Document:

EX-4.1

 Exhibit 4.1 

 
  
 DOMINO’S PIZZA MASTER ISSUER LLC, 
 DOMINO’S PIZZA DISTRIBUTION LLC,

 DOMINO’S IP HOLDER LLC and 
 DOMINO’S SPV CANADIAN HOLDING COMPANY INC. 
 each as Co-Issuer 

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

 
  

AMENDED AND RESTATED BASE INDENTURE 
 Dated as of March 15, 2012 
  

 
 Asset Backed
Notes 
 (Issuable in Series) 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Article I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	  
	 Section 1.1 Definitions
	  	 	2	  
	 Section 1.2 Cross-References
	  	 	2	  
	 Section 1.3 Accounting and Financial Determinations; No Duplication
	  	 	2	  
	 Section 1.4 Rules of Construction
	  	 	2	  
		
	 Article II THE NOTES
	  	 	3	  
	 Section 2.1 Designation and Terms of Notes
	  	 	3	  
	 Section 2.2 Notes Issuable in Series
	  	 	4	  
	 Section 2.3 Series Supplement for Each Series
	  	 	10	  
	 Section 2.4 Execution and Authentication
	  	 	12	  
	 Section 2.5 Registrar and Paying Agent
	  	 	13	  
	 Section 2.6 Paying Agent to Hold Money in Trust
	  	 	13	  
	 Section 2.7 Noteholder List
	  	 	15	  
	 Section 2.8 Transfer and Exchange
	  	 	15	  
	 Section 2.9 Persons Deemed Owners
	  	 	17	  
	 Section 2.10 Replacement Notes
	  	 	17	  
	 Section 2.11 Treasury Notes
	  	 	18	  
	 Section 2.12 Book-Entry Notes
	  	 	18	  
	 Section 2.13 Definitive Notes
	  	 	20	  
	 Section 2.14 Cancellation
	  	 	21	  
	 Section 2.15 Principal and Interest
	  	 	21	  
	 Section 2.16 Tax Treatment
	  	 	22	  
		
	 Article III SECURITY
	  	 	22	  
	 Section 3.1 Grant of Security Interest
	  	 	22	  
	 Section 3.2 Certain Rights and Obligations of the Co-Issuers Unaffected
	  	 	28	  
	 Section 3.3 Performance of Collateral Documents
	  	 	29	  
	 Section 3.4 Stamp, Other Similar Taxes and Filing Fees
	  	 	29	  
	 Section 3.5 Authorization to File Financing Statements
	  	 	29	  
		
	 Article IV REPORTS
	  	 	30	  
	 Section 4.1 Reports and Instructions to Trustee
	  	 	30	  
	 Section 4.2 Annual Noteholders' Tax Statement
	  	 	33	  
	 Section 4.3 Rule 144A Information
	  	 	33	  
	 Section 4.4 Reports, Financial Statements and Other Information to Noteholders
	  	 	34	  
	 Section 4.5 Manager
	  	 	35	  
	 Section 4.6 No Constructive Notice
	  	 	35	  

  
 i 

					
		
	 Article V ALLOCATION AND APPLICATION OF COLLECTIONS
	  	 	36	  
	 Section 5.1 Concentration Accounts, Lock-Boxes and Additional Accounts
	  	 	36	  
	 Section 5.2 Senior Notes Interest Reserve Account
	  	 	37	  
	 Section 5.3 Senior Subordinated Notes Interest Reserve Account
	  	 	38	  
	 Section 5.4 Cash Trap Reserve Account
	  	 	39	  
	 Section 5.5 Collection Account
	  	 	39	  
	 Section 5.6 Collection Account Administrative Accounts
	  	 	40	  
	 Section 5.7 Hedge Payment Account
	  	 	42	  
	 Section 5.8 Trustee as Securities Intermediary
	  	 	42	  
	 Section 5.9 Establishment of Series Accounts; Legacy Accounts
	  	 	44	  
	 Section 5.10 Collections and Investment Income
	  	 	45	  
	 Section 5.11 Application of Weekly Collections on Weekly Allocation Dates
	  	 	51	  
	 Section 5.12 Quarterly Payment Date Applications
	  	 	57	  
	 Section 5.13 Determination of Quarterly Interest
	  	 	69	  
	 Section 5.14 Determination of Quarterly Principal
	  	 	69	  
	 Section 5.15 Prepayment of Principal
	  	 	69	  
	 Section 5.16 Retained Collections Contributions
	  	 	70	  
	 Section 5.17 Interest Reserve Letters of Credit
	  	 	70	  
	 Section 5.18 Replacement of Ineligible Accounts
	  	 	71	  
		
	 Article VI DISTRIBUTIONS
	  	 	72	  
	 Section 6.1 Distributions in General
	  	 	72	  
		
	 Article VII REPRESENTATIONS AND WARRANTIES
	  	 	73	  
	 Section 7.1 Existence and Power
	  	 	73	  
	 Section 7.2 Company and Governmental Authorization
	  	 	73	  
	 Section 7.3 No Consent
	  	 	74	  
	 Section 7.4 Binding Effect
	  	 	74	  
	 Section 7.5 Litigation
	  	 	74	  
	 Section 7.6 No ERISA Plan
	  	 	74	  
	 Section 7.7 Tax Filings and Expenses
	  	 	75	  
	 Section 7.8 Disclosure
	  	 	75	  
	 Section 7.9 Investment Company Act
	  	 	75	  
	 Section 7.10 Regulations T, U and X
	  	 	76	  
	 Section 7.11 Solvency
	  	 	76	  
	 Section 7.12 Ownership of Equity Interests; Subsidiaries
	  	 	76	  
	 Section 7.13 Security Interests
	  	 	77	  
	 Section 7.14 Related Documents
	  	 	78	  
	 Section 7.15 Non-Existence of Other Agreements
	  	 	79	  
	 Section 7.16 Compliance with Contractual Obligations and Laws
	  	 	79	  
	 Section 7.17 Other Representations
	  	 	79	  
	 Section 7.18 No Employees
	  	 	79	  
	 Section 7.19 Insurance
	  	 	79	  
	 Section 7.20 Environmental Matters; Real Property
	  	 	80	  
	 Section 7.21 Intellectual Property
	  	 	80	  
		
	 Article VIII COVENANTS
	  	 	81	  
	 Section 8.1 Payment of Notes
	  	 	81	  

  
 ii 

					
	 Section 8.2 Maintenance of Office or Agency
	  	 	81	  
	 Section 8.3 Payment and Performance of Obligations
	  	 	82	  
	 Section 8.4 Maintenance of Existence
	  	 	82	  
	 Section 8.5 Compliance with Laws
	  	 	82	  
	 Section 8.6 Inspection of Property; Books and Records
	  	 	83	  
	 Section 8.7 Actions under the Collateral Documents and Related Documents
	  	 	83	  
	 Section 8.8 Notice of Defaults and Other Events
	  	 	85	  
	 Section 8.9 Notice of Material Proceedings
	  	 	85	  
	 Section 8.10 Further Requests
	  	 	85	  
	 Section 8.11 Further Assurances
	  	 	85	  
	 Section 8.12 Liens
	  	 	87	  
	 Section 8.13 Other Indebtedness
	  	 	87	  
	 Section 8.14 No ERISA Plan
	  	 	87	  
	 Section 8.15 Mergers
	  	 	88	  
	 Section 8.16 Asset Dispositions
	  	 	88	  
	 Section 8.17 Acquisition of Assets
	  	 	89	  
	 Section 8.18 Dividends, Officers' Compensation, etc
	  	 	89	  
	 Section 8.19 Legal Name, Location Under Section 9-301 or 9-307
	  	 	90	  
	 Section 8.20 Charter Documents
	  	 	90	  
	 Section 8.21 Investments
	  	 	91	  
	 Section 8.22 No Other Agreements
	  	 	91	  
	 Section 8.23 Other Business
	  	 	91	  
	 Section 8.24 Maintenance of Separate Existence
	  	 	91	  
	 Section 8.25 Covenants Regarding the Domino's IP
	  	 	93	  
	 Section 8.26 [Reserved]
	  	 	96	  
	 Section 8.27 Real Property
	  	 	96	  
	 Section 8.28 No Employees
	  	 	96	  
	 Section 8.29 Insurance
	  	 	96	  
	 Section 8.30 Litigation
	  	 	96	  
	 Section 8.31 Environmental
	  	 	97	  
	 Section 8.32 Enhancements
	  	 	97	  
	 Section 8.33 Series Hedge Agreements; Derivatives Generally
	  	 	97	  
	 Section 8.34 Additional Securitization Entity
	  	 	97	  
	 Section 8.35 Subordinated Debt Repayments
	  	 	99	  
	 Section 8.36 Tax Lien Reserve Amount
	  	 	99	  
	 Section 8.37 Mortgages
	  	 	99	  
		
	 Article IX REMEDIES
	  	 	100	  
	 Section 9.1 Rapid Amortization Events
	  	 	100	  
	 Section 9.2 Events of Default
	  	 	101	  
	 Section 9.3 Rights of the Control Party and Trustee upon Event of Default
	  	 	104	  
	 Section 9.4 Waiver of Appraisal, Valuation, Stay and Right to Marshaling
	  	 	107	  
	 Section 9.5 Limited Recourse
	  	 	108	  
	 Section 9.6 Optional Preservation of the Collateral
	  	 	108	  
	 Section 9.7 Waiver of Past Events
	  	 	108	  
	 Section 9.8 Control by the Control Party
	  	 	109	  
	 Section 9.9 Limitation on Suits
	  	 	110	  

  
 iii

					
	 Section 9.10 Unconditional Rights of Noteholders to Receive Payment
	  	 	110	  
	 Section 9.11 The Trustee May File Proofs of Claim
	  	 	111	  
	 Section 9.12 Undertaking for Costs
	  	 	111	  
	 Section 9.13 Restoration of Rights and Remedies
	  	 	111	  
	 Section 9.14 Rights and Remedies Cumulative
	  	 	112	  
	 Section 9.15 Delay or Omission Not Waiver
	  	 	112	  
	 Section 9.16 Waiver of Stay or Extension Laws
	  	 	112	  
		
	 Article X THE TRUSTEE
	  	 	113	  
	 Section 10.1 Duties of the Trustee
	  	 	113	  
	 Section 10.2 Rights of the Trustee
	  	 	117	  
	 Section 10.3 Individual Rights of the Trustee
	  	 	118	  
	 Section 10.4 Notice of Events of Default and Defaults
	  	 	119	  
	 Section 10.5 Compensation and Indemnity
	  	 	119	  
	 Section 10.6 Replacement of the Trustee
	  	 	120	  
	 Section 10.7 Successor Trustee by Merger, etc.
	  	 	121	  
	 Section 10.8 Eligibility Disqualification
	  	 	121	  
	 Section 10.9 Appointment of Co-Trustee or Separate Trustee
	  	 	122	  
	 Section 10.10 Representations and Warranties of Trustee
	  	 	123	  
		
	 Article XI CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY
	  	 	124	  
	 Section 11.1 Controlling Class Representative.
	  	 	124	  
	 Section 11.2 Resignation or Removal of the Controlling Class Representative
	  	 	127	  
	 Section 11.3 Expenses and Liabilities of the Controlling Class Representative.
	  	 	127	  
	 Section 11.4 Control Party
	  	 	128	  
	 Section 11.5 Note Owner List.
	  	 	129	  
		
	 Article XII DISCHARGE OF INDENTURE
	  	 	130	  
	 Section 12.1 Termination of the Co-Issuers’ and Guarantors’ Obligations
	  	 	130	  
	 Section 12.2 Application of Trust Money
	  	 	135	  
	 Section 12.3 Repayment to the Co-Issuers
	  	 	135	  
	 Section 12.4 Reinstatement
	  	 	135	  
		
	 Article XIII AMENDMENTS
	  	 	136	  
	 Section 13.1 Without Consent of the Controlling Class Representative or the Noteholders
	  	 	136	  
	 Section 13.2 With Consent of the Controlling Class Representative or the Noteholders
	  	 	138	  
	 Section 13.3 Supplements
	  	 	139	  
	 Section 13.4 Revocation and Effect of Consents
	  	 	140	  
	 Section 13.5 Notation on or Exchange of Notes
	  	 	140	  
	 Section 13.6 The Trustee to Sign Amendments, etc.
	  	 	140	  
	 Section 13.7 Amendments and Fees
	  	 	140	  
		
	 Article XIV MISCELLANEOUS
	  	 	141	  
	 Section 14.1 Notices
	  	 	141	  
	 Section 14.2 Communication by Noteholders With Other Noteholders
	  	 	145	  

  
 iv 

					
	 Section 14.3 Officer’s Certificate as to Conditions Precedent
	  	 	145	  
	 Section 14.4 Statements Required in Certificate
	  	 	146	  
	 Section 14.5 Rules by the Trustee
	  	 	146	  
	 Section 14.6 Benefits of Indenture
	  	 	146	  
	 Section 14.7 Payment on Business Day
	  	 	146	  
	 Section 14.8 Governing Law
	  	 	147	  
	 Section 14.9 Successors
	  	 	147	  
	 Section 14.10 Severability
	  	 	147	  
	 Section 14.11 Counterpart Originals
	  	 	147	  
	 Section 14.12 Table of Contents, Headings, etc.
	  	 	147	  
	 Section 14.13 No Bankruptcy Petition Against the Securitization Entities
	  	 	147	  
	 Section 14.14 Recording of Indenture
	  	 	148	  
	 Section 14.15 Waiver of Jury Trial
	  	 	148	  
	 Section 14.16 Submission to Jurisdiction; Waivers
	  	 	148	  
	 Section 14.17 Permitted Asset Dispositions; Release of Collateral
	  	 	149	  
	 Section 14.18 Administration of the DNAF Account
	  	 	149	  

  

			
	 ANNEXES
	  	 
		
	Annex A	  	Base Indenture Definitions List
		
	 EXHIBITS
	  	 
		
	Exhibit A	  	Weekly Manager’s Report
	Exhibit B-1	  	Quarterly Manager’s Certificate
	Exhibit B-2	  	Quarterly Noteholders’ Statement
	Exhibit C	  	Monthly Distributor Profit Certificate
	Exhibit D-1	  	Form of Grant of Security Interest in Trademarks
	Exhibit D-2	  	Form of Grant of Security Interest in Patents
	Exhibit D-3	  	Form of Grant of Security Interest in Copyrights
	Exhibit E-1	  	Form of Supplemental Grant of Security Interest in Trademarks
	Exhibit E-2	  	Form of Supplemental Grant of Security Interest in Patents
	Exhibit E-3	  	Form of Supplemental Grant of Security Interest in Copyrights
	Exhibit F	  	Form of Investor Request Certification
	Exhibit G	  	Notice Requesting Contact Information of Initial Note Owners
	Exhibit H	  	CCR Election Notice
	Exhibit I	  	CCR Nomination
	Exhibit J	  	CCR Ballot
	Exhibit K	  	CCR Acceptance Letter
	Exhibit L	  	Form of Mortgage
	Exhibit M	  	Form of Supplement for Additional Co-Issuers
	Exhibit N	  	Form of Investor Certification
	Exhibit O	  	Form of Note Owner Certificate

  
 v 

 SCHEDULES 
  

					
	 Schedule 7.3
	  	—  	  	Consents
	 Schedule 7.6
	  	—  	  	Plans
	 Schedule 7.7
	  	—  	  	Proposed Tax Assessments
	 Schedule 7.13(a)
	  	—  	  	Non-Perfected Liens
	 Schedule 7.19
	  	—  	  	Insurance
	 Schedule 7.21
	  	—  	  	Pending Actions or Proceedings Relating to the Domino’s IP
	 Schedule 8.11
	  	—  	  	Liens

  
 vi 

 AMENDED AND RESTATED BASE INDENTURE, dated as of March 15, 2012, by and among
DOMINO’S PIZZA MASTER ISSUER LLC, a Delaware limited liability company (the “Master Issuer”), DOMINO’S PIZZA DISTRIBUTION LLC, a Delaware limited liability company (the “Domestic Distributor”),
DOMINO’S SPV CANADIAN HOLDING COMPANY INC., a Delaware corporation (the “SPV Canadian Holdco”), DOMINO’S IP HOLDER LLC, a Delaware limited liability company (the “IP Holder” and together with the Master
Issuer, the Domestic Distributor and the SPV Canadian Holdco, collectively, the “Co-Issuers” and each, a “Co-Issuer”), each as a Co-Issuer, and CITIBANK, N.A., a national banking association, as trustee (in such
capacity, the “Trustee”), and as securities intermediary. 
 W I T N E S S E T H: 

WHEREAS, the Co-Issuers and the Trustee entered into the Base Indenture, dated as of April 16, 2007, as amended by the First
Supplement, dated as of March 6, 2009, the Second Supplement, dated as of March 13, 2009, and the Third Supplement, dated as of December 14, 2011 (collectively, the “2007 Base Indenture”); 

WHEREAS, the Co-Issuers desire to amend and restate the 2007 Base Indenture in its entirety as hereinafter provided and have satisfied
the conditions precedent thereto set forth in Section 12.2 thereof; 
 WHEREAS, each of the Co-Issuers has duly authorized
the execution and delivery of this Base Indenture to provide for the issuance from time to time of one or more series of asset backed notes (the “Notes”), as provided in this Base Indenture and in supplements to this Base Indenture;
and 
 WHEREAS, all things necessary to make this Base Indenture a legal, valid and binding agreement of the Co-Issuers, in
accordance with its terms, have been done, and the Co-Issuers propose to do all the things necessary to make the Notes, when executed by the Co-Issuers and authenticated and delivered by the Trustee hereunder and duly issued by the Co-Issuers, the
legal, valid and binding obligations of the Co-Issuers as hereinafter provided; 
 NOW, THEREFORE, for and in consideration of
the premises and the receipt of the Notes by the Noteholders, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Noteholders (in accordance with the priorities set forth herein and in any Series Supplement), as
follows: 

 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.1
Definitions. 
 Capitalized terms used herein (including the preamble and the recitals hereto) shall have the meanings
assigned to such terms in the Definitions List attached hereto as Annex A (the “Base Indenture Definitions List”), as such Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the
provisions hereof. 
 Section 1.2 Cross-References. 

Unless otherwise specified, references in the Indenture and in each other Related Document to any Article or Section are references to
such Article or Section of the Indenture or such other Related Document, as the case may be, and, unless otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such Article, Section or
definition. 
 Section 1.3 Accounting and Financial Determinations; No Duplication. 

Where the character or amount of any asset or liability or item of income or expense is required to be determined, or any accounting
computation is required to be made, for the purpose of the Indenture or any other Related Document, such determination or calculation shall be made, to the extent applicable and except as otherwise specified in the Indenture or such other Related
Document, in accordance with GAAP. When used herein, the term “financial statement” shall include the notes and schedules thereto. All accounting determinations and computations hereunder or under any other Related Documents shall be made
without duplication. 
 Section 1.4 Rules of Construction. 

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

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

  
 2 

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

(d) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part,
and in effect from time to time; 
 (e) “including” (and with correlative meaning “include”) means
including without limiting the generality of any description preceding such term; and 
 (f) with respect to the determination
of any period of time, except as otherwise specified, “from” means “from and including” and “to” means “to but excluding”. 
 ARTICLE II 
 THE NOTES 

Section 2.1 Designation and Terms of Notes. 
 (a) Each Series of Notes shall be substantially in the form specified in the applicable Series Supplement and shall bear, upon its face, the designation for such Series to which it belongs as selected by
the Co-Issuers, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted hereby or by the applicable Series Supplement and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be determined to be appropriate by the Authorized Officers of the Co-Issuers executing such Notes, as evidenced by execution of such Notes by such Authorized Officers. All Notes
of any Series shall, except as specified in the applicable Series Supplement, be equally and ratably entitled as provided herein to the benefits hereof without preference, priority or distinction on account of the actual time or times of
authentication and delivery, all in accordance with the terms and provisions of this Base Indenture and any applicable Series Supplement. The aggregate principal amount of Notes which may be authenticated and delivered under this Base Indenture is
unlimited. The Notes of each Series shall be issued in the denominations set forth in the applicable Series Supplement. 
 (b)
With respect to any Variable Funding Note Purchase Agreement entered into by the Co-Issuers in connection with the issuance of any Class A-1 Senior Notes, whether or not any of the following shall have been specifically provided for in the
applicable provision of the Indenture Documents, the following shall be true (except to the extent that the Series Supplement or Variable Funding Note Purchase Agreement with respect to such Class of Notes provides otherwise): 

  
 3 

             (i)
for purposes of any provision of any Indenture Document relating to any vote, consent, direction, waiver or the like to be given by such Class on any date, with respect to each Series of Class A-1 Senior Notes Outstanding, the relevant
principal amount of each such Series of Notes to be used in tabulating the percentage of such Series voting, directing, consenting or waiving or the like (the “Class A-1 Senior Notes Voting Amount”) will be deemed to be the greater
of (1) the Class A-1 Senior Notes Maximum Principal Amount for such Series (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of Class A-1 Senior Notes for such Series; 

            (ii) for purposes of any provisions of any
Indenture Document relating to termination, discharge or the like, such Class shall continue to be deemed Outstanding unless and until all commitments to extend credit under such Variable Funding Note Purchase Agreement have been terminated
thereunder and the Outstanding Principal Amount of such Class shall have been reduced to zero; and 

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

 (b) So long as each of the certifications described in clause (vi) below are true and correct as of the
applicable Series Closing Date, Notes of a new Series may from time to time be executed by the Co-Issuers and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered by the Trustee upon the receipt by
the Trustee of a Company Request at least five (5) Business Days (except in the case of the issuance of the Series of Notes on the Closing Date) in advance of the related Series Closing Date (which Company request will be revocable by the
Co-Issuers upon notice to the Trustee no later than 5:00 p.m. (New York City time) two Business Days prior to the related Series Closing Date) and upon performance or delivery by the Co-Issuers to the Trustee and the Control Party, and receipt by
the Trustee and the Control Party, of the following: 

  
 4 

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

            (ii) a Series Supplement satisfying the criteria
set forth in Section 2.3 executed by the Co-Issuers and the Trustee and specifying the Principal Terms of such new Series; 
             (iii) if there is one or more Series of Notes Outstanding (other than a Series of Notes Outstanding that will be repaid in full from
the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing Date), written confirmation from either the Manager or the Master Issuer that the Rating Agency Condition with respect to each Series of Notes
Outstanding has been satisfied with respect to such issuance; 

            (iv) any related Enhancement Agreement entered
into in connection with such issuance and executed by each of the parties thereto in compliance with Section 8.32; 
             (v) any related Series Hedge Agreement entered into in connection with such issuance and executed by each of the parties thereto in
compliance with Section 8.33; 

            (vi) one or more Officer’s Certificates,
each executed by an Authorized Officer of each Co-Issuer, dated as of the applicable Series Closing Date to the effect that: 
             (A) the Senior ABS Leverage Ratio as of the applicable Series Closing Date is less than or equal to 6.0x after giving effect to the
issuance of the new Series of Notes (assuming all available amounts have been drawn under the Variable Funding Note Purchase Agreement); 
             (B) the Holdco Leverage Ratio is less than or equal to 6.5x after giving effect to the issuance of the new Series of Notes (assuming
all available amounts have been drawn under the Variable Funding Note Purchase Agreement); 

  
 5 

             (C)
no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing or will occur as a result of the issuance of the new Series of Notes; 

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

            (E) no Cash Trapping Period is in effect or will
commence as a result of the issuance of the new Series of Notes; 

            (F) the New Series Pro Forma Quarterly DSCR is
greater than or equal to 2.0x; 
             (G) no
Manager Termination Event or Potential Manager Termination Event has occurred and is continuing or will occur as a result of such issuance; 
             (H) the proposed issuance does not alter or change the terms of any Series of Notes Outstanding or the Series Supplement relating
thereto without such consents as are required under this Base Indenture or the applicable Series Supplement; 

            (I) all costs, fees and expenses with respect to
the issuance of the new Series of Notes or relating to the actions taken in connection with such issuance that are required to be paid on the applicable Series Closing Date have been paid or will be paid from the proceeds of issuance of the new
Series of Notes; 
             (J) all conditions
precedent with respect to the authentication and delivery of such new Series of Notes provided in this Base Indenture, the related Series Supplement and, if applicable, the related Variable Funding Note Purchase Agreement and any other related note
purchase agreement executed in connection with the issuance of such new Series of Notes have been satisfied or waived; 

  
 6 

             (K)
the Global G&C Agreement is in full force and effect as to such new Series of Notes; 

            (L) if such new Series of Notes includes
Subordinated Debt, the terms of any such new Series of Notes include the Subordinated Debt Provisions to the extent applicable; 
             (M) except with respect to any Class A-1 Senior Notes, the Series Anticipated Repayment Date with respect to such new Series of
Notes will not be prior to the Series Anticipated Repayment Date for any such Series of Notes then Outstanding; and 
             (N) each of the parties to the Related Documents with respect to such new Series of Notes has covenanted and agreed in the Related
Documents that, prior to the date which is one year and one day after the payment in full of the latest maturing Note, it will not institute against, or join with any other Person in instituting, against any Securitization Entity, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law; 
 provided, that none of the foregoing conditions shall apply and no Officer’s Certificates shall be required under this clause (vi) if there are no Series of Notes Outstanding
(apart from the new Series of Notes) on the applicable Series Closing Date, or if all Series of Notes Outstanding (apart from the new Series of Notes) will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on
the applicable Series Closing Date; 

            (vii) a Tax Opinion dated the applicable Series
Closing Date; provided, however, that, if there are no Notes Outstanding or if all Series of Notes Outstanding will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series
Closing Date, only the opinions set forth in clauses (b) and (c) of the definition of Tax Opinion are required to be given in connection with the issuance of such new Series of Notes; 

  
 7 

            (viii) one or more Opinions of Counsel, subject
to the assumptions and qualifications stated therein, and in a form reasonably acceptable to the Control Party, dated the applicable Series Closing Date, substantially to the effect that: 

            (A) all of the instruments described in this
Section 2.2(b) furnished to the Trustee and the Control Party conform to the requirements of this Base Indenture and the related Series Supplement and the new Series of Notes is permitted to be authenticated by the Trustee pursuant to
the terms of this Base Indenture and the related Series Supplement; 

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

            (C) such new Series of Notes have been duly
authorized by the Co-Issuers, and, when such Notes have been duly authenticated and delivered by the Trustee, such Notes will be legal, valid and binding obligations of each of the Co-Issuers, enforceable against each of the Co-Issuers in accordance
with their terms; 
             (D) none of the
Securitization Entities is required to be registered under the Investment Company Act; 

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

            (F) based on a reasoned analysis, the assets of a
Securitization Entity as a debtor in bankruptcy would not be substantively consolidated with the assets and liabilities of Holdco or the Manager in a manner prejudicial to Noteholders; 

  
 8 

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

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

            (I) there is no action, proceeding, or
investigation pending or threatened against Holdco or any of its Subsidiaries before any court or administrative agency that may reasonably be expected to have a material adverse effect on the business or assets of the Securitization Entities;

             (J) unless such Notes are being
offered pursuant to a registration statement that has been declared effective under the Securities Act, it is not necessary in connection with the offer and sale of such Notes by the Co-Issuers to the initial purchaser thereof or by the initial
purchaser to the initial investors in such Notes to register such Notes under the Securities Act; and 

            (K) all conditions precedent to such issuance
have been satisfied and that the related Supplement is authorized or permitted pursuant to the terms and conditions of the Indenture; and 
             (ix) such other documents, instruments, certifications, agreements or other items as the Trustee may reasonably require. 

  
 9 

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

 (d) With regard to any new Series of Notes issued pursuant to this Section 2.2 that constitutes Senior Debt,
Senior Subordinated Debt or Subordinated Debt, the proceeds from such issuance may be used at any time prior to the Series Anticipated Repayment Date for such Series of Notes to repay either Senior Debt, Senior Subordinated Debt or Subordinated
Debt; provided, however, that at any time on or after the Series Anticipated Repayment Date for any Series of Notes, the proceeds from such issuance may only be used to repay (i) Senior Subordinated Debt and Subordinated Debt if
all Senior Debt has been repaid and (ii) Subordinated Debt if all Senior Debt and Senior Subordinated Debt has been repaid; provided, further, that at any time on or after the Series Anticipated Repayment Date for any Series of
Notes, the proceeds from the issuance of Subordinated Debt may only be used to repay Senior Debt, Senior Subordinated Debt or all Outstanding Classes of Senior Debt and Senior Subordinated Debt. 

Section 2.3 Series Supplement for Each Series. 
 In conjunction with the issuance of a new Series, the parties hereto shall execute a Series Supplement, which shall specify the relevant terms with respect to such new Series of Notes, which may include,
without limitation: 
 (a) its name or designation; 
 (b) the Initial Principal Amount with respect to such Series; 
 (c) the Note Rate
with respect to such Series or each Class of such Series and the applicable Default Rate; 
 (d) the Series Closing Date;

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

(f) the Series Legal Final Maturity Date; 
 (g) the principal amortization schedule with respect to such Series, if any; 

  
 10 

 (h) each Rating Agency rating such Series; 

(i) the name of the Clearing Agency, if any; 
 (j) the names of the Series Distribution Accounts and any other Series Accounts to be used with respect to such Series and the terms governing the operation of any such account and the use of moneys
therein; 
 (k) the method of allocating amounts deposited into any Series Distribution Account with respect to such Series;

 (l) whether the Notes of such Series will be issued in multiple Classes or Subclasses and the rights and priorities of each
such Class or Subclass; 
 (m) any deposit of funds to be made in any Base Indenture Account or any Series Account on the
Series Closing Date; 
 (n) whether the Notes of such Series may be issued in bearer form and any limitations imposed thereon;

 (o) whether the Notes of such Series include Senior Notes, Senior Subordinated Notes and/or Subordinated Notes; 

(p) whether the Notes of such Series include Class A-1 Senior Notes or subfacilities of Class A-1 Senior Notes issued pursuant
to a Variable Funding Note Purchase Agreement; 
 (q) the terms of any related Enhancement and the Enhancement Provider
thereof, if any; 
 (r) the terms of any related Series Hedge Agreement and the applicable Hedge Counterparty, if any; and

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

  
 11 

 Section 2.4 Execution and Authentication. 

(a) The Notes shall, upon issuance pursuant to Section 2.2, be executed on behalf of the Co-Issuers by an Authorized Officer
of each Co-Issuer and delivered by the Co-Issuers to the Trustee for authentication and redelivery as provided herein. The signature of each such Authorized Officer on the Notes may be manual or facsimile. If an Authorized Officer of any Co-Issuer
whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note shall nevertheless be valid. 
 (b) At any time and from time to time after the execution and delivery of this Base Indenture, the Co-Issuers may deliver Notes of any particular Series (issued pursuant to Section 2.2)
executed by the Co-Issuers to the Trustee for authentication, together with one or more Company Orders for the authentication and delivery of such Notes, and the Trustee, in accordance with such Company Order and this Base Indenture, shall
authenticate and deliver such Notes. 
 (c) No Note shall be entitled to any benefit under the Indenture or be valid for any
purpose unless there appears on such Note a certificate of authentication substantially in the form provided for below, duly executed by the Trustee by the manual signature of a Trust Officer (and the Luxembourg agent (the “Luxembourg
Agent”), if the Notes of the Series to which such Note belongs are listed on the Luxembourg Stock Exchange). Such signatures on such certificate shall be conclusive evidence, and the only evidence, that the Note has been duly authenticated
under this Base Indenture. The Trustee may appoint an authenticating agent acceptable to the Co-Issuers to authenticate Notes. Unless limited by the term of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do
so. Each reference in this Base Indenture to authentication by the Trustee includes authentication by such authenticating agent. The Trustee’s certificate of authentication shall be in substantially the following form: 

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

 

			
	Citibank, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

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

 (e) Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and
sold by the Co-Issuers, and the Co- 

  
 12 

 Issuers shall deliver such Note to the Trustee for cancellation as provided in Section 2.14
together with a written statement to the Trustee and the Servicer (which need not comply with Section 14.3) stating that such Note has never been issued and sold by the Co-Issuers, for all purposes of the Indenture such Note shall be
deemed never to have been authenticated and delivered hereunder and shall not be entitled to the benefits of the Indenture. 

Section 2.5 Registrar and Paying Agent. 
 (a) The Co-Issuers shall (i) maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and (ii) appoint a paying
agent (which shall satisfy the eligibility criteria set forth in Section 10.8(a)) (the “Paying Agent”) at whose office or agency Notes may be presented for payment. The Registrar shall keep a register of the Notes
(including the name and address of each such Noteholder) and of their transfer and exchange. The Trustee shall indicate in its books and records the commitment of each Noteholder and the principal amount owing to each Noteholder from time to time.
The Co-Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Paying Agent” shall include any additional paying agent and the term “Registrar” shall include any co-registrars. The
Co-Issuers may change the Paying Agent or the Registrar without prior notice to any Noteholder. The Co-Issuers shall notify the Trustee in writing of the name and address of any Agent not a party to this Base Indenture. The Trustee is hereby
initially appointed as the Registrar and the Paying Agent and shall send copies of all notices and demands received by the Trustee (other than those sent by the Co-Issuers to the Trustee and those addressed to the Co-Issuers) in connection with the
Notes to the Co-Issuers. 
 (b) The Co-Issuers shall enter into an appropriate agency agreement with any Agent not a party to
this Base Indenture. Such agency agreement shall implement the provisions of this Base Indenture that relate to such Agent. If the Co-Issuers fail to maintain a Registrar or Paying Agent, the Trustee hereby agrees to act as such, and shall be
entitled to appropriate compensation in accordance with this Base Indenture until the Co-Issuers shall appoint a replacement Registrar or Paying Agent, as applicable. 
 Section 2.6 Paying Agent to Hold Money in Trust. 
 (a) The Co-Issuers
will cause the Paying Agent (if the Paying Agent is not the Trustee) to execute and deliver to the Trustee an instrument in which the Paying Agent shall agree with the Trustee (and if the Trustee is the Paying Agent, it hereby so agrees), subject to
the provisions of this Section 2.6, that the Paying Agent will: 

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

  
 13 

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

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

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

                    
    (v) comply with all requirements of the Code and other applicable tax law with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any
applicable reporting requirements in connection therewith. 
 (b) The Co-Issuers may at any time, for the purpose of obtaining
the satisfaction and discharge of the Indenture or for any other purpose, by Company Order direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent, such sums to be held by the Trustee in trust upon the same terms as
those upon which the sums were held in trust by the Paying Agent. Upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money. 

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

  
 14 

 Section 2.7 Noteholder List. 

(a) The Trustee will furnish or cause to be furnished by the Registrar to the Co-Issuers, the Manager, the Back-Up Manager, the Control
Party, the Controlling Class Representative or the Paying Agent or any Class A-1 Administrative Agent, within five (5) Business Days after receipt by the Trustee of a request therefor from the Co-Issuers, the Manager, the Back-Up Manager,
the Control Party, the Controlling Class Representative or the Paying Agent or such Class A-1 Administrative Agent, respectively, in writing, the names and addresses of the Noteholders of each Series as of the most recent Record Date for
payments to such Noteholders. Unless otherwise provided in the applicable Series Supplement, holders of Notes of any Series having an aggregate Outstanding Principal Amount of not less than 10% of the aggregate Outstanding Principal Amount of such
Series (the “Applicants”) may apply in writing to the Trustee, and if such application states that the Applicants desire to communicate with other Noteholders of such Series or any other Series with respect to their rights under the
Indenture or under the Notes and is accompanied by a copy of the communication which such Applicants propose to transmit, then the Trustee, after having been adequately indemnified by such Applicants for its costs and expenses, shall afford or shall
cause the Registrar to afford such Applicants access during normal business hours to the most recent list of Noteholders held by the Trustee and shall give the Co-Issuers notice that such request has been made, within five (5) Business Days
after the receipt of such application. Such list shall be as of a date no more than forty-five (45) days prior to the date of receipt of such Applicants’ request. Every Noteholder, by receiving and holding a Note, agrees with the Trustee
that neither the Trustee, the Registrar nor any of their respective agents shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Noteholders hereunder, regardless of the source from which
such information was obtained. 
 (b) The Trustee shall preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of Noteholders of each Series of Notes. If the Trustee is not the Registrar, the Co-Issuers shall furnish to the Trustee at least seven (7) Business Days before each Quarterly Payment Date
and at such other time as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders of each Series of Notes. 

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

  
 15 

 
the Registrar maintained for such purpose. Whenever Notes of any Series are so surrendered for exchange, if the requirements of Section 2.8(f) and Section 8-401(a) of the New
York UCC are met, the Co-Issuers shall execute, and after the Co-Issuers have executed, the Trustee upon receipt of a Company Order shall authenticate and deliver to the Noteholder, the Notes which the Noteholder making the exchange is entitled to
receive. 
 (b) Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed
by, or be accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing with a medallion signature guarantee and
(ii) accompanied by such other documents as the Trustee may require. The Co-Issuers shall execute and deliver to the Trustee or the Registrar, as applicable, Notes in such amounts and at such times as are necessary to enable the Trustee to
fulfill its responsibilities under the Indenture and the Notes. 
 (c) All Notes issued upon any registration of transfer or
exchange of the Notes shall be the valid obligations of the Co-Issuers, evidencing the same indebtedness, and entitled to the same benefits under the Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

(d) The preceding provisions of this Section 2.8 notwithstanding, (i) the Trustee or the Registrar, as the case may be,
shall not be required to register the transfer or exchange of any Note of any Series for a period of fifteen (15) days preceding the due date for payment in full of the Notes of such Series and (ii) no assignment or transfer of a Note or
any commitment in respect thereof shall be effective until such assignment or transfer shall have been recorded in the Note Register and in the books and records of the Trustee, as applicable, pursuant to Section 2.5(a). 

(e) Unless otherwise provided in the applicable Series Supplement, no service charge shall be payable for any registration of transfer
or exchange of Notes, but the Co-Issuers or the Registrar may require payment by the Noteholder of a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes. 

(f) Unless otherwise provided in the applicable Series Supplement, registration of transfer of Notes containing a legend relating to the
restrictions on transfer of such Notes (which legend shall be set forth in the applicable Series Supplement) shall be effected only if the conditions set forth in such applicable Series Supplement are satisfied. Notwithstanding any other provision
of this Section 2.8 and except as otherwise provided in Section 2.13, the typewritten Note or Notes representing Book-Entry Notes for any Series may be transferred, in whole but not in part, only to another nominee of the
Clearing Agency for such Series, or to a successor Clearing Agency for such Series selected or approved by the Co-Issuers or to a nominee of such successor Clearing Agency, only if in accordance with this Section 2.8 and
Section 2.12. 

  
 16 

 (g) If the Notes of any Series are listed on the Luxembourg Stock Exchange, the Trustee or
the Luxembourg Agent, as the case may be, shall send to the Co-Issuers upon any transfer or exchange of any such Note information reflected in the copy of the register for the Notes maintained by the Registrar or the Luxembourg Agent, as the case
may be. 
 Section 2.9 Persons Deemed Owners. 

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

Section 2.10 Replacement Notes. 
 (a) If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the
Co-Issuers and the Trustee such security or indemnity as may be required by them to hold the Co-Issuers and the Trustee harmless then, provided that the requirements of Section 2.8(f) and Section 8-405 of the New York UCC are
met, the Co-Issuers shall execute and upon their request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed,
lost or stolen Note, but not a mutilated Note, shall have become, or within seven (7) days shall be, due and payable, instead of issuing a replacement Note, the Co-Issuers may pay such destroyed, lost or stolen Note when so due or payable
without surrender thereof; provided, further, that (x) if any Class A-1 Noteholder shall provide an affidavit of destruction, loss or theft of such Class A-1 Noteholder’s Class A-1 Senior Note, including an
indemnity to hold the Co-Issuers and the Trustee harmless, and such affidavit and indemnity are satisfactory in all respects to the Co-Issuers and the Trustee, then the Co-Issuers and the Trustee shall not require any security from such
Class A-1 Noteholder pursuant to this Section 2.10(a), and (y) the Class A-1 Noteholder delivering the affidavit and indemnity or other evidence of destruction, loss or theft referenced in this Section 2.10(a)
may extend the seven-day period set forth above by specifying in the affidavit a longer period or a date occurring after the end of the seven-day period. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note
pursuant to the preceding sentence, a protected purchaser (within the meaning of Section 8-303 of the New York UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Co-Issuers
and the Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of
such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Co-Issuers or the Trustee in connection therewith.

  
 17 

 (b) Upon the issuance of any replacement Note under this Section 2.10, the
Co-Issuers may require the payment by the Holder of such Note of a sum sufficient to cover any Tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee
and the Registrar) connected therewith. 
 (c) Every replacement Note issued pursuant to this Section 2.10 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Co-Issuers and such replacement Note shall be entitled to all the benefits of the Indenture equally and
proportionately with any and all other Notes duly issued under the Indenture (in accordance with the priorities and other terms set forth herein and in each applicable Series Supplement). 

(d) The provisions of this Section 2.10 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.11
Treasury Notes. 
 In determining whether the Noteholders of the required Aggregate Outstanding Principal Amount of Notes
or the required Outstanding Principal Amount of any Series or any Class of any Series of Notes, as the case may be, have concurred in any direction, waiver or consent, Notes owned, legally or beneficially, by any Co-Issuer or any Affiliate of any
Co-Issuer shall be considered as though they are not Outstanding, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of which a Trust Officer has received
written notice of such ownership shall be so disregarded. Absent written notice to a Trust Officer of such ownership, the Trustee shall not be deemed to have knowledge of the identity of the individual Note Owners. 

Section 2.12 Book-Entry Notes. 
 (a) Unless otherwise provided in any applicable Series Supplement, the Notes of each Class of each Series, upon original issuance, shall be issued in the form of typewritten Notes representing Book-Entry
Notes and delivered to the depository (or its custodian) specified in such Series Supplement (the “Depository”) which shall be the Clearing Agency on behalf of such Series or such Class. The Notes of each Class of each Series shall,
unless otherwise provided in the applicable Series Supplement, initially be registered on the Note Register in the name of the Clearing Agency or the nominee of the Clearing Agency. No Note Owner will receive a definitive note representing such Note
Owner’s interest in the related Series of Notes, except as provided in Section 2.13. Unless and until definitive, fully registered Notes of any Series or any Class of any Series (“Definitive Notes”) have been issued
to Note Owners pursuant to Section 2.13: 

  
 18 

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

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

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

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

  
 19 

 
beneficial interest in the Outstanding Notes or such Series or such Class of such Series of Notes Outstanding, as the case may be, and has delivered such instructions in writing to the Trustee.

 (b) Pursuant to the Depository Agreement applicable to a Series, unless and until Definitive Notes of such Series are issued
pursuant to Section 2.13, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal, premium, if any, and interest on the Notes to such Clearing
Agency Participants. 
 (c) Except with respect to the Initial CCR Election, whenever notice or other communication to the
Noteholders is required under the Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.13, the Trustee and the Co-Issuers shall give all such notices and communications specified herein
to be given to Noteholders to the applicable Clearing Agency for distribution to the Note Owners. 
 Section 2.13
Definitive Notes. 
 (a) The Notes of any Series or Class of any Series, to the extent provided in the related Series
Supplement, upon original issuance, may be issued in the form of Definitive Notes. All Class A-1 Senior Notes of any Series shall be issued in the form of Definitive Notes. The applicable Series Supplement shall set forth the legend relating to
the restrictions on transfer of such Definitive Notes and such other restrictions as may be applicable. 
 (b) With respect to
the Notes of any Series or Class of any Series issued in the form of typewritten Notes representing Book-Entry Notes, if (i) (A) the Co-Issuers advise the Trustee in writing that the Clearing Agency with respect to any such Series of Notes
is no longer willing or able to discharge properly its responsibilities under the applicable Depository Agreement and (B) the Trustee or the Co-Issuers are unable to locate a qualified successor, (ii) the Co-Issuers, at their option,
advise the Trustee in writing that they elect to terminate the book-entry system through the Clearing Agency with respect to any Series or Class of any Series of Notes Outstanding issued in the form of Book-Entry Notes or (iii) after the
occurrence of a Rapid Amortization Event, with respect to any Series of Notes Outstanding, Note Owners holding a beneficial interest in excess of 50% of the aggregate Outstanding Principal Amount of such Series of Notes advise the Trustee and the
applicable Clearing Agency through the applicable Clearing Agency Participants in writing that the continuation of a book-entry system through the applicable Clearing Agency is no longer in the best interests of such Note Owners, the Trustee shall
notify all Note Owners of such Series, through the applicable Clearing Agency Participants, of the occurrence of any such event and of the availability of Definitive Notes to Note Owners of such Series. Upon surrender to the Trustee of the Notes of
such Series by the applicable Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency for registration, the Co-Issuers shall execute and the Trustee shall authenticate, upon receipt of a Company Order, and
deliver an equal aggregate principal amount of Definitive Notes in accordance with the instructions of the Clearing Agency. Neither the Co-Issuers nor the Trustee 

  
 20 

 
shall be liable for any delay in delivery of such instructions and may each conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes of
such Series or Class of such Series of Notes all references herein to obligations imposed upon or to be performed by the applicable Clearing Agency shall be deemed to be imposed upon and performed by the Trustee, to the extent applicable with
respect to such Definitive Notes, and the Trustee shall recognize the Holders of the Definitive Notes of such Series or Class of such Series as Noteholders of such Series or Class of such Series hereunder and under the applicable Series Supplement.

 Section 2.14 Cancellation. 
 The Co-Issuers may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Co-Issuers may have acquired in any manner whatsoever, and all
Notes so delivered shall be promptly cancelled by the Trustee. Immediately upon the delivery of any Notes by the Co-Issuers to the Trustee for cancellation pursuant to this Section 2.14, the security interest of the Secured Parties in
such Notes shall automatically be deemed to be released by the Trustee, and the Trustee shall execute and deliver to the Co-Issuers any and all documentation reasonably requested and prepared by the Co-Issuers at their expense to evidence such
automatic release. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation. Except as provided in any Variable Funding Note Purchase Agreement executed and delivered in connection with the issuance of any Series or any Class of any Series of Notes, the Co-Issuers may not issue
new Notes to replace Notes that they have redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with the Trustee’s standard disposition
procedures unless the Co-Issuers shall direct that cancelled Notes be returned to them for destruction pursuant to a Company Order. No cancelled Notes may be reissued. No provision of this Base Indenture or any Supplement that relates to prepayment
procedures, penalties, fees, make-whole payments or any other related matters shall be applicable to any Notes cancelled pursuant to and in accordance with this Section 2.14. 

Section 2.15 Principal and Interest. 
 (a) The principal of and premium, if any, on each Series of Notes shall be due and payable at the times and in the amounts set forth in the applicable Series Supplement and in accordance with the Priority
of Payments. 
 (b) Each Series of Notes shall accrue interest as provided in the applicable Series Supplement and such
interest shall be due and payable for such Series on each Quarterly Payment Date in accordance with the Priority of Payments. 

(c) Except as provided in the following sentence, the Person in whose name any Note is registered at the close of business on any Record
Date with respect to a 

  
 21 

 
Quarterly Payment Date for such Note shall be entitled to receive the principal, premium, if any, and interest payable on such Quarterly Payment Date notwithstanding the cancellation of such Note
upon any registration of transfer, exchange or substitution of such Note subsequent to such Record Date. Any interest payable at maturity shall be paid to the Person to whom the principal of such Note is payable. 

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

Section 2.16 Tax Treatment. 
 The Co-Issuers have structured the Base Indenture and the Notes have been (or will be) issued with the intention that the Notes will qualify under applicable tax law as indebtedness of the Co-Issuers or,
if any of the Co-Issuers is treated as a division of another entity, such other entity and any entity acquiring any direct or indirect interest in any Note by acceptance of its Notes (or, in the case of a Note Owner, by virtue of such Note
Owner’s acquisition of a beneficial interest therein) agrees to treat the Notes (or beneficial interests therein) for all purposes of federal, state, local and foreign income or franchise taxes and any other tax imposed on or measured by
income, as indebtedness of the Co-Issuers or, if any Co-Issuer is treated as a division of another entity, such other entity. 

ARTICLE III 
 SECURITY 
 Section 3.1 Grant of Security Interest. 

(a) To secure the Obligations, each Co-Issuer hereby pledges, assigns, conveys, delivers, transfers and sets over to the Trustee, for
the benefit of the Secured Parties, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in, each Co-Issuer’s right, title and interest in, to and under all of the following property to the extent now
owned or at any time hereafter acquired by such Co-Issuer (collectively, the “Indenture Collateral”): 
                         (i) (A) the Collateral Franchise Documents including,
without limitation, all monies due and to become due to such Co-Issuer under or in connection with the Collateral Franchise Documents, whether payable as fees, rent, expenses, costs, indemnities, dividends, distributions, insurance recoveries,

  
 22 

 
damages for the breach of any of the Collateral Franchise Documents or otherwise, but excluding Excluded Amounts, and all security and supporting obligations for such amounts payable thereunder
and (B) all rights, remedies, powers, privileges and claims of such Co-Issuer against any other party under or with respect to the Collateral Franchise Documents (whether arising pursuant to the terms of the Collateral Franchise Documents or
otherwise available to such Co-Issuer at law or in equity), including the right to enforce any of the Collateral Franchise Documents and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under
or with respect to the Collateral Franchise Documents or the obligations of any party thereunder; 

                    
    (ii) the Collateral Transaction Documents, including, without limitation, all monies due and to become due to such Co-Issuer under or in connection with the Collateral Transaction Documents, whether payable as fees, rent,
expenses, costs, indemnities, insurance recoveries, damages for the breach of any of the Collateral Transaction Documents or otherwise, all security and supporting obligations for amounts payable hereunder and thereunder and performance of all
obligations hereunder and thereunder, including, without limitation, (A) all rights of such Co-Issuer to the Domino’s IP (except to the extent such Domino’s IP is excluded from the pledge, assignment, conveyance, delivery, transfer,
setting over and grant of a security interest pursuant to clause (iv) below) under each IP License Agreement to which such Co-Issuer is a party (subject to the terms thereof) and (B) all rights of such Co-Issuer under the Management
Agreement and in and to all records, reports and documents in which they have any interest thereunder, and all rights, remedies, powers, privileges and claims of such Co-Issuer against any other party under or with respect to the Collateral
Transaction Documents (whether arising pursuant to the terms of the Collateral Transaction Documents or otherwise available to such Co-Issuer at law or in equity), including the right to enforce any of the Collateral Transaction Documents and to
give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect to the Collateral Transaction Documents or the obligations of any party thereunder; 

                    
    (iii) the Equity Interests of any Person owned by any Co-Issuer including, without limitation, the Domestic Distributor, the International Franchisor, the SPV Canadian Holdco, the Canadian Distributor, the IP Holder, the
Domestic Franchisor and the Domestic Distribution Equipment Holder, and all rights as a member or shareholder of each such Person under the Charter Documents of each such Person, including, without limitation, all moneys and other property
distributable thereunder to any such Co-Issuer and all rights, remedies, powers, privileges and claims of such Co-Issuer against any other party under or with respect to each such Charter Document (whether arising pursuant to the terms of such
Charter Document or otherwise available to such Co-Issuer at law or in equity), including the right to enforce each such Charter Document and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers
under or with respect to each such Charter Document; 

  
 23 

                    
    (iv) the Domino’s IP, including all Proceeds and products of the foregoing, including all goodwill symbolized by or associated with the Trademarks included in the Domino’s IP; provided that the pledge,
assignment, conveyance, delivery, transfer, setting over and grant of security interest hereunder shall not include any application for a Trademark that would be deemed invalidated, cancelled or abandoned due to the grant and/or enforcement of such
security interest, including, without limitation, all such PTO and foreign applications that are based on an intent-to-use, unless and until such time that the grant and/or enforcement of the security interest will not cause such Trademark to be
deemed invalidated, cancelled or abandoned; 

                    
    (v) the Domestic Distribution Assets; 

                    
    (vi) the Domestic Royalties Concentration Account, the Domestic Distribution Concentration Account, the PULSE and Technology Fees Concentration Account, the IP Holder Concentration Account, the Lease Concentration Account, the
Lock-Boxes related to such Concentration Accounts, any Additional Concentration Account owned by a Co-Issuer, the Cash Trap Reserve Account and the Collection Account, each Account Agreement related thereto and all monies and other property
(including Investment Property and Financial Assets) on deposit or credited from time to time in each such account and all Proceeds thereof; 
                         (vii) the Senior Notes Interest Reserve Account, any Account
Agreement related thereto and all monies and other property (including Investment Property and Financial Assets) on deposit or credited from time to time in each such account and all Proceeds thereof; 

                    
    (viii) the Senior Subordinated Notes Interest Reserve Account, any Account Agreement related thereto and all monies and other property (including Investment Property and Financial Assets) on deposit or credited from time to
time in such account and all Proceeds thereof; 

                    
    (ix) any Interest Reserve Letter of Credit; 

                    
    (x) each other Base Indenture Account and each Series Account, each Account Agreement related thereto and all monies and other property (including Investment Property and Financial Assets) on deposit or credited from time to
time in such account and all Proceeds thereof; 

  
 24 

                    
    (xi) all other assets of the Co-Issuers now owned or at any time hereafter acquired by such Co-Issuer, including, without limitation, all of the following (each as defined in the New York UCC): all accounts, chattel paper,
deposit accounts, documents, general intangibles, goods, instruments, securities accounts and other investment property, commercial tort claims, letter-of-credit rights, letters of credit and money; 

                    
    (xii) all additional property that may from time to time hereafter (pursuant to the terms of any Series Supplement or otherwise) be subjected to the grant and pledge hereof by such Co-Issuer or by anyone on its behalf; and

                    
    (xiii) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral security and guarantees and other supporting obligations given by any Person with respect to any of the
foregoing; 
 provided, however, that the Co-Issuers will not be required to pledge more than 65% of the Equity Interests (and any
rights associated with such Equity Interests) of any foreign Subsidiary of any of the Co-Issuers that is a corporation for United States federal income tax purposes (including, without limitation, the Canadian Distributor); provided
further that (A) the security interest set forth in clause (vii) above, shall only be for the benefit of the Senior Noteholders and the Trustee, solely in its capacity as trustee for the Senior Noteholders and (B) the
security interest set forth in clause (viii) above, shall only be for the benefit of the Senior Subordinated Noteholders and the Trustee, solely in its capacity as trustee for the Senior Subordinated Noteholders. The Indenture Collateral
will not include any Excluded Amounts or Excluded Property and the Trustee, on behalf of the Secured Parties, further acknowledges that it shall have no security interest in any Excluded Amounts or Excluded Property. For the avoidance of doubt,
(i) although the assets (other than any Excluded Amounts or Excluded Property) related to the thin crust manufacturing center and the vegetable processing center will constitute Indenture Collateral, the profit generated from the supply of
processed vegetables and thin crust pizza dough to the Domestic Distributor pursuant to the Product Purchase and Distribution Agreement will not constitute Indenture Collateral and (ii) any cash collateral deposited by Holdco with the Master
Issuer to secure Holdco’s obligations under the Holdco Letter of Credit Agreement will not constitute Indenture Collateral until such time (if any) as the Master Issuer is entitled to withdraw such funds from the applicable bank account
pursuant to the terms of the Holdco Letter of Credit Agreement to reimburse the Master Issuer for any amounts due by Holdco to the Master Issuer pursuant to Section 4 or Section 5 of the Holdco Letter of Credit Agreement that Holdco has
not paid to the Master Issuer in accordance with the terms thereof. 

  
 25 

 (b) The foregoing grant is made in trust to secure the Obligations and to secure compliance
with the provisions of this Base Indenture and any Series Supplements, all as provided in this Base Indenture. The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Base Indenture in accordance with
the provisions of this Base Indenture and agrees to perform its duties required in this Base Indenture. The Indenture Collateral shall secure the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any
Series of Notes, as otherwise stated in the applicable Series Supplement or in the applicable provisions of this Base Indenture). 
 (c) In addition, pursuant to and within the time periods specified in Section 8.37, the Domestic Distribution Real Estate Holder shall execute and deliver to the Trustee, for the benefit of
the Secured Parties, a Mortgage with respect to each owned Domestic Manufacturing and Distribution Center existing as of the Closing Date or acquired thereafter, which shall be delivered to the Trustee or its agent to be held in escrow;
provided that upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative), the Trustee shall (i) engage a
third-party service provider (which shall be reasonably acceptable to the Control Party) and shall deliver to such third-party service provider for recordation promptly within five (5) Business Days of the occurrence of such Mortgage
Recordation Event all such Mortgages with each applicable Governmental Authority with respect to each such Mortgage and (ii) pay all Mortgage Recordation Fees in connection with such recordation, unless such requirement to record any such
Mortgages is waived by the Control Party (acting at the direction of the Controlling Class Representative). The Trustee shall be reimbursed by the Co-Issuers for any and all costs and expenses incurred in connection with such recordation, including
all Mortgage Recordation Fees, pursuant to and in accordance with the Priority of Payments. Neither the Trustee nor any custodian on behalf of the Trustee shall be under any duty or obligation to inspect, review or examine any such Mortgages or to
determine that the same are valid, binding, legally effective, properly endorsed, genuine, enforceable or appropriate for the represented purpose or that they are in recordable form. Neither the Trustee nor any agent on its behalf shall in any way
be liable for any delays in the recordation of any Mortgage, for the rejection of a Mortgage by any recording office or for the failure of any Mortgage to create in favor of the Trustee, for the benefit of the Secured Parties, legal, valid and
enforceable first priority Liens on, and security interests in, the Co-Issuers’ right, title and interest in and to each owned Domestic Manufacturing and Distribution Center, and the Proceeds thereof. 

(d) The parties hereto agree and acknowledge that each certificated Equity Interest and each Mortgage constituting Indenture Collateral
may be held by a custodian on behalf of the Trustee. 
 (e) Notwithstanding any provisions to the contrary contained in this
Base Indenture, or any other document or agreement among all or some of the parties hereto, the SPV Canadian Holdco is the sole registered and beneficial owner of all Equity Interests in the Canadian Distributor, which are shares in a Nova Scotia
unlimited company, and will remain sole and registered beneficial owner thereof until such time as such shares are effectively 

  
 26 

 
transferred into the name of the Trustee, any Secured Party or any other Person on the books and records of the Canadian Distributor. Accordingly, the SPV Canadian Holdco shall be entitled to
receive and retain for its own account any dividend or other distribution, if any, in respect of such Equity Interests (except insofar as the SPV Canadian Holdco has granted a security interest in such dividend on or other distribution, and any
share certificates representing such Equity Interests shall be delivered to the Trustee to hold as part of the Collateral hereunder) and shall have the right to vote such Equity Interests and to control the direction, management and policies of the
Canadian Distributor to the same extent as the SPV Canadian Holdco would if such Equity Interests were not pledged to the Trustee (for its own benefit and for the benefit of the Secured Parties) pursuant hereto, without, however, derogating from the
grant of such security interest. The preceding sentence is without prejudice to the Trustee’s and such Secured Party’s rights in respect of any and all other Collateral. Nothing in this Base Indenture or any other document or agreement
among all or some of the parties hereto is intended to, and nothing in this Base Indenture or any other document or agreement among all or some of the parties hereto shall, constitute the Trustee, any of the Secured Parties or any person other than
the SPV Canadian Holdco, as a shareholder of the Canadian Distributor for the purposes of the Companies Act (Nova Scotia) until such time as notice is given to the SPV Canadian Holdco and further steps are taken pursuant hereto or thereto so as to
register the Trustee or such other Person as holder of the Equity Interests in the Canadian Distributor. To the extent any provision hereof would have the effect of constituting the Trustee or any of the Secured Parties as a shareholder of the
Canadian Distributor prior to such time, such provision shall be severed herefrom and shall be ineffective with respect to the pledged Equity Interests in the Canadian Distributor without otherwise invalidating or rendering unenforceable this Base
Indenture or invalidating or rendering unenforceable such provision insofar as it relates to any other Collateral. 
 (f)
Except upon the exercise of rights to sell, transfer or otherwise dispose of the Equity Interests of the Canadian Distributor following the occurrence of an Event of Default and exercise of remedies in respect thereof, the SPV Canadian Holdco shall
not cause or permit, or enable the Canadian Distributor to cause or permit, the Trustee or other Secured Parties to: (a) be registered as shareholders of the Canadian Distributor, (b) accept or request stock powers of attorney in respect
of such Person, (c) have any notation entered in their favor in the share register of the Canadian Distributor except such notation as is compatible with its status as pledgee and not as owner of the Equity Interest, (d) be held out as
shareholders of the Canadian Distributor, (e) receive, directly or indirectly, any dividends, property or other distributions from the Canadian Distributor by reason of the Trustee or the Secured Parties holding a security interest in the
Equity Interests of the Canadian Distributor (provided that such dividends, property or other distributions are nonetheless Collateral hereunder and receipt thereof by the Trustee or such Secured Parties shall be deemed delivery thereof by
the SPV Canadian Holdco to the Trustee or such Secured Parties immediately and without necessity of further act, pursuant to the SPV Canadian Holdco’s pledge of substantially all its property as Collateral hereunder) or (f) to act as a
shareholder of the Canadian Distributor, or exercise any rights of a shareholder including the right to attend a meeting of, or to vote the shares of, the Canadian Distributor. 

  
 27 

 Section 3.2 Certain Rights and Obligations of the Co-Issuers Unaffected.

 (a) Notwithstanding the grant of the security interest in the Indenture Collateral hereunder to the Trustee, on behalf of
the Secured Parties, the Co-Issuers acknowledge that the Manager, on behalf of the Securitization Entities, including, without limitation, the IP Holder, shall, subject to the terms and conditions of the Management Agreement, nevertheless have the
right, subject to the Trustee’s right to revoke such right, in whole or in part, in the event of the occurrence of an Event of Default, (i) to give, in accordance with the Management Standard, all consents, requests, notices, directions,
approvals, extensions or waivers, if any, which are required or permitted to be given by any Co-Issuer under the Collateral Documents, and to enforce all rights, remedies, powers, privileges and claims of each Co-Issuer under the Collateral
Documents, (ii) to give, in accordance with the Management Standard, all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by any Co-Issuer under any IP License Agreement to which such
Co-Issuer is a party and (iii) to take any other actions required or permitted under the terms of the Management Agreement. 
 (b) The grant of the security interest by the Co-Issuers in the Indenture Collateral to the Trustee on behalf of the Secured Parties shall not (i) relieve any Co-Issuer from the performance of any
term, covenant, condition or agreement on such Co-Issuer’s part to be performed or observed under or in connection with any of the Collateral Documents or (ii) impose any obligation on the Trustee or any of the Secured Parties to perform
or observe any such term, covenant, condition or agreement on such Co-Issuer’s part to be so performed or observed or impose any liability on the Trustee or any of the Secured Parties for any act or omission on the part of such Co-Issuer or
from any breach of any representation or warranty on the part of such Co-Issuer. 
 (c) Each Co-Issuer hereby jointly and
severally agrees to indemnify and hold harmless the Trustee and each Secured Party (including its directors, officers, employees and agents) from and against any and all losses, liabilities (including liabilities for penalties), claims, demands,
actions, suits, judgments, reasonable out-of-pocket costs and expenses arising out of or resulting from the security interest granted hereby, whether arising by virtue of any act or omission on the part of such Co-Issuer or otherwise, including,
without limitation, the reasonable out-of-pocket costs, expenses and disbursements (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Secured Party in enforcing the Indenture or any other Related Document or
preserving any of its rights to, or realizing upon, any of the Collateral; provided, however, that the foregoing indemnification shall not extend to any action by the Trustee or any Secured Party which constitutes gross negligence, bad
faith or willful misconduct by the Trustee or any Secured Party or any other indemnified person hereunder. The indemnification provided for in this Section 3.2 shall survive the removal of, or a resignation by, such Person as Trustee as
well as the termination of this Base Indenture or any Series Supplement. 

  
 28 

 Section 3.3 Performance of Collateral Documents. 

Upon the occurrence of a default or breach (after giving effect to any applicable grace or cure periods) by any Person party to
(a) a Collateral Transaction Document or (b) a Collateral Franchise Document (only if a Manager Termination Event or an Event of Default has occurred and is continuing), promptly following a request from the Trustee to do so and at the
Co-Issuers’ expense, the Co-Issuers agree to take all such lawful action as permitted under this Base Indenture as the Trustee (acting at the direction of the Servicer) may reasonably request to compel or secure the performance and observance
by such Person of its obligations to the Co-Issuers, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Co-Issuers to the extent and in the manner directed by the Trustee (acting at the direction of the
Servicer), including, without limitation, the transmission of notices of default and the institution of legal or administrative actions or proceedings to compel or secure performance by such Person of its obligations thereunder. If (i) the
Co-Issuers shall have failed, within fifteen (15) days of receiving the direction of the Trustee to take action to accomplish such directions of the Trustee, (ii) the Co-Issuers refuse to take any such action, as reasonably determined by
the Trustee in good faith, or (iii) the Servicer reasonably determines that such action must be taken immediately, in any such case the Control Party may, but shall not be obligated to, take, and the Trustee shall take (if so directed by the
Servicer), at the expense of the Co-Issuers, such previously directed action and any related action permitted under this Base Indenture which the Servicer thereafter determines is appropriate (without the need under this provision or any other
provision under this Base Indenture to direct the Co-Issuers to take such action), on behalf of the Co-Issuers and the Secured Parties. 
 Section 3.4 Stamp, Other Similar Taxes and Filing Fees. 
 The
Co-Issuers shall jointly and severally indemnify and hold harmless the Trustee and each Secured Party from any present or future claim for liability for any stamp, documentary or other similar tax and any penalties or interest and expenses with
respect thereto, that may be assessed, levied or collected by any jurisdiction in connection with the Indenture, any other Related Document or any Indenture Collateral. The Co-Issuers shall pay, and jointly and severally indemnify and hold harmless
each Secured Party against, any and all amounts in respect of, all search, filing, recording and registration fees, taxes, excise taxes and other similar imposts that may be payable or determined to be payable in respect of the execution, delivery,
performance and/or enforcement of the Indenture or any other Related Document. 
 Section 3.5 Authorization to File
Financing Statements. 
 (a) The Co-Issuers hereby irrevocably authorize the Servicer on behalf of the Secured Parties at
any time and from time to time to file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording documents or instruments (or, with respect to the Mortgages, upon the occurrence of a Mortgage
Recordation Event) with respect to the Indenture Collateral, including, without limitation, any and all Domino’s IP (to the extent set forth in Section 8.25(c) and Section 8.25(d)), to perfect the security interests of
the Trustee for the benefit of the Secured Parties under this Base Indenture. 

  
 29 

 
Each Co-Issuer authorizes the filing of any such financing statement naming the Trustee as secured party and indicating that the Indenture Collateral includes (a) “all assets” or
words of similar effect or import regardless of whether any particular assets comprised in the Indenture Collateral fall within the scope of Article 9 of the UCC, including, without limitation, any and all Domino’s IP (other than applications
for Trademarks as described in Section 3.1(a)(iv) above), or (b) as being of an equal or lesser scope or with greater detail. The Co-Issuers agree to furnish any information necessary to accomplish the foregoing promptly upon the
Trustee’s request. The Co-Issuers also hereby ratify and authorize the filing on behalf of the Secured Parties of any financing statement with respect to the Indenture Collateral made prior to the date hereof. 

(b) Each Co-Issuer acknowledges that the Indenture Collateral includes certain rights of the Co-Issuers as secured parties under the
Related Documents. Each Co-Issuer hereby irrevocably appoints the Trustee as its representative with respect to all financing statements filed to perfect such security interests and authorizes the Servicer on behalf of the Secured Parties to make
such filings it deems necessary to reflect the Trustee as secured party of record with respect to such financing statements. 

ARTICLE IV 

REPORTS 

Section 4.1 Reports and Instructions to Trustee. 
 (a) Weekly Manager’s Certificate. By 4:30 p.m. (New York City time) on the Business Day prior to each Weekly Allocation Date, the Master Issuer shall furnish, or cause the Manager to furnish,
to the Trustee and the Servicer a certificate substantially in the form of Exhibit A specifying the allocation of Collections on the following Weekly Allocation Date (each a “Weekly Manager’s Certificate”);
provided that such Weekly Manager’s Certificate shall be considered material non-public information by such recipients and shall not be disclosed to the Noteholders, Note Owners or any other Person without the prior written consent of
the Master Issuer. 
 (b) Quarterly Manager’s Certificate. On or before the third Business Day prior to each
Quarterly Payment Date, the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee, the Servicer and the Paying Agent a certificate substantially in the form of Exhibit B-1 specifying the amounts to be paid or
distributed on the following Quarterly Payment Date (each a “Quarterly Manager’s Certificate”). 
 (c)
Quarterly Noteholders’ Statement. On or before the third Business Day prior to each Quarterly Payment Date, the Master Issuer shall furnish, or cause the Manager to furnish, a statement substantially in the form of Exhibit B-2
with respect to each Series of Notes (each, a “Quarterly Noteholders’ Statement”) to the Trustee and to the Rating Agencies with a copy to each of the Servicer, the Manager and the Back-Up Manager. 

  
 30 

 (d) Quarterly Compliance Certificates. On or before the third Business Day prior to
each Quarterly Payment Date, the Master Issuer shall deliver, or cause the Manager to deliver, to the Trustee and the Rating Agencies (with a copy to each of the Servicer, the Manager and the Back-Up Manager) an Officer’s Certificate (each, a
“Quarterly Compliance Certificate”) to the effect that, except as provided in a notice delivered pursuant to Section 8.8, no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has
occurred or is continuing. 
 (e) Scheduled Principal Payments Deficiency Notices. On the Accounting Date with respect
to any Quarterly Collection Period, the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee and the Rating Agencies (with a copy to each of the Servicer, the Manager and the Back-Up Manager) written notice of any Scheduled
Principal Payments Deficiency Event with respect to any Class or Series of Notes that occurred with respect to such Quarterly Collection Period (any such notice, a “Scheduled Principal Prepayments Deficiency Notice”). 

(f) Annual Accountants’ Reports. Within ninety (90) days after the end of each fiscal year, the Master Issuer shall
furnish, or cause to be furnished, to the Trustee, the Servicer and the Rating Agencies the reports of the Independent Accountants or the Back-Up Manager required to be delivered to the Master Issuer by the Manager pursuant to Section 3.3 of
the Management Agreement. 
 (g) Master Issuer and Domestic Franchisor Financial Statements. The Manager on behalf of
the Master Issuer shall provide to the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies with respect to each Series of Notes Outstanding the following financial statements: 

                    
    (i) as soon as available and in any event within forty-five (45) days after the end of each of the first three quarters of each fiscal year, unaudited consolidated balance sheets of the Master Issuer as of the end of such
quarter and unaudited consolidated statements of income, changes in member’s equity and cash flows of the Master Issuer for such quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such
quarter; and 

                    
    (ii) as soon as available and in any event within ninety (90) days after the end of each fiscal year, audited consolidated balance sheets of each of the Master Issuer and the Domestic Franchisor as of the end of such
fiscal year and audited consolidated statements of income, changes in member’s equity and cash flows of each of the Master Issuer and the Domestic Franchisor for such fiscal year, setting forth in comparative form the figures for the previous
fiscal year prepared in accordance with GAAP and accompanied by an opinion thereon of the Independent Accountants stating that such audited financial statements 

  
 31 

 
present fairly, in all material respects, the financial position of the companies being reported on and their results of operations and have been prepared in accordance with GAAP. 

(h) Holdco Financial Statements. The Manager on behalf of the Master Issuer shall provide to the Trustee, the Servicer, the
Back-Up Manager and the Rating Agencies with respect to each Series of Notes Outstanding the following financial statements: 
             (i) as soon as available and in any event no later than the date Holdco is required to file its financial statements with the SEC
pursuant to the Exchange Act with respect to each of the first three quarters of each fiscal year, an unaudited consolidated balance sheet of Holdco as of the end of each of the first three quarters of each fiscal year and unaudited consolidated
statements of income, changes in shareholders’ equity and cash flows of Holdco for such quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such quarter; and 

            (ii) as soon as available and in any event no
later than the date Holdco is required to file its financial statements with the SEC pursuant to the Exchange Act with respect to the end of its fiscal year, an audited consolidated balance sheet of Holdco as of the end of each fiscal year and
audited consolidated statements of income, changes in shareholders’ equity and cash flows of Holdco for such fiscal year, setting forth in comparative form the figures for the previous fiscal year, prepared in accordance with GAAP and
accompanied by an opinion thereon of independent public accountants of recognized national standing stating such audited consolidated financial statements present fairly, in all material respects, the financial position of the companies being
reported on and their results of operations and have been prepared in accordance with GAAP. 
 (i) Additional
Information. The Master Issuer will furnish, or cause to be furnished, from time to time such additional information regarding the financial position, results of operations or business of Holdco, DPL, any Domino’s Entity or any
Securitization Entity as the Trustee, the Servicer, the Manager or the Back-Up Manager may reasonably request, subject to Requirements of Law and to the confidentiality provisions of the Related Documents to which such recipient is a party.

 (j) Instructions as to Withdrawals and Payments. The Master Issuer will furnish, or cause to be furnished, to the
Trustee or the Paying Agent, as applicable (with a copy to each of the Servicer, the Manager and the Back-Up Manager), written instructions to make withdrawals and payments from the Collection Account and any other Base Indenture Account or Series
Account and to make drawings under any Enhancement, as contemplated herein and in any Series Supplement; provided that such written instructions (other than those contained in Quarterly Noteholders’ Statements) shall be considered material
non-public 

  
 32 

 
information by such recipients and shall not be disclosed to any other Person without the prior written consent of the Master Issuer; and provided further that such written instructions shall be
subject in all respects to the confidentiality provisions of any Related Documents to which such recipient is a party. The Trustee and the Paying Agent shall promptly follow any such written instructions. 

(k) Monthly Distributor Profit Certificate. On or before the fifteenth Business Day after the end of each Monthly Distributor
Profit Period, the Master Issuer will furnish, or cause to be furnished, to the Trustee, the Servicer, the Manager, the Back-Up Manager, the Rating Agencies and the Paying Agent a certificate substantially in the form of Exhibit C (each a
“Monthly Distributor Profit Certificate”). 
 (l) Copies to Rating Agencies. The Master Issuer shall
deliver, or shall cause the Manager to deliver, a copy of each report, certificate or instruction, as applicable, described in this Section 4.1 to each Rating Agency at its address as listed in or otherwise designated pursuant to
Section 14.1 or in the applicable Series Supplement, including any e-mail address. 
 Section 4.2 Annual
Noteholders’ Tax Statement. 
 Unless otherwise specified in the applicable Series Supplement, on or before
January 31 of each calendar year, beginning with calendar year 2013, the Paying Agent shall furnish to each Person who at any time during the preceding calendar year was a Noteholder a statement prepared by the Manager on behalf of the Master
Issuer containing such information as the Master Issuer deems necessary or desirable to enable the Noteholders to prepare their tax returns (each such statement, an “Annual Noteholders’ Tax Statement”). Such obligations of the
Master Issuer to prepare and the Paying Agent to distribute the Annual Noteholders’ Tax Statement shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant to
any requirements of the Code or other applicable tax law as from time to time in effect. 
 Section 4.3 Rule 144A
Information. 
 For so long as any of the Notes are “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act, the Co-Issuers agree to provide to any Noteholder or Note Owner and to any prospective purchaser of Notes designated by such Noteholder or Note Owner upon the request of such Noteholder or Note Owner or prospective
purchaser, any information required to be provided to such holder, owner or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the Securities Act. 

  
 33 

 Section 4.4 Reports, Financial Statements and Other Information to Noteholders.

 The Trustee will make the Quarterly Noteholders’ Statements, the Quarterly Compliance Certificates, the Quarterly
Manager’s Certificates, the financial statements referenced in Section 4.1(g) and Section 4.1(h) and the reports referenced in Section 4.1(f) available to (a) each Rating Agency pursuant to
Section 4.1(l) above and (b) the Noteholders, the Servicer, the Manager, the Back-Up Manager and the Rating Agencies via the Trustee’s internet website at www.sf.citidirect.com. Assistance in using such website can be obtained
by calling the Trustee’s customer service desk at (800) 422-2066. The Quarterly Noteholders’ Statement will only be accessible in a password-protected area of the internet website and the Trustee will require each party (other than
the Servicer, the Manager, the Back-Up Manager and the Rating Agencies) accessing such password-protected area to register as a Noteholder and to make the applicable representations and warranties described below in an Investor Request Certification
in the form of Exhibit F. Each time a Noteholder accesses the internet website, it will be deemed to have confirmed such representations and warranties as of the date thereof. The Trustee will provide the Servicer and the Manager with copies
of such Investor Request Certifications, including the identity, address, contact information, email address and telephone number of such Noteholder upon request. The Trustee shall have the right to change the way such statements are electronically
distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. 

The Trustee will (or will request that the Manager) make available, upon reasonable advance notice and at the expense of the requesting
party, copies of the Quarterly Noteholders’ Statements, the Quarterly Compliance Certificates, the Quarterly Manager’s Certificates, the financial statements referenced in Section 4.1(g) and Section 4.1(h) and the
reports referenced in Section 4.1(f) to any Noteholder and to any prospective investor that provides the Trustee with an Investor Request Certification in the form of Exhibit F to the effect that such party (i) is a
Noteholder or prospective investor, as applicable, (ii) understands that the items contain material nonpublic information, (iii) is requesting the information solely for use in evaluating such party’s investment or potential
investment, as applicable, in the Notes and will keep such information strictly confidential (provided that such party may disclose such information only (A) to (1) those personnel employed by it who need to know such information,
(2) its attorneys and outside auditors which have agreed to keep such information confidential and to treat the information as material nonpublic information, or (3) a regulatory or self-regulatory authority pursuant to applicable law or
regulation or (B) by judicial process), and (iv) is not a Competitor. Notwithstanding the foregoing, a recipient of such items may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
transactions and any related tax strategies to the extent necessary to prevent the transaction from being described as a “confidential transaction” under U.S. Treasury Regulations Section 1.6011-4(b)(3). 

  
 34 

 A Noteholder or a prospective investor that completes an Investor Certification
substantially in the form of Exhibit N, may access the Quarterly Noteholders’ Statements on the Trustee’s internet website or obtain the Quarterly Noteholders’ Statements directly from the Trustee without having to make the
representations and warranties described above after Holdco has electronically delivered such statements to the Trustee and certified that it has filed its financial statements with the SEC pursuant to the Exchange Act with respect to the fiscal
quarter in which the Interest Period described in such Quarterly Noteholders’ Certificate ended. In addition to the information described above, the Quarterly Noteholders’ Statement furnished to the SEC will also contain Same Store Sales
Comparison Information for the related Quarterly Collection Period. After furnishing this information to the SEC, the Co-Issuers will provide the Trustee with a revised Quarterly Noteholders’ Statement which includes this Same Store Sales
Comparison Information and the Trustee will make this revised Quarterly Noteholders’ Statement available to Noteholders and prospective investors as described in this paragraph. 

Section 4.5 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 and the other Co-Issuers. The Noteholders
by their acceptance of the Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master Issuer or any other Co-Issuer. Any such reports and notices that are required to be delivered to the
Noteholders hereunder shall be delivered by the Trustee. The Trustee shall have no obligation whatsoever to verify, reconfirm or recalculate any information or material contained in any of the reports, financial statements or other information
delivered to it pursuant to this Article IV or the Management Agreement. All distributions, allocations, remittances and payments to be made by the Trustee or the Paying Agent hereunder or under any Supplement or Variable Funding Note
Purchase Agreement shall be made based solely upon the most recently delivered written reports and instructions provided to the Trustee or Paying Agent, as the case may be, by the Manager. 

Section 4.6 No Constructive Notice. 
 Delivery of reports, information, Officer’s Certificates and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such reports, information, Officer’s
Certificates and documents shall not constitute constructive notice to the Trustee of any information contained therein or determinable from information contained therein, including any Securitization Entity’s, the Manager’s or any other
Person’s compliance with any of its covenants under the Indenture, the Notes or any other Related Document (as to which the Trustee is entitled to rely exclusively on the most recent Quarterly Compliance Certificate described above).

