person at the time the Foreign Affected Person becomes a party to this Agreement (or designates a new
      lending office), except to the extent that such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation of the new lending office (or assignment), to receive additional amounts from the Master Issuer
      with respect to withholding Tax, (iii) with respect to any Affected Person, any Taxes imposed under FATCA, (iv) any backup withholding Tax and (v) with respect to any Affected Person, any Taxes imposed as a result of such Affected Person’s failure to
      comply with Section 3.08(d) (such Taxes not excluded by (i), (ii), (iii) and (iv) above being called “Non-Excluded Taxes”). If any Taxes are imposed and required by law to be withheld or deducted from any amount payable by the Master
      Issuer hereunder to an Affected Person, then, if such Taxes are Non-Excluded Taxes, (x) the amount of the payment shall be increased so that such payment is made, after withholding or deduction for or on account of such Non-Excluded Taxes, in an
      amount that is not less than the amount equal to the sum that would have been received by the Affected Person had no such deduction or withholding been required and (y) the Master Issuer shall withhold the amount of such Taxes from such payment (as
      increased, if applicable, pursuant to the preceding clause (x)) and shall pay such amount, subject to and in accordance with the Priority of Payments, to the taxing authority imposing such Taxes in accordance with applicable law.

     

    

    
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     (b)  Moreover, if any Non-Excluded Taxes are directly asserted against any Affected Person with
      respect to any payment received by such Affected Person from the Master Issuer or otherwise in respect of any Related Document or the transactions contemplated therein, such Affected Person may pay such Non-Excluded Taxes and the Master Issuer will,
      within fifteen (15) Business Days of the related Funding Agent’s and Master Issuer’s receipt of written notice stating the amount of such Non-Excluded Taxes (including the calculation thereof in reasonable detail), deposit into the Collection
      Account, to be distributed as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and by such Funding Agent directly to such
      Affected Persons, such additional amounts (collectively, “Increased Tax Costs,” which term shall include all amounts payable by or on behalf of the Master Issuer pursuant to this Section 3.08) as is necessary in order that the net
      amount received by such Affected Person after the payment of such Non-Excluded Taxes (including any Non-Excluded Taxes on such Increased Tax Costs) shall equal the amount such Person would have retained had no such Non-Excluded Taxes been asserted.
      Any amount payable to an Affected Person under this Section 3.08 shall be reduced by, and Increased Tax Costs shall not include, the amount of incremental damages (including Taxes) due or payable by the Master Issuer as a direct result of
      such Affected Person’s failure to demand from the Master Issuer additional amounts pursuant to this Section 3.08 within 180 days from the date on which the related Non-Excluded Taxes were incurred.

     

    

    (c)  As promptly as practicable after the payment of any Taxes, and in any event within thirty (30)
      days of any such payment being due, the Master Issuer shall furnish to each applicable Affected Person or its agents a certified copy of an official receipt (or other documentary evidence satisfactory to such Affected Person and agents) evidencing
      the payment of such Taxes. 

     

    

     (d)  Each Affected Person, on or prior to the date it becomes a party to this Agreement (and from time
      to time thereafter as soon as practicable after the obsolescence or invalidity of any form or document previously delivered or within a reasonable period of time following a written request by the Master Issuer), shall deliver to the Master Issuer
      and the Administrative Agent a U.S. Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, Form W-8IMY or Form W-9, as applicable, or applicable successor form, or such other forms or documents (or successor forms or documents),
      appropriately completed and executed, as may be applicable, as will permit the Master Issuer or the Administrative Agent to establish the extent to which a payment to such Affected Person is exempt from, or eligible for a reduced rate of, United
      States federal withholding Taxes (including withholding pursuant to FATCA) and to determine whether or not such Affected Person is subject to backup withholding or information reporting requirements. Promptly following the receipt of a written
      request by the Master Issuer or the Administrative Agent, each Affected Person shall deliver to the Master Issuer and the Administrative Agent any other forms or documents (or successor forms or documents), appropriately completed and executed, as
      may be applicable to establish the extent to which a payment to such Affected Person is exempt from withholding or deduction of Non-Excluded Taxes other than United States federal withholding Taxes, including but not limited to, such information
      necessary to claim the benefits of the exemption for portfolio interest under section 881(c) of the Code. The Master Issuer and the Administrative Agent (or other withholding agent selected by the Master Issuer) may rely on any form or document
      provided pursuant to this Section 3.08(d) until notified otherwise by the Affected Person that delivered such form or document. Notwithstanding anything to the contrary, no Affected Person shall be required to deliver any documentation that
      it is not legally eligible to deliver as a result of a change in applicable law after the time the Affected Person becomes a party to this Agreement (or designates a new lending office).

     

    

    
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    (e)  The Administrative Agent, Trustee, Paying Agent or any other withholding agent may deduct and withhold any Taxes required by any laws to be deducted and withheld from any payments pursuant to this Agreement. 

     

    (f)  If any Governmental Authority asserts that the Master Issuer or the Administrative Agent or other withholding agent did not properly withhold or backup withhold, as the case may be, any Taxes from payments made to or for
        the account of any Affected Person, then to the extent such improper withholding or backup withholding was directly caused by such Affected Person’s actions or inactions, such Affected Person shall indemnify the Master Issuer, Trustee, Paying Agent
        and the Administrative Agent for any Taxes imposed by any jurisdiction on the amounts payable to the Master Issuer and the Administrative Agent under this Section 3.08, and costs and expenses (including attorney costs) of the Master Issuer,
        Trustee, Paying Agent and the Administrative Agent. The obligation of the Affected Persons, severally, under this Section 3.08 shall survive any assignment of rights by, or the replacement of, an Affected Person or the termination of the
        aggregate Commitments, repayment of all other Obligations hereunder and the resignation of the Administrative Agent. 

     

    (g)  Prior to the Closing Date, the Administrative Agent shall provide the Master Issuer with a properly executed and completed U.S. Internal Revenue Service Form W-8IMY or W-9, as appropriate. 

     

     (h)  If an Affected Person determines, in its sole reasonable discretion, that it has received a
      refund of any Non-Excluded Taxes as to which it has been indemnified pursuant to this Section 3.08 or as to which it has been paid additional amounts pursuant to this Section 3.08, it shall promptly notify the Master Issuer and the
      Manager in writing of such refund and shall, within 30 days after receipt of a written request from the Master Issuer, pay over such refund to the Master Issuer (but only to the extent of indemnity payments made or additional amounts paid to such
      Affected Person under this Section 3.08 with respect to the Non-Excluded Taxes giving rise to such refund), net of all out-of-pocket expenses (including the net amount of Taxes, if any, imposed on or with respect to such refund or payment) of
      the Affected Person and without interest (other than any interest paid by the relevant taxing authority that is directly attributable to such refund of such Non-Excluded Taxes); provided that the Master Issuer, immediately upon the request of
      the Affected Person to the Master Issuer (which request shall include a calculation in reasonable detail of the amount to be repaid) agrees to repay the amount of the refund (and any applicable interest) (plus any penalties, interest or other charges
      imposed by the relevant taxing authority with respect to such amount) to the Affected Person in the event the Affected Person or any other Person is required to repay such refund to such taxing authority. This Section 3.08 shall not be
      construed to require the Affected Person to make available its Tax returns (or any other information relating to its Taxes that it reasonably deems confidential) to the Master Issuer or any other Person.

     

    

    
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    Section 3.09            Change of
          Lending Office.  Each Committed Note Purchaser agrees that, upon the occurrence of any event giving rise to the operation of Sections 3.05 or 3.07 or the payment of additional amounts under Sections 3.08(a) or (b),
        in each case with respect to an Affected Person in such Committed Note Purchaser’s Investor Group, it will, if requested by the Master Issuer, use reasonable efforts (subject to overall policy considerations of such Committed Note Purchaser) to
        designate, or cause the designation of, another lending office for any Advances affected by such event with the object of avoiding the consequences of such event; provided that such designation is made on terms that, in the sole judgment of
        such Committed Note Purchaser, cause such Committed Note Purchaser and its lending office(s) or the related Affected Person to suffer no economic, legal or regulatory disadvantage; provided, further, that nothing in this Section
          3.09 shall affect or postpone any of the obligations of the Master Issuer or the rights of any Committed Note Purchaser pursuant to Sections 3.05, 3.07 and 3.08. If a Committed Note Purchaser notifies the Master Issuer
        in writing that such Committed Note Purchaser will be unable to designate, or cause the designation of, another lending office, the Master Issuer may replace every member (but not any subset thereof) of such Committed Note Purchaser’s entire
        Investor Group by giving written notice to each member of such Investor Group and the Administrative Agent designating one or more Persons that are willing and able to purchase each member of such Investor Group’s rights and obligations under this
        Agreement for a purchase price that, with respect to each such member of such Investor Group, shall equal the amount owed to each such member of such Investor Group with respect to the Series 2019-1 Class A-1 Advance Notes (whether arising under
        the Indenture, this Agreement, the Series 2019-1 Class A-1 Advance Notes or otherwise). Upon receipt of such written notice, each member of such Investor Group shall assign its rights and obligations under this Agreement pursuant to and in
        accordance with Sections 9.17(a), (b) and (c), as applicable, in consideration for such purchase price and at the reasonable expense of the Master Issuer (including, without limitation, the reasonable documented fees and
        out-of-pocket expenses of counsel to each such member); provided, however, that no member of such Investor Group shall be obligated to assign any of its rights and obligations under this Agreement if the purchase price to be paid to
        such member is not at least equal to the amount owed to such member with respect to the Series 2019-1 Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the Series 2019-1 Class A-1 Advance Notes or otherwise).

     

    
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    ARTICLE IV

        OTHER PAYMENT TERMS

     

    Section 4.01            Time and
          Method of Payment (Amounts Distributed by the Administrative Agent).  Except as otherwise provided in Section 4.02, all amounts payable to any Funding Agent or Investor hereunder or with respect to the Series 2019-1 Class A-1 Advance
        Notes shall be made to the Administrative Agent for the benefit of the applicable Person, by wire transfer of immediately available funds in Dollars not later than 3:00 p.m. (Eastern time) on the date due. The Administrative Agent will promptly,
        and in any event by 5:00 p.m. (Eastern time) on the same Business Day as its receipt or deemed receipt of the same, distribute to the applicable Funding Agent for the benefit of the applicable Person, or upon the order of the applicable Funding
        Agent for the benefit of the applicable Person, its pro rata share (or other applicable share as provided herein) of such payment by wire transfer in like funds as received.

     

    Except as otherwise provided in Section 2.07 and Section 4.02, all amounts payable to the Swingline Lender or the L/C Provider hereunder
      or with respect to the Swingline Loans and L/C Obligations shall be made to or upon the order of the Swingline Lender or the L/C Provider, respectively, by wire transfer of immediately available funds in Dollars not later than 3:00 p.m. (Eastern
      time) on the date due. Any funds received after that time on such date will be deemed to have been received on the next Business Day.

     

    The Master Issuer’s obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are disbursed by the
      Master Issuer to the Administrative Agent as provided herein or by the Trustee or Paying Agent in accordance with Section 4.02, whether or not such funds are properly applied by the Administrative Agent or by the Trustee or Paying Agent. The
      Administrative Agent’s obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are disbursed by the Administrative Agent to the applicable Funding Agent as provided herein whether or not such
      funds are properly applied by such Funding Agent.

     

    Section 4.02           Order of
          Distributions (Amounts Distributed by the Trustee or the Paying Agent). (a) Subject to Section 9.18(c)(ii), any amounts deposited into the Series 2019-1 Class A-1 Distribution Account (including amounts in respect of accrued interest,
        letter of credit fees or undrawn commitment fees but excluding amounts allocated for the purpose of reducing the Series 2019-1 Class A-1 Outstanding Principal Amount shall be distributed by the Trustee or the Paying Agent, as applicable, on the
        date due and payable under the Indenture and in the manner provided therein, ratably to the Series 2019-1 Class A-1 Noteholders of record on the applicable Record Date in respect of the amounts due to such payees at each applicable level of the
        Priority of Payments, in accordance with the applicable Quarterly Noteholders’ Report or the written report provided to the Trustee pursuant to Section 2.02(b) of the Series 2019-1 Supplement, as applicable.

     

    (b)  Subject to Section 9.18(c)(ii), any amounts deposited into the Series 2019-1 Class A-1
      Distribution Account for the purpose of reducing the Series 2019-1 Class A-1 Outstanding Principal Amount shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable under the Indenture and in the manner
      provided therein, to the Series 2019-1 Class A-1 Noteholders of record on the applicable Record Date, in the following order of priority (which the Master Issuer shall cause to be set forth in the applicable Quarterly Noteholders’ Report or the
      written report provided to the Trustee pursuant to Section 2.02(b) of the Series 2019-1 Supplement, as applicable): first, to the Swingline Lender and the L/C Provider in respect of outstanding Swingline Loans and Unreimbursed L/C Drawings,
      to the extent Unreimbursed Drawings cannot be reimbursed pursuant to Section 2.08, ratably in proportion to the respective amounts due to such payees; second, to the other Series 2019-1 Class A-1 Noteholders in respect of their
      outstanding Advances, ratably in proportion thereto; and, third, any balance remaining of such amounts (up to an aggregate amount not to exceed the amount of Undrawn L/C Face Amounts at such time) shall be paid to the L/C Provider, to be
      deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with Section 4.03(b). 

     

    
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    (c)  Any amounts distributed to the Administrative Agent pursuant to the Priority of Payments in
      respect of any other amounts related to the Class A-1 Notes shall be distributed by the Administrative Agent in accordance with Section 4.01 on the date such amounts are due and payable hereunder to the applicable Series 2019-1 Class A-1
      Noteholders and/or the Administrative Agent for its own account, as applicable, ratably in proportion to the respective aggregate of such amounts due to such payees. 

     

     Section 4.03            L/C Cash Collateral. (a) If (i) as of five (5) Business
      Days prior to the Commitment Termination Date, any Undrawn L/C Face Amounts remain in effect, the Master Issuer shall either (i) provide cash collateral (in an aggregate amount equal to the amount of Undrawn L/C Face Amounts at such time, to the
      extent that such amount of cash collateral has not been provided pursuant to Sections 4.02(b) or 9.18(c)(ii))
      to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with Section 4.03(b) or (ii) make other
      arrangements with respect thereto as may be satisfactory to the L/C Provider in its sole and absolute discretion.

     

    

     (b)  All amounts to be deposited in a cash collateral account pursuant to Section 4.02(b), Section
        4.03(a) or Section 9.18(c)(ii) shall be held by the L/C Provider as collateral to secure the Master Issuer’s Reimbursement Obligations with respect to any outstanding Letters of Credit. The L/C Provider shall have exclusive dominion and
      control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposit in Eligible Investments, which investments shall be made at the written direction, and at the risk and expense,
      of the Master Issuer (provided that if an Event of Default has occurred and is continuing, such investments shall be made solely at the option and sole discretion of the L/C Provider), such deposits shall not bear interest. Interest or
      profits, if any, on such investments shall accumulate in such account and all Taxes on such amounts shall be payable by the Master Issuer. Moneys in such account shall automatically be applied by such L/C Provider to reimburse it for any Unreimbursed
      L/C Drawings. Upon expiration of all then-outstanding Letters of Credit and payment in full of all Unreimbursed L/C Drawings, any balance remaining in such account shall be paid over (i) if the Base Indenture and any Series Supplement remain in
      effect, to the Trustee to be deposited into the Collection Account and distributed in accordance with the terms of the Base Indenture and (ii) otherwise to the Master Issuer; provided that, upon an Investor ceasing to be a Defaulting Investor
      in accordance with Section 9.18(d), any amounts of cash collateral provided pursuant to Section 9.18(c)(ii) upon such Investor becoming a Defaulting Investor shall be released and applied as such amounts would have been applied had
      such Investor not become a Defaulting Investor.

    

    

    
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    Section 4.04          Alternative
          Arrangements with Respect to Letters of Credit. Notwithstanding any other provision of this Agreement or any Related Document, a Letter of Credit (other than an Interest Reserve Letter of Credit) shall cease to be deemed outstanding for all
        purposes of this Agreement and each other Related Document if and to the extent that provisions, in form and substance satisfactory to the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such Letter of Credit, the
        L/C Issuing Bank) in its sole and absolute discretion, have been made with respect to such Letter of Credit such that the L/C Provider (and, if applicable, the L/C Issuing Bank) has agreed in writing, with a copy of such agreement delivered to the
        Administrative Agent, the Control Party, the Trustee and the Master Issuer, that such Letter of Credit shall be deemed to be no longer outstanding hereunder, in which event such Letter of Credit shall cease to be a “Letter of Credit” as such term
        is used herein and in the Related Documents.

     

    ARTICLE V

        THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS

     

    Section 5.01            Authorization
          and Action of the Administrative Agent. Each of the Lender Parties and the Funding Agents hereby designates and appoints Coöperatieve Rabobank, U.A., New York Branch, as the Administrative Agent hereunder, and hereby authorizes the
        Administrative Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement, together with such powers as are reasonably incidental thereto. The
        Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender Party or any Funding Agent, and no implied covenants, functions, responsibilities, duties,
        obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or otherwise exist for the Administrative Agent. In performing its functions and duties hereunder, the Administrative Agent shall act solely as
        agent for the Lender Parties and the Funding Agents and does not assume, nor shall it be deemed to have assumed, any obligation or relationship of trust or agency with or for the Master Issuer or any of its successors or assigns. The provisions of
        this Article (other than the rights of the Master Issuer set forth in Section 5.07) are solely for the benefit of the Administrative Agent, the Lender Parties and the Funding Agents, and the Master Issuer shall not have any rights as a
        third-party beneficiary of any such provisions. The Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, exposes the Administrative Agent to personal liability or that is contrary to this
        Agreement or any Requirement of Law. The appointment and authority of the Administrative Agent hereunder shall terminate upon the indefeasible payment in full of the Series 2019-1 Class A-1 Notes and all other amounts owed by the Master Issuer
        hereunder to the Administrative Agent, all members of the Investor Groups, the Swingline Lender and the L/C Provider (the “Aggregate Unpaids”) and termination in full of all Commitments and the Swingline Commitment and the L/C Commitment.

     

    Section 5.02           Delegation of
          Duties. The Administrative Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The exculpatory
        provisions of this Article shall apply to any such agents or attorneys-in-fact and shall apply to their respective activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence, bad faith or misconduct of
        any agents or attorneys-in-fact selected by it in good faith.

     

    
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    Section 5.03            Exculpatory
          Provisions. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for
        its, their or such Person’s own gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction by a final and nonappealable judgment), or (b) responsible in any manner to any Lender Party or any Funding Agent
        for any recitals, statements, representations or warranties made by the Master Issuer contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with,
        this Agreement for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Master Issuer to perform
        its obligations hereunder, or for the satisfaction of any condition specified in Article VII. The Administrative Agent shall not be under any obligation to any Investor or any Funding Agent to ascertain or to inquire as to the observance or
        performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Master Issuer. The Administrative Agent shall not be deemed to have knowledge of any Potential
        Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless the Administrative Agent has received notice in writing of such event from the Master Issuer, any Lender Party or any Funding Agent.

     

    Section 5.04            Reliance.
        The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or
        Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Master Issuer), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall in all cases be
        fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of any Lender Party or any Funding Agent as it deems
        appropriate or it shall first be indemnified to its satisfaction by any Lender Party or any Funding Agent; provided that unless and until the Administrative Agent shall have received such advice, the Administrative Agent may take or refrain
        from taking any action, as the Administrative Agent shall deem advisable and in the best interests of the Lender Parties and the Funding Agents. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
        in accordance with a request of Investor Groups holding more than 50% of the Commitments and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lender Parties and the Funding Agents.

     

    Section 5.05          Non-Reliance
          on the Administrative Agent and Other Purchasers.  Each of the Lender Parties and the Funding Agents expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or
        Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including, without limitation, any review of the affairs of the Master Issuer, shall be deemed to constitute any representation
        or warranty by the Administrative Agent. Each of the Lender Parties and the Funding Agents represents and warrants to the Administrative Agent that it has and will, independently and without reliance upon the Administrative Agent and based on such
        documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Master Issuer and made its own
        decision to enter into this Agreement.

     

    
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    Section 5.06            The
          Administrative Agent in its Individual Capacity. The Administrative Agent and any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Master Issuer or any Affiliate of the Master
        Issuer as though the Administrative Agent were not the Administrative Agent hereunder.

     

    Section 5.07             Successor
          Administrative Agent; Defaulting Administrative Agent.

     

     (a)  The Administrative Agent may, upon 30 days' notice to the Master Issuer and each of the Lender
      Parties and the Funding Agents, and the Administrative Agent shall, upon the direction of Investor Groups holding 100% of the Commitments (excluding any Commitments held by Defaulting Investors), resign as Administrative Agent. If the Administrative
      Agent shall resign, then the Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two-thirds of the
      Commitments (excluding any Commitments held by the resigning Administrative Agent or its Affiliates, and if all Commitments are held by the resigning Administrative Agent or its Affiliates, then the Master Issuer), during such 30-day period, shall
      appoint a successor administrative agent, subject to the consent of (i) the Master Issuer, at all times other than while an Event of Default has occurred and is continuing (which consent of the Master Issuer shall not be unreasonably withheld or
      delayed) and (ii) the Control Party (which consent of the Control Party shall not be unreasonably withheld or delayed); provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold
      percentage of Commitments has been met under this Section 5.07(a). If for any reason no successor Administrative Agent is appointed by the Investor Groups during such 30-day period, then, effective upon the expiration of such 30-day period,
      the Master Issuer shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2019-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the
      Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative
      agent is appointed as provided above, and the Master Issuer shall instruct the Trustee in writing accordingly. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of Section 9.05 and this Article
        V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.

     

    

    
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     (b)  The Master Issuer may, upon the occurrence of any of the following events (any such event, a “Defaulting
        Administrative Agent Event”) and with the consent of Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the
      Commitments, two-thirds of the Commitments, remove the Administrative Agent and, upon such removal, the Investor Groups holding more than 50% of the Commitments in the case of clause (i) above or two-thirds of the Commitments in the case of clause
      (ii) above (provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this Section 5.07(b)) shall appoint a successor
      administrative agent, subject to the consent of (x) the Master Issuer, at all times other than while an Event of Default has occurred and is continuing (which consent of the Master Issuer shall not be unreasonably withheld or delayed) and (y) the
      Control Party (which consent of the Control Party shall not be unreasonably withheld or delayed): (i) an Event of Bankruptcy with respect to the Administrative Agent; (ii) if the Person acting as Administrative Agent or an Affiliate thereof is also
      an Investor, any other event pursuant to which such Person becomes a Defaulting Investor; (iii) the failure by the Administrative Agent to pay or remit any funds required to be remitted when due (in each case, if amounts are available for payment or
      remittance in accordance with the terms of this Agreement for application to the payment or remittance thereof) which continues for two (2) Business Days after such funds were required to be paid or remitted; (iv) any representation, warranty,
      certification or statement made by the Administrative Agent under this Agreement or in any agreement, certificate, report or other document furnished by the Administrative Agent proves to have been false or misleading in any material respect as of
      the time made or deemed made, and if such representation, warranty, certification or statement is susceptible of remedy in all material respects, is not remedied within thirty (30) calendar days after knowledge thereof or notice by the Master Issuer
      to the Administrative Agent, and if not susceptible of remedy in all material respects, upon notice by the Master Issuer to the Administrative Agent or (v) any act constituting the gross negligence, bad faith or willful misconduct of the
      Administrative Agent. If for any reason no successor Administrative Agent is appointed by the Investor Groups within 30 days of the Administrative Agent’s removal pursuant to the immediately preceding sentence, then, effective upon the expiration of
      such 30-day period, the Master Issuer shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2019-1 Class A-1 VFN Fee Letter) directly to the
      Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a
      successor administrative agent is appointed as provided above, and the Master Issuer shall instruct the Trustee in writing accordingly. After any Administrative Agent’s removal hereunder as Administrative Agent, the provisions of Section 9.05
      and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.

     

    

    (c)  If a Defaulting Administrative Agent Event has occurred and is continuing, the Master Issuer may
      make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2019-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the
      L/C Provider, as applicable, and the Master Issuer for all purposes may deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable. 

     

    

    
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    Section 5.08             Authorization
          and Action of Funding Agents. Each Investor is hereby deemed to have designated and appointed its related Funding Agent set forth next to such Investor’s name on Schedule I (or identified as such Investor’s Funding Agent pursuant to
        any applicable Assignment and Assumption Agreement or Investor Group Supplement) as the agent of such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such powers as are
        delegated to such Funding Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. Each Funding Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any
        fiduciary relationship with the related Investor Group, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Funding Agent shall be read into this Agreement or otherwise exist for such
        Funding Agent. In performing its functions and duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and does not assume, nor shall it be deemed to have assumed, any obligation or relationship of trust or
        agency with or for the Master Issuer, any of its successors or assigns or any other Person. Each Funding Agent shall not be required to take any action that exposes such Funding Agent to personal liability or that is contrary to this Agreement or
        any Requirement of Law. The appointment and authority of the Funding Agents hereunder shall terminate upon the indefeasible payment in full of the Aggregate Unpaids of the Investor Groups and the termination in full of all the Commitments.

     

    Section 5.09            Delegation
          of Duties. Each Funding Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding Agent shall
        not be responsible for the gross negligence, bad faith or willful misconduct of any agents or attorneys-in-fact selected by it in good faith.

     

    Section 5.10            Exculpatory
          Provisions. Each Funding Agent and its Affiliates, and each of their directors, officers, agents or employees shall not be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this
        Agreement (except for its, their or such Person’s own gross negligence, bad faith or willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by the Master
        Issuer contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or for the value, validity, effectiveness, genuineness,
        enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Master Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in Article
          VII. Each Funding Agent shall not be under any obligation to the related Investor Group to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to
        inspect the properties, books or records of the Master Issuer. Each Funding Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless such Funding Agent has
        received notice of such event from the Master Issuer or any member of the related Investor Group.

     

    
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    Section 5.11           Reliance.
        Each Funding Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and
        upon advice and statements of the Administrative Agent and legal counsel (including, without limitation, counsel to the Master Issuer), independent accountants and other experts selected by such Funding Agent. Each Funding Agent shall in all cases
        be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of the related Investor Group as it deems appropriate
        or it shall first be indemnified to its satisfaction by the related Investor Group; provided that unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such
        Funding Agent shall deem advisable and in the best interests of the related Investor Group. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group
        and such request and any action taken or failure to act pursuant thereto shall be binding upon the related Investor Group.

     

    Section 5.12          Non-Reliance
          on the Funding Agent and Other Purchasers. The related Investor Group expressly acknowledges that its Funding Agent and any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has not made any representations or
        warranties to it and that no act by such Funding Agent hereafter taken, including, without limitation, any review of the affairs of the Master Issuer, shall be deemed to constitute any representation or warranty by such Funding Agent. The related
        Investor Group represents and warrants to such Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and
        investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Master Issuer and made its own decision to enter into this Agreement.

     

    Section 5.13            The
          Funding Agent in its Individual Capacity. Each Funding Agent and any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Master Issuer or any Affiliate of the Master Issuer as
        though such Funding Agent were not a Funding Agent hereunder.

     

    Section 5.14            Successor
          Funding Agent. Each Funding Agent will, upon the direction of the related Investor Group, resign as such Funding Agent. If such Funding Agent shall resign, then the related Investor Group shall appoint an Affiliate of a member of the related
        Investor Group as a successor funding agent (it being understood that such resignation shall not be effective until such successor is appointed). After any retiring Funding Agent’s resignation hereunder as Funding Agent, subject to the limitations
        set forth herein, the provisions of Section 9.05 and this Article V shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Funding Agent under this Agreement.

     

    ARTICLE VI

        REPRESENTATIONS AND WARRANTIES

     

    Section 6.01            The Master
          Issuer and Guarantors. The Master Issuer and the Guarantors jointly and severally represent and warrant to the Administrative Agent and each Lender Party, as of the date of this Agreement, as of the Closing Date and as of the date of each
        Advance made hereunder, that:

     

      

    
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     (a)  each of their representations and warranties made in favor of the Trustee or the Noteholders in
      the Indenture and the other Related Documents (other than a Related Document relating solely to a Series of Notes other than the Series 2019-1 Notes) is true and correct (i) if not qualified as to materiality or Material Adverse Effect, in all
      material respects and (ii) if qualified as to materiality or Material Adverse Effect, in all respects, as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case
      such representations and warranties shall be true and correct in all material respects as of such earlier date);

     

    

     (b)  no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has
      occurred and is continuing;

     

    

     (c)  neither they nor or any of their Affiliates, have, directly or through an agent, engaged in any
      form of general solicitation or general advertising in connection with the offering of the Series 2019-1 Class A-1 Notes under the 1933 Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the 1933 Act, including,
      but not limited to, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio or any seminar or meeting whose attendees have been invited by any general solicitation or
      general advertising; provided that no representation or warranty is made with respect to the Lender Parties and their Affiliates; and neither the Master Issuer nor any of its Affiliates has entered into any contractual arrangement with
      respect to the distribution of the Series 2019-1 Class A-1 Notes, except for this Agreement and the other Related Documents, and the Master Issuer will not enter into any such arrangement;

     

    

     (d)  neither they nor any of their Affiliates have, directly or through any agent, sold, offered for
      sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the 1933 Act) that is or will be integrated with the sale of the Series 2019-1 Class A-1 Notes in a manner that would require the registration of the
      Series 2019-1 Class A-1 Notes under the 1933 Act;

     

    

     (e)  assuming the representations and warranties of each Lender Party set forth in Section 6.03
      are true and correct, the offer and sale of the Series 2019-1 Class A-1 Notes in the manner contemplated by this Agreement is a transaction exempt from the registration requirements of the 1933 Act, and the Base Indenture is not required to be
      qualified under the United States Trust Indenture Act of 1939, as amended;

     

    

     (f)  the Master Issuer has made available to the Administrative Agent and each Funding Agent true,
      accurate and complete copies of all other Related Documents (excluding Series Supplements and other Related Documents relating solely to a Series of Notes other than the Series 2019-1 Notes) to which they are a party as of the Closing Date, all of
      which Related Documents are in full force and effect in all material respects as of the Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date, other than such amendments,
      modifications or waivers about which the Master Issuer has informed each Funding Agent, the Swingline Lender and the L/C Provider;

     

    

    
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     (g)  the Master Issuer is not an “investment company” as defined in Section 3(a)(1) of the 1940 Act,
      and therefore has no need to rely solely on the exemption from the definition of “investment company” set forth in Section 3(c)(1) and/or Section 3(c)(7) of the 1940 Act;

     

    

    
      (h)  the Master Issuer and each Guarantor, and their respective directors, officers and employees
        and, to the knowledge of the Master Issuer and each Guarantor, the agents of the Master Issuer and each Guarantor, respectively, have not (i) made any unlawful contribution, gift, entertainment or other unlawful expense relating to political
        activity; (ii) made any direct or indirect unlawful payment to any domestic governmental official or “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder
        (collectively, the “FCPA”); (iii) violated any provision of the FCPA, the Bribery Act of 2010 of the United Kingdom or any applicable non-U.S. anti-bribery statute or regulation; or (iv) made any bribe, rebate, payoff, influence payment,
        kickback or other unlawful payment; and the Master Issuer and Guarantors conduct their respective businesses in compliance with the FCPA and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to
        ensure, continued compliance therewith;

      

      

      

      (i)  the operations of the Master Issuer and each Guarantor, as applicable, are and have been
        conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions and
        the rules and regulations thereunder (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Master Issuer or any
        Guarantor, as applicable, with respect to the Money Laundering Laws is pending or, to the knowledge of such relevant entity, threatened; and

      

      

      (j)  neither the Master Issuer nor any Guarantor is currently the target of any  sanctions
        administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of State, the United Nations Security Council, the
        European Union, Her Majesty’s Treasury (collectively, “Sanctions”); nor is such relevant entity located, organized or resident in a country or territory that is the target of Sanctions; and the Master Issuer and each Guarantor will not
        directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of or business
        with any person, or in any country or territory, that currently is the target of any Sanctions or in any other manner that would reasonably be expected to result in a violation by any person (including any person participating in the transaction
        whether as underwriter, advisor, investor or otherwise) of Sanctions.

       

      

      
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    Section 6.02          The Manager.
        The Manager represents and warrants to the Administrative Agent and each Lender Party as of the date of this Agreement, as of the Closing Date and as of the date of each Advance made hereunder, that (i) no Manager Termination Event has occurred and
        is continuing and (ii) each representation and warranty made by it in any Related Document (other than a Related Document relating solely to a Series of Notes other than the Series 2019-1 Notes and other than any representation or warranty in Article
          V of the Management Agreement) to which it is a party (including any representations and warranties made by it in its capacity as Manager) is true and correct (a) if not qualified as to materiality or Material Adverse Effect, in all material
        respects and (b) if qualified as to materiality or Material Adverse Effect, in all respects as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case such
        representations and warranties were true and correct in all material respects as of such earlier date).

     

    Section 6.03            Lender
          Parties. Each of the Lender Parties represents and warrants to the Master Issuer and the Manager as of the date hereof (or, in the case of a successor or assign of an Investor, as of the subsequent date on which such successor or assign shall
        become or be deemed to become a party hereto) that:

     

     (a)  it has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management
      and financial affairs, and the terms and conditions of the proposed purchase of the Series 2019-1 Class A-1 Notes, with the Master Issuer and the Manager and their respective representatives;

     

    

    (b)  it is an “accredited investor” and “qualified institutional buyer” within the meaning of Rules 501
      and 144A, respectively, under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing
      in, the Series 2019-1 Class A-1 Notes; 

     

    

     (c)  it is purchasing the Series 2019-1 Class A-1 Notes for its own account, or for the account of one
      or more “qualified institutional buyers” within the meaning of Rule 144A under the 1933 Act that meet the criteria described in clause (b) above and for which it is acting with complete investment discretion, for investment purposes only and
      not with a view to a distribution in violation of the 1933 Act, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any
      general solicitation or general advertising within the meaning of the 1933 Act, or the rules and regulations promulgated thereunder, with respect to the Series 2019-1 Class A-1 Notes;

     

    

    (d)  it understands that (i) the Series 2019-1 Class A-1 Notes have not been and will not be registered
      or qualified under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and may not be
      resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Master Issuer, (ii) the Master Issuer is
      not required to register the Series 2019-1 Class A-1 Notes under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction, (iii) any permitted transferee hereunder must meet the criteria in clause (b)
      above and (iv) any transfer must comply with the provisions of Section 2.08 of the Base Indenture, Section 4.03 of the Series 2019-1 Supplement and Section 9.03 or 9.17, as applicable, of this Agreement; 

     

    

    
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     (e)  it will comply with the requirements of Section
        6.03(d) above in connection with any transfer by it of the Series 2019-1 Class A-1 Notes;

     

    

     (f)  it understands that the Series 2019-1 Class A-1 Notes
      will bear the legend set out in the form of Series 2019-1 Class A-1 Notes attached to the Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend;

     

    

     (g)  it will obtain for the benefit of the Master Issuer
      from any purchaser of the Series 2019-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and

     

    

     (h)  it has executed a Purchaser’s Letter substantially in
      the form of Exhibit D hereto.