  
 35 

 ARTICLE V 
 ALLOCATION AND APPLICATION OF COLLECTIONS 
 Section 5.1
Concentration Accounts, Lock-Boxes and Additional Accounts. 
 (a) Establishment of the Concentration Accounts and
Lock-Boxes. As of the Closing Date, the Domestic Royalties Concentration Account, the related Lock-Box and the Lease Concentration Account are owned by the Master Issuer. The Domestic Distribution Concentration Account and two related Lock-Boxes
and the PULSE and Technology Fees Concentration Account and the related Lock-Box are owned by the Domestic Distributor. The International Royalties Concentration Account, the related Lock-Box, the Venezuelan Royalties Concentration Account and the
Cayman Islands Royalties Concentration Account are owned by the International Franchisor. The Canadian Distribution Concentration Account and the Canadian Distribution U.S. Dollar Concentration Account are owned by the Canadian Distributor. The
Domestic Franchising Concentration Account is owned by the Domestic Franchisor. The Domestic Distribution Real Estate Holder owns the Real Estate Holder Concentration Account. The Domestic Distribution Equipment Holder owns the Equipment Holder
Concentration Account. The IP Holder owns the IP Holder Concentration Account. Such accounts and lock-boxes, as of the Closing Date and at all times thereafter, shall be (A) pledged to the Trustee for the benefit of the Secured Parties pursuant
to Section 3.1 or the Global G&C Agreement and (B) if not established with the Trustee, subject to an Account Control Agreement; provided that only the Qualified Institution holding any such Lock-Box shall have access to
the items deposited therein; provided, further, that each of the Venezuelan Royalties Concentration Account and the Cayman Islands Royalties Concentration Account is not subject to an Account Control Agreement as of the Closing Date
and shall not be subject to an Account Control Agreement until such time, if any, that such account no longer qualifies as an “Eligible Account” pursuant to clause (c) of the definition thereof. Each Concentration Account shall
be an Eligible Account and, in addition, from time to time, the Master Issuer or any other Securitization Entity (other than the SPV Guarantor) may establish concentration accounts for the purpose of depositing Collections therein (each such account
and any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b), an “Additional Concentration Account”); provided that each such Additional Concentration
Account is (A) an Eligible Account, (B) pledged by the Master Issuer or such other Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 or the Global G&C Agreement, (C) if
not established with the Trustee, subject to an Additional Concentration Account Control Agreement (except that no Additional Concentration Account located in a country outside of the United States shall be required to be subject to an Additional
Concentration Account Control Agreement if such agreement would not be enforceable under the applicable laws of such country (as evidenced by a written notice from an Authorized Officer of the applicable Securitization Entity to the Control Party
setting forth the rationale for such conclusion) or such Additional Concentration Account qualifies as an “Eligible Account” pursuant to clause (c) of the definition thereof) and (D) designated by the Master Issuer as a
Distribution Concentration Account or a Royalties Concentration Account for purposes of the Related Documents. 

  
 36 

 (b) Administration of the Concentration Accounts. All amounts held in the
Concentration Accounts shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Securitization Entity which owns such Concentration Account and such amounts may be transferred by such
Securitization Entity into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by such Securitization Entity to the Trustee for the
benefit of the Secured Parties pursuant to Section 3.1 or the Global G&C Agreement and (C) if not established with the Trustee, subject to an Account Control Agreement, unless such investment account qualifies as an
“Eligible Account” pursuant to clause (c) of the definition thereof; provided, however, that any such investment in any Concentration Account (or in any such investment account) shall mature not later than the
date on which such amount is required to be transferred to the Collection Account as set forth in Section 5.10. In the absence of written investment instructions hereunder, funds on deposit in the Concentration Accounts shall be invested
as fully as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof. Neither the Master Issuer nor any other Co-Issuer shall direct (or permit) the disposal of any Permitted
Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment. 
 (c) Earnings from the Concentration Accounts. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Concentration Accounts shall be deemed to be
Investment Income on deposit for distribution to the Collection Account in accordance with Section 5.10. 
 (d)
No Duty to Monitor. The Trustee shall have no duty or responsibility to monitor the amounts of deposits into or withdrawals from the Venezuelan Royalties Concentration Account, the Cayman Islands Royalties Concentration Account or any other
Concentration Account. 
 Section 5.2 Senior Notes Interest Reserve Account. 

(a) Establishment of the Senior Notes Interest Reserve Account. The Master Issuer has established with the Trustee an account in
the name of the Trustee for the benefit of the Senior Noteholders and the Trustee, solely in its capacity as trustee for the Senior Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of
the foregoing Secured Parties (the “Senior Notes Interest Reserve Account”). The Senior Notes Interest Reserve Account shall be an Eligible Account. 
 (b) Administration of the Senior Notes Interest Reserve Account. All amounts held in the Senior Notes Interest Reserve Account shall be invested in Permitted Investments at the written direction
(which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an
Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured 

  
 37 

 
Parties pursuant to Section 3.1 and (C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in
the Senior Notes Interest Reserve Account shall mature not later than the Business Day prior to the next succeeding Quarterly Payment Date. In the absence of written investment instructions hereunder, funds on deposit in the Senior Notes Interest
Reserve Account shall be invested as fully as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof. The Master Issuer shall not direct (or permit) the disposal of any Permitted
Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment. 
 (c) Earnings from the Senior Notes Interest Reserve Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Senior Notes Interest Reserve Account
shall be deemed to be Investment Income on deposit for application to amounts required to be on deposit in the Senior Notes Interest Reserve Account or for distribution to the Collection Account in accordance with Section 5.10.

 Section 5.3 Senior Subordinated Notes Interest Reserve Account. 

(a) Establishment of the Senior Subordinated Notes Interest Reserve Account. On or prior to the Closing Date, the Master Issuer
shall establish and maintain with the Trustee the Senior Subordinated Notes Interest Reserve Account in the name of the Trustee for the benefit of the Senior Subordinated Noteholders and the Trustee, solely in its capacity as trustee for the Senior
Subordinated Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the foregoing Secured Parties. The Senior Subordinated Notes Interest Reserve Account shall be an Eligible Account.

 (b) Administration of the Senior Subordinated Notes Interest Reserve Account. All amounts held in the Senior
Subordinated Notes Interest Reserve Account shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment
account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to
Section 3.1 and (C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Senior Subordinated Notes Interest Reserve Account shall mature not
later than the Business Day prior to the next succeeding Quarterly Payment Date. In the absence of written investment instructions hereunder, funds on deposit in the Senior Subordinated Notes Interest Reserve Account shall be invested as fully as
practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if
such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment. 

  
 38 

 (c) Earnings from the Senior Subordinated Notes Interest Reserve Account. All
interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Senior Subordinated Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for application to amounts required to be on deposit
in the Senior Subordinated Notes Interest Reserve Account or for distribution to the Collection Account in accordance with Section 5.10. 
 Section 5.4 Cash Trap Reserve Account. 
 (a) Establishment of the
Cash Trap Reserve Account. The Master Issuer has established the Cash Trap Reserve Account in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for
the benefit of the Secured Parties. The Cash Trap Reserve Account shall be an Eligible Account. 
 (b) Administration of the
Cash Trap Reserve Account. All amounts held in the Cash Trap Reserve Account shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the
Master Issuer into an investment account for the sole purpose of investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the
Secured Parties pursuant to Section 3.1 and (C) if not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Cash Trap Reserve Account shall mature
not later than the Business Day prior to the next succeeding Quarterly Payment Date. In the absence of written investment instructions hereunder, funds on deposit in the Cash Trap Reserve Account shall be invested as fully as practicable in one or
more Permitted Investments of the type described in clause (b) of the definition thereof. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would
result in a loss of any portion of the initial purchase price of such Permitted Investment. 
 (c) Earnings from the Cash
Trap Reserve Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Cash Trap Reserve Account shall be deemed to be Investment Income on deposit for application to amounts required to be on
deposit in the Cash Trap Reserve Account or for distribution to the Collection Account in accordance with Section 5.10. 
 Section 5.5 Collection Account. 
 (a) Establishment of Collection
Account. The Master Issuer has established with the Trustee the Collection Account in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Secured Parties. The Collection Account shall be an Eligible Account. 

  
 39 

 (b) Administration of the Collection Account. All amounts held in the Collection
Account shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing
in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if not
established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Collection Account shall mature not later than the Business Day prior to the next succeeding Weekly Allocation
Date. In the absence of written investment instructions hereunder, funds on deposit in the Collection Account shall be invested as fully as practicable in one or more Permitted Investments of the type described in clause (b) of the
definition thereof. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted
Investment. 
 (c) Earnings from Collection Account. All interest and earnings (net of losses and investment expenses)
paid on funds on deposit in the Collection Account shall be deemed to be Investment Income on deposit for distribution in accordance with Section 5.11. 
 Section 5.6 Collection Account Administrative Accounts. 
 (a)
Establishment of Collection Account Administrative Accounts. On the Closing Date, ten administrative accounts associated with the Collection Account, each of which shall be an Eligible Account, shall be assigned to the Trustee for the benefit
of the Secured Parties bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties (collectively, the “Collection Account Administrative Accounts”): 

            (i) an account for the deposit of Senior Notes
Quarterly Interest (the “Senior Notes Interest Account”); 

            (ii) an account for the deposit of Senior
Subordinated Notes Quarterly Interest (the “Senior Subordinated Notes Interest Account”); 

            (iii) an account for the deposit of Subordinated
Notes Quarterly Interest (the “Subordinated Notes Interest Account”); 

            (iv) an account for the deposit of Class A-1
Senior Notes Accrued Quarterly Commitment Fees (the “Class A-1 Senior Notes Commitment Fees Account”); 

  
 40 

             (v)
an account for the deposit of any Indemnification Payments, any Real Estate Disposition Proceeds, any Senior Notes Scheduled Principal Payments or any other principal payments with respect to the Senior Notes (the “Senior Notes Principal
Payments Account”); 
             (vi) an
account for the deposit of any Indemnification Payments, any Real Estate Disposition Proceeds, any Senior Subordinated Notes Scheduled Principal Payments or any other principal payments with respect to the Senior Subordinated Notes (the
“Senior Subordinated Notes Principal Payments Account”); 

            (vii) an account for the deposit of any
Indemnification Payments, any Real Estate Disposition Proceeds, any Subordinated Notes Scheduled Principal Payments or any other principal payments with respect to the Subordinated Notes (the “Subordinated Notes Principal Payments
Account”); 
             (viii) an account
for the deposit of Senior Notes Quarterly Post-ARD Contingent Interest (the “Senior Notes Post-ARD Contingent Interest Account”); 
             (ix) an account for the deposit of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest (the “Senior
Subordinated Notes Post-ARD Contingent Interest Account”); and 

            (x) an account for the deposit of Subordinated
Notes Quarterly Post-ARD Contingent Interest (the “Subordinated Notes Post-ARD Contingent Interest Account”). 

(b) Administration of the Collection Account Administrative Accounts. All amounts held in the Collection Account Administrative
Accounts shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of
investing in Permitted Investments so long as such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if
not established with the Trustee, subject to an Account Control Agreement; provided, however, that any such investment in the Collection Account Administrative Accounts shall mature not later than the Business Day prior to the next
succeeding Quarterly Payment Date. In the absence of written investment instructions hereunder, funds on deposit in the Collection Account Administrative Accounts shall be invested as fully as practicable in one or more Permitted Investments of the
type described in clause (b) of the definition thereof. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the
initial purchase price of such Permitted Investment. 

  
 41 

 (c) Earnings from the Collection Account Administrative Accounts. All interest and
earnings (net of losses and investment expenses) paid on funds on deposit in the Collection Account Administrative Accounts shall be deposited therein and shall be deemed to be Investment Income on deposit for distribution in accordance with
Section 5.11. 
 Section 5.7 Hedge Payment Account. 

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

(b) Administration of the Hedge Payment Account. All amounts held in the Hedge Payment Account shall be invested in Permitted
Investments at the written direction (which may be standing directions) of the Master Issuer and such amounts may be transferred by the Master Issuer into an investment account for the sole purpose of investing in Permitted Investments so long as
such investment account is (A) an Eligible Account, (B) pledged by the Master Issuer to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1 and (C) if not established with the Trustee, subject to an
Account Control Agreement; provided, however, that any such investment in the Hedge Payment Account shall mature not later than the Business Day prior to the next succeeding Quarterly Payment Date. In the absence of written investment
instructions hereunder, funds on deposit in the Hedge Payment Account shall be invested as fully as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof. The Master Issuer shall
not shall direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment. 

(c) Earnings from the Hedge Payment Account. All interest and earnings (net of losses and investment expenses) paid on funds on
deposit in the Hedge Payment Account shall be deemed to be Investment Income on deposit for application to amounts required to be on deposit in the Hedge Payment Account or for distribution to the Collection Account in accordance with
Section 5.12. 
 Section 5.8 Trustee as Securities Intermediary. 

(a) The Trustee or other Person holding any Base Indenture Account held in the name of the Trustee for the benefit of the Secured
Parties (collectively the “Trustee  

  
 42 

 
Accounts”) shall be the “Securities Intermediary”. If the Securities Intermediary in respect of any Trustee Account is not the Trustee, the Master Issuer shall obtain
the express agreement of such other Person to the obligations of the Securities Intermediary set forth in this Section 5.8. 
 (b) The Securities Intermediary agrees that: 

            (i) the Trustee Accounts are accounts to which
“financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York (the “New York UCC”) will or may be credited; 

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

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

             (iv) all property delivered to the
Securities Intermediary pursuant to this Base Indenture will be promptly credited to the appropriate Trustee Account; 
             (v) each item of property (whether investment property, security, instrument or cash) credited to a Trustee Account shall be treated
as a Financial Asset under Article 8 of the New York UCC; 

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

            (vii) the Trustee Accounts shall be governed by
the laws of the State of New York, regardless of any provision of any other agreement. For purposes of all applicable UCCs, New York shall be deemed to be the 

  
 43 

 
Securities Intermediary’s jurisdiction and the Trustee Accounts (as well as the “securities entitlements” (as defined in Section 8-102(a)(17) of the New York UCC) related
thereto) shall be governed by the laws of the State of New York; 

            (viii) the Securities Intermediary has not
entered into, and until termination of this Base Indenture, will not enter into, any agreement with any other Person relating to the Trustee Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with
entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Base Indenture will not enter into, any agreement with the
Master Issuer purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 5.8(b)(vi); and 

            (ix) except for the claims and interest of the
Trustee, the Secured Parties, the Master Issuer and the other Securitization Entities in the Trustee Accounts, neither the Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest, in the Trustee
Accounts or in any Financial Asset credited thereto. If the Securities Intermediary or, in the case of the Trustee, a Trust Officer has actual knowledge of the assertion by any other person of any Lien, encumbrance, or adverse claim (including any
writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Trustee Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Servicer, the Manager, the
Back-Up Manager and the Master Issuer thereof. 
 (c) At any time after the occurrence and during the continuation of an Event
of Default, the Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trustee Accounts and in all Proceeds thereof, and (acting at the direction of the Controlling Class Representative) shall be the
only Person authorized to originate entitlement orders in respect of the Trustee Accounts; provided, however, that at all other times the Master Issuer shall, subject to the terms of the Indenture and the other Related Documents, be
authorized to instruct the Trustee to originate entitlement orders in respect of the Trustee Accounts. 
 Section 5.9
Establishment of Series Accounts; Legacy Accounts. 
 (a) Establishment of Series Accounts. To the extent
specified in the Series Supplement with respect to any Series of Notes, the Trustee may establish and maintain one or more Series Accounts and/or administrative accounts of any such Series Account in accordance with the terms of such Series
Supplement. In addition, the Trustee shall continue to maintain the Insurer Premiums Account for the purpose of disbursing any amounts deposited therein on or prior to the Closing Date, and shall disburse such amounts to any of the Insurers or to
their counsel pursuant to instructions delivered by the Co-Issuers to the Trustee. 

  
 44 

 (b) Legacy Accounts. On the Closing Date, any amounts held in any Series 2007-1
Legacy Account with respect to a particular class of the Series 2007-1 Notes shall be transferred to the applicable distribution account established pursuant to the Series 2007-1 Series Supplement, for application toward the prepayment of such class
of the Series 2007-1 Notes. In the case of any mandatory or optional redemption in full of any Class or Series of Notes issued pursuant to this Base Indenture, on the Notes Discharge Date with respect to such Class or Series of Notes, the Master
Issuer may (but is not required to) elect to have all or any portion of the funds held in any Other Legacy Account with respect to such Class or Series of Notes transferred to the applicable distribution account for such Class or Series of Notes,
for application toward the prepayment of such Class or Series of Notes. If the Master Issuer does not elect to have such funds so transferred, or if the Master Issuer elects to have only a portion of such funds so transferred, any funds remaining in
the applicable Other Legacy Account after the applicable Notes Discharge Date shall be deposited into the Collection Account for application in accordance with the Priority of Payments. When the balance of any Series 2007-1 Legacy Account, any Other
Legacy Account or the Insurer Premiums Account has been reduced to zero, the Trustee may close such account. The Trustee shall make the distributions and transfers and shall close any accounts as contemplated by this Section 5.9 pursuant
to instructions delivered by the Co-Issuers to the Trustee. 
 Section 5.10 Collections and Investment Income.

 (a) Collections in General. Until the Indenture is terminated pursuant to Section 12.1, the Master Issuer
shall cause all Collections due and to become due to the Master Issuer, any other Securitization Entity or the Trustee, as the case may be, to be deposited and, to the extent applicable, withdrawn in the following manner: 

            (i) all amounts, including, without limitation,
any Initial Franchise Fees, any Continuing Franchise Fees or any Other Franchise Fees due under or in connection with the Franchise Arrangements, which are paid by the Franchisee party thereto by electronic funds transfer from a bank account of such
Franchisee, shall be paid directly into a Royalties Concentration Account, as determined by the Manager, from the bank account of such Franchisee; 
             (ii) all Product Purchase Payments which are paid by any Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person
who has purchased Products from any Distributor by electronic funds transfer from a bank account of such Person, shall be paid directly into a Distribution Concentration Account, as determined by the Manager, from the bank account of such Person;

             (iii) all PULSE License Fees,
Technology Fees and PULSE Maintenance Fees which are paid by any Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person who has licensed the PULSE Assets or the Technology Assets from any Distributor by electronic funds transfer
from a bank account of such Person, shall be paid by such Person directly into the PULSE and Technology Fees Concentration Account from the bank account of such Person; 

  
 45 

            (iv) all Third-Party License Fees which are paid
by any Third-Party Licensee by electronic funds transfer from a bank account of such Third-Party Licensee, shall be paid by such Third Party Licensee directly into a Royalties Concentration Account or a Distribution Concentration Account, as
determined by the Manager, from the bank account of such Third-Party Licensee; 

            (v) all amounts, including, without limitation,
any Initial Franchise Fees, any Continuing Franchise Fees or any Other Franchise Fees, due under or in connection with the Franchise Arrangements, which are not paid by the Franchisee party thereto by electronic funds transfer from a bank account of
such Franchisee, shall be sent to a Lock-Box related to a Royalties Concentration Account, as determined by the Manager, and deposited into the related Royalties Concentration Account within three (3) Business Days of the receipt thereof;

             (vi) all Product Purchase Payments
which are not paid by any Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person by electronic funds transfer from a bank account of such Person, shall be sent to a Lock-Box related to a Distribution Concentration Account, as
determined by the Manager, and deposited into the related Distribution Concentration Account within three (3) Business Days of the receipt thereof; 
             (vii) all PULSE License Fees, Technology Fees and PULSE Maintenance Fees which are not paid by any Franchisee, DPL, as the owner of
Company-Owned Stores, or any other Person by electronic funds transfer from a bank account of such Person, shall be sent to the Lock-Box related to the PULSE and Technology Fees Concentration Account, as determined by the Manager, and deposited by
the Manager into the PULSE and Technology Fees Concentration Account within three (3) Business Days of the receipt thereof; 
             (viii) all Third-Party License Fees which are not paid by any Third-Party Licensee by electronic funds transfer from a bank account
of such Third-Party Licensee shall be sent to a Lock-Box related to a Royalties Concentration Account, as determined by the Manager, and deposited by the Manager into the related Royalties Concentration Account within three (3) Business Days of
the receipt thereof; 

  
 46 

            (ix) all Company-Owned Stores License Fees shall
be deposited directly by the Manager into the IP Holder Concentration Account in accordance with the Management Agreement when due; 
             (x) all Company-Owned Stores Advertising Fees shall be deposited directly by the Manager into the DNAF Account in accordance with
the Management Agreement when due; 

            (xi) all Asset Disposition Proceeds (other than
Asset Disposition Proceeds arising from Real Estate Dispositions) required to be deposited into a Concentration Account or the Collection Account shall be deposited directly by the Manager into a Concentration Account or the Collection Account, as
determined by the Manager in accordance with the Management Agreement, when due; 

            (xii) all Asset Disposition Proceeds arising from
Real Estate Dispositions shall be deposited directly by the Manager into the Real Estate Holder Concentration Account promptly after receipt thereof; 
             (xiii) an amount equal to the Domestic Product Purchase Agreement Payments shall be withdrawn by the Manager from the Domestic
Distribution Concentration Account and deposited in the Lease Concentration Account, the Real Estate Holder Concentration Account and the Equipment Holder Concentration Account in such proportions as are set forth in the Product Purchase and
Distribution Agreement, and an amount equal to the Canadian Manufacturer Product Purchase Agreement Payment shall be withdrawn by the Manager from the Canadian Distribution Concentration Account and paid to the Canadian Manufacturer; 

            (xiv) an amount equal to the Product Supply
Payment shall be withdrawn by the Manager from the Lease Concentration Account, the Real Estate Holder Concentration Account and the Equipment Holder Concentration Account in such proportions as are set forth in the Management Agreement and paid to
DPL; 
             (xv) an amount equal to the sum
of any lease payments due and payable with respect to leases held by the Master Issuer and any other expenses due and payable with respect to such leases shall be withdrawn from the Lease Concentration Account at any time at the discretion of the
Manager in accordance with the Management Agreement and applied by the Manager to make payments to the applicable landlord or other recipient; 

  
 47 

 (xvi) an amount equal to the sum of any property taxes on equipment due
and payable with respect to property owned by the Domestic Distribution Equipment Holder and any other expenses due and payable with respect to such property shall be withdrawn from the Equipment Holder Concentration Account at any time at the
discretion of the Manager in accordance with the Management Agreement and applied by the Manager to make payments to the applicable governmental authority or other recipient; 

(xvii) an amount equal to the sum of any real estate taxes due and payable with respect to property owned by the
Domestic Distribution Real Estate Holder and any other expenses due and payable with respect to such property shall be withdrawn from the Real Estate Holder Concentration Account at any time at the discretion of the Manager in accordance with the
Management Agreement and applied by the Manager to make payments to the applicable governmental authority or other recipient; 
 (xviii) an amount equal to any reinvestments in real property from Asset Disposition Proceeds arising from Real Estate Dispositions shall be withdrawn from the Real Estate Holder Concentration Account at
any time at the discretion of the Manager in accordance with the Management Agreement and applied by the Manager towards such reinvestment and any Real Estate Disposition Proceeds shall be withdrawn by the Manager in accordance with the Management
Agreement no later than the Business Day prior to each Weekly Allocation Date and deposited into the Collection Account; 
 (xix) all amounts deposited into any Royalties Concentration Account pursuant to any of clauses (i), (iv), (v) or (viii) above that constitute Retained Collections
shall be withdrawn by the Manager in accordance with the Management Agreement no later than the Business Day prior to each Weekly Allocation Date and deposited into the Collection Account; 

(xx) amounts deposited into any Distribution Concentration Account pursuant to either of clauses (ii) or
(vi) above, in an amount not to exceed the amount of Distributor Costs of Goods Sold, Distribution Operating Expenses, Distribution Center Expenses and Distributor Franchisee Rebates, may be withdrawn at any time at the discretion of the
Manager in accordance with the Management Agreement and applied to reimburse the Manager, the Canadian Manufacturer or the applicable Distributor, as applicable; 

(xxi) amounts deposited into any Distribution Concentration Account, in an amount not to exceed the amount of Canadian
Taxes and Distribution Center Expenses, may be withdrawn at any time at the discretion of the Manager in accordance with the Management Agreement and 

  
 48 

 
applied to the payment of (A) Canadian sales tax and Canadian income tax owed by the Canadian Distributor and (B) real estate taxes, lease payments and other expenses with respect to
Distribution Assets owned or leased by the Master Issuer or any other Securitization Entity; 
 (xxii) amounts
deposited into any Concentration Account pursuant to any of clauses (i), (ii), (iii), (iv), (v), (vi), (vii) or (viii) above, in an amount not to exceed the amount of Third-Party
Matching Expenses, may be withdrawn at any time at the discretion of the Manager in accordance with the Management Agreement and applied to make payments to the applicable third party to whom such funds are due; 

(xxiii) amounts deposited into the IP Holder Concentration Account, in an amount not to exceed the amount of IP
Registration and Enforcement Fees, may be withdrawn at any time at the discretion of the Manager in accordance with the Management Agreement and applied to the payment of fees and expenses incurred by or on behalf of the IP Holder in connection with
registering, maintaining and enforcing the Domino’s IP, and no later than the Business Day prior to each Weekly Allocation Date all amounts remaining on deposit in the IP Holder Concentration Account shall be withdrawn by the Manager in
accordance with the Management Agreement and deposited into the Collection Account; 
 (xxiv) an amount equal
to the Weekly Distributor Profit Amount shall be withdrawn from the Distribution Concentration Accounts by the Manager in accordance with the Management Agreement no later than the Business Day prior to each Weekly Allocation Date and deposited into
the Collection Account; 
 (xxv) all amounts deposited into any Royalties Concentration Account that constitute
Advertising Fees shall be withdrawn in an amount equal to the applicable Weekly Advertising Fee Amount and transferred by the Manager into the DNAF Account in accordance with the Management Agreement; 

(xxvi) all Other Collections shall be deposited into a Concentration Account, as determined by the Manager, and
thereafter shall be withdrawn and transferred by the Manager in accordance with the Management Agreement and deposited into the Collection Account or otherwise, as the case may be; 

  
 49 

 (xxvii) all distributions, including any Free Cash Flow, to the Master
Issuer from any Securitization Entity shall be deposited by the Master Issuer into the Collection Account within three (3) Business Days of receipt thereof; 

(xxviii) all Retained Collections from any other source, including Retained Collections Contributions, shall be
deposited into the Collection Account within three (3) Business Days of receipt thereof by the Master Issuer or the Manager, as the case may be; and 
 (xxix) all amounts withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, upon the occurrence of an Interest Reserve Release
Event shall be deposited directly into the Collection Account by the Manager; 
 provided, however, that
(A) for a period of six (6) months following the Closing Date, any Initial Franchise Fees, Continuing Franchise Fees or Other Franchise Fees received by the Overseas Franchisor shall not be required to be paid or deposited into a
Concentration Account or the Collection Account, as applicable, until five (5) Business Days after receipt thereof by the Overseas Franchisor and (B) with respect to any Initial Franchise Fees or any Other Franchise Fees received by any
other Domino’s Entity (in an account other than a Concentration Account or the Collection Account) during any Fiscal Period of the Securitization Entities, such Initial Franchise Fees and Other Franchise Fees shall not be required to be paid or
deposited into a Concentration Account or the Collection Account, as applicable, until ten (10) Business Days after the end of such Fiscal Period; provided, further, that amounts shall be withdrawn from the Venezuelan Royalties
Concentration Account and the Cayman Islands Royalties Concentration Account only as permitted by applicable local law and at commercially reasonable intervals. 
 (b) Investment Income. On the Business Day immediately prior to each Weekly Allocation Date, the Master Issuer, in its sole discretion, shall, or shall cause the Manager to, instruct the Trustee to
transfer any Investment Income on deposit in the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account, any Concentration Account or the Collection Account Administrative
Accounts to the Collection Account; provided, that Investment Income shall be withdrawn from the Venezuelan Royalties Concentration Account and the Cayman Islands Royalties Concentration Account only as permitted by applicable local law and
at commercially reasonable intervals. 
 (c) Payment Instructions. In accordance with and subject to the terms of the
Management Agreement, the Master Issuer shall cause the Manager to instruct (i) each Franchisee obligated at any time to make any payment pursuant to any Domestic Franchise Arrangement or any International Franchise Arrangement to make such
payment to a Royalties Concentration Account or its related Lock-Box, (ii) each Franchisee, DPL, as the owner of 

  
 50 

 
Company-Owned Stores, or any other Person obligated at any time to make any payment pursuant to any Distribution Agreement to make such payment to a Distribution Concentration Account or its
related Lock-Box, (iii) DPL, as the owner of Company-Owned Stores, obligated at any time to make (A) any payment of Continuing Franchise Fees pursuant to the Company-Owned Stores Master License Agreement to make such payment to the
Collection Account, (B) any payment of Company-Owned Stores License Fees pursuant to the Company-Owned Stores Master License Agreement to make such payment to the IP Holder Concentration Account and (C) any payment of Company-Owned Store
Advertising Fees pursuant to the Company-Owned Stores Master License Agreement to make such payment to the DNAF Account and (iv) each Third-Party Licensee obligated at any time to make any payment pursuant to any Third-Party License Agreement
to make such payment to a Royalties Concentration Account. 
 (d) Misdirected Collections. The Co-Issuers agree that if
any Collections shall be received by any Co-Issuer or any other Securitization Entity in an account other than a Concentration Account or the Collection Account or in any other manner, such monies, instruments, cash and other proceeds will not be
commingled by such Co-Issuer or such other Securitization Entity with any of their other funds or property, if any, but will be held separate and apart therefrom and shall be held in trust by such Co-Issuer or such other Securitization Entity for,
and, within one (1) Business Day of the identification of such payment, paid over to, the Trustee, with any necessary endorsement. The Trustee shall withdraw from the Collection Account any monies on deposit therein that the Manager certifies
to it and the Servicer are not Retained Collections and pay such amounts to or at the direction of the Manager. All monies, instruments, cash and other proceeds received by the Trustee pursuant to the Indenture shall be immediately deposited in the
Collection Account and shall be applied as provided in this Article V; provided, however, that (A) for a period of six (6) months following the Closing Date, any Initial Franchise Fees, Continuing Franchise Fees
or Other Franchise Fees received by the Overseas Franchisor shall not be required to be paid or deposited into a Concentration Account or the Collection Account, as applicable, until five (5) Business Days after receipt thereof by the Overseas
Franchisor and (B) with respect to any Initial Franchise Fees or any Other Franchise Fees received by any other Domino’s Entity (in an account other than a Concentration Account or the Collection Account) during any Fiscal Period of the
Securitization Entities, such Initial Franchise Fees and Other Franchise Fees shall not be required to be paid or deposited into a Concentration Account or the Collection Account, as applicable, until ten (10) Business Days after the end of
such Fiscal Period. 
 Section 5.11 Application of Weekly Collections on Weekly Allocation Dates. On each Weekly
Allocation Date (unless the Master Issuer shall have failed to deliver on such Weekly Allocation Date the Weekly Manager’s Certificate relating to such Weekly Allocation Date, in which case the application of Weekly Collections relating to such
Weekly Allocation Date shall occur on the Business Day subsequent to the day on which such Weekly Manager’s Certificate is delivered), the amount on deposit in the Collection Account on such Weekly Allocation Date will be applied or allocated
by the Trustee, based solely on the information provided to it by the Manager, in the following order of priority (the “Priority of Payments”): 

  
 51 

 (i) first, solely with respect to any funds on deposit in the
Collection Account on such Weekly Allocation Date consisting of Indemnification Payments or Real Estate Disposition Proceeds, to allocate Indemnification and Real Estate Proceeds Payment Amounts in the manner and order set forth in the
definition thereof; 
 (ii) second, (A) to reimburse the Trustee, and then, the Servicer,
for any unreimbursed Servicing Advances (and accrued interest thereon at the Advance Interest Rate), then (B) to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance
Interest Rate), and then (C) to pay the Servicer all Servicing Fees, Liquidation Fees and Workout Fees for such Weekly Allocation Date; 

(iii) third, to pay Successor Manager Transition Expenses, if any; 

(iv) fourth, to pay to the Manager an amount equal to the Weekly Management Fee for such Weekly Allocation
Date, plus the amount of PULSE Maintenance Fees and Technology Fees deposited into the Collection Account during the Weekly Collection Period preceding such Weekly Allocation Date; 

(v) fifth, to pay (or retain to the extent payable to the Trustee) (A) to the Master Issuer for payment of
the Capped Securitization Operating Expenses Amount for such Weekly Allocation Date, to be disbursed pro rata based on the amount of each type of Securitization Operating Expenses payable on such Weekly Allocation Date pursuant to
this priority (v) and (B) so long as an Event of Default has occurred and is continuing, to the Trustee for payment of the Post-Default Capped Trustee Expenses Amount for such Weekly Allocation Date; 

(vi) sixth, to allocate pro rata: (A) to the Senior Notes Interest Account, an amount equal to
the Senior Notes Accrued Quarterly Interest Amount for such Weekly Allocation Date, if any; and (B) to the Hedge Payment Account, the applicable amount of the accrued and unpaid Series Hedge Payment Amount, if any, payable on or
before the next Quarterly Payment Date to a Hedge Counterparty; provided, that the deposit to the Hedge Payment Account pursuant to this subclause (B) will exclude any termination payment payable on or before the next Quarterly
Payment Date to a Hedge Counterparty, if any; 

  
 52 

 (vii) seventh, to allocate to the Class A-1 Senior Notes
Commitment Fees Account, the Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount for such Weekly Allocation Date; 
 (viii) eighth, to pay to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement for payment of the Capped Class A-1 Senior Notes
Administrative Expenses Amount due under such Variable Funding Note Purchase Agreement for such Weekly Allocation Date pro rata based on the amounts owed under each such Variable Funding Note Purchase Agreement on such Weekly
Allocation Date pursuant to this priority (viii); 
 (ix) ninth, to allocate to the Senior
Subordinated Notes Interest Account, an amount equal to the Senior Subordinated Notes Accrued Quarterly Interest Amount for such Weekly Allocation Date; 

(x) tenth, to deposit into the Senior Notes Interest Reserve Account, an amount equal to the Senior Notes
Interest Reserve Account Deficit Amount on such Weekly Allocation Date with respect to each Class of Senior Notes in accordance with the applicable Series Supplement; provided, however, that no amounts, with respect to any Series
of Notes, will be deposited into the Senior Notes Interest Reserve Account pursuant to this priority (x) on any Weekly Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series Legal Final
Maturity Date relating to such Series of Notes; 
 (xi) eleventh, to deposit into the Senior
Subordinated Notes Interest Reserve Account, an amount equal to the Senior Subordinated Notes Interest Reserve Account Deficit Amount on such Weekly Allocation Date with respect to each Class of Senior Subordinated Notes in accordance with
the applicable Series Supplement; provided, however, that no amounts, with respect to any Series of Notes, will be deposited into the Senior Subordinated Notes Interest Reserve Account pursuant to this priority (xi) on any
Weekly Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series Legal Final Maturity Date relating to such Series of Notes; 

(xii) twelfth, to allocate to the Senior Notes Principal Payments Account, an amount equal to the sum of
(A) the Senior Notes Accrued Scheduled Principal Payments Amount for such Weekly Allocation Date and (B) the Senior Notes Scheduled Principal Payments Deficiency Amount for such Weekly Allocation Date; 

  
 53 

 (xiii) thirteenth, to allocate to the Senior Notes Principal
Payments Account an amount, if any, equal to the lesser of (A) 25% of amounts available after application of clauses (i) through (xii) above on such Weekly Allocation Date and (B) the Senior Notes Scheduled
Principal Catch-Up Amount outstanding on such Weekly Allocation Date; provided, that after the commencement of a Rapid Amortization Period, amounts shall be payable pursuant to this clause (xiii) only (A) if the Quarterly
Payment Date on which such Senior Notes Scheduled Principal Catch-Up Amount became payable occurred on or prior to the commencement of such Rapid Amortization Period and (B) to the extent of the Senior Notes Scheduled Principal Catch-Up Amount
that was outstanding at the commencement of such Rapid Amortization Period; 
 (xiv) fourteenth, to pay
pro rata (A) to the Manager, an amount equal to the Supplemental Management Fee, if any, for such Weekly Allocation Date and (B) to the Manager an amount equal to the Weekly Distribution Services Reimbursement
Amount, if any; 
 (xv) fifteenth, so long as no Rapid Amortization Period is continuing, if a Class
A-1 Senior Notes Amortization Event is continuing, to allocate to the Senior Notes Principal Payments Account all remaining funds on deposit in the Collection Account on such Weekly Allocation Date until no principal amounts with respect to
the Class A-1 Senior Notes are Outstanding; 
 (xvi) sixteenth, so long as no Rapid
Amortization Period is continuing, and such Weekly Allocation Date occurs during a Cash Trapping Period, to deposit into the Cash Trap Reserve Account, an amount equal to the Cash Trapping Amount, if any, on such Weekly Allocation Date;

 (xvii) seventeenth, if such Weekly Allocation Date occurs during a Rapid Amortization Period, to
allocate to the Senior Notes Principal Payments Account all remaining funds on deposit in the Collection Account on such Weekly Allocation Date until no principal amounts with respect to the Senior Notes are Outstanding; 

(xviii) eighteenth, to allocate to the Senior Subordinated Notes Principal Payments Account an amount equal to
the sum of (A) the Senior Subordinated Notes Accrued Scheduled Principal Payments Amount for such Weekly Allocation Date and (B) the Senior Subordinated Notes Scheduled Principal Payments Deficiency Amount for such Weekly
Allocation Date; 
 (xix) nineteenth, to allocate to the Senior Subordinated Notes Principal Payments
Account an amount equal to any Senior Subordinated Notes Scheduled Principal Catch-Up Amount outstanding on such Weekly Allocation Date, as specified in the applicable Series Supplement; 

  
 54 

 (xx) twentieth, if such Weekly Allocation Date occurs during a
Rapid Amortization Period, to allocate to the Senior Subordinated Notes Principal Payments Account, all remaining funds on deposit in the Collection Account on such Weekly Allocation Date until no principal amounts with respect to the
Senior Subordinated Notes are Outstanding; 
 (xxi) twenty-first, to pay (or retain to the extent
payable to the Trustee) to the Master Issuer for payment of the Excess Securitization Operating Expenses Amount for such Weekly Allocation Date to be retained or disbursed pro rata based on the amount of each type of Securitization
Operating Expenses payable on such Weekly Allocation Date pursuant to this priority (xxi); 
 (xxii)
twenty-second, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase Agreement for payment of the Excess Class A-1 Senior Notes Administrative Expenses Amounts due under each Variable
Funding Note Purchase Agreement for such Weekly Allocation Date pro rata based on amounts due under each such Variable Funding Note Purchase Agreement on such Weekly Allocation Date pursuant to this priority (xxii); 

(xxiii) twenty-third, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note
Purchase Agreement for payment of Class A-1 Senior Notes Other Amounts due under such Variable Funding Note Purchase Agreement for such Weekly Allocation Date pro rata based on amounts due under each such Variable Funding
Note Purchase Agreement on such Weekly Allocation Date pursuant to this priority (xxiii); 
 (xxiv)
twenty-fourth, to allocate to the Subordinated Notes Interest Account, the Subordinated Notes Accrued Quarterly Interest Amount for such Weekly Allocation Date; 

(xxv) twenty-fifth, to allocate to the Subordinated Notes Principal Payments Account, the Subordinated Notes
Accrued Scheduled Principal Payments Amount, if any, for such Weekly Allocation Date; 
 (xxvi)
twenty-sixth, to allocate to the Subordinated Notes Principal Payments Account an amount equal to any Subordinated Notes Scheduled Principal Catch-Up Amount outstanding on such Weekly Allocation Date, as specified in the
applicable Series Supplement; 

  
 55 

 (xxvii) twenty-seventh, if such Weekly Allocation Date occurs
during a Rapid Amortization Period, to allocate to the Subordinated Notes Principal Payments Account, all remaining funds on deposit in the Collection Account on such Weekly Allocation Date until no principal amounts with respect to the
Subordinated Notes are Outstanding; 
 (xxviii) twenty-eighth, to allocate to the Senior Notes
Post-ARD Contingent Interest Account, the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such Weekly Allocation Date; 
 (xxix) twenty-ninth, to allocate to the Senior Subordinated Notes Post-ARD Contingent Interest Account, the Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount
for such Weekly Allocation Date; 
 (xxx) thirtieth, to allocate to the Subordinated Notes Post-ARD
Contingent Interest Account, the Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such Weekly Allocation Date; 
 (xxxi) thirty-first, to deposit to the Hedge Payment Account, (A) any accrued and unpaid Series Hedge Payment Amount that constitutes a termination payment payable to a Hedge
Counterparty, if any, and (B) any other amount payable to a Hedge Counterparty, if any, pursuant to the related Series Hedge Agreement, in each case pro rata to each Hedge Counterparty according to the amount due and
payable to each of them; 
 (xxxii) thirty-second, to pay, as directed by the Manager in accordance with
the Management Agreement, the Environmental Remediation Expenses Amount, if any, for such Weekly Allocation Date; 
 (xxxiii) thirty-third, to allocate to the Senior Notes Principal Payments Account, an amount equal to any unpaid premiums and make-whole prepayment premiums with respect to Senior
Notes; 
 (xxxiv) thirty-fourth, to allocate to the Senior Subordinated Notes Principal Payments
Account, an amount equal to any unpaid premiums and make-whole prepayment premiums with respect to Senior Subordinated Notes; 

  
 56 

 (xxxv) thirty-fifth, to allocate to the Subordinated Notes
Principal Payments Account, an amount equal to any unpaid premiums and make-whole prepayment premiums with respect to Subordinated Notes; 
 (xxxvi) thirty-sixth, to pay to the Manager an amount equal to the Weekly Equipment Purchasing Reimbursement Amount; 

(xxxvii) thirty-seventh, at the direction of the Manager acting on behalf of the Master Issuer, to deposit to the
Lease Concentration Account, the Equipment Holder Concentration Account and the Real Estate Holder Concentration Account, the amounts, if any, required to cause the amount on deposit in such accounts to equal the Lease Concentration Account
Minimum Balance, the Equipment Holder Concentration Account Minimum Balance and the Real Estate Holder Concentration Account Minimum Balance, respectively, pro rata according to the amounts required to achieve such account balances; and

 (xxxviii) thirty-eighth, to pay to, or at the written direction of, the Master Issuer, the
Residual Amount for such Weekly Allocation Date. The recipient of the Residual Amount may use such funds in its sole discretion. 
 Section 5.12 Quarterly Payment Date Applications. 
 (a) Senior
Notes Interest Account and Hedge Payment Account. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Notes Interest
Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (or, to the extent necessary to cover any Class A-1 Senior Notes Interest Adjustment Amount, the then-current Quarterly Collection
Period) to be paid to the Senior Notes from the Collection Account, up to the amount of Senior Notes Quarterly Interest accrued and unpaid with respect to the Senior Notes, sequentially in order of alphanumerical designation and pro
rata among each Class of Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes Quarterly Interest payable with respect to each such Class, and deposit such funds into the applicable Series Distribution
Accounts, (ii) the funds allocated to the Hedge Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to the Hedge Counterparties (excluding any termination payments), up
to the amount needed to pay the aggregate amount of Series Hedge Payment Amounts, if any, due and payable on or before such Quarterly Payment Date to the Hedge Counterparties, pro rata among each Hedge Counterparty based upon the
Series Hedge Payment Amounts payable with respect to each such Hedge Counterparty, and (iii) if the amount of funds allocated to the Senior Notes Interest Account pursuant to the immediately preceding clause (i) is less than the
Senior Notes Aggregate Quarterly Interest for the Interest Period with respect to each Class of Senior Notes ending most recently prior to such Quarterly Payment Date, or if the amount of funds allocated to the Hedge Payment Account pursuant to the
immediately preceding 

  
 57 

 
clause (ii) is less than the aggregate Series Hedge Payment Amount due and payable on or before such Quarterly Payment Date, an amount equal to the lesser of (A) such
insufficiencies and (B) the sum of the Senior Notes Available Reserve Account Amount plus the amount in the Hedge Payment Account plus the Available Administrative Account Amount from first, the Subordinated Notes Post-ARD
Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payments Account,
fifth, the Subordinated Notes Interest Account, sixth, the Senior Subordinated Notes Principal Payments Account, seventh, the Cash Trap Reserve Account, eighth, the Senior Notes Principal Payments Account, ninth,
the Senior Notes Interest Reserve Account, tenth, the Senior Subordinated Notes Interest Account, and eleventh, the Class A-1 Senior Notes Commitment Fees Account, to be paid pro rata, based on the amount of Senior Notes
Quarterly Interest payable on the Senior Notes and the aggregate Series Hedge Payment Amount (excluding termination payments) due and payable on or before such Quarterly Payment Date, to (1) the Senior Notes up to the amount of Senior Notes
Quarterly Interest accrued and unpaid with respect to the Senior Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon the amount of
Senior Notes Quarterly Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts, and (2) each applicable Hedge Counterparty based upon the amount of the Series Hedge Payment Amounts (excluding
termination payments) due and payable to each such Hedge Counterparty. 
 (b) Senior Notes Interest Shortfall Amount. On
each Accounting Date, the Master Issuer shall determine the excess, if any (the “Senior Notes Interest Shortfall Amount”), of (i) Senior Notes Aggregate Quarterly Interest for the Interest Period for each Class of Senior Notes
ending most recently prior to the next succeeding Quarterly Payment Date over (ii) the amount that will be available to make payments of interest on the Senior Notes in accordance with Section 5.12(a) on such Quarterly
Payment Date. 
 (c) Debt Service Advances. If the Senior Notes Interest Shortfall Amount, as determined on any
Accounting Date pursuant to Section 5.12(b) is greater than zero, in accordance with the terms and conditions of the Servicing Agreement, by 3:00 p.m. (New York City time) on the Business Day preceding such Quarterly Payment Date, the
Servicer shall make a Debt Service Advance in such amount unless the Servicer notifies the Master Issuer, the Manager, the Back-Up Manager and the Trustee by such time that it has, reasonably and in good faith, determined such Debt Service Advance
(and interest thereon) is a Nonrecoverable Advance. If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined that such Debt Service Advance (and interest thereon) would be a
Nonrecoverable Advance), pursuant to Section 10.1(l), the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance. In determining whether any Debt
Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer. All Debt Service Advances shall be deposited into the Senior Notes Interest Account. If, after giving effect
to all Debt Service Advances made with respect to any Quarterly Payment Date, the Senior Notes Interest Shortfall Amount with respect to such Quarterly 

  
 58 

 
Payment Date remains greater than zero, the payment of the Senior Notes Aggregate Quarterly Interest as reduced by such Senior Notes Interest Shortfall Amount to be distributed on such Quarterly
Payment Date to the Senior Notes shall be paid to the Senior Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Notes of the same alphanumerical designation based upon the amount of
Senior Notes Quarterly Interest payable with respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior Notes Interest Shortfall Amount. An additional amount of
interest (“Additional Senior Notes Interest Shortfall Interest”) shall accrue on the Senior Notes Interest Shortfall Amount for each subsequent Interest Period at the applicable Note Rate until the Senior Notes Interest Shortfall
Amount is paid in full. 
 (d) Class A-1 Senior Notes Commitment Fees Account. On each Accounting Date, the Master
Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Class A-1 Senior Notes Commitment Fees Account on each Weekly Allocation Date with respect to the immediately
preceding Quarterly Collection Period (or, to the extent necessary to cover any Class A-1 Senior Notes Commitment Fee Adjustment Amount, the then-current Quarterly Collection Period) to be paid to the Class A-1 Senior Notes from the
Collection Account, up to the amount of the Class A-1 Senior Notes Quarterly Commitment Fees accrued and unpaid with respect to the Class A-1 Senior Notes, pro rata among each Class of Class A-1 Senior Notes based upon
the amount of Class A-1 Senior Notes Quarterly Commitment Fees payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts and (ii) if the amount of funds allocated to the Class A-1
Senior Notes Commitment Fees Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than Class A-1 Senior Notes Aggregate Quarterly Commitment Fees for the Interest Period ending
most recently prior to such Quarterly Payment Date, an amount equal to the lesser of (A) such insufficiency and (B) the Senior Notes Available Reserve Account Amount plus the Available Administrative Account Amount (in each case,
after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account, the Senior Notes Interest Reserve Account and/or the Cash Trap Reserve Account pursuant to
Section 5.12(a)(iii)) from first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent
Interest Account, fourth, the Subordinated Notes Principal Payments Account, fifth, the Subordinated Notes Interest Account, sixth, the Senior Subordinated Notes Principal Payments Account, seventh, the Cash Trap Reserve
Account, eighth, the Senior Notes Principal Payments Account, ninth, the Senior Notes Interest Reserve Account, and tenth, the Senior Subordinated Notes Interest Account, to be paid to the Class A-1 Senior Notes up to the
amount of Class A-1 Senior Notes Quarterly Commitment Fees accrued and unpaid with respect to the Class A-1 Senior Notes, pro rata among each Class of Class A-1 Senior Notes based upon the amount of Class A-1 Senior
Notes Quarterly Commitment Fees payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts. 
 (e) Class A-1 Senior Notes Commitment Fees Shortfall Amount. On each Accounting Date, the Master Issuer shall determine the excess, if any (the “Class A-1 

  
 59 

 
Senior Notes Commitment Fees Shortfall Amount”), of (i) Class A-1 Senior Notes Aggregate Quarterly Commitment Fees for the Interest Period ending most recently prior to the
next succeeding Quarterly Payment Date over (ii) the amount that shall be available to make payments on the Class A-1 Senior Notes in accordance with Section 5.12(d) on such Quarterly Payment Date. If the Class A-1
Senior Notes Commitment Fees Shortfall Amount with respect to any Quarterly Payment Date is greater than zero, the payment of the Class A-1 Senior Notes Aggregate Quarterly Commitment Fees as reduced by the Class A-1 Senior Notes
Commitment Fees Shortfall Amount to be distributed on such Quarterly Payment Date to the Class A-1 Senior Notes shall be paid to the Class A-1 Senior Notes, pro rata among each Class of Class A-1 Senior Notes based upon
the amount of Class A-1 Senior Notes Quarterly Commitment Fees payable with respect to each such Class; provided that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Class A-1 Senior Notes
Commitment Fees Shortfall Amount. An additional amount of interest (“Additional Class A-1 Senior Notes Commitment Fees Shortfall Interest”) shall accrue on the Class A-1 Senior Notes Commitment Fees Shortfall Amount for
each subsequent Interest Period at the applicable Note Rate until the Class A-1 Senior Notes Commitment Fees Shortfall Amount is paid in full. 
 (f) Senior Subordinated Notes Interest Account. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the
funds allocated to the Senior Subordinated Notes Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period to be paid to each Class of Senior Subordinated Notes from the Collection Account,
up to the amount of Senior Subordinated Notes Quarterly Interest accrued and unpaid with respect to each such Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of
Senior Subordinated Notes of the same alphanumerical designation based upon the amount of Senior Subordinated Notes Quarterly Interest payable with respect to each such Class, and deposit such funds into the applicable Series Distribution Accounts,
and (ii) if the amount of funds allocated to the Senior Subordinated Notes Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to the immediately preceding clause
(i) is less than the Senior Subordinated Notes Aggregate Quarterly Interest for the Interest Period with respect to each Class of Senior Subordinated Notes ending most recently prior to such Quarterly Payment Date and no Senior Notes are
Outstanding, an amount equal to the lesser of (A) such insufficiency and (B) the sum of the Senior Subordinated Notes Available Reserve Account Amount plus the Available Administrative Account Amount (in each case, after giving
effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account, the Senior Subordinated Notes Interest Reserve Account and the Cash Trap Reserve Account pursuant to
Section 5.12(a)(iii) and Section 5.12(d)(ii)) from first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third,
the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payments Account, fifth, the Subordinated Notes Interest Account, sixth, the Senior Subordinated Notes Principal Payments Account,
seventh, the Cash Trap Reserve Account, eighth, the Senior Notes Principal Payments Account, and ninth, the Senior Subordinated Notes Interest Reserve Account, to be paid to each Class of Senior Subordinated Notes up to the
amount of Senior Subordinated Notes Quarterly Interest accrued and unpaid with respect to each such Class of Senior 

  
 60 

 
Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon
the amount of Senior Subordinated Notes Quarterly Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 
 (g) Senior Notes Principal Payments Account. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds
allocated to the Senior Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (A) to be paid to each applicable Class of Senior Notes from the Collection Account up
to the aggregate amount of the Senior Notes Aggregate Scheduled Principal Payments and amounts distributed to such administrative account pursuant to clauses (xiii), (xv), (xvii) and (xxxiii) of the Priority of
Payments owed to each such Class of Senior Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based upon the Outstanding Principal Amount
of the Senior Notes of such Class; provided that no Senior Notes Scheduled Principal Payments shall be made in respect of any Series of Senior Notes subsequent to the occurrence of any Rapid Amortization Event set forth in clause (e) of
the definition of Rapid Amortization Event, and (B) to be paid to each applicable Class of Senior Notes from the Collection Account up to the aggregate amount of Indemnification Payments and Real Estate Disposition Proceeds owed to each such
Class of Senior Notes in the following order: first, if a Class A-1 Senior Notes Amortization Period is in effect, to prepay and permanently reduce the Commitments under all Class A-1 Senior Notes on a pro rata basis;
second, to prepay the Outstanding Principal Amount of all Senior Notes of all Series other than Class A-1 Senior Notes sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Notes
of the same alphanumerical designation based on the Outstanding Principal Amount of the Senior Notes of such Class; and third, provided clause first does not apply, to prepay and permanently reduce the Commitments under all Class A-1
Senior Notes of all Series on a pro rata basis based on Commitment Amounts and deposit such funds into the applicable Series Distribution Accounts; (ii) if the aggregate amount of funds allocated to the Senior Notes Principal
Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Senior Notes Aggregate Scheduled Principal Payments owed to each applicable Class of Senior Notes on such
Quarterly Payment Date and/or the amount of funds allocated to the Senior Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Payments
and Real Estate Disposition Proceeds due on such Quarterly Payment Date with respect to each applicable Class of Senior Notes, an amount equal to the lesser of (A) any such insufficiency and (B) the Available Administrative Account Amount
(after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii) or 5.12(f)(ii)) from
first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the
Subordinated Notes Principal Payments Account, fifth, the Subordinated Notes Interest Account, and sixth, the Senior Subordinated Notes Principal Payments Account, to be paid to each applicable Class of Senior Notes up to the amount of
unpaid Senior Notes Scheduled Principal Payments, Indemnification Payments and/or Real Estate Disposition 

  
 61 

 
Proceeds, as the case may be, in the applicable order set forth in clause (i) above, and deposit such funds into the applicable Series Distribution Accounts; (iii) if a Rapid
Amortization Event has occurred and is continuing or shall occur on such Quarterly Payment Date and any amounts are on deposit in the Subordinated Notes Post-ARD Contingent Interest Account, Senior Subordinated Notes Post-ARD Contingent Interest
Account, Senior Notes Post-ARD Contingent Interest Account, the Subordinated Notes Principal Payments Account, the Subordinated Notes Interest Account or the Senior Subordinated Notes Principal Payments Account on such Accounting Date, an amount
equal to all amounts on deposit in such Collection Account Administrative Accounts (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to
this Section 5.12) to be paid to each Class of Senior Notes, in the applicable order set forth in clause (i) above, and deposit such funds into the applicable Series Distribution Accounts; and (iv) so long as no Rapid
Amortization Period is continuing, if a Class A-1 Senior Notes Amortization Event is continuing, after giving effect to the payments described in clauses (i) through (iii) above, amounts on deposit in the Cash Trap
Reserve Account to the extent necessary to pay the principal amounts of the Class A-1 Senior Notes until no principal amounts with respect to the Class A-1 Senior Notes are Outstanding, to be deposited to the Senior Notes Principal
Payments Account and paid to the holders of the Class A-1 Senior Notes, pro rata according to principal amounts Outstanding. 
 (h) Senior Subordinated Notes Interest Shortfall Amount. On each Accounting Date, the Master Issuer shall determine the excess, if any (the “Senior Subordinated Notes Interest Shortfall
Amount”), of (i) Senior Subordinated Notes Aggregate Quarterly Interest for the Interest Period for each Class of Senior Subordinated Notes ending most recently prior to the next succeeding Quarterly Payment Date over (ii) the
amount that shall be available to make payments on the Senior Subordinated Notes on such Quarterly Payment Date in accordance with Section 5.12(f) above. If the Senior Subordinated Notes Interest Shortfall Amount with respect to any
Quarterly Payment Date is greater than zero, payments of Senior Subordinated Notes Aggregate Quarterly Interest as reduced by the Senior Subordinated Notes Interest Shortfall Amount to be distributed on such Quarterly Payment Date to the Senior
Subordinated Notes shall be paid to each Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Senior Subordinated Notes of the same alphanumerical designation based
upon the amount of Senior Subordinated Notes Quarterly Interest payable with respect to each such Class; provided, that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior
Subordinated Notes Interest Shortfall Amount. An additional amount of interest (“Additional Senior Subordinated Notes Interest Shortfall Interest”) shall accrue on the Senior Subordinated Notes Interest Shortfall Amount for each
subsequent Interest Period at the applicable Note Rate until the Senior Subordinated Notes Interest Shortfall Amount is paid in full. 
 (i) Senior Subordinated Notes Principal Payments Account. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date:
(i) the funds allocated to the Senior Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (A) to be paid to each applicable Class of Senior

  
 62 

 
Subordinated Notes from the Collection Account up to the amount of the Senior Subordinated Notes Scheduled Principal Payments and amounts distributed to such administrative account pursuant to
clauses (xix), (xx) and (xxxiv) of the Priority of Payments owed to each such Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of
Senior Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Subordinated Notes of such Class; provided that no Senior Subordinated Notes Scheduled Principal Payments shall be made
in respect of any Series of Senior Subordinated Notes subsequent to the occurrence of any Rapid Amortization Event set forth in clause (e) of the definition of Rapid Amortization Event, and (B) to be paid (so long as no Senior Notes are
Outstanding) to each applicable Class of Senior Subordinated Notes from the Collection Account up to the aggregate amount of Indemnification Payments and Real Estate Disposition Proceeds owed to each such Class of Senior Subordinated Notes,
sequentially in order of alphabetical designation and pro rata among each Class of Senior Subordinated Notes of the same alphabetical designation based upon the Outstanding Principal Amount of each such Class, and deposit such funds
into the applicable Series Distribution Accounts, (ii) if the aggregate amount of funds allocated to the Senior Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly
Collection Period is less than the Senior Subordinated Notes Aggregate Scheduled Principal Payments owed to each applicable Class of Senior Subordinated Notes on such Quarterly Payment Date and/or the amount of funds allocated to the Senior
Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Payments and Real Estate Disposition Proceeds due on such Quarterly
Payment Date with respect to each applicable Class of Senior Subordinated Notes, an amount equal to the lesser of (A) any such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of higher
priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii), 5.12(f)(ii) or 5.12(g)(ii)) from first, the Subordinated
Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal
Payments Account, and fifth, the Subordinated Notes Interest Account, to be paid to each applicable Class of Senior Subordinated Notes up to the amount of unpaid Senior Subordinated Notes Scheduled Principal Payments and/or Indemnification
Payments and/or Real Estate Disposition Proceeds, as the case may be, in the applicable order set forth in clause (i) above, and deposit such funds into the applicable Series Distribution Accounts, and (iii) if a Rapid Amortization
Event has occurred and is continuing or shall occur on such Quarterly Payment Date and any amounts are on deposit in the Subordinated Notes Post-ARD Contingent Interest Account, Senior Subordinated Notes Post-ARD Contingent Interest Account, Senior
Notes Post-ARD Contingent Interest Account, the Subordinated Notes Principal Payments Account or the Subordinated Notes Interest Account on such Accounting Date, an amount equal to all amounts on deposit in such Collection Account Administrative
Accounts (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to this Section 5.12) to be paid to each Class of Senior
Subordinated Notes, in the applicable order set forth in clause (i) above, and deposit such funds into the applicable Series Distribution Accounts. 

  
 63 

 (j) Subordinated Notes Interest Account. On each Accounting Date, the Master Issuer
shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Subordinated Notes Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly
Collection Period to be paid to each Class of Subordinated Notes from the Collection Account, up to the amount of Subordinated Notes Quarterly Interest accrued and unpaid with respect to each such Class of Subordinated Notes, sequentially in order
of alphanumerical designation and pro rata among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of Subordinated Notes Quarterly Interest payable on each such Class, and deposit such funds
into the applicable Series Distribution Accounts and (ii) if the amount of funds allocated to the Subordinated Notes Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant
to the immediately preceding clause (i) is less than Subordinated Notes Aggregate Quarterly Interest for the Interest Period ending most recently prior to such Quarterly Payment Date and no Senior Notes or Senior Subordinated Notes are
Outstanding, an amount equal to the lesser of (A) such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any
Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii), 5.12(f)(ii), 5.12(g)(ii) or 5.12(i)(ii)) from first, the Subordinated Notes Post-ARD Contingent Interest Account,
second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, and fourth, the Subordinated Notes Principal Payments Account, to be paid to each Class of
Subordinated Notes up to the amount of Subordinated Notes Quarterly Interest accrued and unpaid with respect to each such Class of Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of
Subordinated Notes of the same alphanumerical designation based upon the amount of Subordinated Notes Quarterly Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 

(k) Subordinated Notes Interest Shortfall Amount. On each Accounting Date, the Master Issuer shall determine the excess, if any
(the “Subordinated Notes Interest Shortfall Amount”), of (i) Subordinated Notes Aggregate Quarterly Interest for the Interest Period ending most recently prior to the next succeeding Quarterly Payment Date over
(ii) the amount that shall be available to make payments on the Subordinated Notes in accordance with Section 5.12(j) on such Quarterly Payment Date. If the Subordinated Notes Interest Shortfall Amount with respect to any Quarterly
Payment Date is greater than zero, payments of Subordinated Notes Aggregate Quarterly Interest as reduced by the Subordinated Notes Interest Shortfall Amount to be distributed on such Quarterly Payment Date to the Subordinated Notes shall be paid to
each Class of Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of Subordinated Notes Quarterly
Interest payable with respect to each such Class. An additional amount of interest (“Additional Subordinated Notes Interest Shortfall Interest”) shall accrue on the Subordinated Notes Interest Shortfall Amount for each subsequent
Interest Period at the applicable Note Rate until the Subordinated Notes Interest Shortfall Amount is paid in full. 

  
 64 

 (l) Subordinated Notes Principal Payments Account. On each Accounting Date, the
Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately
preceding Quarterly Collection Period (A) to be paid to each applicable Class of Subordinated Notes from the Collection Account up to the amount of Subordinated Notes Scheduled Principal Payments and amounts distributed to such administrative
account pursuant to clauses (xxvi), (xxvii) and (xxxv) of the Priority of Payments owed to each such Class of Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each such Class
of Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of such Class; provided, that no Subordinated Notes Scheduled Principal Payments shall be made in respect of any Series of
Subordinated Notes subsequent to the occurrence of any Rapid Amortization Event set forth in clause (e) of the definition thereof; and (B) to be paid (so long as no Senior Notes or Senior Subordinated Notes are Outstanding) to each
applicable Class of Subordinated Notes from the Collection Account up to the aggregate amount of Indemnification Payments and Real Estate Disposition Proceeds owed to each such Class of Subordinated Notes, sequentially in order of alphabetical
designation and pro rata among each Class of Subordinated Notes of the same alphabetical designation based upon the Outstanding Principal Amount of each such Class, (ii) if the aggregate amount of funds allocated to the Subordinated Notes
Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Subordinated Notes Scheduled Principal Payments owed for the Interest Period ending most recently prior
to such Quarterly Payment Date and/or the amount of funds allocated to the Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the
Indemnification Payments and Real Estate Disposition Proceeds due on such Quarterly Payment Date with respect to the Subordinated Notes, an amount equal to the lesser of (A) any such insufficiency and (B) the Available Administrative
Account Amount (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii), 5.12(f)(ii),
5.12(g)(ii), 5.12(i)(ii) or 5.12(j)(ii)) from first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, and third, the
Senior Notes Post-ARD Contingent Interest Account, to be paid to each applicable Class of Subordinated Notes up to the amount of unpaid Subordinated Notes Scheduled Principal Payments and/or Indemnification Payments and/or Real Estate Disposition
Proceeds, as the case may be, in the applicable order set forth in clause (i) above, and deposit such funds into the applicable Series Distribution Accounts, and (iii) if a Rapid Amortization Event has occurred and is continuing or
shall occur on such Quarterly Payment Date and any amounts are on deposit in the Senior Notes Post-ARD Contingent Interest Account, the Senior Subordinated Notes Post-ARD Contingent Interest Account or the Subordinated Notes Post-ARD Contingent
Interest Account on such Accounting Date, an amount equal to all amounts on deposit in such Collection Account Administrative Accounts (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any
Collection Account Administrative Account pursuant to this Section 5.12) to be paid to each Class of Subordinated Notes, in the applicable order set forth in clause (i) above, and deposit such funds into the applicable Series
Distribution Accounts. 

  
 65 

 (m) Senior Notes Post-ARD Contingent Interest Account. On each Accounting Date, the
Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the
immediately preceding Quarterly Collection Period to be paid to each applicable Class of Senior Notes from the Collection Account up to the amount of Senior Notes Quarterly Post-ARD Contingent Interest distributed to such administrative account owed
to each such Class of Senior Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes Quarterly Post-ARD
Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts and (ii) if the amount of funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation
Date with respect to the immediately preceding Quarterly Collection Period pursuant to the immediately preceding clause (i) is less than the amount of Senior Notes Quarterly Post-ARD Contingent Interest owed to each such Class of Senior
Notes for the Interest Period ending most recently prior to such Quarterly Payment Date, an amount equal to the lesser of (A) such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of
higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii), 5.12(f)(ii), 5.12(g)(ii), 5.12(i)(ii),
5.12(j)(ii) or 5.12(l)(ii)) from first, the Subordinated Notes Post-ARD Contingent Interest Account and second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, to be paid to each Class of Senior Notes
up to the amount of Senior Notes Quarterly Post-ARD Contingent Interest accrued and unpaid with respect to each applicable Class of Senior Notes, sequentially in order of alphanumerical designation and pro rata among each Class of
Senior Notes of the same alphanumerical designation based upon the amount of Senior Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 

(n) Senior Subordinated Notes Post-ARD Contingent Interest Account. On each Accounting Date, the Master Issuer shall instruct the
Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding
Quarterly Collection Period to be paid to each applicable Class of Senior Subordinated Notes from the Collection Account up to the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest distributed to such administrative account
owed to each such Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of
Senior Subordinated Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts and (ii) if the amount of funds allocated to the Senior Subordinated Notes
Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to the immediately preceding clause (i) is less than the amount of Senior Subordinated
Notes Quarterly Post-ARD Contingent Interest owed to each such Class of Senior Subordinated Notes for the Interest Period ending most recently prior to such Quarterly Payment Date, an amount equal to the lesser of (A) such insufficiency and
(B) the Available Administrative Account Amount (after giving effect to any 

  
 66 

 
payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii),
5.12(f)(ii), 5.12(g)(ii), 5.12(i)(ii), 5.12(j)(ii), 5.12(l)(ii) or 5.12(m)(ii)) from the Subordinated Notes Post-ARD Contingent Interest Account, to be paid to each Class of Senior Subordinated Notes up to
the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest accrued and unpaid with respect to each applicable Class of Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata
among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable
Series Distribution Accounts. 
 (o) Subordinated Notes Post-ARD Contingent Interest Account. On each Accounting Date,
the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date the funds allocated to the Subordinated Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the
immediately preceding Quarterly Collection Period to be paid to each applicable Class of Subordinated Notes from the Collection Account up to the amount of Subordinated Notes Quarterly Post-ARD Contingent Interest distributed to such administrative
account owed to each such Class of Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of Subordinated Notes of the same alphanumerical designation based upon the amount of
Subordinated Notes Quarterly Post-ARD Contingent Interest payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts. 
 (p) Amounts on Deposit in the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account and the Cash Trap Reserve Account. 

(i) On the Accounting Date (A) preceding any Quarterly Payment Date that is a Cash Trapping Release Date, the
Master Issuer shall instruct the Trustee in writing to withdraw on such Quarterly Payment Date from funds then on deposit in the Cash Trap Reserve Account an amount equal to the applicable Cash Trapping Release Amount and (B) preceding the
first Quarterly Payment Date following the commencement of the Rapid Amortization Period (including a Rapid Amortization Period due to an Event of Default), the Master Issuer shall instruct the Trustee in writing to withdraw on such Quarterly
Payment Date funds then on deposit in the Cash Trap Reserve Account and deposit such funds into the Collection Account for distribution in accordance with the Priority of Payments. 

(ii) So long as no Rapid Amortization Period or Event of Default is continuing, on each Accounting Date, the Master
Issuer shall instruct the Trustee writing to withdraw funds on deposit in the Cash Trap Reserve Account and apply such funds on the following Quarterly Payment Date to the extent necessary to pay Senior Notes Accrued Quarterly Interest Amounts,
Class A-1 Senior Notes Aggregate Quarterly Commitment Fees, Senior Subordinated 

  
 67 

 
Notes Aggregate Quarterly Interest, Senior Notes Aggregate Scheduled Principal Payments, unreimbursed Servicing Advances (with interest thereon), unreimbursed Manager Advances (with interest
thereon) and Series Hedge Payment Amounts, in each case, after giving effect to other amounts available for payment thereof as described in this Section 5.12. 

(iii) So long as no Rapid Amortization Period or Event of Default is continuing, on the Accounting Date preceding the
first Quarterly Payment Date following the commencement of a Class A-1 Senior Notes Amortization Event, the Master Issuer shall instruct the Trustee in writing to withdraw funds on deposit in the Cash Trap Reserve Account to the extent
necessary, after giving effect to other amounts available for payment thereof as described in this Section 5.12 to pay principal on the Class A-1 Senior Notes Outstanding, and to deposit such funds into the Senior Notes Principal
Payments Account for distribution to the holders of the Class A-1 Senior Notes, pro rata. 

(iv) If the Master Issuer determines, with respect to any Series of Senior Notes, that the amount to be deposited in any
Series Distribution Account in accordance with this Section 5.12 on any Series Legal Final Maturity Date related to such Series of Senior Notes is less than the Outstanding Principal Amount of such Series of Senior Notes, on the
Accounting Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date,
withdraw from the Senior Notes Interest Reserve Account or the Master Issuer shall make a draw on the applicable Interest Reserve Letter of Credit and deposit, sequentially in order of alphanumeric designation and pro rata based upon
the Outstanding Principal Amount of the Senior Notes, into the applicable Series Distribution Accounts, an amount equal to the lesser of such insufficiency and the sum of (a) the Available Senior Notes Interest Reserve Account Amount (after
giving effect to any payments made from the Senior Notes Interest Reserve Account pursuant to Sections 5.12(b)(ii) and 5.12(d)(ii)) on such Series Legal Final Maturity Date) and (b) any amounts available to be drawn on the
applicable Interest Reserve Letter of Credit. 
 (v) If the Master Issuer determines, with respect to any
Series of Senior Subordinated Notes, that the amount to be deposited in any Series Distribution Account in accordance with this Section 5.12 on any Series Legal Final Maturity Date related to such Series of Senior Subordinated Notes is
less than the Outstanding Principal Amount of such Series of Senior Subordinated Notes, on the Accounting Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer shall instruct the Trustee thereof in writing, and the
Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the Senior Subordinated Notes Interest Reserve 

  
 68 

 
Account or the Master Issuer shall make a draw on the applicable Interest Reserve Letter of Credit and deposit, sequentially in order of alphanumeric designation and pro rata based
upon the Outstanding Principal Amount of the Senior Subordinated Notes, into the applicable Series Distribution Accounts, an amount equal to the lesser of such insufficiency and the sum of (a) the Available Senior Subordinated Notes Interest
Reserve Account Amount (after giving effect to any payments made from the Senior Subordinated Notes Interest Reserve Account pursuant to Section 5.12(f)(ii)) on such Series Legal Final Maturity Date) and (b) any amounts available to
be drawn on the applicable Interest Reserve Letter of Credit. 
 (vi) On any date on which no Senior Notes are
Outstanding, the Master Issuer shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Notes Interest Reserve Account and to deposit all remaining funds into the Collection Account and the Master Issuer
shall terminate any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Notes Interest Reserve Account. 
 (vii) On any date on which no Senior Subordinated Notes are Outstanding, the Master Issuer shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior
Subordinated Notes Interest Reserve Account and to deposit all remaining funds into the Collection Account and the Master Issuer shall terminate any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Subordinated
Notes Interest Reserve Account. 
 Section 5.13 Determination of Quarterly Interest. 

Quarterly payments of interest and fees on each Series of Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement. 
 Section 5.14 Determination of Quarterly Principal.

 Quarterly payments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance
with the procedures set forth in the applicable Series Supplement. 
 Section 5.15 Prepayment of Principal.

 Mandatory prepayments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in
accordance with the procedures set forth in the applicable Series Supplement, if not otherwise described herein. 

  
 69 

 Section 5.16 Retained Collections Contributions. 

At any time after the Closing Date, the Master Issuer may (but is not required to) designate Retained Collections Contributions to be
included in Net Cash Flow for purposes of calculating the Quarterly DSCR, but not more than $7,500,000 in any Quarterly Collection Period or more than $15,000,000 during any period of four (4) consecutive Quarterly Collection Periods or more
than $30,000,000 from the Closing Date to the Final Series Legal Final Maturity Date; provided, that any Retained Collections Contributions shall be excluded from the amount of Net Cash Flow for purposes of calculations undertaken in
the following circumstances: (a) to determine whether the Co-Issuers may draw under any Class A-1 Senior Notes or request letters of credit to be issued under any Class A-1 Subfacility, (b) to determine whether the Co-Issuers may
extend the Class A-1 Senior Notes Renewal Date, (c) to determine compliance with any Series Non-Amortization Test, (d) to determine the New Series Pro Forma Quarterly DSCR and (e) to determine the Securitization Leverage Ratio
and the Senior ABS Leverage Ratio. The amount of any Retained Collections Contribution shall be held by the Master Issuer (or any other Securitization Entity other than the SPV Guarantor) for at least one full fiscal quarter after which time that
amount may be distributed by the Master Issuer to the SPV Guarantor on any Weekly Allocation Date; provided, that the most recent Quarterly DSCR was at least equal to the Cash Trapping DSCR Threshold without giving effect to the
inclusion of such Retained Collections Contribution and (ii) such Retained Collections Contribution is not required to pay any shortfall in the amounts payable under clauses (ii) through (xxxvii) of the Priority of
Payments, to the extent of any shortfall on such Weekly Allocation Date. The Master Issuer may not designate equity contributions as Retained Collections Contributions to the extent such equity contributions were funded by the proceeds of a draw
under any Class A-1 Senior Notes. 
 Section 5.17 Interest Reserve Letters of Credit. 

The Co-Issuers may, in lieu of funding (or as partial replacement for funding) the Senior Notes Interest Reserve Account and/or the
Senior Subordinated Notes Interest Reserve Account in the amounts required hereunder, maintain one or more Interest Reserve Letters of Credit issued under a Variable Funding Note Purchase Agreement for the benefit of the Trustee and the Senior
Noteholders or the Senior Subordinated Noteholders, as applicable, each in a face amount equal to the amounts required to be funded in respect of such account(s) had such Interest Reserve Letter of Credit not been issued. 

Each such Interest Reserve Letter of Credit (a) shall name the Trustee, for the benefit of the Senior Noteholders or the Senior
Subordinated Noteholders, as applicable, as the beneficiary thereof; (b) shall allow the Trustee (or the Control Party on its behalf) to submit a notice of drawing in respect of such Interest Reserve Letter of Credit whenever amounts would
otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to Section 5.12; (c) shall have an expiration date of no later
than ten (10) Business Days prior to the Class A-1 Senior Notes Renewal Date specified in the related Variable Funding Note Purchase Agreement pursuant to which such Interest Reserve Letter of Credit was issued; and (d) shall indicate
by its 

  
 70 

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

If, on any day, (i) the short-term debt credit rating of any entity which has issued an Interest Reserve Letter
of Credit (an “L/C Provider”) is withdrawn by Standard & Poor’s or downgraded below “A-1” or is withdrawn by Moody’s or downgraded below “P-1” or (ii) the long-term debt credit rating of
any L/C Provider is withdrawn by Standard & Poor’s or downgraded below “BBB+” or is withdrawn by Moody’s or downgraded below “Baa1” (each of cases (i) and (ii), an “L/C Downgrade Event”),
on the fifth (5th) Business Day after the occurrence
of such L/C Downgrade Event, the Master Issuer shall submit a notice of drawing under each Interest Reserve Letter of Credit issued by such L/C Provider 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 Deficit Amount or the Senior Subordinated Notes Interest Reserve Account Deficit Amount on such date, in each case
calculated as if such Interest Reserve Letter of Credit had not been issued. 
 Section 5.18 Replacement of Ineligible
Accounts. 
 If, at any time, any Concentration Account or any of the Senior Notes Interest Reserve Account, the Senior
Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account, the Collection Account, any Collection Account Administrative Account or the DNAF Account shall cease to be an Eligible Account (each, an “Ineligible
Account”), the Master Issuer or any other Co-Issuer shall (i) within five (5) Business Days of obtaining knowledge thereof, notify the Control Party thereof and (ii) within sixty (60) days of obtaining knowledge thereof,
(A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Ineligible Account, (B) with the exception of the DNAF Account and any Concentration Account, following the establishment of such
new Eligible Account, transfer, or with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer, all cash and investments from such Ineligible Account into such new Eligible Account, (C) in the
case of the DNAF Account or a Concentration Account, 

  
 71 

 
following the establishment of such new Eligible Account, transfer or cause to be transferred to such new Eligible Account, all cash and investments from such Ineligible Account into such new
Eligible Account, (D) in the case of a Concentration Account, transfer or cause to be transferred all items deposited in the Lock-Box related to such Ineligible Account to a new Lock-Box related to such new Concentration Account, and
(E) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such Ineligible Account is required to be subject to an Account Control Agreement in accordance with the terms of the
Indenture, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party and the Trustee. In the event that any of the Collection Account, any Concentration Account,
any Collection Account Administrative Account or the DNAF Account becomes an Ineligible Account, the Manager shall, promptly following the establishment of such related new Eligible Account, notify each Franchisee of a change in payment
instructions, if any. 
 ARTICLE VI 
 DISTRIBUTIONS 
 Section 6.1 Distributions in General.

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

(b) Unless otherwise specified in the applicable Series Supplement, in this Base Indenture or in any applicable Variable Funding Note
Purchase Agreement, all distributions to Noteholders of all Classes within a Series of Notes shall be made from amounts allocated in accordance with the Priority of Payments among each Class of Notes in alphanumerical order (i.e., A-1, A-2, B-1, B-2
and not A-1, B-1, A-2, B-2) and pro rata among holders of Notes within each Class of the same alphanumerical designation; provided, however, that unless otherwise specified in the Series Supplement, in this Base Indenture or in any
applicable Variable Funding Note Purchase Agreement, all distributions to Noteholders of all Classes within a Series of Notes having the same alphabetical designation shall be pari passu with each other with respect to the distribution
of Collateral proceeds resulting from exercise of remedies upon an Event of Default. 

  
 72 

 (c) Unless otherwise specified in the applicable Series Supplement, the Trustee shall
distribute all amounts owed to the Noteholders of any Class of Notes pursuant to the instructions of the Co-Issuers whether set forth in a Quarterly Manager’s Certificate, Company Order or otherwise. 

ARTICLE VII 

REPRESENTATIONS AND WARRANTIES 
 The Co-Issuers hereby represent and warrant, for the benefit of the Trustee and the Noteholders, as follows as of each Series Closing Date: 

Section 7.1 Existence and Power. 
 Each Securitization Entity (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (b) is duly qualified to do business as a foreign
entity and in good standing under the laws of each jurisdiction (including, without limitation, in each Included Country) where the character of its property, the nature of its business or the performance of its obligations under the Related
Documents make such qualification necessary, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect, and (c) has all limited liability company, corporate or other powers and all
governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted and for purposes of the transactions contemplated by the Indenture and the other Related Documents. 

Section 7.2 Company and Governmental Authorization. 
 The execution, delivery and performance by each Co-Issuer of this Base Indenture and any Series Supplement and by each Co-Issuer and each other Securitization Entity of the other Related Documents to
which it is a party (a) is within such Securitization Entity’s limited liability company, corporate or other powers and has been duly authorized by all necessary limited liability company, corporate or other action, (b) requires no
action by or in respect of, or filing with, any Governmental Authority which has not been obtained (other than any actions or filings that may be undertaken after the Closing Date pursuant to the terms of this Base Indenture or any other Related
Document) and (c) does not contravene, or constitute a default under, any Requirements of Law with respect to such Securitization Entity or any Contractual Obligation with respect to such Securitization Entity or result in the creation or
imposition of any Lien on any property of any Securitization Entity, except for Liens created by this Base Indenture or the other Related Documents except in the case of clause (b) or (c) above, solely with respect to the
Contribution Agreements, the violation of which could not reasonably be expected to have a Material Adverse Effect. This Base Indenture and each of the other Related Documents to which each Securitization Entity is a party has been executed and
delivered by a duly Authorized Officer of such Securitization Entity. 

  
 73 

 Section 7.3 No Consent. 

Except as set forth on Schedule 7.3, no consent, action by or in respect of, approval or other authorization of, or registration,
declaration or filing with, any Governmental Authority or other Person is required for the valid execution and delivery by each Co-Issuer of this Base Indenture and any Series Supplement and by each Co-Issuer and each other Securitization Entity of
any Related Document to which it is a party or for the performance of any of the Securitization Entities’ obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations, declarations or filings
(a) as shall have been obtained or made by such Securitization Entity prior to the Closing Date or as are permitted to be obtained subsequent to the Closing Date in accordance with Section 7.13, Section 8.25 or
Section 8.37, or (b) relating to the performance of any Collateral Franchise Document the failure of which to obtain is not reasonably likely to have a Material Adverse Effect. 

Section 7.4 Binding Effect. 
 This Base Indenture and each other Related Document to which a Securitization Entity is a party is a legal, valid and binding obligation of each such Securitization Entity enforceable against such
Securitization Entity in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors’ rights generally or by general equitable
principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing). 

Section 7.5 Litigation. 
 There is no action, suit, proceeding or investigation pending against or, to the knowledge of any Co-Issuer, threatened against or affecting any Securitization Entity or of which any property or assets of
such Securitization Entity is the subject before any court or arbitrator or any Governmental Authority that would, individually or in the aggregate, affect the validity or enforceability of this Base Indenture or any Series Supplement, materially
adversely affect the performance by the Securitization Entities of their obligations hereunder or thereunder or which is reasonably likely to have a Material Adverse Effect. 
 Section 7.6 No ERISA Plan. 
 No Securitization Entity or any
corporation or any trade, business, organization or other entity (whether or not incorporated) that would be treated together with any Securitization Entity as a single employer under Section 414(b), (c), (m) or (o) of the Code or
Section 4001(a)(14) of ERISA has, except as provided on Schedule 7.6, established, maintains, contributes to, or has any liability in respect of (or has in the past six years established, maintained, contributed to, or had any liability
in respect of) any Plan. Except as provided on Schedule 7.6, no Securitization Entity has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability for continuation coverage
described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage laws. 

  
 74 

 Section 7.7 Tax Filings and Expenses. 

Each Securitization Entity has filed, or caused to be filed, all federal, state, local and foreign Tax returns and all other Tax returns
which, to the knowledge of any Co-Issuer, are required to be filed by, or with respect to the income, properties or operations of, such Securitization Entity (whether information returns or not), and has paid, or caused to be paid, all Taxes due, if
any, pursuant to said returns or pursuant to any assessment received by any Securitization Entity or otherwise, except such Taxes, if any, as are being contested in good faith and by appropriate proceedings and for which adequate reserves have been
set aside in accordance with GAAP. As of the Closing Date, except as set forth on Schedule 7.7, no Co-Issuer is aware of any proposed Tax assessments against any Domino’s Entity. Except as would not reasonably be expected to have a
Material Adverse Effect, no tax deficiency has been determined adversely to any Securitization Entity, nor does any Securitization Entity have any knowledge of any tax deficiencies. Each Securitization Entity has paid all fees and expenses required
to be paid by it in connection with the conduct of its business, the maintenance of its existence and its qualification as a foreign entity authorized to do business in each state and each foreign country in which it is required to so qualify,
except to the extent that the failure to pay such fees and expenses is not reasonably likely to result in a Material Adverse Effect. 
 Section 7.8 Disclosure. 
 All certificates, reports, statements,
notices, documents and other information furnished to the Trustee or the Noteholders by or on behalf of the Securitization Entities pursuant to any provision of the Indenture or any other Related Document, or in connection with or pursuant to any
amendment or modification of, or waiver under, the Indenture or any other Related Document, are, at the time the same are so furnished, complete and correct in all material respects (when taken together with all other information furnished by or on
behalf of the Domino’s Entities to the Trustee or the Noteholders, as the case may be), and give the Trustee or the Noteholders, as the case may be, true and accurate knowledge of the subject matter thereof in all material respects, and the
furnishing of the same to the Trustee or the Noteholders, as the case may be, shall constitute a representation and warranty by each Co-Issuer made on the date the same are furnished to the Trustee or the Noteholders, as the case may be, to the
effect specified herein. 
 Section 7.9 Investment Company Act. 

No Securitization Entity is, or is controlled by, an “investment company” within the meaning of the Investment Company Act.

  
 75 

 Section 7.10 Regulations T, U and X. 

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

Section 7.11 Solvency. 
 Both before and after giving effect to the transactions contemplated by the Indenture and the other Related Documents, each Securitization Entity is solvent within the meaning of the Bankruptcy Code and
any applicable state law and each Securitization Entity is not the subject of any voluntary or involuntary case or proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy or insolvency
law and no Event of Bankruptcy has occurred with respect to any Securitization Entity. 
 Section 7.12 Ownership of
Equity Interests; Subsidiaries. 
 (a) All of the issued and outstanding limited liability company interests of the SPV
Guarantor are owned by Domino’s International, all of which limited liability company interests have been validly issued and are owned of record by Domino’s International, free and clear of all Liens other than Permitted Liens. 

(b) All of the issued and outstanding limited liability company interests of the Master Issuer are owned by the SPV Guarantor, all of
which limited liability company interests have been validly issued and are owned of record by the SPV Guarantor, free and clear of all Liens other than Permitted Liens. 
 (c) All of the issued and outstanding limited liability company interests of the Domestic Distributor, the IP Holder and the Domestic Franchisor are owned by the Master Issuer, all of which limited
liability company interests have been validly issued and are owned of record by the Master Issuer, free and clear of all Liens other than Permitted Liens. 
 (d) All of the issued and outstanding capital stock of the International Franchisor and the SPV Canadian Holdco is owned by the Master Issuer, all of which capital stock has been validly issued, is fully
paid and non-assessable and are owned of record by the Master Issuer, free and clear of all Liens other than Permitted Liens. 

  
 76 

 (e) All of the issued and outstanding capital stock of the Canadian Distributor are owned
by the SPV Canadian Holdco, all of which capital stock has been validly issued and are owned of record by the SPV Canadian Holdco, free and clear of all Liens other than Permitted Liens. 

(f) All of the issued and outstanding limited liability company interests of the Domestic Distribution Real Estate Holder are owned by
the Domestic Franchisor, all of which limited liability company interests have been validly issued and are owned of record by the Domestic Franchisor, free and clear of all Liens other than Permitted Liens. 

(g) All of the issued and outstanding limited liability company interests of the Domestic Distribution Equipment Holder are owned by the
Domestic Distributor, all of which limited liability company interests have been validly issued and are owned of record by the Domestic Distributor, free and clear of all Liens other than Permitted Liens. 

(h) The Master Issuer has no subsidiaries and owns no Equity Interests in any other Person, other than the Domestic Distributor, the SPV
Canadian Holdco, the IP Holder, the International Franchisor, the Domestic Franchisor, the Canadian Distributor, the Domestic Distribution Real Estate Holder and the Domestic Distribution Equipment Holder and any Additional Securitization Entity.
The SPV Canadian Holdco has no subsidiaries and owns no Equity Interests in any other Person other than the Canadian Distributor and any Additional Securitization Entity. The Domestic Franchisor has no subsidiaries and owns no Equity Interests in
any other Person other than the Domestic Distribution Real Estate Holder and any Additional Securitization Entity. The Domestic Distributor has no subsidiaries and owns no Equity Interests in any other Person other than the Domestic Distribution
Equipment Holder and any Additional Securitization Entity. The Canadian Distributor, the IP Holder, the International Franchisor, the Domestic Distribution Real Estate Holder and the Domestic Distribution Equipment Holder have no subsidiaries and
own no Equity Interests in any other Person other than any Additional Securitization Entity. 
 Section 7.13 Security
Interests. 
 (a) Each Co-Issuer and Guarantor owns and has good title to its Collateral, free and clear of all Liens other
than Permitted Liens. The Co-Issuers’ and Guarantors’ rights under the Collateral Documents (except for any Franchisee Promissory Notes) constitute general intangibles under the applicable UCC. This Base Indenture and the Global G&C
Agreement constitute a valid and continuing Lien on the Collateral (other than the owned Domestic Manufacturing and Distribution Centers) in favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the Collateral
has been perfected (except as described on Schedule 7.13(a) or as permitted under Section 8.25(c) or Section 8.25(d)) and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against
creditors of and purchasers from each Co-Issuer and each Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws
affecting creditors’ rights generally or by 

  
 77 

 
general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing. The Co-Issuers and the Guarantors have received all
consents and approvals required by the terms of the Collateral to the pledge of the Collateral to the Trustee hereunder and under the Global G&C Agreement. The Co-Issuers and the Guarantors have caused, or shall have caused, the filing of all
appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the first-priority security interest in the Collateral granted to the Trustee hereunder or under the Global
G&C Agreement within ten (10) days of the date of this Agreement, or, in the case of Intellectual Property or the owned Domestic Manufacturing and Distribution Centers, shall take all action necessary to perfect such first-priority security
interest consistent with the obligations and time periods set forth in Section 8.25(c), Section 8.25(d) or Section 8.37, as applicable. 
 (b) Other than the security interest granted to the Trustee hereunder, pursuant to the other Related Documents or any other Permitted Lien, none of the Co-Issuers and none of the Guarantors has pledged,
assigned, sold or granted a security interest in the Collateral. All action necessary (including the filing of UCC-1 financing statements and filings with the PTO, the United States Copyright Office or any applicable foreign intellectual property
office or agency) to protect and evidence the Trustee’s security interest in the Collateral in the United States and in any Included Country has been, or shall be, duly and effectively taken, consistent with the obligations set forth in
Section 8.25(c), Section 8.25(d) or Section 8.37, except as described on Schedule 7.13(a). No security agreement, financing statement, equivalent security or lien instrument or continuation statement
authorized by any Co-Issuer and any Guarantor and listing such Co-Issuer or Guarantor as debtor covering all or any part of the Collateral is on file or of record in any jurisdiction in the United States or in any Included Country, except in respect
of Permitted Liens or such as may have been filed, recorded or made by such Co-Issuer or such Guarantor in favor of the Trustee on behalf of the Secured Parties in connection with this Base Indenture and the Global G&C Agreement, and no
Co-Issuer or Guarantor has authorized any such filing. 
 (c) All authorizations in this Base Indenture and the Global G&C
Agreement for the Trustee to endorse checks, instruments and securities and to execute financing statements, continuation statements, security agreements and other instruments with respect to the Collateral and to take such other actions with
respect to the Collateral authorized by this Base Indenture and the Global G&C Agreement are powers coupled with an interest and are irrevocable. 
 Section 7.14 Related Documents. 
 The Indenture Documents, the
Collateral Transaction Documents, the Account Agreements, the Depository Agreements, any Variable Funding Note Purchase Agreement, any Swap Contract, any Series Hedge Agreement and any Enhancement Agreement with respect to each Series of Notes are
in full force and effect. There are no outstanding defaults thereunder nor have events occurred which, with the giving of notice, the passage of time or both, would constitute a default thereunder. 

  
 78 

 Section 7.15 Non-Existence of Other Agreements. 

Other than as permitted by Section 8.22, (a) no Securitization Entity is a party to any contract or agreement of any
kind or nature and (b) no Securitization Entity is subject to any material obligations or liabilities of any kind or nature in favor of any third party, including, without limitation, Contingent Obligations. No Securitization Entity has engaged
in any activities since its formation (other than those incidental to its formation, the authorization and the issue of Series of Notes, the execution of the Related Documents to which such Securitization Entity is a party and the performance of the
activities referred to in or contemplated by such agreements). 
 Section 7.16 Compliance with Contractual Obligations
and Laws. 
 No Securitization Entity is in violation of (a) its Charter Documents, (b) any Requirement of Law
with respect to such Securitization Entity or (c) any Contractual Obligation with respect to Securitization Entity except, solely with respect to clauses (b) and (c), to the extent such violation could not reasonably be
expected to result in a Material Adverse Effect. 
 Section 7.17 Other Representations. 

All representations and warranties of each Securitization Entity made in each Related Document to which it is a party are true and
correct (i) if qualified as to materiality, in all respects, and (ii) if not qualified as to materiality, in all material respects (unless stated to relate solely to an earlier date, in which case such representations and warranties were
true and correct in all respects or in all material respects, as applicable, as of such earlier date), and are repeated herein as though fully set forth herein. 
 Section 7.18 No Employees. 
 Notwithstanding any other provision of
the Indenture or any Charter Documents of any Securitization Entity to the contrary, no Securitization Entity has any employees. 
 Section 7.19 Insurance. 
 The Securitization Entities maintain the
insurance coverages described on Schedule 7.19 hereto, in such amounts and covering such risks as is adequate for the conduct of their respective businesses and the value of their respective properties and as is customary for companies
engaged in similar businesses in similar industries. All policies of insurance of the Securitization Entities are in full force and effect and the Securitization Entities are in compliance with the terms of such policies in all material respects.
None of the Securitization 

  
 79 

 Entities has any reason to believe that it will not be able to renew its existing insurance coverage as and
when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Material Adverse Effect. All such insurance is primary coverage,
all premiums therefor due on or before the date hereof have been paid in full, and the terms and conditions thereof are no less favorable to the Securitization Entities than the terms and conditions of insurance maintained by their Affiliates that
are not Securitization Entities. 
 Section 7.20 Environmental Matters; Real Property. 

(a) None of the Securitization Entities are subject to any material liabilities or obligations pursuant to any Environmental Law.

 (b) None of the Securitization Entities (other than the Domestic Distribution Real Estate Holder and the Master Issuer)
owns, leases or operates any real property (other than in connection with any Refranchising Asset Disposition). 

Section 7.21 Intellectual Property. 
 (a) All of the material registrations and applications included in the Domino’s IP are subsisting, unexpired and have not been abandoned in any applicable jurisdiction except where such abandonment
could not reasonably be expected to have a Material Adverse Effect. 
 (b) Except as set forth on Schedule 7.21,
(i) the use of the Domino’s IP does not infringe or violate the rights of any third party in a manner that could reasonably be expected to have a Material Adverse Effect, (ii) the Domino’s IP is not being infringed or violated by
any third party in a manner that could reasonably be expected to have a Material Adverse Effect and (iii) there is no action or proceeding pending or, to the Co-Issuers’ knowledge, threatened alleging same that could reasonably be expected
to have a Material Adverse Effect. 
 (c) Except as set forth on Schedule 7.21, no action or proceeding is pending or,
to the Co-Issuers’ knowledge, threatened that seeks to limit, cancel or question the validity of any material Domino’s IP, or the use thereof, that could reasonably be expected to have a Material Adverse Effect. 

(d) The IP Holder is the exclusive owner of the Domino’s IP, free and clear of all Liens, set-offs, defenses and counterclaims of
whatsoever kind or nature (other than licenses granted in the ordinary course of business and the rights granted under the IP License Agreements, the Third-Party License Agreements, the Franchise Arrangements and the Permitted Liens). 

  
 80 

 (e) The Co-Issuers have not made and will not hereafter make any material assignment,
pledge, mortgage, hypothecation or transfer of any of the Domino’s IP (other than licenses granted in the ordinary course of business and the rights granted under the IP License Agreements, the Third-Party License Agreements, the Franchise
Arrangements and the Permitted Liens). 
 ARTICLE VIII 

COVENANTS 

Section 8.1 Payment of Notes. 
 (a) Each Co-Issuer shall pay or cause to be paid the principal of, and premium, if any, and interest, subject to Section 2.15(d), on the Notes when due pursuant to the provisions of this Base
Indenture and any applicable Series Supplement. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent holds on that date money designated for and sufficient to pay all principal, premium, if any, and
interest then due. Except as otherwise provided pursuant to a Variable Funding Note Purchase Agreement or any other Related Document, amounts properly withheld under the Code or any applicable state, local or foreign law by any Person from a payment
to any Noteholder of interest or principal or premium, if any, shall be considered as having been paid by the Co-Issuers to such Noteholder for all purposes of the Indenture and the Notes. 

(b) By acceptance of its Notes, each Noteholder agrees that the failure to provide the Paying Agent with appropriate tax certifications
(which includes (i) an Internal Revenue Service Form W-9 for United States persons (as defined under Section 7701(a)(30) of the Code) or any applicable successor form or (ii) an applicable Internal Revenue Service Form W-8, for
Persons other than United States persons, or applicable successor form) may result in amounts being withheld from payments to such Noteholder under this Base Indenture and any Series Supplement and that amounts withheld pursuant to applicable laws
shall be considered as having been paid by the Co-Issuers as provided in clause (a) above. 
 Section 8.2
Maintenance of Office or Agency. 
 (a) The Co-Issuers will maintain an office or agency (which may be an office of the
Trustee, the Registrar or co-registrar) where Notes may be surrendered for registration of transfer or exchange, where notices and demands to or upon the Co-Issuers in respect of the Notes and the Indenture may be served, and where, at any time when
the Co-Issuers are obligated to make a payment of principal of, and premium, if any, on the Notes, the Notes may be surrendered for payment. The Co-Issuers will give prompt written notice to the Trustee and the Servicer of the location, and any
change in the location, of such office or agency. If at any time the Co-Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee and the Servicer with the address thereof, such presentations and
surrenders may be made or served at the Corporate Trust Office and notices and demands may be made at the address set forth in Section 14.1 hereof. 

  
 81 

 (b) The Co-Issuers may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Co-Issuers will give prompt written notice to the Trustee and the Servicer of any such designation or
rescission and of any change in the location of any such other office or agency. The Co-Issuers hereby designate the applicable Corporate Trust Office as one such office or agency of the Co-Issuers. 

Section 8.3 Payment and Performance of Obligations. 
 The Co-Issuers will, and will cause the other Securitization Entities to, pay and discharge and fully perform, at or before maturity, all of their respective material obligations and liabilities,
including, without limitation, Tax liabilities and other governmental claims levied or imposed upon the Securitization Entity or upon the income, properties or operations of any Securitization Entity, judgments, settlement agreements and all
obligations of each Securitization Entity under the Collateral Documents, except where the same may be contested in good faith by appropriate proceedings (and without derogation from the material obligations of the Co-Issuers hereunder and the
Guarantors under the Global G&C Agreement regarding the protection of the Collateral from Liens (other than Permitted Liens)), and will maintain, in accordance with GAAP, reserves as appropriate for the accrual of any of the same. 

Section 8.4 Maintenance of Existence. 
 Each Co-Issuer will, and will cause each other Securitization Entity to, maintain its existence as a limited liability company, unlimited company or corporation validly existing, and in good standing
under the laws of its state or province of organization and duly qualified as a foreign limited liability company, unlimited company or corporation licensed under the laws of each state and each foreign country in which the failure to so qualify
would be reasonably likely to result in a Material Adverse Effect. Each Co-Issuer will, and will cause each other Securitization Entity (other than the International Franchisor, the SPV Canadian Holdco or any Additional Securitization Entity that is
a corporation) to, be treated as a disregarded entity within the meaning of United States Treasury regulation section 301.7701-2(c)(2) and no Co-Issuer will, or will permit any other Securitization Entity (other than the International Franchisor,
the SPV Canadian Holdco or any Additional Securitization Entity that is a corporation) to, be classified as a corporation or as an association taxable as a corporation or a publicly traded partnership taxable as a corporation for United States
federal tax purposes. 
 Section 8.5 Compliance with Laws. 

Each Co-Issuer will, and will cause each other Securitization Entity to, comply in all respects with all Requirements of Law with respect
to such Co-Issuer or such other Securitization Entity except where such noncompliance would not be reasonably likely to result 

  
 82 

 
in a Material Adverse Effect; provided, however, such noncompliance will not result in a Lien (other than a Permitted Lien) on any of the Collateral or any criminal liability on the
part of any Securitization Entity, the Manager or the Trustee. 
 Section 8.6 Inspection of Property; Books and
Records. 
 Each Co-Issuer will, and will cause each other Securitization Entity to, keep proper books of record and account
in which full, true and correct entries shall be made of all dealings and transactions, business and activities in accordance with GAAP. Each Co-Issuer will, and will cause each other Securitization Entity to, permit each of the Servicer, the
Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative and the Trustee or any Person appointed by any of them to act as its agent to visit and inspect any of its properties, to examine and make abstracts from any of
its books and records and to discuss its affairs, finances and accounts with its officers, directors, managers, employees and independent certified public accountants at the Servicer’s, the Manager’s, the Back-Up Manager’s, the
Controlling Class Representative’s, the Trustee’s or such Person’s expense, all at such reasonable times upon reasonable notice and as often as may reasonably be requested; provided, however, that during the continuance
of a Rapid Amortization Event or an Event of Default each of the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and the Trustee or any Person appointed by any of them to act as its agent may visit and conduct such
activities at any time and all such visits and activities shall be at the Co-Issuers’ expense. 
 Section 8.7
Actions under the Collateral Documents and Related Documents. 
 (a) Except as otherwise provided in
Section 8.7(d), no Co-Issuer will, or will permit any Securitization Entity to, take any action which would permit any Domino’s Entity or any other Person party to a Collateral Transaction Document to have the right to refuse to
perform any of its respective obligations under any of the Collateral Transaction Documents or that would result in the amendment, waiver, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any
Collateral Transaction Document. 
 (b) Except as otherwise provided in Section 3.2(a) or 8.7(d), no
Co-Issuer will, or will permit any Securitization Entity to, take any action which would permit any other Person party to a Collateral Franchise Document to have the right to refuse to perform any of its respective obligations under such Collateral
Franchise Document or that would result in the amendment, waiver, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, such Collateral Franchise Document if such action when taken on behalf of any
Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement. 
 (c) Except as
otherwise provided in Section 3.2(a), each Co-Issuer agrees that it will not, and will cause each Securitization Entity not to, without the prior written consent of the Control Party, exercise any right, remedy, power or privilege
available to it with respect to any obligor under a Collateral Document or under any instrument or agreement 

  
 83 

 included in the Collateral, take any action to compel or secure performance or observance by any such
obligor of its obligations to such Co-Issuer or such other Securitization Entity or give any consent, request, notice, direction or approval with respect to any such obligor. 
 (d) Each Co-Issuer agrees that it will not, and will cause each Securitization Entity not to, without the prior written consent of the Control Party, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any of the Related Documents; provided, however, that the Securitization Entities may agree to any amendment,
modification, supplement or waiver of any such term of any Related Document without any such consent: 
 (i) to
add to the covenants of any Securitization Entity for the benefit of the Secured Parties; or to add to the covenants of any Domino’s Entity for the benefit of any Securitization Entity; 

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

(iv) in the case of any Variable Funding Note Purchase Agreement, to the extent that the consent of the Control Party is
not required, pursuant to the terms of such agreement, for such amendment, modification, supplement or waiver. 
 (e) Upon the
occurrence of a Manager Termination Event under the Management Agreement, (i) each Co-Issuer will not, and will cause each other Securitization Entity not to, without the prior written consent of the Control Party, terminate the Manager and
appoint any successor Manager in accordance with the Management Agreement and (ii) each Co-Issuer will, and will cause each other Securitization Entity to, terminate the Manager and appoint one or more successor Managers in accordance with the
Management Agreement if and when so directed by the Control Party. 

  
 84 

 Section 8.8 Notice of Defaults and Other Events. 

Promptly (and in any event within two (2) Business Days) upon becoming aware of (i) any Potential Rapid Amortization Event,
(ii) any Rapid Amortization Event, (iii) any Potential Manager Termination Event, (iv) any Manager Termination Event, (iv) any Default, (v) any Event of Default or (vi) any default under any Collateral Transaction
Document, the Co-Issuers shall give the Trustee, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and the Rating Agencies with respect to each Series of Notes Outstanding notice thereof, together with an
Officer’s Certificate setting forth the details thereof and any action with respect thereto taken or contemplated to be taken by the Co-Issuers. The Co-Issuers shall, at their expense, promptly provide to the Servicer, the Manager, the Back-Up
Manager, the Controlling Class Representative and the Trustee such additional information as the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative or the Trustee may reasonably request from time to time in connection
with the matters so reported, and the actions so taken or contemplated to be taken. 
 Section 8.9 Notice of Material
Proceedings. 
 Without limiting Section 8.30, promptly (and in any event within five (5) Business Days)
upon the determination by either the chief financial officer or the chief legal officer of Holdco that the commencement or existence of any litigation, arbitration or other proceeding with respect to any Domino’s Entity would be reasonably
likely to have a Material Adverse Effect, the Co-Issuers shall give written notice thereof to the Trustee, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and the Rating Agencies. 

Section 8.10 Further Requests. 
 Each Co-Issuer will, and will cause each other Securitization Entity to, promptly furnish to the Trustee such other information as, and in such form as, the Trustee may reasonably request in connection
with the transactions contemplated hereby or by any Series Supplement. 
 Section 8.11 Further Assurances.

 (a) Each Co-Issuer will, and will cause each other Securitization Entity to, do such further acts and things, and execute
and deliver to the Trustee and the Servicer such additional assignments, agreements, powers and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral on behalf of the Secured Parties
as a perfected security interest subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of the Indenture or the other Related Documents or to better assure and confirm unto the Trustee, the Servicer, the
Noteholders or the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the
liens and security interests granted hereby and by the Global G&C Agreement, except as set forth on Schedule 8.11 or in Section 8.25. The Co-Issuers and the Guarantors 

  
 85 

 
intend the security interests granted pursuant to the Indenture and the Global G&C Agreement in favor of the Secured Parties to be prior to all other Liens (other than Permitted Liens) in
respect of the Collateral, and each Co-Issuer will, and will cause each other Securitization Entity to, take all actions necessary to obtain and maintain, in favor of the Trustee for the benefit of the Secured Parties, a first lien on and a first
priority perfected security interest in the Collateral (except with respect to Permitted Liens and except as set forth on Schedule 8.11 or in Section 8.25). If any Co-Issuer fails to perform any of its agreements or obligations
under this Section 8.11(a), the Servicer itself may perform such agreement or obligation, and the expenses of the Servicer incurred in connection therewith shall be payable by the Co-Issuers upon the Servicer’s demand therefor. The
Servicer is hereby authorized to execute and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee’s security interest in the
Collateral. 
 (b) If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any
promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and within two (2) Business Days physically delivered to the Trustee hereunder, and shall,
subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly. 

(c) Notwithstanding the provisions set forth in clauses (a) and (b) above, the Co-Issuers and the Guarantors
shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing statement), any Franchisee Promissory Notes or, except as provided in Section 8.37, any real property.

 (d) If during any Quarterly Collection Period, any Co-Issuer or Guarantor shall obtain an interest in any commercial tort
claim or claims (as such term is defined in the New York UCC) and such commercial tort claim or claims (when added to any past commercial tort claim or claims that were obtained by any Securitization Entity prior to such Quarterly Collection Period
that are still outstanding) have an aggregate value equal to or greater than $5,000,000 as of the last day of such Quarterly Collection Period, such Co-Issuer or Guarantor shall notify the Servicer on or before the third Business Day prior to the
next succeeding Quarterly Payment Date that it has obtained such an interest and shall sign and deliver documentation acceptable to the Servicer granting a security interest under the Base Indenture or the Global G&C Agreement, as the case may
be, in and to such commercial tort claim or claims whether obtained during such Quarterly Collection Period or prior to such Quarterly Collection Period. 
 (e) Each Co-Issuer will, and will cause each other Securitization Entity to, warrant and defend the Trustee’s right, title and interest in and to the Collateral and the income, distributions and
Proceeds thereof, for the benefit of the Trustee on behalf of the Secured Parties, against the claims and demands of all Persons whomsoever. 

  
 86 

 (f) On or before April 30 of each calendar year, commencing with April 30, 2013,
the Co-Issuers shall furnish to the Trustee, the Rating Agencies and the Servicer (with a copy to the Back-Up Manager) an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the
recording, filing, re-recording and refiling of this Base Indenture, any indentures supplemental hereto, the Global G&C Agreement and any other requisite documents and with respect to the execution and filing of any financing statements,
continuation statements and amendments to financing statements and such other documents as are, subject to clause (c) above, necessary to maintain the perfection of the Lien and security interest created by this Base Indenture and the
Global G&C Agreement under Article 9 of the New York UCC in the United States or under the PPSA and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such
Lien and security interest. Each such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Base Indenture, any indentures supplemental hereto, the Global G&C Agreement and any other requisite documents
and the execution and filing of any financing statements, continuation statements and amendments or other documents that will, in the opinion of such counsel, be required, subject to clause (c) above, to maintain the perfection of the
lien and security interest of this Base Indenture and the Global G&C Agreement under Article 9 of the New York UCC in the Collateral in the United States or under the PPSA until April 30 in the following calendar year. 

Section 8.12 Liens. 
 No Co-Issuer will, or will permit any other Securitization Entity to, create, incur, assume or permit to exist any Lien upon any of its property (including the Collateral), other than (i) Liens in
favor of the Trustee for the benefit of the Secured Parties and (ii) other Permitted Liens. 
 Section 8.13 Other
Indebtedness. 
 No Co-Issuer will, or will permit any other Securitization Entity to, create, assume, incur, suffer to
exist or otherwise become or remain liable in respect of any Indebtedness other than (i) Indebtedness hereunder or under the Global G&C Agreement or (ii) any guarantee by any Securitization Entity of the obligations of any other
Securitization Entity. 
 Section 8.14 No ERISA Plan. 

No Securitization Entity or any corporation or any trade, business, organization or other entity (whether or not incorporated), that
would be treated together with any Securitization Entity as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA shall establish, maintain, contribute to, incur any obligation to
contribute to, or incur any liability in respect of, any Plan. 

  
 87 

 Section 8.15 Mergers. 

On and after the Closing Date, no Co-Issuer will, or will permit any other Securitization Entity to, merge or consolidate with or into
any other Person (whether by means of single transaction or a series of related transactions) (other than the mergers of Overseas Franchisor LLC with and into the International Franchisor and of Overseas IP Holder LLC with and into the IP Holder and
other than any merger or consolidation of the Canadian Distributor with a newly created entity entered into solely for the purpose of amending the Charter Documents of the Canadian Distributor to conform the definitions of any terms used therein to
the corresponding definitions then in effect under the Base Indenture). 
 Section 8.16 Asset Dispositions.

 No Co-Issuer will, or will permit any other Securitization Entity to, sell, transfer, lease, license (other than pursuant to
licenses granted in the ordinary course of business, the IP License Agreements, the Franchise Arrangements, the Third-Party License Agreements or other sublicenses permitted under the IP License Agreements), liquidate or otherwise dispose of any of
its property (whether by means of a single transaction or a series of related transactions), including any Equity Interests of any other Securitization Entity, except in the case of the following (each, a “Permitted Asset
Disposition”): 
 (a) any Refranchising Asset Dispositions; provided that all Asset Disposition Proceeds
arising from any Refranchising Asset Disposition, unless the Control Party consents in writing to some other application of such proceeds (or any portion thereof) by the Master Issuer or any other Securitization Entity, shall be deposited into a
Concentration Account or the Collection Account; 
 (b) any Asset Resale Disposition; provided that all Asset Disposition
Proceeds arising from any Asset Resale Disposition, unless the Control Party consents in writing to some other application of such proceeds (or any portion thereof) by the Master Issuer or any other Securitization Entity, shall be deposited into a
Concentration Account or the Collection Account; 
 (c) any other sale, lease, license, transfer or other disposition of
property to which the Control Party has given the Master Issuer prior written consent; provided that all Asset Disposition Proceeds arising from such sale, lease, license, transfer or other disposition are deposited in accordance with the
instructions provided by the Control Party in the document providing such prior written consent and that if such document does not contain deposit instructions, then such Asset Disposition Proceeds shall be deposited into a Concentration Account or
the Collection Account; provided further, that the Master Issuer shall deliver a copy of such prior written consent to the Rating Agencies; 

  
 88 

 (d) any Real Estate Disposition; provided that all Asset Disposition Proceeds
received by the Domestic Distribution Real Estate Holder from any Real Estate Disposition will be reinvested in real property held by the Domestic Distribution Real Estate Holder and used for production or distribution purposes within 365 days of
the disposition giving rise to such proceeds or used to prepay the Notes; 
 (e) any Permitted Distribution Asset Disposition;
provided, that all Asset Disposition Proceeds arising from such Permitted Distribution Asset Disposition, unless the Control Party consents in writing to some other application of such proceeds (or any portion thereof) by the Master
Issuer or any Securitization Entity, will be reinvested in assets of the general type disposed of, and proceeds from Permitted Distribution Asset Dispositions that are not so reinvested within 365 days of the disposition giving rise to such proceeds
will be deposited into the Collection Account and applied pursuant to the Priority of Payments; 
 (f) any sale, lease,
license, liquidation, transfer or other disposition to another Securitization Entity pursuant to one of the Distribution and Contribution Agreements; and 
 (g) any other sale, lease, license, liquidation, transfer or other disposition of property not directly or indirectly constituting any asset dispositions permitted by clauses (a) through
(f) above and so long as such disposition when effected on behalf of any Securitization Entity by the Manager does not constitute a breach by the Manager of the Management Agreement; it being understood that any delivery to the Trustee
of any Note by any Co-Issuer or Securitization Entity, together with any cancellation thereof pursuant to Section 2.14, shall be deemed to be a Permitted Asset Disposition. 

Section 8.17 Acquisition of Assets. 
 No Co-Issuer will, or will permit any other Securitization Entity to, acquire, by long-term or operating lease or otherwise, any property if such acquisition when effected on behalf of any Securitization
Entity by the Manager would constitute a breach by the Manager of the Management Agreement. 
 Section 8.18 Dividends,
Officers’ Compensation, etc. 
 The Master Issuer will not declare or pay any distributions on any of its limited
liability company interests; provided, however, that so long as no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing with respect to any Series of Notes Outstanding or would
result therefrom, the Master Issuer may declare and pay distributions to the extent permitted under Section 18-607 of the Delaware Limited Liability Company Act and the Master Issuer Operating Agreement. Without limiting
Section 8.28, no Co-Issuer will, or will permit any other Securitization Entity to, pay any wages or salaries or other compensation to its officers, directors, managers or other agents except out of

  
 89 

 
earnings computed in accordance with GAAP or except for the fees paid to its Independent Managers. No Co-Issuer will, or will permit any other Securitization Entity to, redeem, purchase, retire
or otherwise acquire for value any Equity Interest in or issued by such Securitization Entity or set aside or otherwise segregate any amounts for any such purpose except as expressly permitted by the Indenture or as consented to by the Control
Party. The Co-Issuers may draw on Commitments with respect to any Series of Class A-1 Senior Notes for general corporate purposes of the Co-Issuers, except that the funds from these draws may only be used to pay dividends on Holdco shares or to
repurchase Holdco shares if at the time these dividends are paid or these shares are repurchased, at least $20,000,000 remains undrawn under the such Class A-1 Notes commitments and the conditions, if any, specified in the related Variable
Funding Note Purchase Agreement are satisfied. 
 Section 8.19 Legal Name, Location Under Section 9-301 or
9-307. 
 No Co-Issuer will, or will permit any other Securitization Entity to, change its location (within the meaning of
Section 9-301 or 9-307 of the applicable UCC) or its legal name without at least thirty (30) days’ prior written notice to the Trustee, the Servicer, the Manager, the Back-Up Manager and the Rating Agencies with respect to each Series
of Notes Outstanding. In the event that any Co-Issuer or other Securitization Entity desires to so change its location or change its legal name, such Co-Issuer will, or will cause such other Securitization Entity to, make any required filings and
prior to actually changing its location or its legal name such Co-Issuer will, or will cause such other Securitization Entity to, deliver to the Trustee and the Servicer (i) an Officer’s Certificate confirming that all required filings
have been made, subject to Section 8.11(c), to continue the perfected interest of the Trustee on behalf of the Secured Parties in the Collateral under Article 9 of the applicable UCC in respect of the new location or new legal name of
such Co-Issuer or other Securitization Entity and (ii) copies of all such required filings with the filing information duly noted thereon by the office in which such filings were made. 

Section 8.20 Charter Documents. 
 No Co-Issuer will, or will permit any other Securitization Entity to, amend, or consent to the amendment of any of its Charter Documents to which it is a party as a member or shareholder unless, prior to
such amendment, the Control Party shall have consented thereto and the Rating Agency Condition with respect to each Series of Notes Outstanding shall have been satisfied with respect to such amendment; provided, however, the Co-Issuers
and the other Securitization Entities shall be permitted to amend their Charter Documents without having to meet the Rating Agency Condition to cure any ambiguity, defect or inconsistency therein or if such amendments could not reasonably be deemed
to be disadvantageous to any Noteholder in the reasonable judgment of the Control Party; provided, further, that the Canadian Distributor shall be permitted to amend its Charter Documents without having received the consent of the
Control Party or having met the Rating Agency Condition to the extent necessary to conform the definitions of any terms used therein to the corresponding definitions then in effect under the Base Indenture. The Control Party may rely on an
Officer’s Certificate to make such determination. The Co-Issuers shall provide written notice to each Rating Agency of any amendment of any Charter Document of any Securitization Entity. 

  
 90 

 Section 8.21 Investments. 

No Co-Issuer will, or will permit any other Securitization Entity to, make, incur, or suffer to exist any loan, advance, extension of
credit or other investment in any Person if such investment when made on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement, other than (a) investments in the Base Indenture
Accounts, the Series Accounts and the Concentration Accounts, (b) any Franchisee Promissory Notes, (c) investments in any other Securitization Entity or (d) the transactions described in the proviso to Section 8.24(a)(vi).

 Section 8.22 No Other Agreements. 
 No Co-Issuer will, or will permit any other Securitization Entity to, enter into or be a party to any agreement or instrument other than any Related Document, any Collateral Franchise Document, any other
document permitted by a Series Supplement or the Related Documents, as the same may be amended, supplemented or otherwise modified from time to time, any documents related to any Enhancement (subject to Section 8.32) or any Series Hedge
Agreement (subject to Section 8.33), any documents relating to the transactions described in the proviso to Section 8.24(a)(vi) or any documents or agreements incidental thereto or any other agreement if such transaction when
effected on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement. 
 Section 8.23 Other Business. 
 No Co-Issuer will, or will permit any
other Securitization Entity to, engage in any business or enterprise or enter into any transaction other than the incurrence and payment of ordinary course operating expenses, the issuing and selling of the Notes and other activities related to or
incidental to any of the foregoing or any other transaction which when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement. 

Section 8.24 Maintenance of Separate Existence. 
 (a) Each Co-Issuer will, and will cause each other Securitization Entity to: 
 (i) maintain their own deposit and securities account, as applicable, or accounts, separate from those of any of its Affiliates (other than the other Securitization Entities), with commercial banking
institutions and ensure that the funds of the Securitization Entities will not be diverted to any Person who 

  
 91 

 
is not a Securitization Entity or for other than the use of the Securitization Entities, nor will such funds be commingled with the funds of any of its Affiliates (other than the other
Securitization Entities) other than as provided in the Related Documents; 
 (ii) ensure that all transactions
between it and any of its Affiliates (other than the other Securitization Entities), whether currently existing or hereafter entered into, shall be only on an arm’s length basis, it being understood and agreed that the transactions contemplated
in the Related Documents and the transactions described in the proviso to (vi) meet the requirements of this clause (ii); 
 (iii) to the extent that it requires an office to conduct its business, conduct its business from an office at a separate address from that of any of its Affiliates (other than the other Securitization
Entities); provided that segregated offices in the same building shall constitute separate addresses for purposes of this clause (iii). To the extent that any Securitization Entity and any of its members or Affiliates (other than the
other Securitization Entities) have offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such entity shall bear its fair share of such expenses; 

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

  
 92 

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

 (b) Each Co-Issuer, on behalf of itself and each of the other Securitization Entities, confirms that the statements relating
to the Co-Issuers referenced in the opinion of Ropes & Gray LLP regarding substantive consolidation matters delivered to the Trustee on each Series Closing Date are true and correct with respect to itself and each other Securitization
Entity, and that each Co-Issuer will, and will cause each other Securitization Entity to, comply with any covenants or obligations assumed to be complied with by it therein as if such covenants and obligations were set forth herein. 

Section 8.25 Covenants Regarding the Domino’s IP. 
 (a) No Co-Issuer will, or will permit any other Securitization Entity to, take or omit to take any action with respect to the maintenance, enforcement and defense of the IP Holder’s (or any
Additional IP Holder’s) rights in and to the Domino’s IP that would constitute a breach by the Manager of the Management Agreement if such action were taken or omitted by the Manager on behalf of any Securitization Entity. 

(b) The Co-Issuers will notify the Trustee, the Back-Up Manager and the Servicer in writing within ten (10) Business Days of any
Co-Issuer’s first knowing or having reason to know that any application or registration relating to any material Domino’s IP (now or hereafter existing) may become abandoned or dedicated to the public domain, or of any material adverse
determination or development (including the institution of, or any such determination or development in, any proceeding in the PTO, the United States Copyright Office, similar offices or agencies in any foreign countries in which the Domino’s
IP is located, or any court, but excluding office actions in the course of prosecution and any non-final determinations (other than in an adversarial proceeding) of the PTO or any similar office or agency in any such foreign country) regarding the
validity or any Securitization Entity’s ownership of any material Domino’s IP, its right to register the same, or to keep and maintain the same. 

  
 93 

 (c) With respect to the Domino’s IP, the IP Holder agrees to, and each other
Co-Issuer agrees to cause the IP Holder (and any Additional IP Holder), to the extent it has not already done so in connection with the issuance of the Series 2007-1 Notes, to, execute, deliver and file instruments substantially in the form of
Exhibit D-1 hereto with respect to Trademarks, Exhibit D-2 hereto with respect to Patents and Exhibit D-3 with respect to Copyrights, or otherwise in form and substance satisfactory to the Control Party, and any other
instruments or documents as may be reasonably necessary or, in Control Party’s opinion, desirable under the law of any applicable jurisdiction and agreed upon by the IP Holder (and each applicable Additional IP Holder) and the Control Party, in
the United States and, consistent with the obligations set forth in clause (d) below, any Included Country to perfect or protect the Trustee’s security interest granted under this Base Indenture and the Global G&C Agreement in
the Patents, Trademarks and Copyrights included in the Domino’s IP; provided that such instruments or the filing of such instruments in any Included Country does not have an adverse effect on the validity of any Securitization Entity’s
ownership of such Domino’s IP. 
 (d) To the extent it has not already done so in connection with the issuance of the
Series 2007-1 Notes, within a commercially reasonable period after the Closing Date (and in any event within 365 days of the Closing Date) the IP Holder (and any Additional IP Holder) will cause (i) each of Australia, Canada, Ireland, Mexico,
South Korea and the United Kingdom (such countries together with the United States, the “Specified Countries”) to qualify as a Perfected Country and (ii) the Perfection Ratio to be at least equal to 90%. Until a Rapid
Amortization Event occurs, the IP Holder (and any Additional IP Holder) will cause the Perfection Ratio, as calculated on each anniversary of the Closing Date, to be at least 90%. Upon the occurrence of a Rapid Amortization Event, within a
commercially reasonable time, the IP Holder (and any Additional IP Holder) will cause the Perfection Ratio to be equal to 100%; provided, however, (A) if in any jurisdiction, the Manager, on behalf of the IP Holder (or any
Additional IP Holder), is advised by counsel, that the instruments or filing of such instruments to perfect the Trustee’s security interest granted under the Base Indenture and the Global G&C Agreement in the Patents, Trademarks and
Copyrights included in the Domino’s IP may have an adverse effect on the validity of any Securitization Entity’s ownership of such Domino’s IP, then such jurisdiction for purposes of this clause (d) shall be deemed to
qualify as a Perfected Country for purposes of calculating the Perfection Ratio; (B) if in any jurisdiction, the Manager, on behalf of the Master Issuer, has delivered notice to the Control Party to the effect that there is no recording or
registration system in such jurisdiction available to perfect the Trustee’s security interest granted under the Base Indenture and the Global G&C Agreement in the Patents, Trademarks and Copyrights included in the Domino’s IP, then
such jurisdiction for purposes of this clause (d) shall be deemed to qualify as a Perfected Country for purposes of calculating the Perfection Ratio; and (C) upon the request of the Manager, on behalf of the Master Issuer, the
Control Party may decide to deem any jurisdiction to be a Perfected Country for purposes of calculating the Perfection Ratio (such request not to be unreasonably denied), if the Manager delivers a written notice to the Control Party stating that the
preparation and filing of any instruments to perfect the Trustee’s security interest granted under the Base Indenture and the Global G&C Agreement in the Patents, Trademarks and Copyrights included in the Domino’s IP would cause the
Securitization Entities to incur an unreasonable expense relative to the value of the Domino’s IP in such jurisdiction and specifying such value and expense in reasonable detail; provided that the foregoing clauses
(A) through (C) shall be inapplicable to any of the Specified Countries. 

  
 94 

 (e) If any Co-Issuer or any Guarantor, either itself or through any agent, licensee or
designee, shall file an application for the registration of any Patent, Trademark or Copyright with the PTO, the United States Copyright Office or any similar office or agency in any foreign country in which Domino’s IP is located (only to the
extent that doing so would not be reasonably expected to adversely affect the validity of any Securitization Entity’s ownership of such Domino’s IP), such Co-Issuer or Guarantor in a reasonable time after such filing (and in any event
within ninety (90) days) (i) shall give the Trustee and the Control Party written notice thereof and (ii) upon reasonable request of the Control Party, subject to Section 3.1(a)(iv), shall execute and deliver all
instruments and documents, and take all further action, that the Control Party may so request in order to continue, perfect or protect the security interest granted hereunder in the United States and, consistent with the obligations set forth in
clause (d) above, any Included Country, including, without limitation, executing and delivering (x) the Supplemental Grant of Security Interest in Trademarks substantially in the form attached as Exhibit E-1 hereto,
(y) the Supplemental Grant of Security Interest in Patents substantially in the form attached as Exhibit E-2 hereto and/or (z) the Supplemental Grant of Security Interest in Copyrights substantially in the form attached as
Exhibit E-3 hereto, as applicable; provided, however, that the filing of such instruments and documents, and the undertaking of any other requested action, does not have an adverse effect on the validity of any Securitization
Entity’s ownership of such Domino’s IP. 
 (f) In the event that any material Domino’s IP is infringed upon,
misappropriated or diluted by a third party in a material manner, the IP Holder (or any Additional IP Holder) upon becoming aware of such infringement, misappropriation or dilution shall promptly notify the Trustee and the Control Party in writing.
The IP Holder (or any Additional IP Holder) will take all reasonable and appropriate actions, at its expense, to protect or enforce such material Domino’s IP, including, if reasonable, suing for infringement, misappropriation or dilution and
seeking an injunction (including, if appropriate, temporary and/or preliminary injunctive relief) against such infringement, misappropriation or dilution, unless the failure to take such actions on behalf of the IP Holder (or any Additional IP
Holder) by the Manager would not constitute a breach by the Manager of the Management Agreement; provided that if the IP Holder (or any Additional IP Holder) decides not to take any action with respect to a material infringement,
misappropriation or dilution, the IP Holder (or the applicable Additional IP Holder) shall deliver written notice to the Trustee, the Manager, the Back-Up Manager and the Control Party setting forth in reasonable detail the basis for its decision
not to act, and none of the Manager, the Trustee, the Back-Up Manager or the Control Party will be required to take any actions on their behalf to protect or enforce the Domino’s IP against such infringement, misappropriation or dilution.

  
 95 

 Section 8.26 [Reserved]. 

Section 8.27 Real Property. 
 No Co-Issuer shall, or shall permit any other Securitization Entity to, enter into any lease of real property (other than any lease of real property entered into by the Master Issuer or in connection with
any Refranchising Asset Disposition). No Co-Issuer shall, or shall permit any other Securitization Entity to, acquire any fee interest in real property (other than any fee interest in real property acquired by the Domestic Distribution Real Estate
Holder). 
 Section 8.28 No Employees. 
 The Co-Issuers and the other Securitization Entities shall have no employees. 

Section 8.29 Insurance. 
 The Co-Issuers shall maintain, or cause the Manager to maintain, with financially sound insurers with an S&P Credit Rating of not less than “BBB-” and with a claims-paying ability rated not
less than “A-:VI” by A.M. Best’s Key Rating Guide, insurance coverages customary for business operations of the type conducted in respect of the System; provided that the Co-Issuer will cause the Manager to list each
Securitization Entity as an “additional insured” or “loss payee” on any insurance maintained by the Manager for the benefit of the Securitization Entity, which as of the Closing Date shall include every insurance policy
maintained by the Domino’s Entities. The terms and conditions of all such insurance shall be no less favorable to the Co-Issuers than the terms and conditions of insurance maintained by their Affiliates that are not Securitization Entities. The
Co-Issuers shall annually provide to the Trustee, the Servicer and the Back-Up Manager evidence reasonably satisfactory to the Servicer (which may be by covernote) that the insurance required to be maintained by the Co-Issuers hereunder is in full
force and effect, by not later than April 30 of each calendar year. Notwithstanding anything to the contrary contained herein, the Co-Issuers’ obligation under this Section 8.29 with respect to each applicable Domestic
Franchise Arrangement, International Franchise Arrangement and the Company-Owned Stores Master License Agreement shall be deemed satisfied if the applicable Securitization Entity has contractually obligated the Franchisee party to such Franchise
Arrangement or DPL, as party to the Company-Owned Stores Master License Agreement to maintain insurance with respect to such Franchise Arrangement or the Company-Owned Stores Master License Agreement, as the case may be, in a manner that is
customary for business operations of this type. 
 Section 8.30 Litigation. 

If Holdco is not then subject to Section 13 or 15(d) of the Exchange Act, the Co-Issuers shall, on each Quarterly Payment Date,
provide a written report to the Servicer, the Manager, the Back-Up Manager and the Rating Agencies that sets forth all outstanding litigation, arbitration or other proceedings against any Domino’s Entity that would have been required to be

  
 96 

 
disclosed in Holdco’s annual reports, quarterly reports and other public filings which Holdco would have been required to file with the Securities and Exchange Commission pursuant to
Section 13 or 15(d) of the Exchange Act if Holdco were subject to such Sections. 
 Section 8.31 Environmental.
The Co-Issuers shall, and shall cause each other Securitization Entity to, promptly notify the Servicer, the Manager, the Back-Up Manager, the Trustee and the Rating Agencies, in writing, upon receipt of any written notice of which any
Securitization Entity becomes aware from any source (including but not limited to a governmental entity) relating in any way to any possible material liability of any Securitization Entity pursuant to any Environmental Law. 

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

Section 8.33 Series Hedge Agreements; Derivatives Generally. 

(a) No Series Hedge Agreement shall be provided in respect of any Series of Notes, nor will any Hedge Counterparty have any rights
hereunder, as third-party beneficiary or otherwise, unless the Control Party has provided its prior written consent to such Series Hedge Agreement, such consent not to be unreasonably withheld, and the Master Issuer has delivered a copy of such
prior written consent to the Rating Agencies. 
 (b) Without the prior written consent of the Control Party, no Co-Issuer will,
or will permit any other Securitization Entity to, enter into any derivative contract, swap, option, hedging contract, forward purchase contract or other similar agreement or instrument (other than forward purchase agreements entered into by the
Master Issuer with third-party vendors on behalf of the System in the ordinary course of business) if any such contract, agreement or instrument requires the Co-Issuers to expend any financial resources to satisfy any payment obligations owed in
connection therewith; provided that the Master Issuer shall deliver a copy of any such prior written consent to the Rating Agencies. 
 Section 8.34 Additional Securitization Entity. 
 (a) Any Co-Issuer in
accordance with and as permitted under the Related Documents, may form or cause to be formed an Additional Securitization Entity without the consent of the Control Party; provided that such Additional Securitization Entity is a Delaware
limited liability company or a Delaware corporation (so long as the use of such corporate form is reasonably satisfactory to the Control Party) and has adopted Charter Documents substantially similar to the Charter Documents of the Securitization
Entities that are Delaware limited liability companies or Delaware corporations, as applicable, as in existence on the Closing Date. 

  
 97 

 (b) If any Co-Issuer desires to create, incorporate, form or otherwise organize an
Additional Securitization Entity that does not comply with the proviso set forth in clause (a) above, such Co-Issuer shall first obtain the prior written consent of the Control Party, such consent not to be unreasonably withheld;
provided that the Master Issuer shall deliver a copy of any such prior written consent to the Rating Agencies. 
 (c) In
connection with the organization of any Additional Securitization Entity in conjunction with clause (a) or (b) above, the Co-Issuers shall request and implement the direction of the Control Party at such time of formation as
to whether the Co-Issuers shall designate such Additional Securitization Entity as (i) an Additional Co-Issuer or (ii) an Additional Subsidiary Guarantor. 
 (d) In connection with the organization of any Additional Securitization Entity in conjunction with clause (a) or (b) above, the Co-Issuers shall, if applicable, designate such
Additional Securitization Entity as (i) an Additional Franchisor; provided that such Additional Securitization Entity acts as a “franchisor,” (ii) an Additional IP Holder; provided that such Additional
Securitization Entity owns Domino’s IP, (iii) an Additional Distributor; provided that such Additional Securitization Entity operates a distribution business, and/or (iv) an Additional Asset Holder, provided that such
Securitization Entity owns or leases either equipment, real estate or both equipment and real estate; 
 (e) If such Additional
Securitization Entity is designated to be an Additional Co-Issuer, the Co-Issuers shall cause such Additional Securitization Entity to promptly execute a Supplement to the Indenture in the form of Exhibit M pursuant to which such Additional
Securitization Entity shall become jointly and severally obligated under the Indenture with the other Co-Issuers. 
 (f) If
such Additional Securitization Entity is designated to be an Additional Subsidiary Guarantor, the Co-Issuer shall cause such Additional Securitization Entity to promptly execute an Assumption Agreement in form set forth as Exhibit A to the Global
G&C Agreement shall become jointly and severally obligated under the Global G&C Agreement with the other Guarantors. 

(g) Upon the execution and delivery of a Supplement as required by clause (e) above, any Additional Securitization Entity
party thereto will become a party to the Indenture with the same force and effect as if originally named therein as a Co-Issuer and, without limiting the generality of the Indenture, will assume all Obligations and liabilities of a Co-Issuer
thereunder. 
 (h) Upon the execution and delivery of an Assumption Agreement as required in clause (f) above, any
Additional Securitization Entity party thereto will become a party to the Global G&C Agreement with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the Global G&C Agreement,
will assume all Obligations and liabilities of a Guarantor thereunder. 

  
 98 

 (i) The Control Party will have the right to direct that Future Brand Assets be held by
one or more newly formed Additional IP Holders if the Control Party reasonably believes that such Future Brand Assets could impair the Collateral if it were held by the IP Holder and that separating the ownership of such Future Brand Assets from the
rest of the Domino’s IP will not impair the enforceability of the Domino’s IP. In making any determination with respect to Future Brand Assets, the Control Party will have the right to consult with the Back-Up Manager or other third-party
experts. 
 Section 8.35 Subordinated Debt Repayments. No Co-Issuer shall repay any Subordinated Debt or Senior
Subordinated Debt after the Series Anticipated Repayment Date with amounts obtained by the Master Issuer from the SPV Guarantor, Domino’s International or any other direct or indirect owner of Equity Interests of the Master Issuer in the form
of any capital contributions or any portion of any Residual Amounts distributed to the Master Issuer pursuant to the Priority of Payments unless and until all Senior Notes Outstanding have been paid in full and are no longer Outstanding. 

Section 8.36 Tax Lien Reserve Amount. Upon receipt of any Tax Lien Reserve Amount, the Master Issuer will remit such amount
to a collateral deposit account established with and controlled by the Trustee in which the Trustee shall have a security interest; provided that the Trustee will not release such Tax Lien Reserve Amount from such account unless: (a) the
Servicer instructs the Trustee in writing to withdraw and pay all of such Tax Lien Reserve Amount in accordance with the written instructions of the Master Issuer upon receipt by the Trustee, the Servicer, the Manager, the Back-Up Manager and the
Controlling Class Representative of reasonably satisfactory evidence that the Lien for which such Tax Lien Reserve Amount was established has been released by the Internal Revenue Service; (b) the Master Issuer, or the Manager on behalf of the
Master Issuer, delivers written instructions to the Trustee to withdraw and pay all or a portion of such Tax Lien Reserve Amount to the Internal Revenue Service on behalf of the Domino’s Entities; provided that the Master Issuer shall
deliver, or cause to be delivered, prior written notice of any such written instruction to the Servicer; or (c) the Control Party instructs the Trustee in writing to withdraw and pay all or a portion of such Tax Lien Reserve Amount to the
Internal Revenue Service (i) upon the occurrence and during the continuation of an Event of Default or (ii) upon receipt of written notice from any Securitization Entity stating that the Internal Revenue Service intends to execute on the
Lien for which such Tax Lien Reserve Amount was established in respect of any assets of any Securitization Entity; provided that the Control Party shall deliver a copy of any such written instruction to DPL. 

Section 8.37 Mortgages. The Domestic Distribution Real Estate Holder shall have, within ninety (90) days of the Closing
Date with respect to each owned Domestic Manufacturing and Distribution Center existing as of the Closing Date and within ninety (90) days of the acquisition of any owned Domestic Manufacturing and Distribution Center acquired on or after the
Closing Date, executed and delivered to the Trustee, for the benefit of the Secured Parties, a Mortgage in substantially the form attached as Exhibit L hereto and suitable for recordation under applicable law with respect to each such owned
Domestic Manufacturing and 

  
 99 

 
Distribution Center to be held in escrow by the Trustee or its agent and recorded by the Trustee or its agent solely upon the occurrence of a Mortgage Recordation Event (subject to
Section 3.1(c) hereof). For the avoidance of doubt, the Domestic Distribution Real Estate Holder shall not be required to, and the Trustee may not, record or cause to be recorded any Manufacturing and Distribution Center Mortgage until
the occurrence of a Mortgage Recordation Event. Upon the request of the Domestic Distribution Real Estate Holder, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing
of a sale of any owned Domestic Manufacturing and Distribution Center; provided that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee. 

ARTICLE IX 

REMEDIES 

Section 9.1 Rapid Amortization Events. 
 Upon the occurrence, as and when declared by the Control Party (at the direction of the Controlling Class Representative) by written notice to the Trustee and the Co-Issuers, of any one of the following
events: 
 (a) the Quarterly DSCR with respect to any Quarterly Payment Date is less than the Rapid Amortization DSCR
Threshold; 
 (b) on any Quarterly Payment Date, the sum of Global Retail Sales for all Stores for the thirteen
(13) Fiscal Periods ended on the last day of the immediately preceding Fiscal Period is less than $4,150,000,000; 
 (c) a
Manager Termination Event shall have occurred; 
 (d) an Event of Default shall have occurred; or 

(e) the Co-Issuers have not repaid or refinanced any Series of Notes (or Class thereof) in full on or prior to the Series Anticipated
Repayment Date relating to such Series or Class, 
 a “Rapid Amortization Event” shall be deemed to have occurred without the
giving of further notice or any other action on the part of the Trustee or any Noteholder; provided, however, that upon the occurrence of the event set forth in clause (e) above, a Rapid Amortization Event shall
automatically occur without any declaration thereof by the Control Party (at the direction of the Controlling Class Representative) unless the Control Party (at the direction of the Controlling

  
 100

 
Class Representative) and each affected Noteholder has agreed to waive such event in accordance with Section 13.2. For the avoidance of doubt, any Scheduled Principal Payments set
forth in any Series Supplement shall continue to be made when due and payable subsequent to the occurrence of a Rapid Amortization Event, except that no Scheduled Principal Payments with respect to any Series of Notes shall be due and payable
subsequent to the occurrence of a Rapid Amortization Event set forth in clause (e) above. Upon the occurrence of a Rapid Amortization Event, the Trustee, at the direction of the Control Party, will deliver, for recordation, the
Manufacturing and Distribution Center Mortgages granted by the Domestic Distribution Real Estate Holder and held in escrow by the Trustee for the benefit of the Secured Parties, unless such requirement to record is waived by the Control Party,
acting at the direction of the Controlling Class Representative. 
 Section 9.2 Events of Default. 

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

(a) any Co-Issuer defaults in the payment of interest on, or other amount payable (other than amounts referred to in clause
(b) below) in respect of, any Series of Notes Outstanding when the same becomes due and payable (in each case without giving effect to payments of any interest on, or other amount payable in respect of, any Series of Notes made by any
financial guarantor that has insured or guaranteed payment of interest on, or other amounts payable in respect of, such Series of Notes) and such default continues for two Business Days; provided that the failure to pay any Prepayment Premium
on any prepayment of principal made during any Rapid Amortization Period occurring prior to the related Series Anticipated Repayment Date will not be an Event of Default; 
 (b) any Co-Issuer defaults in the payment of any principal of any Series of Notes Outstanding when the same becomes due and payable (whether on any Series Legal Final Maturity Date, any redemption date,
any prepayment date or any maturity date or otherwise with respect to such Series and without giving effect to payments of any principal of any Series of Notes made by any financial guarantor that has insured or guaranteed payment of principal of
such Series of Notes); 
 (c) the Quarterly DSCR with respect to any Quarterly Payment Date is less than 1.1; 

(d) any Securitization Entity fails to comply with any of its other agreements or covenants in, or other provisions of, the Indenture or
any other Related Document (other than with respect to any provision of the Charter Documents covered by clause (i) below) to which it is a party and the failure continues unremedied for a period of thirty (30) days (or, in the case
of a failure to comply with any of the agreements, covenants or provisions of any IP License Agreement, such longer cure period, not to exceed 90 days, as may be permitted under such IP License Agreement) after the earlier of (i) the date on
which any Securitization Entity 

  
 101

 
obtains knowledge thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, is given to any Securitization Entity by the Trustee or to each
Securitization Entity and the Trustee by the Control Party (at the direction of the Controlling Class Representative); 
 (e)
any representation made by any Securitization Entity in the Indenture or any other Related Document is false in any material respect when made and such false representation is not cured for a period of thirty (30) days after the earlier of
(i) the date on which any Securitization Entity obtains knowledge thereof or (ii) the date that written notice thereof is given to any Securitization Entity by the Trustee or to each Securitization Entity and the Trustee by the Control
Party (at the direction of the Controlling Class Representative); provided, however, that no Event of Default shall occur pursuant to this clause (e) if, with respect to any such representation deemed to have been false in
any material respect when made, (i) Domino’s International, the Canadian Manufacturer, DPL, PMC LLC, PFS, the Overseas Franchisor or the Overseas IP Holder, as the case may be, has made an Indemnification Payment to the SPV Guarantor, the
IP Holder, the International Franchisor, the Canadian Distributor or the Domestic Distribution Equipment Holder, as the case may be, pursuant to Section 7.1 of the Domino’s International Contribution and Sale Agreement, the IP Assets
Contribution Agreement, the DPL Contribution and Sale Agreement, the Canadian Distribution Assets Sale Agreement, any of the Overseas Contribution Agreements or any of the Domestic Distribution Contribution Agreements, as the case may be, and the
SPV Guarantor, if applicable, has made a contribution equal to such Indemnification Payment to the Master Issuer in accordance with Section 2 of the SPV Guarantor Contribution Agreement or Section 7.1 of the SPV Guarantor Domestic
Distribution and Overseas IP Holder Contribution Agreement, as applicable, with respect to such representation or the Manager has made an indemnification payment to the Master Issuer pursuant to Section 2.8 of the Management Agreement and
(ii) such Indemnification Payment has been deposited into the Collection Account; 
 (f) the occurrence of an Event of
Bankruptcy with respect to any Securitization Entity; 
 (g) the Securities and Exchange Commission or other regulatory body
having jurisdiction reaches a final determination that any Securitization Entity is an “investment company” or is under the “control” of an “investment company”; 

(h) any of the Related Documents or any material portion thereof ceases to be in full force and effect, enforceable in accordance with
its terms against any Domino’s Entity bound thereby or any Domino’s Entity so asserts in writing, other than (A) a Related Document that is terminated in accordance with the express termination provisions thereof or pursuant to a
Permitted Asset Disposition, or that is terminated in the ordinary course of business and which termination could not reasonably be expected to result in a Material Adverse Effect, and (B) a Related Document that ceases to be in full force and
effect, or enforceable in accordance with its terms, because of actions, omissions, or breaches of representations or warranties by any party to such Related Document that is not a Domino’s Entity; 

  
 102

 (i) any Securitization Entity fails to comply in any material respect with any of the
provisions of Section 5(c), 7, 8, 9(a), 9(h), 9(j), 10, 11(f), 16, 20(a)(v), 20(a)(vi), 21, 22, 23, 24, 25 or 30 of the Master Issuer Operating Agreement or the comparable provisions of any other Securitization Entity’s Charter Documents
and such failure continues for a period of five (5) Business Days after (i) the date on which any Securitization Entity obtains knowledge thereof or (ii) the date on which written notice of such failure is given to any Securitization
Entity by the Trustee or to each Securitization Entity and the Trustee by the Control Party (at the direction of the Controlling Class Representative); 
 (j) the transfer of any material portion of the property contributed pursuant to any Pre-Securitization Contribution and Sale Agreement, the Domino’s International Contribution and Sale Agreement,
any Overseas Contribution Agreement or any Domestic Distribution Contribution Agreement fails to constitute a valid transfer of ownership of such property and the Proceeds thereof; provided, however, that no Event of Default will occur
pursuant to this clause (j) if, with respect to any such property deemed not have been validly transferred, Domino’s International has made an Indemnification Payment to the SPV Guarantor pursuant to Section 7.1 of the
Domino’s International Contribution and Sale Agreement or the Domino’s International Domestic Distribution and Overseas IP Holder Contribution Agreement, as applicable, with respect to such property and the SPV Guarantor has made a
contribution equal to such Indemnification Payment to the Master Issuer pursuant to Section 2 of the SPV Guarantor Contribution Agreement or Section 7.1 of the SPV Guarantor Domestic Distribution and Overseas IP Holder Contribution
Agreement, as applicable, with respect to such property; 
 (k) (i) the IP Holder (or any Additional IP Holder) fails to have
good title to the Domino’s IP, free and clear of all Liens, other than Permitted Liens or (ii) the Master Issuer itself or through any of its wholly-owned Subsidiaries fails to have good title to the Franchise Arrangements, the
Distribution Assets and all other Collateral (except for the Domino’s IP), free and clear of all Liens, other than Permitted Liens, in each of cases (i) and (ii) except in each case for such failures which, collectively, could not
reasonably be expected to result in a Material Adverse Effect; 
 (l) the Trustee ceases to have for any reason a valid and
perfected first priority security interest in the Collateral to the extent required by the Related Documents or any Domino’s Entity or any Affiliate thereof so asserts in writing; 

(m) a final judgment or order for the payment of money is rendered against any Securitization Entity and such judgment or order is in an
amount that, when aggregated with the amount of other unsatisfied final judgments or orders against any Securitization Entity exceeds $10,000,000 and either: (i) such judgment or order is not discharged within the period of thirty
(30) days after entry thereof or (ii) there is any period of thirty (30) consecutive days during which a stay of enforcement of such judgment or order is not in effect; or 

  
 103

 (n) the IRS files notice of a lien pursuant to Section 6323 of the Code with regard
to the assets of any Securitization Entity and such lien has not been released within 60 days, unless (i) Holdco has provided evidence that payment to satisfy the full amount of the asserted liability has been provided to the IRS, and the IRS
has released such asserted lien within 60 days of such payment, or (ii) such lien or the asserted liability is being contested in good faith and a Tax Lien Reserve Amount exists, which such funds are set aside and remitted to a collateral
deposit account as provided in Section 8.36; 
 then (i) in the case of any event described in each clause above (except for
clause (f) thereof) that is continuing the Trustee, at the direction of the Control Party (at the direction of the Controlling Class Representative) and on behalf of the Noteholders, by written notice to the Co-Issuers, may declare the
Notes of all Series to be immediately due and payable, and upon any such declaration the unpaid principal amount of the Notes of all Series, together with accrued and unpaid interest thereon through the date of acceleration, and all other amounts
due to the Noteholders and the other Secured Parties under the Indenture Documents shall become immediately due and payable or (ii) in the case of any event described in clause (f) above, the unpaid principal amount of the Notes of
all Series, together with interest accrued but unpaid thereon through the date of acceleration, and all other amounts due to the Noteholders and the other Secured Parties under the Indenture, shall immediately and without further act become due and
payable. Promptly following its receipt of written notice hereunder of any Event of Default, the Trustee shall send a copy thereof to the Co-Issuers, the Servicer, each Rating Agency, the Controlling Class Representative, the Manager, the Back-Up
Manager, each Noteholder and each other Secured Party. 
 At any time after such a declaration of acceleration with respect to
the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee, as hereinafter provided in this Article IX, the Control Party (at the direction of the Controlling Class Representative),
by written notice to the Co-Issuers and to the Trustee, may rescind and annul such declaration and its consequences, if all existing Events of Default, other than the non-payment of the principal of the Notes which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section 9.7. No such rescission shall affect any subsequent default or impair any right consequent thereon. Any acceleration resulting from any event described in
clause (f) above may not be rescinded. 
 Section 9.3 Rights of the Control Party and Trustee upon Event of
Default. 
 (a) Payment of Principal and Interest. Each Co-Issuer covenants that if (i) default is made in the
payment of any interest on any Series of Notes Outstanding when the same becomes due and payable, (ii) the Notes are accelerated following the occurrence of an Event of Default or (iii) default is made in the payment of the principal of,
or premium, if any, on any Series of Notes Outstanding when due and payable, the Co-Issuers will, to the extent of funds available, upon demand of the Trustee, at the direction of the Control Party (subject to Section 11.4(e), at the
direction of the Controlling Class Representative), pay to the Trustee, for the benefit of the Noteholders, the whole amount then due and payable on the Notes for principal, 

  
 104

 
premium, if any, and interest, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Note Rate and any default
rate, as applicable, and in addition thereto such further amount as shall be sufficient to cover costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel.

 (b) Proceedings To Collect Money. In case any Co-Issuer shall fail forthwith to pay such amounts upon such demand,
the Trustee at the direction of the Control Party (at the direction of the Controlling Class Representative), in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may
prosecute such Proceeding to judgment or final decree, and may enforce the same against any Co-Issuer and collect in the manner provided by law out of the property of any Co-Issuer, wherever situated, the moneys adjudged or decreed to be payable.

 (c) Other Proceedings. If and whenever an Event of Default shall have occurred and be continuing, the Trustee, at the
direction of the Control Party (subject to Section 11.4(e), at the direction of the Controlling Class Representative) shall take one or more of the following actions: 

(i) proceed to protect and enforce its rights and the rights of the Noteholders and the other Secured Parties, by such
appropriate Proceedings as the Control Party (at the direction of the Controlling Class Representative) shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in the
Indenture or any other Related Document or in aid of the exercise of any power granted therein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by the Indenture or any other Related Document or by law,
including any remedies of a secured party under applicable law; 
 (ii) (A) direct the Co-Issuers to exercise
(and each Co-Issuer agrees to exercise) all rights, remedies, powers, privileges and claims of any Co-Issuer against any party to any Collateral Document arising as a result of the occurrence of such Event of Default or otherwise, including the
right or power to take any action to compel performance or observance by any such party of its obligations to any Co-Issuer, and any right of any Co-Issuer to take such action independent of such direction shall be suspended, and (B) if
(x) the Co-Issuers shall have failed, within ten (10) Business Days of receiving the direction of the Trustee (given at the direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially
reasonable action to accomplish such directions of the Trustee, (y) any Co-Issuer refuses to take such action or (z) the Control Party (at the direction of the Controlling Class Representative) reasonably determines that such action must
be taken immediately, take such previously directed action (and any related action as permitted under the Indenture thereafter determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other
provision under the Indenture to direct the Co-Issuers to take such action); 

  
 105

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

(iv) sell all or a portion of the Collateral at one or more public or private sales called and conducted in any manner
permitted by law; provided, however, that the Trustee shall not proceed with any such sale without the prior written consent of the Control Party (at the direction of the Controlling Class Representative) and the Trustee will provide
notice to the Co-Issuers and each Holder of Subordinated Notes and Senior Subordinated Notes of a proposed sale of Collateral. 

(d) Sale of Collateral. In connection with any sale of the Collateral hereunder, under the Global G&C Agreement (which may
proceed separately and independently from the exercise of remedies under the Indenture) or under any judgment, order or decree in any judicial proceeding for the foreclosure or involving the enforcement of the Indenture, the Global G&C Agreement
or any other Related Document: 
 (i) any of the Trustee, any Noteholder, any Enhancement Provider, any Hedge
Counterparty and/or any other Secured Party may bid for and purchase the property being sold, and upon compliance with the terms of the sale may hold, retain, possess and dispose of such property in its own absolute right without further
accountability; 
 (ii) the Trustee (at the direction of the Control Party (at the direction of the Controlling
Class Representative)) may make and deliver to the purchaser or purchasers a good and sufficient deed, bill of sale and instrument of assignment and transfer of the property sold; 

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

  
 106

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

(e) Application of Proceeds. Any amounts obtained by the Trustee on account of or as a result of the exercise by the Trustee of
any right hereunder or under the Global G&C Agreement shall be held by the Trustee as additional collateral for the repayment of Obligations, shall be deposited into the Collection Account and shall be applied as provided in Article V;
provided, however, that unless otherwise provided in this Article IX, that with respect to any distribution to any Class of Notes, notwithstanding the provisions of Article V, such amounts shall be distributed
sequentially in order of alphabetical designation and pro rata among each Class of Notes of the same alphabetical designation based upon Outstanding Principal Amount of the Notes of each such Class. 

(f) Additional Remedies. In addition to any rights and remedies now or hereafter granted hereunder or under applicable law with
respect to the Collateral, the Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction. 
 (g) Proceedings. The Trustee may maintain a Proceeding even if it does not possess any of the Notes or does not produce any of them in the Proceeding, and any such Proceeding instituted by the
Trustee shall be in its own name as trustee. All remedies are cumulative to the extent permitted by law. 
 (h) Power of
Attorney. Each Co-Issuer hereby grants to the Trustee an absolute power of attorney to sign, upon the occurrence and during the continuance of an Event of Default, any document which may be required by the PTO, United States Copyright Office,
any similar office or agency in each foreign country in which any Domino’s IP is located, or any other Governmental Authority in order to effect an absolute assignment of all right, title and interest in or to any Domino’s IP, and record
the same. 
 Section 9.4 Waiver of Appraisal, Valuation, Stay and Right to Marshaling. To the extent it may lawfully
do so, each Co-Issuer for itself and for any Person who may claim through or under it hereby: 

  
 107

 (a) agrees that neither it nor any such Person will step up, plead, claim or in any manner
whatsoever take advantage of any appraisal, valuation, stay, extension or redemption laws, now or hereafter in force in any jurisdiction, which may delay, prevent or otherwise hinder (i) the performance, enforcement or foreclosure of the
Indenture or the Global G&C Agreement, (ii) the sale of any of the Collateral or (iii) the putting of the purchaser or purchasers thereof into possession of such property immediately after the sale thereof; 

(b) waives all benefit or advantage of any such laws; 
 (c) waives and releases all rights to have the Collateral marshaled upon any foreclosure, sale or other enforcement of the Indenture; and 

(d) consents and agrees that, subject to the terms of the Indenture and the Global G&C Agreement, all the Collateral may at any such
sale be sold by the Trustee as an entirety or in such portions as the Trustee may (upon direction by the Controlling Class Representative) determine. 
 Section 9.5 Limited Recourse. 
 Notwithstanding any other provision of
the Indenture, the Notes or any other Related Document or otherwise, the liability of the Securitization Entities to the Noteholders and any other Secured Parties under or in relation to the Indenture, the Notes or any other Related Document or
otherwise, is limited in recourse to the Collateral. The Collateral having been applied in accordance with the terms hereof, none of the Noteholders or any other Secured Parties shall be entitled to take any further steps against any Securitization
Entity to recover any sums due but still unpaid hereunder, under the Notes or under any of the other agreements or documents described in this Section 9.5, all claims in respect of which shall be extinguished. 

Section 9.6 Optional Preservation of the Collateral. 

If the maturity of the Outstanding Notes of each Series has been accelerated pursuant to Section 9.2 following an Event of
Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, at the direction of the Control Party (acting at the direction of the Controlling Class Representative), shall elect to maintain possession of such
portion, if any, of the Collateral as the Control Party (acting at the direction of the Controlling Class Representative) shall in its discretion determine. 
 Section 9.7 Waiver of Past Events. 
 Prior to the declaration of the
acceleration of the maturity of each Series of Notes Outstanding as provided in Section 9.2 and subject to Section 13.2, the Control Party (at the direction of the Controlling Class Representative) by notice to the Trustee
and the Rating 

  
 108

 
Agencies, may waive any existing Default or Event of Default described in any clause of Section 9.2 (except clause (f) thereof) and its consequences; provided,
however, that before any waiver may be effective, the Trustee and the Servicer must have received any reimbursement then due or payable in respect of unreimbursed Servicing Advances (including interest thereon) or any other amounts then due
to the Servicer or the Trustee hereunder or under the Related Documents; provided, further, that the Control Party shall provide written notice of any such waiver to each Rating Agency. Upon any such waiver, such Default shall cease to
exist and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. A Default or an Event
of Default described in clause (f) of Section 9.2 shall not be subject to waiver without the consent of the Control Party (acting at the direction of the Controlling Class Representative) and each Noteholder. Subject to
Section 13.2, the Control Party (at the direction of the Controlling Class Representative), by notice to the Trustee and the Rating Agencies, may waive any existing Potential Rapid Amortization Event or any existing Rapid Amortization
Event; provided however, that a Rapid Amortization Event described in clause (e) of Section 9.1 relating to a particular Series of Notes (or Class thereof) shall not be permitted to be waived by any party unless each affected
Noteholder has consented to such waiver. 
 Section 9.8 Control by the Control Party. 

Notwithstanding any other provision hereof, the Control Party (subject to Section 11.4(e), at the direction of the
Controlling Class Representative) may cause the institution of and direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercise any trust or power conferred on the Trustee; provided that:

 (a) such direction of time, method and place shall not be in conflict with any rule of law, the Servicing Standard or with
the Indenture; 
 (b) the Control Party (at the direction of the Controlling Class Representative) may take any other action
deemed proper by the Control Party (at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the same may be modified by the Control Party (with the consent of the Controlling Class Representative));
and 
 (c) such direction shall be in writing; 
 provided further that, subject to Section 10.1, the Trustee need not take any action that it determines might involve it in liability unless it has received an indemnity for such
liability as provided herein. 

  
 109

 Section 9.9 Limitation on Suits. 

Any other provision of the Indenture to the contrary notwithstanding, a Holder of Notes may pursue a remedy with respect to the Indenture
or any other Related Document only if: 
 (a) the Noteholder gives to the Trustee, the Control Party and the Controlling Class
Representative written notice of a continuing Event of Default; 
 (b) the Noteholders of at least 25% of the aggregate
Principal Amount of all then Outstanding Notes make a written request to the Trustee, the Control Party and the Controlling Class Representative to pursue the remedy; 
 (c) such Noteholder or Noteholders offer and, if requested, provide to the Trustee, the Control Party and the Controlling Class Representative indemnity satisfactory to the Trustee, the Control Party and
the Controlling Class Representative against any loss, liability or expense; 
 (d) the Trustee does not comply with the
request within sixty (60) days after receipt of the request and the offer and, if requested, the provision of indemnity reasonably satisfactory to it; 
 (e) during such sixty (60) day period the Majority of Senior Noteholders do not give the Trustee a direction inconsistent with the request; and 

(f) the Control Party (at the direction of the Controlling Class Representative) has consented to the pursuit of such remedy.

 A Noteholder may not use the Indenture or any other Related Document to prejudice the rights of another Noteholder or to obtain a preference
or priority over another Noteholder. 
 Section 9.10 Unconditional Rights of Noteholders to Receive Payment.

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

  
 110

 Section 9.11 The Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel), the Noteholders and any other Secured Party (as applicable) allowed in any judicial
proceedings relative to any Co-Issuer (or any other obligor upon the Notes), its creditors or its property, and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claim
and any custodian in any such judicial proceeding is hereby authorized by each Noteholder and each other Secured Party to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Noteholders or any other Secured Party, to pay the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 10.5. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 10.5 out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money and other properties which any of the Noteholders or any other Secured
Party may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Noteholder or any other Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Noteholder or any other Secured Party, or to authorize the Trustee to vote
in respect of the claim of any Noteholder or any other Secured Party in any such proceeding. 
 Section 9.12 Undertaking
for Costs. 
 In any suit for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee
for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of any undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 9.12 does not apply to a suit by the
Trustee, a suit by a Noteholder pursuant to Section 9.9 or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of Notes. 

Section 9.13 Restoration of Rights and Remedies. 
 If the Trustee, any Noteholder or any other Secured Party has instituted any Proceeding to enforce any right or remedy under the Indenture or any other Related Document and such Proceeding has been
discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder or other Secured Party, then and in every such case the Trustee and the Noteholders shall, subject to any determination in such
proceeding, be 

  
 111

 
restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee, the Noteholders and the other Secured Parties shall continue as
though no such Proceeding had been instituted. 
 Section 9.14 Rights and Remedies Cumulative. 

No right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Notes or any other Secured Party is intended to
be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under the Indenture or any other Related Document or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy under the Indenture or any other Related Document, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 Section 9.15 Delay or Omission Not Waiver. 

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

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

  
 112

 ARTICLE X 
 THE TRUSTEE 
 Section 10.1 Duties of the Trustee. 