  

   

    

  
    ARTICLE VII

    

     CONDITIONS

     

    Section 7.01           Conditions to
          Issuance and Effectiveness. Each Lender Party will have no obligation to purchase the Series 2019-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective,
        unless:

     

     (a)  the Base Indenture, the Series 2019-1 Supplement, the Guarantee and Collateral Agreement and the
      other Related Documents shall be in full force and effect;

     

    

     (b)  on the Closing Date, the Administrative Agent shall have received a letter, in form and substance
      reasonably satisfactory to it, from S&P stating that a long-term rating of “BBB” has been assigned to the Series 2019-1 Class A-1 Notes;

     

    

     (c)  at the time of such issuance, the additional conditions set forth in Schedule III hereto
      and all other conditions to the issuance of the Series 2019-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.

    

    Section 7.02           Conditions to
          Initial Extensions of Credit. The election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, the initial Borrowing hereunder, and the obligations of the Swingline Lender and the L/C Provider to
        fund the initial Swingline Loan or provide the initial Letter of Credit hereunder, respectively, shall be subject to the satisfaction of the conditions precedent that (a) each Funding Agent shall have received a duly executed and authenticated
        Series 2019-1 Class A-1 Advance Note registered in its name or in such other name as shall have been directed by such Funding Agent and stating that the principal amount thereof shall not exceed the Maximum Investor Group Principal Amount of the
        related Investor Group; (b) each of the Swingline Lender and the L/C Provider shall have received a duly executed and authenticated Series 2019-1 Class A-1 Swingline Note or Series 2019-1 Class A-1 L/C Note, as applicable, registered in its name or
        in such other name as shall have been directed by it and stating that the principal amount thereof shall not exceed the Swingline Commitment or L/C Commitment, respectively; and (c) the Master Issuer shall have paid all fees required to be paid by
        it under the Related Documents on the Closing Date, including all fees required hereunder.

     

    
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    Section 7.03          Conditions to
          Each Extension of Credit. The election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, any Borrowing on any day (including the initial Borrowing but excluding any Borrowings to repay Swingline
        Loans or L/C Obligations pursuant to Sections 2.05, 2.06 or 2.08, as applicable), and the obligations of the Swingline Lender to fund any Swingline Loan (including the initial one) and of the L/C Provider to provide any
        Letter of Credit (including the initial one), respectively, shall be subject to the conditions precedent that, on the date of such funding or provision, before and after giving effect thereto and to the application of any proceeds therefrom, the
        following statements shall be true (without regard to any waiver, amendment or other modification of this Section 7.03 or any definitions used herein consented to by the Control Party unless Investors holding more than (i) if no single
        Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two-thirds of the Commitments (provided that the Commitment of any Defaulting Investor
        shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this Section 7.03) have consented to such waiver, amendment or other modification for purposes of this Section 7.03); provided,
        however, that if a Rapid Amortization Event has occurred and (other than in the case of Section 9.01(b)) has been declared by the Control Party pursuant to Sections 9.01(a), (b), (c), (d), or (e) of the Base Indenture, consent to
        such waiver, amendment or other modification from all Investors (provided that it shall not be the obligation of the Control Party to obtain such consent from the Investors) as well as the Control Party is required for purposes of this Section
          7.03:

     

     (a)(i)   the representations and warranties of the Master Issuer set out in this Agreement and (ii) the
      representations and warranties of the Manager set out in this Agreement, in each such case, shall be true and correct (A) if qualified as to materiality or Material Adverse Effect, in all respects and (B) if not qualified as to materiality or
      Material Adverse Effect, in all material respects, as of the date of such funding or issuance, with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations and warranties
      shall have been true and correct as of such earlier date);

     

    

    (b)  no Default, Event of Default, Potential Rapid Amortization Event or Rapid Amortization Event shall
      be in existence at the time of, or after giving effect to, such funding or issuance;

     

    

     (c)  for any Borrowing occurring after the second Quarterly Calculation Date, the DSCR as calculated
      as of the immediately preceding Quarterly Calculation Date shall not be less than 1.50x;

     

    

     (d)  in the case of any Borrowing, except to the extent an advance request is expressly deemed to have
      been delivered hereunder, the Master Issuer shall have delivered or have been deemed to have delivered to the Administrative Agent an executed advance request in the form of Exhibit A-1 hereto with respect to such Borrowing (each such
      request, an “Advance Request” or a “Series 2019-1 Class A-1  Advance Request”);

     

    

    
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     (e)  the Senior Notes Interest Reserve Amount (including any Senior Notes Interest Reserve Account
      Deficiency Amount) will be funded and/or an Interest Reserve Letter of Credit will be maintained for such amount as of the date of such draw in the amounts required pursuant to the Indenture after giving effect to such draw;

     

    

     (f)  all Undrawn Commitment Fees, Administrative Agent Fees and L/C Quarterly Fees due and payable on
      or prior to the date of such funding or issuance shall have been paid in full; and

     

    

     (g)  all conditions to such extension of credit or provision specified in Sections 2.02, 2.03,
      2.06 or 2.07, as applicable, shall have been satisfied.

  

   

  

  
    The giving of any notice pursuant to Sections 2.03, 2.06 or 2.07, as applicable, shall constitute a representation and warranty by the Master Issuer and the Manager that all
      conditions precedent to such funding or provision have been satisfied or will be satisfied concurrently therewith. 

     

    ARTICLE VIII

        COVENANTS

     

    Section 8.01          Covenants.
        Each of the Master Issuer and the Manager, severally, covenants and agrees that, until all Aggregate Unpaids have been paid in full and all Commitments, the Swingline Commitment and the L/C Commitment have been terminated, it will:

    

    

    (a)  unless waived in writing by the Control Party in accordance with Section 9.07 of the Base
      Indenture, duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Related Document to which it is a party;

     

     (b)  not amend, modify, waive or give any approval, consent or permission under any provision of the
      Base Indenture or any other Related Document to which it is a party unless any such amendment, modification, waiver or other action is in writing and made in accordance with the terms of the Base Indenture or such other Related Document, as
      applicable;

     

    

     (c)  reasonably concurrent with the time any report, notice or other document is provided to the
      Rating Agencies and/or the Trustee, or caused to be provided, by the Master Issuer or the Manager under the Base Indenture (including, without limitation, under Sections 8.08, 8.09 and/or 8.11 thereof) or under the Series
      2019-1 Supplement, provide the Administrative Agent (who shall promptly provide a copy thereof to the Lender Parties) with a copy of such report, notice or other document; provided, however, that neither the Manager nor the Master
      Issuer shall have any obligation under this Section 8.01(c) to deliver to the Administrative Agent copies of any Quarterly Noteholders’ Reports that relate solely to a Series of Notes other than the Series 2019-1 Notes;

     

    

    
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     (d)  once per calendar year, following reasonable prior notice from the Administrative Agent (the “Annual
        Inspection Notice”), and during regular business hours, permit any one or more of such Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns,
      at the Master Issuer’s expense, access (as a group, and not individually unless only one such Person desires such access) to the offices of the Manager, the Master Issuer and the Guarantors, (i) to examine and make copies of and abstracts from all
      documentation relating to the Collateral on the same terms as are provided to the Trustee under Section 8.06 of the Base Indenture, and (ii) to visit the offices and properties of the Manager, the Master Issuer and the Guarantors for the purpose of
      examining such materials described in clause (i) above, and to discuss matters relating to the Collateral, or the administration and performance of the Base Indenture, the Series 2019-1 Supplement and the other Related Documents with any of
      the officers or employees of, the Manager, the Master Issuer and/or the Guarantors, as applicable, having knowledge of such matters; provided, however, that upon the occurrence and continuation of a Potential Rapid Amortization Event,
      Rapid Amortization Event, Cash Trapping Period, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at the Master
      Issuer’s expense may do any of the foregoing at any time during normal business hours and without advance notice; provided, further, that, in addition to any visits made pursuant to provision of an Annual Inspection Notice or during
      the continuation of a Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives
      or permitted assigns, at their own expense, may do any of the foregoing at any time during normal business hours following reasonable prior notice with respect to the business of the Master Issuer and/or the Guarantors; and provided, further,
      that the Funding Agents, the Swingline Lender and the L/C Provider will be permitted to provide input to the Administrative Agent with respect to the timing of delivery, and content, of the Annual Inspection Notice;

     

    

     (e)  not take, or cause to be taken, any action, including, without limitation, acquiring any Margin
      Stock, that could cause the transactions contemplated by the Related Documents to fail to comply with the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof;

     

    

    (f)  not permit any amounts owed with respect to the Series 2019-1 Class A-1 Notes to be secured,
      directly or indirectly, by any Margin Stock in a manner that would violate the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof; 

     

    

    (g)  promptly provide such additional financial and other information with respect to the Related
      Documents (other than Series Supplements and Related Documents relating solely to a Series of Notes other than the Series 2019-1 Notes), the Master Issuer, the Manager or the Guarantors as the Administrative Agent may from time to time reasonably
      request; and

      

    

    (h)  deliver to the Administrative Agent (who shall promptly provide a copy thereof to the Lender
      Parties), the financial statements prepared pursuant to Section 4.01 of the Base Indenture reasonably contemporaneously with the delivery of such statements under the Base Indenture.

    

     

    
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    ARTICLE IX

        MISCELLANEOUS PROVISIONS

     

    Section 9.01          Amendments.
        No amendment to or waiver or other modification of any provision of this Agreement, nor consent to any departure therefrom by the Manager or the Master Issuer, shall in any event be effective unless the same shall be in writing and signed by the
        Manager, the Master Issuer and the Administrative Agent with the written consent of Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group
        holds more than 50% of the Commitments, two-thirds of the Commitments; provided that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether such threshold percentage of Commitments has been met; provided,
        however, that, in addition, (i) the prior written consent of each affected Investor shall be required in connection with any amendment, modification or waiver that (x) increases the amount of the Commitment of such Investor, extends the
        Commitment Termination Date or the Series 2019-1 Class A-1 Notes Renewal Date, modifies the conditions to funding such Commitment or otherwise subjects such Investor to any increased or additional duties or obligations hereunder or in connection
        herewith (it being understood and agreed that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the Commitments of
        any Lender Party), (y) reduces the amount or delays the timing of payment of any principal, interest, fees or other amounts payable to such Investor hereunder or (z) would have an effect comparable to any of those set forth in Section 13.02(a) of
        the Base Indenture that require the consent of each Noteholder or each affected Noteholder; (ii) any amendment, modification or waiver that affects the rights or duties of any of the Swingline Lender, the L/C Provider, the Administrative Agent or
        the Funding Agents shall require the prior written consent of such affected Person; and (iii) the prior written consent of each Investor, the Swingline Lender, the L/C Provider, the Administrative Agent and each Funding Agent shall be required in
        connection with any amendment, modification or waiver of this Section 9.01. For purposes of any provision of any other Indenture Document relating to any vote, consent, direction or the like to be given by the Series 2019-1 Class A-1
        Noteholders, such vote, consent, direction or the like shall be given by the Holders of the Series 2019-1 Class A-1 Advance Notes only and not by the Holders of any Series 2019-1 Class A-1 Swingline Notes or Series 2019-1 Class A-1 L/C Notes except
        to the extent that such vote, consent, direction or the like is to be given by each affected Noteholder and the Holders of any Series 2019-1 Class A-1 Swingline Notes or Series 2019-1 Class A-1 L/C Notes would be affected thereby. The Master Issuer
        and the Lender Parties shall negotiate any amendments, waivers, consents, supplements or other modifications to this Agreement or the other Related Documents that require the consent of the Lender Parties in good faith. Pursuant to Section
          9.05(a), the Lender Parties shall be entitled to reimbursement by the Master Issuer for the reasonable expenses incurred by the Lender Parties in reviewing and approving any such amendment, waiver, consent, supplement or other modification to
        this Agreement or any Related Document.

     

    
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    Section 9.02         No Waiver;
          Remedies. Any waiver, consent or approval given by any party hereto shall be effective only in the specific instance and for the specific purpose for which given, and no waiver by a party of any breach or default under this Agreement shall be
        deemed a waiver of any other breach or default. No failure on the part of any party hereto to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right
        hereunder, or any abandonment or discontinuation of steps to enforce the right, power or privilege, preclude any other or further exercise thereof or the exercise of any other right. No notice to or demand on any party hereto in any case shall
        entitle such party to any other or further notice or demand in the same, similar or other circumstances. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

     

    Section 9.03           Binding on Successors and Assigns.

     

     (a)  This Agreement shall be binding upon, and inure to the benefit of, the Master Issuer, the
      Manager, the Lender Parties, the Funding Agents, the Administrative Agent and their respective successors and assigns; provided, however, that neither the Master Issuer nor the Manager may assign its rights or obligations hereunder or
      in connection herewith or any interest herein (voluntarily, by operation of law or otherwise) without the prior written consent of each Lender Party (other than any Defaulting Investor); provided, further, that nothing herein shall
      prevent the Master Issuer from assigning its rights (but none of its duties or liabilities) to the Trustee under the Base Indenture and the Series 2019-1 Supplement; and provided, further that none of the Lender Parties may transfer,
      pledge, assign, sell participations in or otherwise encumber its rights or obligations hereunder or in connection herewith or any interest herein except as permitted under Section 6.03, Section 9.17 and this Section 9.03.
      Nothing expressed herein is intended or shall be construed to give any Person other than the Persons referred to in the preceding sentence any legal or equitable right, remedy or claim under or in respect of this Agreement except as provided in Section
        9.16.

     

    

     (b)  Notwithstanding any other provision set forth in this Agreement, each Investor may at any time
      grant to one or more Program Support Providers a participating interest in or lien on such Investor’s interests in the Advances made hereunder and such Program Support Provider, with respect to its participating interest, shall be entitled to the
      benefits granted to such Investor under this Agreement.

     

    

     (c)  In addition to its rights under Section 9.17, each Conduit Investor may at any time
      assign its rights in the Series 2019-1 Class A-1 Advance Notes (and its rights hereunder and under the Related Documents) to its related Committed Note Purchaser or, subject to Section 6.03 and Section 9.17(f), its related Program
      Support Provider or any Affiliate of any of the foregoing, in each case in accordance with the applicable provisions of the Indenture. Furthermore, each Conduit Investor may at any time grant a security interest in and lien on, all or any portion of
      its interests under this Agreement, its Series 2019-1 Class A-1 Advance Note and all Related Documents to (i) its related Committed Note Purchaser, (ii) its Funding Agent, (iii) any Program Support Provider who, at any time now or in the future,
      provides program liquidity or credit enhancement, including, without limitation, an insurance policy for such Conduit Investor relating to the Commercial Paper or the Series 2019-1 Class A-1 Advance Notes, (iv) any other Person who, at any time now
      or in the future, provides liquidity or credit enhancement for the Conduit Investors, including, without limitation, an insurance policy relating to the Commercial Paper or the Series 2019-1 Class A-1 Advance Notes or (v) any collateral trustee or
      collateral agent for any of the foregoing; provided, however, that any such security interest or lien shall be released upon assignment of its Series 2019-1 Class A-1 Advance Note to its related Committed Note Purchaser. Each
      Committed Note Purchaser may assign its Commitment, or all or any portion of its interest under its Series 2019-1 Class A-1 Advance Note, this Agreement and the Related Documents to any Person to the extent permitted by Section 9.17.
      Notwithstanding any other provisions set forth in this Agreement, each Committed Note Purchaser may at any time create a security interest in all or any portion of its rights under this Agreement, its Series 2019-1 Class A-1 Advance Note and the
      Related Documents in favor of any Federal Reserve Bank in accordance with Regulation A of the F.R.S. Board or any similar foreign entity.

     

    

    
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    Section 9.04             Survival of
          Agreement. All covenants, agreements, representations and warranties made herein and in the Series 2019-1 Class A-1 Notes delivered pursuant hereto shall survive the making and the repayment of the Advances, the Swingline Loans and the
        Letters of Credit and the execution and delivery of this Agreement and the Series 2019-1 Class A-1 Notes and shall continue in full force and effect until all interest on and principal of the Series 2019-1 Class A-1 Notes, and all other amounts
        owed to the Lender Parties, the Funding Agents and the Administrative Agent hereunder and under the Series 2019-1 Supplement have been paid in full, all Letters of Credit have expired or been fully cash collateralized in accordance with the terms
        of this Agreement and the Commitments, the Swingline Commitment and the L/C Commitment have been terminated. In addition, the obligations of the Master Issuer and the Lender Parties under Sections 3.05, 3.06, 3.07, 3.08,
        9.05, 9.10 and 9.11 shall survive the termination of this Agreement.

     

    Section 9.05              Payment of Costs and Expenses;
          Indemnification.