(a) If an Event of Default or Rapid Amortization Event has occurred and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by the Indenture and the other Related Documents, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs; provided, however,
that the Trustee shall have no liability in connection with any action or inaction taken, or not taken, by it upon the deemed occurrence of an Event of Default, a Rapid Amortization Event, a Manager Termination Event or a Servicer Termination Event
of which a Trust Officer has not received written notice; provided, further, however, that the Trustee shall have no liability in connection with any action or inaction due to the acts or failure to act of the Control Party or
the Controlling Class Representative in connection with any Event of Default, Rapid Amortization Event, Manager Termination Event or Servicer Termination Event or for acting or failing to act due to any direction or lack of direction from the
Control Party or the Controlling Class Representative. The preceding sentence shall not have the effect of insulating the Trustee from liability arising out of the Trustee’s negligence or willful misconduct. The Trustee, upon receipt of all
resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee which are specifically required to be furnished pursuant to any provision of the Indenture, shall examine them to determine
whether they conform to the requirements of this Indenture; provided, however, that the Trustee shall not be responsible for the accuracy or content of any resolution, certificate, statement opinion, report, document, order or other
instrument furnished by the Co-Issuers under the Indenture. 
 (b) Except during the occurrence and continuance of an Event of
Default, Rapid Amortization Event, Manager Termination Event or Servicer Termination Event of which a Trust Officer shall have Actual Knowledge: 
 (i) The Trustee undertakes to perform only those duties that are specifically set forth in the Indenture or any other Related Document to which it is a party and no others, the Trustee shall not be liable
except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into the Indenture or any other Related Document against the Trustee; and 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of the Indenture and any other applicable Related Document; provided, however, in the case of
any such certificates or 

  
 113

 
opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine such certificates or opinions to determine whether or
not they conform to the requirements of the Indenture and shall promptly notify the party of any non-conformity. 
 (c) The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) This clause (c) does not limit the effect of clause (b) of this Section 10.1. 

(ii) The Trustee shall not be liable in its individual capacity for any error of judgment made in good faith by a Trust
Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (iii) The
Trustee shall not be liable in its individual capacity with respect to any action it takes, suffers or omits to take in good faith in accordance with a direction received by it pursuant to the Indenture. 

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

(d) Notwithstanding anything to the contrary contained in the Indenture or any of the other Related Documents, no provision of the
Indenture or the other Related Documents shall require the Trustee to expend or risk its own funds or incur any material liability (financial or otherwise) if there are reasonable grounds for believing that the repayment of such funds is not
reasonably assured to it by the security afforded to it by the terms of the Indenture or the Global G&C Agreement. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against
any risk, loss, liability or expense. 
 (e) In the event that the Paying Agent or the Registrar shall fail to perform any
obligation, duty or agreement in the manner or on the day required to be performed by the Paying Agent or the Registrar, as the case may be, under the Indenture, the Trustee shall be obligated as soon as practicable upon Actual Knowledge of a Trust
Officer thereof and receipt of appropriate records and information, if any, to perform such obligation, duty or agreement in the manner so required. 

  
 114

 (f) Subject to Section 10.3, all moneys received by the Trustee shall, until
used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law or the Indenture or any of the other Related Documents. 

(g) Whether or not therein expressly so provided, every provision of the Indenture and the other Related Documents relating to the
conduct of, affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section 10.1. 
 (h) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral,
whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes negligence, bad faith or willful misconduct on the part of the Trustee, for the
validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Securitization Entities to the Collateral, for insuring the Collateral or for the payment of Taxes, charges, assessments
or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. Except as otherwise provided herein, the Trustee shall have no duty to inquire as to the performance or observance of any of the terms of the Indenture or the other
Related Documents by the Securitization Entities. 
 (i) The Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with the Indenture or at the direction of the Servicer, the Control Party or the Controlling Class Representative, relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, under the Indenture. 
 (j) The Trustee shall have no duty (i) to see to any
recording, filing or depositing of this Base Indenture or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recordings or filing or
depositing or to any rerecording, refilling or redeposition of any thereof (other than with respect to filings of the Manufacturing and Distribution Center Mortgages as and to the extent provided in Section 3.1(c)); (ii) to see to
any insurance, (iii) except as otherwise provided by Section 10.1(e), to see to the payment or discharge of any tax, assessment or other governmental charge or any lien or encumbrance of any kind or (iv) to confirm or verify
the contents of any reports or certificates of the Manager, the Control Party, the Back-Up Manager or the Servicer delivered to the Trustee pursuant to this Base Indenture believed by the Trustee to be genuine and to have been signed or presented by
the proper party or parties. 

  
 115

 (k) The Trustee shall not be personally liable for special, indirect, consequential or
punitive damages arising out of, in connection with or as a result of the performance of its duties under the Indenture. 
 (l)      (i) Notwithstanding anything to the contrary in this Section 10.1, the Trustee shall make Debt Service Advances to the extent and in the manner set forth
in Section 5.12(c) hereof: provided, however, that notwithstanding anything herein or in any other Related Document to the contrary, the Trustee will not be responsible for advancing any principal on the Senior Notes, any
Senior Notes Monthly Post-ARD Contingent Interest, any reserve amounts, any make-whole premiums, any Class A-1 Senior Notes Administrative Expenses, any Class A-1 Senior Notes Aggregate Monthly Commitment Fees, or any interest or principal
payable on, or any other amounts due with respect to, the Senior Subordinated Notes and the Subordinated Notes. 
 (ii) Notwithstanding anything herein to the contrary, no Debt Service Advance shall be required to be made hereunder by the Trustee if the Trustee determines such Debt Service Advance (including interest
thereon) would, if made, constitute a Nonrecoverable Advance. The determination by the Trustee that it has made a Nonrecoverable Advance or that any proposed Debt Service Advance, if made, would constitute a Nonrecoverable Advance, shall be made by
the Trustee in its reasonable good faith judgment. The Trustee is entitled to conclusively rely on the determination of the Servicer that a Debt Service Advance is or would be a Nonrecoverable Advance. Any such determination will be conclusive and
binding on the Noteholders. The Trustee may update or change its nonrecoverability determination at any time, and may decide that a requested Debt Service Advance or Collateral Protection Advance that was previously deemed to be a Nonrecoverable
Advance shall have become recoverable. Notwithstanding the foregoing, all outstanding Debt Service Advances and Collateral Protection Advances made by the Trustee and any accrued interest thereon will be paid strictly in accordance with the Priority
of Payments, even if the Trustee determines that any such advance is a Nonrecoverable Advance after such Servicing Advance has been made. 
 (iii) The Trustee shall be entitled to receive interest at the Advance Interest Rate accrued on the amount of each Debt Service Advance made thereby (with its own funds) for so long as such Debt Service
Advance is outstanding. Such interest with respect to any Debt Service Advance made pursuant to this Section 10.1(l) shall be payable out of Collections in accordance with the Priority of Payments pursuant to Section 5.11
hereof and the other applicable provisions of the Related Documents. 

  
 116

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

(c) The Trustee may act through agents, custodians and nominees and shall not be liable for any misconduct or negligence on the part of,
or for the supervision of, any such non-affiliated agent, custodian or nominee so long as such agent, custodian or nominee is appointed with due care; provided, however, the Trustee shall have received the consent of the Servicer prior
to the appointment of any agent, custodian or nominee performing any material obligation of the Trustee hereunder. 
 (d) The
Trustee shall not be liable for any action it takes, suffers or omits to take in the absence of negligence which it believes to be authorized or within the discretion or rights or powers conferred upon it by the Indenture or the applicable Related
Documents. 
 (e) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Base
Indenture, any Series Supplement or any other Related Document, or to institute, conduct or defend any litigation hereunder or thereunder or in relation hereto or thereto, at the request, order or direction of the Servicer, the Control Party, the
Controlling Class Representative, any of the Noteholders or any other Secured Party, pursuant to the provisions of this Base Indenture or any Series Supplement, unless the Trustee shall have been offered reasonable security or indemnity satisfactory
to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby. 
 (f) Prior to the
occurrence of an Event of Default or Rapid Amortization Event, the Trustee shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, approval, bond or other paper or document, unless requested in writing so to do by the Noteholders of at least 25% of the aggregate Principal Amount of all then Outstanding Notes. If the Trustee is so requested or determines in its
own discretion to make such further inquiry or investigation into such facts or matters as it sees fit, the Trustee shall be entitled to examine the books, records and premises of the Securitization Entities, personally or by agent or attorney, at
the sole cost of the Co-Issuers and the Trustee shall incur no liability by reason of such inquiry or investigation. 

  
 117

 (g) The right of the Trustee to perform any discretionary act enumerated in this Base
Indenture shall not be construed as a duty, and the Trustee shall be not be liable in the absence of negligence or willful misconduct for the performance of such act. 
 (h) In accordance with Section 326 of the U.S.A. Patriot Act, to help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and record information that
identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask for the name, address, tax identification number and other information that will allow the Trustee to identify the individual
or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided. 

(i) Notwithstanding anything to the contrary herein, any and all communications (both text and attachments) by or from the Trustee that
the Trustee in its sole discretion deems to contain confidential, proprietary or sensitive information and sent by electronic mail will be encrypted. The recipient of the email communication will be required to complete a one-time registration
process. Information and assistance on registering and using the email encryption technology can be found at the Trustee’s secure website www.citigroup.com/citigroup/citizen/privacy/email.htm or by calling (866) 535-2504 (in the U.S.) or
(904) 954-6181 at any time. 
 (j) The Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military
disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents; labor disputes; acts of civil or military authority or governmental actions (it being
understood that the Trustee shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances). 
 Section 10.3 Individual Rights of the Trustee. 
 The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Securitization Entities or an Affiliate of the Securitization Entities with the same rights it would have if it were not Trustee. Any Agent may
do the same with like rights. 

  
 118

 Section 10.4 Notice of Events of Default and Defaults. 

If an Event of Default, a Default, a Rapid Amortization Event or a Potential Rapid Amortization Event occurs and is continuing and if it
is actually known to a Trust Officer, or written notice of the existence thereof has been delivered to a Trust Officer, the Trustee shall promptly provide the Noteholders, the Servicer, the Manager, the Back-Up Manager, the Co-Issuers, any
Class A-1 Administrative Agent and each Rating Agency with notice of such Event of Default, Default, Rapid Amortization Event or Potential Rapid Amortization Event, to the extent that the Notes of such Series are Book-Entry Notes, by telephone
and facsimile and otherwise by first class mail. 
 Section 10.5 Compensation and Indemnity. 

(a) The Co-Issuers shall promptly pay to the Trustee from time to time compensation for its acceptance of the Indenture and services
hereunder and under the other Related Documents to which the Trustee is a party as the Trustee and the Co-Issuers shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Co-Issuers shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services in accordance with the provisions
of the Indenture (including, without limitation, the Priority of Payments). Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and outside counsel. The Co-Issuers shall not be required to
reimburse any expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence. When the Trustee incurs expenses or renders services after an Event of Default or Rapid Amortization Event occurs, the expenses and the
compensation for the services are intended to constitute expenses of administration under the Bankruptcy Code. 
 (b) The
Co-Issuers shall jointly and severally indemnify and hold harmless the Trustee or any predecessor Trustee and their respective directors, officers, agents and employees from and against any loss, liability, claim, expense (including taxes, other
than taxes based upon, measured by or determined by the income of the Trustee or such predecessor Trustee), damage or injury suffered or sustained by reason of any acts, omissions or alleged acts or omissions arising out of or in connection with
(i) the activities of the Trustee or such predecessor Trustee pursuant to this Base Indenture, any Series Supplement or any other Related Documents to which the Trustee is a party and (ii) the security interest granted hereby, whether
arising by virtue of any act or omission on the part of the Master Issuer or otherwise, including but not limited to any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses reasonably incurred in connection with
the defense of any actual or threatened action, proceeding, claim (whether asserted by the Co-Issuers, the Servicer, the Control Party or any Noteholder or any other Person), liability in connection with the exercise or performance of any of its
powers or duties hereunder or under any Related Document, the preservation of any of its rights to, or the realization upon, any of the Collateral, or in connection with enforcing the provisions of this Section 10.5(b); provided,
however, that the Co-Issuers shall not indemnify the 

  
 119

 
Trustee, any predecessor Trustee or their respective directors, officers, employees or agents if such acts, omissions or alleged acts or omissions constitute, willful misconduct, bad faith or
negligence by the Trustee or such predecessor Trustee, as the case may be. 
 (c) The provisions of this
Section 10.5 shall survive the termination of the Indenture and the resignation and removal of the Trustee. 

Section 10.6 Replacement of the Trustee. 
 (a) A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this
Section 10.6. 
 (b) The Trustee may, after giving thirty (30) days prior written notice to the Co-Issuers,
the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative, each Class A-1 Administrative Agent and each Rating Agency, resign at any time from its office and be discharged from the trust hereby created;
provided, however, that no such resignation of the Trustee shall be effective until a successor trustee has assumed the obligations of the Trustee hereunder. The Control Party (at the direction of the Controlling Class Representative)
or the Majority of Noteholders of the Controlling Class may remove the Trustee at any time by so notifying the Trustee and the Co-Issuers. So long as no Event of Default or Rapid Amortization Event has occurred and is continuing, the Co-Issuers
(with the prior written consent of the Control Party) may remove the Trustee at any time. The Co-Issuers (with the prior written consent of the Control Party) shall remove the Trustee if: 

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

(ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee
under the Bankruptcy Code; 
 (iii) a custodian or public officer takes charge of the Trustee or its property;
or 
 (iv) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Co-Issuers shall promptly, with the prior written consent of the Control Party appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Majority of Noteholders of the Controlling Class (with the prior written consent of the Control Party) may appoint a successor Trustee to replace the successor Trustee
appointed by the Co-Issuers. 

  
 120

 (c) If a successor Trustee does not take office within sixty (60) days after the
retiring Trustee resigns or is removed, the retiring Trustee, at the expense of the Co-Issuers, may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(d) If the Trustee after written request by the Servicer or any Noteholder fails to comply with Section 10.8, the Servicer
or such Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (e) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee or removed Trustee and to the Servicer and the Co-Issuers. Thereupon the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Base Indenture, any Series Supplement and any other Related Document to which the Trustee is a party. The
successor Trustee shall mail a notice of its succession to Noteholders and each Class A-1 Administrative Agent. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided,
however, that all sums owing to the retiring Trustee hereunder have been paid. Notwithstanding replacement of the Trustee pursuant to this Section 10.6, the Co-Issuers’ obligations under Section 10.5 shall
continue for the benefit of the retiring Trustee. 
 Section 10.7 Successor Trustee by Merger, etc. 

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

Section 10.8 Eligibility Disqualification. 
 (a) There shall at all times be a Trustee hereunder which shall (i) be a bank or trust company organized and doing business under the laws of the United States of America or of any state thereof
authorized under such laws to exercise corporate trustee power, (ii) be subject to supervision or examination by federal or state authority, (iii) have a combined capital and surplus of at least $250,000,000 as set forth in its most recent
published annual report of condition, (iv) be reasonably acceptable to the Servicer and (v) have a long-term unsecured debt rating of at least “BBB+” and “Baa1” by Standard & Poor’s and Moody’s,
respectively. 
 (b) At any time the Trustee shall cease to satisfy the eligibility requirements of
Section 10.8(a), the Trustee shall resign immediately in the manner and with the effect specified in Section 10.6. 

  
 121

 Section 10.9 Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Base Indenture, any Series Supplement or any other Related Document, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any part of the Collateral may at the time be located, the Trustee shall have the power upon notice to the Control Party, the Co-Issuers and each Class A-1
Administrative Agent and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders and the other Secured Parties, such title to the Collateral, or any part thereof, and, subject to the other provisions of this Section 10.9, such powers, duties,
obligations, rights and trusts as the Trustee may consider necessary or desirable. Any co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 10.8 or shall be
otherwise acceptable to the Servicer. No notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 10.6. No co-trustee shall be appointed without the consent of the Servicer and the
Co-Issuers unless such appointment is required as a matter of state law or to enable the Trustee to perform its functions hereunder. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i) the Notes of each Series shall be authenticated and delivered solely by the Trustee or an authenticating agent
appointed by the Trustee; 
 (ii) all rights, powers, duties and obligations conferred or imposed upon the
Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the
Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to perform, such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of
the Trustee; 
 (iii) no trustee hereunder shall be personally liable by reason of any act or omission of any
other trustee hereunder and such appointment shall not, and shall not be deemed to, constitute any such trustee or co-trustee as an agent of the Trustee; and 

  
 122

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

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

 Section 10.10 Representations and Warranties of Trustee. 

The Trustee represents and warrants to the Co-Issuers and the Noteholders that: 

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

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

(d) the Trustee meets the requirements of eligibility as a trustee hereunder set forth in Section 10.8(a). 

  
 123

 ARTICLE XI 
 CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY 
 Section 11.1
Controlling Class Representative. 
 (a) Within five (5) Business Days following the Closing Date, the Trustee
shall deliver a notice in the form of Exhibit G attached hereto, through the Applicable Procedures of the Clearing Agency for the related Series and posted to the Trustee’s internet website at www.sf.citidirect.com, announcing
that there will be an election of a Controlling Class Representative and offering Controlling Class Members the opportunity to provide the Trustee with their contact information in writing within ten (10) Business Days of the date of such
notice should they wish to participate in the election (such election, the “Initial CCR Election”). The Trustee shall provide any contact information that it receives, and any contact information in the Initial Controlling Class
Member List, to the Manager and the Master Issuer upon request. During the Initial CCR Election, any notices and communications required to be sent by the Trustee pursuant to this Section 11.1 shall be sent directly to the Controlling
Class Members at the mail and e-mail addresses provided to the Trustee in the Initial Controlling Class Member List and by each Controlling Class Member individually, and all communications delivered to the Trustee by any Controlling Class Member
shall be sent directly by such Controlling Class Member (and not through the Applicable Procedures of the Clearing Agency). During any subsequent CCR Election, both the Trustee and the Controlling Class Members shall be entitled to rely on the
Applicable Procedures of the Clearing Agency for all such notices and communications. 
 (b) Within 30 days after the Closing
Date or any CCR Re-election Event, the Trustee will send to each of the Controlling Class Members a written notice (with copies to the Manager and the Master Issuer) in the form attached as Exhibit H hereto, announcing an election and
soliciting nominations for a Controlling Class Representative (a “CCR Election Notice”). Each Controlling Class Member will be allowed to nominate one CCR Candidate by submitting a nomination in the form attached as Exhibit I
hereto (a “CCR Nomination”) within either (i) in the case of the Initial CCR Election, ten (10) Business Days of the date of the CCR Election Notice, or (ii) in the case of any subsequent election, thirty
(30) calendar days (such period, as applicable, the “CCR Nomination Period”). Each Controlling Class Member submitting a CCR Nomination shall represent that (i) as of (A) for the Initial CCR Election, the Closing Date
or (B) in the case of any subsequent election, a date not more than ten (10) Business Days prior to the date of the CCR Election Notice as determined by the Trustee (either such date, the “Nomination Record Date”) it was
the Note Owner or Noteholder, as applicable, of the Outstanding Principal Amount of Notes of the Controlling Class specified by it in the CCR Nomination; and (ii) the CCR Candidate that it has nominated pursuant to such CCR Nomination is either
(A) a Controlling Class Member or (B) an Eligible Third-Party Candidate; 

  
 124

 
provided, that for purposes of such nomination and determining the CCR Candidates pursuant to Section 11.1(c), with respect to any Series of Class A-1 Senior Notes
Outstanding, the Class A-1 Senior Notes Voting Amount shall be used in place of the Outstanding Principal Amount of such Series. 
 (c) Within three Business Days following the end of the CCR Nomination Period, the Trustee shall either (i) notify the Manager, the Master Issuer, the Servicer and the Controlling Class Members that
no nominations have been received and that the election will not be held, or (ii) prepare and send to each applicable Controlling Class Member a ballot in the form of Exhibit J attached hereto (the “CCR Ballot”) naming
the top three candidates based upon the highest aggregate Outstanding Principal Amount of Notes of Controlling Class Members nominating such candidate (or, if less than three (3) candidates are nominated, the CCR Ballot will list all
candidates). Each Controlling Class Member shall, in its sole discretion, indicate its vote for Controlling Class Representative by returning a completed CCR Ballot directly to the Trustee within (i) in the case of the Initial CCR Election, ten
(10) Business Days of the date of the CCR Ballot or (ii) in the case of any subsequent election, within thirty (30) calendar days (a “CCR Election Period”). Each Controlling Class Member returning a completed CCR
Ballot will also be required to confirm that, as of the date of the CCR Ballot (the “CCR Voting Record Date”), such Controlling Class Member was the owner or beneficial owner of the Outstanding Principal Amount of Notes of the
Controlling Class specified by such Controlling Class Member in the CCR Ballot; provided that for the purposes of such certification and the tabulation of votes pursuant to Section 11.1(d), with respect to any Series of
Class A-1 Senior Notes Outstanding, the Class A-1 Senior Notes Voting Amount shall be used in place of the Outstanding Principal Amount of such Series. 
 (d) If a CCR Candidate receives votes from Controlling Class Members holding beneficial interests in at least 50% of the Outstanding Principal Amount of Notes of the Controlling Class (or any beneficial
interest therein) that are Outstanding as of the CCR Voting Record Date and with respect to which votes were submitted (which may be less than the Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date), such
CCR Candidate shall be appointed the Controlling Class Representative by the Trustee promptly after the conclusion of the CCR Election Period. Notes of the Controlling Class held by any Co-Issuer or any Affiliate of any Co-Issuer will not be
considered Outstanding for such voting purposes. If two CCR Candidates both receive votes from Controlling Class Members holding beneficial interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class, the
Trustee shall appoint one of such CCR Candidates as the Controlling Class Representative at the direction of the Manager, pursuant to the Management Agreement. In the event that no CCR Candidate receives 50% of the Aggregate Outstanding Principal
Amount of Notes of the Controlling Class, the Trustee will notify the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling Class Members that no Controlling Class Representative shall be
appointed, and the Control Party will exercise the consent and waiver rights of the Controlling Class Representative until a CCR Re-election Event occurs and a new Controlling Class Representative is elected. 

  
 125

 (e) In the event that a Controlling Class Representative is elected pursuant to
Section 11.1(d) or the Trustee appoints a Controlling Class Representative at the direction of the Manager pursuant to Section 11.1(d), the Trustee shall forward an acceptance letter in the form of Exhibit K attached
hereto (a “CCR Acceptance Letter”) to such Controlling Class Representative. No Person shall be appointed Controlling Class Representative unless it executes such CCR Acceptance Letter, pursuant to which it shall (i) agree to
act as the Controlling Class Representative, (ii) provide its name and contact information and permit such information to be shared with the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the
Controlling Class Members and (iii) represent and warrant that it is either a Controlling Class Member or an Eligible Third-Party Candidate. Within two (2) Business Days of receipt of the acceptance letter, the Trustee shall promptly
forward copies thereof, or provide notice of the identity and contact information of the new Controlling Class Representative, to the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, the Rating Agencies and the Controlling
Class Members. 
 (f) Within two (2) Business Days of any other change in the name or address of the Controlling Class
Representative of which the Trustee has received notice from the Controlling Class Representative or from a Majority of Controlling Class Members, as applicable, the Trustee shall deliver to each Noteholder, the Co-Issuers, the Manager, the Back-Up
Manager and the Servicer a notice setting forth the identity of the new Controlling Class Representative. 
 (g) The Trustee
shall be entitled to conclusively rely on, and will be fully protected in all actions taken or not taken by it with respect to, (i) the Initial Controlling Class Member List for purposes of identifying the recipients of the CCR Election Notices
and CCR Ballots and all subsequent communications related to the Initial CCR Election, (ii) with respect to any subsequent election of a Controlling Class Representative, the Applicable Procedures of the Clearing Agency for delivery of the CCR
Election Notices and CCR Ballots to Note Owners of Notes of the Controlling Class and (iii) the representations and warranties of the Persons submitting CCR Nominations, CCR Ballots and CCR Acceptance Letters. 

(h) The Servicer (in its capacity as Servicer and Control Party) shall be entitled to rely on the identity of the Controlling Class
Representative provided by the Trustee with respect to any obligation or right hereunder that the Servicer (in its capacity as Servicer and Control Party) may have to deliver information or otherwise communicate with the Controlling Class
Representative or any of the Noteholders of the Controlling Class, with no liability to it for such reliance. 
 (i) The
Controlling Class Representative shall be entitled to receive from the Trustee, upon request, any memoranda delivered to the Trustee by the Back-Up Manager pursuant to the Back-Up Management Agreement; provided that it shall have first
executed a confidentiality agreement, in form and substance satisfactory to the Manager, and such confidentiality agreement remains in effect. Any such memoranda shall be deemed to contain material non-public information. 

  
 126

 Section 11.2 Resignation or Removal of the Controlling Class Representative.
The Controlling Class Representative may at any time resign as such by giving written notice to the Trustee, the Servicer and to each Noteholder of the Controlling Class. As of any Record Date, a Majority of the Controlling Class Members shall be
entitled to remove any existing Controlling Class Representative by giving written notice to the Trustee, the Servicer and such existing Controlling Class Representative. No resignation or removal of the Controlling Class Representative shall be
effective until a successor Controlling Class Representative has been appointed pursuant to Section 11.1 or until the end of the CCR Election Period following such resignation or removal; provided, that any Controlling Class
Representative that has been removed pursuant to this Section 11.2 may subsequently be nominated as a CCR Candidate and appointed as Controlling Class Representative pursuant to Section 11.1; provided, further,
that an existing Controlling Class Representative shall cease to be the Controlling Class Representative at the end of a CCR Election Period, even if no successor is re-elected pursuant to Section 11.1, unless such Controlling Class
Representative is elected during such CCR Election Period. In addition to the foregoing, within two (2) Business Days of the selection, resignation or removal of the Controlling Class Representative, the Trustee shall notify the Servicer and
the parties to this Indenture of such event. 
 Section 11.3 Expenses and Liabilities of the Controlling Class
Representative. 
 (a) The Controlling Class Representative shall have no liability to the Note Owners for any action
taken, or for refraining from the taking of any action, in good faith pursuant to the Indenture or for errors in judgment; provided, however, that the Controlling Class Representative shall not be protected against any liability that
would otherwise be imposed by reason of willful misfeasance, gross negligence or reckless disregard of its obligations or duties under the Indenture. Each Note Owner acknowledges and agrees, by its acceptance of its Notes or interests therein, that
(i) the Controlling Class Representative may have special relationships and interests that conflict with those of Note Owners of one or more Classes of Notes, or that conflict with other Note Owners, (ii) the Controlling Class
Representative may act solely in the interests of the Controlling Class Members or in its own interest, (iii) the Controlling Class Representative does not have any duties to Note Owners other than the Controlling Class Members, (iv) the
Controlling Class Representative may take actions that favor the interests of the Controlling Class Members over the interests of Note Owners of one or more other Classes of Notes, or that favor its own interests over those of other Note Owners or
other Controlling Class Members, (v) the Controlling Class Representative shall not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance, by reason of its having acted solely in
the interests of the Controlling Class Members or in its own interests, and (vi) the Controlling Class Representative shall have no liability whatsoever for having so acted pursuant to clauses (i) through (v), and no Note
Owner or Noteholder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal thereof for having so acted. 

(b) Any and all expenses of the Controlling Class Representative for acting in its capacity as Controlling Class Representative shall be
borne by the Controlling Class 

  
 127

 
Members, pro rata according to their respective Outstanding Principal Amounts. Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative and the
Servicer or the Trustee are also named parties to the same action and, in the sole judgment of the Servicer, the Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular
matter at issue, and there is no potential for the Servicer or the Trustee to be an adverse party in such action as regards the Controlling Class Representative, the Servicer on behalf of the Trustee shall be required to assume the defense (with any
costs incurred in connection therewith being deemed to be reimbursable as a Collateral Protection Advance) of any such claim against the Controlling Class Representative. 
 Section 11.4 Control Party 
 (a) Pursuant to the Indenture and the
other Related Documents, the Control Party is authorized to consent to and implement, subject to the Servicing Standard, any Consent Request that does not require the consent of any Noteholder, including the Controlling Class Representative.

 (b) For any Consent Request that requires, pursuant to the terms of the Indenture and the other Related Documents, the
consent or direction of the Controlling Class Representative, the Control Party shall evaluate such Consent Request, form a Consent Recommendation and then promptly deliver such Consent Request and a Consent Recommendation to the Controlling Class
Representative (if a Controlling Class Representative exists at such time). Except as provided in the following sentence, until the Controlling Class Representative consents to a Consent Request, the Control Party is not authorized to implement such
Consent Request, provided that the Control Party shall work in good faith with the Controlling Class Representative to obtain such consent. Notwithstanding anything in any Related Document to the contrary, if the Controlling Class
Representative does not reject or approve a Consent Recommendation within ten (10) Business Days following delivery of a Consent Request and the related Consent Recommendation to the Controlling Class Representative or if there is no
Controlling Class Representative at such time (including, without limitation, during the first CCR Election Period or following the resignation or removal of the Controlling Class Representative), the Control Party is authorized (but not required)
to implement such Consent Request in accordance with the Servicing Standard, whether or not the Indenture or any Related Document indicates that the Control Party is required to act with the consent or at the direction of the Controlling Class
Representative with respect to any specific matter relating to such Consent Request, other than with respect to Servicer Termination Events. 
 (c) For any Consent Request that requires the consent of any affected Noteholders or 100% of the Noteholders pursuant to Section 13.2, the Control Party shall evaluate such Consent Request and
shall formulate and present a Consent Recommendation to the Trustee which shall forward such Consent Request and the Consent Recommendation to each Noteholder or each affected Noteholder, as applicable. Subject to Section 11.4(e), until
the consent of each Noteholder that is required to consent to any such Consent Request has been 

  
 128

 
obtained and the Control Party is provided with notice of such consents being obtained by the Trustee, the Control Party is not authorized to implement such Consent Request, provided that the
Control Party shall work in good faith with the Trustee to identify and deliver to the Trustee for delivery by the Trustee to such Noteholders such additional information and Consent Recommendations as may be appropriate in accordance with the
Servicing Standard to obtain such consent. 
 (d) The Control Party shall promptly notify the Trustee, the Manager, the Back-Up
Manager, the Co-Issuers and the Controlling Class Representative if the Control Party determines, in accordance with the Servicing Standard, not to implement a Consent Request or has not received the requisite consent of the Controlling Class
Representative or the Noteholders, if applicable, to implement a Consent Request. The Trustee shall promptly notify the Control Party, the Manager, the Back-Up Manager, the Co-Issuers and the Controlling Class Representative if the Trustee has not
received the requisite consent of the required percentage of Noteholders to implement a Consent Request. 
 (e) Notwithstanding
anything herein to the contrary, no advice, direction or objection from or by the Controlling Class Representative may (i) require or cause the Trustee or the Control Party to violate applicable law, the terms of this Indenture, the Notes, the
Servicing Agreement or the other Related Documents, including, without limitation with respect to the Control Party, the Control Party’s obligation to act in accordance with the Servicing Standard, (ii) expose the Control Party or the
Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, to any material claim, suit or liability, or (iii) materially expand the scope of the Control Party’s responsibilities
under the Servicing Agreement or the Trustee under this Indenture, the Notes or the other Related Documents. In addition, notwithstanding anything herein or in the other Related Documents to the contrary, the Controlling Class Representative shall
not be able to prevent the Control Party from transferring the ownership of all or any portion of the Collateral if any Servicing Advance by the Control Party is outstanding and the Control Party determines in accordance with the Servicing Standard
that such transfer of ownership would be in the best interest of the Noteholders (taken as a whole). 
 Section 11.5
Note Owner List. 
 (a) To facilitate communication among Note Owners, the Manager, the Trustee, the Control Party and
the Controlling Class Representative, a Note Owner may elect, but is not required, to notify the Trustee of its name, address and other contact information, which will be kept in a register maintained by the Trustee. The Trustee will be required to
furnish the Manager, the Control Party and the Controlling Class Representative upon request with the information maintained in such register as of the most recent date of determination. Every Note Owner, by receiving and holding a beneficial
interest in a Note, will agree that none of the Trustee, the Co-Issuers, the Servicer, the Controlling Class Representative nor any of their respective agents will be held accountable by reason of any disclosure of any such information as to the
names and addresses of the Note Owners in the register maintained by the Trustee. 

  
 129

 (b) Note Owners having beneficial interests of not less than $50,000,000 in aggregate
principal amount of Notes that wish to communicate with the other Note Owners with respect to their rights under the Indenture or under the Notes may request in writing that the Trustee deliver a notice or communication to the other Note Owners
through the Applicable Procedures of each Clearing Agency with respect to all Series of Notes Outstanding. If such request states that such Note Owners desire to communicate with other Note Owners with respect to their rights under the Indenture or
under the Notes and is accompanied by (i) a certificate substantially in the form of Exhibit O certifying that such Note Owners hold beneficial interests of not less than $50,000,000 in aggregate principal amount of Notes (each, a
“Note Owner Certificate”) (upon which the Trustee may conclusively rely) and (ii) a copy of the communication which such Note Owners propose to transmit, then the Trustee, after having been adequately indemnified by such Note
Owners for its costs and expenses, shall transmit the requested communication to all other Note Owners through the Applicable Procedures of each Clearing Agency with respect to all Series of Notes Outstanding, and shall give the Co-Issuers, the
Servicer and the Controlling Class Representative notice that such request has been made, within five (5) Business Days after receipt of the request. The Trustee shall have no obligation of any nature whatsoever with respect to any requested
communication other than to transmit it in accordance with and subject to the terms hereof and to give notice thereof to the Co-Issuers, the Servicer and the Controlling Class Representative. 

ARTICLE XII 

DISCHARGE OF INDENTURE 
 Section 12.1 Termination of the Co-Issuers’ and Guarantors’ Obligations. 
 (a) Satisfaction and Discharge. The Indenture and the Global G&C Agreement shall cease to be of further effect when all Outstanding Notes theretofore authenticated and issued (other than
destroyed, lost or stolen Notes which have been replaced or paid) have been delivered to the Trustee for cancellation, the Co-Issuers have paid all sums payable hereunder and under each other Indenture Document, all commitments to extend credit
under all Variable Funding Note Purchase Agreements have been terminated and all Series Hedge Agreements have been terminated and all payments by the Co-Issuers thereunder have been paid or otherwise provided for; except that (i) the
Co-Issuers’ obligations under Section 10.5 and the Guarantors’ guaranty thereof, (ii) the Trustee’s and the Paying Agent’s obligations under Sections 12.2 and 12.3 and (iii) the
Noteholders’ and the Trustee’s obligations under Section 14.13 shall survive). The Trustee, on demand of the Securitization Entities, will execute proper instruments acknowledging confirmation of, and discharge under, the
Indenture and the Global G&C Agreement. 
 (b) Indenture Defeasance. The Co-Issuers may terminate all of their
obligations under the Indenture and all obligations of the Guarantors under the Global G&C Agreement in respect thereof if: 

  
 130

 (i) the Co-Issuers irrevocably deposit in trust with the Trustee or at the
option of the Trustee, with a trustee reasonably satisfactory to the Control Party, the Trustee and the Co-Issuers under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, U.S. Dollars and/or Government
Securities in an amount sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay (without consideration of any reinvestment),
when due, principal, premiums, make-whole prepayment premiums, if any, and interest on the Notes (including additional interest that accrues after an anticipated repayment date or renewal date, if applicable) to prepayment, redemption or maturity,
as the case may be, and to pay all other sums payable by them hereunder and under each other Indenture Document and under any Series Hedge Agreement; provided that any Government Securities deposited in trust shall provide for the scheduled
payment of all principal and interest thereon not later than the Business Day prior to the applicable prepayment date, redemption date or maturity date, as the case may be; and provided, further, that if (x) the deposit is held by
a trustee of an irrevocable trust other than the Trustee, such trustee shall have been irrevocably instructed by the Co-Issuers to pay such money or the proceeds of such U.S. Government Securities to the Trustee on or prior to the prepayment date,
redemption date or maturity date, as applicable, and (y) the Trustee shall have been irrevocably instructed by the Co-Issuers to apply such money or the proceeds of such U.S. Government Securities to the payment of said principal and interest
with respect to the Notes and such other obligations; 
 (ii) all commitments under all Variable Funding Note
Purchase Agreements and all Series Hedge Agreements have been terminated; 
 (iii) the Co-Issuers deliver
notice of prepayment, redemption or maturity of the Notes in full to the Noteholders of Outstanding Notes, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager and the Rating Agencies, which notice
is expressly stated to be, or has become as of the prepayment date, redemption date or maturity date, as applicable, irrevocable, and the date of prepayment, redemption or maturity as specified in such notice when delivered was not longer than
twenty (20) Business Days after the date of such notice; 
 (iv) the Co-Issuers deliver notice of such
deposit to the Control Party, the Manager, the Back-Up Manager and the Rating Agencies on or before the date of the deposit; and 
 (v) an Opinion of Counsel is delivered to the Trustee and the Servicer by the Co-Issuers to the effect that all conditions precedent set forth herein with respect to such termination have been satisfied.

  
 131

 
Upon satisfaction of such conditions, the Indenture and the Global G&C Agreement shall cease to be of further effect; except that (i) the rights and obligations of the Trustee hereunder,
including, without limitation, the Trustee’s rights to compensation and indemnity under Section 10.5, and the Guarantor’s guaranty thereof, (ii) the Trustee’s and the Paying Agent’s obligations under
Section 12.2 and Section 12.3, (iii) the Noteholders’ and the Trustee’s obligations under Section 14.13, (iv) this Section 12.1(b) and (v) the Noteholders’ rights to
registration of transfer and exchange under Section 2.8 and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under Section 2.10(a) shall survive. The Trustee, on demand of the Securitization
Entities, shall execute proper instruments acknowledging confirmation of and discharge under the Indenture and the Global G&C Agreement. 
 (c) Series Defeasance. Except as may be provided to the contrary in any Series Supplement, the Co-Issuers, solely in connection with an optional prepayment in full, a mandatory prepayment in full
or a redemption in full of all Outstanding Notes of a particular Series (the “Defeased Series”) or in connection with the Series Legal Final Maturity Date of a particular Series of Notes, may terminate all Series Obligations with
respect to such Notes and all Obligations of the Guarantors under the Global G&C Agreement in respect of such Series of Notes on and as of any Business Day (the “Series Defeasance Date”), provided: 

(i) the Co-Issuers irrevocably deposit in trust with the Trustee, or at the option of the Trustee, with a trustee
reasonably satisfactory to the Control Party, the Trustee and the Co-Issuers under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, U.S. Dollars or Government Securities (or any combination thereof) in
an amount sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay (without consideration of any reinvestment) without
duplication: 
 (1) all principal, interest, contingent interest, premiums, make-whole prepayment premiums,
Series Hedge Payment Amounts, commitment fees, Class A-1 Senior Notes Administrative Expenses, Class A-1 Senior Notes Interest Adjustment Amounts, Class A-1 Senior Notes Other Amounts and any other Series Obligations that will be due
and payable by the Co-Issuers solely with respect to the Defeased Series as of the applicable prepayment date, redemption date or Series Legal Final Maturity Date, as applicable, and to pay other sums payable by them under the Base Indenture, each
other Indenture Document and each Series Hedge Agreement with respect to such Series of Notes; 
 (2) all
Weekly Management Fees, Supplemental Management Fees, unreimbursed Servicing Advances (and outstanding interest thereon) and Manager Advances (and outstanding interest thereon), all fees, indemnities, reimbursements and expenses due to the Trustee,
the Manager, the Servicer and the Back-Up Manager, and all Successor Manager Transition Expenses and Successor Servicer Transition Expenses, in each case that will be due and payable on or as of the following Accounting Date (or if the Series
Defeasance Date is an Accounting Date, then as of the Series Defeasance Date); and 

  
 132

 (3) all Securitization Operation Expenses, all Environmental Remediation
Expenses Amounts, all Class A-1 Senior Notes Administrative Expenses for the Defeased Series, all Class A-1 Senior Notes Interest Adjustment Amounts for the Defeased Series and all Class A-1 Senior Notes Other Amounts for the Defeased
Series, in each case, that are due and unpaid as of the Series Defeasance Date to the Actual Knowledge of the Manager; 
 provided, that the terms of each Government Security deposited in trust shall provide for the scheduled payment of all principal and interest thereon not later than the Business Day prior to the
prepayment date, redemption date or Series Legal Final Maturity of the Defeased Series, as applicable; and provided, further, that if (x) if the deposit is held by a trustee of an irrevocable trust other than Trustee, such trustee
shall have been irrevocably instructed by the Co-Issuers to pay such money or the proceeds of such Government Securities to the Trustee on or prior to the prepayment date, redemption date, or Series Legal Final Maturity Date, as applicable and
(y) the Trustee shall have been irrevocably instructed by the Co-Issuers to apply such money or the proceeds of such Government Securities to the payment of the Series Obligations with respect to the Defeased Series and to the payment of other
fees and expenses, as applicable; 
 (ii) all commitments under all Variable Funding Note Purchase Agreements
and all Series Hedge Agreements with respect to such Series of Notes shall have been terminated on or before the Series Defeasance Date; 
 (iii) the Co-Issuers deliver notice of prepayment, redemption or maturity of such Series of Notes in full to the Noteholders of the Defeased Series, the Manager, the Trustee, the Control Party, the
Controlling Class Representative, the Back-Up Manager and the Rating Agencies not more than twenty (20) Business Days prior to the Series Defeasance Date, and such notice is expressly stated to be, or as of the date of the deposit has become,
irrevocable; 
 (iv) if, after giving effect to the deposit, any other Series of Notes is Outstanding, the
Co-Issuers deliver to the Trustee an Officer’s Certificate of the Co-Issuers stating that no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default shall have occurred and be continuing on the date of such
deposit; 

  
 133

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

 (vi) the Co-Issuers deliver notice of such deposit to the Control Party, the Manager, the Back Up Manager
and the Rating Agencies on or before the date of the deposit; 
 (vii) such defeasance will not result in a
breach or violation of, or constitute a default under, the Indenture or any Indenture Documents; 
 (viii) the
Rating Agency Condition is satisfied with respect to each Series of Notes Outstanding, if any, other than the Defeased Series; and 
 (ix) the Co-Issuers deliver to the Trustee an Opinion of Counsel to the effect that all conditions precedent set forth herein with respect to such termination have been satisfied. 

Upon satisfaction of such conditions, the Indenture and the Global G&C Agreement shall cease to be of further effect with respect to such Defeased
Series, the Co-Issuers and the Guarantors shall be deemed to have paid and been discharged from their Series Obligations with respect to such Defeased Series and thereafter such Defeased Series shall be deemed to be “Outstanding” only for
purposes of (1) the Trustee’s and the Paying Agent’s obligations under Section 12.2 and Section 12.3, (2) the Noteholders’ and the Trustee’s obligations under Section 14.13 and
(3) the Noteholders’ rights to registration of transfer and exchange under Section 2.8 and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under Section 2.10(a). The Trustee, on demand
of the Securitization Entities, shall execute proper instruments acknowledging confirmation of and discharge under the Indenture and the Global G&C Agreement of such Series Obligations. 

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

  
 134

 Section 12.2 Application of Trust Money. 

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

Section 12.3 Repayment to the Co-Issuers. 
 (a) The Trustee and the Paying Agent shall promptly pay to the Co-Issuers upon written request any excess money or, pursuant to Sections 2.10 and 2.14, return any cancelled Notes held by
them at any time. 
 (b) Subject to Section 2.6(c), the Trustee and the Paying Agent shall pay to the Co-Issuers
upon written request any money held by them for the payment of principal, premium or interest that remains unclaimed for two years after the date upon which such payment shall have become due. 

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

Section 12.4 Reinstatement. 
 If the Trustee is unable to apply any funds received under this Article XII by reason of any proceeding, order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Co-Issuers’ obligations under the Indenture or the other Indenture Documents and in respect of the Notes and the Guarantors’ obligations under the Global G&C Agreement shall be revived and reinstated
as though no deposit had occurred, until such time as the Trustee is permitted to apply all such funds or property in accordance with this Article XII. If the Co-Issuers or Guarantors make any payment of principal, premium or interest on any
Notes or any other sums under the Indenture Documents while such obligations have been reinstated, the Co-Issuers and the Guarantors shall be subrogated to the rights of the Noteholders or Note Owners or other Secured Parties who received such funds
or property from the Trustee to receive such payment in respect of the Notes. 

  
 135

 ARTICLE XIII 
 AMENDMENTS 
 Section 13.1 Without Consent of the Controlling Class
Representative or the Noteholders. 
 (a) Without the consent of any Noteholder, the Control Party, the Controlling Class
Representative or any other Secured Party, the Co-Issuers and the Trustee, at any time and from time to time, may enter into one or more Supplements hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(i) to create a new Series of Notes; 

(ii) to add to the covenants of the Securitization Entities for the benefit of any Noteholders or any other Secured
Parties (and if such covenants are to be for the benefit of less than all Series of Notes, stating that such covenants are expressly being included solely for the benefit of such Series) or to surrender for the benefit of the Noteholders and the
other Secured Parties any right or power herein conferred upon the Securitization Entities; provided, however, that no Co-Issuer will pursuant to this Section 13.1(a)(ii) surrender any right or power it has under the
Related Documents; 
 (iii) to mortgage, pledge, convey, assign and transfer to the Trustee any property or
assets as security for the Obligations and to specify the terms and conditions upon which such property or assets are to be held and dealt with by the Trustee and to set forth such other provisions in respect thereof as may be required by the
Indenture or as may, consistent with the provisions of the Indenture, be deemed appropriate by the Co-Issuers, the Servicer and the Trustee, or to correct or amplify the description of any such property or assets at any time so mortgaged, pledged,
conveyed and transferred to the Trustee; 
 (iv) to cure any ambiguity, defect or inconsistency or to correct
or supplement any provision contained herein or in any Supplement or in any Notes issued hereunder or in the Global G&C Agreement or any other Indenture Document to which the Trustee is a party; 

(v) to provide for uncertificated Notes in addition to certificated Notes; 

  
 136

 (vi) to add to or change any of the provisions of the Indenture to such
extent as shall be necessary to permit or facilitate the issuance of Notes in bearer form, registrable or not registrable as to principal, and with or without interest coupons; 

(vii) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the
Notes of one or more Series and to add to or change any of the provisions of the Indenture or the Global G&C Agreement as shall be necessary to provide for or facilitate the administration of the trusts hereunder or thereunder by more than one
Trustee; 
 (viii) to correct or supplement any provision herein or in any Supplement or in the Global G&C
Agreement or any other Indenture Document to which the Trustee is a party which may be inconsistent with any other provision herein or therein or to make consistent any other provisions with respect to matters or questions arising under this Base
Indenture or in any Supplement, in the Global G&C Agreement or any other Indenture Document to which the Trustee is a party; 
 (ix) to comply with Requirements of Law (as evidenced by an Opinion of Counsel); 
 (x) to facilitate the transfer of Notes in accordance with applicable Law (as evidenced by an Opinion of Counsel); 

(xi) to take any action necessary or helpful to avoid the imposition, under and in accordance with applicable law, of
any Tax, including withholding Tax; or 
 (xii) to take any action necessary and appropriate to facilitate the
origination of Post-Securitization Franchise Arrangements or the management and preservation of the Franchise Arrangements, in each case, in accordance with the Management Standard. 
 provided, however, that, as evidenced by an Officer’s Certificate delivered to the Trustee and the Servicer, such action could not reasonably be expected to adversely affect in any
material respect the interests of any Noteholder, any Note Owner, the Servicer or any other Secured Party. 
 (b) Upon the
request of the Co-Issuers and receipt by the Servicer and the Trustee of the documents described in Section 2.2 and delivery by the Servicer of its consent thereto to the extent required by Section 2.2, the Trustee shall join
with the Co-Issuers in the 

  
 137

 
execution of any Series Supplement authorized or permitted by the terms of this Base Indenture and shall make any further appropriate agreements and stipulations which may be therein contained,
but the Trustee shall not be obligated to enter into such Series Supplement which affects its own rights, duties or immunities under this Base Indenture or otherwise. 
 Section 13.2 With Consent of the Controlling Class Representative or the Noteholders. 
 (a) Except as provided in Section 13.1, the provisions of this Base Indenture, the Global G&C Agreement, any Supplement and any other Indenture Document to which the Trustee is a party
(unless otherwise provided in such Supplement) may from time to time be amended, modified or waived, if such amendment, modification or waiver is in writing in a Supplement and consented to in writing by the Control Party (at the direction of the
Controlling Class Representative). Notwithstanding the foregoing: 
 (i) any amendment, waiver or other
modification that would reduce the percentage of the Aggregate Outstanding Principal Amount or the Outstanding Principal Amount of any Series of Notes, the consent of the Noteholders of which is required for any Supplement under this
Section 13.2 or the consent of the Noteholders of which is required for any waiver of compliance with the provisions of the Indenture or any other Related Document or defaults hereunder or thereunder and their consequences provided for
in herein and therein or for any other action hereunder or thereunder shall require the consent of each affected Noteholder; 
 (ii) any amendment, waiver or other modification that would permit the creation of any Lien ranking prior to or on a parity with the Lien created by the Indenture, the Global G&C Agreement or any
other Related Documents with respect to any material part of the Collateral or except as otherwise permitted by the Related Documents, terminate the Lien created by the Indenture, the Global G&C Agreement or any other Related Documents on any
material portion of the Collateral at any time subject thereto or deprive any Secured Party of any material portion of the security provided by the Lien created by the Indenture, the Global G&C Agreement or any other Related Documents shall
require the consent of each affected Noteholder and each other affected Secured Party; 
 (iii) any amendment,
waiver or other modification that would (A) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of, premium, if any, or interest on any Note and the other Obligations (or reduce the principal
amount of, premium, if any, or rate of interest on any Note and the other Obligations); (B) affect adversely the interests, rights or obligations of any Noteholder individually in comparison to any other Noteholder; (C) change the
provisions of the Priority of Payments; (D)

  
 138

 change any place of payment where, or the coin or currency in which, any Notes and the other
Obligations or the interest thereon is payable; (E) impair the right to institute suit for the enforcement of the provisions of the Indenture requiring the application of funds available therefor, as provided in Article V, to the payment
of any such amount due on the Notes and the other Obligations owing to Noteholders on or after the respective due dates thereof, (F) subject to the ability of the Control Party (acting at the direction of the Controlling Class Representative)
to waive certain events as set forth in Section 9.7, amend or otherwise modify any of the specific language of the following definitions: “Default,” “Event of Default,” “Potential Rapid
Amortization Event” or “Rapid Amortization Event” (as defined in the Base Indenture or any applicable Series Supplement) or (G) amend, waive or otherwise modify this Section 13.2, shall require the consent
of the each affected Noteholder and each other affected Secured Party; and 
 (iv) any amendment, waiver or
other modification that would change the time periods with respect to any requirement to deliver to Noteholders notice with respect to any repayment, prepayment, redemption or election of any Extension Period shall require the consent of each
affected Noteholder. 
 (b) No failure or delay on the part of any Noteholder, the Trustee or any other Secured Party in
exercising any power or right under the Indenture or any other Related Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of
any other power or right. 
 (c) The express requirement, in any provision hereof, that the Rating Agency Condition be
satisfied as a condition to the taking of a specified action, shall not be amended, modified or-waived by the parties hereto without satisfying the Rating Agency Condition. 
 Section 13.3 Supplements. 
 Each amendment or other modification to
the Indenture, the Notes or the Global G&C Agreement shall be set forth in a Supplement, a copy of which shall be delivered to the Rating Agencies and to the Servicer, the Controlling Class Representative, the Manager, the Back-Up Manager and
the Co-Issuers. The Co-Issuers shall provide written notice to each Rating Agency of any amendment or modification to the Indenture, the Notes or the Global G&C Agreement no less than ten (10) days prior to the effectiveness of the related
Supplement; provided that such Supplement need not be in final form at the time such notice is given. The initial effectiveness of each Supplement shall be subject to the delivery to the Servicer and the Trustee of an Opinion of Counsel that
such Supplement is authorized or permitted by this Base Indenture and the conditions precedent set forth herein with respect thereto have been satisfied. In addition to the manner provided in Sections 13.1 and 13.2, each Series
Supplement may be amended as provided in such Series Supplement. 

  
 139

 Section 13.4 Revocation and Effect of Consents. 

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

Section 13.6 The Trustee to Sign Amendments, etc. 
 The Trustee shall sign any Supplement authorized pursuant to this Article XIII if the Supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may, but need not, sign it. In signing such Supplement, the Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and, subject to Section 10.1, shall be fully protected
in relying upon, an Officer’s Certificate of the Co-Issuers and an Opinion of Counsel as conclusive evidence that such Supplement is authorized or permitted by this Base Indenture and that all conditions precedent have been satisfied, and that
it will be valid and binding upon the Co-Issuers and the Guarantors in accordance with its terms. 
 Section 13.7
Amendments and Fees. 
 The Co-Issuers, the Control Party and the Controlling Class Representative shall negotiate any
amendments, waivers or modifications to the Indenture or the other Related Documents that require the consent of the Control Party or the Controlling Class Representative in good faith, and any consent required to be given by the Control Party or
the Controlling Class Representative shall not be unreasonably denied or delayed. The Control Party and the Controlling Class Representative shall be entitled to be reimbursed by the Co-Issuers only for the

  
 140

 
reasonable counsel fees incurred by the Control Party or the Controlling Class Representative in reviewing and approving any amendment or in providing any consents, and except as provided in the
Servicing Agreement, neither the Control Party nor the Controlling Class Representative shall be entitled to any additional compensation in connection with any amendments or consents to this Base Indenture or to any Related Document. 

ARTICLE XIV 

MISCELLANEOUS 
 Section 14.1 Notices. 
 (a) Any notice or communication by the
Co-Issuers, the Manager or the Trustee to any other party hereto shall be in writing and delivered in person, delivered by email, posted on a password protected website for which the recipient has granted access or mailed by first-class mail
(registered or certified, return receipt requested) facsimile or overnight air courier guaranteeing next day delivery, to such other party’s address: 
 If to the Master Issuer: 
 Domino’s Master Issuer LLC

 24 Frank Lloyd Wright Drive 

P.O. Box 485 
 Ann Arbor, Michigan 48106 
 Attention: Cristian Dersidan

 Facsimile: 866-282-3872 
 If to the Domestic Distributor: 
 Domino’s Pizza
Distribution LLC 
 24 Frank Lloyd Wright Drive 

P.O. Box 485 
 Ann Arbor, Michigan 48106 
 Attention: Cristian Dersidan

 Facsimile: 866-282-3872 
 If to the SPV Canadian Holdco: 
 Domino’s SPV Canadian
Holding Company Inc. 
 24 Frank Lloyd Wright Drive 

P.O. Box 485 
 Ann Arbor, Michigan 48106 
 Attention: Cristian Dersidan

 Facsimile: 866-282-3872 

  
 141

 If to the IP Holder: 

Domino’s IP Holder LLC 
 24 Frank Lloyd Wright Drive 
 P.O. Box 485 

Ann Arbor, Michigan 48106 
 Attention: Cristian Dersidan 
 Facsimile: 866-282-3872 

If to the Manager: 
 Domino’s Pizza LLC 
 30 Frank Lloyd Wright Drive 

P.O. Box 997 
 Ann Arbor, Michigan 48106 
 Attention: Cristian Dersidan

 Facsimile: 
 If to the Manager with a copy to: 
 Ropes & Gray
LLP 
 Prudential Tower 
 800 Boylston Street 
 Boston, Massachusetts 02199 

Attention: Winthrop G. Minot 
 Facsimile: 617-235-0076 
 and 

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, NY 10036 
 Attention: David Midvidy 

Facsimile: 917-777-2089 
 If to any Co-Issuer with a copy to: 
 Domino’s Pizza
LLC 
 30 Frank Lloyd Wright Drive 

P.O. Box 997 
 Ann Arbor, Michigan 48106 
 Attention: Cristian Dersidan

 Facsimile: 

  
 142

 and 
 Ropes & Gray LLP 
 Prudential Tower 

800 Boylston Street 
 Boston, Massachusetts 02199 
 Attention: Winthrop G. Minot 

Facsimile: 617-235-0076 
 and 
 Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, NY 10036 
 Attention: David Midvidy 

Facsimile: 917-777-2089 
 If to the Back-Up Manager: 
 FTI Consulting, Inc. 

3 Times Square 

11th Floor 

New York, NY 10036 
 Attention: Robert J. Darefsky 
 Facsimile: 212-499-3636 

If to the Servicer: 
 Midland Loan Services, a division of 
 PNC Bank, National Association 

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

Attn: President 

Facsimile: 913-253-9709 
 If to the Trustee: 
 Citibank, N.A. 

388 Greenwich Street 
 14th Floor 
 New York, NY 10013 

Attention: Global Transaction Services–Domino’s Pizza 
 Facsimile: 212-816-5527 

  
 143

 If to Moody’s: 

Moody’s Investors Service, Inc. 
 99 Church Street, 4th Floor 
 New York, NY 10007 

Attention: ABS Monitoring Department 
 Facsimile: 212-553-0573 
 with a copy of all notices pertaining to other
indebtedness: 
 Moody’s Investors Services, Inc, 
 99 Church Street, 4th Floor 
 New York, NY 10007 

Attention: Asset Finance Group – Team Managing Director 
 If to Standard & Poor’s: 
 Standard & Poor’s
Rating Services 
 55 Water Street, 42nd Floor 
 New York, NY 10041-0003 
 Attention: ABS Surveillance Group – New Assets

 E-mail: Servicer_Reports@standardandpoors.com 

If to an Enhancement Provider or an Hedge Counterparty: At the address provided in the applicable Enhancement Agreement or the
applicable Series Hedge Agreement. 
 (b) The Co-Issuers or the Trustee by notice to each other party may designate additional
or different addresses for subsequent notices or communications; provided, however, the Co-Issuers may not at any time designate more than a total of three (3) addresses to which notices must be sent in order to be effective.

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

  
 144

 (e) If any Co-Issuer delivers a notice or communication to Noteholders, it shall deliver a
copy to the Back-Up Manager, the Servicer, the Controlling Class Representative and the Trustee at the same time. 
 (f) Where
the Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if sent in writing and mailed, first-class postage prepaid, to each Noteholder affected by such
event, at its address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed (if any) for the giving of such notice. In any case where notice to a Noteholder is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice which is mailed in the manner herein provided shall
be conclusively presumed to have been duly given. Where the Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In the case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made that is satisfactory to the Trustee shall constitute a sufficient notification for
every purpose hereunder. 
 (g) Notwithstanding any other provision herein, for so long as DPL is the Manager, any notice,
communication, certificate, report, statement or other information required to be delivered by the Manager to any Co-Issuer, or by any Co-Issuer to the Manager, shall be deemed to have been delivered to both the Co-Issuer and the Manager if the
Manager has prepared or is otherwise in possession of such notice, communication, certificate, report, statement or other information, and in no event shall the Manager or any Co-Issuer be in breach of any delivery requirements hereunder for
constructive delivery pursuant to this Section 14.1(g). 
 Section 14.2 Communication by Noteholders With
Other Noteholders. 
 Noteholders may communicate with other Noteholders with respect to their rights under the Indenture or
the Notes. 
 Section 14.3 Officer’s Certificate as to Conditions Precedent. 

Upon any request or application by the Co-Issuers to the Controlling Class Representative, the Servicer or the Trustee to take any action
under the Indenture or any other Related Document, the Co-Issuers to the extent requested by the Controlling Class Representative, the Servicer or the Trustee shall furnish to the Controlling Class Representative, the Servicer and the Trustee
(a) an Officer’s Certificate of the Co-Issuers in form and substance reasonably satisfactory to the Controlling Class Representative, the Servicer or the Trustee, as applicable (which shall include the statements set forth in
Section 14.4), stating that all conditions precedent and covenants, if any, provided for in the Indenture or such other Related Documents relating to the proposed action have been complied with and (b) an Opinion of Counsel
confirming the same. Such Opinion of Counsel shall be at the expense of the Co-Issuers. 

  
 145

 Section 14.4 Statements Required in Certificate. 

Each certificate with respect to compliance with a condition or covenant provided for in the Indenture or any other Related Document
shall include: 
 (a) a statement that the Person giving such certificate has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements contained in such
certificate are based; 
 (c) a statement that, in the opinion of such Person, he has made such examination or investigation as
is necessary to enable him to reach an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not such condition or covenant has been complied with. 
 Section 14.5 Rules by the Trustee. 
 The Trustee may make reasonable
rules for action by or at a meeting of Noteholders. 
 Section 14.6 Benefits of Indenture. 

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

Section 14.7 Payment on Business Day. 
 In any case where any Quarterly Payment Date, redemption date or maturity date of any Note shall not be a Business Day, then (notwithstanding any other provision of the Indenture) payment of interest or
principal (and premium, if any), as the case may be, need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on the Quarterly Payment Date, redemption date or maturity date;
provided, however, that no interest shall accrue for the period from and after such Quarterly Payment Date, redemption date or maturity date, as the case may be. 

  
 146

 Section 14.8 Governing Law. 

THIS BASE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 Section 14.9 Successors. 
 All agreements of each of the Co-Issuers in
the Indenture, the Notes and each other Related Document to which it is a party shall bind its successors and assigns; provided, however, no Co-Issuer may assign its obligations or rights under the Indenture or any other Related
Document, except with the written consent of the Servicer. All agreements of the Trustee in the Indenture shall bind its successors. 
 Section 14.10 Severability. 
 In case any provision in the Indenture,
the Notes or any other Related Document shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 14.11 Counterpart Originals. 
 The parties may sign any number of copies of this Base Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

Section 14.12 Table of Contents, Headings, etc. 
 The Table of Contents and headings of the Articles and Sections of the Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or
restrict any of the terms or provisions hereof. 
 Section 14.13 No Bankruptcy Petition Against the Securitization
Entities. 
 Each of the Noteholders, the Trustee and the other Secured Parties hereby covenants and agrees that, prior to
the date which is one year and one day after the payment in full of the latest maturing Note, it will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings, under any federal or state 

  
 147

 
bankruptcy or similar law; provided, however, that nothing in this Section 14.13 shall constitute a waiver of any right to indemnification, reimbursement or other
payment from the Securitization Entities pursuant to the Indenture or any other Related Document. In the event that any such Noteholder or other Secured Party or the Trustee takes action in violation of this Section 14.13, each affected
Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Noteholder or Secured Party or the Trustee against such Securitization Entity or the
commencement of such action and raising the defense that such Noteholder or other Secured Party or the Trustee has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its
counsel advises that it may assert. The provisions of this Section 14.13 shall survive the termination of the Indenture and the resignation or removal of the Trustee. Nothing contained herein shall preclude participation by any
Noteholder or any other Secured Party or the Trustee in the assertion or defense of its claims in any such proceeding involving any Securitization Entity. 
 Section 14.14 Recording of Indenture. 
 If the Indenture is subject to
recording in any appropriate public recording offices, such recording is to be effected by the Co-Issuers and at their expense. 

Section 14.15 Waiver of Jury Trial. 
 EACH OF THE CO-ISSUERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS BASE INDENTURE, THE NOTES, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. 

Section 14.16 Submission to Jurisdiction; Waivers. 
 Each of the Co-Issuers and the Trustee hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to the Indenture and the other Related Documents to
which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York, and
appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought in such courts and waives
any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

  
 148

 (c) agrees that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Co-Issuers or the Trustee, as the case may be, at its address set forth in Section 14.1 or at such other address
of which the Trustee shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to
effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section 14.16 any special, exemplary, punitive or consequential damages. 
 Section 14.17
Permitted Asset Dispositions; Release of Collateral. 
 After consummation of a Permitted Asset Disposition, upon request
of the Co-Issuers, the Trustee, at the written direction of the Servicer, shall execute and deliver to the Co-Issuers any and all documentation reasonably requested and prepared by the Co-Issuers at their expense to effect or evidence the release by
the Trustee of the Secured Parties’ security interest in the property disposed of in connection with such Permitted Asset Disposition. 
 Section 14.18 Administration of the DNAF Account 
 (a) Establishment
of the DNAF Account. Pursuant to Section 6.2 of the DNAF Servicing Agreement, DNAF has granted a security interest in the Serviced Funds to the Master Issuer, the Domestic Franchisor and the IP Holder, which grant shall be effective
automatically upon the occurrence and continuation of a Rapid Amortization Event. In furtherance of the foregoing, upon the effectiveness of such grant, the Master Issuer, the Domestic Franchisor and the IP Holder shall assign such security interest
to the Trustee for the benefit of the Secured Parties and in order to perfect such security interest granted to the Trustee, the Master Issuer, the Domestic Franchisor and the IP Holder shall (i) establish and maintain an account in the name of
the Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Master Issuer, the Domestic Franchisor and the IP Holder and their assigns, which account shall be subject to an Account Control
Agreement, and which shall, for the purposes of the Base Indenture and the other Related Documents, become the “DNAF Account” and (ii) immediately thereafter shall cause DNAF to transfer all Serviced Funds into such new DNAF
Account. 
 (b) Administration of the DNAF Account. The Co-Issuers hereby agree that all amounts held in the DNAF Account shall
be used solely to provide the advertising and marketing for the benefit of the Domestic Franchisees and the owners of the Company-Owned 

  
 149

 
Stores located in the Domestic Territory (the “Advertising Obligations”). The Trustee’s security interest in the DNAF Account and the funds on deposit therein shall be
limited to the amount necessary to perform the Advertising Obligations and the funds subject to such security interest shall not be used for any other purpose. So long as no Manager Termination Event or DNAF Servicer Termination Event shall have
occurred, the Co-Issuers shall cause DPL to direct the use of the amounts held in the DNAF Account solely to perform the Advertising Obligations pursuant to the terms of the DNAF Servicing Agreement. 

[Signature Pages Follow] 

  
 150

 IN WITNESS WHEREOF, each of the Co-Issuers, the Trustee and the Securities Intermediary
have caused this Amended and Restated Base Indenture to be duly executed by its respective duly authorized officer as of the day and year first written above. 

 

					
	DOMINO’S MASTER ISSUER LLC, as Co-Issuer
			
	By:	 	 	 	 
		 	Name:	 	Adam J. Gacek
		 	Title:	 	Secretary

  

					
	DOMINO’S PIZZA DISTRIBUTION LLC,
as Co-Issuer
			
	By:	 	 	 	 
		 	Name:	 	Adam J. Gacek
		 	Title:	 	Secretary

  

					
	DOMINO’S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer
			
	By:	 	 	 	 
		 	Name:	 	Adam J. Gacek
		 	Title:	 	Secretary

  

					
	DOMINO’S IP HOLDER LLC, as Co-Issuer
			
	By:	 	 	 	 
		 	Name:	 	Adam J. Gacek
		 	Title:	 	Secretary

 Domino’s - Amended and Restated Base Indenture 

 
					
	CITIBANK, N.A., in its capacity as Trustee and as Securities Intermediary
			
	By:	 	 	 	 
		 	Name:	 	
		 	Title:	 	

 Domino’s - Amended and Restated Base Indenture 

 ANNEX A 

BASE INDENTURE DEFINITIONS LIST 
 “2007 Base Indenture” means the Base Indenture, dated as of April 16, 2007, by and among the Co-Issuers and Citibank, N.A., as trustee and as securities intermediary. 

“Account Agreement” means each agreement governing the establishment and maintenance of any Concentration Account or any
other Base Indenture Account or Series Account to the extent that any such account is not held at the Trustee. 

“Account Control Agreement” means each control agreement pursuant to which the Trustee is granted the right to control
deposits to and withdrawals from, or otherwise to give instructions or entitlement orders in respect of, a deposit and/or securities account and any Lock-Box related thereto (including, without limitation, with respect to each Concentration Account,
except as provided by Section 5.1(a) of the Base Indenture) provided, however, that each Account Control Agreement shall be in form and substance reasonably satisfactory to the Trustee. 

“Accounting Date” means the date three (3) Business Days prior to each Quarterly Payment Date. Any reference to an
Accounting Date relating to a Quarterly Payment Date means the Accounting Date occurring in the same calendar month as the Quarterly Payment Date and any reference to an Accounting Date relating to a Quarterly Collection Period means the Quarterly
Collection Period most recently ended on or prior to the related Quarterly Payment Date. 
 “Actual Knowledge”
means the actual knowledge of (i) in the case of any Securitization Entity, any manager or director (as applicable) (other than an Independent Manager or Independent Director) or officer of such Securitization Entity, (ii) in the case of
the Manager, with respect to a relevant matter or event, an Authorized Officer of the Manager directly responsible for managing, the relevant asset or for administering the transactions relevant to such matter or event, (iii) with respect to
the Trustee, a Trust Officer, or (iv) with respect to any other Person, any member of senior management of such Person. 

“Actual Monthly Distributor Profit Amount” means, with respect to any Monthly Distributor Profit Period, the actual
aggregate amount of Distributor Profit required to have been deposited in the Collection Account during such Monthly Distributor Profit Period by any Distributor, as calculated by the Manager and set forth in each applicable Monthly Distributor
Profit Certificate. 
 “Additional Asset Holder” means any Additional Securitization Entity that, after the
Closing Date, is designated as an “Additional Asset Holder” pursuant to Section 8.34 of the Base Indenture. 

 “Additional Class A-1 Senior Notes Commitment Fees Shortfall
Interest” has the meaning set forth in Section 5.12(e) of the Base Indenture. 
 “Additional
Co-Issuer” means any Additional Securitization Entity that, after the Closing Date, is designated an “Additional Co-Issuer” pursuant to Section 8.34 of the Base Indenture. 

“Additional Co-Issuer Charter Documents” means, collectively, with respect to any Additional Co-Issuer, the certificate
of incorporation, the by-laws, the certificate of formation, the operating agreement, the memorandum of association, the articles of association and/or any such similar documents of such Additional Co-Issuer depending on the form of such entity.

 “Additional Co-Issuer Operating Agreement” means, with respect to any Additional Co-Issuer, the certificate
of incorporation, the operating agreement or such similar document of such Additional Co-Issuer depending on the form of such entity. 
 “Additional Concentration Account” has the meaning set forth in Section 5.1(a) of the Base Indenture. 
 “Additional Concentration Account Control Agreement” means the Account Control Agreement governing any Additional Concentration Account entered into by and among the applicable
Securitization Entity, the Manager, the Trustee and the bank or other financial institution then holding such Additional Concentration Account; provided that an Additional Concentration Account Control Agreement shall not be required for any
Additional Concentration Account that is located in a country outside of the United States (i) if such agreement would not be enforceable under the applicable laws of such country, as evidenced by a written notice from an Authorized Officer of
the applicable Securitization Entity to the Control Party setting forth the rationale for such conclusion or (ii) if such Additional Concentration Account qualifies as an “Eligible Account” pursuant to clause (c) of the
definition thereof; provided, further, that the Trustee shall have no duty or responsibility to monitor whether such Additional Concentration Account qualifies as an “Eligible Account” pursuant to clause (c) of the
definition thereof. 
 “Additional Distribution Concentration Account” means any Additional Concentration
Account designated as a “Distribution Concentration Account” pursuant to Section 5.1(a) of the Base Indenture. 
 “Additional Distributor” means any Additional Securitization Entity that, after the Closing Date, is designated as an “Additional Distributor” pursuant to
Section 8.34 of the Base Indenture. 
 “Additional Franchisor” means any Additional Securitization
Entity that, after the Closing Date, is designated as an Additional “Franchisor” pursuant to Section 8.34 of the Base Indenture. 

  
 2 

 “Additional IP Holder” means any Additional Securitization Entity that,
after the Closing Date, is designated as an “Additional IP Holder” pursuant to Section 8.34 of the Base Indenture. 
 “Additional Royalties Concentration Account” means any Additional Concentration Account designated as a “Royalties Concentration Account” pursuant to Section 5.1(a)
of the Base Indenture. 
 “Additional Securitization Entity” means any entity that becomes a direct or indirect
wholly-owned Subsidiary of the Master Issuer or any other Securitization Entity after the Closing Date in accordance with and as permitted under the Related Documents and is designated by the Co-Issuers as an “Additional Securitization
Entity” pursuant to Section 8.34 of the Base Indenture. 
 “Additional Securitization Entity Charter
Documents” means, collectively, with respect to any Additional Securitization Entity, the certificate of incorporation, the by-laws, the certificate of formation, the operating agreement and/or any such similar documents of such Additional
Securitization Entity depending on the form of such entity. 
 “Additional Securitization Entity Operating
Agreement” means, with respect to any Additional Securitization Entity, the certificate of incorporation, the operating agreement or such similar document of such Additional Securitization Entity depending on the form of such entity.

 “Additional Senior Notes Interest Shortfall Interest” has the meaning set forth in
Section 5.12(c) of the Base Indenture. 
 “Additional Senior Subordinated Notes Interest Shortfall
Interest” has the meaning set forth in Section 5.12(h) of the Base Indenture. 
 “Additional
Subordinated Notes Interest Shortfall Interest” has the meaning set forth in Section 5.12(k) of the Base Indenture. 
 “Additional Subsidiary Guarantor” means an Additional Securitization Entity that, after the Closing Date, is designated as an “Additional Subsidiary Guarantor” pursuant to
Section 8.34 of the Base Indenture. 
 “Adjusted Net Cash Flow” means for any Quarterly Payment
Date and the immediately preceding Quarterly Collection Period, an amount equal to the product of (a) in the case of any fiscal year of the Co-Issuers containing 52 weeks, 91 or, in the case of any fiscal year of the Co-Issuers containing 53
weeks, 92.75, multiplied by (b) the quotient of (i) the Net Cash Flow with respect to such Quarterly Payment Date divided by (ii) the actual number of days within such Quarterly Collection Period.

  
 3 

 “Advance Interest Rate” means a rate equal to the Prime Rate plus
3% per annum. 
 “Advertising Fees” means any fees payable by a Domestic Franchisee pursuant to a Domestic
Franchise Arrangement to be used by DNAF for advertising and marketing activities in accordance with the terms of such Franchise Arrangements including, without limitation, any fees paid by Domestic Franchisees to DNAF for advertising and marketing
activities related to advertising co-operatives. 
 “Advertising Obligations” has the meaning set forth in
Section 14.18(b) of the Base Indenture. 
 “Affiliate” means, with respect to any specified Person,
another Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, “control” means the power to direct the
management and policies of a Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise; and “controlled” and “controlling” have meanings correlative to the foregoing. 

“After-Acquired IP Assets” means any Intellectual Property, including without limitation Future Brand IP, created,
developed or acquired after the Closing Date by or on behalf of, and owned by, the IP Holder or any Additional IP Holder; provided that, for purposes of any of the Contribution and Sale Agreements, “After-Acquired IP Assets” shall
have the meaning set forth on Schedule I attached hereto. 
 “After-Acquired Overseas IP” means any Know-How
specific to the operation of Stores and Franchise Arrangements in the Overseas Countries (but not including any Patents, Copyrights or Trademarks or any Intellectual Property that is a derivation of the Domino’s IP) created, developed or
acquired by or on behalf of any of the Overseas Entities after the Series 2007-1 Closing Date (but prior to the Closing Date) and owned by any of the Overseas Entities in accordance with the terms of the Overseas IP Holder Asset Sale and IP License
Agreement; provided that, for purposes of any of the Contribution and Sale Agreements, “After-Acquired Overseas IP” shall have the meaning set forth on Schedule I attached hereto. 

“Agent” means any Registrar or Paying Agent. 
 “Aggregate Outstanding Principal Amount” means the sum of the Outstanding Principal Amounts with respect to all Series of Notes. 

“Annual Noteholders’ Tax Statement” has the meaning set forth in Section 4.2 of the Base
Indenture. 
 “Applicable Procedures” means the provisions of the rules and procedures of DTC, the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream, as in
effect from time to time. 

  
 4 

 “Applicants” has the meaning set forth in Section 2.7(a) of
the Base Indenture. 
 “Articles of Association” means, with respect to any corporation or unlimited company
and any time, the articles of association or such similar documents of such unlimited company in effect at such time. 

“Asset Disposition” means any Refranchising Asset Disposition, any Asset Resale Disposition, any Permitted Distribution
Asset Disposition or any Real Estate Disposition or any other asset disposition permitted pursuant to Section 8.16 of the Base Indenture. 
 “Asset Disposition Proceeds” means the gross proceeds received from any Asset Disposition. 
 “Asset Holder” means, the Domestic Distribution Real Estate Holder, the Domestic Distribution Equipment Holder, the Master Issuer, to the extent of its holdings of Leased Domestic and
Manufacturing and Distribution Centers, and any Additional Asset Holder. 
 “Asset Resale Disposition” means
any resale, transfer or other disposition of an asset acquired by any Securitization Entity for resale to one or more Franchisees (excluding any Refranchising Asset Dispositions) for a Franchisee Promissory Note or for cash in one payment or any
combination thereof. 
 “Assignment” means any assignment delivered in accordance with the terms of the IP
Assets Contribution Agreement. 
 “Authorized Officer” means, as to any Person, any of the Chief Executive
Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of such Person. 
 “Available Administrative Account Amount” means, as of any Accounting Date: 
         (i) with respect to any deficiency relating to the Senior Notes Interest Account pursuant to Section 5.12(a) of the Base Indenture, the
aggregate of the amounts on deposit in (a) the Class A-1 Senior Notes Commitment Fees Account, (b) the Senior Subordinated Notes Interest Account, (c) the Senior Notes Principal Payments Account, (d) the Senior Subordinated
Notes Principal Payments Account, (e) the Subordinated Notes Interest Account, (f) the Subordinated Notes Principal Payments Account, (g) the Senior Notes Post-ARD Contingent Interest Account, (h) the Senior Subordinated Notes
Post-ARD Contingent Interest Account and (i) the Subordinated Notes Post-ARD Contingent Interest Account as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date; 

  
 5 

         (ii) with respect to any
deficiency relating to the Class A-1 Senior Notes Commitment Fees Account pursuant to Section 5.12(d) of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in clauses (i)(b) through
(i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date; 
         (iii) with respect to any deficiency relating to the Senior Subordinated Notes Interest Account pursuant to Section 5.12(f) of the Base
Indenture, the aggregate of the amounts on deposit in the accounts listed in clauses (i)(c) through (i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date; 

        (iv) with respect to any deficiency relating to the Senior Notes
Principal Payments Account pursuant to Section 5.12(g) of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in clauses (i)(d) through (i) above as of the last day of the Quarterly
Collection Period immediately preceding such Accounting Date; 

        (v) with respect to any deficiency relating to the Senior Subordinated
Notes Principal Payments Account pursuant to Section 5.12(i) of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in clauses (i)(e) through (i) above as of the last day of the Quarterly
Collection Period immediately preceding such Accounting Date; 

        (vi) with respect to any deficiency relating to the Subordinated Notes
Interest Account pursuant to Section 5.12(j) of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in clauses (i)(f) through (i) above as of the last day of the Quarterly Collection
Period immediately preceding such Accounting Date; 
         (vii) with
respect to any deficiency relating to the Subordinated Notes Principal Payments Account pursuant to Section 5.12(l) of the Base Indenture, the aggregate of the amounts on deposit in the accounts listed in clauses (i)(g) through
(i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date; 
         (viii) with respect to any deficiency relating to the Senior Notes Post-ARD Contingent Interest Account pursuant to Section 5.12(m) of the Base
Indenture, the aggregate of the amounts on deposit in the accounts listed in clauses (i)(h) and (i) above as of the last day of the Quarterly Collection Period immediately preceding such Accounting Date; and 

        (ix) with respect to any deficiency relating to the Senior Subordinated
Notes Post-ARD Contingent Interest Account pursuant to Section 5.12(n) of the Base Indenture, the amount on deposit in the account listed in clause (i)(i) above as of the last day of the Quarterly Collection Period immediately
preceding such Accounting Date. 
 “Available Senior Notes Interest Reserve Account Amount” means, as of any
date of determination, the sum of (i) the amount on deposit in the Senior Notes Interest Reserve Account and (ii) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of
the Senior Noteholders, after giving effect to any withdrawals therefrom or draws with respect to the Senior Notes. 

  
 6 

 “Available Senior Subordinated Notes Interest Reserve Account Amount”
means, as of any date of determination, the sum of (i) the amount on deposit in the Senior Subordinated Notes Interest Reserve Account and (ii) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the
Trustee for the benefit of the Senior Subordinated Noteholders, after giving effect to any withdrawals therefrom or draws with respect to the Senior Subordinated Notes. 
 “Back-Up Management Agreement” means the Back-Up Management Agreement, dated as of March 15, 2012, by and among the Co-Issuers, the Manager, the Trustee and the Back-Up Manager, as
amended, supplemented or otherwise modified from time to time. 
 “Back-Up Manager” means FTI Consulting, Inc.,
a Maryland corporation, in its capacity as Back-Up Manager pursuant to the Back-Up Management Agreement, and any successor Back-Up Manager. 
 “Back-Up Manager Fees” means all compensation and indemnification payments, if any, payable by the Master Issuer to the Back-Up Manager under the terms of the Back-Up Management Agreement
and all reasonable out-of-pocket expenses of the Back-Up Manager required to be reimbursed by the Master Issuer pursuant to the Back-Up Management Agreement. 
 “Bank Account Expenses” means any fees or charges imposed on any Concentration Account, Base Indenture Account or Series Account by the bank establishing and maintaining such account.

 “Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as amended from time to time, and as codified as
11 U.S.C. Section 101 et seq. 
 “Base Indenture” means the Amended and Restated Base Indenture, dated as
of March 15, 2012, by and among the Co-Issuers and the Trustee, as amended, supplemented or otherwise modified from time to time, exclusive of any Series Supplements. 
 “Base Indenture Account” means any account or accounts authorized and established pursuant to the Base Indenture for the benefit of the Secured Parties, including, without limitation,
each account established pursuant to Article V of the Base Indenture. 
 “Base Indenture Definitions
List” has the meaning set forth in Section 1.1 of the Base Indenture. 
 “Book-Entry
Notes” means beneficial interests in the Notes of any Series, ownership and transfers of which will be evidenced or made through book entries by a Clearing Agency as described in Section 2.12 of the Base Indenture;
provided that, 

  
 7 

 
after the occurrence of a condition whereupon book-entry registration and transfer are no longer permitted and Definitive Notes are issued to the Note Owners, such Definitive Notes will replace
Book-Entry Notes. 
 “Business Day” means any day except Saturday, Sunday or any day on which banks are
generally not open for business in Ann Arbor, Michigan or New York, New York. 
 “Canadian Distribution Assets Sale
Agreement” means the sale agreement, dated as of the Series 2007-1 Closing Date, as amended, supplemented or otherwise modified from time to time, pursuant to which the Canadian Manufacturer sells certain Distribution Assets associated with
the Canadian distribution business to the Canadian Distributor. 
 “Canadian Distribution Concentration
Account” means the account maintained in the name of the Master Issuer or the Canadian Distributor and pledged to the Trustee into which the Manager causes Product Purchase Payments and other Collections which are denominated in Canadian
dollars due to the Canadian Distributor to be deposited or any successor account established for the Master Issuer or the Canadian Distributor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any
investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture. 
 “Canadian Distribution Concentration Account Control Agreement” means the Account Control Agreement governing the Canadian Distribution Concentration Account entered into by and among the
Master Issuer and/or the Canadian Distributor, the Manager, the Trustee and the bank or other financial institution then holding the Canadian Distribution Concentration Account (which Account Control Agreement shall be reasonably acceptable to the
Trustee, it being understood that the Canadian Distribution Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee). 
 “Canadian Distribution U.S. Dollar Concentration Account” means the account maintained in the name of the Master Issuer or the Canadian Distributor and pledged to the Trustee into
which the Manager causes funds from the Canadian Distribution Concentration Account, once converted into U.S. Dollars, to be deposited in order to pay suppliers located in the United States in U.S. Dollars or any successor account established for
the Master Issuer or the Canadian Distributor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes
pursuant to Section 5.1(b) of the Base Indenture. 
 “Canadian Distribution U.S. Dollar Concentration
Account Control Agreement” means the Account Control Agreement governing the Canadian Distribution U.S. Dollar Concentration Account entered into by and among the Master Issuer and/or the Canadian Distributor, the Manager, the Trustee
and the bank or other financial institution then holding the Canadian 

  
 8 

 
Distribution U.S. Dollar Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Canadian Distribution
U.S. Dollar Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee). 

“Canadian Distributor” means Domino’s Pizza Canadian Distribution ULC, a Nova Scotia unlimited company, and its
successors and assigns. 
 “Canadian Distributor Articles of Association” means the Articles of Association of
the Canadian Distributor, filed on April 12, 2007, as amended, supplemented or otherwise modified from time to time. 

“Canadian Distributor Charter Documents” means the Canadian Distributor Articles of Association and the Canadian
Distributor Memorandum of Association. 
 “Canadian Distributor IP License Agreement” means the Canadian
Distributor IP License Agreement, dated as of April 16, 2007, by and between the Canadian Distributor and the IP Holder, as may be amended, supplemented or otherwise modified from time to time. 

“Canadian Distributor Memorandum of Association” means the memorandum of association of the Canadian Distributor filed
on April 16, 2007, as amended, supplemented or otherwise modified from time to time. 
 “Canadian Holdco”
means Domino’s Canadian Holding Company Inc., a Delaware corporation, and its successors and assigns. 
 “Canadian
Manufacturer” means Domino’s Pizza NS Co., a Nova Scotia unlimited company, and its successors and assigns. 

“Canadian Manufacturer Articles of Association” means the Articles of Association of the Canadian Manufacturer, filed on
November 18, 1999, as amended, supplemented or otherwise modified from time to time. 
 “Canadian Manufacturer
Charter Documents” means the Canadian Manufacturer Articles of Association and the Canadian Manufacturer Memorandum of Association. 
 “Canadian Manufacturer Memorandum of Association” means the memorandum of association of the Canadian Manufacturer filed on November 18, 1999, as amended, supplemented or otherwise
modified from time to time. 
 “Canadian Manufacturer Product Purchase Agreement” means the Canadian
Manufacturer Product Purchase Agreement, dated as of April 16, 2007, by and between the Canadian Manufacturer and the Canadian Distributor, as amended, supplemented or otherwise modified from time to time. 

  
 9 

 “Canadian Manufacturer Product Purchase Agreement Payment” means any
payment that is due and payable by the Canadian Distributor to the Canadian Manufacturer pursuant to the Canadian Manufacturer Product Purchase Agreement. 
 “Canadian Taxes” means Canadian income taxes and Canadian sales taxes owed by the Canadian Distributor. 
 “Capitalized Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real
or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of the Related Documents, the amount of such
obligations will be the capitalized amount thereof determined in accordance with GAAP. 
 “Capped Class A-1 Senior
Notes Administrative Expenses Amount” means, for each Weekly Allocation Date with respect to any Quarterly Collection Period, an amount equal to the lesser of (a) the Class A-1 Senior Notes Administrative Expenses that have become
due and payable prior to such Weekly Allocation Date and have not been previously paid and (b) the amount by which (i) $100,000 exceeds (ii) the aggregate amount of Class A-1 Senior Notes Administrative Expenses previously
paid on each preceding Weekly Allocation Date that occurred (x) in the case of a Weekly Allocation Date occurring during the annual period following the Closing Date and ending on the first anniversary thereof, since the Closing Date and
(y) in the case of a Weekly Allocation Date occurring during any other annual period beginning with the annual period following the first anniversary of the Closing Date, since the most recent anniversary thereof. 

“Capped Securitization Operating Expenses Amount” means, for any Weekly Allocation Date within any Quarterly Collection
Period, an amount equal to the lesser of (a) the Securitization Operating Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid and (b) the amount by which (i) $500,000
exceeds (ii) the aggregate amount of Securitization Operating Expenses previously paid on each preceding Weekly Allocation Date that occurred in such annual period (measured from the Closing Date to the anniversary thereof and from each
anniversary thereof to the next succeeding anniversary thereof) in which such Weekly Allocation Date occurs; provided, however, that during any period that the Back-Up Manager is required to provide certain additional services pursuant
to the Back-Up Management Agreement, the Control Party, acting at the direction of the Controlling Class Representative, may increase the amount in clause (b)(i) above in order to take account of any increased fees associated with the
provision of such additional services; provided, further, that any Mortgage Recordation Fees will be paid at priority (v) of the Priority of Payments without regard to the Capped Securitization Operating Expenses Amount.

  
 10 

 “Carryover Class A-1 Senior Notes Accrued Quarterly Commitment Fee
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 Class A-1 Senior Notes Commitment Fees Account with respect to Class A-1 Senior Notes Quarterly Commitment Fees on the immediately preceding Weekly Allocation Date with respect to such Quarterly
Collection Period was less than (ii) the Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount for such immediately preceding Weekly Allocation Date. 
 “Carryover Senior Notes Accrued Quarterly Interest 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 Interest Account with respect to Senior Notes Quarterly Interest on the immediately
preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Quarterly Interest Amount for such immediately preceding Weekly Allocation Date. 

“Carryover Senior Notes Accrued Quarterly Post-ARD Contingent Interest 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
Post-ARD Contingent Interest Account with respect to Senior Notes Quarterly Post-ARD Contingent Interest on the immediately 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 such immediately preceding Weekly Allocation Date. 

“Carryover Senior Notes Accrued Scheduled Principal Payments 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
Payments Account with respect to Senior Notes Scheduled Principal Payments on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Scheduled Principal
Payments Amount for such immediately preceding Weekly Allocation Date. 
 “Carryover Senior Subordinated Notes Accrued
Quarterly Interest 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 Subordinated Notes Interest Account with respect to Senior Subordinated Notes Quarterly Interest on the immediately preceding Weekly Allocation Date with respect to such Quarterly
Collection Period was less than (ii) the Senior Subordinated Notes Accrued Quarterly Interest Amount for such immediately preceding Weekly Allocation Date. 

  
 11 

 “Carryover Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest
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 Subordinated Notes Post-ARD Contingent Interest Account with respect to Senior Subordinated Notes Quarterly Post-ARD Contingent Interest on the immediately preceding Weekly Allocation Date with
respect to such Quarterly Collection Period was less than (ii) the Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such immediately preceding Weekly Allocation Date. 

“Carryover Senior Subordinated Notes Accrued Scheduled Principal Payments 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
Subordinated Notes Principal Payments Account with respect to Senior Subordinated Notes Scheduled Principal Payments on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the
Senior Subordinated Notes Accrued Scheduled Principal Payments Amount for such immediately preceding Weekly Allocation Date. 

“Carryover Subordinated Notes Accrued Quarterly Interest 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 Subordinated Notes Interest
Account with respect to Subordinated Notes Quarterly Interest on the immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Subordinated Notes Accrued Quarterly Interest Amount for
such immediately preceding Weekly Allocation Date. 
 “Carryover Subordinated Notes Accrued Quarterly Post-ARD
Contingent Interest 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 Subordinated Notes Post-ARD Contingent Interest Account with respect to Subordinated Notes Quarterly Post-ARD Contingent Interest on the immediately preceding Weekly Allocation Date with
respect to such Quarterly Collection Period was less than (ii) the Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount for such immediately preceding Weekly Allocation Date. 

“Cash Trapping Amount” means, for any Weekly Allocation Date during a Cash Trapping Period, an amount equal to the
product of (i) the applicable Cash Trapping Percentage 

  
 12 

 
and (ii) the amount of funds available in the Collection Account on such Weekly Allocation Date after payment of priorities (i) through (xv) of the Priority of
Payments (but with respect to the first Weekly Allocation Date on or after a Cash Trapping Release Date, net of the Cash Trapping Release Amount released on such Cash Trapping Release Date). 

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

“Cash Trapping Event” means, as of any Quarterly Payment Date, that either (i) the Quarterly DSCR determined with
respect to such Quarterly Payment Date is less than the Cash Trapping DSCR Threshold or (ii) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are less than $5,150,000,000.

 “Cash Trapping Percentage” means, with respect to any Weekly Allocation Date during a Cash Trapping Period
(i) 50%, if either (A) the Quarterly DSCR determined with respect to such Quarterly Payment Date is less than the Cash Trapping DSCR Threshold but equal to or greater than 1.5x or (B) Global Retail Sales for the 13 Fiscal Periods
ended on the last day of the immediately preceding Fiscal Period are less than $5,150,000,000 but greater than or equal to $4,650,000,000 and (ii) 100%, if either (A) the Quarterly DSCR determined with respect to such Quarterly Payment
Date is less than 1.5x or (B) Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period are less than $4,650,000,000. 
 “Cash Trapping Period” means any period that begins on any Quarterly Payment Date on which a Cash Trapping Event occurs and ends on the first Quarterly Payment Date subsequent to the
occurrence of such Cash Trapping Event on which both (i) the Quarterly DSCR determined with respect to such Quarterly Payment Date is equal to or exceeds the Cash Trapping DSCR Threshold and (ii) Global Retail Sales for the 13 Fiscal
Periods ended on the last day of the immediately preceding Fiscal Period are equal to or exceed $5,150,000,000. 
 “Cash
Trapping Release Amount” means, with respect to any Quarterly Payment Date (i) on which a Cash Trapping Period is no longer continuing, the full amount on deposit in the Cash Trap Reserve Account and (ii) on which the Cash
Trapping Percentage is equal to 50% and on the prior Quarterly Payment Date, the applicable Cash Trapping Percentage was equal to 100%, 50% of the aggregate amount deposited to the Cash Trap Reserve Account during the most recent period in which the
applicable Cash Trapping Percentage was equal to 100%, reduced ratably for any withdrawals made from the Cash Trap Reserve Account during such period for any other purpose. 
 “Cash Trapping Release Date” means any Quarterly Payment Date on which amounts are released from the Cash Trap Reserve Account pursuant to Section 5.12(p) of the Base
Indenture. 
 “Cash Trap Reserve Account” means the reserve account established and maintained by the Master
Issuer, in the name of the Trustee, for the benefit of the Secured Parties, for the purpose of trapping cash upon the occurrence of a Cash Trapping Event. 
 “Cayman Islands Royalties Concentration Account” means the account maintained in the name of the Master 

  
 13 

 
Issuer or the International Franchisor and pledged to the Trustee to which the Manager causes Collections in the currency of Venezuela to be transferred from the Venezuelan Royalties
Concentration Account for further transfer to the International Royalties Concentration Account as permitted by applicable law or any successor account established for the Master Issuer or the International Franchisor by the Manager for such purpose
pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture. 

“CCR Acceptance Letter” has the meaning set forth in Section 11.1(e) of the Base Indenture. 

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

“CCR Candidate” means any nominee submitted to the Trustee on a CCR Nomination pursuant to Section 11.1(b)
of the Base Indenture. 
 “CCR Election Period” has the meaning set forth in Section 11.1(c) of the
Base Indenture. 
 “CCR Election Notice” has the meaning set forth in Section 11.1(b) of the Base
Indenture. 
 “CCR Nomination” has the meaning set forth in Section 11.1(b) of the Base Indenture.

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

 “CCR Re-election Event” means any of the following events: (i) an additional Series of Notes of the
Controlling Class is issued, (ii) the Controlling Class changes, (iii) the Trustee receives written notice of the resignation or removal of any acting Controlling Class Representative, (iv) the Trustee receives a demand for an
election for a Controlling Class Representative from a Majority of Controlling Class Members, which election will be at the expense of such Controlling Class Members (including Trustee expenses), (v) the Trustee receives written notice that an
Event of Bankruptcy has occurred with respect to the acting Controlling Class Representative or (vi) there is no Controlling Class Representative and the Control Party requests an election be held (provided that the Control Party may make only
two such requests per calendar year). 
 “CCR Voting Record Date” has the meaning set forth in
Section 11.1(c) of the Base Indenture. 
 “Charter Documents” means any of the Co-Issuers Charter
Documents, the Franchisors Charter Documents, the Canadian Manufacturer Charter Documents, the Distributors Charter Documents, the DNAF Charter Documents, the Domestic Distribution Equipment Holder Charter Documents, the Domestic Distribution Real
Estate Holder Charter Documents, the Domino’s International Charter Documents, the DPI Charter 

  
 14 

 
Documents, the DPL Charter Documents, the Holdco Charter Documents, the Intermediate Holdco Charter Documents, the Overseas Franchisor Charter Documents, the Overseas IP Holder Charter Documents,
the PMC LLC Charter Documents, the SPV Guarantor Charter Documents, the Canadian Distributor Charter Documents and any Additional Securitization Entity Charter Documents. 
 “Class” means, with respect to any Series of Notes, any one of the classes of Notes of such Series as specified in the applicable Series Supplement. 

“Class A-1 Administrative Agent” means, with respect to any Class A-1 Senior Notes, the Person identified as the
“Class A-1 Administrative Agent” in the applicable Series Supplement. 
 “Class A-1
Noteholder” means any Holder of Class A-1 Senior Notes of any Series. 
 “Class A-1 Senior Notes”
means any Notes alphanumerically designated as “Class A-1” pursuant to the Series Supplement applicable to such Class of Notes. 
 “Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the lesser of
(a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and (2) the Class A-1 Senior Notes Aggregate Quarterly Commitment Fees for the Interest Period ending in the next
succeeding Quarterly Collection Period (except with respect to the first Interest Period after the Closing Date, in which case such amount will be 0% of the Class A-1 Senior Notes Quarterly Commitment Fees for such Interest Period),
(ii) the Carryover Class A-1 Senior Notes Accrued Quarterly Commitment Fee Amount for such Weekly Allocation Date and (iii) if such Weekly Allocation Date occurs on or after a Quarterly Payment Date on which amounts are withdrawn from
the Class A-1 Senior Notes Commitment Fees Account pursuant to Section 5.12(d) of the Base Indenture to cover any Class A-1 Senior Notes Commitment Fee Adjustment Amount, the amount so withdrawn (without duplication for amounts
previously allocated pursuant to this clause (iii)) and (b) the amount, if any, by which (i) Class A-1 Senior Notes Aggregate Quarterly Commitment Fees for the Interest Period ending in the next succeeding Quarterly Collection
Period exceeds (ii) the aggregate amount previously allocated to the Class A-1 Senior Notes Commitment Fees Account on each preceding Weekly Allocation Date with respect to the Quarterly Collection Period. 

“Class A-1 Senior Notes Administrative Expenses” means all amounts due and payable pursuant to any Variable Funding Note
Purchase Agreement that are identified as “Class A-1 Senior Notes Administrative Expenses” in each applicable Series Supplement. 
 “Class A-1 Senior Notes Aggregate Quarterly Commitment Fees” means, for any Interest Period, with respect to all Class A-1 Senior Notes Outstanding, the aggregate amount of
Class A-1 Senior Notes Quarterly Commitment Fees due and payable on all such Class A-1 Senior Notes with respect to such Interest Period. 

  
 15 

 “Class A-1 Senior Notes Amortization Event” means any event designated as
a “Class A-1 Senior Notes Amortization Event” in any Series Supplement. 
 “Class A-1 Senior Notes
Amortization Period” means, with respect to any Class A-1 Senior Notes, the period identified as the “Class A-1 Senior Notes Amortization Period” in the applicable Series Supplement. 

“Class A-1 Senior Notes Commitment Fee Adjustment Amount” means, for any Class of Class A-1 Senior Notes for any
Interest Period, the aggregate amount, if any, for such Interest Period that is identified as the “Commitment Fee Adjustment Amount” in the applicable Series Supplement. 

“Class A-1 Senior Notes Commitment Fees Account” has the meaning set forth in Section 5.6 of the Base
Indenture. 
 “Class A-1 Senior Notes Commitment Fees Shortfall Amount” has the meaning set forth in
Section 5.12(e) of the Base Indenture. 
 “Class A-1 Senior Notes Interest Adjustment Amount”
means, for any Class of Class A-1 Senior Notes for any Interest Period, the aggregate amount, if any, for such Interest Period that is identified as a “Class A-1 Senior Notes Interest Adjustment Amount” in the applicable Series
Supplement. 
 “Class A-1 Senior Notes Maximum Principal Amount” means, with respect to all Series of
Class A-1 Senior Notes Outstanding, the aggregate maximum principal amount of such Class A-1 Senior Notes as identified in the applicable Series Supplement as reduced by any permanent reductions of commitments with respect to such
Class A-1 Senior Notes and any cancellations of repurchased Class A-1 Senior Notes. 
 “Class A-1 Senior Notes
Other Amounts” means all amounts due and payable pursuant to any Variable Funding Note Purchase Agreement that are identified as “Class A-1 Senior Notes Other Amounts” in the applicable Series Supplement. 

“Class A-1 Senior Notes Quarterly Commitment Fees” means, for any Interest Period, with respect to any Class A-1
Senior Notes Outstanding, the aggregate amount of commitment fees due and payable, with respect to such Interest Period, on such Class A-1 Senior Notes that is identified as “Class A-1 Senior Notes Quarterly Commitment Fees” in the
applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such commitment fees cannot be ascertained, an estimate of such commitment fees shall be used to

  
 16 

 
calculate the Class A-1 Senior Notes Quarterly Commitment Fees for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable
Series Supplement; provided further that any amount identified as “Class A-1 Senior Notes Administrative Expenses” or “Class A-1 Senior Notes Other Amounts” in any Series Supplement shall under no circumstances be
deemed to constitute “Class A-1 Senior Notes Quarterly Commitment Fees.” 
 “Class A-1 Senior Notes Renewal
Date” means, with respect to any Class A-1 Senior Notes, the date identified as the “Class A-1 Senior Notes Renewal Date” in the applicable Series Supplement. 

“Class A-1 Senior Notes Voting Amount” means, with respect to any Series of Class A-1 Senior Notes, the greater of
(1) the Class A-1 Senior Notes Maximum Principal Amount for such Series (after giving effect to any cancelled commitments) and (2) the Outstanding Principal Amount of Class A-1 Senior Notes for such Series. 

“Class A-1 Subfacility” means any commitment to extend credit by a lender to a Class A-1 Subfacility that is
identified as a “Class A-1 Subfacility” in the applicable Series Supplement, together with all extensions of credit under such commitment. 
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act or any successor provision thereto or Euroclear or
Clearstream. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or
other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Clearstream” means Clearstream Banking, societe anonyme. 

“Closing Date” means March 15, 2012. 

“Closing Date Contributed Assets” means all assets contributed under the Distribution and Contribution Agreements.

 “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to
time, and any successor statute of similar import, in each case as in effect from time to time. References to sections of the Code also refer to any successor sections. 
 “Co-Issuers” means, collectively, the Master Issuer, the Domestic Distributor, the SPV Canadian Holdco, the IP Holder and any Additional Co-Issuer. 

“Co-Issuers Charter Documents” means, collectively, the Master Issuer Charter Documents, the Domestic Distributor
Charter Documents, the SPV Canadian Holdco Charter Documents, the IP Holder Charter Documents and any Additional Co-Issuer Charter Documents. 

  
 17 

 “Co-Issuers Insurance Proceeds” means any amounts received upon settlement
of a claim filed under any insurance policy maintained by or on behalf of the Securitization Entities in accordance with Section 8.29 of the Base Indenture. 
 “Co-Issuers Operating Agreements” means, collectively, the Master Issuer Operating Agreement, the Domestic Distributor Operating Agreement, the SPV Canadian Holdco Certificate of
Incorporation, the IP Holder Operating Agreement and any Additional Co-Issuer Operating Agreement. 

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

“Collateral Documents” means, collectively, the Collateral Franchise Documents and the Collateral Transaction Documents.

 “Collateral Franchise Documents” means, collectively, the Domestic Franchise Arrangements, the International
Franchise Arrangements, the Company-Owned Stores Master License Agreement, the Third-Party License Agreements and the Distribution Agreements (other than the Product Purchase and Distribution Agreement, the PFS Product Purchase and Distribution
Sub-Management Agreement and the Canadian Manufacturer Product Purchase Agreement). 
 “Collateral Protection
Advance” means any advance for (a) payment of taxes, rent, assessments, insurance premiums and other costs and expenses necessary to protect, preserve or restore the Collateral and (b) payment of any expenses of any Securitization
Entity, including Distributor Costs of Goods Sold and Distribution Center Expenses, to the extent not previously paid pursuant to a Manager Advance, in each case made by the Servicer pursuant to the Servicing Agreement in accordance with the
Servicing Standard, or by the Trustee pursuant to the Indenture. 
 “Collateral Transaction Documents” means
the Contribution and Sale Agreements, the Distribution and Contribution Agreements, the Product Purchase and Distribution Agreement, the PFS Product Purchase and Distribution Sub-Management Agreement, the Canadian Manufacturer Product Purchase
Agreement, the Charter Documents of each Securitization Entity, the IP License Agreements, each Assignment, the Servicing Agreement, the Account Control Agreements, the Management Agreement and the Back-Up Management Agreement. 

“Collection Account” means account no. entitled “Citibank, N.A., as Trustee for the benefit of the Secured Parties,
Securities Account of Domino’s Pizza Master Issuer LLC” maintained by the Trustee pursuant to Section 5.5 of the Base Indenture or any successor securities account maintained pursuant to Section 5.5 of the Base
Indenture. 

  
 18 

 “Collection Account Administrative Accounts” has the meaning set forth in
Section 5.6 of the Base Indenture. 
 “Collection Date” means the date upon which the Indenture is
satisfied and discharged in accordance with its terms. 
 “Collections” means (a) all Franchisee Payments,
(b) all Company-Owned Stores License Fees, (c) all Third-Party License Fees, (d) all Product Purchase Payments, (e) all Co-Issuers Insurance Proceeds, (f) any Asset Disposition Proceeds that are required to be deposited into
any Concentration Account or the Collection Account, (g) all Other Collections, (h) all Excluded Amounts, (i) any Retained Collections Contributions, (j) any Indemnification Payments and (k) any other amounts, including
Investment Income, received by any Securitization Entity and deposited into any Concentration Account or the Collection Account. 
 “Commitment” has the meaning set forth in the applicable Series Supplement. 
 “Commitment Amount” has the meaning set forth in the applicable Series Supplement. 
 “Company Order” and “Company Request” mean a written order or request signed in the name of each of the Co-Issuers by any Authorized Officer of each such Co-Issuer and
delivered to the Trustee, the Control Party or the Paying Agent. 
 “Company-Owned Store” means any Store owned
and operated by DPL or any of its Affiliates (other than any Securitization Entity) pursuant to the Company-Owned Stores Master License Agreement. 
 “Company-Owned Stores Advertising Fees” means any fees payable by DPL, as the owner of Company-Owned Stores, pursuant to the Company-Owned Stores Master License Agreement, to be used by
DNAF for advertising and marketing activities in accordance with the terms of the Company-Owned Stores Master License Agreement. 
 “Company-Owned Stores Master License Agreement” means the Company-Owned Stores Master License Agreement, dated as of April 16, 2007, by and between the IP Holder and DPL, as amended,
supplemented or otherwise modified from time to time. 
 “Company-Owned Stores License Fees” means all license
fees payable by the owner of a Company-Owned Store pursuant to the Company-Owned Stores Master License Agreement. 

“Company-Owned Stores Requirements Agreement” means the Requirements and Profit Sharing Agreement, dated as of
April 16, 2007, by and between the Domestic Distributor and DPL, as amended, supplemented or otherwise modified from time to time. 

  
 19 

 “Competitor” means any Person that is a direct or indirect franchisor,
franchisee, owner or operator of a large regional or national quick-service restaurant concept (including a franchisee of a Store); provided, however, that (i) a Person will not be a Competitor solely by virtue of its direct or indirect
ownership of less than 5% of the Equity Interests in a Competitor, (ii) a Person will not be a Competitor if such Person has policies and procedures that prohibit such Person from disclosing or making available any non-public information that
such Person may receive as a Noteholder or prospective investor in the Notes, to individuals involved in the business of buying, selling, holding or analyzing the Equity Interests of a Competitor or in the business of being a franchisor, franchisee,
owner or operator of a large regional or national quick-service restaurant concept and (iii) a franchisee shall only be a Competitor if it, or its Affiliates, directly or indirectly, owns, franchises or licenses, in the aggregate, ten or more
individual locations of a particular concept. 
 “Concentration Accounts” means, collectively, the Domestic
Distribution Concentration Account, the Canadian Distribution Concentration Account, the Canadian Distribution U.S. Dollar Concentration Account, the Domestic Royalties Concentration Account, the International Royalties Concentration Account,
the Real Estate Holder Concentration Account, the Equipment Holder Concentration Account, the Lease Concentration Account, the Venezuelan Royalties Concentration Account, the Cayman Islands Royalties Concentration Account, the Domestic Franchising
Concentration Account, the IP Holder Concentration Account, the PULSE and Technology Fees Concentration Account and any Additional Concentration Account. 
 “Concentration Accounts Control Agreements” means collectively the Domestic Distribution Concentration Account Control Agreement, the Canadian Distribution Concentration Account Control
Agreement, the Canadian Distribution U.S. Dollar Concentration Account Control Agreement, the Domestic Royalties Concentration Account Control Agreement, the International Royalties Concentration Account Control Agreement, the Domestic
Franchising Concentration Account Control Agreement, the Equipment Holder Concentration Account Control Agreement, the Real Estate Holder Concentration Account Control Agreement, the Lease Concentration Account Control Agreement, the IP Holder
Concentration Account Control Agreement, the PULSE and Technology Fees Concentration Account Control Agreement and any Additional Concentration Account Control Agreement. 
 “Consent Recommendation” means the action recommended by the Servicer to the Controlling Class Representative in writing with respect to any Consent Request that requires the consent of
the Controlling Class Representative. 
 “Consent Request” means any request for a waiver, amendment, consent
or certain other action under the Related Documents. 
 “Consolidated Adjusted EBITDA” is Consolidated EBITDA
further adjusted to eliminate provisions for non-cash compensation expense, (gains) losses on disposal of assets, 

  
 20 

 
(gains) losses on debt retirement and other adjustments (including expenses incurred in connection with the issuance of any Series of Notes, certain legal reserves, separation and related
expenses, expenses related to the sale of company-owned operations and expenses related to stock option plan changes). 

“Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person and
its Subsidiaries for such period (a) plus, without duplication, the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Net Interest Expense for such period; (ii) federal, state, local and
foreign income taxes payable for such period; (iii) non-cash losses from the sale of fixed assets not in the ordinary course of business and other non-cash extraordinary or non-cash nonrecurring items; (iv) non-cash stock based
compensation expense for such period; (v) impairment losses on assets incurred during such period; (vi) depreciation and amortization expense for such period; and (vii) other extraordinary or nonrecurring items, and (b) minus,
without duplication, to the extent added in calculating such Consolidated Net Income, gains from the sale of fixed assets not in the ordinary course of business and other extraordinary or nonrecurring items; provided, however, that
items that would have been accounted for as operating leases under GAAP as in effect on the Closing Date will continue to be treated as operating leases for purposes of this definition irrespective of any change in GAAP subsequent to the Closing
Date. 
 “Consolidated Net Income” means, with respect to any Person for any period, the net income of such
Person and its Subsidiaries (whether positive or negative), determined in accordance with GAAP, for that period. 

“Consolidated Net Interest Expense” means, with respect to any Person for any period, total interest expense, whether
paid or accrued (including the interest component of Capitalized Lease Obligations), of such Person and its Subsidiaries, including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and
net costs under interest rate contracts and foreign exchange contracts, amortization of discount and that portion of interest obligations with respect to any lease of any property (whether real, personal or mixed) that is properly classified as a
liability on a balance sheet in conformity with GAAP, including all Capitalized Lease Obligations incurred by such Person, but excluding interest expense not payable in cash (including interest accruing on deferred compensation obligations) other
than amortization of discount, all as determined in conformity with GAAP. 
 “Contingent Obligation” means, as
applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person (a) with respect to any indebtedness, lease, declared but unpaid dividends, letter of credit or other obligation of another if the primary purpose
or intent thereof by the Person incurring the Contingent Obligation is to provide assurance to the obligee of such obligation of another that such obligation of another will be paid or discharged, or that any agreements relating thereto will be
complied with, or that the holders of such obligation will be protected (in whole or in part) against loss in respect thereof or (b) under any letter of credit issued for the account of that Person or for which that Person is otherwise liable
for reimbursement thereof. Contingent Obligation will include (x) the direct or indirect guarantee, endorsement (otherwise than for 

  
 21 

 
collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another and (y) any liability of
such Person for the obligations of another through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such obligation- or any security therefor, or to provide funds for the payment or discharge of such
obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), (ii) to maintain the solvency of any balance sheet item, level of income or financial condition of another or (iii) to make
take-or-pay or similar payments if required regardless of non-performance by any other party or parties to an agreement, if in the case of any agreement described under subclause (i) or (ii) of this clause (y) the
primary purpose or intent thereof is as described in the preceding sentence. The amount of any Contingent Obligation will be equal to the amount of the obligation so guaranteed or otherwise supported. 

“Continuing Franchise Fees” means all royalty fees, transfer fees, renewal fees, license fees and any similar fees, late
fees, interest on late fees, damages for breach, indemnities and insurance recoveries, due and to become due under or in connection with a Domestic Franchise Arrangement or an International Franchise Arrangement. 

“Contractual Obligation” means, with respect to any Person, any provision of any security issued by that Person or of
any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject. 

“Contributed Third-Party Supply Agreements” means each Pre-Securitization Third-Party Supply Agreement contributed on
the Series 2007-1 Closing Date by Domino’s International to the SPV Guarantor listed on Schedule 4.1(i)(x)(1) to the Domino’s International Contribution Agreement; provided that, for purposes of any of the Contribution and Sale
Agreements, “Contributed Third-Party Supply Agreements” shall have the meaning set forth on Schedule I attached hereto. 
 “Contribution and Sale Agreements” means, collectively, the Pre-Securitization Contribution and Sale Agreements, the Domino’s International Contribution and Sale Agreement, the SPV
Guarantor Contribution Agreement and the Domestic Distribution Assets Contribution Agreement. 
 “Controlled
Group” means, with respect to any Person, such Person, whether or not incorporated, and any corporation, trade, business, organization or other entity that is, along with such Person, treated as a single employer under Sections 414(b), (c),
(m) or (o) of the Code or Section 4001(a)(14) of ERISA. 
 “Control Party” means, at any time,
the Servicer, who will direct the Trustee to act or will act on behalf of the Trustee in connection with Consent Requests. 

“Controlling Class” means the most senior Class of Notes then outstanding among all Series; provided that, as of the
Closing Date, the “Controlling Class” will be the Senior Notes. 

  
 22 

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

“Controlling Class Representative” means, at any time during which one or more Series of Notes is outstanding, the
representative, if any, that has been elected pursuant to Section 11.1 of the Base Indenture by the Majority of Controlling Class Members; provided that, if no Controlling Class Representative has been elected or if the Controlling Class
Representative does not respond to a Consent Request within the time period specified in Section 11.4 of the Base Indenture, the Control Party will be entitled to exercise the rights of the Controlling Class Representative with respect
to such Consent Request other than with respect to Servicer Termination Events. 
 “Copyrights” means all
United States and non-U.S. copyrights, copyrightable works and mask works and industrial designs and design registrations, whether registered or unregistered, and pending applications to register the same. 

“Corporate Trust Office” means (i) for note transfer purposes and for purposes of presentment
and surrender of the Notes for the final distributions thereon, 111 Wall Street, 15th Floor, New York, New York 10005, Attention: Window and (ii) for all other purposes, 388 Greenwich Street, 14th Floor, New York, New York 10013, Attention: Global Transaction Services — Domino’s Pizza or at such other
addresses as the Trustee may designate from time to time by notice to the Noteholders and the Co-Issuers. 
 “CP
Rate” has the meaning specified in the applicable Series Supplement. 
 “Debt Service” means, with
respect to any Quarterly Payment Date, the sum of (a) the aggregate amount of commitment fees and letter of credit fees with respect to any Class A-1 Senior Notes and accrued interest on each Series of Senior Notes and Senior Subordinated
Notes Outstanding due and payable on such Quarterly Payment Date (other than any interest or fees included in the definitions of “Senior Notes Quarterly Post-ARD Contingent Interest,” “Senior Subordinated Notes Quarterly Post-ARD
Contingent Interest,” “Class A-1 Senior Notes Administrative Expenses” or “Class A-1 Senior Notes Other Amounts”) plus (b) with respect to any Class of Senior Notes and Senior Subordinated Notes Outstanding, the
aggregate amount of Scheduled Principal Payments that would be due and payable on such Quarterly Payment Date after giving effect to any optional prepayment of principal of such Notes or any repurchase and cancellation of such Notes, but without
giving effect to any reductions available due to satisfaction of the Series Non-Amortization Test or any amounts payable in respect of any Senior Notes Scheduled Principal Catch-Up Amounts or Senior Subordinated Notes Scheduled Principal Catch-Up
Amounts on such Quarterly Payment Date; provided, that solely in calculating the Quarterly DSCR to determine whether a Manager Termination Event or an Event of Default has occurred, clause (b) will not apply. For the purposes of
calculating the first Quarterly DSCR, Debt Service will be deemed to be the product of (i) the amount referred to in the previous sentence multiplied by (ii) a fraction the numerator of which is 90 and the denominator of
which is the number of days elapsed between the Closing Date and the first Quarterly Payment Date, based on a 360-day year of twelve 30-day months. 

  
 23 

 “Debt Service Advance” means an advance made by the Servicer or the
Trustee, as applicable, in respect of the Senior Notes Interest Shortfall Amount on any Quarterly Payment Date. 

“Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

 “Default Rate” has the meaning set forth in the applicable Series Supplement. 

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

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

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

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

“Distribution Agreements” means, collectively, all Product Purchase Agreements, all Third-Party Supply Agreements and
all Requirements Agreements (together with any Franchisee Promissory Notes issued in respect of the purchase or sale of Products). 
 “Distribution and Contribution Agreements” means the Overseas Distribution and Contribution Agreements and the Domestic Manufacturing and Distribution Centers Distribution and
Contribution Agreements. 
 “Distribution Assets” means any asset used by any Distributor in connection with
its distribution business, including, without limitation, the real estate owned by the Domestic Distribution Real Estate Holder, the equipment owned or leased by the Domestic Distribution Equipment Holder, real estate leased pursuant to the leases
with respect to the Leased Domestic Manufacturing and Distribution Centers and the Distribution Agreements. 

“Distribution Center Expenses” means real estate taxes, lease payments or other expenses with respect to Distribution
Assets owned or leased by the Master Issuer or any other Securitization Entity. 
 “Distribution Concentration
Accounts” means, collectively, the Domestic Distribution Concentration Account, the Canadian Distribution Concentration Account, the Canadian Distribution U.S. Dollar Concentration Account and any Additional Distribution Concentration
Account. 

  
 24 

 “Distribution Operating Expenses” means all operating expenses related to
the Distribution Services for which the Manager or the Canadian Manufacturer is entitled to be reimbursed or paid in accordance with the Management Agreement and that have not been previously reimbursed or paid. 

“Distribution Services” has the meaning set forth in the Management Agreement. 

“Distributor Costs of Goods Sold” means, with respect to any Weekly Collection Period, any costs of goods sold actually
paid by any Distributor during such Weekly Collection Period. 
 “Distributor Franchisee Rebates” means, with
respect to any Weekly Collection Period, any rebates actually paid by any Distributor to a Domestic Franchisee, an International Franchisee or DPL, as the owner of Company-Owned Stores, pursuant to a Requirements Agreement or the Company-Owned
Stores Requirements Agreement, as the case may be, during such Weekly Collection Period. 
 “Distributors”
means, collectively, the Domestic Distributor, the Canadian Distributor and any Additional Distributor. 
 “Distributors
Charter Documents” means, collectively, the Domestic Distributor Charter Documents, the Canadian Distributor Charter Documents and any Additional Distributor Charter Documents. 

“Distributors Operating Agreements” means, collectively, the Domestic Distributor Operating Agreement, the Canadian
Distributor Articles of Association and any Additional Distributor Operating Agreements. 
 “Distributor
Profit” means, with respect to any Monthly Distributor Profit Period, all Consolidated EBITDA of any Distributor for such Monthly Distributor Profit Period minus, in the case of the Canadian Distributor, any Canadian Taxes incurred
during such Monthly Distributor Profit Period. 
 “DNAF” means Domino’s National Advertising Fund Inc., a
Michigan not-for-profit corporation, and its successors and assigns. 
 “DNAF Account” means account no.
entitled “Marketing Concentration Account” maintained at JPMorgan Chase in the name of DNAF for the benefit of the Domestic Franchisees and DPL, as the owner of Company-Owned Stores, into which the Manager causes Advertising Fees
and Company-Owned Stores Advertising Fees to be deposited or any successor account established by the Manager at a Qualified Institution for such purpose pursuant to the Management Agreement. 

  
 25 

 “DNAF By-Laws” means the by-laws of DNAF, as amended, supplemented or
otherwise modified from time to time. 
 “DNAF Certificate of Incorporation” means the articles of
incorporation of DNAF, filed with the Secretary of State of Michigan on December 21, 2001, as amended, supplemented or otherwise modified from time to time. 
 “DNAF Charter Documents” means the DNAF Certificate of Incorporation and the DNAF By-Laws. 
 “DNAF IP License Agreement” means the DNAF IP License Agreement, dated as of April 16, 2007, by and among DNAF and PMC Inc. and subsequently assumed from PMC LLC by the IP Holder
pursuant to the IP Assets Contribution Agreement, as amended, supplemented or otherwise modified from time to time. 

“DNAF Servicer Termination Event” will have the meaning set forth in the DNAF Servicing Agreement. 

“DNAF Servicing Agreement” means the DNAF Servicing Agreement, dated as of April 16, 2007, by and between DPL and
DNAF, as amended, supplemented or otherwise modified from time to time. 
 “Dollar” and the symbol
“$” mean the lawful currency of the United States. 
 “Domestic Distribution Agreements”
means, collectively, all Product Purchase Agreements, all Third-Party Supply Agreements and all Requirements Agreements (together with any Franchisee Promissory Notes issued in respect of the purchase or sale of the Products) used in connection with
the Domestic Manufacturing and Distribution Centers and Domino’s domestic supply chain segment. 
 “Domestic
Distribution Asset” means a Distribution Asset used in connection with the Domestic Manufacturing and Distribution Centers and domestic supply chain segment. 
 “Domestic Distribution Assets Contribution Agreement” means the Domestic Distribution Assets Contribution Agreement, dated as of April 16, 2007, by and between the Master Issuer and
the Domestic Distributor, as amended, supplemented or otherwise modified from time to time. 
 “Domestic Distribution
Concentration Account” means the account maintained in the name of the Master Issuer or the Domestic Distributor and pledged to the Trustee into which the Manager causes Product Purchase Payments and other Collections due to any Distributor
to be deposited or any successor account established for the Master Issuer or the Domestic Distributor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto
into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture. 

  
 26 

 “Domestic Distribution Concentration Account Control Agreement” means the
Account Control Agreement governing the Domestic Distribution Concentration Account entered into by and among the Master Issuer and/or the Domestic Distributor, the Manager, the Trustee and the bank or other financial institution then holding the
Domestic Distribution Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Domestic Distribution Concentration Account Control Agreement in effect on the Closing Date is
so acceptable to the Trustee). 
 “Domestic Distribution Contribution Agreements” means the PFS Contribution
Agreement, the DPL Domestic Distribution and Overseas IP Holder Contribution Agreement and the Domino’s International Domestic Distribution and Overseas IP Holder Contribution Agreement. 

“Domestic Distribution Equipment Holder” means Domino’s EQ LLC, a Delaware limited liability company, and its
successors and assigns. 
 “Domestic Distribution Equipment Holder Certificate of Formation” means the
certificate of formation of the Domestic Distribution Equipment Holder, dated as of August 3, 2011, as amended, supplemented or otherwise modified from time to time. 
 “Domestic Distribution Equipment Holder Charter Documents” means the Domestic Distribution Equipment Holder Certificate of Formation and the Domestic Distribution Equipment Holder
Operating Agreement. 
 “Domestic Distribution Equipment Holder Operating Agreement” means the Limited
Liability Company Agreement of the Domestic Distribution Equipment Holder, dated as of August 9, 2011, as further amended, supplemented or otherwise modified from time to time. 

“Domestic Distribution Real Estate Holder” means Domino’s RE LLC, a Delaware limited liability company, and its
successors and assigns. 
 “Domestic Distribution Real Estate Holder Certificate of Formation” means the
certificate of formation of the Domestic Distribution Real Estate Holder, dated as of August 3, 2011, as amended, supplemented or otherwise modified from time to time. 
 “Domestic Distribution Real Estate Holder Charter Documents” means the Domestic Distribution Real Estate Holder Certificate of Formation and the Domestic Distribution Real Estate
Holder Operating Agreement. 
 “Domestic Distribution Real Estate Holder Operating Agreement” means the
Limited Liability Company Agreement of the Domestic Distribution Real Estate Holder, dated as of August 9, 2011, as further amended, supplemented or otherwise modified from time to time. 

“Domestic Distributor” means Domino’s Pizza Distribution LLC, a Delaware limited liability company, and its
successors and assigns. 

  
 27 

 “Domestic Distributor Certificate of Formation” means the certificate of
formation of the Domestic Distributor, dated as of March 2, 2007, as amended, supplemented or otherwise modified from time to time. 
 “Domestic Distributor Charter Documents” means the Domestic Distributor Certificate of Formation and the Domestic Distributor Operating Agreement. 

“Domestic Distributor IP License Agreement” means the Domestic Distributor IP License Agreement, dated as of
April 16, 2007, by and between the Domestic Distributor and the IP Holder, as amended, supplemented or otherwise modified from time to time. 
 “Domestic Distributor Operating Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the Domestic Distributor, dated as of March 15, 2012, as
further amended, supplemented or otherwise modified from time to time. 
 “Domestic Franchise Arrangements”
means, depending on the context in which it is used, the Pre-Securitization Domestic Franchise Arrangements and the Post-Securitization Domestic Franchise Arrangements or the rights and obligations of the applicable franchisor under each such
agreement; provided that, for purposes of any of the Contribution and Sale Agreements, “Domestic Franchise Arrangements” shall have the meaning set forth on Schedule I attached hereto. 

“Domestic Franchisee” means any Franchisee who is a party to a Domestic Franchise Arrangement. 

“Domestic Franchising Concentration Account” means the account maintained in the name of the Master Issuer or the
Domestic Franchisor and pledged to the Trustee in which funds are held sufficient to qualify (together with other assets of the Domestic Franchisor and its Subsidiaries) for the Large Franchisor Exemption, or any successor account established for
the Master Issuer or the Domestic Franchisor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes
pursuant to Section 5.1(b) of the Base Indenture. 
 “Domestic Franchising Concentration Account Control
Agreement” means the Account Control Agreement governing the Domestic Franchising Concentration Account entered into by and among the Master Issuer and/or the Domestic Franchisor, the Manager, the Trustee and the bank or other financial
institution then holding the Domestic Franchising Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Domestic Franchising Concentration Account Control Agreement in
effect on the Closing Date is so acceptable to the Trustee). 
 “Domestic Franchisor” means Domino’s Pizza
Franchising LLC, a Delaware limited liability company, and its successors and assigns. 

  
 28 

 “Domestic Franchisor Certificate of Formation” means the certificate of
formation of the Domestic Franchisor, dated as of March 2, 2007, as amended by the Certificate of Amendment to Certificate of Formation, dated as of March 13, 2007, as amended, supplemented or otherwise modified from time to time.

 “Domestic Franchisor Charter Documents” means the Domestic Franchisor Certificate of Formation and the
Domestic Franchisor Operating Agreement. 
 “Domestic Franchisor IP License Agreement” means the “Domestic
Franchisor IP License Agreement” dated as of April 16, 2007, by and between the Domestic Franchisor and the IP Holder, as amended, supplemented or otherwise modified from time to time. 

“Domestic Franchisor Operating Agreement” means the Second Amended and Restated Limited Liability Company Agreement of
the Domestic Franchisor, dated as of March 15, 2012, as further amended, supplemented or otherwise modified from time to time. 
 “Domestic Manufacturing and Distribution Centers” means the Manufacturing and Distribution Centers located in the United States. 

“Domestic Manufacturing and Distribution Centers Distribution and Contribution Agreements” means the PFS Contribution
Agreement, the PFS Distribution Agreement, the DPL Domestic Distribution and Overseas IP Holder Contribution Agreement, the Domino’s International Domestic Distribution and Overseas IP Holder Contribution Agreement, the SPV Guarantor Domestic
Distribution and Overseas IP Holder Contribution Agreement and the Master Issuer Domestic Distribution Contribution Agreements. 

“Domestic Product Purchase Agreement Payments” means the aggregate of any payments due and payable by the Domestic
Distributor to the Master Issuer, the Domestic Distribution Real Estate Holder or the Domestic Distribution Equipment Holder pursuant to the Product Purchase and Distribution Agreement. 

“Domestic Royalties Concentration Account” means the account maintained in the name of the Master Issuer and pledged to
the Trustee into which the Manager causes Collections to be deposited or any successor account established for the Master Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment
accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture. 
 “Domestic Royalties Concentration Account Control Agreement” means the Account Control Agreement 

  
 29 

 
governing the Domestic Royalties Concentration Account entered into by and among the Master Issuer, the Manager, the Trustee and the bank or other financial institution then holding the Domestic
Royalties Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Domestic Royalties Concentration Account Control Agreement in effect on the Closing Date is so acceptable to
the Trustee). 
 “Domestic Territory” means the contiguous United States, plus Alaska and Hawaii. 

“Domino’s Brand” means the worldwide brand symbolized by the name and mark
Domino’s® and all existing variations thereof. 

“Domino’s Entity” means Holdco and each of its direct and indirect Subsidiaries, now existing or
hereafter created, including, without limitation, Intermediate Holdco, DPL, DNAF, Domino’s International, the Canadian Holdco, the Canadian Manufacturer, PMC LLC, PFS and the Securitization Entities. 

“Domino’s International” means Domino’s Pizza International LLC, a Delaware limited liability
company, as successor by merger to DPI, and its successors and assigns. 
 “Domino’s International
Certificate of Formation” means the certificate of formation of Domino’s International, dated as of March 5, 2007, as amended, supplemented or otherwise modified from time to time. 

“Domino’s International Charter Documents” means the Domino’s International Certificate of
Formation and the Domino’s International Operating Agreement. 
 “Domino’s International
Contribution and Sale Agreement” means the Domino’s International Contribution and Sale Agreement, dated as of the Series 2007-1 Closing Date, by and among Domino’s International, DPL, the IP Holder, the International Franchisor
and the SPV Guarantor, as amended, supplemented or otherwise modified from time to time. 
 “Domino’s
International Domestic Distribution and Overseas IP Holder Contribution Agreement” means the contribution agreement, dated as of the Closing Date, by and between Domino’s International and SPV Guarantor pursuant to which Domino’s
International will contribute Equity Interests in the Domestic Distribution Real Estate Holder, the Domestic Distribution Equipment Holder and Overseas IP Holder LLC and leases of the Leased Domestic Manufacturing and Distribution Centers to SPV
Guarantor. 
 “Domino’s International Operating Agreement” means the Limited Liability
Company Agreement of Domino’s International, dated as of March 5, 2007, as further amended, supplemented or otherwise modified from time to time. 

  
 30 

 “Domino’s IP” means all of the right, title and
interest of the IP Holder and any Additional IP Holder in and to the Domino’s Brand and any Future Brand and all Intellectual Property used in connection with the sale or offering for sale of goods or services under the Domino’s Brand and
any Future Brand including, without limitation, all After-Acquired IP Assets and the right to bring an action at law or in equity for any infringement, dilution, or violation of, and to collect all damages, settlement and proceeds relating to, any
of the foregoing and, on and after the Closing Date, the After-Acquired Overseas IP; provided, however, that the Domino’s IP will not include any third-party owned Intellectual Property except (x) as included in the Domino’s IP as of
the Closing Date and (y) as included in any After-Acquired IP Assets; provided that, for purposes of any of the Contribution and Sale Agreements, “Domino’s IP” shall have the meaning set forth on Schedule I attached
hereto. 
 “Domino’s System” means the system of Domino’s Brand Stores. 

“DPI” means Domino’s Pizza International, Inc., a Delaware corporation, and its successors and assigns. 

“DPI By-Laws” means the by-laws of DPI, as amended, supplemented or otherwise modified from time to time. 

“DPI Certificate of Incorporation” means the certificate of incorporation of DPI, filed with the Secretary of State of
Delaware on September 2, 1982, as amended, supplemented or otherwise modified from time to time. 
 “DPI Charter
Documents” means the DPI Certificate of Incorporation and the DPI By-Laws. 
 “DPL” means
Domino’s Pizza LLC, a Michigan limited liability company, and its successors and assigns. 
 “DPL Certificate of
Formation” means the certificate of formation of DPL, dated as of October 27, 1999, as amended, supplemented or otherwise modified from time to time. 
 “DPL Charter Documents” means the DPL Certificate of Formation and the DPL Operating Agreement. 
 “DPL Contribution and Sale Agreement” means the DPL Contribution and Sale Agreement, dated as of the Series 2007-1 Closing Date, by and among DPL, the IP Holder and Domino’s
International, as amended, supplemented or otherwise modified from time to time. 
 “DPL Domestic Distribution and
Overseas IP Holder Contribution Agreement” means the contribution agreement, dated as of the Closing Date, by and among DPL and each of the Domestic Distribution Equipment Holder, the Domestic Distribution Real Estate Holder and
Domino’s International. 

  
 31 

 “DPL IP License Agreement” means the DPL IP License Agreement, dated as of
April 16, 2007, by and among Holdco, Intermediate Holdco, DPL and PMC Inc., and subsequently assumed from PMC LLC by the IP Holder pursuant to the IP Assets Contribution Agreement, as amended, supplemented or otherwise modified from time to
time. 
 “DPL Operating Agreement” means the Amended and Restated Limited Liability Company Agreement of DPL,
dated as of October 27, 1999, as amended, supplemented or otherwise modified from time to time. 
 “Eligible
Account” means (a) a segregated identifiable trust account established in the trust department of a Qualified Trust Institution, (b) a separately identifiable deposit or securities account established at a Qualified Institution or
(c) where (i) the amount of deposits into such account or withdrawals from such account does not exceed $3,000,000 per year, (ii) such account is held at an institution outside of the United States and Canada in order to comply with
applicable foreign law and (iii) the total amount of deposits into or withdrawals from all such accounts (x) held at institutions outside of the United States and Canada in order to comply with applicable foreign law and (y) not
subject to Account Control Agreements does not exceed $10,000,000 per year, a separately identifiable bank or investment account established at an institution permitted by applicable foreign law to hold such funds. 

“Eligible Third-Party Candidate” means an established enterprise in the business of providing credit support, governance
or other advisory services to holders of notes similar to the Notes issued by the Co-Issuers that is (i) not a Franchisee, (ii) not a Competitor and (iii) not formed solely to act as the Controlling Class Representative. 

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

“Enhancement Agreement” means any contract, agreement, instrument or document governing the terms of any Enhancement or
pursuant to which any Enhancement is issued or outstanding. 
 “Enhancement Provider” means the Person
providing any Enhancement as designated in the applicable Series Supplement. 
 “Environmental Law” means any
and all laws, rules, orders, regulations, statutes, ordinances, guidelines, codes, decrees, agreements or other legally enforceable requirements (including, without limitation, common law) of any international authority, foreign government, the
United States, or any state, local, municipal or other governmental authority, regulating, relating to or imposing liability or standards of conduct concerning protection of the environment or of human health, or employee health and safety, as has
been, is now, or may at any time hereafter be, in effect. 

  
 32 

 “Environmental Remediation Expenses Amount” means the actual amount that
any Securitization Entity or the Manager, on such Securitization Entity’s behalf, is required to pay within 30 days following any date of determination, for goods or services (including but not limited to reasonable fees and expenses of
environmental professionals and legal counsel but excluding any amount payable to any Affiliate) contracted for in connection with conducting any environmental remediation procedures with respect to any environmental condition requiring remediation,
as set forth in the Quarterly Noteholders’ Statement. 
 “Equipment Holder Concentration Account” means
the account maintained in the name of the Master Issuer or the Domestic Distribution Equipment Holder and pledged to the Trustee, which will be used to maintain funds for the purpose of paying property taxes on, and other expenses relating to,
equipment, or any successor account established for the Master Issuer or the Domestic Distribution Equipment Holder by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts
related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture. 
 “Equipment Holder Concentration Account Control Agreement” means the Account Control Agreement governing the Equipment Holder Concentration Account entered into by and among the Master
Issuer and/or the Domestic Distribution Equipment Holder, the Manager, the Trustee and the bank or other financial institution then holding the Equipment Holder Concentration Account (which Account Control Agreement shall be reasonably acceptable to
the Trustee, it being understood that the Equipment Holder Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee). 
 “Equipment Holder Concentration Account Minimum Balance” means $100,000, or such higher amount as may be established by the Manager from time to time in its sole discretion by notice to
the Servicer, the Control Party and the Back-Up Manager. 
 “Equity Interests” means (a) any ownership,
management or membership interests in any limited liability company or unlimited company, (b) any general or limited partnership interest in any partnership, (c) any common, preferred or other stock interest in any corporation,
(d) any share, participation, unit or other interest in the property or enterprise of an issuer that evidences ownership rights therein, (e) any ownership or beneficial interest in any trust or (f) any option, warrant or other right
to convert into or otherwise receive any of the foregoing. 
 “ERISA” means the U.S. Employee Retirement Income
Security Act of 1974, as amended, and any successor statute of similar import, in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections. 

  
 33 

 “Estimated Weekly Distributor Profit Amount” means, with respect to any
Weekly Collection Period, the aggregate amount of Distributor Profit payable during such Weekly Collection Period, as estimated by the Manager and set forth in each applicable Weekly Manager’s Certificate. 

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

“Eurodollar Rate” means with respect to any portion of a Class A-1 Senior Note funded by its holder based on LIBOR
in accordance with the terms of the applicable Variable Funding Note Purchase Agreement, as determined in accordance with the applicable Variable Funding Note Purchase Agreement, a rate per annum equal to the sum of (A) the quotient (expressed
as a percentage and rounded upwards, if necessary, to the nearest 1/100 of 1%) obtained by dividing (i) applicable LIBOR by (ii) 100% minus the applicable LIBOR Reserve Percentage, if any plus (B) any spread, as specified in
the applicable Variable Funding Note Purchase Agreement. 
 “Event of Bankruptcy” will be deemed to have
occurred with respect to a Person if: 
 (a) a case or other proceeding is commenced, without the application or consent of such
Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator
or the like for such Person or all or any substantial part of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such
case or proceeding continues undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person is entered in an involuntary case under the federal bankruptcy laws or other
similar laws now or hereafter in effect; or 
 (b) such Person commences a voluntary case or other proceeding under any
applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) for such Person or for any substantial part of its property, or makes any general assignment for the benefit of creditors; or 
 (c) the board of directors or board of managers (or similar body) of such Person votes to implement any of the actions set forth in clause (b) above. 

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

“Excess Class A-1 Senior Notes Administrative Expenses Amount” means, for each Weekly Allocation Date, an amount
equal to the amount by which (a) the Class A-1 Senior Notes Administrative Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid exceed (b) the Capped Class A-1
Senior Notes Administrative Expenses Amount for such Weekly Allocation Date. 

  
 34 

 “Excess Securitization Operating Expenses Amount” means, for each Weekly
Allocation Date, an amount equal to the amount by which (a) the Securitization Operating Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid exceed (b) the Capped
Securitization Operating Expense Amount for such Weekly Allocation Date. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 “Excluded Amounts” means, collectively, any Advertising Fees, any
Company-Owned Stores Advertising Fees, any Distributor Costs of Goods Sold, any Distribution Operating Expenses, any Distributor Franchisee Rebates, Third-Party Matching Expenses, Distribution Center Expenses, withholding Taxes, Canadian Taxes, IP
Registration and Enforcement Fees and any other amounts deposited into any Concentration Account that are not required to be deposited into the Collection Account pursuant to Section 5.10 of the Base Indenture. 

“Excluded Countries” has the meaning set forth in Annex A to the 2007 Base Indenture. 

“Excluded Domestic Distribution Leasehold Assets” means (a) the Leased Domestic Manufacturing and Distribution
Centers and (b) the leasehold assets of a Securitization Entity which have a Non-Securitization Entity as a co-obligor on such lease. 
 “Excluded Property” means (i) any lease, license, intellectual property rights, contract property rights or agreement to which any Co-Issuer is a party (or to any of its rights or
interests thereunder) to the extent the grant of a security interest in the foregoing would (A) constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the applicable Co-Issuer therein,
(B) constitute or result in a breach or termination pursuant to the terms thereof, or as a matter of law, or a default under, any such lease, license, contract, property rights or agreement, or (C) require the consent of any third party
that the applicable Co-Issuer has not obtained after using commercially reasonable efforts, in each case except to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC,
(ii) the Excluded Domestic Distribution Leasehold Assets and (iii) Trademark applications filed in the PTO on the basis of a Co-Issuer’s intent to use such mark unless and until evidence of use is filed with the PTO. 

“Existing Canadian Requirements Agreements” has the meaning set forth on Schedule I attached hereto. 

“Existing Canadian Third-Party Supply Agreements” has the meaning set forth on Schedule I attached hereto. 

  
 35 

 “Existing Domestic Distribution Agreements” has the meaning set forth on
Schedule I attached hereto. 
 “Existing Domestic Franchise Arrangements” has the meaning set forth on Schedule
I attached hereto. 
 “Existing Franchise Arrangements” has the meaning set forth on Schedule I attached
hereto. 
 “Existing International Franchise Agreement” has the meaning set forth on Schedule I attached
hereto. 
 “Existing International Franchise Arrangements” has the meaning set forth on Schedule I attached
hereto. 
 “Existing International Master Franchise Agreement” has the meaning set forth on Schedule I attached
hereto. 
 “Existing Overseas Franchise Agreement” has the meaning set forth on Schedule I attached hereto.

 “Existing Overseas Franchise Arrangements” means all master franchise agreements, store franchise
agreements, area development agreements and similar agreements related to Franchised Stores operated or under development as of the Closing Date in the Overseas Countries or the rights and obligations of the Overseas Franchisor under each such
agreement; provided that, for purposes of any of the Contribution and Sale Agreements, “Existing Overseas Franchise Arrangements” shall have the meaning set forth on Schedule I attached hereto. 

“Existing Overseas Master Franchise Agreement” has the meaning set forth on Schedule I attached hereto. 

“Existing Requirements Agreements” has the meaning set forth on Schedule I attached hereto. 

“Existing Third-Party License Agreements” has the meaning set forth on Schedule I attached hereto. 

“Existing Third-Party Supply Agreements” has the meaning set forth on Schedule I attached hereto. 

“Extension Period” means, with respect to any Series or any Class of any Series of Notes, the period from the Series
Anticipated Repayment Date (or any previously extended Series Adjusted Repayment Date) with respect to such Series or Class to the Series Adjusted Repayment Date with respect to such Series or Class as extended in connection with the provisions of
the applicable Series Supplement. 
 “FDIC“ means the U.S. Federal Deposit Insurance Corporation. 

  
 36 

 “Fee Letter” means each VFN Fee Letter. 

“Final Series Anticipated Repayment Date” means the Series Anticipated Repayment Date with respect the last Series of
Notes Outstanding. 
 “Final Series Legal Final Maturity Date” means the Series Legal Final Maturity Date with
respect the last Series of Notes Outstanding. 
 “Financial Assets” has the meaning set forth in
Section 5.8(b) of the Base Indenture. 
 “Fiscal Period” means each 28-day (or 35-day) fiscal
period of the Securitization Entities. 
 “Fiscal Quarter Percentage” means, with respect to any Quarterly
Collection Period containing 12 weeks, 10% and, with respect to any Quarterly Collection Period containing 16 or 17 weeks, 8%. 

“Former Transferors” means, collectively, Holdco, Intermediate Holdco, DPL, Domino’s International, PMC LLC, the
Canadian Manufacturer, PFS, the Overseas IP Holder and the Overseas Franchisor. 
 “Franchise Arrangements”
means, collectively, all Domestic Franchise Arrangements and all International Franchise Arrangements. 
 “Franchised
Store” means any Store that is not a Company-Owned Store. 
 “Franchisee” means a Person identified as
“franchisee”, “developer”, “licensee” or “master franchisee” or any similar term identifying a party that is licensing rights in or to the Domino’s Brand or a Future Brand under a license agreement,
master franchise agreement, franchise agreement, area development agreement or any similar agreement or arrangement with a “franchisor.” For the avoidance of doubt, any Domino’s Entity that owns and operates a Company-Owned Store
pursuant to the Company-Owned Stores Master License Agreement will not be deemed to be a Franchisee. 
 “Franchisee
Insurance Policy” means any insurance policy or policies maintained by a Domestic Franchisee or an International Franchisee, in accordance with the requirements of its Domestic Franchise Arrangement or International Franchise Arrangement,
as the case may be. 
 “Franchisee Insurance Proceeds” means any amounts actually received by DPL, DPI, the
Master Issuer, the Domestic Franchisor or the International Franchiser, as additional insured or loss payee, upon settlement of a claim filed under a Franchisee Insurance Policy, net of direct fees, out-of-pocket costs (exclusive of overhead) and
disbursements incurred in connection with the collection thereof. 

  
 37 

 “Franchisee Payments” means, collectively, all amounts paid by or on
behalf of Domestic Franchisees and International Franchisees to the Domestic Franchisor or the International Franchisor under or in connection with the Domestic Franchise Arrangements and the International Franchise Arrangements that are Continuing
Franchise Fees, Initial Franchise Fees, Other Franchise Fees, PULSE Maintenance Fees, PULSE License Fees, Technology Fees or Franchisee Insurance Proceeds and any other amounts payable in respect of such Franchise Arrangements by or on behalf of any
such Franchisee that are not Excluded Amounts. 
 “Franchisee Promissory Notes” means, collectively, all
promissory notes, chattel paper or other instruments issued by a Domestic Franchisee or an International Franchisee to any Securitization Entity evidencing amounts owing in connection with any Domestic Franchise Arrangement, any International
Franchise Arrangement or any Asset Disposition, as the case may be. 
 “Franchisors” means, collectively, the
Domestic Franchisor, the International Franchisor and any Additional Franchisor. 
 “Franchisors Charter
Documents” means, collectively, the Domestic Franchisor Charter Documents, the International Franchisor Charter Documents and any Additional Franchisor Charter Documents. 

“Franchisors Operating Agreements” means, collectively, the Domestic Franchisor Operating Agreement, the International
Franchisor Certificate of Incorporation and any Additional Franchisor Operating Agreements. 
 “Free Cash Flow”
means, with respect to any Securitization Entity as of any date of determination, all available cash on hand of such Securitization Entity as of such date minus (a) if applicable, any amount necessary or desirable for such Securitization
Entity to seek to obtain and/or maintain franchise licenses and franchise registration exemptions and (b) any amount that the board of directors or board of managers, as the case may be, of such Securitization Entity reasonably determines is
necessary or desirable for such Securitization Entity to operate its business or meet its obligations. 
 “Future
Brand” means any brand other than the Domino’s Brand under which any Domino’s Entity first sells or offers for sale any goods or services, or otherwise conducts business in the Domestic Territory or the International Territory on
or after the Closing Date; provided that, for purposes of any of the Contribution and Sale Agreements, “Future Brand” shall have the meaning set forth on Schedule I attached hereto. 

“Future Brand Assets” means all Future Brand IP used solely in connection with the related Future Brand and any other
assets and liabilities of a similar type and nature. 
 “Future Brand IP” means all Intellectual Property
rights of any kind in a Future Brand or used in connection with any Future Brand, including, without limitation, the right to bring an action at law or in equity for any infringement, dilution, or violation of, and to collect all damages, settlement
and proceeds relating to, any of the foregoing. 

  
 38 

 “GAAP” means the generally accepted accounting principles promulgated or
adopted by the Financial Accounting Standards Board and its predecessors and successors from time to time. 
 “Global
G&C Agreement” means the Amended and Restated Guarantee & Collateral Agreement, dated as of March 15, 2012, by and among the Guarantors and the Trustee, as amended, supplemented or otherwise modified from time to time.

 “Global Retail Sales” means, collectively, Gross Sales for all Stores throughout the world. 

“Governmental Authority” means the government of the United States of America or any other nation or any political
subdivision of the foregoing, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government. 
 “Government Securities” means readily marketable obligations
issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof and as to which obligations the full faith and credit of the United States of America is pledged in support thereof.

 “Gross Royalty Stream” means on any date, with respect to any country, the gross amount of Continuing
Franchise Fees or Company-Owned Stores License Fees from a Franchisee or, DPL as the owner of Company-Owned Stores, collected in respect of any Stores in such country during the preceding four Quarterly Collection Periods. 

“Gross Sales” means the total received from all sales by a Store of all pizza, beverages and other authorized products
or services, but excluding sales or equivalent taxes, coupons and similar discounts. 
 “Guarantors” means,
collectively, the SPV Guarantor and the Subsidiary Guarantors. 
 “Hedge Counterparty” means an institution
that enters into a Swap Contract with the Master Issuer (or all of the Co-Issuers) to provide certain financial protections with respect to changes in interest rates applicable to a Series of Notes relating to such Notes if and as specified in the
applicable Series Supplement. 
 “Hedge Payment Account” means an account (including any investment accounts
related thereto) in the name of the Trustee for the benefit of the Secured Parties, into which amounts payable to a Hedge Counterparty are deposited, bearing a designation clearly indicating that the funds deposited therein are held by the Trustee
for the benefit of the Secured Parties. 
 “Holdco” means Domino’s Pizza, Inc., a Delaware corporation,
and its successors and assigns. 

  
 39 

 “Holdco By-Laws” means the by-laws of Holdco, as amended, supplemented or
otherwise modified from time to time. 
 “Holdco Certificate of Incorporation” means the certificate of
incorporation of Holdco, filed with the Secretary of State of Delaware on July 13, 2002, as amended, supplemented or otherwise modified from time to time. 
 “Holdco Charter Documents” means the Holdco Certificate of Incorporation and the Holdco By-Laws. 
 “Holdco Letter of Credit” means any letter of credit issued under any Variable Funding Note Purchase Agreement to secure obligations of one or more Non-Securitization Entities.

 “Holdco Letter of Credit Agreement” means the Holdco Letter of Credit Agreement, dated as of the Closing
Date, among Holdco and the Co-Issuers, as amended, supplemented or otherwise modified from time to time. 
 “Holdco
Leverage Ratio” means at any time, the ratio of (a) Indebtedness of the Holdco Consolidated Entities (provided that, with respect to each Series of Class A-1 Senior Notes Outstanding, the aggregate principal amount of each such
Series of Senior Notes will be deemed to be the Class A-1 Senior Notes Maximum Principal Amount for each such Series) to (b) Consolidated Adjusted EBITDA of the Holdco Consolidated Entities, for the immediately preceding 13 twenty-eight
day (or thirty-five day) Fiscal Periods; provided, however, that solely for purposes of the Series Non-Amortization Test, the proviso in clause (a) above shall not apply. 
 “Holding Companies Contribution Agreement” means the Holding Companies Contribution Agreement, dated as of the Series 2007-1 Closing Date, by and among DPL, Holdco and Intermediate
Holdco, as amended, supplemented or otherwise modified from time to time. 
 “Included Countries” means the
following countries: United Kingdom, Ireland, Guam, Australia, New Zealand, Mexico, Canada, South Korea, Japan, Venezuela, Brazil, Aruba, Bahamas, Cayman Islands, Curacao, Dominican Republic, Haiti, Jamaica, St. Lucia, St. Maarten, Trinidad and
Tobago, St. Kitts and Nevis, Puerto Rico, the U.S. Virgin Islands, Guatemala, Chile, Colombia, Costa Rica, Ecuador, Honduras, Nicaragua, Panama, Peru and any other country in Central America or South America in which a Store is opened after the
Closing Date and any country designated as an “Included Country” by the Manager. 
 “Indebtedness”,
as applied to any Person, means, without duplication, (a) all indebtedness for borrowed money in any form, including derivatives, (b) notes payable, (c) any obligation owed for all or any part of the deferred purchase price for
property or services, which purchase price is (i) due more than six months from the date of the incurrence of the obligation in respect thereof or (ii) evidenced by a note or similar written instrument (other than an earn-out obligation
until such obligation becomes a liability on the balance sheet of such Person under GAAP), (d) all indebtedness secured by any Lien on any property or asset owned by that Person regardless of whether the indebtedness secured thereby

  
 40 

 
has been assumed by that Person or is nonrecourse to the credit of that Person and (e) all Contingent Obligations of such Person in respect of any of the foregoing. Notwithstanding the
foregoing, Indebtedness will not include (i) any liability for federal, state, local or other taxes owed or owing to any governmental entity, (ii) amounts payable under Third-Party License Agreements and Third-Party Supply Agreements or
similar trade debt incurred in the ordinary course of business and in a manner consistent with the Management Standard or (iii) that portion of obligations with respect to any lease of any property (whether real, personal or mixed) that is
properly classified as a liability on a balance sheet in conformity with GAAP, including all Capitalized Lease Obligations incurred by such Person. 
 “Indemnification and Real Estate Proceeds Payment Amounts” means the amounts payable pursuant to clause (i) of the Priority of Payments (solely out of funds on deposit in the
Collection Account on the applicable Weekly Allocation Date consisting of Indemnification Payments or Real Estate Disposition Proceeds), to be applied in the following order of priority: (A) to reimburse the Trustee, and then, the Servicer, for
any unreimbursed Servicing Advances (and accrued interest thereon at the Advance Interest Rate), then (B) to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance Interest Rate), then
(C) if a Class A-1 Senior Notes Amortization Event is continuing, to make an allocation to the Senior Notes Principal Payments Account, in the amount necessary to prepay and permanently reduce the commitments under all Class A-1
Senior Notes affected by such Class A-1 Senior Notes Amortization Event on a pro rata basis based on commitment amounts; then (D) to make an allocation to the Senior Notes Principal Payments Account, in the amount necessary to prepay the
Outstanding Principal Amount of all Senior Notes of all Series other than Class A-1 Senior Notes on a pro rata basis based on principal outstanding; then (E) provided clause (C) does not apply, to make an allocation to the Senior
Notes Principal Payments Account, in the amount necessary to prepay and permanently reduce the commitments under all Class A-1 Senior Notes of all Series on a pro rata basis based on commitment amounts; and then (F), to make an allocation to
the Senior Subordinated Notes Principal Payments Account, in the amount necessary to prepay the Outstanding Principal Amount of all other Classes of Notes sequentially in alphabetical order on a pro rata basis based on principal outstanding across
the Classes of all Series with the same alphabetical designation. 
 “Indemnification Payments” means amounts
paid by Domino’s International, the Canadian Manufacturer, DPL, PMC LLC, PFS, the Overseas Franchisor or the Overseas IP Holder pursuant to the Domino’s International Contribution and Sale Agreement, the Canadian Distribution Assets Sale
Agreement, the DPL Contribution and Sale Agreement, the IP Assets Contribution Agreement, the Overseas Contribution Agreements or the Domestic Distribution Contribution Agreements, as applicable, as a result of a breach of any representation or
warranty made by Domino’s International or DPL pursuant to the Domino’s International Contribution and Sale Agreement, by the Canadian Manufacturer or DPL pursuant to the Canadian Distribution Assets Sale Agreement, by DPL pursuant to the
DPL Contribution and Sale Agreement, by PMC LLC or DPL pursuant to the IP Assets Contribution Agreement, by the Overseas Franchisor or the Overseas IP Holder pursuant to the applicable Overseas Contribution Agreements and by PFS, DPL and
Domino’s International pursuant to the applicable Domestic Distribution Contribution Agreements, including any amounts ultimately received by Domino’s International from any Former Transferor pursuant to any
Pre-

  
 41 

 
Securitization Contribution and Sale Agreement as a result of a breach of any representation or warranty made by such Former Transferor pursuant to any Pre-Securitization Contribution and Sale
Agreement. 
 “Indenture” means the Base Indenture, together with all Series Supplements, as amended,
supplemented or otherwise modified from time to time by Supplements thereto in accordance with its terms. 
 “Indenture
Collateral” has the meaning set forth in Section 3.1 of the Base Indenture. 
 “Indenture
Documents” means, collectively, with respect to any Series of Notes, the Base Indenture, the related Supplement, the Notes of such Series, the Global G&C Agreement, the Account Control Agreements, any related Variable Funding Note
Purchase Agreement and any other agreements relating to the issuance or the purchase of the Notes of such Series or the pledge of Collateral under any of the foregoing. 
 “Independent Accountant Fees” means all fees payable to the Independent Accountants by the Securitization Entities. 

“Independent Accountants” means the firm of independent accountants appointed pursuant to the Management Agreement or
any successor independent accountant. 
 “Independent Directors” or “Independent Managers”
means, with respect to any Securitization Entity, the independent directors or managers appointed to the board of directors or board of managers, as the case may be, pursuant to the terms of the Charter Documents of such Securitization Entity.

 “Ineligible Account” has the meaning set forth in Section 5.18 of the Base Indenture.

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

 “Initial Closing Date” has the meaning set forth on Schedule I attached hereto. 

“Initial Controlling Class Member List” means the list of contact information to be provided to the Trustee on the
Closing Date by the initial purchasers of the Series of Notes issued on such date. 
 “Initial Franchise Fees”
means all initial franchise fees due and to become due under or in connection with any Domestic Franchise Arrangement or any International Franchise Arrangement. 
 “Initial Principal Amount” means, with respect to any Series or Class (or Subclass) of Notes, the aggregate initial principal amount of such Series or Class (or Subclass) of Notes
specified in the applicable Series Supplement. 

  
 42 

 “Insurer Premiums Account” means the administrative account established by
the Master Issuer under the 2007 Base Indenture for the deposit of any insurance premiums payable to the Insurers with respect to notes issued under the 2007 Base Indenture. 
 “Insurers” means each of MBIA Insurance Corporation, a New York stock insurance corporation, and Ambac Assurance Corporation, a Wisconsin stock assurance corporation. 

“Intellectual Property” means Trademarks, Copyrights, Know-How, Patents and all other intellectual property rights,
however denominated throughout the world, and registrations and applications for registration of any of the foregoing. 

“Interest Period” means (a) solely with respect to any Class A-1 Senior Notes of any Series of Notes, a period
commencing on and including the day that is two (2) Business Days prior to an Accounting Date and ending on but excluding the day that is two (2) Business Days prior to the next succeeding Accounting Date and (b) with respect to any
other Class of Notes of any Series of Notes, a period commencing on and including the 25th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 25th day of the calendar month which
includes the then-current Quarterly Payment Date; provided, however, that the initial Interest Period for any Series will commence on and include the Series Closing Date and end on the date specified in the applicable Series Supplement; provided
further that the Interest Period, with respect to each Series of Notes Outstanding, immediately preceding the Quarterly Payment Date on which the last payment on the Notes of such Series is to be made will end on such Quarterly Payment Date.

 “Interest Reserve Letter of Credit” means any Letter of Credit issued under a Variable Funding Note Purchase
Agreement for the benefit of the Trustee and the Senior Noteholders or the Senior Subordinated Noteholders, as applicable. 

“Interest Reserve Release Event” means, with respect to any Series of Notes, an event allowing funds to be released from
the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, identified as an Interest Reserve Release Event with respect to such Series of Notes pursuant to the applicable Series Supplement.

 “Intermediate Holdco” means Domino’s Inc., a Delaware corporation, and its successors and assigns.

 “Intermediate Holdco By-Laws” means the by-laws of Intermediate Holdco, as amended, supplemented or
otherwise modified from time to time. 
 “Intermediate Holdco Certificate of Incorporation” means the
certificate of incorporation of Intermediate Holdco, filed with the Secretary of State of Delaware on December 7, 1991, as amended, supplemented or otherwise modified from time to time. 

  
 43 

 “Intermediate Holdco Charter Documents” means the Intermediate Holdco
Certificate of Incorporation and the Intermediate Holdco By-Laws. 
 “International Continuing Franchise Fees”
means any Continuing Franchise Fees paid to any “franchisor” by an International Franchisee. 
 “International
Franchise Arrangements” means all master franchise agreements, store franchise agreements, area development agreements and similar agreements related to Franchised Stores operated or under development in the International Territory,
including any Franchisee Promissory Notes issued in respect of any such agreements. On and after the Closing Date, International Franchise Arrangements will also include the Overseas Franchise Arrangements. Notwithstanding the foregoing, for
purposes of any of the Contribution and Sale Agreements, “International Franchise Arrangements” shall have the meaning set forth on Schedule I attached hereto. 
 “International Franchisee” means any Franchisee who is a party to an International Franchise Arrangement. 
 “International Franchisee PULSE Agreements” has the meaning set forth on Schedule I attached hereto. 
 “International Franchisor” means Domino’s Pizza International Franchising Inc., a Delaware corporation, and its successors and assigns. 

“International Franchisor By-Laws” means the by-laws of the International Franchisor, as amended, supplemented or
otherwise modified from time to time. 
 “International Franchisor Certificate of Incorporation” means the
certificate of incorporation of the International Franchisor, filed with the Secretary of State of Delaware on April 16, 2007, as amended, supplemented or otherwise modified from time to time. 

“International Franchisor Charter Documents” means the International Franchisor Certificate of Incorporation and the
International Franchisor By-Laws. 
 “International Franchisor Interests” has the meaning set forth on Schedule
I attached hereto. 
 “International Franchisor IP License Agreement” means the International Franchisor IP
License Agreement, dated as of April 16, 2007, by and between the International Franchisor and the IP Holder, as may be amended, supplemented or otherwise modified from time to time. 

  
 44 

 “International Royalties Concentration Account” means the account
maintained in the name of the Master Issuer or the International Franchisor and pledged to the Trustee into which the Manager causes Collections to be deposited or any successor account established for the Master Issuer or the International
Franchisor by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b)
of the Base Indenture. 
 “International Royalties Concentration Account Control Agreement” means the Account
Control Agreement governing the International Royalties Concentration Account entered into by and among the Master Issuer and/or the International Franchisor, the Manager, the Trustee and the bank or other financial institution then holding the
International Royalties Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the International Royalties Concentration Account Control Agreement in effect on the Closing Date
is so acceptable to the Trustee). 
 “International Territory” means worldwide locations, other than those in
the Domestic Territory. As of the Closing Date, the International Territory includes the Overseas Countries. 