     

    
      (a)  Payment
            of Costs and Expenses. The Master Issuer agrees to pay (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments), on the
          Closing Date (if invoiced at least one (1) Business Day prior to such date) or on or before seven (7) Business Days after written demand (in all other cases), all reasonable expenses of the Administrative Agent, each initial Funding Agent and
          each initial Lender Party (including the reasonable fees and out-of-pocket expenses of counsel to each of the foregoing, if any, as well as the fees and expenses of the Rating Agencies) in connection with (i) the negotiation, preparation,
          execution and delivery of this Agreement and of each other Related Document, including schedules and exhibits, whether or not the transactions contemplated hereby or thereby are consummated (“Pre-Closing Costs”), and (ii) any amendments, waivers, consents, supplements or other modifications to this Agreement or any other Related Document as may from time to time hereafter be proposed (“Amendment Expenses”). The Master Issuer further agrees to pay, subject to and in accordance with the Priority of Payments, and to hold the Administrative Agent, each Funding
          Agent and each Lender Party harmless from all liability for (x) any breach by the Master Issuer of its obligations under this Agreement, (y) all reasonable costs incurred by the Administrative Agent, such Funding Agent or such Lender Party in
          enforcing this Agreement and (z) any Non-Excluded Taxes that may be payable in connection with (1) the execution or delivery of this Agreement, (2) any Borrowing or Swingline Loan hereunder, (3) the issuance of the Series 2019-1 Class A-1 Notes,
          (4) any Letter of Credit hereunder or (5) any other Related Documents (“Other Post-Closing Expenses”).  The Master Issuer also agrees to reimburse, subject to and in
          accordance with the Priority of Payments, the Administrative Agent, such Funding Agent and such Lender Party upon demand for all reasonable out-of-pocket expenses incurred by the Administrative Agent, such Funding Agent and such Lender Party in
          connection with (1) the negotiation of any restructuring or “work-out”, whether or not consummated, of the Related Documents and (2) the enforcement of, or any waiver or amendment requested under or with respect to, this Agreement or any other
          Related Documents (“Out-of-Pocket Expenses”). Notwithstanding the foregoing, other than in connection with a sale or assignment pursuant to Section 9.18(a), the Master Issuer shall have no obligation to reimburse any Lender Party for any of the fees and/or expenses incurred by such Lender Party with respect to its sale or assignment of all or
          any part of its respective rights and obligations under this Agreement and the Series 2019-1 Class A-1 Notes pursuant to Section 9.03 or Section 9.17.

    

     

    

    
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    (b)  Indemnification of the Lender
          Parties. In consideration of the execution and delivery of this Agreement by the Lender Parties, the Master Issuer hereby agrees to indemnify and hold each Lender Party (each in its capacity as such and to the extent not reimbursed by
      the Master Issuer and without limiting the obligation of the Master Issuer to do so) and each of their officers, directors, employees and agents (collectively, the “Indemnified Parties”)
      harmless (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and
      reasonable documented costs and expenses incurred in connection therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in
      connection with the offering and sale of the Series 2019-1 Class A-1 Notes), including reasonable documented attorneys’ fees and disbursements (collectively, the “Indemnified Liabilities”),
      incurred by the Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to:

     

    

     (i)  any transaction financed or to be financed in whole or in part, directly or indirectly, with the
      proceeds of any Advance, Swingline Loan or Letter of Credit; or

     

    

     (ii)  the entering into and performance of this Agreement and any other Related Document by any of the
      Indemnified Parties, including, for the avoidance of doubt, the consent by the Lender Parties set forth in Section 9.19;

    

    except for any such Indemnified Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party’s gross negligence, bad
      faith or willful misconduct or breach of representations set forth herein. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Master Issuer hereby agrees to make the maximum contribution to the payment and
      satisfaction of each of the Indemnified Liabilities that is permissible under applicable law.  The indemnity set forth in this Section 9.05(b) shall in no event include indemnification for special, punitive, consequential or indirect damages
      of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in Section 3.08 or for any transfer Taxes with respect to its sale or assignment of all or any part of its respective rights and
      obligations under this Agreement and the Series 2019-1 Class A-1 Notes pursuant to Section 9.17. The Master Issuer shall give notice to the Rating Agencies of any claim for Indemnified Liabilities made under this Section 9.05(b).

     

    
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    (c)  Indemnification of the Administrative
          Agent and each Funding Agent by the Master Issuer.  In consideration of the execution and delivery of this Agreement by the Administrative Agent and each Funding Agent, the Master Issuer hereby agrees to indemnify and hold the
      Administrative Agent and each Funding Agent and each of their officers, directors, employees and agents (collectively, the “Agent Indemnified Parties”) harmless (by depositing
      such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and
      expenses incurred in connection therewith (irrespective of whether any such Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the
      offering and sale of the Series 2019-1 Class A-1 Notes), including reasonable documented attorneys’ fees and disbursements (collectively, the “Agent Indemnified Liabilities”),
      incurred by the Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Agreement
      and any other Related Document by any of the Agent Indemnified Parties, except for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party by reason of the relevant Agent Indemnified Party’s gross
      negligence, bad faith or willful misconduct.  If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Master Issuer hereby agrees to make the maximum contribution to the payment and satisfaction of each of the
      Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this Section 9.05(c) shall in no event include indemnification for special,
      punitive, consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in Section 3.08. The
      Master Issuer shall give notice to the Rating Agencies of any claim for Agent Indemnified Liabilities made under this Section 9.05(c).

     

    

    (d)  Indemnification of the
          Administrative Agent and each Funding Agent by the Committed Note Purchasers. In consideration of the execution and delivery of this Agreement by the Administrative Agent and the related Funding Agent, each Committed Note Purchaser,
      ratably according to its respective Commitment, hereby agrees to indemnify and hold the Administrative Agent and each of its officers, directors, employees and agents (collectively, the “Administrative
          Agent Indemnified Parties”) and such Funding Agent and each of its officers, directors, employees and agents (collectively, the “Funding Agent Indemnified Parties,”
      and together with the Administrative Agent Indemnified Parties, the “Applicable Agent Indemnified Parties”) harmless from and against any and all actions, causes of action,
      suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of the Master Issuer) (irrespective of whether any such Applicable Agent
      Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2019-1 Class A-1 Notes), including reasonable documented
      attorneys’ fees and disbursements (collectively, the “Applicable Agent Indemnified Liabilities”), incurred by the Applicable Agent Indemnified Parties or any of them (whether in
      prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Agreement and any other Related Document by any of the Applicable Agent
      Indemnified Parties, except for any such Applicable Agent Indemnified Liabilities arising for the account of a particular Applicable Agent Indemnified Party by reason of the relevant Applicable Agent Indemnified Party’s gross negligence, bad faith or
      willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser, ratably according to its respective Commitment, hereby agrees to make the maximum contribution to the payment
      and satisfaction of each of the Applicable Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this Section 9.05(d) shall in no
      event include indemnification for consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in Section
          3.08.

     

    

    
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    Section 9.06          Characterization
          as Related Document; Entire Agreement. This Agreement shall be deemed to be a Related Document for all purposes of the Base Indenture and the other Related Documents. This Agreement, together with the Base Indenture, the Series 2019-1
        Supplement, the documents delivered pursuant to Article VII and the other Related Documents, including the exhibits and schedules thereto, contains a final and complete integration of all prior expressions by the parties hereto with respect
        to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings with respect thereto.

     

    Section 9.07          Notices.
        All notices, amendments, waivers, consents and other communications provided to any party hereto under this Agreement shall be in writing and addressed, delivered or transmitted to such party at its address, e-mail address (if provided), or
        facsimile number set forth on Schedule II hereto, or in each case at such other address, e-mail address or facsimile number as may be designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed
        with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted by e-mail, shall be deemed given when received; any notice, if transmitted by facsimile, shall be
        deemed given when transmitted (so long as transmitted on a Business Day, otherwise the next succeeding Business Day) upon receipt of electronic confirmation of transmission.

     

    Section 9.08           Severability
          of Provisions. Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the prohibition or
        unenforceability without invalidating the remaining provisions of this Agreement.

     

    Section 9.09          Tax
          Characterization. Each party to this Agreement (a) acknowledges that it is the intent of the parties to this Agreement that, for accounting purposes and for all federal, state and local income and franchise Tax purposes, the Series 2019-1
        Class A‐1 Notes will be treated as evidence of indebtedness, (b) agrees to treat the Series 2019-1 Class A‐1 Notes for all such purposes as indebtedness and (c) agrees that the provisions of the Related Documents shall be construed to further these
        intentions.

     

    
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    Section 9.10           No
          Proceedings; Limited Recourse.

     

     (a)  The Securitization Entities. Each of the parties hereto (other than the Master Issuer) hereby covenants and agrees that, prior to the date that is one year
        and one day after the payment in full of the last maturing Note issued by the Master Issuer pursuant to the Base Indenture, it will not institute against, or join with any other Person in instituting against, any Securitization Entity, any
        bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law, all as more particularly set forth in Section 14.13 of the Base Indenture and subject to any
        retained rights set forth therein; provided, however, that nothing in this Section 9.10(a) shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to this Agreement, the Series 2019-1 Supplement, the
        Base Indenture or any other Related Document. In the event that a Lender Party (solely in its capacity as such) takes action in violation of this Section 9.10(a), each
        affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Securitization Entity or the
        commencement of such action and raise or cause to be raised the defense that such Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it
        may assert. The provisions of this Section 9.10(a) shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by a Lender Party in
        the assertion or defense of its claims in any such proceeding involving any Securitization Entity. The obligations of the Master Issuer under this Agreement are solely the limited liability company obligations of the Master Issuer.

     

    

    (b)  The Conduit Investors. Each of the parties hereto (other than the Conduit Investors) hereby covenants and agrees that it will not,
        prior to the date that is one year and one day after the payment in full of the latest maturing Commercial Paper or other debt securities or instruments issued by a Conduit Investor, institute against, or join with any other Person in instituting
        against, such Conduit Investor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law; provided, however, that nothing in this Section 9.10(b) shall
        constitute a waiver of any right to indemnification, reimbursement or other payment from such Conduit Investor pursuant to this Agreement, the Series 2019-1 Supplement, the Base Indenture or any other Related Document. In the event that the Master
        Issuer, the Manager or a Lender Party (solely in its capacity as such) takes action in violation of this Section 9.10(b), such related Conduit Investor may file an answer with
        the bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Conduit Investor or the commencement of such action and raise or cause to be raised the defense that such
        Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 9.10(b) shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by the Master Issuer, the Manager or a Lender Party in assertion or defense of its claims in
        any such proceeding involving a Conduit Investor. The obligations of the Conduit Investors under this Agreement are solely the corporate obligations of the Conduit Investors. No recourse shall be had for the payment of any amount owing in respect
        of this Agreement, including any obligation or claim arising out of or based upon this Agreement, against any stockholder, employee, officer, agent, director, member, affiliate or incorporator (or Person similar to an incorporator under state
        business organization laws) of any Conduit Investor; provided, however, nothing in this Section 9.10(b) shall relieve any of the foregoing Persons from any liability that any such Person may otherwise have for its gross negligence, bad faith or willful misconduct.

     

     

    

    
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    Section 9.11         Confidentiality.
        Each Lender Party agrees that it shall not disclose any Confidential Information to any Person without the prior written consent of the Manager and the Master Issuer, other than (a) to their Affiliates, officers, directors, employees, agents and
        advisors, including, without limitation, legal counsel and accountants (it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep it
        confidential), (b) to actual or prospective assignees and participants, and then only on a confidential basis (after obtaining such actual or prospective assignee’s or participant’s agreement to keep such Confidential Information confidential in a
        manner substantially similar to this Section 9.11), (c) as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Master Issuer or the Manager, as
        the case may be, has knowledge; provided that each Lender Party may disclose Confidential Information as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of
        which the Master Issuer or the Manager, as the case may be, does not have knowledge if such Lender Party is prohibited by law, rule or regulation from disclosing such requirement to the Master Issuer or the Manager, as the case may be, (d) to
        Program Support Providers (after obtaining such Program Support Providers’ agreement to keep such Confidential Information confidential in a manner substantially similar to this Section 9.11), (e) to any Rating Agency providing a rating for
        any Series or Class of Notes or any Conduit Investor’s debt or (f) in the course of litigation with the Master Issuer, the Manager or such Lender Party.

     

  

  
    “Confidential Information” means information that the Master Issuer or the Manager furnishes to a Lender Party, but does not include (i) any such information that is or becomes generally
      available to the public other than as a result of a disclosure by a Lender Party or other Person to which a Lender Party delivered such information, (ii) any such information that was in the possession of a Lender Party prior to its being furnished
      to such Lender Party by the Master Issuer or the Manager or (iii) any such information that is or becomes available to a Lender Party from a source other than the Master Issuer or the Manager; provided that with respect to clauses (ii)
      and (iii) herein, such source is not (x) known to a Lender Party to be bound by a confidentiality agreement with the Master Issuer or the Manager, as the case may be, with respect to the information or (y) known to a Lender Party to be
      otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation. 

     

    Section 9.12         GOVERNING LAW; CONFLICTS WITH INDENTURE. THIS AGREEMENT AND ALL MATTERS ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
          ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY
          JURISDICTION OTHER THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. IN THE EVENT OF ANY CONFLICTS BETWEEN THIS AGREEMENT AND THE INDENTURE, THE INDENTURE
          SHALL GOVERN.

     

    
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    Section 9.13           JURISDICTION. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY OF THE PARTIES HEREUNDER WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR
          (TO THE EXTENT PERMITTED BY LAW) FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH
          ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT.

     

    Section 9.14          WAIVER OF JURY TRIAL. ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN
          RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR
          THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT.

     

    Section 9.15           Counterparts.
        This Agreement may be executed in any number of counterparts (which may include facsimile or other electronic transmission of counterparts) and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed
        to be an original, and all of which together shall constitute one and the same instrument.

     

    Section 9.16            Third-Party
          Beneficiary. The Trustee, on behalf of the Secured Parties, and the Control Party are express third-party beneficiaries of this Agreement.

     

    Section 9.17            Assignment.

     

     (a)  Subject to Sections 6.03 and 9.17(f), any Committed Note Purchaser may at any
      time sell all or any part of its rights and obligations under this Agreement, the Series 2019-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party, with the prior written consent (not to be
      unreasonably withheld or delayed) of the Master Issuer, the Swingline Lender and the L/C Provider, to one or more financial institutions (an “Acquiring Committed Note Purchaser”) pursuant to an assignment and assumption agreement,
      substantially in the form of Exhibit B (the “Assignment and Assumption Agreement”), executed by such Acquiring Committed Note Purchaser, such assigning Committed Note Purchaser, the Funding Agent with respect to such Committed Note
      Purchaser, the Master Issuer, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; provided that no consent of the Master Issuer shall be required for (i) an assignment to another Committed Note Purchaser or
      any Affiliate of a Committed Note Purchaser or if a Rapid Amortization Event or an Event of Default has occurred and is continuing or (ii) a sale or assignment between Affiliates of a Committed Note Purchaser; provided, further, that
      no assignment pursuant to this Section 9.17 shall be made to a Competitor.

     

    

    
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     (b)  Without limiting the foregoing, subject to Sections 6.03 and 9.17(f), each
      Conduit Investor may assign all or a portion of the Investor Group Principal Amount with respect to such Conduit Investor and its rights and obligations under this Agreement, the Series 2019-1 Class A-1 Advance Notes and, in connection therewith, any
      other Related Documents to which it is a party to a Conduit Assignee with respect to such Conduit Investor, without the prior written consent of the Master Issuer. Upon such assignment by a Conduit Investor to a Conduit Assignee, (i) such Conduit
      Assignee shall be the owner of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor, (ii) the related administrative or managing agent for such Conduit Assignee will act as the Funding Agent for such
      Conduit Assignee hereunder, with all corresponding rights and powers, express or implied, granted to the Funding Agent hereunder or under the other Related Documents, (iii) such Conduit Assignee and its liquidity support provider(s) and credit
      support provider(s) and other related parties, in each case relating to the Commercial Paper and/or the Series 2019-1 Class A-1 Advance Notes, shall have the benefit of all the rights and protections provided to such Conduit Investor herein and in
      the other Related Documents (including, without limitation, any limitation on recourse against such Conduit Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume all of such Conduit Investor’s obligations, if any, hereunder
      or under the Base Indenture or under any other Related Document with respect to such portion of the Investor Group Principal Amount and such Conduit Investor shall be released from such obligations, (v) all distributions in respect of the Investor
      Group Principal Amount or such portion thereof with respect to such Conduit Investor shall be made to the applicable Funding Agent on behalf of such Conduit Assignee, (vi) the definition of the term “CP Funding Rate” with respect to the portion of
      the Investor Group Principal Amount with respect to such Conduit Investor, as applicable, funded or maintained with commercial paper issued by such Conduit Assignee from time to time shall be determined in the manner set forth in the definition of
      “CP Funding Rate” applicable to such Conduit Assignee on the basis of the interest rate or discount applicable to Commercial Paper issued by or for the benefit of such Conduit Assignee (rather than any other Conduit Investor), (vii) the defined terms
      and other terms and provisions of this Agreement and the other Related Documents shall be interpreted in accordance with the foregoing, and (viii) if requested by the Funding Agent with respect to such Conduit Assignee, the parties will execute and
      deliver such further agreements and documents and take such other actions as the Funding Agent may reasonably request to evidence and give effect to the foregoing. No assignment by any Conduit Investor to a Conduit Assignee of all or any portion of
      the Investor Group Principal Amount with respect to such Conduit Investor shall in any way diminish the obligation of the Committed Note Purchasers in the same Investor Group as such Conduit Investor under Section 2.03 to fund any Increase
      not funded by such Conduit Investor or such Conduit Assignee.