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

“Investment Income” means, with respect to the Collection Account, any other Base Indenture Account, any Concentration
Account and any Series Accounts, for any Quarterly Collection Period the excess, if any, of (a) the sum of all investment interest and other earnings on such account during such Quarterly Collection Period over (b) any investment losses
incurred in respect of such account during such Quarterly Collection Period. 
 “Investment Property” has the
meaning set forth in Section 9-102(a)(49) of the applicable UCC. 
 “IP Assets Contribution Agreement”
means the IP Assets Contribution Agreement, dated as of April 16, 2007, by and among DPL, PMC LLC and the IP Holder, as amended, supplemented or otherwise modified from time to time. 

“IP Holder” means Domino’s IP Holder LLC, a Delaware limited liability company, and its successors and assigns.

 “IP Holder Certificate of Formation” means the certificate of formation of the IP Holder, dated as of
March 2, 2007, as amended, supplemented or otherwise modified from time to time. 
 “IP Holder Charter
Documents” means the IP Holder Certificate of Formation and the IP Holder Operating Agreement. 

  
 45 

 “IP Holder Concentration Account” means the account maintained in the name
of the Master Issuer or the IP Holder and pledged to the Trustee into which the Manager causes Company-Owned Stores License Fees to be deposited or any successor account established for the Master Issuer or the IP Holder by the Manager for such
purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture. 

“IP Holder Concentration Account Control Agreement” means the Account Control Agreement governing the IP Holder
Concentration Account entered into by and among the Master Issuer and/or the IP Holder, the Manager, the Trustee and the bank or other financial institution then holding the IP Holder Concentration Account (which Account Control Agreement shall be
reasonably acceptable to the Trustee, it being understood that the IP Holder Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee). 

“IP Holder Equity Interests Distribution Agreement” means the IP Holder Equity Interests Distribution Agreement, dated
as of April 16, 2007, by and between PMC LLC and DPL, as amended, supplemented or otherwise modified from time to time. 

“IP Holder Interests” has the meaning set forth on Schedule I attached hereto. 

“IP Holder Operating Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the IP
Holder, dated as of March 15, 2012, as further amended, supplemented or otherwise modified from time to time. 

“IP License Agreements” means the Company-Owned Stores Master License Agreement, the DPL IP License Agreement, the DNAF
IP License Agreement, the Canadian Distributor IP License Agreement, the International Franchisor IP License Agreement, the Domestic Franchisor IP License Agreement, the Domestic Distributor IP License Agreement, the Master Issuer IP License
Agreement, the Overseas IP Holder IP License Agreement, the Overseas IP Holder Asset Sale and IP License Agreement and any similar agreement entered into by the IP Holder or an Additional IP Holder with respect to the Domino’s Brand or Future
Brand; provided, that as of the Closing Date “IP License Agreements” will not include (i) the Overseas IP Holder Asset Sale and IP License Agreement, (ii) the Overseas IP Holder IP License Agreement and
(iii) the Overseas Franchisor Asset Sale and IP License Agreement. 
 “IP Registration and Enforcement
Fees” means fees and expenses incurred by or on behalf of the IP Holder in connection with registering, maintaining and enforcing the Domino’s IP and paying licensing fees for Company-Owned Stores. 

  
 46 

 “Know-How” means all trade secrets and all other confidential or
proprietary know-how, inventions, processes, procedures, methods, techniques, discoveries, non-patentable inventions, industrial designs, improvements, ideas, designs, models, formulae, patterns, compilations, data collections, drawings, blueprints,
devices, customer lists, software, domain names, technical information and data, specifications, research and development information, engineering drawings, operating and maintenance manuals, recipes, customer lists, supplier lists, business plans
and other similar information and rights. 
 “L/C Downgrade Event” has the meaning specified in
Section 5.17 of the Base Indenture. 
 “L/C Provider” has the meaning specified in
Section 5.17 of the Base Indenture. 
 “Lease Concentration Account” means the account maintained
in the name of the Master Issuer and pledged to the Trustee which will be used to maintain funds to make lease payments, or to pay other expenses, with respect to leases held by the Master Issuer or any successor account established for the Master
Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of
the Base Indenture. 
 “Lease Concentration Account Control Agreement” means the Account Control Agreement
governing the Lease Concentration Account entered into by and among the Master Issuer, the Manager, the Trustee and the bank or other financial institution then holding the Lease Concentration Account (which Account Control Agreement shall be
reasonably acceptable to the Trustee, it being understood that the Lease Concentration Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee). 

“Lease Concentration Account Minimum Balance” means $100,000, or such higher amount as may be established by the Manager
from time to time in its sole discretion by notice to the Servicer, the Control Party and the Back-Up Manager. 

“Leased Domestic Manufacturing and Distribution Centers” means the leased Domestic Manufacturing and Distribution
Centers the leases for which are assigned to the Master Issuer on or after the Closing Date, together with, if the context so permits, any other Domestic Manufacturing and Distribution Centers leased by the Master Issuer after the Closing Date.

 “LIBOR” has the meaning, with respect to any Series of Notes, specified in the applicable Series Supplement
or, to the extent not defined in the applicable Series Supplement, means, with respect to each day during a period of up to three months, as mutually agreed by the Manager and the Class A-1 Administrative Agent, the rate for deposits in U.S.
Dollars for a period equal to such period, that appears on the Reuters Telerate Service Page 3750 as of 11:00 a.m. (London time) on the day that is two London Business Days prior to the 

  
 47 

 
first day of such period; provided, that if such rate does not appear on the Reuters Telerate Service Page 3750 (or such other page as may replace that page on that service, or if that
service is no longer offered), “LIBOR” means the arithmetic average (rounded up to the nearest 1/100 of 1%) of the offered quotations by the Class A-1 Administrative Agent for deposits of U.S. Dollars at or about 11:00 a.m. (London
time) two London Business Days prior to the first day of such period, in an amount substantially equal to the amount of U.S. Dollars to be funded for such period. 
 “LIBOR Reserve Percentage” means, for any day on which all or any portion of the Outstanding principal of a Class A-1 Senior Note is funded by or on behalf of its holder based on
LIBOR in accordance with the terms of the applicable Variable Funding Note Purchase Agreement, the maximum reserve percentage, if any, applicable to such holder or such holder’s funding agent under Regulation D under the 1933 Act on such day
for determining the holder’s or the funding agent’s reserve requirement (including any marginal, supplemental or emergency reserves) with respect to liabilities or assets having a term comparable to such interest period consisting or
included in the computation of Eurocurrency Liabilities (as defined in Regulation D under the 1933 Act). 

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

“Lock-Box” means a post-office box that has been established by the Master Issuer at a Qualified Institution in
connection with the establishment of a Concentration Account. 
 “Luxembourg Agent” has the meaning specified
in Section 2.4(c) of the Base Indenture. 
 “Majority of Controlling Class Members” means, with
respect to the Controlling Class Members (or, if specified, any subset thereof) and as of any day of determination, Controlling Class Members that hold in excess of 50% of the sum of (i) the Class A-1 Senior Notes Voting Amount with
respect to each Series of Class A-1 Senior Notes of the Controlling Class held by such Controlling Class Members and (ii) the Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than Class A-1 Senior
Notes) held by such Controlling Class Members (or such subset thereof, as applicable) or any beneficial interest therein as of such day of determination (excluding any Notes or beneficial interests in Notes held by any Co-Issuer or any Affiliate of
any Co-Issuer). 
 “Majority of Noteholders” means Noteholders holding in excess of 50% of the sum of
(i) the Class A-1 Senior Notes Voting Amount with 

  
 48 

 
respect to each Series of Class A-1 Senior Notes Outstanding and (ii) the Outstanding Principal Amount of each Series of Notes other than Class A-1 Senior Notes (excluding any
Notes or beneficial interests in Notes held by any Co-Issuer or any Affiliate of any Co-Issuer). 
 “Majority of Senior
Noteholders” means Senior Noteholders holding in excess of 50% of the sum of (i) the Class A-1 Senior Notes Voting Amount with respect to each Series of Class A-1 Senior Notes Outstanding and (ii) the Outstanding
Principal Amount of each Series of Senior Notes other than Class A-1 Senior Notes (excluding any Senior Notes or beneficial interests in Senior Notes held by any Co-Issuer or any Affiliate of any Co-Issuer). 

“Managed Assets” means the assets which the Manager has agreed to service pursuant to the Management Agreement in
accordance with the standards and the procedures described therein. 
 “Management Agreement” means the Amended
and Restated Management Agreement, dated as of the Closing Date, by and among DPL, as Manager, the Canadian Manufacturer, each of the Securitization Entities and the Trustee, as amended, supplemented or otherwise modified from time to time.

 “Management Standard” has the meaning set forth in the Management Agreement. 

“Manager” means DPL, as Manager, under the Management Agreement, and any successor thereto. 

“Manager Advances” has the meaning set forth in the Management Agreement. 

“Manager Advances Reimbursement Amount” means, as of any date, the amount of any unreimbursed Manager Advances made in
respect of any Asset Disposition that has been consummated on or before such date and the proceeds thereof have been deposited into any Concentration Account or the Collection Account on or before such date. 

“Manager Termination Event” means the occurrence of an event specified in Section 6.1 of the Management Agreement.

 “Manufacturing and Distribution Center Mortgages” means the Mortgages required to be prepared, executed and
delivered by the Domestic Distribution Real Estate Holder to the Trustee (for the benefit of the Secured Parties) to hold in escrow with respect to each owned Domestic Manufacturing and Distribution Center. 

“Manufacturing and Distribution Centers” means the dough manufacturing and supply chain centers, the thin crust
manufacturing center, the vegetable processing center and the equipment and supply center located in the United States and Canada. 

  
 49 

 “Master Issuer” means Domino’s Pizza Master Issuer LLC, a Delaware
limited liability company, and its successors and assigns. 
 “Master Issuer Certificate of Formation” means
the certificate of formation of the Master Issuer, dated as of March 2, 2007, as amended, supplemented or otherwise modified from time to time. 
 “Master Issuer Charter Documents” means the Master Issuer Certificate of Formation and the Master Issuer Operating Agreement. 

“Master Issuer IP License Agreement” means the Master Issuer IP License Agreement entered into as of the Series 2007-1
Closing Date, by and between the Master Issuer and the IP Holder, as may be amended, supplemented or otherwise modified from time to time. 
 “Master Issuer Operating Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the Master Issuer, dated as of March 15, 2012, as further amended,
supplemented or otherwise modified from time to time. 
 “Master Issuer Domestic Distribution Contribution
Agreements” means the contribution agreements dated as of the Closing Date by and between (a) the Master Issuer and the Domestic Distributor and (b) the Master Issuer and the Domestic Franchisor. 

“Master Issuer Overseas Contribution Agreements” means the contribution agreements dated as of the Closing Date by and
between (a) the Master Issuer and International Franchisor and (b) the Master Issuer and the IP Holder. 

“Master Issuer Securitization Subs” means the IP Holder, the Domestic Distributor, the Canadian Distributor, the
Domestic Franchisor, the International Franchisor, the SPV Canadian Holdco, the Domestic Distribution Equipment Holder and the Domestic Distribution Real Estate Holder. 
 “Material Adverse Effect” means, with respect to any occurrence, event or condition, individually or in the aggregate, and including, without limitation, any previously undisclosed
environmental liability: 
 (a) a material adverse effect on the ability of the Co-Issuers to perform their payment and other
obligations with respect to the Base Indenture and the Notes, the ability of the Guarantors to perform their payment and other obligations under the Global G&C Agreement or the ability of the Manager to perform its obligations pursuant to the
Management Agreement; 
 (b) a material adverse effect on the ability of any Domino’s Entity to perform its material
obligations under any of the Related Documents; 

  
 50 

 (c) a material adverse change in or effect on (i) the enforceability of any material
terms of the Collateral Franchise Documents taken as a whole, (ii) the likelihood of the payment of all amounts due and payable by the Domestic Franchisees and International Franchisees under the terms of the Collateral Franchise Documents
taken as a whole or (iii) the value of the Collateral Franchise Documents and/or the Retained Collections payable under the Collateral Franchise Documents taken as a whole; 

(d) a material adverse change in or effect on (i) the enforceability of the Domino’s IP taken as a whole or any material part
of the Domino’s IP, (ii) the value of the Domino’s IP taken as a whole, (iii) the transferability of any material portion of the Domino’s IP to the IP Holder or the ownership thereof by the IP Holder or any Additional IP
Holder or (iv) the validity, status, perfection or priority of the Lien in favor of the Trustee in any material part of the Domino’s IP required under the Base Indenture; or 

(e) a material adverse effect on (i) the validity or enforceability of any Related Document or the rights and remedies of the
Co-Issuers, the Guarantors, the Servicer, the Control Party, the Trustee or the Controlling Class Representative under or with respect to any Related Document or (ii) the validity, status, perfection or priority of the Lien of the Trustee in
any material portion of the Collateral. 
 “Memorandum of Association” means, with respect to any corporation
or unlimited company and any time, the memorandum of association or such similar documents of such unlimited company in effect at such time. 
 “Monthly Distributor Profit Adjustment Amount” means, for any Monthly Distributor Profit Period, the result (whether a positive or negative number) of (a) the Actual Monthly
Distributor Profit Amount for such Monthly Distributor Profit Period minus (b) the aggregate of the Estimated Weekly Distributor Profit Amounts for each Weekly Collection Period in such Monthly Distributor Profit Period. 

“Monthly Distributor Profit Certificate” has the meaning set forth in Section 4.1(k) of the Base Indenture.

 “Monthly Distributor Profit Period” means each period from and including the first day of each Fiscal Period
of the Securitization Entities to and including the last day of such Fiscal Period. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 

“Mortgage” means, a mortgage, deed of trust, deed to secure debt or any other deed or agreement, granting a Lien on any
real property to evidence a specified obligation. 
 “Mortgage Recordation Event” means the occurrence of any
Rapid Amortization Event (unless such Mortgage Recordation Event is waived by the Control Party, acting at the direction of the Controlling Class Representative). 

  
 51 

 “Mortgage Recordation Fees” means any fees, taxes or other amounts
required to be paid to any applicable Governmental Authority, or any expenses incurred by the Trustee, in connection with the recording of any Manufacturing and Distribution Center Mortgages as required by the Base Indenture. 

“Multiemployer Plan” means any “multiemployer plan” as defined in Section 4001 of ERISA. 

“Net Cash Flow” means, for any Quarterly Payment Date and the immediately preceding Quarterly Collection Period an
amount equal to the excess, if any, of (a) Retained Collections with respect to such Quarterly Collection Period over (b) the sum of (i) the Securitization Operating Expenses paid on each Weekly Allocation Date with
respect to such Quarterly Collection Period, plus (ii) the Weekly Management Fee (adjusted on a pro forma basis to account for changes in the management fees as of the Closing Date) paid on each Weekly Allocation Date to the Manager with
respect to such Quarterly Collection Period, plus (iii) all payments of Manager Advances Reimbursement Amounts to the Manager during such Quarterly Collection Period, plus (iv) all payments of PULSE Maintenance Fees and
Technology Fees to the Manager during such Quarterly Collection Period, plus (v) the Servicing Fees, Liquidation Fees, and Workout Fees paid to the Servicer on each Weekly Allocation Date with respect to such Quarterly Collection Period,
plus (vi) the amount of Class A-1 Senior Notes Administrative Expenses paid on each Weekly Allocation Date with respect to such Quarterly Collection Period, plus (vii) all Investment Income to the extent such Investment
Income has been distributed to the Collection Account and is included in Quarterly Retained Collections with respect to such Quarterly Collection Period, plus (viii) the amount, if any, by which Retained Collections Contributions
included in such Quarterly Retained Collections exceeds the relevant amount of Retained Collections Contributions permitted to be included in Net Cash Flow pursuant to Section 5.16 of the Base Indenture; provided, that funds
released from the Cash Trap Reserve Account shall not constitute Retained Collections for purposes of this definition. 

“New Domestic Franchise Arrangements” has the meaning set forth on Schedule I attached hereto. 

“New Franchise Arrangements” has the meaning set forth on Schedule I attached hereto. 

“New International Franchise Arrangements” has the meaning set forth on Schedule I attached hereto. 

“New Overseas Franchise Arrangements” has the meaning set forth on Schedule I attached hereto. 

“New Requirements Agreements” has the meaning set forth on Schedule I attached hereto. 

“New Series Pro Forma Quarterly DSCR” means, at any time of determination and with respect to the issuance of any
additional Series of Notes, the ratio calculated by dividing (a) the Adjusted Net Cash Flow over the immediately preceding Quarterly Collection Period over (b) the Debt Service for the related Quarterly

  
 52 

 
Payment Date, in each case on a pro forma basis, calculated as if (i) such additional Series of Notes had been outstanding and any assets acquired with the proceeds of such additional Series
of Notes had been acquired at the commencement of such period and (ii) any Notes that have been paid, prepaid or repurchased and cancelled during such period, or any Notes that will be paid, prepaid or repurchased and cancelled using the
proceeds of such issuance, were so paid, prepaid or repurchased and cancelled as of the commencement of such period. 

“New Third-Party License Agreements” has the meaning set forth on Schedule I attached hereto. 

“New Third-Party Supply Agreements” has the meaning set forth on Schedule I attached hereto. 

“New York UCC” has the meaning set forth in Section 5.8(b) of the Base Indenture. 

“Nonrecoverable Advance” means any portion of a Servicing Advance previously made and not previously reimbursed, or
proposed to be made, which, together with any then-outstanding Servicing Advances and the interest accrued or that would reasonably be expected to accrue thereon, in the reasonable, good faith judgment of the Servicer or the Trustee, as applicable,
would not be ultimately recoverable from subsequent payments or collections from any funds on deposit in the Concentration Accounts and the Collection Account, giving due consideration to allocations and disbursements of funds in such accounts and
the limited assets of the Securitization Entities. 
 “Non-Securitization Debt” means debt incurred by a
Non-Securitization Entity. 
 “Non-Securitization Entity” means any Domino’s Entity that is not a
Securitization Entity. 
 “Note Owner” means, with respect to a Book-Entry Note, the Person who is the
beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds such Book-Entry Note, or on the books of a Person maintaining an account with such Clearing Agency (directly or as an indirect participant, in
accordance with the rules of such Clearing Agency). 
 “Note Owner Certificate” has the meaning specified in
Section 11.5(b) of the Base Indenture. 
 “Note Rate” means, with respect to any Series or any
Class of any Series of Notes, the annual rate at which interest (other than contingent additional interest) accrues on the Notes of such Series or such Class of such Series of Notes (or the formula on the basis of which such rate will be determined)
as stated in the applicable Series Supplement. 
 “Note Register” means the register maintained pursuant to
Section 2.5(a) of the Base Indenture, providing for the registration of the Notes and transfers and exchanges thereof. 

  
 53 

 “Noteholder” and “Holder” means the Person in whose name
a Note is registered in the Note Register. 
 “Notes” has the meaning specified in the recitals to the Base
Indenture. 
 “Notes Discharge Date” means, with respect to any Class or Series of Notes, the first date on
which such Class or Series of Notes is no longer Outstanding. 
 “Obligations” means (a) all principal,
interest and premium, if any, at any time and from time to time, owing by the Co-Issuers on the Notes or owing by the Guarantors pursuant to the Global G&C Agreement, (b) the payment and performance of all other obligations, covenants and
liabilities of the Co-Issuers or the Guarantors arising under the Indenture, the Notes, any other Indenture Document, or of the Guarantors under the Global G&C Agreement and (c) the obligation of the Co-Issuers to pay all Trustee Fees and
Mortgage Recordation Fees to the Trustee when due and payable as provided in the Indenture. 

“Officer’s Certificate” means a certificate signed by an Authorized Officer of the applicable
Securitization Entity. 
 “Open Domino’s Store” means, as of the date of determination, each
Store and each Company-Owned Store located anywhere in the world that is open for business as of such date; provided, however, that with respect to any Store that is not open year-round and has, or is expected to have, less than $100,000 of Gross
Sales during the next twelve months, such Store will not be deemed to be an “Open Domino’s Store.” 

“Operating Agreements” means any or collectively, depending on the context in which it is used, the Co-Issuers Operating
Agreements, the Domestic Franchisor Operating Agreement, the International Franchisor Certificate of Incorporation, the SPV Guarantor Operating Agreement, the Canadian Distributor Memorandum of Association, the Domestic Distribution Real Estate
Holder Operating Agreement, the Domestic Distribution Equipment Holder Operating Agreement and any Additional Securitization Entity Operating Agreement. 
 “Opinion of Counsel” means a written opinion addressed to the Trustee from legal counsel who is reasonably acceptable to the Trustee and the Control Party. The counsel may be an employee
of, or counsel to, the Securitization Entities, Holdco, DPL, the Manager or the Back-Up Manager, as the case may be. 

“Organizational Expenses” means any expenses incurred by any Securitization Entity in connection with (a) the
maintenance of its existence in the State of Delaware or in any other state, province or country in which a Securitization Entity is organized and (b) its qualification to do business in any state, province or country. 

“Other Collections” means any amounts deposited into a Concentration Account that are not readily identifiable as
Franchisee Payments, Company-Owned Stores License Fees, Third-Party License Fees, Product Purchase Payments, Co-Issuers 

  
 54 

 
Insurance Proceeds, Asset Disposition Proceeds, Excluded Amounts, Retained Collections Contributions, Indemnification Payments or Investment Income earned with respect to amounts on deposit in
any Concentration Account and any fees paid by a Non-Securitization Entity to compensate the Co-Issuers for the cost of the issuance and maintenance of any Holdco Letter of Credit. 

“Other Franchise Fees” means any fees other than Continuing Franchise Fees, Initial Franchise Fees, Advertising Fees,
Technology Fees, PULSE Maintenance Fees or PULSE License Fees that are paid by Domestic Franchisees or International Franchisees to the entity that serves as “franchisor” of the Domino’s Brand or any Future Brand in connection with
operating a Store. 
 “Other Legacy Account” means, on or after the date that any Class or Series of
Notes issued pursuant to the Base Indenture is no longer Outstanding, any account maintained by the Trustee to which funds have been allocated in accordance with the Priority of Payments for the payment of interest, fees or other amounts in respect
of such Class or Series of Notes. For the avoidance of doubt, the Series 2007-1 Legacy Accounts shall not constitute Other Legacy Accounts. 
 “Outstanding” means with respect to the Notes, all Notes theretofore authenticated and delivered under the Indenture, except (a) Notes theretofore cancelled or delivered to the
Registrar for cancellation, (b) Notes which have not been presented for payment but funds for the payment of which are on deposit in the appropriate account and are available for payment in full of such Notes and (c) Notes in exchange for
or in lieu of other Notes which have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to a Trust Officer is presented that any such Notes are held by a purchaser for value. 

“Outstanding Principal Amount” means, with respect to each Series of Notes, the amount calculated in accordance with the
applicable Series Supplement. 
 “Overseas Contribution Agreements” means the Overseas Franchisor Contribution
Agreement and the Overseas IP Holder Contribution Agreement. 
 “Overseas Countries” means countries world-wide
other than (i) countries in the Domestic Territory and (ii) the Included Countries. 
 “Overseas Conveyed
Assets” means the Overseas IP and the Overseas Franchise Arrangements. 
 “Overseas Distribution and
Contribution Agreements” means (a) the Overseas Franchisor Contribution Agreement, (b) the Overseas Franchisor Distribution Agreement, (c) the Overseas IP Holder Contribution Agreement, (d) the Overseas IP Holder
Distribution Agreement, (e) the Overseas GP and Overseas LP Distribution Agreement, (f) the Overseas IP Holder LLC Distribution Agreement and (g) the Master Issuer Overseas Contribution Agreements. 

  
 55 

 “Overseas Entity” means the Overseas Franchisor, the Overseas IP Holder,
the Overseas GP, the Overseas LP or Domino’s Overseas LP Inc., a Delaware corporation. 
 “Overseas Franchise
Arrangements” mean, collectively, all Pre-Securitization Overseas Franchise Arrangements, all Post-Securitization Overseas Franchise Arrangements and all Post-Closing Overseas Franchise Arrangements; provided that, for purposes of
any of the Contribution and Sale Agreements, “Overseas Franchise Arrangements” shall have the meaning set forth on Schedule I attached hereto. 
 “Overseas Franchisee” means any Franchisee who is a party to an Overseas Franchise Arrangement. 
 “Overseas Franchisor” means Domino’s Pizza Overseas Franchising B.V., a private company with limited liability (besloten vennootschapmet beperkte aansprakelijleheid), incorporated
under the laws of the Netherlands, and its successors and assigns. 
 “Overseas Franchisor Asset Sale and IP License
Agreement” means the Overseas Franchisor Asset Sale and IP License Agreement, dated as of the Series 2007-1 Closing Date, by and between the Overseas IP Holder and the Overseas Franchisor, as amended, restated or otherwise modified from
time to time. 
 “Overseas Franchisor Contribution Agreement” means the contribution agreement dated as of the
Closing Date by and between the Overseas Franchisor and Overseas Franchisor LLC. 
 “Overseas Franchisor Charter
Documents” means the Deed of Incorporation of a Private Company with Limited Liability of the Overseas Franchisor, filed with the Trade Register of the Amsterdam Chambers of Commerce on March 29, 2007. 

“Overseas Franchisor Distribution Agreement” means the distribution agreement, dated as of the Closing Date, by and
between the Overseas Franchisor and the Overseas IP Holder. 
 “Overseas Franchisor Pledge Agreement” means the
Overseas Franchisor Pledge Agreement, dated as of April 12, 2007, by and between the Overseas Franchisor and the Overseas IP Holder, as amended, supplemented or otherwise modified from time to time. 

“Overseas GP” means Domino’s Overseas GP Inc., a Delaware corporation, and its successors and assigns. 

  
 56 

 “Overseas GP and Overseas LP Distribution Agreement” means the
distribution agreement, dated as of the Closing Date, by and among the Overseas GP, the Overseas LP and DPL. 

“Overseas IP” means the Know-How specific to the operation of Stores and Franchise Arrangements in the Overseas
Countries (but not including any Patents, Copyrights or Trademarks) licensed to the Overseas IP Holder pursuant to the Overseas IP Holder Asset Sale and IP License Agreement. For the avoidance of doubt, the Overseas IP does not include any
After-Acquired Overseas IP; provided that, for purposes of any of the Contribution and Sale Agreements, “Overseas IP” shall have the meaning set forth in Annex A to the 2007 Base Indenture. 

“Overseas IP Holder” means Domino’s Overseas IP Holder C.V., a limited partnership (commanditaire vennootschap),
established and existing under the laws of the Netherlands, and its successors and assigns. 
 “Overseas IP Holder Asset
Sale and IP License Agreement” means the Overseas IP Holder Asset Sale and IP License Agreement, dated as of April 12, 2007, by and between the IP Holder (as successor in interest to PMC LLC) and the Overseas IP Holder, as amended,
restated, or otherwise modified from time to time. 
 “Overseas IP Holder Certificate of Registration” means
the certificate of registration, filed with the Trade Register of the Rotterdam Chambers of Commerce on March 23, 2003. 

“Overseas IP Holder Charter Documents” means the Overseas IP Holder Certificate of Registration and the Overseas IP
Holder Operating Agreement. 
 “Overseas IP Holder Contribution Agreement” means the contribution agreement
dated as of the Closing Date, by and between the Overseas IP Holder and the Overseas IP Holder LLC. 
 “Overseas IP
Holder Distribution Agreement” means the distribution agreement dated as of the Closing Date, by and among the Overseas IP Holder, the Overseas GP and the Overseas LP. 

“Overseas IP Holder IP License Agreement” means the Overseas IP Holder IP License Agreement, dated April 12, 2007,
by and between the IP Holder (as successor in interest to PMC LLC) and the Overseas IP Holder, as amended, supplemented or otherwise modified from time to time. 
 “Overseas IP Holder LLC Distribution Agreement” means the distribution agreement dated as of the Closing Date by and between the Overseas IP Holder LLC and the Master Issuer. 

  
 57 

 “Overseas IP Holder Operating Agreement” means the Limited Partnership
Agreement of the Overseas IP Holder, dated as of March 22, 2007. 
 “Overseas IP Holder Pledge Agreement”
means the Overseas IP Holder Pledge Agreement, dated as of April 12, 2007, by and among, PMC Inc., DPI and the Overseas IP Holder, as amended, supplemented or otherwise modified from time to time. 

“Overseas LP” means Domino’s CV LLC, a Delaware limited liability company, and its successors and assigns.

 “Overseas Payments” has the meaning set forth on Schedule I attached hereto. 

“Parent Company Support Agreement” means the Parent Company Support Agreement, dated as of the Closing Date, by Holdco
in favor of the Trustee, as amended, supplemented or otherwise modified from time to time. 
 “Patents” means
all United States and non-U.S. patents and inventions claimed therein, patent applications, divisions, continuations, continuations-in-part, provisional patent applications, and reissues thereof. 

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

“Perfected Country” means any of the United States or other country: (a) with respect to which one or more filings
have been made to perfect the Trustee’s security interest in the Domino’s IP registered in such jurisdiction and such perfection has been confirmed by an Opinion of Counsel; or (b) that has been deemed to qualify as a Perfected
Country pursuant to Section 8.25(d) of the Base Indenture. 
 “Perfection Ratio” means (a) the
aggregate Gross Royalty Stream in respect of the Perfected Countries divided by (b) the aggregate Gross Royalty Stream in respect of the United States and the Included Countries. 

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

“Permitted Distribution Asset Disposition” means (i) the sale, transfer, license, lease or other disposition
(including any sale and leaseback transaction) of any real property, whether now owned or hereafter acquired; (ii) the termination of any equipment leases; (iii) the termination of any leases, subleases or licenses of any leased real
property; (iv) dispositions of obsolete or worn out property in the ordinary course of business and dispositions of property (including Intellectual Property) no longer used or useful in the conduct of the business of the Securitization
Entities; and (v) transfers constituting Permitted Liens; in each case, excluding any Real Estate Disposition. 

  
 58 

 “Permitted Investments” means (a) time deposits with, or insured
certificates of deposit or bankers’ acceptances of, any commercial bank that (i) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank
holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) whose short-term debt is rated at least “P-1” (or then
equivalent grade) by Moody’s and at least “A-1+” (or then equivalent grade) by S&P and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 90 days from the date of
acquisition thereof; (b) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof having maturities of not more than 360 days from the date of
acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof; (c) commercial paper issued by any Person organized under the laws of any state of the United States of America and
rated at least “P-1” (or the then equivalent grade) by Moody’s and at least “A-1+” (or the then equivalent grade) by S&P, with maturities of not more than 180 days from the date of acquisition thereof;
(d) investments, classified in accordance with GAAP as current assets of the relevant Person making such investment, in money market investment programs registered under the Investment Company Act, which have the highest rating obtainable from
Moody’s and S&P, and the portfolios of which are limited solely to investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition and (e) with respect to any account held at an
institution outside of the United States investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition (except that such investments (i) may be issued by, or held with, a foreign
government or a Person organized under the laws of a foreign country and (ii) need not be rated by Moody’s or S&P). Notwithstanding the foregoing, all Permitted Investments must either (A) be at all times available for withdrawal
or liquidation at par (or for commercial paper issued at a discount, at the applicable purchase price) or (B) mature on or prior to the Business Day prior to the immediately succeeding Quarterly Payment Date. 

“Permitted Liens” means (a) Liens for (i) Taxes, assessments or other governmental charges not delinquent or
(ii) Taxes, assessments or other charges being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (b) all Liens
created or permitted under the Related Documents in favor of the Trustee for the benefit of the Secured Parties, (c) Liens existing on the Closing Date, which will be released on such date, (d) deposits or pledges made (i) in
connection with casualty insurance maintained in accordance with the Related Documents, (ii) to secure the performance of bids, tenders, contracts or leases, (iii) to secure statutory obligations or surety or appeal bonds or (iv) to
secure indemnity, performance or other similar bonds in the ordinary course of business of any Securitization Entity, (e) Liens of carriers, warehouses, mechanics and similar Liens, in each case (i) in existence less than 45 days from the
date of creation thereof or (ii) being contested in good faith by any Securitization Entity in appropriate proceedings (so long as such Securitization Entity has, in accordance with GAAP, set aside on its books adequate reserves with respect
thereto), (f) restrictions under federal, state or foreign securities laws on the transfer of securities, (g) Liens that constitute covenants, conditions, restrictions, easements, encumbrances and other similar matters of record affecting
title to but not adversely affecting the current occupancy or use of any owned or leased real property in any material respect; provided that, there will be no 

  
 59 

 
mortgages or leasehold mortgages encumbering any Securitization Entity’s fee or leasehold title to any Domestic Manufacturing and Distribution Centers except those for the Manufacturing and
Distribution Center Mortgages in favor of the Trustee for the benefit of the Secured Parties, (h) statutory or voluntary Liens in favor of landlords, lessors or renters to secure obligations of any Securitization Entity under real estate leases
or rental agreements, which secured obligations are not delinquent or are being contested in good faith by any Securitization Entity and by appropriate proceedings (so long as such Securitization Entity has, in accordance with GAAP, set aside on its
books adequate reserves with respect thereto) and (i) Liens on Collateral that has been pledged pursuant to the Class A-1 Note Purchase Agreement with respect to letters of credit issued thereunder. 

“Person” means any natural person, corporation, business trust, joint venture, association, company, partnership,
limited liability company, joint stock company, trust, unincorporated organization or Governmental Authority or other entity. 

“PFS” means Progressive Food Solutions LLC, a Michigan limited liability company, and its successors and assigns.

 “PFS Contribution Agreement” means the contribution agreement, dated as of the Closing Date, by and between
PFS and the Domestic Distribution Equipment Holder. 
 “PFS Distribution Agreement” means the distribution
agreement, dated as of the Closing Date, by and between PFS and DPL, as may be amended or supplemented from time to time. 

“PFS Product Purchase and Distribution Sub-Management Agreement” means the product purchase and distribution agreement,
dated as of the Closing Date, by and between PFS and the Manager, as may be amended or supplemented from time to time. 

“Plan” means any “employee pension benefit plan”, as such term is defined in ERISA, which is subject to Title
IV of ERISA, including any Multiemployer Plan, or Section 412 of the Code. 
 “PMC Inc.” means
Domino’s Pizza PMC, Inc., a Michigan corporation. 
 “PMC LLC” means Domino’s Pizza PMC LLC, a
Delaware limited liability company, as successor by merger to PMC Inc., and its successors and assigns. 
 “PMC LLC
Certificate of Formation” means the certificate of formation of PMC LLC, dated as of March 5, 2007, as amended, supplemented or otherwise modified from time to time. 

“PMC LLC Charter Documents” means the PMC LLC Certificate of Formation and the PMC LLC Operating Agreement. 

  
 60 

 “PMC LLC Operating Agreement” means the Limited Liability Company
Agreement of PMC LLC, dated as of March 5, 2007, as further amended, supplemented or otherwise modified from time to time. 

“Post-Closing Overseas Franchise Arrangements” means, depending on the context in which it is used, each new master
franchise agreement, store franchise agreement or area development agreement entered into by the International Franchisor after the Closing Date pursuant to which a master franchisor or area developer is given the right to franchise or a Franchisee
is given the right to operate a Store(s) in an Overseas Country or the rights and obligations of the International Franchisor under each such agreement. 
 “Post-Default Capped Trustee Expenses” has the meaning set forth in the definition of “Post-Default Capped Trustee Expenses Amount.” 

“Post-Default Capped Trustee Expenses Amount” means an amount equal to the lesser of (a) all reasonable expenses
payable by the Co-Issuer to the Trustee pursuant to the Indenture after the occurrence and during the continuation of an Event of Default in connection with any obligations of the Trustee in connection with such Event of Default so long as such
expenses are not a part of the Capped Securitization Operating Expenses Amount (“Post-Default Capped Trustee Expenses”) and (b) the amount by which (i) $100,000 exceeds (ii) the aggregate amount of Post-Default Capped
Trustee Expenses previously paid on each Weekly Allocation Date that occurred in the annual period (measured from the Closing Date to the anniversary thereof and from each anniversary thereof to the next succeeding anniversary thereof) in which such
Weekly Allocation Date occurs. 
 “Post-Securitization Domestic Franchise Arrangements” means, all franchise
agreements, license agreements, development agreements, area agreements, or similar agreements in the Domestic Territory and relating to Franchised Stores that have been entered into or renewed since the Series 2007-1 Closing Date (together with any
Franchisee Promissory Notes issued in respect thereof). 
 “Post-Securitization Franchise Arrangements” means,
collectively, the Post-Securitization Domestic Franchise Arrangements and the Post-Securitization International Franchise Arrangements. 
 “Post-Securitization International Franchise Arrangements” means International Franchise Arrangements entered into by the International Franchisor (a) with respect to the period from
the Series 2007-1 Closing Date to the Closing Date in the International Territory other than the Overseas Countries, and (b) after the Closing Date in the International Territory. 

“Post-Securitization Overseas Franchise Arrangements” means all master franchise agreements, store franchise agreements,
area development agreements, or similar agreements related to Franchised Stores for the Overseas Countries entered into after the Series 2007-1 Closing Date up to the Closing Date. 

  
 61 

 “Potential Manager Termination Event” means any occurrence or event which,
with the giving of notice, the passage of time or both, would constitute a Manager Termination Event. 
 “Potential
Rapid Amortization Event” means any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Rapid Amortization Event. 
 “PPSA” means the Nova Scotia Personal Property Security Act as in effect from time to time. 
 “Prepayment Premium” means, with respect to any Series of Notes, the premium to be paid on any prepayment of principal with respect to such Series of Notes, identified as a
“Prepayment Premium” pursuant to the applicable Series Supplement. 
 “Pre-Securitization Contribution and
Sale Agreements” means, collectively, the IP Assets Contribution Agreement, the IP Holder Equity Interests Distribution Agreement, the Canadian Distribution Assets Sale Agreement, the Holding Companies Contribution Agreement and the DPL
Contribution and Sale Agreement. 
 “Pre-Securitization Domestic Franchise Arrangements” means all master
franchise agreements, store franchise agreements, area development agreements and similar agreements related to Franchised Stores for the Domestic Territory entered into prior to the Series 2007-1 Closing Date. 

“Pre-Securitization International Franchise Arrangements” means International Franchise Arrangements operated or under
development in the International Territory other than in the Overseas Countries entered into prior to the Series 2007-1 Closing Date. 
 “Pre-Securitization Overseas Franchise Arrangements” means all master franchise agreements, store franchise agreements, area development agreements and similar agreements related to
Franchised Stores operated or under development in the Overseas Countries entered into prior to the Series 2007-1 Closing Date. 

“Prime Rate” means the rate of interest publicly announced from time to time by a commercial bank mutually agreed upon
by Holdco and the Servicer as its reference rate, base rate or prime rate. 
 “Principal Amount” means, with
respect to each Series of Notes, the amount specified in the applicable Series Supplement. 
 “Principal Payments
Account” means any of the following accounts: (i) the Senior Notes Principal Payments Account; (ii) the Senior Subordinated Notes Principal Payments Account; or (iii) the Subordinated Notes Principal Payments Account.

  
 62 

 “Principal Terms” has the meaning specified in Section 2.3 of
the Base Indenture. 
 “Priority of Payments” means the allocation and payment obligations described in
Section 5.11 of the Base Indenture as supplemented by the allocation and payment obligations with respect to each Series of Notes described in each Series Supplement. 

“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

“Proceeds” has the meaning specified in Section 9-102(a)(64) of the applicable UCC. 

“Product Purchase Agreements” means the Product Purchase and Distribution Agreement, the PFS Product Purchase and
Distribution Sub-Management Agreement, the Canadian Manufacturer Product Purchase Agreement and any other agreements entered into by any Distributor and any other Domino’s Entity to manufacture, supply or process Products for sale to any
Distributor for re-sale to Franchisees, owners of Company-Owned Stores or any other Persons. 
 “Product Purchase and
Distribution Agreement” means the agreement entered into on the Closing Date by and among the Domestic Distributor, the Domestic Distribution Real Estate Holder, the Master Issuer and the Domestic Distribution Equipment Holder for the
manufacture and supply of products for re-sale to certain Franchisees, owners of Company-Owned Stores or any other Persons. 

“Product Purchase Payments” means any payment received in connection with the sale of any Products by any Distributor to
any Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person whether pursuant to a Requirements Agreement or otherwise. 
 “Product Supply Payment” means any payment for the Products that is due and payable collectively by the Master Issuer, the Domestic Distribution Real Estate Holder and the Domestic
Distribution Equipment Holder to DPL pursuant to the Management Agreement. 
 “Products” means any good sold by
any Distributor to a Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person pursuant to a Requirements Agreement or otherwise. 
 “PTO” means the United States Patent and Trademark Office. 

“PULSE and Technology Fees Concentration Account” means the account maintained in the name of the Master Issuer or the
Domestic Distributor and pledged to the Trustee into which the Manager causes PULSE License Fees, Technology Fees and PULSE Maintenance Fees to be deposited or any successor account established for the Master Issuer or the Domestic Distributor by
the Manager for such 

  
 63 

 
purpose pursuant to Section 5.1 of the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment
purposes pursuant to Section 5.1(b) of the Base Indenture. 
 “PULSE and Technology Fees Concentration
Account Control Agreement” means the Account Control Agreement governing the PULSE and Technology Fees Concentration Account entered into by and among the Master Issuer and/or the Domestic Distributor, the Manager, the Trustee and the bank
or other financial institution then holding the PULSE and Technology Fees Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the PULSE and Technology Fees Concentration
Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee). 
 “PULSE
Assets” means all Intellectual Property and license agreements related to the Domino’s PULSETM System listed in Schedule 1.1(c) of the DPL Contribution and Sale Agreement. 
 “PULSE License Fees” means all license fees owed by any Franchisee in connection with the Domino’s PULSETM system installed in any Store owned and operated by such Franchisee in accordance with the applicable license
agreement. 
 “PULSE Maintenance Fees” means all amounts owed by any Franchisee in
connection with the maintenance of the Domino’s PULSETM
system installed in any Store owned and operated by such Franchisee. 
 “Qualified Institution” means a depository institution organized under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign
jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities that at all times has the Required Rating and, in the case of any
such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC. 

“Qualified Trust Institution” means an institution organized under the laws of the United States of America or any state
thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities that at all
times (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii) has capital, surplus and undivided profits of not less than $250,000,000 as set forth in its most recent published annual report of
condition and (iii) has a long term deposits rating of not less than “Baa1” by Moody’s and “BBB+” by S&P. 
 “Quarterly Collection Period” means each period as set forth on Schedule II to this Annex A, commencing with the period from and including the Closing Date to and including March 25,
2012. 

  
 64 

 “Quarterly DSCR” means for any Quarterly Payment Date and the immediately
preceding Quarterly Collection Period, the ratio (without rounding) of (a) an amount equal to the Adjusted Net Cash Flow for the Quarterly Collection Period preceding such Quarterly Payment Date, to (b) an amount equal to Debt Service for
such Quarterly Payment Date. 
 “Quarterly Manager’s Certificate” has the meaning specified
in Section 4.1(b) of the Base Indenture. 
 “Quarterly Noteholders’ Statement”
means, with respect to any Series of Notes, a statement substantially in the form of an Exhibit C to the applicable Series Supplement. 
 “Quarterly Payment Date” means, unless otherwise specified in any Series Supplement for the related Series of Notes, the 25th day of each of the following calendar months: January, April,
July and October, or if such date is not a Business Day, the next succeeding Business Day, commencing on April 25, 2012. Any reference to a Quarterly Collection Period relating to a Quarterly Payment Date means the Quarterly Collection Period
most recently ended prior to such Quarterly Payment Date, and any reference to an Interest Period relating to a Quarterly Payment Date means the Interest Period most recently ended prior to such Quarterly Payment Date. 

“Quarterly Retained Collections” means with respect to any Quarterly Collection Period, the aggregate amount of Retained
Collections deposited into the Collection Account during such Quarterly Collection Period. 
 “Rapid Amortization DSCR
Threshold” means a Quarterly DSCR equal to 1.2x. 
 “Rapid Amortization Event” has the meaning
specified in Section 9.1 of the Base Indenture. 
 “Rapid Amortization Period” means the period
commencing on the date on which a Rapid Amortization Event occurs and ending on the earlier to occur of the waiver of the occurrence of such Rapid Amortization Event in accordance with Section 9.7 of the Base Indenture and the date on
which there are no Notes Outstanding. 
 “Rating Agency” with respect to any Series of Notes, has the meaning
specified in the applicable Series Supplement. 
 “Rating Agency Condition” with respect to any Series of
Notes, has the meaning specified in the applicable Series Supplement. 
 “Rating Agency Fees” means any
reasonable fees or expenses due to the Rating Agencies in connection with rating any Series or Class of Notes. 
 “Real
Estate Disposition” means a disposition of any owned real property in connection with the owned Manufacturing and Distribution Centers. 

  
 65 

 “Real Estate Disposition Proceeds” means the amount of net cash proceeds
received by the Domestic Distribution Real Estate Holder from any Real Estate Disposition (after payment of all costs and expenses related to such disposition), to the extent such proceeds are not reinvested in real property held by the Domestic
Distribution Real Estate Holder and used for production or distribution purposes within 365 days of the disposition giving rise to such proceeds. 
 “Real Estate Holder Concentration Account” means the account maintained in the name of the Master Issuer or the Domestic Distribution Real Estate Holder and pledged to the Trustee which
will be used to maintain Asset Disposition Proceeds from Real Estate Dispositions, funds from the Domestic Distributor and funds deposited therein pursuant to priority (xxxvii) of the Priority of Payments, or any successor account established
for the Master Issuer or the Domestic Distribution Real Estate Holder by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for
investment purposes pursuant to Section 5.1(b) of the Base Indenture. 
 “Real Estate Holder Concentration
Account Control Agreement” means the Account Control Agreement governing the Real Estate Holder Concentration Account entered into by and among the Master Issuer and/or the Domestic Distribution Real Estate Holder, the Manager, the Trustee
and the bank or other financial institution then holding the Real Estate Holder Concentration Account (which Account Control Agreement shall be reasonably acceptable to the Trustee, it being understood that the Real Estate Holder Concentration
Account Control Agreement in effect on the Closing Date is so acceptable to the Trustee). 
 “Real Estate Holder
Concentration Account Minimum Balance” means $100,000, or such higher amount as may be established by the Manager from time to time in its sole discretion by notice to the Servicer, the Control Party and the Back-Up Manager. 

“Record Date” means, with respect to any Quarterly Payment Date, the last day of the immediately preceding calendar
month. 
 “Refranchising Asset Dispositions” means any resale, transfer or other disposition of a Domestic
Franchise Arrangement or an International Franchise Arrangement that results in the replacement of a Franchise Arrangement with one or more Post-Securitization Franchise Arrangements, including, without limitation, any resale, transfer, termination
or creation (or combination thereof) of a Securitization Entity’s interest in a Domestic Franchise Arrangement or an International Franchise Arrangement. 
 “Registrar” has the meaning specified in Section 2.5(a) of the Base Indenture. 
 “Related Documents” means, with respect to any Series of Notes, the Indenture Documents, the Collateral Transaction Documents, the Account Agreements, the Depository Agreements, any
Variable Funding Note Purchase Agreement, any 

  
 66 

 
Swap Contract, any Series Hedge Agreement, any Enhancement Agreement, the DNAF Servicing Agreement and any other material agreements entered into, or certificates delivered, pursuant to the
foregoing documents. 
 “Required Rating” means (i) a short-term certificate of deposit rating from
Moody’s of “P-1” and from S&P of at least “A-1” and (ii) a long-term unsecured debt rating of not less than “Baa1” by Moody’s and “BBB+” by S&P. 

“Requirements Agreements” means, collectively, any requirements or rebate agreements (including any purchase orders)
entered into by a Franchisee, DPL, as the owner of Company-Owned Stores, or any other Person pursuant to which such Franchisee, DPL, as the owner of Company-Owned Stores, or other Person purchases Products from any Distributor. 

“Requirements of Law” means, with respect to any Person or any of its property, the certificate of incorporation or
articles of association and by-laws, limited liability company agreement, partnership agreement or other organizational or governing documents of such Person or any of its property, and any order, law, treaty, rule or regulation, or determination of
any arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject, whether federal, state, local or foreign (including, without
limitation, usury laws, the U.S. Federal Truth in Lending Act and retail installment sales acts). 
 “Residual
Amount” means for any Weekly Allocation Date with respect to any Quarterly Collection Period the amount, if any, by which the amount allocated to the Collection Account on such Weekly Allocation Date exceeds the sum of the amounts to be
paid and/or allocated on such Weekly Allocation Date pursuant to priorities (i) through (xxxvii) of the Priority of Payments; provided, that the amount of any Retained Collections Contribution will be held by the Master Issuer (or
any other Securitization Entity other than the SPV Guarantor) for at least one full fiscal quarter after which time that amount may be distributed by the Master Issuer to the SPV Guarantor on any Weekly Allocation Date; provided that (i) the
most recent Quarterly DSCR was at least equal to the Cash Trapping DSCR Threshold without giving effect to the inclusion of such Retained Collections Contribution and (ii) such Retained Collections Contribution is not required to pay any
shortfall in the amounts payable under priorities (ii) through (xxxvii) of the Priority of Payments, to the extent of any shortfall on such Weekly Allocation Date. 

“Retained Collections” means (a) all Collections excluding (i) Excluded Amounts and (ii) Bank Account
Expenses (solely with respect to the Concentration Accounts), (b) any Retained Collections Contributions and (c) without duplication, Weekly FCF Distributions and Weekly Distributor Profit Amounts. 

“Retained Collections Contribution” means, with respect to any Quarterly Collection Period, a cash contribution made to
the Master Issuer at any time prior to the Final Series Legal Final Maturity Date in an amount no greater than $7,500,000 in any Quarterly Collection Period, not more than $15,000,000 during any period of four consecutive Quarterly Collection
Periods and not more than $30,000,000 in the 

  
 67 

 
aggregate from the Closing Date to the Final Series Legal Final Maturity Date, which for all purposes of the Related Documents, except as otherwise specified therein, will be treated as Retained
Collections received during such Quarterly Collection Period. 
 “Royalties Concentration Account” means,
collectively, the Domestic Royalties Concentration Account, the International Royalties Concentration Account, the Venezuelan Royalties Concentration Account, the Cayman Islands Royalties Concentration Account and any Additional Royalties
Concentration Account. 
 “S&P” or “Standard & Poor’s” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto. 

“Same Store Sales Comparison Information” means, with respect to any Quarterly Collection Period, a comparison of
(a) the sum of Gross Sales for each Open Domino’s Store for each day of such Quarterly Collection Period where (i) such Open Domino’s Store had Gross Sales on such day and (ii) had Gross Sales for the corresponding day in
the prior fiscal year of the Co-Issuers with (b) the sum of Gross Sales for each Open Domino’s Store for each day of the prior fiscal year of the Co-Issuers where (i) such Open Domino’s Store had Gross Sales on such day and
(ii) had Gross Sales for the corresponding day of the current fiscal year of the Co-Issuers. 
 “Scheduled
Principal Payments” means, with respect to any Series or any Class of any Series of Notes, any payments scheduled to be made pursuant to the applicable Series Supplement that reduce the amount of principal Outstanding with respect to such
Series or Class on a periodic basis that are identified as “Scheduled Principal Payments” in the applicable Series Supplement. 
 “Scheduled Principal Payments Deficiency Event” means, with respect to any Quarterly Collection Period, as of the last Weekly Allocation Date with respect to such Quarterly Collection
Period, the occurrence of the following event: the amount of funds on deposit in the Senior Notes Principal Payments Account after the last Weekly Allocation Date with respect to such Quarterly Collection Period is less than the Senior Notes Accrued
Scheduled Principal Payments Amount for the next succeeding Quarterly Payment Date. 
 “Scheduled Principal Payments
Deficiency Notice” has the meaning specified in Section 4.1(e) of the Base Indenture. 

“SEC” means the United States Securities and Exchange Commission. 

“Secured Parties” means the Noteholders, each Hedge Counterparty, if any, the Trustee in its individual capacity, the
Servicer, the Control Party, the Manager and the Back-Up Manager, together with their respective successors and assigns. 

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

  
 68 

 “Securities Intermediary” has the meaning set forth in
Section 5.8(a) of the Base Indenture. 
 “Securitization Entities” means, collectively, the SPV
Guarantor, the Master Issuer, the Domestic Distributor, the Canadian Distributor, the Domestic Franchisor, the International Franchisor, the IP Holder, SPV Canadian Holdco, the Domestic Distribution Real Estate Holder, the Domestic Distribution
Equipment Holder and any Additional Securitization Entity. 
 “Securitization Entity Indemnities” means all
indemnification obligations that the Securitization Entities have to their officers, directors or managers under their Charter Documents. 
 “Securitization IP” has the meaning set forth on Schedule I attached hereto. 
 “Securitization IP License Agreements” has the meaning set forth on Schedule I attached hereto. 
 “Securitization Leverage Ratio” means, as of the date of determination, the ratio of (i) the aggregate principal amount of each Series of Notes Outstanding (provided that, with
respect to each Series of Class A-1 Senior Notes Outstanding, the aggregate principal amount of each such Series of Senior Notes will be deemed to be the Class A-1 Senior Notes Maximum Principal Amount for each such Series) to
(ii) Net Cash Flow (excluding, for the avoidance of doubt, any Retained Collections Contributions) for the preceding four Quarterly Collection Periods as of such date. 
 “Securitization Operating Expenses” means all (a) Trustee Fees, (b) Back-Up Manager Fees, (c) Independent Accountant Fees, (d) Organizational Expenses, (e) Rating
Agency Fees, (f) Securitization Entity Indemnities, (g) Mortgage Recordation Fees and (h) Servicer Indemnities (together with interest on any such Servicer Indemnities that are due and unpaid at the Advance Interest Rate). 

“Senior Debt” means the issuance of Indebtedness under the Indenture by the Co-Issuers that by its terms (through its
alphabetical designation as “Class A” pursuant to the Series Supplement applicable to such Indebtedness) is senior in the right to receive interest and principal on such Indebtedness to the right to receive interest and principal on any
Senior Subordinated Debt or Subordinated Debt. 
 “Senior ABS Leverage Ratio” means, as of the date of
determination, the ratio of (i) the aggregate principal amount of each Series of Senior Notes Outstanding (provided that, with respect to each Series of Class A-1 Senior Notes Outstanding, the aggregate principal amount of each such Series
of Senior Notes will be deemed to be the Class A-1 Senior Notes Maximum Principal Amount for each such Series) to (ii) Net Cash Flow (excluding, for the avoidance of doubt, any Retained Collections Contributions) for the preceding four
Quarterly Collection Periods as of such date. 
 “Senior Noteholder” means any Holder of Senior Notes of any
Series. 

  
 69 

 “Senior Notes” means any Series or Class of any Series of Notes issued
that are designated as “Class A” and identified as “Senior Notes” in the applicable Series Supplement that constitute Senior Debt. 
 “Senior Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the lesser of (a) the sum of
(i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and (2) the Senior Notes Aggregate Quarterly Interest for the Interest Period ending in the next succeeding Quarterly Collection Period (except
with respect to the first Interest Period after the Closing Date, in which case such amount will be 0% of the Senior Notes Quarterly Interest for such Interest Period), (ii) the Carryover Senior Notes Accrued Quarterly Interest Amount for such
Weekly Allocation Date and (iii) if such Weekly Allocation Date occurs on or after a Quarterly Payment Date on which amounts are withdrawn from the Senior Notes Interest Account pursuant to Section 5.12(a) of the Base Indenture to
cover any Class A-1 Senior Notes Interest Adjustment Amount, the amount so withdrawn (without duplication for amounts previously allocated pursuant to this clause (iii) and (b) the amount, if any, by which (i) Senior Notes
Aggregate Quarterly Interest for the Interest Period ending in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate amount previously allocated to the Senior Notes Interest Account with respect to Senior Notes Quarterly
Interest on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period. 
 “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 lesser of (a) the sum of (i) the product of (1) the Fiscal
Quarter Percentage for such Quarterly Collection Period and (2) the Senior Notes Aggregate Quarterly Post-ARD Contingent Interest for the Interest Period ending in the next succeeding Quarterly Collection Period (except with respect to the
first Interest Period after the Closing Date, in which case such amount will be 0% of the Senior Notes Aggregate Quarterly Post-ARD Contingent Interest for such Interest Period) and (ii) the Carryover Senior Notes Accrued Quarterly Post-ARD
Contingent Interest Amount for such Weekly Allocation Date and (b) the amount, if any, by which (i) Senior Notes Aggregate Quarterly Post-ARD Contingent Interest for the Interest Period ending in the next succeeding Quarterly Collection
Period exceeds (ii) the aggregate amount previously allocated to the Senior Notes Post-ARD Contingent Interest Account with respect to Senior Notes Quarterly Post-ARD Contingent Interest on each preceding Weekly Allocation Date with respect to
the Quarterly Collection Period. 
 “Senior Notes Accrued Scheduled Principal Payments Amount” means, for each
Weekly Allocation Date with respect to any Quarterly Collection Period an amount equal to the lesser of (a) the sum of (i) the product of (1) the Fiscal Quarter Percentage for such Quarterly Collection Period and (2) the Senior
Notes Aggregate Scheduled Principal Payments for the Quarterly Payment Date in the next succeeding Quarterly Collection Period (except with respect to the first Interest Period after the Closing Date, in which case such amount will be 0% of the
Senior Notes Scheduled Principal Payments for such Quarterly Payment Date) and (ii) the Carryover Senior Notes Accrued Scheduled Principal Payments Amount for such Weekly Allocation Date and (b) the amount, if

  
 70 

 
any, by which (i) the Senior Notes Aggregate Scheduled Principal Payments for the Quarterly Payment Date in the next succeeding Quarterly Collection Period exceeds (ii) the aggregate
amount previously allocated to the Senior Notes Principal Payments Account with respect to Senior Notes Aggregate Scheduled Principal Payments on each preceding Weekly Allocation Date with respect to the Quarterly Collection Period. 

“Senior Notes Aggregate Quarterly Interest” means, for any Interest Period, with respect to all Senior Notes
Outstanding, the aggregate amount of Senior Notes Quarterly Interest due and payable on all such Senior Notes with respect to such Interest Period. 
 “Senior Notes Aggregate Quarterly Post-ARD Contingent Interest” means, for any Interest Period, with respect to all Senior Notes Outstanding, the aggregate amount of Senior Notes
Quarterly Post-ARD Contingent Interest accrued on all such Senior Notes with respect to such Interest Period. 
 “Senior
Notes Aggregate Scheduled Principal Payments” means, for any Quarterly Payment Date, with respect to all Senior Notes Outstanding, the aggregate amount of Senior Notes Scheduled Principal Payments due and payable on all such Senior Notes on
such Quarterly Payment Date. 
 “Senior Notes Available Reserve Account Amount” means, as of any date of
determination, collectively, the amount on deposit in the Senior Notes Interest Reserve Account, the undrawn face amount of any Interest Reserve Letter of Credit issued for the benefit of the Trustee for the benefit of the Senior Noteholders and the
amount on deposit in the Cash Trap Reserve Account. 
 “Senior Notes Interest Shortfall Amount” has the meaning
set forth in Section 5.12(b) of the Base Indenture. 
 “Senior Notes Interest Account” has the
meaning set forth in Section 5.6 of the Base Indenture. 
 “Senior Notes Interest Reserve Account”
has the meaning set forth in Section 5.2 of the Base Indenture. 
 “Senior Notes Interest Reserve Account
Amount“ means, for any Weekly Allocation Date, the aggregate of all amounts (i) required to be on deposit in the Senior Notes Interest Reserve Account or (ii) in respect of the undrawn face amount of any Interest Reserve Letter of
Credit issued for the benefit of the Trustee for the benefit of the Senior Noteholders on such Weekly Allocation Date pursuant to any Series Supplement. 
 “Senior Notes Interest Reserve Account Deficit Amount” means, on any Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the amount, if any, by which
(a) the Senior Notes Interest Reserve Account Amount exceeds (b) the sum of (i) the amount on deposit 

  
 71 

 
in the Senior Notes Interest Reserve Account on such date and (ii) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of
the Senior Noteholders outstanding on such date. 
 “Senior Notes Principal Payments Account” has the meaning
set forth in Section 5.6 of the Base Indenture. 
 “Senior Notes Quarterly Interest” means, for any
Interest Period, (a) with respect to any Senior Notes Outstanding, the aggregate amount of interest due and payable, with respect to such Interest Period, on such Senior Notes that is identified as “Senior Notes Quarterly Interest” in
the applicable Series Supplement plus (b) with respect to any Class A-1 Senior Notes Outstanding, the aggregate amount of any letter of credit fees due and payable, with respect to such Interest Period, on such Class A-1 Senior Notes
pursuant to the applicable Variable Funding Note Purchase Agreement that are identified as “Senior Notes Quarterly Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of
determination, the actual amount of any such interest or letter of credit fees cannot be ascertained, an estimate of such interest or letter of credit fees will be used to calculate the Senior Notes Quarterly Interest for such Weekly Allocation Date
or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that any amount identified as “Senior Notes Quarterly Post-ARD Contingent Interest,” “Class
A-1 Senior Notes Administrative Expenses,” “Class A-1 Senior Notes Quarterly Commitment Fees” or “Class A-1 Senior Notes Other Amounts” in any Series Supplement will under no circumstances be deemed to constitute
“Senior Notes Quarterly Interest.” 
 “Senior Notes Quarterly Post-ARD Contingent Interest” means,
for any Interest Period, with respect to any Class of Senior Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Period on each such Class of Senior Notes that is identified as “Senior Notes Quarterly
Post-ARD Contingent Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest cannot be ascertained, an estimate of such interest
will be used to calculate the Senior Notes Quarterly Post-ARD Contingent Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that
any amount identified as “Senior Notes Quarterly Interest” in any Series Supplement will under no circumstances be deemed to constitute “Senior Notes Quarterly Post-ARD Contingent Interest.” 

“Senior Notes Scheduled Principal Catch-Up Amount” means the sum of all principal payments that are required to be paid
to Senior Noteholders pursuant to the applicable Series Supplement and have not been previously paid. 
 “Senior Notes
Scheduled Principal Payments” means, with respect to any Class of Senior Notes Outstanding, any Scheduled Principal Payments with respect to such Class of Senior Notes. 

  
 72 

 “Senior Notes Scheduled Principal Payments Deficiency Amount” means, with
respect to any Quarterly Collection Period and as calculated as of the last day of such Quarterly Collection Period, the amount, if any, by which (a) the Senior Notes Aggregate Scheduled Principal Payments (including any Senior Notes Scheduled
Principal Payments Deficiency Amounts due but unpaid from any previous Quarterly Collection Period) due and payable on the Quarterly Payment Date in the next succeeding Quarterly Collection Period exceeds (b) the amount on deposit on such last
day of such Quarterly Collection Period in the Senior Notes Principal Payments Account with respect to Senior Notes Scheduled Principal Payments due and payable on the Quarterly Payment Date in the next succeeding Quarterly Collection Period.

 “Senior Subordinated Debt” or “Senior Subordinated Notes” means any issuance of
Indebtedness under the Indenture by the Co-Issuers that are part of a Class with an alphanumerical designation that contains any letter from “B” through “L” of the alphabet. 

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

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

“Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each Weekly Allocation Date
with respect to a Quarterly Collection Period and any Senior Subordinated Notes, the amount defined in the applicable Series Supplement. 
 “Senior Subordinated Notes Accrued Scheduled Principal Payments Amount” means, for each Weekly Allocation Date with respect to any Quarterly Collection Period and any Senior Subordinated
Notes, the amount defined in the applicable Series Supplement. 
 “Senior Subordinated Notes Aggregate Quarterly
Interest” means, for any Interest Period, with respect to all Senior Subordinated Notes Outstanding, the aggregate amount of Senior Subordinated Notes Quarterly Interest due and payable on all such Subordinated Notes with respect to such
Interest Period. 
 “Senior Subordinated Notes Aggregate Quarterly Post-ARD Contingent Interest” means, for any
Interest Period, with respect to all Senior Subordinated Notes Outstanding, the aggregate amount of Senior Subordinated Notes Quarterly Post-ARD Contingent Interest accrued on all such Senior Subordinated Notes with respect to such Interest Period.

  
 73 

 “Senior Subordinated Notes Aggregate Scheduled Principal Payments” means,
for any Quarterly Payment Date, with respect to all Senior Subordinated Notes Outstanding, the aggregate amount of Senior Subordinated Notes Scheduled Principal Payments due and payable on all such Senior Subordinated Notes on such Quarterly Payment
Date. 
 “Senior Subordinated Notes Available Reserve Account Amount” means, as of any date of determination,
collectively, the amount on deposit in the Senior Subordinated Notes Interest Reserve Account, the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Subordinated
Noteholders and the amount on deposit in the Cash Trap Reserve Account. 
 “Senior Subordinated Notes Interest Reserve
Account” means an interest reserve account established and maintained by the Master Issuer, in the name of the Trustee, for the benefit of the Senior Subordinated Noteholders and the Trustee, solely for the benefit of the Senior
Subordinated Noteholders. 
 “Senior Subordinated Notes Interest Reserve Account Amount” means, for any Weekly
Allocation Date, the aggregate of all amounts (i) required to be on deposit in the Senior Subordinated Notes Interest Reserve Account or (ii) in respect of the undrawn face amount of any Interest Reserve Letters of Credit issued for the
benefit of the Trustee for the benefit of the Senior Subordinated Noteholders on such Weekly Allocation Date pursuant to any Series Supplement. 
 “Senior Subordinated Notes Interest Reserve Account Deficit Amount” means, on any Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the amount, if
any, by which (a) the Senior Subordinated Notes Interest Reserve Account Amount exceeds (b) the sum of (i) the amount on deposit in the Senior Subordinated Notes Interest Reserve Account on such date and (ii) the undrawn face
amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior Subordinated Noteholders on such date. 
 “Senior Subordinated Notes Quarterly Interest” means, for any Interest Period, with respect to any Class of Senior Subordinated Notes Outstanding, the aggregate amount of interest due and
payable, with respect to such Interest Period, on such Class of Senior Subordinated Notes that is identified as “Senior Subordinated Notes Quarterly Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation
Date or other date of determination, the actual amount of any such interest, fees or expenses cannot be ascertained, an estimate of such interest, fees or expenses will be used to calculate the Senior Subordinated Notes Quarterly Interest for such
Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided further that any amount identified as “Senior Subordinated Notes Quarterly Post-ARD Contingent
Interest” in any Series Supplement will under no circumstances be deemed to constitute “Senior Subordinated Notes Quarterly Interest.” 

  
 74 

 “Senior Subordinated Notes Quarterly Post-ARD Contingent Interest” means,
for any Interest Period, with respect to any Class of Senior Subordinated Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Period on each such Class of Senior Subordinated Notes that is identified as
“Senior Subordinated Notes Quarterly Post-ARD Contingent Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest cannot be
ascertained, an estimate of such interest will be used to calculate the Senior Subordinated Notes Quarterly Post-ARD Contingent Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of
the applicable Series Supplement; provided further that any amount identified as “Senior Subordinated Notes Quarterly Interest” in any Series Supplement will under no circumstances be deemed to constitute “Senior Subordinated Notes
Quarterly Post-ARD Contingent Interest.” 
 “Senior Subordinated Notes Scheduled Principal Catch-Up
Amount” means the sum of all principal payments that are required to be paid to Senior Subordinated Noteholders pursuant to the applicable Series Supplement and have not been previously paid. 

“Senior Subordinated Notes Scheduled Principal Payments” means, with respect to any Class of Senior Subordinated Notes
Outstanding, any Scheduled Principal Payments with respect to such Class of Senior Subordinated Notes. 
 “Senior
Subordinated Notes Scheduled Principal Payments Deficiency Amount” means, with respect to any Quarterly Collection Period and as calculated as of the last day of such Quarterly Collection Period, the amount, if any, by which (a) the
Senior Subordinated Notes Aggregate Scheduled Principal Payments (including any Senior Subordinated Notes Scheduled Principal Payments Deficiency Amounts due but unpaid from any previous Quarterly Collection Period) due and payable on the Quarterly
Payment Date in the next succeeding Quarterly Collection Period exceeds (b) the amount on deposit on such last day of such Quarterly Collection Period in the Senior Subordinated Notes Principal Payments Account with respect to Senior
Subordinated Notes Scheduled Principal Payments due and payable on the Quarterly Payment Date in the next succeeding Quarterly Collection Period. 
 “Series 2007-1 Closing Date” means April 16, 2007. 

“Series 2007-1 Legacy Account” means any account maintained by the Trustee which was designated under the 2007 Base
Indenture for the payment of interest, fees or other amounts in respect of any class of the Series 2007-1 Notes. 

“Series 2007-1 Notes” means the notes issued by the Co-Issuers on the Series 2007-1 Closing Date. 

  
 75 

 “Series 2007-1 Series Supplement” means the Series 2007-1 Supplement,
dated as of April 16, 2007, among the Co-Issuers and the Trustee, to the 2007 Base Indenture. 
 “Series
Account” means any account or accounts established pursuant to a Series Supplement for the benefit of a Series of Notes (or any Class thereof). 
 “Series Anticipated Repayment Date” means, with respect to any series of Notes, the “Anticipated Repayment Date” as set forth in the related Series Supplement, which will be the
Series Anticipated Repayment Date for such Series of Notes, as adjusted pursuant to the terms of the applicable Series Supplement. 
 “Series Closing Date” means, with respect to any Series of Notes, the date of issuance of such Series of Notes, as specified in the applicable Series Supplement. 

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

“Series Distribution Account” means, with respect to any Series of Notes or any Class of any Series of Notes, an account
established to receive distributions to be paid to the Noteholders of such Class or such Series of Notes pursuant to the applicable Series Supplement. 
 “Series Hedge Agreement” means, with respect to any Series of Notes, the relevant Swap Contract, if any, described in the applicable Series Supplement. 

“Series Hedge Counterparty” means, with respect to any series of Notes, the relevant Hedge Counterparty, if any,
described in the applicable Series Supplement. 
 “Series Hedge Payment Amount” means all amounts payable by
the Master Issuer under a Series Hedge Agreement including any termination payment payable by the Master Issuer. 

“Series Legal Final Maturity Date” means, with respect to any Series, the “Legal Final Maturity Date” set
forth in the related Series Supplement. 
 “Series Non-Amortization Test” means a test that will be satisfied
on any Quarterly Payment Date if (i) the level of both the Holdco Leverage Ratio and the Securitization Leverage Ratio are each less than or equal to 4.5x as of the Accounting Date preceding such Quarterly Payment Date and (ii) there is no
Senior Notes Scheduled Principal Catch-Up Amount outstanding as of such Quarterly Payment Date. 

  
 76 

 “Series Obligations” means, with respect to a Series of Notes,
(a) all principal, interest, premiums, make-whole payments and Series Hedge Payment Amounts, at any time and from time to time, owing by the Co-Issuers on such Series of Notes or owing by the Guarantors pursuant to the Global G&C Agreement
on such Series of Notes and (b) the payment and performance of all other obligations, covenants and liabilities of the Co-Issuers or the Guarantors arising under the Indenture, the Notes or any other Indenture Document, in each case, solely
with respect to such Series of Notes. 
 “Series of Notes” or “Series” means each
series of Notes issued and authenticated pursuant to the Base Indenture and the applicable Series Supplement. 
 “Series
Supplement” means a supplement to the Base Indenture complying (to the extent applicable) with the terms of Section 2.3 of the Base Indenture. 
 “Servicer” means Midland Loan Services, a division of PNC Bank, National Association, as servicer under the Servicing Agreement, and any successor thereto. 

“Servicer Indemnities” means all indemnification obligations that the Securitization Entities have to the Servicer under
the Servicing Agreement and the other Related Documents. 
 “Serviced Funds” has the meaning set forth in the
DNAF Servicing Agreement. 
 “Servicing Advance” means a Collateral Protection Advance or a Debt Service
Advance. 
 “Servicing Agreement” means the Servicing Agreement, dated as of March 15, 2012, by and among
the Co-Issuers, the Manager, the Servicer and the Trustee, as amended, supplemented or otherwise modified from time to time. 

“Servicing Fees” has the meaning set forth in the Servicing Agreement. 

“Servicing Standard” has the meaning set forth in the Servicing Agreement. 

“Specified Bankruptcy Opinion Provisions” means the provisions contained in the legal opinions delivered in connection
with the issuance of each Series of Notes relating to the non-substantive consolidation of the Securitization Entities with any of Holdco, Intermediate Holdco, DPL, DNAF, Domino’s International, PMC LLC, PFS, the Canadian Holdco or the Canadian
Manufacturer. 
 “Specified Countries” has the meaning set forth in Section 8.25(d) of the Base
Indenture. 

  
 77 

 “SPV Canadian Holdco” means Domino’s SPV Canadian Holding Company
Inc., a Delaware corporation, and its successors and assigns. 
 “SPV Canadian Holdco By-Laws” means the
by-laws of SPV Canadian Holdco, as amended, supplemented or otherwise modified from time to time. 
 “SPV Canadian
Holdco Certificate of Incorporation” means the certificate of incorporation of SPV Canadian Holdco, filed with the Secretary of State of Delaware on April 16, 2007, as amended, supplemented or otherwise modified from time to time.

 “SPV Canadian Holdco Charter Documents” means the SPV Canadian Holdco Certificate of Incorporation and the
SPV Canadian Holdco By-Laws. 
 “SPV Guarantor” means Domino’s SPV Guarantor LLC, a Delaware limited
liability company, and its successors and assigns. 
 “SPV Guarantor Certificate of Formation” means the
certificate of formation of the SPV Guarantor, dated as of March 2, 2007, as amended, supplemented or otherwise modified from time to time. 
 “SPV Guarantor Charter Documents” means the SPV Guarantor Certificate of Formation and the SPV Guarantor Operating Agreement. 

“SPV Guarantor Contribution Agreement” means the SPV Guarantor Contribution Agreement, dated as of the Series 2007-1
Closing Date, by and between the Master Issuer and the SPV Guarantor, as amended, supplemented or otherwise modified from time to time. 
 “SPV Guarantor Domestic Distribution and Overseas IP Holder Contribution Agreement” means the contribution agreement, dated as of the Closing Date, by and between the SPV Guarantor and
the Master Issuer pursuant to which the SPV Guarantor will contribute Equity Interests in the Domestic Distribution Real Estate Holder, the Domestic Distribution Equipment Holder and Overseas IP Holder LLC and leases of the Leased Domestic
Manufacturing and Distribution Centers to the Master Issuer. 
 “SPV Guarantor Operating Agreement” means the
Second Amended and Restated Limited Liability Company Agreement of the SPV Guarantor, dated as of March 15, 2012, as further amended, supplemented or otherwise modified from time to time. 

“Store” means any Domino’s® Brand store, any Future Brand store or any store operating under more than one of the foregoing brands that is subject to a Franchise Arrangement, the Company-Owned
Stores Master License Agreement or an Overseas Franchise Arrangement, including “alternative store” locations. 

  
 78 

 “Subclass” means, with respect to any Class of any Series of Notes, any
one of the subclasses of Notes of such Class as specified in the applicable Series Supplement. 
 “Subordinated
Debt” means any issuance of Indebtedness under the Indenture by the Co-Issuers that by its terms (through its alphabetical designation as “Class B” through “Class Z” pursuant to the Series Supplement applicable to such
Indebtedness) subordinates the right to receive interest and principal on such Indebtedness to the right to receive interest and principal on any Senior Notes. 
 “Subordinated Debt Provisions” means, with respect to the issuance of any Series of Notes that includes Subordinated Debt, the terms of such Subordinated Debt will include the following
provisions: (a) if there is an Extension Period in effect with respect to the Senior Debt issued on the Closing Date, the principal of any Subordinated Debt will not be permitted to be repaid out of the Priority of Payments unless such Senior
Debt is no longer Outstanding, (b) if the Senior Debt issued on the Closing Date is refinanced on or prior to the Series Anticipated Repayment Date of such Senior Debt and any such Subordinated Debt having a Series Anticipated Repayment Date on
or before the Series Anticipated Repayment Date of such Senior Debt is not refinanced on or prior to the Series Anticipated Repayment Date of such Senior Debt, such Subordinated Debt will begin to amortize on the date that the Senior Debt is
refinanced pursuant to a scheduled principal payment schedule to be set forth in the applicable Series Supplement, (c) if the Senior Debt issued on the Closing Date is not refinanced on or prior to the Quarterly Payment Date following the
seventh anniversary of the Closing Date, such Subordinated Debt will not be permitted to be refinanced and (d) any and all Liens on the Collateral created in favor of any holder of Subordinated Debt in connection with the issuance thereof will
be expressly junior in priority to all Liens on the Collateral in favor any holder of Senior Debt. 
 “Subordinated
Notes” means any Series or Class of any Series of Notes that are identified as “Subordinated Notes” in the applicable Series Supplement that constitute Subordinated Debt. 

“Subordinated Noteholders” means, collectively, the holders of any Subordinated Notes. 

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

“Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each Weekly Allocation Date with
respect to a Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement. 

“Subordinated Notes Accrued Scheduled Principal Payments Amount” means, for each Weekly Allocation Date with respect to
any Quarterly Collection Period and any Subordinated Notes, the amount defined in the applicable Series Supplement. 

  
 79 

 “Subordinated Notes Aggregate Quarterly Interest” means, for any Interest
Period, with respect to all Subordinated Notes Outstanding, the aggregate amount of Subordinated Notes Quarterly Interest due and payable on all such Subordinated Notes with respect to such Interest Period. 

“Subordinated Notes Aggregate Scheduled Principal Payments” means, for any Quarterly Payment Date, with respect to all
Subordinated Notes Outstanding, the aggregate amount of Subordinated Notes Scheduled Principal Payments due and payable on all such Subordinated Notes on such Quarterly Payment Date. 

“Subordinated Notes Interest Account” has the meaning set forth in Section 5.6 of the Base Indenture.

 “Subordinated Notes Interest Shortfall Amount” has the meaning set forth in Section 5.12(k) of
the Base Indenture. 
 “Subordinated Notes Principal Payments Account” has the meaning set forth in
Section 5.6 of the Base Indenture. 
 “Subordinated Notes Quarterly Interest” means, for any
Interest Period, with respect to any Class of Subordinated Notes Outstanding, the aggregate amount of interest due and payable, with respect to such Interest Period, on such Class of Subordinated Notes that is identified as “Subordinated Notes
Quarterly Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest, fees or expenses cannot be ascertained, an estimate of such
interest, fees or expenses will be used to calculate the Subordinated Notes Quarterly Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement;
provided further that any amount identified as “Subordinated Notes Quarterly Post-ARD Contingent Interest” in any Series Supplement will under no circumstances be deemed to constitute “Subordinated Notes Quarterly
Interest”. 
 “Subordinated Notes Quarterly Post-ARD Contingent Interest” means, for any Interest Period,
with respect to any Class of Subordinated Notes Outstanding, the aggregate amount of interest accrued with respect to such Interest Period on each such Class of Subordinated Notes that is identified as “Subordinated Notes Quarterly Post-ARD
Contingent Interest” in the applicable Series Supplement; provided that if, on any Weekly Allocation Date or other date of determination, the actual amount of any such interest cannot be ascertained, an estimate of such interest will be
used to calculate the Subordinated Notes Quarterly Post-ARD Contingent Interest for such Weekly Allocation Date or other date of determination in accordance with the terms and provisions of the applicable Series Supplement; provided,
further, that any amount identified as “Subordinated Notes Quarterly Interest” in any Series Supplement will under no circumstances be deemed to constitute “Subordinated Notes Quarterly Post-ARD Contingent Interest.”

  
 80 

 “Subordinated Notes Scheduled Principal Catch-Up Amount” means the sum of
all principal payments that are required to be paid to Subordinated Noteholders pursuant to the applicable Series Supplement and have not been previously paid. 
 “Subordinated Notes Scheduled Principal Payments” means, with respect to any Class of Subordinated Notes Outstanding, any Scheduled Principal Payments with respect to such Class of
Subordinated Notes. 
 “Subsidiary” means, with respect to any Person (herein referred to as the
“parent”), any corporation, partnership, limited liability company, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent or (b) that is, at the time any determination is being made, otherwise
controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary Guarantors” means the Domestic Franchisor, the International Franchisor, the Canadian Distributor, the Domestic Distribution Real Estate Holder, the Domestic Distribution
Equipment Holder and any Additional Subsidiary Guarantor. 
 “Successor Manager” means any successor to the
Manager selected by the Control Party (at the direction of the Controlling Class Representative) upon the resignation or removal of the Manager pursuant to the terms of the Management Agreement. 

“Successor Manager Transition Expenses” means all costs and expenses incurred by a Successor Manager in connection with
the termination, removal and replacement of the Manager under the Management Agreement. 
 “Successor Servicer
Transition Expenses” means all costs and expenses incurred by a successor Servicer in connection with the termination, removal and replacement of the Servicer under the Servicing Agreement. 

“Supplement” means a supplement to the Base Indenture complying (to the extent applicable) with the terms of Article
XIII of the Base Indenture. 
 “Supplemental Management Fee” means for each Weekly Allocation Date with
respect to any Quarterly Collection Period the amount, approved in writing by the Control Party acting at the direction of the Controlling Class Representative, by which, with respect to any Quarterly Collection Period, (i) the expenses
incurred or other amounts charged by the Manager since the beginning of such Quarterly 

  
 81 

 
Collection Period in connection with the performance of the Manager’s obligations under the Management Agreement and the amount of any current or projected Tax Payment Deficiency, if
applicable, exceed (ii) the Weekly Management Fees received and to be received by the Manager on such Weekly Allocation Date and each preceding Weekly Allocation Date with respect to such Quarterly Collection Period in accordance with
priority (xiv) of the Priority of Payments. 
 “Swap Contract” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“System” means the business of Holdco and its Subsidiaries on a consolidated basis together with the system of
Domino’s Brand Stores. 
 “Tax” means (i) any federal, state, local or foreign income, gross
receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, environmental, customs duties, capital stock, profits, documentary, property, franchise, withholding, social security (or similar), unemployment, disability, real
property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, or other tax of any kind whatsoever, including any interest, penalty, fine, assessment or addition thereto and (ii) any transferee
liability in respect of any items described in clause (i) above. 
 “Tax Lien Reserve Amount” means
any funds contributed by Domino’s International to the SPV Guarantor to satisfy Liens filed by the Internal Revenue Service pursuant to Section 6323 of the Code against any Securitization Entity. 

“Tax Opinion” means an opinion of tax counsel of nationally recognized standing in the United States experienced in such
matters to be delivered in connection with the issuance of each new Series of Notes to the effect that, for United States federal income tax purposes, (a) the issuance of such new Series of Notes will not affect adversely the United States
federal income tax characterization of any Series of Notes Outstanding or Class thereof that was (based upon an Opinion of Counsel) treated as debt at the time of their issuance, (b) except with respect to the International Franchisor, the SPV
Canadian Holdco and any Additional Securitization Entity (including Additional Securitization Entities organized with the consent of the Control Party pursuant to Section 8.34(b) of the Base Indenture) that will be treated as a
corporation for United States federal income tax purposes, each of the U.S. Co-Issuers, each other U.S. Securitization Entity and each other direct or indirect U.S. 

  
 82 

 
Subsidiary of the Master Issuer (i) will as of the date of issuance be treated as a disregarded entity and (ii) will not as of the date of issuance be classified as a corporation or as
an association or publicly traded partnership taxable as a corporation and (c) such new Series of Notes will as of the date of issuance be treated as debt. 
 “Tax Payment Deficiency” means any Tax liability of Holdco (including Taxes imposed under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign
law)) attributable to the operations of the Securitization Entities or their direct or indirect Subsidiaries that cannot be satisfied by Holdco from its available funds. 
 “Technology Assets” means software assets used in the provision of technology-related services by Domino’s to Franchisees (excluding the PULSE Assets); provided that, for
purposes of any of the Contribution and Sale Agreements, “Technology Assets” shall have the meaning set forth on Schedule I attached hereto. 
 “Technology Fees” means all amounts owed by any Franchisee in connection with technology-related services provided by Domino’s to such Franchisee. 

“Third-Party License Agreements” means, collectively, any agreements (other than Franchise Arrangements) entered into by
and between any Domino’s Entity and any third party that is not a Domino’s Entity pursuant to which such third party (a) is licensed to use any Domino’s IP or (b) licenses any third-party Intellectual Property to a
Domino’s Entity; provided that, for purposes of any of the Contribution and Sale Agreements, “Third-Party License Agreements” shall have the meaning set forth on Schedule I attached hereto. 

“Third-Party License Fees” means all amounts due to any Securitization Entity under or in connection with any
Third-Party License Agreement. 
 “Third-Party Licensee” means any party to a Third-Party License Agreement
that is not a Domino’s Entity. 
 “Third-Party Matching Expenses” means any amounts (i) collected by
the Master Issuer or any of its direct or indirect Subsidiaries where such amounts are being collected by such entity on behalf of a third party (other than any other Domino’s Entity) or (ii) collected by the Master Issuer or any of its
direct or indirect Subsidiaries which are matched to a payable due to a third party (other than any other Domino’s Entity). 
 “Third-Party Supply Agreements” means all contracts, accounts receivable, accounts payable and open purchase orders relating to the purchase of supplies from unaffiliated third parties
for resale to Franchised Stores and Company-Owned Stores in the Domestic Territory and the International Territory; provided that, for purposes of any of the Contribution and Sale Agreements, “Third-Party Supply Agreements” shall
have the meaning set forth on Schedule I attached hereto. 

  
 83 

 “Trademarks” means United States, state and non-U.S. trademarks, service
marks, trade names, trade dress, designs, logos, slogans and other indicia of source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, and all goodwill of any business connected with the
use of or symbolized thereby. 
 “Trust Officer” means any officer within the corporate trust department of the
Trustee, including any Vice President, Assistant Vice President or Assistant Treasurer of the Corporate Trust Office, or any trust officer, or any officer customarily performing functions similar to those performed by the person who at the time will
be such officers, in each case having direct responsibility for the administration of this Indenture, and also any officer to whom any corporate trust matter is referred because of his knowledge of and familiarity with a particular subject, or any
successor thereto responsible for the administration of the Indenture. 
 “Trustee” means the party named as
such in the Indenture until a successor replaces it in accordance with the applicable provisions of the Indenture and thereafter means the successor serving thereunder. 
 “Trustee Accounts” has the meaning set forth in Section 5.8(a) of the Base Indenture. 
 “Trustee Fees” means the fees payable by the Co-Issuers to the Trustee pursuant to the fee letter between the Co-Issuers and the Trustee and all expenses and indemnities payable by the
Co-Issuers to the Trustee pursuant to the Indenture, including, without limitation, any expenses incurred by the Trustee in connection with any inspection pursuant to Section 8.6 of the Base Indenture. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the specified jurisdiction or any applicable
jurisdiction, as the case may be. 
 “United States” or “U.S.” means the United States of
America, its fifty states and the District of Columbia. 
 “Variable Funding Note Purchase Agreement” means any
note purchase agreement entered into by the Co-Issuers in connection with the issuance of Class A-1 Senior Notes that is identified as a “Variable Funding Note Purchase Agreement” in the applicable Series Supplement. 

“Venezuelan Royalties Concentration Account” means the account maintained in the name of the Master Issuer or the
International Franchisor and pledged to the Trustee into which the Manager causes Collections in the currency of Venezuela to be deposited or any successor account established for the Master Issuer or the International Franchisor by the Manager for
such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to Section 5.1(b) of the Base Indenture.

  
 84 

 “VFN Fee Letter” has the meaning set forth in each applicable Variable
Funding Note Purchase Agreement. 
 “Weekly Advertising Fee Amount” means, with respect to any Weekly
Collection Period, an amount equal to the lesser of (i) the actual aggregate amount of Advertising Fees deposited in the Royalties Concentration Accounts during such Weekly Collection Period, as calculated by the Manager and set forth in each
applicable Weekly Manager’s Certificate and (ii) the actual amount of Collections on deposit in the Royalties Concentration Accounts on such day; provided that to the extent that the amount in clause (ii) above is less than the amount
in clause (i) above the amount of any such difference (the “Weekly Advertising Fee Deficiency Amount”) (or the portion thereof that has not been previously paid to the DNAF Account) will be added to the Weekly Advertising Fee
Amount for each succeeding day until such Weekly Advertising Fee Deficiency Amount has been paid to the DNAF Account. 

“Weekly Allocation Date” means the fifth Business Day following the last day of each Weekly Collection Period commencing
on March 23, 2012. 
 “Weekly Collection Period” means the period from and including each Monday and
ending on and including the next succeeding Sunday. 
 “Weekly Collections” means all Collections received
during any Weekly Collection Period. 
 “Weekly Distribution Services Reimbursement Amount” means, with respect
to any Weekly Collection Period, an amount equal to the smallest of (a) the aggregate amount of working capital expenses relating to the Distribution Services actually incurred by the Manager or the Canadian Manufacturer, as applicable, on or
prior to the last day of such Weekly Collection Period for which the Manager or the Canadian Manufacturer, as applicable, is entitled to be reimbursed or paid in accordance with the Management Agreement and has not been previously reimbursed or
paid; (b) the amount, if any, by which (i) $5,000,000 exceeds (ii) the aggregate amount of working capital expenses relating to the Distribution Services previously paid on each preceding Weekly Allocation Date that occurred in the
Quarterly Collection Period in which such Weekly Allocation Date occurs; and (c) the amount, if any, by which (i) $10,000,000 exceeds (ii) the aggregate amount of working capital expenses relating to the Distribution Services
previously paid on each preceding Weekly Allocation Date that occurred in the two-year period (measured from the Closing Date to the second anniversary thereof and from each such second anniversary thereof to the next succeeding bi-annual
anniversary thereof) in which such Weekly Allocation Date occurs. 
 “Weekly Distributor Profit Amount” means,
with respect to any Monthly Distributor Profit Period, (a) on the fourth Weekly Allocation Date to occur in such Monthly Distributor Profit Period, an amount, not less than zero, equal to the lesser of (i) the sum of (A) the Estimated
Weekly Distributor Profit Amount for the Weekly Collection Period immediately preceding such Weekly Allocation Date and (B) the 

  
 85 

 
Monthly Distributor Profit Adjustment Amount, if any, with respect to the immediately preceding Monthly Distributor Profit Period and (ii) the amount actually on deposit in the Distribution
Concentration Accounts on such Weekly Allocation Date and (b) on each other Weekly Allocation Date to occur in such Monthly Distributor Profit Period, an amount equal to the lesser of (i) the Estimated Weekly Distributor Profit Amount for
the Weekly Collection Period immediately preceding such Weekly Allocation Date and (ii) the amount actually on deposit in the Distribution Concentration Accounts on such Weekly Allocation Date; provided that to the extent that
(1) the amount in clause (a)(ii) above is less than the amount in clause (a)(i) above or (2) the amount in clause (b)(ii) above is less than the amount in clause (b)(i) above for any Weekly Allocation Date, the
amount of any such difference (the “Weekly Distributor Profit Deficiency Amount”) (or the portion thereof that has not been previously allocated to the Collection Account) will be added to the Weekly Distributor Profit Amount for
each succeeding Weekly Allocation Date until the Weekly Distributor Profit Deficiency Amount has been allocated to the Collection Account. 
 “Weekly Distributor Profit Deficiency Amount” has the meaning set forth in the definition of “Weekly Distributor Profit Amount.” 

“Weekly Equipment Purchasing Reimbursement Amount” means, with respect to any Weekly Collection Period, any operating
expenses relating to the Equipment Purchasing Services actually incurred by the Manager during such Weekly Collection Period for which the Manager is entitled to be reimbursed or paid in accordance with the Management Agreement. 

“Weekly FCF Distributions” means weekly distributions of Free Cash Flow from each Securitization Entity to its direct
parent, other than from the Master Issuer to the SPV Guarantor or from the Domestic Distributor or the Canadian Distributor to its direct parent. 
 “Weekly Management Fee” has the meaning set forth in the Management Agreement. 
 “Weekly Manager’s Certificate” has the meaning specified in Section 4.1(a) of the Base Indenture. 

“Welfare Plan” means a “welfare plan” as such term is defined in Section 3(1) of ERISA. 

“Workout Fees” has the meaning set forth in the Servicing Agreement. 

“written” or “in writing” means any form of written communication, including, without limitation, by
means of telex, telecopier device, telegraph or cable. 

  
 86 

 SCHEDULE I 

SELECT DEFINITIONS FROM THE 2007 BASE INDENTURE 
 The definitions set forth on this Schedule I are derived from the 2007 Base Indenture. These select definitions are intended to set forth the meanings of capitalized terms that are used but not defined
in the Contribution and Sale Agreements and are attached to Annex A as a matter of convenience. 
 “After-Acquired
IP Assets” means any Intellectual Property created, developed or acquired after the Initial Closing Date by or on behalf of, and owned by, the IP Holder or any Additional IP Holder, including, without limitation, all Future Brand IP.

 “After-Acquired Overseas IP” means any Know-How specific to the operation of Stores and the Franchise
Arrangements in the Excluded Countries (but not including any Patents, Copyrights or Trademarks or any Intellectual Property that is derivative of the Securitization IP) created, developed or acquired by or on behalf of the Overseas Entities after
the Initial Closing Date and owned by any of the Overseas Entities in accordance with the terms of the Overseas IP Holder Asset Sale and IP License Agreement. 
 “Contributed Third-Party Supply Agreements” means each Existing Third-Party Supply Agreement contributed on the Initial Closing Date by Domino’s International to the SPV Guarantor
listed on Schedule 4.1(i)(x)(1) to the Domino’s International Contribution Agreement. 
 “Domestic Franchise
Arrangements” means, depending on the context in which it is used, the Existing Domestic Franchise Arrangements and the New Domestic Franchise Arrangements or the rights and obligations of the applicable franchisor under each such
agreement. 
 “Domino’s IP” means, collectively, the Securitization IP, the Overseas IP and the
After-Acquired Overseas IP. 
 “Excluded Countries” means, collectively, any country or territory other than
the Domestic Territory or an Included Country. 
 “Existing Canadian Requirements Agreements” means any
requirements and profit sharing agreement (including any open purchase orders) entered into by a Franchisee or any other Person, and which is listed on Schedule 4.1(i)(i)(1) to the Canadian Distribution Assets Sale Agreement pursuant to which such
Franchisee or such other Person purchases Products from, prior to the Initial Closing Date, any Domino’s Entity and, after the Initial Closing Date, any Distributor; provided, however, that no Existing Requirements Agreement shall be deemed to
be an Existing Canadian Requirements Agreement. 
 “Existing Canadian Third-Party Supply Agreements” means any
supply agreement (including any open purchase orders) between any Domino’s Entity and any third 

  
 87 

 
party that is not a Domino’s Entity, and which is listed on Schedule 4.1(i)(i)(2) to the Canadian Distribution Assets Sale Agreement pursuant to which such third party supplies Products for
sale to Franchisees, owners of Company-Owned Stores and other Persons; provided, however, that no Existing Third-Party Supply Agreement shall be deemed to be an Existing Canadian Third-Party Supply Agreement. 

“Existing Domestic Distribution Agreements” means, collectively, the Existing Third-Party Supply Agreements, the
Existing Requirements Agreements and the Company-Owned Stores Requirements Agreement. 
 “Existing Domestic Franchise
Arrangements” means, depending on the context in which it is used, each franchise agreement, development agreement, license agreement, area agreement or similar agreement (together with any Franchisee Promissory Note in respect of any such
agreement) pursuant to which a Franchisee operates a Store in the Domestic Territory or is given the right to sub-franchise or develop and operate one or more Stores of the Domino’s Brand in a specific geographic area within the Domestic
Territory, and which is listed on Schedule 4.1(i)(i)(1) to the Domino’s International Contribution and Sale Agreement or the rights and obligations of the Master Issuer under each such agreement. 

“Existing Franchise Arrangements” means, collectively, the Existing Domestic Franchise Arrangements and the Existing
International Franchise Arrangements. 
 “Existing International Franchise Agreement” means, depending on the
context in which it is used, each franchise agreement, development agreement, license agreement, area agreement or similar agreement and any related know-how transfer, technical assistance and management agreements pursuant to which a Franchisee
operates a Store in any Included Country, and which is listed on Schedule 4.1(i)(i)(2) of the Domino’s International Contribution and Sale Agreement or the rights and obligations of the International Franchisor under each such agreement.

 “Existing International Franchise Arrangements” means, depending on the context in which it is used, the
Existing International Franchise Agreements and the Existing International Master Franchise Agreements or the rights and obligations of the International Franchisor under each such agreement. 

“Existing International Master Franchise Agreement” means, depending on the context in which it is used, each master
franchise agreement or area development agreement and any related know-how transfer, technical assistance and management agreements pursuant to which a Franchisee is given the right to sub-franchise or develop and operate one or more Stores of the
Domino’s Brand in a specific geographic area within any Included Country, and which is listed on Schedules 4.1(i)(i)(2) of the Domino’s International Contribution and Sale Agreement or the rights and obligations of the International
Franchisor under each such agreement. 
 “Existing Overseas Franchise Agreement” means, depending on the
context in which it is used, each franchise agreement, development agreement, license agreement, area agreement or similar agreement pursuant to which a Franchisee operates a Store in any Excluded

  
 88 

 
Country, and which is listed on Schedule 1.1 of the Overseas IP Holder Asset Sale and IP License Agreement or the rights and obligations of the Overseas Franchisor under each such agreement.

 “Existing Overseas Franchise Arrangements” means, depending on the context in which it is used, the Existing
Overseas Franchise Agreements and the Existing Overseas Master Franchise Agreements or the rights and obligations of the Overseas Franchisor under each such agreement. 
 “Existing Overseas Master Franchise Agreement” means, depending on the context in which it is used, each master franchise agreement, development agreement, license agreement, area
agreement or similar agreement pursuant to which a Franchisee is given the right to sub-franchise or develop and operate one or more Stores in a specific geographic area within any Excluded Country, and which is listed on Schedule 1.1 of the
Overseas IP Holder Asset Sale and IP License Agreement or the rights and obligations of the Overseas Franchisor under each such master franchise agreement, development agreement, license agreement, area agreement or similar agreement. 

“Existing Requirements Agreements” means any requirements and profit sharing agreement (including any open purchase
orders) entered into by a Franchisee, an owner of a Company-Owned Store or any other Person, and which is listed on Schedule 4.1(i)(xi)(1) to the Domino’s International Contribution and Sale Agreement pursuant to which such Franchisee, owner of
a Company-Owned Store or such other Person purchases Products from, prior to the Initial Closing Date, any Domino’s Entity, and, after the Initial Closing Date, any Distributor; provided, however, that no Existing Canadian Requirements
Agreement shall be deemed to be an Existing Requirements Agreement. 
 “Existing Third-Party License
Agreements” means any agreement entered into by and between any Domino’s Entity and any third party that is not a Domino’s Entity, and which is listed on the applicable schedule to the applicable Contribution and Sale Agreement
pursuant to which such third party (a) is licensed to use any Domino’s IP or (b) licenses any third-party Intellectual Property to a Domino’s Entity. 
 “Existing Third-Party Supply Agreements” means any supply agreement (including any open purchase orders) between any Domino’s Entity and any third party that is not a Domino’s
Entity, and which is listed on Schedule 4.1(i)(x)(1) to the Domino’s International Contribution and Sale Agreement pursuant to which such third party supplies Products for sale to Franchisees, owners of Company-Owned Stores and other Persons;
provided, however, that no Existing Canadian Third-Party Supply Agreement shall be deemed to be an Existing Third-Party Supply Agreement. 
 “Future Brand” means any brand other than the Domino’s Brand under which any Domino’s Entity sells or offers for sale any goods or services, or otherwise conducts business
anywhere in the Domestic Territory or the Included Countries. 
 “Initial Closing Date” means April 16,
2007. 

  
 89 

 “International Franchise Arrangements” means, depending on the context in
which it is used, the Existing International Franchise Arrangements and the New International Franchise Arrangements or the rights and obligations of the International Franchisor under each such agreement. 

“International Franchisee PULSE Agreements” means any agreement entered into by a Franchisee, and which is listed on
Schedule 1.1(b) to the DPL Contribution and Sale Agreement pursuant to which such Franchisee licenses PULSE Assets from the Distributor. 
 “International Franchisor Interests” means all of any Former Transferor’s or the Master Issuer’s, as the case may be, ownership interest in the International Franchisor, which
constitutes 100% of the issued and outstanding Equity Interests of the International Franchisor. 
 “IP Holder
Interests” means all of any Former Transferor’s or the Master Issuer’s, as the case may be, ownership interest in the IP Holder, which constitutes 100% of the issued and outstanding Equity Interests of the IP Holder. 

“New Domestic Franchise Arrangements” means, depending on the context in which it is used, each new franchise agreement,
development agreement, license agreement, area agreement or similar agreement (together with any Franchisee Promissory Notes issued in respect of any such agreement) entered into by the Domestic Franchisor after the Initial Closing Date pursuant to
which a master franchisor or area developer is given the right to franchise or a Franchisee is given the right to operate a Store(s) in the Domestic Territory or the rights and obligations of the Domestic Franchisor under each such agreement.

 “New Franchise Arrangements” means, collectively, the New Domestic Franchise Arrangements and the New
International Franchise Arrangements. 
 “New International Franchise Arrangements” means, depending on the
context in which it is used, each new master franchise agreement, area development agreement, store franchise agreement or similar agreement (together with any Franchisee Promissory Notes issued in respect of any such agreement) entered into by the
International Franchisor after the Initial Closing Date pursuant to which a master franchisor or area developer is given the right to franchise or a Franchisee is given the right to operate a Store(s) in an Included Country or the rights and
obligations of the International Franchisor under each such agreement. 
 “New Overseas Franchise Arrangements”
means, depending on the context in which it is used, each new master franchise agreement, area development agreement, store franchise agreement or similar agreement entered into by the Overseas Franchisor after the Initial Closing Date pursuant to
which a master franchisor or area developer is given the right to franchise or a Franchisee is given the right to operate a Store(s) in an Excluded Country or the rights and obligations of the Overseas Franchisor under each such agreement.

 “New Requirements Agreements” means, collectively, any requirements or rebate agreements (including any
purchase orders) entered into after the Initial Closing Date by a 

  
 90 

 
Franchisee, an owner of a Company-Owned Store or any other Person pursuant to which such Franchisee, owner of a Company-Owned Store or such other Person purchases Products from any Distributor.

 “New Third-Party License Agreements” means, collectively, any agreements entered into after the Initial
Closing Date by and between any Domino’s Entity and any third party that is not a Domino’s Entity pursuant to which such third party (a) is licensed to use any Domino’s IP or (b) licenses any third-party Intellectual
Property to a Domino’s Entity. 
 “New Third-Party Supply Agreements” means, collectively, any agreements
(including any purchase orders) entered into after the Initial Closing Date between any Distributor and any third party that is not a Domino’s Entity pursuant to which such third party supplies Products for sale to Franchisees, owners of
Company-Owned Stores or any other Person for the account of such Distributor. 
 “Overseas Franchise
Arrangement” means, depending on the context in which it is used, the Existing Overseas Franchise Arrangements and the New Overseas Franchise Arrangements or the rights and obligations of the Overseas Franchisor under each such agreement.

 “Overseas IP” means the Know-How specific to the operation of Stores and Franchise Arrangements in the
Excluded Countries (but not including any Patents, Copyrights or Trademarks) licensed to the Overseas IP Holder pursuant to the Overseas IP Holder Asset Sale and IP License Agreement. For the avoidance of doubt, the Overseas IP does not include any
After-Acquired Overseas IP. 
 “Overseas Payments” means any amounts payable under the Overseas IP Holder
License Agreement or the Overseas IP Holder Asset Sale and IP License Agreement. 
 “Securitization IP” means
all of the IP Holder’s right, title and interest in and to all Intellectual Property used in connection with the sale or offering for sale of goods or services under the Domino’s Brand and any Future Brand including, without limitation,
all After-Acquired IP Assets and the right to bring an action at law or in equity for any infringement, dilution, or violation of, and to collect all damages, settlement and proceeds relating to, any of the foregoing; provided, however, that the
Securitization IP shall not include (i) the Overseas IP, (ii) After-Acquired Overseas IP or (iii) any third-party Intellectual Property except (x) as expressly included in the Securitization IP pursuant to the applicable
Pre-Securitization Contribution and Sale Agreements, and the Domino’s International Contribution and Sale Agreement and (y) as included in any After-Acquired IP Assets. 

“Securitization IP License Agreements” means, collectively, the Master Issuer IP License Agreement, the International
Franchisor IP License Agreement, the Domestic Franchisor IP License Agreement, the Domestic Distributor IP License Agreement, the Canadian Distributor IP License Agreement and any similar agreement entered into after the Initial Closing Date with
respect to the Domino’s Brand or any Future Brand. 

  
 91 

 “Technology Assets” means software assets used in the provision of
technology-related services by Domino’s to Franchisees. 
 “Third-Party Supply Agreements” means,
collectively, all Existing Third-Party Supply Agreements, all New Third-Party Supply Agreements and all Existing Canadian Third-Party Supply Agreements. 

  
 92EX-4.2

 Exhibit 4.2 

 
  
 DOMINO’S PIZZA MASTER ISSUER LLC, 
 DOMINO’S PIZZA DISTRIBUTION
LLC, 
 DOMINO’S IP HOLDER LLC and 
 DOMINO’S SPV CANADIAN HOLDING COMPANY INC. 
 each as Co-Issuer

 and 
 CITIBANK, N.A., 
 as Trustee and Series 2012-1 Securities Intermediary

  
  

SERIES 2012-1 SUPPLEMENT 
 Dated as of March 15, 2012 
 to 

AMENDED AND RESTATED BASE INDENTURE 
 Dated as of March 15, 2012 
  

 
 $100,000,000
Series 2012-1 Variable Funding Senior Notes, Class A-1 
 $1,575,000,000 Series 2012-1 5.216% Fixed Rate Senior Secured
Notes, Class A-2 
  
  

 Table of Contents 

 

					
	 	  	Page	 
	 PRELIMINARY STATEMENT
	  	 	1	  
		
	 DESIGNATION
	  	 	1	  
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
		
	 ARTICLE II INITIAL ISSUANCE, INCREASES AND DECREASES OF SERIES 2012-1 CLASS A-1 OUTSTANDING PRINCIPAL AMOUNT
	  	 	2	  
		
	 Section 2.1     Procedures for Issuing and Increasing the Series 2012-1 Class A-1 Outstanding Principal
Amount
	  	 	2	  
	 Section 2.2     Procedures for Decreasing the Series 2012-1 Class A-1 Outstanding Principal
Amount
	  	 	3	  
		
	 ARTICLE III SERIES 2012-1 ALLOCATIONS; PAYMENTS
	  	 	5	  
		
	 Section 3.1     Allocations with Respect to the Series 2012-1 Notes
	  	 	5	  
	 Section 3.2     Application of Weekly Collections on Weekly Allocation Dates to the Series 2012-1
Notes; Quarterly Payment Date Applications
	  	 	5	  
	 Section 3.3     Certain Distributions from Series 2012-1 Distribution Accounts
	  	 	8	  
	 Section 3.4     Series 2012-1 Class A-1 Interest and Certain Fees
	  	 	8	  
	 Section 3.5     Series 2012-1 Class A-2 Interest
	  	 	9	  
	 Section 3.6     Payment of Series 2012-1 Note Principal
	  	 	10	  
	 Section 3.7     Series 2012-1 Class A-1 Distribution Account
	  	 	17	  
	 Section 3.8     Series 2012-1 Class A-2 Distribution Account
	  	 	19	  
	 Section 3.9     Trustee as Securities Intermediary
	  	 	20	  
	 Section 3.10   Manager
	  	 	22	  
	 Section 3.11   Replacement of Ineligible Accounts
	  	 	22	  
		
	 ARTICLE IV FORM OF SERIES 2012-1 NOTES
	  	 	22	  
		
	 Section 4.1     Issuance of Series 2012-1 Class A-1 Notes
	  	 	22	  
	 Section 4.2     Issuance of Series 2012-1 Class A-2 Notes
	  	 	24	  
	 Section 4.3     Transfer Restrictions of Series 2012-1 Class A-1 Notes
	  	 	25	  
	 Section 4.4     Transfer Restrictions of Series 2012-1 Class A-2 Notes
	  	 	28	  
	 Section 4.5     Section 3(c)(7) Procedures
	  	 	35	  
	 Section 4.6     Note Owner Representations and Warranties
	  	 	38	  

  
 i 

					
		
	 ARTICLE V GENERAL
	  	 	40	  
		
	 Section 5.1     Information
	  	 	40	  
	 Section 5.2     Exhibits
	  	 	42	  
	 Section 5.3     Ratification of Base Indenture
	  	 	42	  
	 Section 5.4     Certain Notices to the Rating Agencies
	  	 	42	  
	 Section 5.5     Prior Notice by Trustee to the Controlling Class Representative and Control
Party
	  	 	42	  
	 Section 5.6     Counterparts
	  	 	42	  
	 Section 5.7     Governing Law
	  	 	42	  
	 Section 5.8     Amendments
	  	 	42	  
	 Section 5.9     Termination of Series Supplement
	  	 	42	  
	 Section 5.10   Entire Agreement
	  	 	43	  
	 Section 5.11   Fiscal Year End
	  	 	43	  

 ANNEXES 
  

			
	Annex A	  	Series 2012-1 Supplemental Definitions List

 EXHIBITS 
  

			
	Exhibit A-1-1:	  	Form of Series 2012-1 Class A-1 Advance Note
	Exhibit A-1-2:	  	Form of Series 2012-1 Class A-1 Swingline Note
	Exhibit A-1-3:	  	Form of Series 2012-1 Class A-1 L/C Note
	Exhibit A-2-1:	  	Form of Restricted Global Series 2012-1 Class A-2 Note
	Exhibit A-2-2:	  	Form of Regulation S Global Series 2012-1 Class A-2 Note
	Exhibit A-2-3:	  	Form of Unrestricted Global Series 2012-1 Class A-2 Note
	Exhibit B-1:	  	Form of Transferee Certificate
	Exhibit B-2:	  	Form of Transferee Certificate
	Exhibit B-3:	  	Form of Transferee Certificate
	Exhibit B-4:	  	Form of Transferee Certificate
	Exhibit C:	  	Form of Quarterly Noteholders’ Statement
	Exhibit D:	  	Important Section 3(c)(7) Notice

  
 ii 

 SERIES 2012-1 SUPPLEMENT, dated as of March 15, 2012 (this “Series
Supplement”), by and among DOMINO’S PIZZA MASTER ISSUER LLC, a Delaware limited liability company (the “Master Issuer”), DOMINO’S PIZZA DISTRIBUTION LLC, a Delaware limited liability company (the “Domestic
Distributor”), DOMINO’S IP HOLDER LLC, a Delaware limited liability company (the “IP Holder”), DOMINO’S SPV CANADIAN HOLDING COMPANY INC., a Delaware corporation (the “SPV Canadian Holdco” and,
together with the Master Issuer, the Domestic Distributor, and the IP Holder, collectively, the “Co-Issuers” and each, a “Co-Issuer”), each as a Co-Issuer, and CITIBANK, N.A., a national banking association, as
trustee (in such capacity, the “Trustee”) and as Series 2012-1 Securities Intermediary, to the Base Indenture, dated as of the date hereof, by and among the Co-Issuers and CITIBANK, N.A., as Trustee and as Securities Intermediary
(as amended, modified or supplemented from time to time, exclusive of Series Supplements, the “Base Indenture”). 
 PRELIMINARY STATEMENT 
 WHEREAS, Sections 2.2 and 13.1 of the
Base Indenture provide, among other things, that the Co-Issuers 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 2012-1 Notes. On the Series 2012-1
Closing Date, two Classes of Notes of such Series shall be issued: (a) Series 2012-1 Variable Funding Senior Notes, Class A-1 (as referred to herein, the “Series 2012-1 Class A-1 Notes”) and (b) Series 2012-1
5.216% Fixed Rate Senior Secured Notes, Class A-2 (as referred to herein, the “Series 2012-1 Class A-2 Notes”). The Series 2012-1 Class A-1 Notes shall be issued in three Subclasses: (i) Series 2012-1
Class A-1 Advance Notes (as referred to herein, the “Series 2012-1 Class A-1 Advance Notes”), (ii) Series 2012-1 Class A-1 Swingline Notes (as referred to herein, the “Series 2012-1 Class A-1
Swingline Notes”), and (iii) Series 2012-1 Class A-1 L/C Notes (as referred to herein, the “Series 2012-1 Class A-1 L/C Notes”). For purposes of the Indenture, the Series 2012-1 Class A-1 Notes and the
Series 2012-1 Class A-2 Notes shall be deemed to be “Senior Notes.” 

 ARTICLE I 
 DEFINITIONS 
 All capitalized terms used herein (including in the
preamble and the recitals hereto) shall have the meanings assigned to such terms in the Series 2012-1 Supplemental Definitions List attached hereto as Annex A (the “Series 2012-1 Supplemental Definitions List”) as such Series
2012-1 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 therein shall have the meanings assigned thereto in the Base
Indenture Definitions List attached to the Base Indenture as Annex A thereto, as such 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 2012-1 Notes and not to any other Series of Notes issued by the
Co-Issuers. 
 ARTICLE II 
 INITIAL ISSUANCE, INCREASES AND DECREASES OF 
 SERIES 2012-1 CLASS A-1
OUTSTANDING PRINCIPAL AMOUNT 
 Section 2.1 Procedures for Issuing and Increasing the Series 2012-1
Class A-1 Outstanding Principal Amount. 
 (a) Subject to satisfaction of the conditions precedent to the making of
Series 2012-1 Class A-1 Advances set forth in the Series 2012-1 Class A-1 Note Purchase Agreement, (i) on the Series 2012-1 Closing Date, the Co-Issuers may cause the Series 2012-1 Class A-1 Initial Advance Principal Amount to
become outstanding by drawing ratably, at par, the initial principal amounts of the Series 2012-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2012-1 Class A-1 Advances made on the Series 2012-1 Closing Date
(the “Series 2012-1 Class A-1 Initial Advance”) and (ii) on any Business Day during the Series 2012-1 Class A-1 Commitment Term that does not occur during a Cash Trapping Period, the Co-Issuers may increase the Series
2012-1 Class A-1 Outstanding Principal Amount (such increase referred to as an “Increase”), by drawing ratably (or as otherwise set forth in the Series 2012-1 Class A-1 Note Purchase Agreement), at par, additional
principal amounts on the Series 2012-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2012-1 Class A-1 Advances made on such Business Day; provided that at no time may the Series 2012-1 Class A-1
Outstanding Principal Amount exceed the Series 2012-1 Class A-1 Maximum Principal Amount. The Series 2012-1 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 2012-1 Class A-1 Note Purchase Agreement and shall be ratably (except as otherwise set forth in the Series 2012-1 Class A-1 

  
 2 

 
Note Purchase Agreement) allocated among the Series 2012-1 Class A-1 Noteholders (other than the Series 2012-1 Class A-1 Subfacility Noteholders in their capacity as such) as provided
therein. Proceeds from the Series 2012-1 Class A-1 Initial Advance and each Increase shall be paid as directed by the Co-Issuers in the applicable Series 2012-1 Class A-1 Advance Request or as otherwise set forth in the Series 2012-1
Class A-1 Note Purchase Agreement. Upon receipt of written notice from the Co-Issuers or the Series 2012-1 Class A-1 Administrative Agent of the Series 2012-1 Class A-1 Initial Advance and any Increase, the Trustee shall indicate in
its books and records the amount of the Series 2012-1 Class A-1 Initial Advance or such Increase, as applicable. 
 (b)
Subject to satisfaction of the applicable conditions precedent set forth in the Series 2012-1 Class A-1 Note Purchase Agreement, on the Series 2012-1 Closing Date, the Co-Issuers may cause (i) the Series 2012-1 Class A-1 Initial
Swingline Principal Amount to become outstanding by drawing, at par, the initial principal amounts of the Series 2012-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Series 2012-1 Class A-1 Swingline Loans made on
the Series 2012-1 Closing Date pursuant to Section 2.06 of the Series 2012-1 Class A-1 Note Purchase Agreement (the “Series 2012-1 Class A-1 Initial Swingline Loan”) and (ii) the Series 2012-1
Class A-1 Initial Aggregate Undrawn L/C Face Amount to become outstanding by drawing, at par, the initial principal amounts of the Series 2012-1 Class A-1 L/C Notes corresponding to the aggregate Undrawn L/C Face Amount of the Letters of
Credit issued on the Series 2012-1 Closing Date pursuant to Section 2.07 of the Series 2012-1 Class A-1 Note Purchase Agreement; provided that at no time may the Series 2012-1 Class A-1 Outstanding Principal Amount
exceed the Series 2012-1 Class A-1 Maximum Principal Amount. The procedures relating to increases in the Series 2012-1 Class A-1 Outstanding Subfacility Amount (each such increase referred to as a “Subfacility Increase”)
through borrowings of Series 2012-1 Class A-1 Swingline Loans and issuance or incurrence of Series 2012-1 Class A-1 L/C Obligations are set forth in the Series 2012-1 Class A-1 Note Purchase Agreement. Upon receipt of written notice
from the Co-Issuers or the Series 2012-1 Class A-1 Administrative Agent of the issuance of the Series 2012-1 Class A-1 Initial Swingline Principal Amount and the Series 2012-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount and
any Subfacility Increase, the Trustee shall indicate in its books and records the amount of each such issuance and Subfacility Increase. 
 Section 2.2 Procedures for Decreasing the Series 2012-1 Class A-1 Outstanding Principal Amount. 
 (a) Mandatory Decrease. Whenever a Series 2012-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following the date on which the
Manager or any Co-Issuer obtains knowledge of such Series 2012-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2012-1 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 Section 4.02 of the Series 2012-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide
for the distribution of (i) funds sufficient to decrease the Series 2012-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after 

  
 3 

 
giving effect to such decrease of the Series 2012-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2012-1 Class A-1 Excess Principal Event shall exist and
(y) the amount that would decrease the Series 2012-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2012-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other
required payment of principal in respect of the Series 2012-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) any associated Series 2012-1
Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2012-1 Class A-1 Note Purchase Agreement). Such Mandatory Decrease shall be allocated among the Series 2012-1 Class A-1
Noteholders in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2012-1 Class A-1 Note Purchase Agreement. Upon obtaining knowledge of such a Series 2012-1 Class A-1 Excess
Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice (by facsimile or e-mail with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the
Series 2012-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in
each case, with interest thereon at the Advance Interest Rate). 
 (b) Voluntary Decrease. On any Business Day, upon at
least three (3) Business Days’ prior written notice to each Series 2012-1 Class A-1 Investor, the Series 2012-1 Class A-1 Administrative Agent and the Trustee, the Co-Issuers may decrease the Series 2012-1 Class A-1
Outstanding Principal Amount (each such decrease of the Series 2012-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(b), a “Voluntary Decrease”) by depositing in the Series 2012-1 Class A-1
Distribution Account not later than 10 a.m. (New York time) on the date specified as the decrease date in the prior written notice referred to above and providing a written report to the Trustee directing the Trustee to distribute in accordance with
the order of distribution of principal payments set forth in Section 4.02 of the Series 2012-1 Class A-1 Note Purchase Agreement (i) an amount (subject to the last sentence of this Section 2.2(b)) up to the Series
2012-1 Class A-1 Outstanding Principal Amount equal to the amount of such Voluntary Decrease, plus (ii) any associated Series 2012-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance
with the Series 2012-1 Class A-1 Note Purchase Agreement); provided, that to the extent the deposit into the Series 2012-1 Class A-1 Distribution Account described above is not made by 10 a.m. (New York time) on a Business Day, the
same shall be deemed to be deposited on the following Business Day. Each such Voluntary Decrease shall be in a minimum principal amount as provided in the Series 2012-1 Class A-1 Note Purchase Agreement. In connection with any Voluntary
Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate). 

(c) Upon distribution to the Series 2012-1 Class A-1 Noteholders of principal of the Series 2012-1 Class A-1 Advance Notes in
connection with each Decrease, the Trustee shall indicate in its books and records such Decrease. 

  
 4 

 (d) The Series 2012-1 Class A-1 Note Purchase Agreement sets forth additional
procedures relating to decreases in the Series 2012-1 Class A-1 Outstanding Subfacility Amount (each such decrease, together with any Voluntary Decrease or Mandatory Decrease allocated to the Series 2012-1 Class A-1 Subfacility
Noteholders, referred to as a “Subfacility Decrease”) through (i) borrowings of Series 2012-1 Class A-1 Advances to repay Series 2012-1 Class A-1 Swingline Loans and Series 2012-1 Class A-1 L/C Obligations or
(ii) optional prepayments of Series 2012-1 Class A-1 Swingline Loans on same day notice. Upon receipt of written notice from the Co-Issuers or the Series 2012-1 Class A-1 Administrative Agent of any Subfacility Decrease, the Trustee
shall indicate in its books and records the amount of such Subfacility Decrease. 
 ARTICLE III 

SERIES 2012-1 ALLOCATIONS; PAYMENTS 
 With respect to the Series 2012-1 Notes only, the following shall apply: 

Section 3.1 Allocations with Respect to the Series 2012-1 Notes. On the Series 2012-1 Closing Date, $21,538,000 of the net
proceeds from the initial sale of the Series 2012-1 Notes will be deposited into the Senior Notes Interest Reserve Account and the remainder of the net proceeds from the sale of the Series 2012-1 Notes will be paid to, or at the direction of, the
Co-Issuers. 
 Section 3.2 Application of Weekly Collections on Weekly Allocation Dates to the Series 2012-1 Notes;
Quarterly Payment Date Applications. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing to allocate from the Collection Account all amounts relating to the Series 2012-1 Notes pursuant to, and to the
extent that funds are available therefor in accordance with the provisions of, the Priority of Payments, including the following: 
 (a) Series 2012-1 Senior Notes Quarterly Interest. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing to allocate from the Collection Account the Series 2012-1
Class A-1 Quarterly Interest and the Series 2012-1 Class A-2 Quarterly Interest deemed to be “Senior Notes Quarterly Interest” pursuant to, and to the extent that funds are available therefor in accordance with the provisions of,
the Priority of Payments. 
 (b) Series 2012-1 Class A-1 Quarterly Commitment Fees. On each Weekly Allocation Date,
the Master Issuer shall instruct the Trustee in writing to allocate from the Collection Account the Series 2012-1 Class A-1 Quarterly Commitment Fees deemed to be “Class A-1 Senior Notes Quarterly Commitment Fees” pursuant to, and to
the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments. 

  
 5 

 (c) Series 2012-1 Class A-1 Administrative Expenses. On each Weekly Allocation
Date, the Master Issuer shall instruct the Trustee in writing to pay to the Series 2012-1 Class A-1 Administrative Agent from the Collection Account the Series 2012-1 Class A-1 Administrative Expenses deemed to be “Class A-1 Senior
Notes Administrative Expenses” pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments. 
 (d) Series 2012-1 Senior Notes Interest Reserve Amount. 

            (i) The Co-Issuers shall maintain an amount on
deposit in the Senior Notes Interest Reserve Account with respect to the Series 2012-1 Notes equal to the Series 2012-1 Senior Notes Interest Reserve Amount. 
             (ii) If on any Weekly Allocation Date there is a Series 2012-1 Senior Notes Interest Reserve Account Deficiency, the Master Issuer
shall instruct the Trustee in writing to deposit into the Senior Notes Interest Reserve Account an amount equal to the Series 2012-1 Senior Notes Interest Reserve Account Deficit Amount pursuant to, and to the extent that funds are available
therefor in accordance with the provisions of, the Priority of Payments. 

            (iii) On each Accounting Date preceding the first
Quarterly Payment Date following a Series 2012-1 Interest Reserve Release Event or on which a Series 2012-1 Interest Reserve Release Event occurs, the Master Issuer shall instruct the Trustee in writing to withdraw the Series 2012-1 Interest Reserve
Release Amount, if any, from the Senior Notes Interest Reserve Account and deposit such amounts into the Collection Account in accordance with Section 5.10(a)(xxvii) of the Base Indenture. 

            (iv) On each Accounting Date, the Manager shall
determine (A) the value of the Series 2012-1 Senior Notes Interest Reserve Amount for such Quarterly Collection Period based on the known value of the Series 2012-1 Class A-1 Note Rate and (B) the difference between (1) such
amount and (2) the total amount allocated to the Senior Notes Interest Reserve Account on each Weekly Allocation Date during such Quarterly Collection Period based on the Manager’s estimates of the Series 2012-1 Class A-1 Note Rate.
Where the amount described in clause (A) exceeds the amount described in clause (B)(2), the Master Issuer shall instruct the Trustee in writing to deposit into the Senior Notes Interest Reserve Amount an amount equal to such
difference on the immediately succeeding Weekly Allocation Date pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments. Where the amount described in clause (B)(2)
exceeds the amount described in clause (A), the Master Issuer shall instruct the Trustee in writing to withdraw an amount equal to such difference on the immediately succeeding Weekly Allocation Date and deposit such amount into the
Collection Account. 

  
 6 

 (e) Series 2012-1 Senior Notes Rapid Amortization Principal Amounts. If any Weekly
Allocation Date occurs during a Rapid Amortization Period or Series 2012-1 Class A-1 Senior Notes Amortization Period, the Master Issuer shall instruct the Trustee in writing to allocate from the Collection Account for payment of principal on
the Series 2012-1 Senior Notes the amounts contemplated by the Priority of Payments for such principal. 
 (f) Series 2012-1
Class A-2 Scheduled Principal Payments. On each Weekly Allocation Date prior to the occurrence of a Rapid Amortization Event as set forth in clause (e) of Section 9.1 of the Base Indenture, the Master Issuer shall instruct the
Trustee in writing to allocate from the Collection Account the Series 2012-1 Class A-2 Scheduled Principal Payments Amounts deemed to be “Senior Notes Scheduled Principal Payments” pursuant to, and to the extent that funds are
available therefor in accordance with the provisions of, the Priority of Payments. 
 (g) Series 2012-1 Class A-2
Scheduled Principal Payment Deficiencies. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing to allocate from the Collection Account the portion of the Senior Notes Scheduled Principal Payments Deficiency
Amounts attributable to the Series 2012-1 Class A-2 Notes pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments. 

(h) Series 2012-1 Class A-2 Scheduled Principal Catch-Up Amounts. On each Weekly Allocation Date, the Master Issuer shall
instruct the Trustee in writing to allocate from the Collection Account the portion of the Senior Notes Scheduled Principal Catch-Up Amounts attributable to the Series 2012-1 Class A-2 Notes pursuant to, and to the extent that funds are
available therefor in accordance with the provisions of, the Priority of Payments. 
 (i) Series 2012-1 Class A-1 Other
Amounts. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing to allocate from the Collection Account the Series 2012-1 Class A-1 Other Amounts deemed to be “Class A-1 Senior Notes Other Amounts”
pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments. 
 (j) Series 2012-1 Senior Notes Quarterly Post-ARD Contingent Interest. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing to allocate from the Collection
Account the Series 2012-1 Class A-1 Post-Renewal Date Contingent Interest and the Series 2012-1 Class A-2 Post-ARD Contingent Interest deemed to be “Senior Notes Quarterly Post-ARD Contingent Interest” pursuant to, and to the
extent that funds are available therefor in accordance with the provisions of, the Priority of Payments. 
 (k) Series 2012-1
Class A-2 Make-Whole Prepayment Premium. On each Weekly Allocation Date, the Master Issuer shall instruct the Trustee in writing to allocate from 

  
 7 

 
the Collection Account the Series 2012-1 Class A-2 Make-Whole Prepayment Premium deemed to be “unpaid premiums and make-whole prepayment premiums” pursuant to, and to the extent
that funds are available therefor in accordance with the provisions of, the Priority of Payments. 
 (l) Application
Instructions. The Control Party is hereby authorized (but shall not be obligated) to deliver any instruction contemplated in this Section 3.2 that is not timely delivered by or on behalf of any Co-Issuer. 

Section 3.3 Certain Distributions from Series 2012-1 Distribution Accounts. On each Quarterly Payment Date, based solely upon
the most recent Quarterly Manager’s Certificate, the Trustee shall, in accordance with Section 6.1 of the Base Indenture, remit (i) to the Series 2012-1 Class A-1 Noteholders from the Series 2012-1 Class A-1
Distribution Account, the amounts withdrawn from the Senior Notes Interest Account, Class A-1 Senior Notes Commitment Fees Account and Senior Notes Principal Payments Account, pursuant to Section 5.12(a), (d), or (g),
as applicable, of the Base Indenture, and deposited in the Series 2012-1 Class A-1 Distribution Account for the payment of interest and fees and, to the extent applicable, principal on such Quarterly Payment Date and (ii) to the Series
2012-1 Class A-2 Noteholders from the Series 2012-1 Class A-2 Distribution Account, the amounts withdrawn from the Senior Notes Interest Account and Senior Notes Principal Payments Account, as applicable, pursuant to
Section 5.12(a) or (c), as applicable, of the Base Indenture, the amount deposited in the Series 2012-1 Class A-2 Distribution Account for the payment of interest and, to the extent applicable, principal on such Quarterly
Payment Date. 
 Section 3.4 Series 2012-1 Class A-1 Interest and Certain Fees. 

(a) Series 2012-1 Class A-1 Note Rate and L/C Fees. From and after the Series 2012-1 Closing Date, the applicable portions of
the Series 2012-1 Class A-1 Outstanding Principal Amount will accrue (i) interest at the Series 2012-1 Class A-1 Note Rate and (ii) Series 2012-1 Class A-1 L/C Fees at the applicable rates provided therefor in the Series
2012-1 Class A-1 Note Purchase Agreement. Such accrued interest and fees will 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 5.12 of the Base Indenture, commencing on April 25, 2012; provided that in any event all accrued but unpaid
interest and fees shall be paid in full on the Series 2012-1 Legal Final Maturity Date, on any Series 2012-1 Prepayment Date with respect to a prepayment in full of the Series 2012-1 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 2012-1 Class A-1 Outstanding Principal Amount is required to be paid in full. To the extent any such amount is not paid when due, such unpaid amount will accrue interest at the
Series 2012-1 Class A-1 Note Rate. 
 (b) Undrawn Commitment Fees. From and after the Series 2012-1 Closing Date,
Undrawn Commitment Fees will accrue as provided in the Series 2012-1 Class A-1 Note Purchase Agreement. Such accrued fees will be due and payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment
thereof (i) on any related 

  
 8 

 
Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.12 of the Base Indenture, commencing on
April 25, 2012. To the extent any such amount is not paid when due, such unpaid amount will accrue interest at the Series 2012-1 Class A-1 Note Rate. 
 (c) Series 2012-1 Class A-1 Post-Renewal Date Contingent Interest. From and after the Series 2012-1 Class A-1 Senior Notes Renewal Date, if the Series 2012-1 Final Payment has not been
made, additional interest will accrue on the Series 2012-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C Face Amounts included therein) at an annual rate equal to 5% per annum (the “Series 2012-1 Class A-1
Post-Renewal Date Contingent Interest Rate”) in addition to the regular interest that will continue to accrue at the Series 2012-1 Class A-1 Note Rate. All computations of Series 2012-1 Class A-1 Post-Renewal Date
Contingent Interest shall be made on the basis of a year of 360 days and twelve 30-day months. Any Series 2012-1 Class A-1 Post-Renewal Date Contingent Interest will 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 5.12 of the Base Indenture,
in the amount so made available, and failure to pay any Series 2012-1 Class A-1 Post-Renewal Date Contingent Interest in excess of such amounts will not be an Event of Default and interest will not accrue on any unpaid portion thereof;
provided that in any event all accrued but unpaid Series 2012-1 Class A-1 Post-Renewal Date Contingent Interest shall be paid in full on the Series 2012-1 Legal Final Maturity Date, on any Series 2012-1 Prepayment Date with respect to a
prepayment in full of the Series 2012-1 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 2012-1 Class A-1 Outstanding Principal Amount is required to be paid in full.

 (d) Series 2012-1 Class A-1 Initial Interest Period. The initial Interest Period for the Series 2012-1
Class A-1 Notes shall commence on the Series 2012-1 Closing Date and end on (but exclude) April 25, 2012. 

Section 3.5 Series -1 Class A-2 Interest. 
 (a) Series 2012-1 Class A-2 Note Rate. From the Series 2012-1 Closing Date until the Series 2012-1 Class A-2 Outstanding Principal Amount has been paid in full, the Series 2012-1
Class A-2 Outstanding Principal Amount (after giving effect to all payments of principal made to Noteholders as of the first day of such Interest Period and also giving effect to repurchases and cancellations of Series 2012-1 Class A-2
Notes during such Interest Period) will accrue interest at the Series 2012-1 Class A-2 Note Rate for such Interest Period. Such accrued interest will 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 5.12 of the Base Indenture, commencing on
April 25, 2012; provided that in any event all accrued but unpaid interest shall be due and payable in full on the Series 2012-1 Legal Final Maturity Date, on any Series 2012-1 Prepayment Date with respect to a prepayment in full of the

  
 9 

 
Series 2012-1 Class A-2 Notes or on any other day on which all of the Series 2012-1 Class A-2 Outstanding Principal Amount is required to be paid in full. To the extent any interest
accruing at the Series 2012-1 Class A-2 Note Rate is not paid when due, such unpaid interest will accrue interest at the Series 2012-1 Class A-2 Note Rate. All computations of interest at the Series 2012-1 Class A-2 Note Rate shall be
made on the basis of a year of 360 days and twelve 30-day months. 
 (b) Series 2012-1 Class A-2 Post-ARD Contingent
Interest. 
             (i) Post-ARD
Contingent Interest. From and after the Series 2012-1 Anticipated Repayment Date, if the Series 2012-1 Final Payment has not been made, then additional interest will accrue on the Series 2012-1 Class A-2 Outstanding Principal Amount at an
annual interest rate (the “Series 2012-1 Class A-2 Post-ARD Contingent Interest Rate”) equal to the greater of (A) 5% per annum and (B) a per annum rate equal to the excess, if any, by which the sum of
(i) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 2012-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (ii) 5% plus
(iii) 3.820% exceeds the Series 2012-1 Class A-2 Note Rate (such additional interest, the “Series 2012-1 Class A-2 Post-ARD Contingent Interest”). All computations of Series 2012-1 Class A-2 Post-ARD Contingent
Interest shall be made on the basis of a 360-day year and twelve 30-day months. 

            (ii) Payment of Series 2012-1 Class A-2
Post-ARD Contingent Interest. Any Series 2012-1 Class A-2 Post-ARD Contingent Interest will 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 5.12 of the Base Indenture, in the amount so available. The failure to pay any Series 2012-1
Class A-2 Post-ARD Contingent Interest in excess of such amounts (other than on the Series 2012-1 Legal Final Maturity Date) will not be an Event of Default and interest will not accrue on any unpaid portion thereof; provided that in any
event all accrued but unpaid Series 2012-1 Class A-2 Post-ARD Contingent Interest shall be due and payable in full on the Series 2012-1 Legal Final Maturity Date, on any Series 2012-1 Prepayment Date with respect to a prepayment in full of the
Series 2012-1 Class A-2 Notes or on any other day on which all of the Series 2012-1 Class A-2 Outstanding Principal Amount is required to be paid in full. 
 (c) Series 2012-1 Class A-2 Initial Interest Period. The initial Interest Period for the Series 2012-1 Class A-2 Notes shall commence on the Series 2012-1 Closing Date and end on (but
exclude) April 25, 2012. 
 Section 3.6 Payment of Series 2012-1 Note Principal. 

  
 10 

 (a) Series 2012-1 Notes Principal Payment at Legal Maturity. The Series 2012-1
Outstanding Principal Amount shall be due and payable on the Series 2012-1 Legal Final Maturity Date. The Series 2012-1 Outstanding Principal Amount is not prepayable, in whole or in part, except as set forth in this Section 3.6 and, in
respect of the Series 2012-1 Class A-1 Outstanding Principal Amount, Section 2.2 of this Series Supplement. 

(b) Series 2012-1 Anticipated Repayment. The Series 2012-1 Final Payment is anticipated to occur on the Quarterly Payment Date
occurring in January 2019 (such date, the “Series 2012-1 Anticipated Repayment Date”). The initial Series 2012-1 Class A-1 Senior Notes Renewal Date will be the Quarterly Payment Date occurring in January 2017, unless extended
as provided below in this Section 3.6(b). 

            (i) First Extension Election. Subject to
the conditions set forth in Section 3.6(b)(iii) of this Series Supplement, the Manager shall have the option on or before the Quarterly Payment Date occurring in January 2017 to elect (the “Series 2012-1 First Extension
Election”) to extend the Series 2012-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in January 2018 by delivering written notice to the Trustee and the Control Party; provided that upon such
extension, the Quarterly Payment Date occurring in January 2018 shall become the Series 2012-1 Class A-1 Senior Notes Renewal Date. 
             (ii) Second Extension Election. Subject to the conditions set forth in Section 3.6(b)(iii) of this Series
Supplement, if the Series 2012-1 First Extension Election has been made and become effective, the Manager shall have the option on or before the Quarterly Payment Date occurring in January 2018 to elect (the “Series 2012-1 Second Extension
Election”) to extend the Series 2012-1 Class A-1 Senior Notes Renewal Date to the Quarterly Payment Date occurring in January 2019 by delivering written notice to the Trustee and the Control Party; provided that upon such
extension, the Quarterly Payment Date occurring in January 2019 shall become the Series 2012-1 Class A-1 Senior Notes Renewal Date. 
             (iii) Conditions Precedent to Extension Elections. It shall be a condition to the effectiveness of the Series 2012-1
Extension Elections that, in the case of the Series 2012-1 First Extension Election, on the Quarterly Payment Date occurring in January 2017, or in the case of the Series 2012-1 Second Extension Election, on the Quarterly Payment Date occurring in
January 2018 (a) the Quarterly DSCR is greater than or equal to 2.75 (calculated with respect to the most recently ended Quarterly Collection Period), and (b) either (1) the rating assigned to the Series 2012-1 Class A-2 Notes by
Standard & Poor’s has not been downgraded below “BBB-” or withdrawn and the rating assigned to the Series 2012-1 Class A-2 Notes by Moody’s has not been downgraded below “Baa3” or withdrawn or (2) the
Series 2012-1 Class A-2 Notes have been downgraded or their rating has been withdrawn by either Standard & Poor’s or Moody’s but such downgrade or withdrawal was caused primarily by the bankruptcy, insolvency or other
financial difficulty experienced by any entity other than an Affiliate 

  
 11 

 
of Holdco. Any notice given pursuant to Section 3.6(b)(i) or (ii) of this Series Supplement shall be irrevocable; provided that if the conditions set forth in this
Section 3.6(b)(iii) are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective. 
 (c) Payment of Series 2012-1 Class A-2 Scheduled Principal Payments. Series 2012-1 Class A-2 Scheduled Principal Payments will 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 5.12 of the
Base Indenture, in the amount so available, and failure to pay any Series 2012-1 Class A 2 Scheduled Principal Payment in excess of such amounts will not be an Event of Default. 

(d) Series 2012-1 Notes Mandatory Payments of Principal. 

            (i) If a Change of Control to which the Control
Party (at the direction of the Controlling Class Representative) has not provided its prior written consent occurs, the Co-Issuers shall prepay all the Series 2012-1 Notes in full by (A) depositing within ten Business Days of the date on which
such Change of Control occurs an amount equal to the Series 2012-1 Outstanding Principal Amount and all other amounts that are or will be due and payable with respect to the Series 2012-1 Notes under the Indenture Documents as of the applicable
Series 2012-1 Prepayment Date referred to in clause (D) below (including all interest and fees accrued to such date, any Series 2012-1 Class A-2 Make-Whole Prepayment Premium required to be paid in connection therewith pursuant to
Section 3.6(e) of this Series Supplement and any associated Series 2012-1 Class A-1 Breakage Amounts incurred as a result of such prepayment (calculated in accordance with the Series 2012-1 Class A-1 Note Purchase Agreement))
in the applicable Series 2012-1 Distribution Accounts, (B) reimbursing the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance
Interest Rate), (C) delivering Prepayment Notices in accordance with Section 3.6(g) of this Series Supplement and (D) directing the Trustee to distribute such amount set forth in clause (A) to the applicable Series 2012-1
Noteholders on the Series 2012-1 Prepayment Date specified in such Prepayment Notices. 

            (ii) [reserved] 

            (iii) During any Rapid Amortization Period,
principal payments shall be due and payable on each Quarterly Payment Date on the applicable Classes of Series 2012-1 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 5.12 of the Base Indenture, in the amount so available, together with any Series 2012-1 Class A-2 Make-Whole Prepayment Premium
required to be paid in connection therewith pursuant to Section 3.6(e) 

  
 12 

 
of this Series Supplement; provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2012-1 Class A-2 Make-Whole Prepayment Premium is not paid
because insufficient funds are available to pay such Series 2012-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments. Such payments shall be ratably allocated among the Series 2012-1 Noteholders within each
applicable Class based on their respective portion of the Series 2012-1 Outstanding Principal Amount of such Class (or, in the case of the Series 2012-1 Class A-1 Noteholders, in accordance with the order of distribution of principal payments
set forth in Section 4.02 of the Series 2012-1 Class A-1 Note Purchase Agreement). 

            (iv) During any Series 2012-1 Class A-1
Senior Notes Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the applicable Series 2012-1 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 5.12 of the Base Indenture, in the amount so available. Such payments shall be allocated among the
Series 2012-1 Class A-1 Noteholders, in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2012-1 Class A-1 Note Purchase Agreement. 

(e) Series 2012-1 Class A-2 Make-Whole Prepayment Premium Payments. In connection with any mandatory
prepayment of any Series 2012-1 Class A-2 Notes made pursuant to Section 3.6(d)(i), Section 3.6(d)(iii) or Section 3.6(j) of this Series Supplement upon a Change of Control, in connection with any Real Estate
Disposition Proceeds, or during any Rapid Amortization Period, or in connection with any optional prepayment of any Series 2012-1 Class A-2 Notes made pursuant to Section 3.6(f) of this Series Supplement (each, a “Series
2012-1 Prepayment”), the Co-Issuers shall pay, in the manner described herein, the Series 2012-1 Class A-2 Make-Whole Prepayment Premium to the Series 2012-1 Class A-2 Noteholders with respect to the applicable Series 2012-1
Prepayment Amount; provided that no such Series 2012-1 Class A-2 Make-Whole Prepayment Premium shall be payable in connection with (A) any payment that occurs on or after the Quarterly Payment Date in the 18th month prior to the Series 2012-1 Anticipated Repayment Date (the
“Make-Whole End Date”), (B) any prepayment made in connection with Indemnification Payments, (C) Series 2012-1 Class A-2 Scheduled Principal Payments, Series 2012-1 Class A-2 Scheduled Principal Deficiency
Amounts or Series 2012-1 Scheduled Principal Catch-Up Amounts; and (D) prepayments of principal in an aggregate amount no greater than the Remaining Par Call Amount; provided, that the Remaining Par Call Amount with respect to any
Refinancing Prepayments made on or prior to the Quarterly Payment Date in July 2015 shall be deemed to be equal to zero. 
 (f)
Optional Prepayment of Series 2012-1 Class A-2 Notes. Subject to Section 3.6(e) and (g) of this Series Supplement, the Co-Issuers shall have the option to prepay the Series 2012-1 Class A-2 Notes in whole on
any Business Day or in part on any Quarterly Payment Date or on any date a mandatory prepayment may be made and that is specified as the Series 2012-1 Prepayment Date in the applicable Prepayment Notices; provided, that the
Co-

  
 13 

 
Issuers shall not make any optional prepayment in part of any Series 2012-1 Class A-2 Notes pursuant to this Section 3.6(f) in a principal amount for any single prepayment of
less than $5,000,000 on any Quarterly Payment Date (except that any such prepayment may be in a principal amount less than such amount if effected on the same day as any partial mandatory prepayment or repayment pursuant to this Series Supplement);
provided, further, that no such optional prepayment may be made unless (i) the amount on deposit in the Senior Notes Principal Payments Account that is allocable to the Series 2012-1 Class A-2 Notes to be prepaid is
sufficient to pay the principal amount of the Series 2012-1 Class A-2 Notes to be prepaid and the Series 2012-1 Class A-2 Make-Whole Prepayment Premium required pursuant to Section 3.6(e), in each case, payable on the relevant
Series 2012-1 Prepayment Date; (ii) the amount on deposit in the Senior Notes Interest Account that is allocable to the Series 2012-1 Class A-2 Outstanding Principal Amount to be prepaid is sufficient to pay (A) the Series 2012-1
Class A-2 Quarterly Interest to but excluding the relevant Series 2012-1 Prepayment Date relating to the Series 2012-1 Class A-2 Outstanding Principal Amount to be prepaid and (B) only if such optional prepayment is a prepayment in
whole, (x) the Series 2012-1 Class A-2 Post-ARD Contingent Interest and (y) all Securitization Operating Expenses, to the extent attributable to the Series 2012-1 Class A-2 Notes; and (iii) the Co-Issuers shall reimburse the
Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate). The Co-Issuers may prepay a Series of Notes in full at any time
regardless of the number of prior optional prepayments or any minimum payment requirement. 
 (g) Notices of Prepayments.
The Co-Issuers 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 2012-1 Prepayment pursuant to
Section 3.6(d)(i) or Section 3.6(f) of this Series Supplement to each Series 2012-1 Noteholder affected by such Series 2012-1 Prepayment, each of the Rating Agencies, the Servicer, the Control Party and the Trustee;
provided that at the request of the Co-Issuers, such notice to the affected Series 2012-1 Noteholders shall be given by the Trustee in the name and at the expense of the Co-Issuers. In connection with any such Prepayment Notice, the
Co-Issuers shall provide a written report to the Trustee directing the Trustee to distribute such prepayment in accordance with the applicable provisions of Section 3.6(k) of this Series Supplement. With respect to each such Series
2012-1 Prepayment, the related Prepayment Notice shall, in each case, specify (A) the Series 2012-1 Prepayment Date on which such prepayment will be made, which in all cases shall be a Business Day and, in the case of a mandatory prepayment
upon a Change of Control, shall be no more than 10 Business Days after the occurrence of such event, (B) the aggregate principal amount of the applicable Class of Notes to be prepaid on such date (such amount, together with all accrued and
unpaid interest thereon to such date, a “Series 2012-1 Prepayment Amount”) and (C) the date on which the applicable Series 2012-1 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 Business Day before such Series 2012-1 Prepayment Date (the “Series 2012-1 Make-Whole Premium Calculation Date”). The Co-Issuers shall have the option, by written
notice to the Trustee, the Control Party, the Rating Agencies and the affected Noteholders, to withdraw, or amend the Series 2012-1 Prepayment Date set forth in (x) any Prepayment Notice relating to an optional prepayment at any time up to the
second Business Day before the Series 2012-1 Prepayment Date set forth in such Prepayment Notice and (y) subject to the requirements of the 

  
 14 

 
preceding sentence, any Prepayment Notice relating to mandatory prepayment upon a Change of Control at any time up to the earlier of (I) the occurrence of such event and (II) the second
Business Day before the Series 2012-1 Prepayment Date set forth in such Prepayment Notice; provided that in no event shall any Series 2012-1 Prepayment Date be amended to a date earlier than the second Business Day after such amended notice
is given. Any Prepayment Notice shall become irrevocable two Business Days prior to the date specified in the Prepayment Notice as the Series 2012-1 Prepayment Date. All Prepayment Notices shall be (i) transmitted by facsimile or email to
(A) each affected Series 2012-1 Noteholder to the extent such Series 2012-1 Noteholder has provided a facsimile number or email address to the Trustee and (B) to each of the Rating Agencies, the Servicer and the Trustee and (ii) sent
by registered mail to each affected Series 2012-1 Noteholder. For the avoidance of doubt, a Voluntary Decrease in respect of the Series 2012-1 Class A-1 Notes is governed by Section 2.2 of this Series Supplement and not by this
Section 3.6. A Prepayment Notice may be revoked by any Co-Issuer if the Trustee receives written notice of such revocation no later than 10:00 a.m. (New York City time) two Business Days prior to such Series 2012-1 Prepayment Date. The
Co-Issuers shall give written notice of such revocation to the Servicer, and at the request of the Co-Issuers, the Trustee shall forward the notice of revocation to the Series 2012-1 Noteholders. 

(h) Series 2012-1 Prepayments. On each Series 2012-1 Prepayment Date with respect to any Series 2012-1 Prepayment, the Series
2012-1 Prepayment Amount and the Series 2012-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2012-1 Class A-1 Breakage Amounts applicable to such Series 2012-1 Prepayment shall be due and payable. The
Co-Issuers shall pay the Series 2012-1 Prepayment Amount together with the applicable Series 2012-1 Class A-2 Make-Whole Prepayment Premium, if any, with respect to such Series 2012-1 Prepayment Amount, by, to the extent not already deposited
therein pursuant to Section 3.6(d)(i) or (f) of this Series Supplement, depositing such amounts in the applicable Series 2012-1 Distribution Account on or prior to the related Series 2012-1 Prepayment Date to be distributed
in accordance with Section 3.6(k) of this Series Supplement. 
 (i) Prepayment Premium Not Payable. For the
avoidance of doubt, there is no Series 2012-1 Class A-2 Make-Whole Prepayment Premium payable as a result of (i) the application of Indemnification Payments allocated to the Series 2012-1 Class A-2 Notes pursuant to clause
(i) of the Priority of Payments, (ii) any Series 2012-1 Class A-2 Scheduled Principal Payments, Series 2012-1 Class A-2 Scheduled Principal Deficiency Amounts or Series 2012-1 Scheduled Principal Catch-Up Amounts,
(iii) any prepayment on or after the Make-Whole End Date and (iv) prepayments of principal in an aggregate amount no greater than the Remaining Par Call Amount. 
 (j) Indemnification Payments; Real Estate Disposition Proceeds. Any Indemnification Payments or Real Estate Disposition Proceeds allocated to the Senior Notes Principal Payments Account in
accordance with Section 5.11(i) of the Base Indenture shall be withdrawn from the Senior Notes Principal Payments Account in accordance with Section 5.12(f) of the Base Indenture and deposited in the applicable Series 2012-1
Distribution Accounts and used to prepay first, if a Series 2012-1 Class A-1 Senior Notes Amortization Period is continuing, 

  
 15 

 
the Series 2012-1 Class A-1 Notes (in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2012-1 Class A-1 Note Purchase
Agreement), second, the Series 2012-1 Class A-2 Notes (based on their respective portion of the Series 2012-1 Class A-2 Outstanding Principal Amount), and third, provided that clause first does not apply, the Series
2012-1 Class A-1 Notes (in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2012-1 Class A-1 Note Purchase Agreement), on the Quarterly Payment Date immediately succeeding
such deposit. In connection with any prepayment made with Indemnification Payments pursuant to this Section 3.6(j), the Co-Issuers shall not be obligated to pay any prepayment premium. The Co-Issuers shall, however, be obligated to pay
any applicable Series 2012-1 Class A-2 Make-Whole Prepayment Premium required to be paid pursuant to Section 3.6(e) of this Series Supplement in connection with any prepayment made with Real Estate Disposition Proceeds pursuant to
this Section 3.6(j); provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2012-1 Class A-2 Make-Whole Prepayment Premium is not paid because insufficient funds are available to
pay such Series 2012-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments . 
 (k)
Series 2012-1 Prepayment Distributions. 

            (i) On the Series 2012-1 Prepayment Date for each
Series 2012-1 Prepayment to be made pursuant to this Section 3.6 in respect of the Series 2012-1 Class A-1 Notes, the Trustee shall, in accordance with Section 6.1 of the Base Indenture (except that notwithstanding
anything to the contrary therein, references to the distributions being made on a Quarterly Payment Date shall be deemed to be references to distributions made on such Series 2012-1 Prepayment Date and references to the Record Date shall be deemed
to be references to the Prepayment Record Date) and based solely upon the applicable written report provided to the Trustee pursuant to Section 3.6(g) of this Series Supplement, wire transfer to the Series 2012-1 Class A-1
Noteholders of record on the applicable Prepayment Record Date, in accordance with the order of distribution of principal payments set forth in Section 4.02 of the Series 2012-1 Class A-1 Note Purchase Agreement, the amount
deposited in the Series 2012-1 Class A-1 Distribution Account pursuant to this Section 3.6, if any, in order to repay the applicable portion of the Series 2012-1 Class A-1 Outstanding Principal Amount and pay all accrued and
unpaid interest thereon up to such Series 2012-1 Prepayment Date and any associated Series 2012-1 Class A-1 Breakage Amounts incurred as a result of such prepayment. 

            (ii) On the Series 2012-1 Prepayment Date for
each Series 2012-1 Prepayment to be made pursuant to this Section 3.6 in respect of the Series 2012-1 Class A-2 Notes, the Trustee shall, in accordance with Section 6.1 of the Base Indenture (except that notwithstanding
anything to the contrary therein, references to the distributions being made on a Quarterly Payment Date shall be deemed to be references to distributions made on such Series 2012-1 Prepayment Date and references to the Record Date shall be deemed
to be references to the Prepayment Record Date) and based 

  
 16 

 
solely upon the applicable written report provided to the Trustee pursuant to Section 3.6(g) of this Series Supplement, wire transfer to the Series 2012-1 Class A-2 Noteholders
of record on the preceding Prepayment Record Date on a pro rata basis, based on their respective portion of the Series 2012-1 Class A-2 Outstanding Principal Amount, the amount deposited in the Series 2012-1 Class A-2
Distribution Account pursuant to this Section 3.6, if any, in order to repay the applicable portion of the Series 2012-1 Class A-2 Outstanding Principal Amount and pay all accrued and unpaid interest thereon up to such Series 2012-1
Prepayment Date and any Series 2012-1 Class A-2 Make-Whole Prepayment Premium due to Series 2012-1 Class A-2 Noteholders payable on such date. 
 (l) Series 2012-1 Notices of Final Payment. The Co-Issuers shall notify the Trustee, the Servicer and each of the Rating Agencies on or before the Prepayment Record Date preceding the Series 2012-1
Prepayment Date that will be the Series 2012-1 Final Payment Date; provided, however, that with respect to any Series 2012-1 Final Payment that is made in connection with any mandatory or optional prepayment in full, the Co-Issuers
shall not be obligated to provide any additional notice to the Trustee or the Rating Agencies of such Series 2012-1 Final Payment beyond the notice required to be given in connection with such prepayment pursuant to Section 3.6(g) of
this Series Supplement. The Trustee shall provide any written notice required under this Section 3.6(l) to each Person in whose name a Series 2012-1 Note is registered at the close of business on such Prepayment Record Date of the Series
2012-1 Prepayment Date that will be the Series 2012-1 Final Payment Date. Such written notice to be sent to the Series 2012-1 Noteholders shall be made at the expense of the Co-Issuers and shall be mailed by the Trustee within five (5) Business
Days of receipt of notice from the Co-Issuers indicating that the Series 2012-1 Final Payment will be made and shall specify that such Series 2012-1 Final Payment will be payable only upon presentation and surrender of the Series 2012-1 Notes and
shall specify the place where the Series 2012-1 Notes may be presented and surrendered for such Series 2012-1 Final Payment. 

Section 3.7 Series 2012-1 Class A-1 Distribution Account. 

(a) Establishment of Series 2012-1 Class A-1 Distribution Account. The Trustee has established and shall maintain in the name
of the Trustee for the benefit of the Series 2012-1 Class A-1 Noteholders an account (the “Series 2012-1 Class A-1 Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held
for the benefit of the Series 2012-1 Class A-1 Noteholders. The Series 2012-1 Class A-1 Distribution Account shall be an Eligible Account. Initially, the Series 2012-1 Class A-1 Distribution Account will be established with the
Trustee. 
 (b) Administration of the Series 2012-1 Class A-1 Distribution Account. All amounts held in the Series
2012-1 Class A-1 Distribution Account shall be invested in Permitted Investments at the written direction (which may be standing directions) of the Master Issuer; provided, however, that any such investment in the Series 2012-1
Class A-1 Distribution Account shall mature not later than the Business Day prior to the first Quarterly Payment Date 

  
 17 

 
following the date on which such funds were received or such other date on which any such funds are scheduled to be paid to the Series 2012-1 Class A-1 Noteholders. In the absence of written
investment instructions hereunder, funds on deposit in the Series 2012-1 Class A-1 Distribution Account shall be invested at the direction of the Master Issuer as fully as practicable in one or more Permitted Investments of the type described
in clause (b) of the definition thereof. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price
of such Permitted Investment. 
 (c) Earnings from Series 2012-1 Class A-1 Distribution Account. All interest and
earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2012-1 Class A-1 Distribution Account shall be deemed to be available and on deposit for distribution to the Series 2012-1 Class A-1 Noteholders.

 (d) Series 2012-1 Class A-1 Distribution Account Constitutes Additional Collateral for Series 2012-1 Class A-1
Notes. In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2012-1 Class A-1 Notes, the Co-Issuers hereby grant a security interest in and assign, pledge, grant, transfer and set over to
the Trustee, for the benefit of the Series 2012-1 Class A-1 Noteholders, all of the Co-Issuers’ right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series 2012-1 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 2012-1 Class A-1 Distribution Account or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in
the Series 2012-1 Class A-1 Distribution Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) 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 2012-1 Class A-1 Distribution Account, the funds on deposit therein from time to time or the investments made with such funds; and
(vi) all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2012-1 Class A-1
Distribution Account Collateral”). 
 (e) Termination of Series 2012-1 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 2012-1 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 2012-1 Class A-1 Note Purchase Agreement (after giving effect to the provisions of Section 4.04 of the Series 2012-1 Class A-1 Note Purchase Agreement), (3) all fees and expenses and other
amounts then due and payable under the Series 2012-1 Class A-1 Note Purchase Agreement have been paid and (4) all Series 2012-1 Class A-1 Commitments have been terminated in full, the Trustee, acting in accordance with the written
instructions of the Master Issuer, shall withdraw from the Series 2012-1 Class A-1 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments. 

  
 18 

 Section 3.8 Series 2012-1 Class A-2 Distribution Account. 

(a) Establishment of Series 2012-1 Class A-2 Distribution Account. The Trustee has established and shall maintain in the name
of the Trustee for the benefit of the Series 2012-1 Class A-2 Noteholders an account (the “Series 2012-1 Class A-2 Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held
for the benefit of the Series 2012-1 Class A-2 Noteholders. The Series 2012-1 Class A-2 Distribution Account shall be an Eligible Account. Initially, the Series 2012-1 Class A-2 Distribution Account will be established with the
Trustee. 
 (b) Administration of the Series 2012-1 Class A-2 Distribution Account. All amounts held in the Series
2012-1 Class A-2 Distribution Account shall be invested in the Permitted Investments at the written direction (which may be standing directions) of the Master Issuer; provided, however, that any such investment in the Series
2012-1 Class A-2 Distribution Account shall mature not later than the Business Day prior to the first Quarterly Payment Date following the date on which such funds were received or such other date on which any such funds are scheduled to be
paid to the Series 2012-1 Class A-2 Noteholders. In the absence of written investment instructions hereunder, funds on deposit in the Series 2012-1 Class A-2 Distribution Account shall be invested at the direction of the Master Issuer as
fully as practicable in one or more Permitted Investments of the type described in clause (b) of the definition thereof. The Master Issuer shall not direct (or permit) the disposal of any Permitted Investments prior to the maturity thereof if
such disposal would result in a loss of any portion of the initial purchase price of such Permitted Investment. 
 (c)
Earnings from Series 2012-1 Class A-2 Distribution Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2012-1 Class A-2 Distribution Account shall be deemed to be
available and on deposit for distribution to the Series 2012-1 Class A-2 Noteholders. 
 (d) Series 2012-1
Class A-2 Distribution Account Constitutes Additional Collateral for Series 2012-1 Class A-2 Notes. In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2012-1 Class A-2 Notes,
the Co-Issuers hereby grant a security interest in and assign, pledge, grant, transfer and set over to the Trustee, for the benefit of the Series 2012-1 Class A-2 Noteholders, all of the Co-Issuers’ right, title and interest in and to the
following (whether now or hereafter existing or acquired): (i) the Series 2012-1 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 2012-1 Class A-2 Distribution Account or the funds on deposit therein
from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2012-1 Class A-2 Distribution Account, whether constituting securities, 

  
 19 

 
instruments, general intangibles, investment property, financial assets or other property; (v) 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 2012-1 Class A-2 Distribution Account, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and
all of the foregoing, including, without limitation, cash (the items in the foregoing clauses (i) through (vi) are referred to, collectively, as the “Series 2012-1 Class A-2 Distribution Account
Collateral”). 
 (e) Termination of Series 2012-1 Class A-2 Distribution Account. On or after the date on
which all accrued and unpaid interest on and principal of all Outstanding Series 2012-1 Class A-2 Notes have been paid, the Trustee, acting in accordance with the written instructions of the Master Issuer, shall withdraw from the Series 2012-1
Class A-2 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments. 