     

    

    
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     (c)  Subject to Sections 6.03 and 9.17(f), any Conduit Investor and the related
      Committed Note Purchaser(s) may at any time sell all or any part of their respective rights and obligations under this Agreement, the Series 2019-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a
      party, with the prior written consent (not to be unreasonably withheld or delayed) of the Master Issuer, the Swingline Lender and the L/C Provider, to a multi-seller commercial paper conduit, whose commercial paper is rated at least “A‐1” from
      S&P, “P1” from Moody’s and/or “F1” from Fitch, as applicable, and one or more financial institutions providing support to such multi-seller commercial paper conduit (an “Acquiring Investor Group”) pursuant to a transfer supplement,
      substantially in the form of Exhibit C (the “Investor Group Supplement” or the “Series 2019-1 Class A-1 Investor Group Supplement”), executed by such Acquiring Investor Group, the Funding Agent with respect to such Acquiring
      Investor Group (including the Conduit Investor and the Committed Note Purchasers with respect to such Investor Group), such assigning Conduit Investor and the Committed Note Purchasers with respect to such Conduit Investor, the Funding Agent with
      respect to such assigning Conduit Investor and Committed Note Purchasers, the Master Issuer, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; provided that no consent of the Master Issuer shall be required
      for an assignment to another Committed Note Purchaser or any Affiliate of a Committed Note Purchaser and its related Conduit Investor or if a Rapid Amortization Event or an Event of Default has occurred and is continuing. For the avoidance of doubt,
      this Section 9.17(c) is intended to permit and provide for (i) assignments from a Committed Note Purchaser to a Conduit Investor in a different Investor Group and (ii) assignments from a Conduit Investor to a Committed Note Purchaser in a
      different Investor group, and, in each of (i) and (ii), Exhibit C shall be revised to reflect such assignments.

     

    

     (d)  Subject to Sections 6.03 and 9.17(f), the Swingline Lender may at any time assign
      all its rights and obligations hereunder and under the Series 2019-1 Class A-1 Swingline Note, in whole but not in part, with the prior written consent of the Master Issuer and the Administrative Agent, which consent shall not be unreasonably
      withheld or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Master Issuer, whereupon the assignor shall be released from its obligations
      hereunder; provided that no consent of the Master Issuer shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing; provided, further, that the prior written consent of each Funding
      Agent (other than any Funding Agent with respect to which all of the Committed Note Purchasers in such Funding Agent’s Investor Group are Defaulting Investors), which consent shall not be unreasonably withheld or delayed, shall be required if such
      financial institution is not a Committed Note Purchaser.

     

    

     (e)  Subject to Sections 6.03 and 9.17(f), the L/C Provider may at any time assign all
      or any portion of its rights and obligations hereunder and under the Series 2019-1 Class A-1 L/C Note with the prior written consent of the Master Issuer and the Administrative Agent, which consent shall not be unreasonably withheld or delayed, to a
      financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Master Issuer, whereupon the assignor shall be released from its obligations hereunder to the extent so
      assigned; provided that no consent of the Master Issuer shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing.

     

    

    
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     (f)  Any assignment of the Series 2019-1 Class A-1 Notes shall be made in accordance with the
      applicable provisions of the Indenture.

     

        

     Section 9.18          Defaulting Investors.  (a)  The Master Issuer may, at its sole expense and effort, upon notice to
      such Defaulting Investor and the Administrative Agent, (i) require any Defaulting Investor to sell all of its rights, obligations and commitments under this Agreement, the Series 2019-1 Class A-1 Notes and, in connection therewith, any other Related
      Documents to which it is a party, to an assignee; provided that (x) such assignment is made in compliance with Section
          9.17 and (y) such Defaulting Investor shall have received from such assignee an amount equal to such Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor
      and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder or (ii) remove any Defaulting Investor as an Investor by paying to such Defaulting Investor an amount equal to such Defaulting
      Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder.

    

     

    

     (b)  In the event that a Defaulting Investor desires to sell all or any portion of it rights,
      obligations and commitments under this Agreement, the Series 2019-1 Class A-1 Notes and, in connection therewith, any other Related Documents to which it is a party, to an unaffiliated third-party assignee for an amount less than 100% (or, if only a
      portion of such rights, obligations and commitments are proposed to be sold, such portion) of such Defaulting Investor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued
      interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder, such Defaulting Investor shall promptly notify the Master Issuer of the proposed sale (the “Sale Notice”). Each Sale Notice shall certify that
      such Defaulting Investor has received a firm offer from the prospective unaffiliated third party and shall contain the material terms of the proposed sale, including, without limitation, the purchase price of the proposed sale and the portion of such
      Defaulting Investor’s rights, obligations and commitments proposed to be sold. The Master Issuer and any of its Affiliates shall have an option for a period of three (3) Business Days from the date the Sale Notice is given to elect to purchase such
      rights, obligations and commitments at the same price and subject to the same material terms as described in the Sale Notice. The Master Issuer or any of its Affiliates may exercise such purchase option by notifying such Defaulting Investor before
      expiration of such three (3) Business Day period that it wishes to purchase all (but not a portion) of the rights, obligations and commitments of such Defaulting Investor proposed to be sold to such unaffiliated third party. If the Master Issuer or
      any of its Affiliates gives notice to such Defaulting Investor that it desires to purchase such rights, obligations and commitments, the Master Issuer or such Affiliate shall promptly pay the purchase price to such Defaulting Investor. If the Master
      Issuer or any of its Affiliates does not respond to any Sale Notice within such three (3) Business Day period, the Master Issuer and its Affiliates shall be deemed not to have exercised such purchase option.

     

    

    
      65

      
        

    

     

    

     (c)  Notwithstanding anything to the contrary contained in this Agreement, if any Investor becomes a
      Defaulting Investor, then, until such time as such Investor is no longer a Defaulting Investor, to the extent permitted by applicable law:

     

    

     (i)  Such Defaulting Investor’s right to approve or disapprove any amendment, waiver or consent with
      respect to this Agreement shall be restricted as set forth in Section 9.01.

     

    

     (ii)  Any payment of principal, interest, fees or other amounts payable to the account of such
      Defaulting Investor (whether voluntary or mandatory, at maturity or otherwise) shall be applied (and the Master Issuer shall instruct the Trustee to apply such amounts) as follows: first, to the payment of any amounts owing by such Defaulting
      Investor to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Investor to the L/C Provider or the Swingline Lender hereunder; third, to provide cash
      collateral to the L/C Provider in accordance with Section  4.03(b) in an amount equal to the amount of Undrawn L/C Face Amounts at such time multiplied by the Commitment Percentage of such Defaulting Investor’s Investor Group multiplied by
      the Committed Note Purchaser Percentage of such Defaulting Investor; fourth, as the Master Issuer may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Investor has
      failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Master Issuer, to be held in a deposit account and released pro rata
      in order to (x) satisfy such Defaulting Investor’s potential future funding obligations with respect to Advances under this Agreement and (y) to provide cash collateral to the L/C Provider in accordance with Section 4.03(b) in an amount equal
      to the amount of any future Undrawn L/C Face Amounts multiplied by the Commitment Percentage of such Defaulting Investor’s Investor Group multiplied by the Committed Note Purchaser Percentage of such Defaulting Investor; sixth, to the payment
      of any amounts owing to the Investors, the L/C Provider or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Investor, the L/C Provider or the Swingline Lender against such Defaulting Investor as a
      result of such Defaulting Investor’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Master Issuer as a result of any judgment of a court of
      competent jurisdiction obtained by the Master Issuer against such Defaulting Investor as a result of such Defaulting Investor’s breach of its obligations under this Agreement; and eighth, to such Defaulting Investor or as otherwise directed
      by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advances or any extensions of credit resulting from a drawing under any Letter of Credit that has not been reimbursed as an
      Advance pursuant to Section 2.08(a) in respect of which such Defaulting Investor has not fully funded its appropriate share, and (y) such Advances were made or the related Letters of Credit were issued at a time when the conditions set forth
      in Section 7.03 were satisfied or waived, such payment shall be applied solely to pay the Advances of, and extensions of credit resulting from a drawing under any Letter of Credit that has not been reimbursed as an Advance pursuant to Section
        2.08(a) owed to, all non-Defaulting Investors on a pro rata basis prior to being applied to the payment of any Advances of, participations required to be purchased pursuant to Section 2.09(a) owed to, such Defaulting Investor until such
      time as all Advances and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Investors pro rata in accordance with the Commitments without giving effect to Section 9.18(c)(iii). Any payments, prepayments
      or other amounts paid or payable to a Defaulting Investor that are applied (or held) to pay amounts owed by a Defaulting Investor or to post cash collateral pursuant to this Section 9.18(c)(ii) shall be deemed paid to and redirected by such
      Defaulting Investor, and each Investor irrevocably consents hereto.

     

    

    
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     (iii)  All or any part of such Defaulting Investor’s participation in L/C Obligations and Swingline
      Loans shall be reallocated among the non-Defaulting Investors pro rata based on their Commitments (calculated without regard to such Defaulting Investor’s Commitment) but only to the extent that (x) the conditions set forth in Section
        7.03 are satisfied at the time of such reallocation (and, unless the Master Issuer shall have otherwise notified the Administrative Agent at such time, the Master Issuer shall be deemed to have represented and warranted that such conditions are
      satisfied at such time), and (y) such reallocation does not cause the product of any non-Defaulting Investor’s related Investor Group Principal Amount multiplied by such non-Defaulting Investor’s Committed Note Purchaser Percentage to exceed such
      non-Defaulting Investor’s Commitment Amount. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Investor arising from that Investor having become a Defaulting Investor, including
      any claim of a non-Defaulting Investor as a result of such non-Defaulting Investor’s increased exposure following such reallocation.

     

    

     (iv)  If the reallocation described in clause (iii) above cannot, or can only partially, be effected,
      the Master Issuer shall, without prejudice to any right or remedy available to them hereunder or under law, prepay Swingline Loans in an amount equal to the amount that cannot be so reallocated.

     

    

     (d)  If the Master Issuer, the Administrative Agent, the Swingline Lender and the L/C Provider agree
      in writing that an Investor is no longer a Defaulting Investor, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include
      arrangements with respect to any cash collateral), that Investor will, to the extent applicable, purchase that portion of outstanding Advances of the other Investors or take such other actions as the Administrative Agent may determine to be necessary
      to cause the Advances and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Investors in accordance with their respective Commitments (without giving effect to Section 9.18(c)(iii)),
      whereupon such Investor will cease to be a Defaulting Investor; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Master Issuer while that Investor was a Defaulting
      Investor; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Investor to Investor will constitute a waiver or release of any claim of any party
      hereunder arising from that Investor’s having been a Defaulting Investor.

     

    

    
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    Section 9.19          Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any
      Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such
      liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

     

     (a)  the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any
      such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

     

    

    (b)  the effects of any Bail-In Action or any such liability, including, if applicable: 

     

    

    (i)  a reduction in full or in part or cancellation of any such liability;

    

    

    (ii)  a conversion of all, or a portion of, such liability into shares or other instruments of
      ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
      with respect to any such liability under this Agreement or any other Transaction Document; or

    

    

    (iii)  the variation of the terms of such liability in connection with the exercise of the write-down
      and conversion powers of any EEA Resolution Authority.

  

   

  

  
    For purposes of this Section 9.19: 

     

    

    “Bail-In Legislation” means in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive
      2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time.

     

    “EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway. 

     

    “EU Bail-In Legislation Schedule” means the document described as such and published by the Loan Market Association (or any successor person) from
      time to time.

     

    “Resolution Authority” means any body which has authority to exercise any Write-down and Conversion Powers.

     

    “Write-down and Conversion Powers” means in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time,
      the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule.

     

    
      68

      
        

    

     

    

    Section 9.20           Patriot Act.
        In accordance with the USA PATRIOT Act, to help fight the funding of terrorism and money laundering activities, any Lender Party may obtain, verify and record information that identifies individuals or entities that establish a relationship with
        such Lender Party. Such Lender Party may ask for the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account. Such Lender
        Party may also ask for formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided.

     

    

    

    [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

     

    

     

    

     

    

    
      69

      
        

    

    

    

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

     

    
      	
               

            	JACK IN THE BOX FUNDING, LLC
	
               

            	as Master Issuer
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	By:

            	
              
                
                  /s/ Michael J. Snider

                

              

            
	
               

            	
               

            	
              Name: Michael J. Snider

            
	
               

            	
               

            	Title:   Assistant Secretary
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	JACK IN THE BOX INC.
	
               

            	as Manager
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	By:

            	
              
                /s/ Michael J. Snider

              

            
	
               

            	
               

            	Name: Michael J. Snider
	
               

            	
               

            	Title:   Assistant Secretary
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
              JACK IN THE BOX SPV GUARANTOR, LLC

            
	
               

            	as Guarantor
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	By:

            	
              
                /s/ Michael J. Snider

              

            
	
               

            	
               

            	
              Name: Michael J. Snider

            
	
               

            	
               

            	Title:   Assistant Secretary
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
              DIFFERENT RULES, LLC

            
	
               

            	as Guarantor
	 	 	 
	 	By:

            	
              
                /s/ Michael J. Snider

              

            
	
               

            	
               

            	Name: Michael J. Snider
	 	 	Title:   Assistant Secretary

    

    

    

    

    

    Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement

    

    
      
        

    

    

    

    
      
        	
                 

              	
                JACK IN THE BOX PROPERTIES, LLC

              
	
                 

              	as Guarantor
	 	 	 
	 	By:

              	
                
                  /s/ Michael J. Snider

                

              
	
                 

              	
                 

              	Name: Michael J. Snider
	 	 	Title:   Assistant Secretary

      

      

      

    

     

     

      

    

     Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement

    
      
        

    

     

    

    
      
        	
                 

              	COÖPERATIEVE RABOBANK, U.A.,

              
	
                 

              	NEW YORK BRANCH, as Administrative Agent
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                
                  
                    /s/ Martin Snyder

                  

                

              
	
                 

              	
                 

              	
                Name: Martin Snyder

              
	
                 

              	
                 

              	Title: Executive Director
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                
                  /s/ David Braakenburg

                

              
	
                 

              	
                 

              	Name: David Braakenburg
	
                 

              	
                 

              	Title: Vice President
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                COÖPERATIEVE RABOBANK, U.A.,

              
	
                 

              	NEW YORK BRANCH, as L/C Provider
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                
                  /s/ Martin Snyder

                

              
	
                 

              	
                 

              	
                Name: Martin Snyder

              
	
                 

              	
                 

              	Title: Executive Director
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	 	By:

              	
                
                  /s/ David Braakenburg

                

              
	
                 

              	
                 

              	Name: David Braakenburg
	 	 	Title: Vice President

      

      

      

      

      

      Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement

    

    
      
        

    

    

    

    

    
      
        	
                 

              	COÖPERATIEVE RABOBANK, U.A.,

              
	
                 

              	NEW YORK BRANCH, as Swingline Lender
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                
                  
                    /s/ Martin Snyder

                  

                

              
	
                 

              	
                 

              	
                Name: Martin Snyder

              
	
                 

              	
                 

              	Title: Executive Director
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                
                  /s/ David Braakenburg

                

              
	
                 

              	
                 

              	Name: David Braakenburg
	
                 

              	
                 

              	Title: Vice President
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                COÖPERATIEVE RABOBANK, U.A.,

              
	
                 

              	NEW YORK BRANCH, as the Committed Note Purchaser
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                
                  /s/ Martin Snyder

                

              
	
                 

              	
                 

              	
                Name: Martin Snyder

              
	
                 

              	
                 

              	Title: Executive Director
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	 	By:

              	
                
                  /s/ David Braakenburg

                

              
	
                 

              	
                 

              	Name: David Braakenburg
	 	 	Title: Vice President

      

      

      

      

      

      Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement

    

    
      
        

    

    
      
         

        

        	

              	
                COÖPERATIEVE RABOBANK, U.A.,

              
	
                 

              	NEW YORK BRANCH, as the related Funding Agent
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                
                  /s/ Martin Snyder

                

              
	
                 

              	
                 

              	
                Name: Martin Snyder

              
	
                 

              	
                 

              	Title: Executive Director
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	 	By:

              	
                
                  /s/ David Braakenburg

                

              
	
                 

              	
                 

              	Name: David Braakenburg
	 	 	Title: Vice President

      

      

      

      

      

      Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement

    

    
      
        

    

    SCHEDULE I TO CLASS A-1

      NOTE PURCHASE AGREEMENT

     

    INVESTOR GROUPS AND COMMITMENTS

     

    	
            Investor Group/

            Funding Agent

          	 	
            Maximum

            Investor Group

            Principal Amount

          	 	 	
            Conduit Lender

            (if any)

             

          	 	
            Committed Note

            Purchaser(s)

          	 	
            Commitment

            Amount

          	 
	
            Coöperatieve Rabobank, U.A., New York Branch

          	 	
            $

          	
            150,000,000

          	 	 	 	
            N/A

          	 	
            Coöperatieve Rabobank, U.A., New York Branch

          	 	
            $

          	
            150,000,000

          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

     

    

     

    

     

    

    Schedule I-1

    

    
      
        

    

    SCHEDULE II TO CLASS A-1

      NOTE PURCHASE AGREEMENT

     

    NOTICE ADDRESSES FOR LENDER PARTIES, AGENTS, MASTER ISSUER AND MANAGER

     

    

    

     

    CONDUIT INVESTORS

     

    N/A

     

    COMMITTED PURCHASERS

     

    Coöperatieve Rabobank, U.A., New York Branch

    245 Park Avenue

    New York, NY 10167

    Attention:  General Counsel

      

    

    With a copy by e-mail to: tmteam@rabobank.com

    

    

    And a copy to:

    

    

    Susan Williams  

    Assistant Vice President 

    245 Park Avenue, 38th Floor        

    New York, NY 10167       

    Fax:  914.304.9326    

    fm.us.bilateralloansfax@rabobank.com

    

    

    

    

    Schedule II-1

    

    
      
        

    

    

    

    

    

    FUNDING AGENTS

     

    Coöperatieve Rabobank, U.A., New York Branch

    245 Park Avenue

    New York, NY 10167

    Attention:  General Counsel

      

    

    With a copy by e-mail to: tmteam@rabobank.com

    

    

    And a copy to:

    

    

    Susan Williams  

    Assistant Vice President 

    245 Park Avenue, 38th Floor        

    New York, NY 10167       

    Fax:  914.304.9326    

    fm.us.bilateralloansfax@rabobank.com

    

    

     

    ADMINISTRATIVE AGENT 

     

    Coöperatieve Rabobank, U.A., New York Branch

    245 Park Avenue

    New York, NY 10167

    Attention:  General Counsel

      

    

    With a copy by e-mail to: tmteam@rabobank.com

    

    

    And a copy to:

    

    

    Susan Williams  

    Assistant Vice President 

    245 Park Avenue, 38th Floor        

    New York, NY 10167       

    Fax:  914.304.9326    

    fm.us.bilateralloansfax@rabobank.com

     

      

     

    
    
      
        
          

      

       

        

      SWINGLINE LENDER

       

      Coöperatieve Rabobank, U.A., New York Branch

      245 Park Avenue

      New York, NY 10167

      Attention:  General Counsel

        

      

      With a copy by e-mail to: tmteam@rabobank.com

      

      

      And a copy to:

      

      

      Susan Williams  

      Assistant Vice President 

      245 Park Avenue, 38th Floor        

      New York, NY 10167       

      Fax:  914.304.9326    

      fm.us.bilateralloansfax@rabobank.com

      

      

       

      L/C PROVIDER

       

      Coöperatieve Rabobank, U.A., New York Branch

      245 Park Avenue

      New York, NY 10167

      Attention:  General Counsel

        

      

      With a copy by e-mail to: tmteam@rabobank.com

      

      

      And a copy to:

      

      

      Sandra Rodriguez

      Vice President 

      245 Park Avenue, 38th Floor        

      New York, NY 10167       

      Phone:  212.574.7315

        Fax:  201.499.5479    

      rabonysblc@rabobank.com

      

      

      

      

      
        
          

      

      

      

      MASTER ISSUER

       

      Jack in the Box Funding, LLC

      9330 Balboa Avenue

      San Diego, California 92123

      Attention: Chief Legal Officer

        

      

      And a copy to (which shall not constitute notice):

      

      

      White & Case LLP  

      1221 Avenue of the Americas

      New York, NY 10021

      Attention: David Thatch

      Fax: 212.354.8113

      

      

       

      MANAGER

       

      Jack in the Box Inc.

      9330 Balboa Avenue

      San Diego, California 92123

      Attention: Chief Legal Officer

        

      

      And a copy to (which shall not constitute notice):

      

      

      White & Case LLP  

      1221 Avenue of the Americas

      New York, NY 10021

      Attention: David Thatch

      Fax: 212.354.8113

       

      

       

      

      
        
          

      

      SCHEDULE III TO CLASS A-1

        NOTE PURCHASE AGREEMENT

       

      ADDITIONAL CLOSING CONDITIONS

       

      The following are the additional conditions to initial issuance and effectiveness referred to in Section 7.01(c):

       

      (a)            All corporate proceedings and other legal matters incident to the authorization, form and validity of each of the Related Documents, and all other legal matters relating to the Related Documents and the transactions
          contemplated thereby, shall be satisfactory in all material respects to the Lender Parties, and the Master Issuer and the Guarantors shall have furnished to the Lender Parties all documents and information that the Lender Parties or their counsel
          may reasonably request to enable them to pass upon such matters.

       

      (b)            The Lender Parties shall have received evidence satisfactory to the Lender Parties and their counsel, that, on or before the Closing Date, all existing Liens (other than Permitted Liens) on the Collateral shall have been
          released and UCC-1 financing statements and assignments and other instruments required to be filed on or prior to the Closing Date pursuant to the Related Documents have been or are being filed.

       

      (c)            Each Lender Party shall have received opinions of counsel, in each case dated as of the Closing Date and addressed to the Lender Parties, from White & Case LLP, as counsel to the Master Issuer, the Guarantors, the Manager
          and the Parent Companies, and such local, franchise, special and foreign counsel as the Administrative Agent shall reasonably request, dated as of the Closing Date and addressed to the Lender Parties, with respect to such matters as the
          Administrative Agent shall reasonably request (including, without limitation, company matters, franchise matters, non-consolidation matters, security interest matters relating to the Collateral and no-conflicts matters, “true contribution”
          matters and, from appropriate special counsel, franchise law matters).

       

      (c)            The Lender Parties shall have received an opinion of Dentons US LLP, counsel to the Trustee, dated the Closing Date and addressed to the Lender Parties, in form and substance satisfactory to the Lender Parties and their
          counsel.

       

      (d)            The Lender Parties shall have received an opinion of in-house counsel to the Back-Up Manager, dated the Closing Date and addressed to the Lender Parties, in form and substance
          satisfactory to the Lender Parties and their counsel.

       

      (e)            The Lender Parties shall have received an opinion of Andrascik & Tita LLC,  counsel to the Servicer, dated the Closing Date and addressed to the Lender Parties, in form and substance reasonably satisfactory to the Lender
          Parties and their counsel.

       

      (f)            There shall exist at and as of the Closing Date no condition that would constitute an “Event of Default” (or an event that with notice or the lapse of time, or both, would constitute an “Event of Default”) under, and as
          defined in, the Indenture or a material breach under any of the Related Documents as in effect at the Closing Date (or an event that, with notice or lapse of time, or both, would constitute such a material breach). On the Closing Date, each of
          the Related Documents shall be in full force and effect.

       

       

      

      Schedule III-1

      

      
        
          

      

       

      

      (g)            The Manager, the Master Issuer and each Guarantor, shall have furnished to the Administrative Agent a certificate, dated as of the Closing Date, of the Chief Financial Officer of such entity (or other officers reasonably
          satisfactory to the Administrative Agent) that such entity will be Solvent immediately after the consummation of the transactions contemplated by this Agreement; provided, that, in the case of each Securitization Entity, the liabilities
          of the other Securitization Entities with respect to debts, liabilities and obligations for which such Securitization Entity is jointly and severally liable shall be taken into account.

       

      (h)            None of the transactions contemplated by this Agreement shall be subject to an injunction (temporary or permanent) and no restraining order or other injunctive order shall have been issued; and there shall not have been any
          legal action, order, decree or other administrative proceeding instituted or threatened against the Master Issuer, the Parent Companies, the Guarantors or the Lender Parties that would reasonably be expected to adversely impact the issuance of
          the Series 2019-1 Notes and the Guarantee thereof under the Guarantee and Collateral Agreement or the Lender Parties’ activities in connection therewith or any other transactions contemplated by the Related Documents.

       

      (i)            The representations and warranties of each of the Master Issuer, the Parent Companies, the Manager and the Guarantors (to the extent a party thereto) contained in the Related Documents to which each of the Master Issuer, the
          Parent Companies, the Manager and the Guarantors is a party will be true and correct (i) if qualified as to materiality or Material Adverse Effect, in all respects, and (ii) if not so qualified, in all material respects, as of the Closing Date
          (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct (x) if qualified as to materiality, in all respects, and (y) if not so qualified, in all material respects, as of such
          earlier date).

       

      (j)            The Master Issuer shall have delivered $1,300,000 of the Series 2019-1 Class A-2 Notes to the Initial Purchasers on the Closing Date.

       

      (k)            The Lender Parties shall have received a certificate from each of the Master Issuer, the Manager and each  Guarantor, in each case executed on behalf of such Person by any Authorized Officer of the such Person, dated the
          Closing Date, to the effect that, to the best of each such Authorized Officer’s knowledge, (i) the representations and warranties of such Person in this Agreement and in each other Related Document to which such Person is a party are true and
          correct (A) if qualified as to materiality or Material Adverse Effect, in all respects and (B) if not so qualified, in all material respects, in each case, on and as of the Closing Date (unless stated to relate solely to an earlier date, in which
          case such representations and warranties shall be true and correct (x) if qualified as to materiality or Material Adverse Effect, in all respects, and (y) if not so qualified, in all material respects, in each case, as of such earlier date); (ii)
          such Person has complied with all agreements in all material respects and satisfied all conditions on its part to be performed or satisfied hereunder or under the Related Documents at or prior to the Closing Date; (iii) subsequent to the date as
          of which information is given in the Pricing Disclosure Package (as defined in the Series 2019-1 Class A-2 Note Purchase Agreement), there has not been any development in the general affairs, business, properties, capitalization, condition
          (financial or otherwise) or results of operation of such Person except as set forth or contemplated in the Pricing Disclosure Package or as described in such certificate or certificates that could reasonably be expected to result in a Material
          Adverse Effect; and (iv) nothing has come to such officer’s attention that would lead such Authorized Officer to believe that the Pricing Disclosure Package, as of the Applicable Time (as defined in the Series 2019-1 Class A-2 Note Purchase
          Agreement), and as of the Closing Date, or the Offering Memorandum as of its date and as of the Closing Date included or includes any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to make
          the statements therein, in light of the circumstances under which they were made, not misleading.

       

      
        
          

      

       

      

      (l)            On or prior to the Closing Date, the Master Issuer shall have paid to the Administrative Agent (i) the Upfront Commitment Fee (under and as defined in the Series 2019-1 Class A-1 VFN Fee Letter) and (ii) the initial
          installment of Administrative Agent Fees Fee (under and as defined in the Series 2019-1 Class A-1 VFN Fee Letter).

       

      (m)            On or prior to the Closing Date, the Parent Companies, the Manager, the Guarantors and the Master Issuer shall have furnished to the Lender Parties such further certificates and documents as the Lender Parties may reasonably
          request.

       

      All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
        hereof only if they are in form and substance reasonably satisfactory to counsel for the Administrative Agent.

       

      For purposes of this Schedule III, “Parent Companies” shall have the meaning ascribed to such term in the Series 2019-1 Class A-2 Note
        Purchase Agreement.

       

       

      

       

      

      
        
          

      

      SCHEDULE IV TO CLASS A-1

        NOTE PURCHASE AGREEMENT

       

      Letters of Credit

       

      	
              Applicant

            	
              Beneficiary

            	
              Facility

                Maturity

            	
              LC

                Effective

                Date

            	
              LC

                Expiry

                Date

            	 	
              Face Amount

            	 
	
               Jack in the Box Funding LLC

            	
              Wells Fargo Bank, N.A. 

              

            	
              8/25/25 

              

            	
              7/8/19

              

            	
              6/18/20

              

            	 	
              $

            	
              30,453,415.80

            	 
	
              Jack in the Box Funding LLC

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                 

            	
              ACE American Insurance Company

                ACE Fire Underwriters Insurance Company

                ACE Indemnity Insurance Company

                ACE Insurance Company of the Midwest

                ACE Property and Casualty Insurance Company

                Agri General Insurance Company

                Atlantic Employers Insurance Company

                Bankers Standard Insurance Company

                Illinois Union Insurance Company

                Indemnity Insurance Company of North America

                Insurance Company of North America

                Pacific Employers Insurance Company

                Chubb Insurance Company of Canada

                Westchester Fire Insurance Company

                Westchester Surplus Lines Insurance Company

                ACE INA Overseas Insurance Company LTD

            	
              8/25/25

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                 

            	
              7/8/19

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                 

            	
              7/8/20

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                 

            	 	
              $

            	
              28,291,290.00

            	 
	
              Jack in the Box Funding LLC

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                 

            	
              CITIBANK, N.A., IN ITS CAPACITY AS TRUSTEE

                FOR THE BENEFIT OF THE SENIOR NOTEHOLDERS

                UNDER THE INDENTURE

                AND ITS SUCCESSORS AND ASSIGNS

              AND

              MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, N.A.,

                IN ITS CAPACITY AS CONTROL PARTY

                ON BEHALF OF CITIBANK, N.A., AS TRUSTEE

                FOR THE BENEFIT OF THE

                SENIOR NOTEHOLDERS UNDER

                THE INDENTURE,

                AND ITS SUCCESSORS AND ASSIGNS

            	
              8/25/25

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                 

            	
              7/8/19

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                 

            	
              7/8/20

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                

                 

            	 	
              $

            	
              15,777,930.31

            	 
	
              Jack in the Box Funding LLC

                

                

                

                 

            	
              American Casualty Company of Reading, Pennsylvania

              and/or Transportation Insurance Company

              and/or Continental Casualty Company

            	
              8/25/25

                

                

                

                 

            	
              7/8/19

                

                

                

                

                 

            	
              7/8/20

                

                

                

                

                 

            	 	
              $

            	
              1,555,000.00

            	 
	
              Total

            	 	 	 	
                  

            	 	
              $

            	
              76,077,636.11

            	 

       

      

       

      

      Schedule IV-1

      

      
        
          

      

      
      EXHIBIT A-1 TO CLASS A-1

        NOTE PURCHASE AGREEMENT

       

      ADVANCE REQUEST

          

          

          JACK IN THE BOX FUNDING, LLC

        

      

       

      SERIES 2019-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1

       

      TO:

        

        

        Coöperatieve Rabobank, U.A., New York Branch, as Administrative Agent

       

      

        

        Ladies and Gentlemen:

       

      This Advance Request is delivered to you pursuant to Section 2.03 of that certain Series 2019-1 Class A-1 Note Purchase Agreement, dated as of
        July 8, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Series 2019-1 Class A-1 Note Purchase Agreement”), by and among Jack in the Box Funding, LLC, as Master Issuer, Jack in the Box SPV
        Guarantor, LLC, Different Rules, LLC and Jack in the Box Properties, LLC, each as a Guarantor, Jack in the Box Inc., as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline
        Lender named therein, and Coöperatieve Rabobank, U.A., New York Branch, as Administrative Agent (in such capacity, the “Administrative Agent”).

       

      Unless otherwise defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the
        Recitals and Section 1.01 of the Series 2019-1 Class A-1 Note Purchase Agreement.

       

      The undersigned hereby requests that Advances be made in the aggregate principal amount of $  on  , 20___.

       

      [IF THE MASTER ISSUER IS ELECTING EURODOLLAR RATE FOR THESE ADVANCES ON THE DATE MADE IN ACCORDANCE WITH SECTION 3.01(b) OF THE
          CLASS A-1 NOTE PURCHASE AGREEMENT, ADD THE FOLLOWING SENTENCE: The undersigned hereby elects that the Advances that are not funded at the CP Rate by an Eligible Conduit Investor shall be Eurodollar Advances and the related Eurodollar Interest
          Accrual Period shall commence on the date of such Eurodollar Advances and end on but excluding the date [one month subsequent to such date] [two months subsequent to such date] [three months subsequent to such date] [six months subsequent to such
          date].]

       

      The undersigned hereby acknowledges that the delivery of this Advance Request and the acceptance by the undersigned of the proceeds of the Advances
        requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application of the proceeds therefrom, all conditions set forth in Section
          7.03 of the Series 2019-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in Section 6.01 of the Series 2019-1 Class A-1 Note Purchase Agreement are true and correct.

       

      
        A-1

        
          

      

       

      

      The undersigned agrees that if prior to the time of the Advances requested hereby any matter certified to herein by it will not be true and correct at
        such time as if then made, it will immediately so notify both you and each Investor. Except to the extent, if any, that prior to the time of the Advances requested hereby you and each Investor shall receive written notice to the contrary from the
        undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such Advances as if then made.

       

      Please wire transfer the proceeds of the Advances, first, $[  ] to the Swingline Lender and $[  ] to the L/C Provider for application to repayment of outstanding Swingline Loans and Unreimbursed L/C Drawings, as applicable, and, second, pursuant to the following
          instructions:

       

      [insert payment instructions]

       

      
        A-2

        
          

      

       

      

      The undersigned has caused this Advance Request to be executed and delivered, and the certification and warranties contained herein to be
          made, by its duly Authorized Officer this ____ day of ______________, 20___.

        

       

      

       

      

       

        
        	
                 

              	
                JACK IN THE BOX INC.,

              
	
                 

              	
                as Manager on behalf of the Master Issuer 

                

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                 

              
	
                 

              	
                 

              	
                Name: 

                

              
	
                 

              	
                 

              	Title:

              

      

      

        

        

        

      

      
        A-3

        
          

      

      
      EXHIBIT A-2 TO CLASS A-1

        NOTE PURCHASE AGREEMENT

       

      SWINGLINE LOAN REQUEST

       

      JACK IN THE BOX FUNDING, LLC

       

      SERIES 2019-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1

       

      TO:

       

      Coöperatieve Rabobank, U.A., New York Branch, as Swingline Lender

       

      

      

       

      Ladies and Gentlemen:

       

      This Swingline Loan Request is delivered to you pursuant to Section 2.06 of that certain Series 2019-1 Class A-1 Note Purchase Agreement, dated
        as of July 8, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Series 2019-1 Class A-1 Note Purchase Agreement”), by and among Jack in the Box Funding, LLC, as Master Issuer, Jack in the Box
        SPV Guarantor, LLC, Different Rules, LLC and Jack in the Box Properties, LLC, each as a Guarantor, Jack in the Box Inc., as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider named therein,
        Coöperatieve Rabobank, U.A., New York Branch, as Swingline Lender (in such capacity, the “Swingline Lender”) and Coöperatieve Rabobank, U.A., New York Branch, as Administrative Agent (in such capacity, the “Administrative Agent”).

       

      Unless otherwise defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the
        Recitals and Section 1.01 of the Series 2019-1 Class A-1 Note Purchase Agreement.

       

      The undersigned hereby requests that Swingline Loans be made in the aggregate principal amount of $  on  , 20___.

       

      The undersigned hereby acknowledges that the delivery of this Swingline Loan Request and the acceptance by the undersigned of the proceeds of the
        Swingline Loans requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application of the proceeds therefrom, all conditions set forth
        in Section 7.03 of the Series 2019-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in Section 6.01 of the Series 2019-1 Class A-1 Note Purchase Agreement are true and correct.

       

      The undersigned agrees that if prior to the time of the Swingline Loans requested hereby any matter certified to herein by it will not be true and
        correct at such time as if then made, it will immediately so notify you. Except to the extent, if any, that prior to the time of the Swingline Loans requested hereby you shall receive written notice to the contrary from the undersigned, each matter
        certified to herein shall be deemed once again to be certified as true and correct at the date of such Swingline Loans as if then made.

       

      
        A-1-1

        
          

      

       

      

      Please wire transfer the proceeds of the Swingline Loans pursuant to the following instructions:

       

      [insert payment instructions]

       

      
        A-1-2

        
          

      

       

      

      The undersigned has caused this Swingline Loan Request to be executed and delivered, and the certification and warranties contained herein to be made, by
        its duly Authorized Officer this ____ day of  ______________, 20___.

       

      

      

      
        

          
          	
                   

                	
                  JACK IN THE BOX INC.,

                
	
                   

                	
                  as Manager on behalf of the Master Issuer 

                  

                
	
                   

                	
                   

                	
                   

                
	
                   

                	By:

                	
                   

                
	
                   

                	
                   

                	
                  Name: 

                  

                
	
                   

                	
                   

                	Title:

                

        

        

          

          

          

          

          
            A-1-3

            
              

          

          

      

      EXHIBIT B TO CLASS A-1

        NOTE PURCHASE AGREEMENT

       

      ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of
          [  ], by and among [____________] (the “Transferor”), each purchaser listed as an Acquiring Committed Note Purchaser on the signature pages hereof (each, an “Acquiring Committed Note Purchaser”), the Funding Agent with respect to such Acquiring Committed Note Purchaser listed on the signature pages hereof (each, a “Funding Agent”), and the Master Issuer, Swingline Lender and L/C Provider listed on the signature pages hereof.

       

      W I T N E S S E T H:

       

      WHEREAS, this Assignment and Assumption Agreement is being executed and delivered in accordance with Section 9.17(a) of the Series 2019-1 Class
        A-1 Note Purchase Agreement, dated as of July 8, 2019 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the “Series 2019-1 Class A-1 Note  Purchase Agreement”; terms used but not
        otherwise defined herein having the meanings ascribed to such terms therein), by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and
        Swingline Lender named therein, Jack in the Box Inc., as Manager, and Coöperatieve Rabobank, U.A., New York Branch, as Administrative Agent (in such capacity, the “Administrative Agent”);

       

      WHEREAS, each Acquiring Committed Note Purchaser (if it is not already an existing Committed Note Purchaser) wishes to become a Committed Note Purchaser
        party to the Series 2019-1 Class A-1 Note Purchase Agreement; and

       

      WHEREAS, the Transferor is selling and assigning to each Acquiring Committed Note Purchaser, [all] [a portion of] its rights, obligations and commitments
        under the Series 2019-1 Class A-1 Note Purchase Agreement, the Series 2019-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect to the percentage of its Commitment Amount specified on Schedule I
        attached hereto;

       

      NOW, THEREFORE, the parties hereto hereby agree as follows:

       

      Upon the execution and delivery of this Assignment and Assumption Agreement by each Acquiring Committed Note Purchaser, each related Funding Agent, the
        Transferor, the Swingline Lender, the L/C Provider and, to the extent required by Section 9.17(a) of the Series 2019-1 Class A-1 Note Purchase Agreement, the Master Issuer (the date of such execution and delivery, the “Transfer Issuance
          Date”), each Acquiring Committed Note Purchaser shall be a Committed Note Purchaser party to the Series 2019-1 Class A-1 Note Purchase Agreement for all purposes thereof.

       

      The Transferor acknowledges receipt from each Acquiring Committed Note Purchaser of an amount equal to the purchase price, as agreed between the
        Transferor and such Acquiring Committed Note Purchaser (the “Purchase Price”), of the portion being purchased by such Acquiring Committed Note Purchaser (such Acquiring Committed Note Purchaser’s “Purchased Percentage”) of (i) the
        Transferor’s Commitment under the Series 2019-1 Class A-1 Note Purchase Agreement and (ii) the Transferor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount. The Transferor hereby irrevocably sells, assigns and
        transfers to each Acquiring Committed Note Purchaser, without recourse, representation or warranty, and each Acquiring Committed Note Purchaser hereby irrevocably purchases, takes and assumes from the Transferor, such Acquiring Committed Note
        Purchaser’s Purchased Percentage of (x) the Transferor’s Commitment under the Series 2019-1 Class A-1 Note Purchase Agreement and (y) the Transferor’s Committed Note Purchaser Percentage of the related Investor Group Principal Amount.

       

      
        B-1

        
          

      

       

      

      The Transferor has made arrangements with each Acquiring Committed Note Purchaser with respect to (i) the portion, if any, to be paid, and the date or
        dates for payment, by the Transferor to such Acquiring Committed Note Purchaser of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively, the “Fees”) [heretofore received] by the Transferor
        pursuant to Section 3.02 of the Series 2019-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring Committed Note Purchaser to
        the Transferor of Fees or [__________] received by such Acquiring Committed Note Purchaser pursuant to the Series 2019-1 Supplement from and after the Transfer Issuance Date].

       

      From and after the Transfer Issuance Date, amounts that would otherwise be payable to or for the account of the Transferor pursuant to the Series 2019-1
        Supplement or the Series 2019-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor and the Acquiring Committed Note Purchasers, as the case may be, in accordance with their respective interests as
        reflected in this Assignment and Assumption Agreement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date.

       

      Each of the parties to this Assignment and Assumption Agreement agrees that, at any time and from time to time upon the written request of any other
        party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Assignment and Assumption Agreement.

       

      

      
        B-2

        
          

      

       

      

      By executing and delivering this Assignment and Assumption Agreement, the Transferor and each Acquiring Committed Note Purchaser confirm to and agree
        with each other and the other parties to the Series 2019-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear
        of any adverse claim, the Transferor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Series 2019-1 Supplement, the Series 2019-1 Class
        A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2019-1 Class A-1 Notes, the Related Documents or any instrument or document furnished pursuant thereto;
        (ii) the Transferor makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Master Issuer or the performance or observance by the Master Issuer of any of the Master Issuer’s obligations under
        the Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement, the Related Documents or any other instrument or document furnished pursuant hereto; (iii) each Acquiring Committed Note Purchaser confirms that it has received a copy of the
        Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and
        Assumption Agreement; (iv) each Acquiring Committed Note Purchaser will, independently and without reliance upon the Administrative Agent, the Transferor, the Funding Agent or any other Investor Group and based on such documents and information as
        it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2019-1 Class A-1 Note Purchase Agreement; (v) each Acquiring Committed Note Purchaser appoints and authorizes the
        Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as
        are reasonably incidental thereto, all in accordance with Article V of the Series 2019-1 Class A-1 Note Purchase Agreement; (vi) each Acquiring Committed Note Purchaser appoints and authorizes its related Funding Agent to take such action
        as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in
        accordance with Article V of the Series 2019-1 Class A-1 Note Purchase Agreement; (vii) each Acquiring Committed Note Purchaser agrees that it will perform in accordance with their terms all of the obligations that by the terms of the
        Series 2019-1 Class A-1 Note Purchase Agreement are required to be performed by it as an Acquiring Committed Note Purchaser; and (viii) each Acquiring Committed Note Purchaser hereby represents and warrants to the Master Issuer and the Manager
        that: (A) it has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Master Issuer and the Manager and their respective
        representatives; (B) it is a “qualified institutional buyer” within the meaning of Rule 144A under the 1933 Act and otherwise meets the criteria in Section 6.03(b) of the Series 2019-1 Class A-1 Note Purchase Agreement and has sufficient
        knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2019-1 Class A-1 Notes; (C) it is purchasing
        the Series 2019-1 Class A-1 Notes for its own account, or for the account of one or more “qualified institutional buyers” within the meaning of Rule 144A under the 1933 Act that meet the criteria described in clause (viii)(B) above and for
        which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its
        control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the 1933 Act with respect to the Series 2019-1 Class A-1 Notes; (D) it understands that (I) the Series 2019-1 Class A-1
        Notes have not been and will not be registered or qualified under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering
        within the meaning of the 1933 Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in
        advance to the Master Issuer, (II) the Master Issuer is not required to register the Series 2019-1 Class A-1 Notes, (III) any permitted transferee hereunder must be a “qualified institutional buyer” within the meaning of Rule 144A under the 1933
        Act and must otherwise meet the criteria described under clause (viii)(B) above and (IV) any transfer must comply with the provisions of Section 2.08 of the Base Indenture, Section 4.03 of the Series 2019-1 Supplement and Sections 9.03 or
        9.17, as applicable, of the Series 2019-1 Class A-1 Note Purchase Agreement; (E) it will comply with the requirements of clause (viii)(D) above in connection with any transfer by it of the Series 2019-1 Class A-1 Notes; (F) it understands
        that the Series 2019-1 Class A-1 Notes will bear the legend set out in the form of Series 2019-1 Class A-1 Notes attached to the Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain
        for the benefit of the Master Issuer from any purchaser of the Series 2019-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a Purchaser’s Letter substantially in
        the form of Exhibit D to the Series 2019-1 Class A-1 Note Purchase Agreement.

       

      
        B-3

        
          

      

       

      

      Schedule I hereto sets forth (i) the Purchased Percentage
          for each Acquiring Committed Note Purchaser, (ii) the revised Commitment Amounts of the Transferor and each Acquiring Committed Note Purchaser, and (iii) the revised Maximum Investor Group Principal Amounts for the Investor Groups of the
          Transferor and each Acquiring Committed Note Purchaser (it being understood that if the Transferor was part of a Conduit Investor’s Investor Group and the Acquiring Committed Note Purchaser is intended to be part of the same Investor Group, there
          will not be any change to the Maximum Investor Group Principal Amount for that Investor Group) and (iv) administrative information with respect to each Acquiring Committed Note Purchaser and its related Funding Agent.

       

      This Assignment and Assumption Agreement and all matters arising under or in any manner relating to this Assignment and Assumption Agreement shall be
        governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application
        of the laws of any jurisdiction other than the State of New York), and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law.

       

      ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
        BASED HEREON OR ON THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT AND ASSUMPTION AGREEMENT OR THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT,
        COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS
        PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS ASSIGNMENT AND ASSUMPTION AGREEMENT.

       

      
        B-4

        
          

      

        

      IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respective duly authorized officers
        as of the date first set forth above.

       

      
        	
                 

              	[                                            ], as Transferor
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                 

              
	
                 

              	
                 

              	Name:

              
	
                 

              	
                 

              	Title:

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                By: 

                

              	
                 

              
	
                 

              	
                 

              	
                Name: 

                

              
	
                 

              	
                 

              	Title:

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                [                                            ], as Acquiring Committed
                    Note Purchaser 

                

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                 

              
	
                 

              	
                 

              	
                Name: 

                

              
	
                 

              	
                 

              	Title:

              
	
                 

              	
                 

              	
                 

              
	 	 	 
	 	
                [                    ], as Funding Agent

              
	 	 	

              
	 	 	 
	 	By:

              	 
	 	 	Name:

              
	 	 	Title:

              

        

        

        

      

      
        B-5

        
          

      

      

      

      	
               

            	CONSENTED AND ACKNOWLEDGED BY THE MASTER ISSUER:
	
               

            	
               

            	
               

            
	
               

            	JACK IN THE BOX FUNDING, LLC, as Master Issuer

              
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	By:

            	
               

            
	
               

            	
               

            	Name:

            
	
               

            	
               

            	Title:

            

      

      

      

      

    

    
      B-6

      
        

    

    
      

      

      
        
          	
                   

                	CONSENTED BY:
	
                   

                	
                   

                	
                   

                
	
                   

                	COÖPERATIEVE RABOBANK, U.A.,

                  
	 	NEW YORK BRANCH, as Swingline Lender
	 	 	 
	
                   

                	By:

                	
                   

                
	
                   

                	
                   

                	Name:

                
	
                   

                	
                   

                	Title:

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                  By: 

                  

                	
                   

                
	
                   

                	
                   

                	
                  Name: 

                  

                
	
                   

                	
                   

                	Title:

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                  COÖPERATIEVE RABOBANK, U.A., 

                  

                
	
                   

                	
                  NEW YORK BRANCH, as L/C Provider 

                  

                
	 	 	 
	
                   

                	
                   

                	
                   

                
	
                   

                	By:

                	
                   

                
	
                   

                	
                   

                	
                  Name: 

                  

                
	
                   

                	
                   

                	Title:

                
	 	 	 
	 	 	 
	 	By:

                	 
	 	 	Name:

                
	 	 	Title:

                

          

          

          

          

        

      

    

    
      B-7

      
        

    

    
      SCHEDULE I TO

      

       ASSIGNMENT AND ASSUMPTION AGREEMENT

       

       

      
        LIST OF ADDRESSES FOR NOTICES

          AND OF COMMITMENT AMOUNTS

        
          	
                  [

                	
                  ], as

                	 

        

        Transferor 

        	
                Prior Commitment Amount: 

                   

              	 	
                $

              	
                [

              	
                ]

              
	
                Revised Commitment Amount:

              	 	
                $

              	
                [

              	
                ]

              
	
                Prior Maximum Investor Group

              	 	 	 	 
	
                Principal Amount:                                    

              	 	
                $

              	
                [

              	
                ]

              
	
                Revised Maximum Investor

              	 	 	 	 
	
                Group Principal Amount:                                                      

              	 	
                $

              	
                [

              	
                ]

              
	
                Related Conduit Investor

                (if applicable)                                        

              	 	 	
                [

              	
                ]

              

        

           

        	
                [

              	
                ], as

              	 

        

           

        Acquiring Committed Note Purchaser Address:

           

           

          
          	
                  Attention:

                	 	
                  

                     

                	
                  

                     

                	
                  

                     

                
	
                  Telephone:

                	 	
                  

                     

                	
                  

                     

                	
                  

                     

                
	
                  Facsimile:

                	 	 	 	 
	
                  Purchased Percentage of               

                     

                  Transferor’s Commitment: 

                	 	

                   	
                  [ 

                    

                	
                  ]%

                
	
                  Prior Commitment Amount:

                	 	$	[ 	]
	
                  Revised Commitment Amount:                                                      

                     

                	 	
                  $

                	
                  [ 

                	]
	Prior Maximum Investor Group	 	

                   	

                   	
                  

                     

                
	Principal Amount:       

                  	 	$	[ 	]
	Revised Maximum Investor	 	 	 	 
	Group Principal Amount:      

                  	 	$	[ 	]
	Related Conduit Investor	 	 	 	 
	(if applicable)   

                  	 	 	[	]

           

           

        
          	
                  [

                	
                  ], as

                	 

        

        related Funding Agent

        

           

        Address:

        Attention:

        Telephone:

        Facsimile:

        

        

      

      

      
        B-8

        
          

      

      
      EXHIBIT C TO CLASS A-1

        NOTE PURCHASE AGREEMENT

       

      INVESTOR GROUP SUPPLEMENT, dated as of
          [________], by and among (i) [  ______]
          (the “Transferor Investor Group”), (ii) [  ______] (the “Acquiring Investor Group”), (iii) the Funding Agent with respect to the Acquiring Investor
          Group listed on the signature pages hereof (each, a “Funding Agent”), and (iv) the Master Issuer, the Swingline Lender and the L/C Provider listed on the signature pages
          hereof.

       

      W I T N E S S E T H:

       

      WHEREAS, this Investor Group Supplement is being executed and delivered in accordance with Section 9.17(c) of the Series 2019-1 Class A-1 Note
        Purchase Agreement, dated as of July 8, 2019 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the “Series 2019-1 Class A-1 Note Purchase Agreement”; terms used but not otherwise defined
        herein having the meanings ascribed to such terms therein), by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named
        therein, Jack in the Box Inc., as Manager, and Coöperatieve Rabobank, U.A., New York Branch, as Administrative Agent (in such capacity, the “Administrative Agent”);

       

      WHEREAS, the Acquiring Investor Group wishes to become a Conduit Investor and [a] Committed Note Purchaser[s] with respect to such Conduit Investor under
        the Series 2019-1 Class A-1 Note Purchase Agreement; and

       

      WHEREAS, the Transferor Investor Group is selling and assigning to the Acquiring Investor Group [all] [a portion of] its respective rights, obligations
        and commitments under the Series 2019-1 Class A-1 Note Purchase Agreement, the Series 2019-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect to the percentage of its Commitment Amount specified on Schedule
          I attached hereto;

       

      NOW, THEREFORE, the parties hereto hereby agree as follows:

       

      Upon the execution and delivery of this Investor Group Supplement by the Acquiring Investor Group, each related Funding Agent with respect thereto, the
        Transferor Investor Group, the Swingline Lender, the L/C Provider and, to the extent required by Section 9.17(c) of the Series 2019-1 Class A-1 Note Purchase Agreement (the date of such execution and delivery, the “Transfer Issuance
          Date”), the Master Issuer, the Conduit Investor and the Committed Note Purchaser[s] with respect to the Acquiring Investor Group shall be parties to the Series 2019-1 Class A-1 Note Purchase Agreement for all purposes thereof.

       

      The Transferor Investor Group acknowledges receipt from the Acquiring Investor Group of an amount equal to the purchase price, as agreed between the
        Transferor Investor Group and the Acquiring Investor Group (the “Purchase Price”), of the portion being purchased by the Acquiring Investor Group (the Acquiring Investor Group’s “Purchased Percentage”) of (i) the aggregate
        Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series 2019-1 Class A-1 Note Purchase Agreement and (ii) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor Group
        Principal Amount. The Transferor Investor Group hereby irrevocably sells, assigns and transfers to the Acquiring Investor Group, without recourse, representation or warranty, and the Acquiring Investor Group hereby irrevocably purchases, takes and
        assumes from the Transferor Investor Group, such Acquiring Investor Group’s Purchased Percentage of (x) the aggregate Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series 2019-1 Class A-1 Note
        Purchase Agreement and (y) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor Group Principal Amount.

       

      
        C-1

        
          

      

       

      

      The Transferor Investor Group has made arrangements with the Acquiring Investor Group with respect to (i) the portion, if any, to be paid, and the date
        or dates for payment, by the Transferor Investor Group to such Acquiring Investor Group of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively, the “Fees”) [heretofore received] by the
        Transferor Investor Group pursuant to Section 3.02 of the Series 2019-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring
        Investor Group to the Transferor Investor Group of Fees or [_______] received by such Acquiring Investor Group pursuant to the Series 2019-1 Supplement from and after the Transfer Issuance Date].

       

      From and after the Transfer Issuance Date, amounts that would otherwise be payable to or for the account of the Transferor Investor Group pursuant to the
        Series 2019-1 Supplement or the Series 2019-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor Investor Group and the Acquiring Investor Group, as the case may be, in accordance with their
        respective interests as reflected in this Investor Group Supplement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date.

       

      Each of the parties to this Investor Group Supplement agrees that, at any time and from time to time upon the written request of any other party, it will
        execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Investor Group Supplement.

       

      The Acquiring Investor Group has executed and delivered to the Administrative Agent a Purchaser’s Letter substantially in the form of Exhibit D
        to the Series 2019-1 Class A-1 Note Purchase Agreement.

       

      
        C-2

        
          

      

       

      

      By executing and delivering this Investor Group Supplement, the Transferor Investor Group and the Acquiring Investor Group confirm to and agree with each
        other and the other parties to the Series 2019-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any
        adverse claim, the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Series 2019-1 Supplement, the Series
        2019-1 Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2019-1 Class A-1 Notes, the Related Documents or any instrument or document furnished
        pursuant thereto; (ii) the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Master Issuer or the performance or observance by the Master Issuer of any of the
        Master Issuer’s obligations under the Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement, the Related Documents or any other instrument or document furnished pursuant hereto; (iii) the Acquiring Investor Group confirms that it has
        received a copy of the Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
        Investor Group Supplement; (iv) the Acquiring Investor Group will, independently and without reliance upon the Administrative Agent, the Transferor Investor Group, the Funding Agents or any other Person and based on such documents and information
        as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2019-1 Class A-1 Note Purchase Agreement; (v) the Acquiring Investor Group appoints and authorizes the
        Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as
        are reasonably incidental thereto, all in accordance with Article V of the Series 2019-1 Class A-1 Note Purchase Agreement; (vi) each member of the Acquiring Investor Group appoints and authorizes its related Funding Agent, listed on Schedule
          I hereto, to take such action as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are
        reasonably incidental thereto, all in accordance with Article V of the Series 2019-1 Class A-1 Note Purchase Agreement; (vii) each member of the Acquiring Investor Group agrees that it will perform in accordance with their terms all of the
        obligations that by the terms of the Series 2019-1 Class A-1 Note Purchase Agreement are required to be performed by it as a member of the Acquiring Investor Group; and (viii) each member of the Acquiring Investor Group hereby represents and
        warrants to the Master Issuer and the Manager that: (A) it has had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Master
        Issuer and the Manager and their respective representatives; (B) it is a “qualified institutional buyer” within the meaning of Rule 144A under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable
        of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2019-1 Class A-1 Notes; (C) it is purchasing the Series 2019-1 Class A-1 Notes for its own account, or for the
        account of one or more “qualified institutional buyers” within the meaning of Rule 144A under the 1933 Act that meet the criteria described in clause (viii)(B) above and for which it is acting with complete investment discretion, for
        investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any
        general solicitation or general advertising within the meaning of the 1933 Act with respect to the Series 2019-1 Class A-1 Notes; (D) it understands that (I) the Series 2019-1 Class A-1 Notes have not been and will not be registered or qualified
        under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and may not be resold or
        otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Master Issuer, (II) the Master Issuer is not
        required to register the Series 2019-1 Class A-1 Notes, (III) any permitted transferee hereunder must meet the criteria described under clause (viii)(B) above and (IV) any transfer must comply with the provisions of Section 2.08 of the Base
        Indenture, Section 4.03 of the Series 2019-1 Supplement and Sections 9.03 or 9.17, as applicable, of the Series 2019-1 Class A-1 Note Purchase Agreement; (E) it will comply with the requirements of clause (viii)(D) above in connection with
        any transfer by it of the Series 2019-1 Class A-1 Notes; (F) it understands that the Series 2019-1 Class A-1 Notes will bear the legend set out in the form of Series 2019-1 Class A-1 Notes attached to the Series 2019-1 Supplement and be subject to
        the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Master Issuer from any purchaser of the Series 2019-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing
        paragraphs; and (H) it has executed a Purchaser’s Letter substantially in the form of Exhibit D to the Series 2019-1 Class A-1 Note Purchase Agreement.

       

      
        C-3

        
          

      

      

      

      Schedule I hereto sets forth (i) the Purchased Percentage
          for the Acquiring Investor Group, (ii) the revised Commitment Amounts of the Transferor Investor Group and the Acquiring Investor Group, and (iii) the revised Maximum Investor Group Principal Amounts for the Transferor Investor Group and the
          Acquiring Investor Group and (iv) administrative information with respect to the Acquiring Investor Group and its related Funding Agent.

       

      This Investor Group Supplement and all matters arising under or in any manner relating to this Investor Group Supplement shall be governed by, and
        construed in accordance with, the laws of the State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of
        any jurisdiction other than the State of New York, and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law.

       

      ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
        BASED HEREON OR ON THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS INVESTOR GROUP SUPPLEMENT OR THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF
        DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS
        A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS INVESTOR GROUP SUPPLEMENT.

       

      IN WITNESS WHEREOF, the parties hereto have caused this Investor Group Supplement to be executed by their respective duly authorized officers as of the
        date first set forth above.

       

      
        C-4

        
          

      

      

      

      
        
          	
                   

                	[              ], as Transferor Investor Group
	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                
	
                   

                	By:

                	
                   

                
	
                   

                	
                   

                	Name:

                
	
                   

                	
                   

                	Title:

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                  [                    ], as Acquiring Investor Group 

                  

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                
	
                   

                	By:

                	
                   

                
	
                   

                	
                   

                	
                  Name: 

                  

                
	
                   

                	
                   

                	Title:

                
	
                   

                	
                   

                	
                   

                
	 	 	 
	 	
                  [                               ], as Funding Agent

                
	 	 	

                
	 	 	 
	 	By:

                	 
	 	 	Name:

                
	 	 	Title:

                

           

          

           

          

          
            C-5

            
              

          

           

          

          
            	
                     

                  	CONSENTED AND ACKNOWLEDGED BY THE MASTER ISSUER:
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	JACK IN THE BOX FUNDING, LLC, as Master Issuer

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	By:

                  	
                     

                  
	
                     

                  	
                     

                  	Name:

                  
	
                     

                  	
                     

                  	Title:

                  

            

            

            

            

            
              C-6

              
                

            

          

        

      

      

      

      
        
          
            	
                     

                  	CONSENTED BY:
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	COÖPERATIEVE RABOBANK, U.A.,

                  
	 	NEW YORK BRANCH, as Swingline Lender
	 	 	 
	
                     

                  	By:

                  	
                     

                  
	
                     

                  	
                     

                  	Name:

                  
	
                     

                  	
                     

                  	Title:

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                    By: 

                    

                  	
                     

                  
	
                     

                  	
                     

                  	
                    Name: 

                    

                  
	
                     

                  	
                     

                  	Title:

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                    COÖPERATIEVE RABOBANK, U.A., 

                    

                  
	
                     

                  	
                    NEW YORK BRANCH, as L/C Provider 

                    

                  
	 	 	 
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	By:

                  	
                     

                  
	
                     

                  	
                     

                  	
                    Name: 

                    

                  
	
                     

                  	
                     

                  	Title:

                  
	 	 	 
	 	 	 
	 	By:

                  	 
	 	 	Name:

                  
	 	 	Title:

                  

            

            

            

            

            
              C-7

              
                

            

          

        

      

      
        
          
            SCHEDULE I TO

               INVESTOR GROUP SUPPLEMENT

            

            LIST OF ADDRESSES FOR NOTICES

            

             AND OF COMMITMENT AMOUNTS

            
              	
                      [

                    	
                      ], as

                    	 

              Transferor Investor Group

             

            

            	
                    Prior Commitment Amount: 

                    

                  	 	
                    $

                  	
                    [

                  	
                    ]

                  
	
                    Revised Commitment Amount:

                  	 	
                    $

                  	
                    [

                  	
                    ]

                  
	
                    Prior Maximum Investor Group

                  	 	 	 	 
	
                    Principal Amount:                                    

                  	 	
                    $

                  	
                    [

                  	
                    ]

                  
	
                    Revised Maximum Investor

                  	 	 	 	 
	
                    Group Principal Amount:                                                      

                  	 	
                    $

                  	
                    [

                  	
                    ]

                  

            

            

            	
                    [

                  	
                    ], as

                  	 

            Acquiring Investor Group
              

              

              

              
              	
                      Address:

                    	 	 	 	 
	
                      Attention:

                    	 	
                      

                      

                    	
                      

                         

                    	
                      

                         

                    
	
                      Telephone:

                    	 	
                      

                      

                    	
                      

                         

                    	
                      

                         

                    
	
                      Facsimile:

                    	 	 	 	 
	
                      Purchased Percentage of               

                      

                      Transferor’s Commitment: 

                    	 	

                    	
                      [ 

                        

                    	
                      ]%

                    
	
                      Prior Commitment Amount:

                    	 	$	[ 	]
	
                      Revised Commitment Amount:                                                      

                      

                    	 	
                      $

                    	
                      [ 

                    	]
	Prior Maximum Investor Group	 	

                    	

                    	
                      

                         

                    
	Principal Amount:       

                      	 	$	[ 	]
	Revised Maximum Investor	 	 	 	 
	Group Principal Amount:      

                      	 	$	[ 	]

              

               

            
              	
                      [

                    	
                      ], as

                    	 

            

            related Funding Agent

            Address:  Attention: 

            Telephone:

            Facsimile:

             

            

          

          

          

        

      

      
        C-8

        
          

      

      
      EXHIBIT D TO CLASS A-1

        NOTE PURCHASE AGREEMENT

       

      [FORM OF PURCHASER’S LETTER]

       

      [INVESTOR]

        [INVESTOR ADDRESS]

        Attention: [INVESTOR CONTACT]                                                                                                                [Date]

       

      

        

        Ladies and Gentlemen:

       

      Reference is hereby made to the Class A-1 Note Purchase Agreement dated July 8, 2019 (the “NPA”) relating to the offer and sale (the “Offering”)
        of up to $150,000,000 of Series 2019-1 Variable Funding Senior Notes, Class A-1 (the “Securities”) of Jack in the Box Funding, LLC (the “Master Issuer”). The Offering will not be required to be registered with the Securities and
        Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Act”) under an exemption from registration granted in Section 4(a)(2) of the Act. Coöperatieve Rabobank, U.A., New York Branch is acting as administrative agent
        (the “Administrative Agent”) in connection with the Offering.  Unless otherwise defined herein, capitalized terms have the definitions ascribed to them in the NPA. Please confirm with us your acknowledgement and agreement with the following:

       

      
        
          	

                	(a)	
                  You are an “accredited investor” within the meaning of Rule 501 under the Act and a “qualified institutional buyer” within the meaning of Rule 144A under the Act (a “Qualified Institutional Buyer”) and have sufficient
                    knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and are able and prepared to bear the economic risk of investing in, the Securities.

                

        

      

       

      
        
          	

                	(b)	
                  Neither the Administrative Agent nor its Affiliates (i) has provided you with any information with respect to the Master Issuer, the Securities or the Offering other than the information contained in the NPA, which was prepared by
                    the Master Issuer, or (ii) makes any representation as to the credit quality of the Master Issuer or the merits of an investment in the Securities. The Administrative Agent has not provided you with any legal, business, tax or other
                    advice in connection with the Offering or your possible purchase of the Securities.

                

        

      

       

      
        
          	

                	(c)	
                  You acknowledge that you have completed your own diligence investigation of the Master Issuer and the Securities and have had sufficient access to the agreements, documents, records, officers and directors of the Master Issuer to
                    make your investment decision related to the Securities. You further acknowledge that you have had an opportunity to discuss the Master Issuer’s and the Manager’s business, management and financial affairs, and the terms and conditions
                    of the proposed purchase, with the Master Issuer and the Manager and their respective representatives.

                

        

      

       

      
        D-1

        
          

      

       

      

      
        
          	

                	(d)	
                  The Administrative Agent may currently or in the future own securities issued by, or have business relationships (including, among others, lending, depository, risk management, advisory and banking relationships) with, the Master
                    Issuer and its affiliates, and the Administrative Agent will manage such security positions and business relationships as it determines to be in its best interests, without regard to the interests of the holders of the Securities.

                

        

      

       

      
        
          	

                	(e)	
                  You are purchasing the Securities for your own account, or for the account of one or more Persons who are Qualified Institutional Buyers and who meet the criteria described in paragraph (a) above and for whom you are acting with
                    complete investment discretion, for investment purposes only and not with a view to a distribution in violation of the Act, subject, nevertheless, to the understanding that the disposition of your property shall at all times be and
                    remain within your control, and neither you nor your Affiliates has engaged in any general solicitation or general advertising within the meaning of the Act, or the rules and regulations promulgated thereunder with respect to the
                    Securities. You confirm that, to the extent you are purchasing the Securities for the account of one or more other Persons, (i) you have been duly authorized to make the representations, warranties, acknowledgements and agreements set
                    forth herein on their behalf and (ii) the provisions of this letter constitute legal, valid and binding obligations of you and any other Person for whose account you are acting;

                

        

      

       

      
        
          	

                	(f)	
                  You understand that (i) the Securities have not been and will not be registered or qualified under the Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a
                    transaction not involving any public offering within the meaning of the Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an
                    opinion of counsel on the foregoing shall have been delivered in advance to the Master Issuer, (ii) the Master Issuer is not required to register the Securities under the Act or any applicable state securities laws or the securities
                    laws of any state of the United States or any other jurisdiction, (iii) any permitted transferee under the NPA must be a Qualified Institutional Buyer and (iv) any transfer must comply with the provisions of Section 2.08 of the Base
                    Indenture, Section 4.03 of the Series 2019-1 Supplement and Sections 9.03 or 9.17 of the NPA, as applicable;

                

        

      

       

      
        
          	

                	(g)	
                  You will comply with the requirements of paragraph (f) above in connection with any transfer by you of the Securities;

                

        

      

       

      
        
          	

                	(h)	
                  You understand that the Securities will bear the legend set out in the form of Securities attached to the Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend;

                

        

      

       

      
        
          	

                	(i)	
                  Either (i) you are not acquiring or holding the Securities for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Section 406 of the Employee Retirement Income Security Act of 1974, as
                    amended (“ERISA”), Section 4975 of the Code, or provisions under any Similar Law (as defined in the Series 2019-1 Supplemental Definitions List attached to the Series 2019-1 Supplement as Annex A) or (ii) your purchase and
                    holding of the Securities will not constitute or result in  a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law; and

                

        

      

       

      
        D-2

        
          

      

       

      

      
        
          	

                	(j)	
                  You will obtain for the benefit of the Master Issuer from any purchaser of the Securities substantially the same representations and warranties contained in the foregoing paragraphs.

                

        

      

       

      This letter agreement will be governed by and construed in accordance with the laws of the State of New York without giving effect to any choice of law
        or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

       

       

      

       

      

      
        D-3

        
          

      

       

      

      You understand that the Administrative Agent will rely upon this letter agreement in acting as an Administrative Agent in connection with the Offering.
        You agree to notify the Administrative Agent promptly in writing if any of your representations, acknowledgements or agreements herein cease to be accurate and complete. You irrevocably authorize the Administrative Agent to produce this letter to
        any interested party in any administrative or legal proceeding or official inquiry with respect to the matters set forth herein.

       

      
        	
                 

              	[  ]	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                 

              
	
                 

              	
                 

              	Name:

              
	
                 

              	
                 

              	Title:

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	Agreed and Acknowledged:
	
                 

              	
                 

              	
                 

              
	
                 

              	[INVESTOR]
	
                 

              	
                 

              	
                 

              
	
                 

              	By:

              	
                 

              
	
                 

              	
                 

              	
                Name: 

                

              
	
                 

              	
                 

              	Title:

              

      

      

      

      

      

    

  

  D-4

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