Section 3.9 Trustee as Securities Intermediary . 
 (a) The Trustee or other Person holding the Series 2012-1 Distribution Accounts shall be the “Series 2012-1 Securities Intermediary.” If the Series 2012-1 Securities Intermediary in
respect of any Series 2012-1 Distribution Account is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Series 2012-1 Securities Intermediary set forth in this
Section 3.9. 
 (b) The Series 2012-1 Securities Intermediary agrees that: 

(i) The Series 2012-1 Distribution Accounts are accounts to which Financial Assets will or may be credited; 

(ii) The Series 2012-1 Distribution Accounts are “securities accounts” within the meaning of Section 8-501
of the New York UCC and the Series 2012-1 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 2012-1
Distribution Account shall be registered in the name of the Series 2012-1 Securities Intermediary, indorsed to the Series 2012-1 Securities Intermediary or in blank or credited to another securities account maintained in the name of the Series
2012-1 Securities Intermediary, and in no case will any Financial Asset credited to any Series 2012-1 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; 

  
 20 

 (iv) All property delivered to the Series 2012-1 Securities Intermediary
pursuant to this Series Supplement will be promptly credited to the appropriate Series 2012-1 Distribution Account; 
 (v) Each item of property (whether investment property, security, instrument or cash) credited to any Series 2012-1 Distribution Account shall be treated as a Financial Asset; 

(vi) If at any time the Series 2012-1 Securities Intermediary shall receive any entitlement order from the Trustee
(including those directing transfer or redemption of any Financial Asset) relating to the Series 2012-1 Distribution Accounts, the Series 2012-1 Securities Intermediary shall comply with such entitlement order without further consent by the Master
Issuer, any other Securitization Entity or any other Person; 
 (vii) The Series 2012-1 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 2012-1 Securities Intermediary’s jurisdiction
and the Series 2012-1 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; 

(viii) The Series 2012-1 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 2012-1 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 2012-1 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 2012-1 Securities Intermediary to comply with entitlement orders as set forth in Section 3.9(b)(vi) of this Series Supplement; and 

(ix) Except for the claims and interest of the Trustee, the Secured Parties and the Securitization Entities in the Series
2012-1 Distribution Accounts, neither the Series 2012-1 Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest in, any Series 2012-1 Distribution Account or any Financial Asset credited thereto.
If the Series 2012-1 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 2012-1 Distribution Account or any Financial Asset carried therein, the Series 2012-1 Securities Intermediary will promptly notify the Trustee, the Manager, the Servicer and the Master
Issuer thereof. 

  
 21 

 (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 2012-1 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 2012-1 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 2012-1 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, Holdco and the other Co-Issuers. The Series 2012-1 Noteholders by their
acceptance of the Series 2012-1 Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master Issuer, Holdco or any other Co-Issuer. Any such reports and notices that are required to be delivered to
the Series 2012-1 Noteholders hereunder will be made available on the Trustee’s website in the manner set forth in Section 4.4 of the Base Indenture. 
 Section 3.11 Replacement of Ineligible Accounts . If, at any time, either of the Series 2012-1 Class A-1 Distribution Account or the Series 2012-1 Class A-2 Distribution Account
shall cease to be an Eligible Account (each, a “Series 2012-1 Ineligible Account”), the Master Issuer or any other Co-Issuer shall (i) within five (5) Business Days of obtaining knowledge thereof, notify the Control Party
thereof and (ii) within sixty (60) days of obtaining knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Series 2012-1 Ineligible Account, (B) following
the establishment of such new Eligible Account, transfer or, with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer all cash and investments from such Series 2012-1 Ineligible Account into such
new Eligible Account and (C) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such new Eligible Account is not established with the Trustee, cause such new Eligible Account
to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party and the Trustee. 

ARTICLE IV 

FORM OF SERIES 2012-1 NOTES 
 Section 4.1 Issuance of Series 2012-1 Class A-1 Notes. (a) The Series 2012-1 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 2012-1 Class A-1 Noteholders (other than the Series 2012-1 Class A-1 Subfacility Noteholders) pursuant to and in
accordance with the Series 2012-1 Class A-1 Note 

  
 22 

 
Purchase Agreement and shall be duly executed by the Co-Issuers and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance
with this Series Supplement and the Series 2012-1 Class A-1 Note Purchase Agreement, the Series 2012-1 Class A-1 Advance Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by such Series
2012-1 Class A-1 Noteholders. The Series 2012-1 Class A-1 Advance Notes shall bear a face amount equal in the aggregate to up to the Series 2012-1 Class A-1 Maximum Principal Amount as of the Series 2012-1 Closing Date, and shall be
initially issued in an aggregate outstanding principal amount equal to the Series 2012-1 Class A-1 Initial Advance Principal Amount pursuant to Section 2.1(a) of this Series Supplement. The Trustee shall record any Increases or
Decreases with respect to the Series 2012-1 Class A-1 Outstanding Principal Amount such that, subject to Section 4.1(d) of this Series Supplement, the principal amount of the Series 2012-1 Class A-1 Advance Notes that are
Outstanding accurately reflects all such Increases and Decreases. 
 (b) The Series 2012-1 Class A-1 Swingline Notes will
be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in Exhibit A-1-2 hereto, and will be issued to the Swingline Lender pursuant to and in accordance with the Series
2012-1 Class A-1 Note Purchase Agreement and shall be duly executed by the Co-Issuers and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance with this Series
Supplement and the Series 2012-1 Class A-1 Note Purchase Agreement, the Series 2012-1 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 2012-1 Class A-1 Swingline Note shall bear a face amount equal in the aggregate to up to the Swingline Commitment as of the Series 2012-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to
the Series 2012-1 Class A-1 Initial Swingline Principal Amount pursuant to Section 2.1(b)(i) of this Series Supplement. The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to the Swingline Loans
such that, subject to Section 4.1(d) of this Series Supplement, the aggregate principal amount of the Series 2012-1 Class A-1 Swingline Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility
Decreases. 
 (c) The Series 2012-1 Class A-1 L/C Notes will be issued in the form of definitive notes in fully registered
form without interest coupons, substantially in the form set forth in Exhibit A-1-3 hereto, and will be issued to the L/C Provider pursuant to and in accordance with the Series 2012-1 Class A-1 Note Purchase Agreement and shall be duly
executed by the Co-Issuers and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. Other than in accordance with this Series Supplement and the Series 2012-1 Class A-1 Note Purchase Agreement,
the Series 2012-1 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 2012-1 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 2012-1 Closing Date, and shall be initially issued in an aggregate amount equal to the Series 2012-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount pursuant to Section 2.1(b)(ii) of
this Series Supplement. The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to Undrawn L/C Face Amounts or Unreimbursed L/C Drawings, as applicable, such that, subject to Section 4.1(d) of this Series

  
 23 

 
Supplement, the aggregate amount of the Series 2012-1 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 2012-1 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. 

(d) For the avoidance of doubt, notwithstanding that the aggregate face amount of the Series 2012-1 Class A-1 Notes will exceed the
Series 2012-1 Class A-1 Maximum Principal Amount, at no time will the principal amount actually outstanding of the Series 2012-1 Class A-1 Advance Notes, the Series 2012-1 Class A-1 Swingline Notes and the Series 2012-1 Class A-1
L/C Notes in the aggregate exceed the Series 2012-1 Class A-1 Maximum Principal Amount. 
 (e) The Series 2012-1
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 2012-1 Class A-1 Notes, as evidenced by their execution of the Series 2012-1 Class A-1 Notes. The Series 2012-1 Class A-1 Notes may be produced in any manner, all as
determined by the Authorized Officers executing such Series 2012-1 Class A-1 Notes, as evidenced by their execution of such Series 2012-1 Class A-1 Notes. The initial sale of the Series 2012-1 Class A-1 Notes is limited to Persons who
have executed the Series 2012-1 Class A-1 Note Purchase Agreement. The Series 2012-1 Class A-1 Notes may be resold only to the Master Issuer, its Affiliates, and Persons who are QPs and who are not Competitors (except that Series 2012-1
Class A-1 Notes may be resold to Persons who are QPs and Competitors with the written consent of the Co-Issuers) in compliance with the terms of the Series 2012-1 Class A-1 Note Purchase Agreement. 

Section 4.2 Issuance of Series 2012-1 Class A-2 Notes. The Series 2012-1 Class A-2 Notes in the aggregate may be
offered and sold in the Series 2012-1 Class A-2 Initial Principal Amount on the Series 2012-1 Closing Date by the Co-Issuers pursuant to the Series 2012-1 Class A-2 Note Purchase Agreement. The Series 2012-1 Class A-2 Notes will be
resold initially only to the Master Issuer or its Affiliates or (A) in each case, to Persons who are not Competitors, (B) in the United States, to Persons who are both QIBs and QPs in reliance on Rule 144A and (C) outside the United
States, to QPs who are neither a U.S. person (as defined in Regulation S) (a “U.S. Person”) nor a U.S. resident (within the meaning of the Investment Company Act) (a “U.S. Resident”) in reliance on Regulation S. The
Series 2012-1 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 2012-1 Class A-2 Notes will be Book-Entry Notes and DTC will be the
Depository for the Series 2012-1 Class A-2 Notes. The Applicable Procedures shall be applicable to transfers of beneficial interests in the Series 2012-1 Class A-2 Notes. The Series 2012-1 Class A-2 Notes shall be issued in
minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof. 

  
 24 

 (a) Restricted Global Notes. The Series 2012-1 Class A-2 Notes offered and sold
in their initial distribution in reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth in Exhibit A-2-1 hereto, registered in the name of
Cede & Co. (“Cede”), as nominee of DTC, and deposited with the Trustee, as custodian for DTC (collectively, for purposes of this Section 4.2 and Section 4.4, the “Restricted Global
Notes”). The aggregate initial principal amount of the Restricted 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 Regulation S Global Notes or the Unrestricted Global Notes, as hereinafter provided. 

(b) Regulation S Global Notes and Unrestricted Global Notes. Any Series 2012-1 Class A-2 Notes offered and sold on the Series
2012-1 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-2-2 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 2012-1 Class A-2 Note, such Series 2012-1 Class A-2 Notes shall be referred to herein collectively, for purposes of this Section 4.2 and Section 4.4, as the “Regulation
S Global Notes.” After such time as the Restricted Period shall have terminated, the 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-2-3 hereto, as hereinafter provided (collectively, for purposes of this Section 4.2 and Section 4.4, the “Unrestricted Global Notes”).
The aggregate principal amount of the Regulation S Global Notes or the Unrestricted 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 Restricted Global Notes, as hereinafter provided. 
 (c) Definitive Notes. The Series 2012-1 Global Notes shall be exchangeable in their entirety for one or more definitive notes in registered form, without interest coupons (collectively, for
purposes of this Section 4.2 and Section 4.4 of this Series Supplement, the “Definitive Notes”) pursuant to Section 2.13 of the Base Indenture and this Section 4.2(c) in accordance
with their terms and, upon complete exchange thereof, such Series 2012-1 Global Notes shall be surrendered for cancellation at the applicable Corporate Trust Office. 
 Section 4.3 Transfer Restrictions of Series 2012-1 Class A-1 Notes. 
 (a) Subject to the terms of the Indenture and the Series 2012-1 Class A-1 Note Purchase Agreement, the holder of any Series 2012-1 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 2012-1 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 

  
 25 

 
by a written instrument of transfer in form satisfactory to the Co-Issuers 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 2012-1
Class A-1 Advance Note transfers, in whole or in part, its interest in any Series 2012-1 Class A-1 Advance Note pursuant to (i) an Assignment and Assumption Agreement substantially in the form of Exhibit B to the Series 2012-1
Class A-1 Note Purchase Agreement or (ii) an Investor Group Supplement substantially in the form of Exhibit C to the Series 2012-1 Class A-1 Note Purchase Agreement, then such Series 2012-1 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 2012-1 Class A-1 Advance Note. In exchange for any Series 2012-1 Class A-1 Advance Note properly presented for
transfer, the Co-Issuers 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 2012-1 Class A-1 Advance Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2012-1 Class A-1 Advance Note in part,
the Co-Issuers 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 2012-1 Class A-1 Notes for the aggregate principal amount that was not transferred. No transfer of any Series 2012-1 Class A-1 Advance Note shall be made unless the request for such transfer is made by the Series 2012-1
Class A-1 Noteholder at such office. Neither the Co-Issuers 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 2012-1 Class A-1 Advance Notes, the Trustee shall recognize the holders of such Series 2012-1 Class A-1 Advance Note as Series 2012-1 Class A-1 Noteholders. 

(b) Subject to the terms of the Indenture and the Series 2012-1 Class A-1 Note Purchase Agreement, the Swingline Lender may transfer
the Series 2012-1 Class A-1 Swingline Notes in whole but not in part by surrendering such Series 2012-1 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 Co-Issuers 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 2012-1 Class A-1 Note Purchase Agreement. In exchange for any Series 2012-1 Class A-1 Swingline Note properly
presented for transfer, the Co-Issuers 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 2012-1 Class A-1 Swingline Note for the same aggregate principal amount as was transferred. No transfer of any 

  
 26 

 
Series 2012-1 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 Co-Issuers 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 2012-1 Class A-1 Swingline Note, the Trustee shall
recognize the holder of such Series 2012-1 Class A-1 Swingline Note as a Series 2012-1 Class A-1 Noteholder. 
 (c)
Subject to the terms of the Indenture and the Series 2012-1 Class A-1 Note Purchase Agreement, the L/C Provider may transfer any Series 2012-1 Class A-1 L/C Note in whole or in part, in an amount equivalent to an authorized denomination,
by surrendering such Series 2012-1 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 Co-Issuers and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the STAMP or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to
Section 9.17(e) of the Series 2012-1 Class A-1 Note Purchase Agreement. In exchange for any Series 2012-1 Class A-1 L/C Note properly presented for transfer, the Co-Issuers 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 2012-1
Class A-1 L/C Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series 2012-1 Class A-1 L/C Note in part, the Co-Issuers 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 2012-1 Class A-1 L/C Notes for the aggregate principal amount
that was not transferred. No transfer of any Series 2012-1 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 Co-Issuers 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 2012-1 Class A-1 L/C Note, the Trustee shall recognize the holder of such
Series 2012-1 Class A-1 L/C Note as a Series 2012-1 Class A-1 Noteholder. 
 (d) Each Series 2012-1 Class A-1
Note shall bear the following legend: 
 THE ISSUANCE AND SALE OF THIS SERIES 2012-1 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 “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF THE CO-ISSUERS HAS
BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE 

  
 27 

 
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 CO-ISSUERS GIVE 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 MARCH 15, 2012 BY AND AMONG THE CO-ISSUERS, THE MANAGER, THE SERIES 2012-1 CLASS A-1 INVESTORS, THE SERIES 2012-1
NOTEHOLDERS, THE SERIES 2012-1 SUBFACILITY LENDERS AND BARCLAYS BANK PLC AS ADMINISTRATIVE AGENT. 
 The required legend set forth above shall
not be removed from the Series 2012-1 Class A-I Notes except as provided herein. 
 Section 4.4 Transfer
Restrictions of Series 2012-1 Class A-2 Notes. 
 (a) A Series 2012-1 Global Note may not be transferred, in whole or
in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; provided, however, that this
Section 4.4(a) shall not prohibit any transfer of a Series 2012-1 Class A-2 Note that is issued in exchange for a Series 2012-1 Global Note in accordance with Section 2.8 of the Base Indenture and shall not prohibit any
transfer of a beneficial interest in a Series 2012-1 Global Note effected in accordance with the other provisions of this Section 4.4. 
 (b) The transfer by a Series 2012-1 Note Owner holding a beneficial interest in a Class A-2 Note in the form of a Restricted Global Note to a Person who wishes to take delivery thereof in the form of
a beneficial interest in the Restricted 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/QP 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 Co-Issuers as such transferee has requested pursuant to
Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

(c) If a Series 2012-1 Note Owner holding a beneficial interest in a Class A-2 Note in the form of a Restricted Global Note wishes
at any time to exchange its interest in such Restricted Global Note for an interest in the 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 Regulation
S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.4(c). Upon receipt by the Registrar, at the 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

  
 28 

 
interest in the Regulation S Global Note, in a principal amount equal to that of the beneficial interest in such Restricted 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 2012-1 Class A-2 Note Owner holding such beneficial
interest in such Restricted Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of the Restricted Global Note, and to increase the principal amount of the Regulation S Global Note, by the
principal amount of the beneficial interest in such Restricted 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 Regulation S Global Note having a principal amount equal to the amount by which the principal amount of such Restricted Global Note was reduced upon
such exchange or transfer. 
 (d) If a Series 2012-1 Class A-2 Note Owner holding a beneficial interest in a Restricted
Global Note wishes at any time to exchange its interest in such Restricted Global Note for an interest in the Unrestricted 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 Unrestricted Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.4(d). Upon receipt by the Registrar, at the applicable Corporate
Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account
a beneficial interest in the Unrestricted Global Note in a principal amount equal to that of the beneficial interest in such Restricted 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 2012-1 Class A-2 Note Owner holding such beneficial interest in such Restricted Global Note, the Registrar shall
instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Restricted Global Note, and to increase the principal amount of the Unrestricted Global Note, by the principal amount of the beneficial interest in such Restricted
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 Unrestricted Global Note having a principal amount equal to the amount by which the principal amount of such Restricted Global Note was reduced upon such exchange or transfer. 

(e) If a Series 2012-1 Class A-2 Note Owner holding a beneficial interest in a Regulation S Global Note or an Unrestricted Global
Note wishes at any time to exchange its interest in such Regulation S Global Note or such Unrestricted Global Note for an interest in the Restricted Global Note, or to transfer such interest to a Person who wishes to take delivery

  
 29 

 
thereof in the form of a beneficial interest in the Restricted Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions
of this Section 4.4(e). Upon receipt by the Registrar, at the applicable Corporate Trust Office, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the
Registrar to credit or cause to be credited to a specified Clearing Agency Participant’s account a beneficial interest in the Restricted Global Note in a principal amount equal to that of the beneficial interest in such Regulation S Global Note
or such Unrestricted 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 Regulation S Global Note (but not such Unrestricted Global Note), a certificate in substantially the form set forth in Exhibit B-4 hereto given by such Series 2012-1 Class A-2 Note Owner holding such beneficial interest in such
Regulation S Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Regulation S Global Note or such Unrestricted Global Note, as the case may be, and to increase the principal amount of
the Restricted Global Note, by the principal amount of the beneficial interest in such Regulation S Global Note or such Unrestricted 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 Restricted Global Note having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note
or such Unrestricted Global Note, as the case may be, was reduced upon such exchange or transfer. 
 (f) In the event that a
Series 2012-1 Global Note or any portion thereof is exchanged for Series 2012-1 Class A-2 Notes other than Series 2012-1 Global Notes, such other Series 2012-1 Class A-2 Notes may in turn be exchanged (upon transfer or otherwise) for
Series 2012-1 Class A-2 Notes that are not Series 2012-1 Global Notes or for a beneficial interest in a Series 2012-1 Global Note (if any is then outstanding) only in accordance with such procedures as may be adopted from time to time by the
Co-Issuers and the Registrar, which shall be substantially consistent with the provisions of Section 4.4(a) through Section 4.4(e) and Section 4.4(g) of this Series Supplement (including the certification
requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2012-1 Global Note comply with Rule 144A or Regulation S under the Securities Act, as the case may be) and any Applicable Procedures. 

(g) Until the termination of the Restricted Period with respect to any Series 2012-1 Class A-2 Note, interests in the Regulation S
Global Notes representing such Series 2012-1 Class A-2 Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and Clearstream; provided that this Section 4.4(g) shall not prohibit any
transfer in accordance with Section 4.4(d) of this Series Supplement. After the expiration of the applicable Restricted Period, interests in the Unrestricted Global Notes may be transferred without requiring any certifications other than
those set forth in this Section 4.4. 

  
 30 

 (h) The Series 2012-1 Class A-2 Notes Restricted Global Notes, the Series 2012-1
Class A-2 Notes Regulation S Global Notes and the Series 2012-1 Class A-2 Notes Unrestricted Global Notes shall bear the following legend: 
 THE ISSUANCE AND SALE OF THIS SERIES 2012-1 CLASS A-2 NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF DOMINO’S PIZZA MASTER ISSUER LLC, DOMINO’S PIZZA DISTRIBUTION LLC, DOMINO’S IP HOLDER LLC AND DOMINO’S SPV CANADIAN HOLDING COMPANY INC.
(THE “CO-ISSUERS”) HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO
DOMINO’S PIZZA MASTER ISSUER LLC OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO EITHER AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NOT A COMPETITOR AND IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) AND A “QUALIFIED PURCHASER” (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR
SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO AN INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS NOT A COMPETITOR AND IS A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON” AS
DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) NOR A “U.S. RESIDENT” AS DEFINED FOR PURPOSES OF THE INVESTMENT COMPANY ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF WHICH ARE A U.S. PERSON OR A U.S. RESIDENT, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN
COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION. 

BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT
(A) IT IS NOT A COMPETITOR AND IS (X) A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A AND A “QUALIFIED PURCHASER” (WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT) OR (Y) A “QUALIFIED
PURCHASER” (WITHIN THE MEANING OF THE 

  
 31 

 
INVESTMENT COMPANY ACT) AND NEITHER A U.S. RESIDENT NOR 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 NOT A COMPETITOR AND IS EITHER (X) A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER OR (Y) A QUALIFIED PURCHASER AND NEITHER A U.S. RESIDENT NOR A U.S. PERSON, AS APPLICABLE, 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 CO-ISSUERS MAY RECEIVE A LIST
OF PARTICIPANTS HOLDING POSITIONS IN THEIR NOTES FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES, (E) IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES, (F) IT IS NOT A BROKER-DEALER OF THE TYPE DESCRIBED IN
PARAGRAPH (a)(1)(ii) OF RULE 144A WHICH OWNS AND INVESTS ON A DISCRETIONARY BASIS LESS THAN $25,000,000 IN SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED WITH IT, (G) IT IS NOT A PARTICIPANT-DIRECTED EMPLOYEE PLAN, SUCH AS A 401(k) PLAN, OR ANY
OTHER TYPE OF PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF RULE 144A, OR A TRUST FUND REFERRED TO IN PARAGRAPH (a)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, (H) IT IS NOT FORMED FOR THE PURPOSE OF INVESTING IN
THE CO-ISSUERS (EXCEPT WHERE EACH BENEFICIAL OWNER IS (X) BOTH A QUALIFIED PURCHASER AND A QUALIFIED INSTITUTIONAL BUYER OR (Y) A QUALIFIED PURCHASER AND NEITHER A U.S. RESIDENT NOR A U.S. PERSON, AS APPLICABLE), AND (I) IF IT IS A
COMPANY EXCEPTED FROM THE DEFINITION OF “INVESTMENT COMPANY” BY SECTION 3(c)(1) OR SECTION 3(c)(7) OF THE INVESTMENT COMPANY ACT, OR A SECTION 7(d) FOREIGN INVESTMENT COMPANY RELYING ON SECTION 3(c)(1) OR SECTION 3(c)(7) OF THE INVESTMENT
COMPANY ACT WITH RESPECT TO ITS U.S. HOLDERS, AND WAS FORMED ON OR BEFORE APRIL 30, 1996, IT HAS RECEIVED THE NECESSARY CONSENT FROM ITS BENEFICIAL OWNERS AS REQUIRED BY THE INVESTMENT COMPANY ACT. 

EACH INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE (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 INITIAL PURCHASER AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS
NOTE IN THE FORM OF AN INTEREST IN A [REGULATION S GLOBAL NOTE] [RESTRICTED GLOBAL NOTE] OR [AN UNRESTRICTED GLOBAL NOTE] WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE
APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE. 

  
 32 

 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 THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY. 

IF THIS NOTE WAS ACQUIRED IN THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN BOTH A QUALIFIED
INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A
QUALIFIED PURCHASER. THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER OR WHO IS A COMPETITOR. 

IF THIS NOTE WAS ACQUIRED OUTSIDE THE UNITED STATES, AND THE HOLDER IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED
PURCHASER AND NEITHER A “U.S. PERSON” NOR A “U.S. RESIDENT” AT THE TIME OF ACQUISITION OF THIS NOTE, THE CO-ISSUERS HAVE THE RIGHT TO REQUIRE SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS NOT A COMPETITOR AND IS A QUALIFIED
PURCHASER AND NEITHER A “U.S. PERSON” NOR A “U.S. RESIDENT.” THE CO-ISSUERS ALSO HAVE THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON” NOR A “U.S.
RESIDENT” OR WHO IS A COMPETITOR. 
 (i) The Series 2012-1 Class A-2 Notes Regulation S Global Notes shall also bear
the following legend: 
 UNTIL 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 A QUALIFIED PURCHASER, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS
NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A QUALIFIED PURCHASER, THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER 

  
 33 

 
ISSUER AND IN COMPLIANCE WITH THE SECURITIES 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 SECURITIES ACT OR (II) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT. 

(j) The Series 2012-1 Global Notes issued in connection with the Series 2012-1 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 CO-ISSUERS OR
THE 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. 

(k) The required legends set forth above shall not be removed from the applicable Series 2012-1 Class A-2 Notes except as provided
herein. The legend required for a Series 2012-1 Class A-2 Notes Restricted Global Note may be removed from such Series 2012-1 Class A-2 Notes Restricted Global Note if there is delivered to the Co-Issuers and the Registrar such
satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by the Co-Issuers that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Series 2012-1
Class A-2 Notes Restricted Global Note will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, the Trustee at the direction of the Master Issuer, on behalf of the Co-Issuers, shall
authenticate and deliver in exchange for such Series 2012-1 Class A-2 Notes Restricted Global Note a Series 2012-1 Class A-2 Note or Series 2012-1 Class A-2 Notes having an equal aggregate principal amount that does not bear such
legend. If such a legend required for a Series 2012-1 Class A-2 Notes Restricted Global Note has been removed from a Series 2012-1 Class A-2 Note as provided above, no other Series 2012-1 Class A-2 Note issued in exchange for

  
 34 

 
all or any part of such Series 2012-1 Class A-2 Note shall bear such legend, unless the Co-Issuers have reasonable cause to believe that such other Series 2012-1 Class A-2 Note is a
“restricted security” within the meaning of Rule 144 under the Securities Act and instructs the Trustee to cause a legend to appear thereon. 
 Section 4.5 Section 3(c)(7) Procedures. 
 (a) The Co-Issuers
shall, upon two (2) Business Days’ prior written notice, cause the Registrar to send, and the Registrar hereby agrees to send on at least an annual basis a notice from the Co-Issuers to DTC in substantially the form of Exhibit D hereto
(the “Important Section 3(c)(7) Notice”), with a request that DTC forward each such notice to the relevant DTC participants for further delivery to the Series 2012-1 Note Owners. If DTC notifies the Co-Issuers or the Registrar
that it will not forward such notices, the Co-Issuers will request DTC to deliver to the Co-Issuers a list of all DTC participants holding an interest in the Series 2012-1 Notes and the Registrar and Paying Agent will send the Important
Section 3(c)(7) Notice directly to such participants. 
 (b) The Co-Issuers will take the following steps in connection
with the Series 2012-1 Notes: 
 (i) The Co-Issuers will direct DTC to include the “3c7” marker in the
DTC 20-character security descriptor and the 48-character additional descriptor for the Restricted Global Note in order to indicate that sales are limited to QIB/QPs. 

(ii) The Co-Issuers will direct DTC to cause each physical DTC deliver order ticket delivered by DTC to purchasers to
contain the DTC 20-character security descriptor; and will direct DTC to cause each DTC deliver order ticket delivered by DTC to purchasers in electronic form to contain the “3c7” indicator and a related user manual for participants, which
will contain a description of the relevant restrictions. 
 (iii) The Co-Issuers will instruct DTC to send an
Important Section 3(c)(7) Notice to all DTC participants in connection with the initial offering of the Series 2012-1 Notes. 
 (iv) The Co-Issuers will advise DTC that they are Section 3(c)(7) issuers and will request DTC to include the Restricted Global Note in DTC’s “Reference Directory” of
Section 3(c)(7) offerings and provide such participants with an Important Section 3(c)(7) Notice. 

  
 35 

 (v) The Co-Issuers will from time to time request DTC to deliver to the
Co-Issuers a list of all DTC participants holding an interest in the Restricted Global Note and provide such participants with an Important Section 3(c)(7) Notice. 

(vi) The Co-Issuers will direct Euroclear to include the “144A/3(c)(7)” marker in the name for the Restricted
Global Note included in the Euroclear securities database in order to indicate that sales are limited to QIB/QPs. 
 (vii) The Co-Issuers will direct Euroclear to cause each daily securities balance report and each daily securities transaction report delivered to Euroclear participants to contain the indicator
“144A/3(c)(7)” in the name for the Restricted Global Note. 
 (viii) The Co-Issuers will direct
Euroclear to include a description of the Section 3(c)(7) restrictions for the Restricted Global Note in its New Issues Acceptance Guide. 
 (ix) The Co-Issuers will instruct Euroclear to send an Important Section 3(c)(7) Notice to all Euroclear participants holding positions in the Restricted Global Note at least once every calendar
year, substantially in the form of Exhibit D hereto. 
 (x) The Co-Issuers will from time to time request
Euroclear to deliver to the Co-Issuers a list of all Euroclear participants holding an interest in the Restricted Global Note and provide such participants with notification substantially in the form of Exhibit D hereto. 

(xi) The Co-Issuers will direct Clearstream to include the “144A/3(c)(7)” marker in the name for the Restricted
Global Note included in the Clearstream securities database in order to indicate that sales are limited to QIB/QPs. 
 (xii) The Co-Issuers will direct Clearstream to cause each daily portfolio report and each daily settlement report delivered to Clearstream participants to contain the indicator “144A/3(c)(7)”
in the name for the Restricted Global Note. 
 (xiii) The Co-Issuers will direct Clearstream to include a
description of the Section 3(c)(7) restrictions in its Customer Handbook. 
 (xiv) The Co-Issuers will
instruct Clearstream to send an Important Section 3(c)(7) Notice to all Clearstream participants holding positions in the Restricted Global Note at least once every calendar year, substantially in the form of Exhibit D hereto. 

  
 36 

 (xv) The Co-Issuers will from time to time request Clearstream to deliver to
the Co-Issuers a list of all Clearstream participants holding an interest in any series of Restricted Global Note and provide such participants with notification substantially in the form of Exhibit D hereto. 

(xvi) The Co-Issuers will request Clearstream to include a “3(c)(7)” marker in the name for the Restricted
Global Note included in the list of securities accepted in the Clearstream securities’ database made available to Clearstream participants. 
 (c) The Co-Issuers shall request third-party vendors that provide information on the Series 2012-1 Notes to include on screens maintained by such vendors appropriate legends regarding Rule 144A and
Section 3(c)(7) restrictions. Without limiting the foregoing: 
 (i) the Co-Issuers will request Bloomberg,
L.P. to include the following on each Bloomberg screen containing information about the Series 2012-1 Notes: 

(A) The “Note Box” on the bottom of the “Security Display” page describing the Series 2012-1 Notes
should state: “Iss’d Under 144A/3c7.” 
 (B) The “Security Display” page should have a
flashing red indicator stating “See Other Available Information.” 
 (C) Such indicator should link to
an “Additional Security Information” page, which should state that the Series 2012-1 Notes “are being offered in reliance on the exemption from registration under Rule 144A to Persons that are both (i) qualified institutional
buyers (as defined in Rule 144A under the Securities Act) and (ii) qualified purchasers (as defined under Section 2(a)(51) under the Investment Company Act of 1940).” 

(ii) the Co-Issuers will request Reuters Group plc to input the following information in its system with respect to the
Series 2012-1 Notes: 

  
 37 

 (A) The security name field at the top of the Reuters Instrument Code screen
should include a “144A-3c7” notation. 
 (B) A <144A3c7Disclaimr> indicator should appear on the
right side of the Reuters Instrument Code screen. 
 (C) Such indicator should link to a disclaimer screen on
which the following language will appear: “These securities may be sold or transferred only to persons who are both (i) qualified institutional buyers (as defined in Rule 144A under the Securities Act), and (ii) qualified purchasers
(as defined under Section 2(a)(51) under the U.S. Investment Company Act of 1940).” 
 (d) The Co-Issuers shall cause
the “CUSIP” number obtained for the Series 2012-1 Notes to have an attached “fixed field” that contains “3c7” and “144A” indicators. 
 Section 4.6 Note Owner Representations and Warranties. Each Person who becomes a Note Owner of a beneficial interest in a Series 2012-1 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 2012-1 Note as follows: 
 (a) With
respect to any sale of Series 2012-1 Notes pursuant to Rule 144A, it is a QIB/QP pursuant to Rule 144A and Section 2(a)(51) of the Investment Company Act, and is aware that any sale of Series 2012-1 Notes to it will be made in reliance on Rule
144A. Its acquisition of Series 2012-1 Notes in any such sale will be for its own account or for the account of another QIB/QP. 

(b) With respect to any sale of Series 2012-1 Notes pursuant to Regulation S, at the time the buy order for such Series 2012-1 Notes was
originated, it was outside the United States to a Person who is a QP and neither a U.S. Person nor a U.S. Resident, and was not purchasing for the account or benefit of a U.S. Person or a U.S. Resident. 

(c) It is not a broker-dealer of the type described in paragraph (a)(1)(ii) of Rule 144A which owns and invests on a discretionary basis
less than $25,000,000 in securities of unaffiliated issuers. 
 (d) It has not been formed for the purpose of investing in the
Series 2012-1 Notes, except where each beneficial owner is a QIB/QP (for Series 2012-1 Notes acquired in the United States) or a QP and neither a U.S. Person nor a U.S. Resident (for Series 2012-1 Notes acquired outside the United States).

  
 38 

 (e) It will, and each account for which it is purchasing will, hold and transfer at least
the minimum denomination of Series 2012-1 Notes. 
 (f) It understands that the Co-Issuers, the Manager and the Servicer may
receive a list of participants holding positions in the Series 2012-1 Notes from one or more book-entry depositories. 
 (g) It
understands that the Manager, the Co-Issuers and the Servicer may receive 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.

 (h) It will provide to each person to whom it transfers Series 2012-1 Notes notices of any restrictions on transfer of such
Series 2012-1 Notes. 
 (i) It is not a participant-directed employee plan, such as a 401(k) plan, or any other type of plan
referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A, or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan. 
 (j) If it is a Section 3(c)(1) or Section 3(c)(7) investment company, or a Section 7(d) foreign investment company relying on Section 3(c)(1) or Section 3(c)(7) of the Investment
Company Act with respect to its U.S. holders, and was formed on or before April 30, 1996, it has received the necessary consent from its beneficial owners as required by the 1940 Act. 

(k) It understands that (i) the Series 2012-1 Notes are being offered in a transaction not involving any public offering in the
United States within the meaning of the Securities Act, (ii) the Series 2012-1 Notes have not been registered under the Securities Act, (iii) such Series 2012-1 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 and who is a QP 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 a QP and neither a U.S. Person nor a U.S. Resident in a transaction meeting the requirements of Regulation S and who is not a Competitor or (D) to a Person that is a QP and not a
Competitor in a transaction exempt from the registration requirements of the Securities Act and the applicable securities laws of any state of the United States and any other jurisdiction, in each such case in accordance with the Indenture and any
applicable securities laws of any state of the United States and (iv) it will, and each subsequent holder of a Series 2012-1 Note is required to, notify any subsequent purchaser of a Series 2012-1 Note of the resale restrictions set forth in
clause (iii) above. 

  
 39 

 (l) It understands that the certificates evidencing the Restricted Global Notes will bear
legends substantially similar to those set forth in Section 4.4(h) of this Series Supplement. 
 (m) It understands
that the certificates evidencing the Regulation S Global Notes will bear legends substantially similar to those set forth in Section 4.4(i) of this Series Supplement. 

(n) It understands that the certificates evidencing the Unrestricted Global Notes will bear legends substantially similar to those set
forth in Section 4.4(j) of this Series Supplement. 
 (o) Either (i) it is not acquiring or holding the Series
2012-1 Notes (or any interest therein) for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Section 406 of ERISA, Section 4975 of the Code or provisions under any Similar Law, or
(ii) its purchase and holding of the Series 2012-1 Notes or any interest therein will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar
Law. 
 (p) It understands that any subsequent transfer of the Series 2012-1 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 2012-1 Notes or any interest therein except in compliance with such restrictions and conditions and the
Securities Act. 
 (q) It is not a Competitor. 
 ARTICLE V 
 GENERAL 

Section 5.1 Information. On or before each Quarterly Payment Date, the Co-Issuers shall furnish, or cause to be furnished, a
Quarterly Noteholders’ Statement with respect to the Series 2012-1 Notes to the Trustee, substantially in the form of Exhibit C hereto, setting forth, inter alia, the following information with respect to such Quarterly
Payment Date: 
 (i) the total amount available to be distributed to Series 2012-1 Noteholders on such Quarterly
Payment Date; 

  
 40 

         (ii) the amount of such
distribution allocable to the payment of interest on each Class of the Series 2012-1 Notes; 

        (iii) the amount of such distribution allocable to the payment of
principal of each Class of the Series 2012-1 Notes; 
         (iv) the
amount of such distribution allocable to the payment of any Series 2012-1 Class A-2 Make-Whole Prepayment Premium, if any, on the Series 2012-1 Class A-2 Notes; 

        (v) the amount of such distribution allocable to the payment of any fees
or other amounts due to the Series 2012-1 Class A-1 Noteholders; 

        (vi) whether, to the Actual Knowledge of the Co-Issuers, any Potential
Rapid Amortization Event, Rapid Amortization Event, Default, Event of Default, Potential Manager Termination Event or Manager Termination Event has occurred as of the related Accounting Date or any Cash Trapping Period is in effect, as of such
Accounting Date; 
         (vii) the Quarterly DSCR for such Quarterly
Payment Date and the three Quarterly Payment Dates immediately preceding such Quarterly Payment Date; 

        (viii) the number of Open Domino’s Stores as of the last day of the
preceding Quarterly Collection Period; 
         (ix) the amount of
Global Retail Sales for the 13 Fiscal Periods ended on the last day of the immediately preceding Fiscal Period; 

        (x) the Series 2012-1 Available Senior Notes Interest Reserve Account
Amount 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. 

After the Co-Issuers furnish Same Store Sales Comparison Information for a Quarterly Collection Period to the SEC, the Co-Issuers shall
furnish the Trustee with a revised Quarterly Noteholders’ Statement with respect to the Series 2012-1 Notes which includes Same Store Sales Comparison Information. In the event that the Co-Issuers at any time are not required to report Same
Store Sales Comparison Information to the SEC, the Co-Issuers shall nonetheless provide revised Quarterly Noteholders’ Statements containing Same Store Sales Comparison Information to the Trustee (and the Trustee shall make such Same Store
Sales 

  
 41 

 
Comparison Information available in accordance with Section 4.4 of the Base Indenture) no later than the date that the Co-Issuers would have been required to furnish this information
to the SEC had their obligations to provide this data not ceased. 
 Any Series 2012-1 Noteholder may obtain copies of each
Quarterly Noteholders’ Statement in accordance with the procedures set forth in Section 4.4 of the Base Indenture. 
 Section 5.2 Exhibits. The annexes, exhibits and schedules attached hereto and listed on the table of contents hereto supplement the annexes, exhibits and schedules included in the Base
Indenture. 
 Section 5.3 Ratification of Base Indenture. As supplemented by this Series Supplement, the Base
Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. 

Section 5.4 Certain Notices to the Rating Agencies. The Co-Issuers shall provide to each Rating Agency a copy of each Opinion
of Counsel and Officer’s Certificate delivered to the Trustee pursuant to this Series Supplement or any other Related Document. 
 Section 5.5 Prior Notice by Trustee to the Controlling Class Representative and Control Party. Subject to Section 10.1 of the Base Indenture, the Trustee agrees that it shall not
exercise any rights or remedies available to it as a result of the occurrence of a Rapid Amortization Event or an Event of Default until after the Trustee has given prior written notice thereof to the Controlling Class Representative and the Control
Party and obtained the direction of the Control Party (subject to Section 11.4(e) of the Base Indenture, at the direction of the Controlling Class Representative). 
 Section 5.6 Counterparts. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall
together constitute but one and the same instrument. 
 Section 5.7 Governing Law. THIS SERIES SUPPLEMENT SHALL
BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK.

 Section 5.8 Amendments. This Series Supplement may not be modified or amended except in accordance with the terms
of the Base Indenture. 
 Section 5.9 Termination of Series Supplement. This Series Supplement shall cease to be of
further effect when (i) all Outstanding Series 2012-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2012-1 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 2012-1 Class A-1 Note Purchase Agreement or are deemed to no longer be outstanding in accordance 

  
 42 

 
with Section 4.04 of the Series 2012-1 Class A-1 Note Purchase Agreement, (ii) all fees and expenses and other amounts under the Series 2012-1 Class A-1 Note Purchase
Agreement have been paid in full and all Series 2012-1 Class A-1 Commitments have been terminated and (iii) the Co-Issuers have paid all sums payable hereunder. 
 Section 5.10 Entire Agreement. This Series Supplement, together with the exhibits and schedules hereto and the other Indenture Documents, contains a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings
with respect thereto. 
 Section 5.11 Fiscal Year End. The Co-Issuers shall not change their fiscal year end from the
Sunday on or nearest to December 31 to any other date. 
 [Signature Pages Follow] 

  
 43 

 IN WITNESS WHEREOF, each of the Co-Issuers, the Trustee and the Series 2012-1 Securities
Intermediary have caused this Series Supplement to be duly executed by its respective duly authorized officer as of the day and year first written above. 

 

					
	DOMINO’S PIZZA MASTER ISSUER LLC, as Co-Issuer
		
	By:	 	 
		 	 Name:
	 	Adam J. Gacek
		 	 Title:
	 	Secretary
	
	DOMINO’S PIZZA DISTRIBUTION LLC, as Co-Issuer
		
	By:	 	 
		 	 Name:
	 	Adam J. Gacek
		 	 Title:
	 	Secretary
	
	DOMINO’S IP HOLDER LLC, as Co-Issuer
		
	By:	 	 
		 	 Name:
	 	Adam J. Gacek
		 	 Title:
	 	Secretary
	
	DOMINO’S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer
		
	By:	 	 
		 	 Name:
	 	Adam J. Gacek
		 	 Title:
	 	Secretary

 Domino’s - Supplement to the Base Indenture 

  

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

		 	 Title:

 Domino’s - Supplement to the Base Indenture 

  

 ANNEX A 
 SERIES 2012-1 
 SUPPLEMENTAL DEFINITIONS LIST 

“Acquiring Committed Note Purchaser” has the meaning set forth in Section 9.17(a) of the Series 2012-1
Class A-1 Note Purchase Agreement. 
 “Acquiring Investor Group” has the meaning set forth in
Section 9.17(c) of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Administrative
Agent” has the meaning set forth in the preamble to the Series 2012-1 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 2012-1 Class A-1 VFN
Fee Letter. 
 “Advance” has the meaning set forth in the recitals to the Series 2012-1 Class A-1 Note
Purchase Agreement. 
 “Advance Request” has the meaning set forth in Section 7.03(c) of the Series
2012-1 Class A-1 Note Purchase Agreement. 
 “Affected Person” has the meaning set forth in
Section 3.05 of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Aggregate Unpaids”
has the meaning set forth in Section 5.01 of the Series 2012-1 Class A-1 Note Purchase Agreement. 

“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 2012-1 Class A-1 Note Purchase Agreement. 
 “Base
Rate” means for any day a fluctuating rate per annum equal to (i) the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as established from time to time by the
Administrative Agent as its “prime rate” at its principal U.S. office, and (c) the Eurodollar Base Rate (Reserve Adjusted) applicable to one month Interest Periods on the date of determination of the Base Rate plus 1% plus
(ii) 3.75%. The “prime rate” is a rate set by the Administrative Agent based upon various factors including the Administrative Agent’s costs and desired return, general economic conditions and other factors,

  
 1 

 
and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate established by the Administrative Agent shall
take effect at the opening of business on the day such change is effective. 
 “Base Rate Advance” means an
Advance that bears interest at a rate of interest determined by reference to the Base Rate during such time as it bears interest at such rate, as provided in the Series 2012-1 Class A-1 Note Purchase Agreement. 

“Base Rate Tranche” means any portion of the Series 2012-1 Class A-1 Outstanding Principal Amount funded or
maintained with Base Rate Advances. 
 “Borrowing” has the meaning set forth in Section 2.02(c) of
the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Breakage Amount” has the meaning set forth in
Section 3.06 of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Cede” has the meaning
set forth in Section 4.2(a) of the Series 2012-1 Supplement. 
 “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 Series 2012-1 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 Series 2012-1 Closing Date. 
 “Change in Management” means (i) more than 50% of
DPL’s Leadership Team is terminated and/or resigns within 24 months of a Trigger Event, (ii) the chief executive officer and the chief financial officer of Holdco are terminated and/or resign within 24 months of a Trigger Event or
(iii) there are five or fewer Continuing Directors within 24 months of a Trigger Event; provided, with respect to clauses (i) and (ii), that termination of such officer shall not include a change in such officer’s status in the
ordinary course of succession so long as such officer continues to be a member of DPL’s Leadership Team and continues to be associated with Holdco, Intermediate Holdco or DPL or their subsidiaries as an officer or director, or in a similar
capacity, (ii) retirement of such officer or (iii) death or incapacitation of such officer. 
 “Change of
Control” means the occurrence of a Trigger Event other than (a) through purchases of securities on a public securities exchange that does not result in a Change in Management or (b) in connection with an acquisition by any person
or group that does not result in a Change in Management and as to which the Control Party has provided its prior written consent. 

  
 2 

 “Class A-1 Amendment Expenses” means all amounts payable pursuant to
clause (a)(ii) of Section 9.05 of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Class
A-1 Indemnities” means all amounts payable pursuant to Sections 9.05(b) and (c) of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Class A-1 Taxes” has the meaning set forth in Section 3.08 of the Series 2012-1 Class A-1 Note Purchase Agreement. 

“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 obligation of each Committed
Note Purchaser included in each Investor Group to fund Advances pursuant to Section 2.02(a) of the Series 2012-1 Class A-1 Note Purchase Agreement and to participate in Swingline Loans and Letters of Credit pursuant to Sections
2.06 and 2.08, respectively, of the Series 2012-1 Class A-1 Note Purchase Agreement 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 to the Series 2012-1 Class A-1 Note Purchase Agreement 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 the Series 2012-1 Class A-1 Note Purchase 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 of the Series 2012-1 Class A-1 Note
Purchase Agreement 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 the Series 2012-1 Class A-1 Note Purchase
Agreement. 
 “Commitment Fee Adjustment Amount” means, for any Interest Period, the result (whether a positive
or negative number) of (a) the aggregate of the Daily Commitment Fee Amounts for each day in such Interest Period minus (b) the aggregate of the Estimated Daily Commitment Fee Amounts for each day in such Interest Period. For
purposes of the Base Indenture, the “Commitment Fee Adjustment Amount” shall be deemed to be the “Class A-1 Senior Notes Commitment Fee Adjustment Amount.” 
 “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 2012-1 Class A-1 Maximum Principal Amount on such date. 
 “Commitment
Term” means the period from and including the Series 2012-1 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 the Series 2012-1 Class A-1 Note Purchase Agreement. 

  
 3 

 “Commitment Termination Date” means the Series 2012-1 Class A-1 Senior
Notes Renewal Date (as such date may be extended pursuant to Section 3.6(b) of the Series 2012-1 Supplement). 

“Committed Note Purchaser” has the meaning set forth in the preamble to the Series 2012-1 Class A-1 Note Purchase
Agreement. 
 “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) of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Conduit Investors” has the meaning set forth in the preamble to the Series 2012-1 Class A-1 Note Purchase Agreement. 

“Confidential Information” for purposes of the Series 2012-1 Class A-1 Note Purchase Agreement, has the meaning set
forth in Section 9.11 of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Continuing
Director” means (i) an individual that was a member of the board of directors of Holdco immediately prior to a Trigger Event or (ii) an individual that becomes a member of the board of directors of Holdco after such Trigger Event
whose nomination for election or election to the board of directors is recommended or approved by a majority of the Continuing Directors. 
 “CP Advance” means an Advance that bears interest at a rate of interest determined by reference to the CP Rate during such time as it bears interest at such rate, as provided in the
Series 2012-1 Class A-1 Note Purchase Agreement. 
 “CP Funding Rate” means, with respect to each Conduit
Investor, for any day during any Interest 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 

  
 4 

 
Interest 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 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; provided further, however, that “CP Funding Rate” shall not include 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 Conduit Investor to fund or maintain any portion of such Advances) as a result of any conversion, repayment, Voluntary or Mandatory Decrease or other prepayment or redemption of the principal amount of any CP Advance
on the date applicable thereto in accordance with the terms of the Series 2012-1 Class A-1 Note Purchase Agreement and the Base Indenture, but shall include any such loss or expense as a result of (i) any conversion, repayment, Voluntary
or Mandatory Decrease or other prepayment or redemption of the principal amount of any CP Advance on a date other than the date applicable thereto in accordance with the terms of the Series 2012-1 Class A-1 Note Purchase Agreement or the Base
Indenture, (ii) any Advance not being funded or maintained as a CP Advance after a request therefor has been made, or (iii) any failure of the Co-Issuers to make a Decrease, prepayment or redemption with respect to any CP Advance after
giving notice thereof. 
 “CP Rate” means, on any day during any Interest Period, an interest rate per annum
equal to the sum of (i) the CP Funding Rate for such Interest Period plus (ii) 3.50%. 
 “CP Tranche”
means any portion of the Series 2012-1 Class A-1 Outstanding Principal Amount funded or maintained with CP Advances. 

“Daily Commitment Fee Amount” means, for any day during any Interest Period, the Undrawn Commitment Fees that accrue for
such day. 
 “Daily Interest Amount” means, for any day during any Interest 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 Period and (y) the principal amount of such Advance outstanding as of the close of business on such day divided by (ii) 360; plus 

(b) with respect to any Base Rate Advance outstanding on such day, the result of (i) the product of (x) the Base Rate in effect
for such day and (y) the principal amount of such 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 Period and (y) the principal amount of such 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 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  

  
 5 

 (e) with respect to any Undrawn L/C Face Amounts outstanding on such day, the L/C Quarterly
Fees and L/C Fronting Fees that accrue thereon for such day. 
 “Daily Post-Renewal Date Contingent Interest
Amount” means, for any day during any Interest Period commencing on or after the Series 2012-1 Class A-1 Senior Notes Renewal Date, the sum of (a) the result of (i) the product of (x) the Series 2012-1 Class A-1
Post-Renewal Date Contingent Interest Rate and (y) the Series 2012-1 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 2012-1 Class A-1 Post-Renewal Date Contingent Interest Rate and (y) any Base Rate Advances included in the Series 2012-1 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. 

“Defaulting Administrative Agent Event” has the meaning set forth in Section 5.07(b) of the Series 2012-1
Class A-1 Note Purchase Agreement. 
 “Defaulting Investor” means any Investor that has (a) failed to
make a payment required to be made by it under the terms of the Series 2012-1 Class A-1 Note Purchase Agreement within one 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 the Series 2012-1 Class A-1 Note Purchase Agreement within one 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. 
 “Definitive Notes” has the
meaning set forth in Section 4.2(c) of the Series 2012-1 Supplement. 
 “DTC” means The Depository
Trust Company, and any successor thereto. 
 “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. 
 “Estimated Daily Interest Amount” means (a) for any day during the first Interest Period,
$0 and (b) for any day during any other Interest Period, the average of the Daily Interest Amounts for each day during the immediately preceding Interest Period. 
 “Estimated Daily Commitment Fee Amount” means (a) for any day during the first Interest Period, $0 and (b) for any day during any other Interest Period, the average of the Daily
Commitment Fee Amounts for each day during the immediately preceding Interest Period. 

  
 6 

 “Eurodollar Advance” means an Advance that bears interest at a rate of
interest determined by reference to the Eurodollar Rate during such time as it bears interest at such rate, as provided in the Series 2012-1 Class A-1 Note Purchase Agreement. 

“Eurodollar Funding Rate” means, for any Eurodollar Interest Period, the rate per annum determined by the Administrative
Agent at approximately 11:00 a.m. (London time) on the date that is two Eurodollar Business Days prior to the beginning of such Eurodollar Interest Period by reference to the British Bankers’ Association Interest Settlement Rates for deposits
in Dollars (appearing on page 3750 of the Telerate Service or any successor to or substitute for such service selected by the Administrative Agent and which has been nominated by the British Bankers’ Association as an authorized information
vendor for the purpose of displaying such rates) for a period equal to such Eurodollar Interest Period; 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 Dollars
in the amount of $1,000,000 for a period of time comparable to such Eurodollar Interest 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 Eurodollar
Business Days prior to the beginning of such Eurodollar Interest 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 of the Series 2012-1 Class A-1 Note Purchase Agreement). In respect of any Eurodollar Interest Period that is less than one 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 Dollar deposits referred to therein were the period of time for which rates are available next shorter than the Eurodollar Interest
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 Period. 
 “Eurodollar Funding Rate (Reserve Adjusted)” means, for any Eurodollar Interest 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 Period will be determined by
the Administrative Agent on the basis of the Eurodollar Reserve Percentage in effect two Eurodollar Business Days before the first day of such Eurodollar Interest Period. 
 “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. 

  
 7 

 “Eurodollar Interest Period” means, with respect to any Eurodollar Advance,
(x) initially, the period commencing on and including the Eurodollar Business Day such Advance first becomes a Eurodollar Advance in accordance with Section 3.01 of the Series 2012-1 Class A-1 Note Purchase Agreement and ending
on but excluding the second Business Day before the next Accounting Date and (y) each period commencing on the second Business Day before each Accounting Date while such Advance is outstanding as a Eurodollar Advance and ending on but excluding
the second Business Day before the next succeeding Accounting Date; provided, however, that 
  

	 	(i)	no Eurodollar Interest Period may end subsequent to the second Business Day before the Accounting Date occurring immediately prior to the then-current Series 2012-1
Class A-1 Senior Notes Renewal Date; and 

  

	 	(ii)	upon the occurrence and during the continuation of any Rapid Amortization Period or any Event of Default, any Eurodollar Interest Period with respect to the Eurodollar
Advances of all Investor Groups may be terminated at the end of the then-current Eurodollar Interest Period (or, if the Class A-1 Senior Notes have been accelerated in accordance with Section 9.2 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 Co-Issuers, 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 Period shall be converted to Base Rate Advances. 

“Eurodollar Rate” means, on any day during any Eurodollar Interest Period, an interest rate per annum equal to the sum
of (i) the Eurodollar Funding Rate (Reserve Adjusted) for such Eurodollar Interest Period plus (ii) 3.50%. 

“Eurodollar Reserve Percentage” means, for any Eurodollar Interest 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 Period. 
 “Eurodollar Tranche” means any portion
of the Series 2012-1 Class A-1 Outstanding Principal Amount funded or maintained with Eurodollar Advances. 

“Federal Funds Rate” means, for any 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. (New York time). 

  
 8 

 “Fitch” means Fitch, Inc., doing business as Fitch Ratings, or any
successor thereto. 
 “F.R.S. Board” means the Board of Governors of the Federal Reserve System. 

“Funding Agent” has the meaning set forth in the preamble to the Series 2012-1 Class A-1 Note Purchase Agreement.

 “Important Section 3(c)(7) Notice” has the meaning set forth in Section 4.5(a) of the
Series 2012-1 Supplement. 
 “Increase” has the meaning set forth in Section 2.1(a) of the Series
2012-1 Supplement. 
 “Increased Capital Costs” has the meaning set forth in Section 3.07 of the
Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Increased Costs” has the meaning set forth in
Section 3.05 of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Increased Tax Costs”
has the meaning set forth in Section 3.08 of the Series 2012-1 Class A-1 Note Purchase Agreement. 

“Initial Purchasers” means, collectively, Barclays Capital Inc. and J.P. Morgan Securities LLC. 

“Interest Adjustment Amount” means, for any Interest Period, the result (whether a positive or negative number) of
(a) the aggregate of the Daily Interest Amounts for each day in such Interest Period minus (b) the aggregate of the Estimated Daily Interest Amounts for each day in such Interest Period. For purposes of the Base Indenture, the
“Interest Adjustment Amount” for any Interest Period shall be deemed to be a “Class A-1 Senior Notes Interest Adjustment Amount” for such Interest Period. 
 “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 to the Series 2012-1 Class A-1 Note Purchase Agreement (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 2012-1 Class A-1 Noteholder for such Investor Group) and (ii) for each other Committed Note Purchaser that is not related to a Conduit Investor, 

  
 9 

 
collectively, such Committed Note Purchaser, any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2012-1 Class A-1 Noteholder for such
Investor Group). 
 “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
Series 2012-1 Closing Date, an amount equal to (i) such Investor Group’s Commitment Percentage of the Series 2012-1 Class A-1 Initial Advance Principal Amount plus (ii) such Investor Group’s Commitment Percentage of the
Series 2012-1 Class A-1 Outstanding Subfacility Amount outstanding on the Series 2012-1 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 2012-1 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 2012-1 Class A-1 Advance Notes on such date plus (iv) such Investor Group’s Commitment Percentage of the Series 2012-1 Class A-1
Outstanding Subfacility Amount outstanding on such date. 
 “Investor Group Supplement” has the meaning set
forth in Section 9.17(c) of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “L/C
Commitment” means the obligation of the L/C Provider to provide Letters of Credit pursuant to Section 2.07 of the Series 2012-1 Class A-1 Note Purchase Agreement, in an aggregate Undrawn L/C Face Amount, together with any
Unreimbursed L/C Drawings, at any one time outstanding not to exceed $75,000,000, as such amount may be reduced or increased pursuant to Section 2.07(g) of the Series 2012-1 Class A-1 Note Purchase Agreement or reduced pursuant to
Section 2.05(b) of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “L/C Fronting Fees”
has the meaning set forth in Section 2.07(e) of the Series 2012-1 Class A-1 Note Purchase Agreement. 

“L/C Issuing Bank” has the meaning set forth in Section 2.07(h) of the Series 2012-1 Class A-1 Note
Purchase Agreement. 
 “L/C Quarterly Fees” has the meaning set forth in Section 2.07(d) of the
Series 2012-1 Class A-1 Note Purchase Agreement. 
 “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 Other Reimbursement Costs” has the meaning set forth in Section 2.08(a)(ii) of the Series 2012-1 Class A-1 Note Purchase Agreement. 

  
 10 

 “L/C Provider” means Barclays Bank PLC, in its capacity as provider of any
Letter of Credit under the Series 2012-1 Class A-1 Note Purchase Agreement, and its permitted successors and assigns in such capacity. 
 “L/C Reimbursement Amount” has the meaning set forth in Section 2.08(a) of the Series 2012-1 Class A-1 Note Purchase Agreement. 

“Leadership Team” means: the President and Chief Executive Officer; Chief Financial Officer; Executive Vice President of
Franchise Operations and Development; Executive Vice President, Supply Chain Services; Executive Vice President, Team U.S.A.; Executive Vice President of Franchise Relations; Chief Marketing Officer; Executive Vice President of International;
Executive Vice President of PeopleFirst; Executive Vice President, General Counsel; Executive Vice President of Communications, Investor Relations and Legislative Affairs; Executive Vice President and Chief Information Officer of Holdco or any other
position that contains substantially the same responsibilities as any of the positions listed above or reports to the President and Chief Executive Officer. 
 “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. 
 “Letter of Credit” has the meaning set forth in Section 2.07(a) of the Series
2012-1 Class A-1 Note Purchase Agreement. 
 “Make-Whole End Date” has the meaning set forth in
Section 3.6(e) of the Series 2012-1 Supplement. 
 “Mandatory Decrease” has the meaning set forth
in Section 2.2(a) of the Series 2012-1 Supplement. 
 “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 Series 2012-1 Closing Date, the amount set forth on Schedule I to the Series 2012-1 Class A-1 Note Purchase 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 the Series 2012-1 Class A-1 Note Purchase Agreement, in each case, as such amount may be (i) reduced pursuant to Section 2.05 of the Series 2012-1 Class A-1 Note Purchase 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 the Series 2012-1 Class A-1 Note Purchase Agreement.

 “Non-Excluded Taxes” has the meaning set forth in Section 3.08 of the Series 2012-1
Class A-1 Note Purchase Agreement. 

  
 11 

 “Non-Funding Committed Notes Purchaser” has the meaning set forth in
Section 2.02(a) of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Offering
Memorandum” means the Offering Memorandum for the offering of the Series 2012-1 Class A-2 Notes, dated March 6, 2012, prepared by the Co-Issuers. 
 “Official Body” has the meaning set forth in the definition of “Change in Law.” 
 “Other Class A-1 Transaction Expenses” means all amounts payable pursuant to Section 9.05 of the Series 2012-1 Class A-1 Note Purchase Agreement other than
Class A-1 Amendment Expenses. 
 “Outstanding Series 2012-1 Class A-1 Notes” means with respect to
the Series 2012-1 Class A-1 Notes, all Series 2012-1 Class A-1 Notes theretofore authenticated and delivered under the Base Indenture, except (a) Series 2012-1 Class A-1 Notes theretofore cancelled or delivered to the
Registrar for cancellation, (b) Series 2012-1 Class A-1 Notes that have not been presented for payment but funds for the payment in full of which are on deposit in the Series 2012-1 Class A-1 Distribution Account and are available for
payment of such Series 2012-1 Class A-1 Notes and the Commitments with respect to which have terminated (c) Series 2012-1 Class A-1 Notes that have been defeased in accordance with Section 12.1 of the Base Indenture and
(d) Series 2012-1 Class A-1 Notes in exchange for or in lieu of other Series 2012-1 Class A-1 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that
any such Series 2012-1 Class A-1 Notes are held by a purchaser for value. 
 “Outstanding Series 2012-1
Class A-2 Notes” means with respect to the Series 2012-1 Class A-2 Notes, all Series 2012-1 Class A-2 Notes theretofore authenticated and delivered under the Base Indenture, except (a) Series 2012-1 Class A-2
Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2012-1 Class A-2 Notes that have not been presented for payment but funds for the payment in full of which are on deposit in the Series 2012-1
Class A-2 Distribution Account and are available for payment of such Series 2012-1 Class A-2 Notes (c) Series 2012-1 Class A-2 Notes that have been defeased in accordance with Section 12.1 of the Base Indenture and
(d) Series 2012-1 Class A-2 Notes in exchange for or in lieu of other Series 2012-1 Class A-2 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that
any such Series 2012-1 Class A-2 Notes are held by a purchaser for value. 
 “Outstanding Series 2012-1
Notes” means, collectively, all Outstanding Series 2012-1 Class A-1 Notes and all Outstanding Series 2012-1 Class A-2 Notes. 
 “Prepayment Notice” has the meaning set forth in Section 3.6 (g) of the Series 2012-1 Supplement. 

“Prepayment Record Date” means, with respect to the date of any Series 2012-1 Prepayment, the last day of the calendar
month immediately preceding the date of such Series 2012-1 Prepayment unless such last day is less than ten (10) Business Days prior to the date of such Series 2012-1 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 2012-1 Prepayment. 

  
 12 

 “Pricing Disclosure Package” has the meaning set forth in the Series 2012-1
Class A-2 Note Purchase Agreement. 
 “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 2012-1 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 2012-1
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 2012-1 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. 
 “QIB/QP” means a
Person who is both a QIB and a QP. 
 “Qualified Institutional Buyer” or “QIB” means a Person
who is a “qualified institutional buyer” as defined in Rule 144A. 
 “Qualified Purchaser” or
“QP” means a Person who is (i) a “qualified purchaser” within the meaning of Section 3(c)(7) of the Investment Company Act, (ii) a “knowledgeable employee” with respect to the Co-Issuers
within the meaning of Rule 3c-5 under the Investment Company Act or (iii) a company owned by one or more “qualified purchasers” and/or “knowledgeable employees” with respect to the Co-Issuers within the meaning of Rule 3c-5
under the Investment Company Act. 
 “Rating Agencies” means, with respect to each Class of Series 2012-1
Senior Notes, S&P, Moody’s and any other nationally recognized rating agency then rating any such Class of Series 2012-1 Senior Notes at the request of the Co-Issuers. 

“Rating Agency Condition” means, with respect to the Series 2012-1 Notes and any action requiring satisfaction of the
Rating Agency Condition in the Base Indenture or in any other Related Documents, including the issuance of an additional Series of Notes, that the Manager has notified the Co-Issuers, the Servicer and the Trustee in writing that each Rating Agency
rating the Series 2012-1 Notes has confirmed that such action will not result in (i) a withdrawal of its credit ratings on the Series 2012-1 Notes or (ii) the assignment of credit ratings

  
 13 

 
on the Series 2012-1 Notes below the lower of (A) the then-current credit ratings on the Series 2012-1 Notes or (B) the credit ratings assigned by such Rating Agency on the Series
2012-1 Closing Date (without negative implications); provided that, in any circumstance other than an issuance of additional Series of Notes, the Rating Agency Condition will only be applicable if, as determined by the Control Party in its
sole discretion, the policies of the applicable Rating Agency permit such agency to deliver such confirmation; provided further that in any event, each Rating Agency will receive written notification setting forth in reasonable detail
such action or occurrence; provided further that if such Rating Agency did not issue credit ratings on the Series 2012-1 Notes on the Series 2012-1 Closing Date, then the credit rating comparisons described in clause (ii)(B) shall be made
relative to the initial credit ratings assigned by such Rating Agency to the Series 2012-1 Notes. 
 “Reference
Eurodollar Interest Period” means, for any Quarterly Collection Period, each three-month period that commences on the first Business Day of each week in the related Reference Quarter. 

“Reference Quarter” means, for any Quarterly Collection Period, the fiscal quarter of the Co-Issuers most recently ended
prior to the first day of such Quarterly Collection Period. 
 “Refinancing Prepayment” means any prepayment of
principal of the Series 2012-1 Class A-2 Notes using funds obtained from any additional Indebtedness incurred by Holdco or its direct and indirect Subsidiaries (including the Securitization Entities). 

“Refunding Date” has the meaning set forth in Section 2.06(f) of the Series 2012-1 Class A-1 Note
Purchase Agreement. 
 “Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Notes” has the meaning set forth in Sections 4.2(b) of the Series 2012-1 Supplement.

 “Reimbursement Obligation” means the obligation of the Co-Issuers to reimburse the L/C Provider pursuant to
Section 2.08 of the Series 2012-1 Class A-1 Note Purchase Agreement for amounts drawn under Letters of Credit. 

“Remaining Par Call Amount” means, as of a date of determination prior to giving effect to any prepayments made on such
date, the excess, if any, of (a) an amount equal to 35% of the initial Outstanding Principal Amount of the Series 2012-1 Class A-2 Notes on the Series 2012-1 Closing Date over (b) the aggregate principal amount of the Series
2012-1 Class A-2 Notes prepaid on any date before such date of determination (including optional prepayments and mandatory prepayments due to a Change of Control or due to the distribution of Real Estate Disposition Proceeds and prepayments
made in connection with a Rapid Amortization Event, but excluding any Series 2012-1 Class A-2 Scheduled Principal Payments, Series 2012-1 Scheduled Principal Catch-Up Amounts, Indemnification Payments, cancellations of repurchased Series 2012-1
Class A-2 Notes and Refinancing Prepayments made on or prior to the Quarterly Payment Date in July 2015); provided, however, that the Remaining Par Call Amount with respect to any Refinancing Prepayments made on or prior to the
Quarterly Payment Date in July 2015 shall be deemed to be equal to zero. 

  
 14 

 “Restricted Global Notes” has the meaning set forth in
Section 4.2(a) of the Series 2012-1 Supplement. 
 “Restricted Period” means, with respect to any
Series 2012-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on such Series 2012-1 Closing Date and ending on the 40th day after the Series 2012-1 Closing Date. 

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

“Sale Notice” has the meaning set forth in Section 9.18(b) of the Series 2012-1 Class A-1 Note Purchase
Agreement. 
 “Same Store Sales Comparison Information” means, with respect to any Quarterly Collection Period,
a comparison of (a) the sum of Gross Sales for each Open Domino’s Store for each day of such Quarterly Collection Period where (i) such Open Domino’s Store had Gross Sales on such day and (ii) had Gross Sales for the
corresponding day in the prior fiscal year of the Co-Issuers with (b) the sum of Gross Sales for each Open Domino’s Store for each day of the prior fiscal year of the Co-Issuers where (i) such Open Domino’s Store had Gross Sales
on such day and (ii) had Gross Sales for the corresponding day of the current fiscal year of the Co-Issuers. 

“Series 2012-1 Anticipated Repayment Date” has the meaning set forth in Section 3.6(b) of the Series 2012-1
Supplement. 
 “Series 2012-1 Available Senior Notes Interest Reserve Account Amount” means, when used with
respect to any date, the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account pursuant to Section 3.2(d) of the Series 2012-1 Supplement after giving effect to any withdrawals therefrom on such date with
respect to the Series 2012-1 Senior Notes pursuant to Section 5.12 of the Base Indenture and (b) the undrawn face amount of any Interest Reserve Letters of Credit issued for the benefit of the Trustee for the benefit of the Senior
Noteholders outstanding on such date after giving effect to any draws thereon on such date with respect to the Series 2012-1 Senior Notes pursuant to Section 5.12 of the Base Indenture. 

“Series 2012-1 Class A-1 Administrative Agent” has the meaning set forth under “Administrative Agent” in
this Annex A. 
 “Series 2012-1 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. For purposes of the Base Indenture, the “Series 2012-1 Class A-1 Administrative Expenses” shall
be deemed to be “Class A-1 Senior Notes Administrative Expenses.” 
 “Series 2012-1 Class A-1
Advance” has the meaning set forth under “Advance” in this Annex A. 
 “Series 2012-1 Class A-1
Advance Notes” has the meaning set forth in “Designation” in the Series 2012-1 Supplement. 

  
 15 

 “Series 2012-1 Class A-1 Advance Request” has the meaning set forth
under “Advance Request” in this Annex A. 
 “Series 2012-1 Class A-1 Allocated Payment Reduction
Amount” has the meaning set forth in Section 2.05(b)(iv) of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Series 2012-1 Class A-1 Breakage Amount” has the meaning set forth under “Breakage Amount” in this Annex A. 

“Series 2012-1 Class A-1 Commitments” has the meaning set forth under “Commitments” in this Annex A.

 “Series 2012-1 Class A-1 Commitment Term” has the meaning set forth under “Commitment Term”
in this Annex A. 
 “Series 2012-1 Class A-1 Distribution Account” has the meaning set forth in
Section 3.7(a) of the Series 2012-1 Supplement. 
 “Series 2012-1 Class A-1 Distribution Account
Collateral” has the meaning set forth in Section 3.7(d) of the Series 2012-1 Supplement. 
 “Series
2012-1 Class A-1 Excess Principal Event” shall be deemed to have occurred if, on any date, the Series 2012-1 Class A-1 Outstanding Principal Amount exceeds the Series 2012-1 Class A-1 Maximum Principal Amount. 

“Series 2012-1 Class A-1 Initial Advance” has the meaning set forth in Section 2.1(a) of the Series
2012-1 Supplement. 
 “Series 2012-1 Class A-1 Initial Advance Principal Amount” means the aggregate
initial outstanding principal amount of the Series 2012-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2012-1 Class A-1 Initial Advances made on the Series 2012-1 Closing Date pursuant to
Section 2.1(a) of the Series 2012-1 Supplement, which is $0. 
 “Series 2012-1 Class A-1 Initial
Aggregate Undrawn L/C Face Amount” means the aggregate initial outstanding principal amount of the Series 2012-1 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 2012-1 Closing Date pursuant to Section 2.07 of the Series 2012-1 Class A-1 Note Purchase Agreement, which is $0. 
 “Series 2012-1 Class A-1 Initial Swingline Principal Amount” means the aggregate initial outstanding principal amount of the Series 2012-1 Class A-1 Swingline Notes
corresponding to the aggregate amount of the Swingline Loans made on the Series 2012-1 Closing Date pursuant to Section 2.06 of the Series 2012-1 Class A-1 Note Purchase Agreement, which is $0. 

  
 16 

 “Series 2012-1 Class A-1 L/C Fees” means the L/C Quarterly Fees and
the L/C Fronting Fees. For purposes of the Base Indenture, the Series 2012-1 Class A-1 L/C Fees shall be deemed to be “Senior Notes Quarterly Interest.” 
 “Series 2012-1 Class A-1 Investor” has the meaning set forth under “Investor” in this Annex A. 
 “Series 2012-1 Class A-1 Investor Group Supplement” has the meaning set forth under “Investor Group Supplement” in this Annex A. 

“Series 2012-1 Class A-1 L/C Notes” has the meaning set forth in “Designation” in the Series 2012-1
Supplement. 
 “Series 2012-1 Class A-1 L/C Obligations” has the meaning set forth under “L/C
Obligations” in this Annex A. 
 “Series 2012-1 Class A-1 Maximum Principal Amount” means
$100,000,000, as such amount may be reduced pursuant to Section 2.05 of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Series 2012-1 Class A-1 Noteholder” means the Person in whose name a Series 2012-1 Class A-1 Note is registered in the Note Register. 

“Series 2012-1 Class A-1 Note Purchase Agreement” means the Class A-1 Note Purchase Agreement, dated as of
March 15, 2012, by and among the Co-Issuers, the Manager, the Series 2012-1 Class A-1 Investors, the Series 2012-1 Class A-1 Noteholders and Barclays Bank PLC, as administrative agent thereunder, pursuant to which the Series 2012-1
Class A-1 Noteholders have agreed to purchase the Series 2012-1 Class A-1 Notes from the Co-Issuers, 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 2012-1 Class A-1 Note Purchase Agreement” shall be deemed to be a “Variable Funding Note Purchase Agreement.” 
 “Series 2012-1 Class A-1 Note Rate” means, for any day, (a) with respect to that portion of the Series 2012-1 Class A-1 Outstanding Principal Amount resulting from Advances
that bear interest on such day at the CP Rate in accordance with Section 3.01 of the Series 2012-1 Class A-1 Note Purchase Agreement, the CP Rate in effect for such day; (b) with respect to that portion of the Series 2012-1
Class A-1 Outstanding Principal Amount resulting from Advances that bear interest on such day at the Eurodollar Rate in accordance with Section 3.01 of the Series 2012-1 Class A-1 Note Purchase Agreement, the Eurodollar Rate in
effect for the Eurodollar Interest Period that includes such day; (c) with respect to that portion of the Series 2012-1 Class A-1 Outstanding Principal Amount resulting from Advances that bear interest on such day at the Base Rate in
accordance with Section 3.01 of the Series 2012-1 Class A-1 Note Purchase Agreement, the Base Rate in effect for such day; (d) with respect to that portion of the Series 2012-1 Class A-1 Outstanding Principal Amount
consisting of Swingline Loans or Unreimbursed L/C Drawings outstanding on such day, the Base Rate in effect for such day; and (e) with respect to any other amounts that any Related Document provides is to bear interest by reference to the
Series 2012-1 Class A-1 Note Rate, the Base Rate in effect for such day; in each 

  
 17 

 
case, computed on the basis of a year of 360 (or, in the case of the Base Rate, 365 or 366, as applicable) days and the actual number of days elapsed; provided, however, that the
Series 2012-1 Class A-1 Note Rate will in no event be higher than the maximum rate permitted by applicable law. 

“Series 2012-1 Class A-1 Notes” has the meaning set forth in “Designation” in the Series 2012-1
Supplement. 
 “Series 2012-1 Class A-1 Other Amounts” means, for any Weekly Allocation Date, the
aggregate amount of any Breakage Amount, Class A-1 Indemnities, Increased Capital Costs, Increased Costs, Increased Tax Costs, L/C Other Reimbursement Costs and Other Class A-1 Transaction Expenses then due and payable and not previously
paid. For purposes of the Base Indenture, the “Series 2012-1 Class A-1 Other Amounts” shall be deemed to be “Class A-1 Senior Notes Other Amounts.” 
 “Series 2012-1 Class A-1 Outstanding Principal Amount” means, when used with respect to any date, an amount equal to (a) the Series 2012-1 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 2012-1 Class A-1 Advance Notes on or prior to such date plus
(c) any Increases in the Series 2012-1 Class A-1 Outstanding Principal Amount pursuant to Section 2.1 of the Series 2012-1 Supplement resulting from Series 2012-1 Class A-1 Advances made on or prior to such date and after
the Series 2012-1 Closing Date plus (d) any Series 2012-1 Class A-1 Outstanding Subfacility Amount on such date; provided that, at no time may the Series 2012-1 Class A-1 Outstanding Principal Amount exceed the Series
2012-1 Class A-1 Maximum Principal Amount. For purposes of the Base Indenture, the “Series 2012-1 Class A-1 Outstanding Principal Amount” shall be deemed to be an “Outstanding Principal Amount.” 

“Series 2012-1 Class A-1 Outstanding Subfacility Amount” means, when used with respect to any date, the aggregate
principal amount of any Series 2012-1 Class A-1 Swingline Notes and Series 2012-1 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 2012-1 Class A-1 Note Purchase Agreement or the Series 2012-1 Supplement). 
 “Series
2012-1 Class A-1 Post-Renewal Date Contingent Interest” means, for any Interest Period commencing on or after the Series 2012-1 Class A-1 Senior 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 Period. For purposes of the Base Indenture, Series 2012-1 Class A-1 Post-Renewal Date Contingent Interest shall be deemed to be “Senior Notes Quarterly Post-ARD
Contingent Interest.” 
 “Series 2012-1 Class A-1 Post-Renewal Date Contingent Interest Rate” has the
meaning set forth in Section 3.4(c) of the Series 2012-1 Supplement. 
 “Series 2012-1 Class A-1
Quarterly Commitment Fees” means, as of any date of determination for any Interest Period, an amount equal to the sum of (a) the aggregate of the 

  
 18 

 
Estimated Daily Commitment Fee Amounts for each day in such Interest Period, (b) if such date of determination occurs on or after the last day of such Interest Period, the Commitment Fee
Adjustment Amount with respect to such Interest Period, and (c) the amount of any Class A-1 Senior Notes Commitment Fees Shortfall Amount with respect to the Series 2012-1 Class A-1 Notes (as determined pursuant to
Section 5.12(e) of the Base Indenture), for the immediately preceding Interest Period together with Additional Class A-1 Senior Notes Commitment Fee Shortfall Interest (as determined pursuant to Section 5.12(e) of the
Base Indenture) on such Class A-1 Senior Notes Commitment Fees Shortfall Amount. For purposes of the Base Indenture, the “Series 2012-1 Class A-1 Quarterly Commitment Fees” shall be deemed to be “Class A-1 Senior Notes
Quarterly Commitment Fees.” 
 “Series 2012-1 Class A-1 Quarterly Interest” means, as of any date of
determination for any Interest Period, an amount equal to the sum of (a) the aggregate of the Estimated Daily Interest Amounts for each day in such Interest Period, (b) if such date of determination occurs on or after the last day of such
Interest Period, the Interest Adjustment Amount with respect to such Interest Period, and (c) the amount of any Senior Notes Interest Shortfall Amount with respect to the Series 2012-1 Class A-1 Notes (as determined pursuant to
Section 5.12(b) of the Base Indenture), for the immediately preceding Interest Period (together with Additional Senior Notes Interest Shortfall Interest (as determined pursuant to Section 5.12(b) of the Base Indenture) on
such Senior Notes Interest Shortfall Amount. For purposes of the Base Indenture, the “Series 2012-1 Class A-1 Quarterly Interest” shall be deemed to be “Senior Notes Quarterly Interest.” 

“Series 2012-1 Class A-1 Senior Notes Amortization Event” means the circumstance in which the Outstanding Principal
Amount of the Series 2012-1 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 2012-1 Class A-1 Senior Notes Renewal Date. For purposes of
the Base Indenture, a “Series 2012-1 Class A-1 Senior Notes Amortization Event” shall be deemed to be a “Class A-1 Senior Notes Amortization Event.” 
 “Series 2012-1 Class A-1 Senior Notes Amortization Period” means the period commencing on the date on which a Series 2012-1 Class A-1 Senior Notes Amortization Event occurs and
ending on the date on which there are no Series 2012-1 Class A-1 Notes Outstanding. For purposes of the Base Indenture, a “Series 2012-1 Class A-1 Senior Notes Amortization Period” shall be deemed to be a “Class A-1
Amortization Period.” 
 “Series 2012-1 Class A-1 Senior Notes Renewal Date” means the Quarterly
Payment Date in January 2017 (which date may be extended at such time until the Quarterly Payment Date in January 2018, and may be further extended on the Quarterly Payment Date in January 2018, until the Quarterly Payment Date in January 2019, in
each case pursuant to Section 3.6(b) of the Series Supplement). For purposes of the Base Indenture, the “Series 2012-1 Class A-1 Senior Notes Renewal Date” shall be deemed to be a “Class A-1 Senior Notes Renewal
Date.” 
 “Series 2012-1 Class A-1 Subfacility Noteholder” means the Person in whose name a Series
2012-1 Class A-1 Swingline Note or Series 2012-1 Class A-1 L/C Note is registered in the Note Register. For purposes of the Base Indenture, the “Series 2012-1 Class A-1 Subfacility Noteholders” shall be deemed to be
“Class A-1 Subfacility Noteholders.” 

  
 19 

 “Series 2012-1 Class A-1 Swingline Loan” has the meaning set forth
under “Swingline Loan” in this Annex A. 
 “Series 2012-1 Class A-1 Swingline Notes” has the
meaning set forth in “Designation” of the Series 2012-1 Supplement. 
 “Series 2012-1 Class A-1
Unreimbursed L/C Drawings” has the meaning set forth under “Unreimbursed L/C Drawings” in this Annex A. 

“Series 2012-1 Class A-1 VFN Fee Letter” means the Fee Letter, dated as of the Series 2012-1 Closing Date, by and
among the Co-Issuers, 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. For purposes of the Base Indenture, the “Series 2012-1 Class A-1 VFN Fee Letter” shall be deemed to be a “VFN Fee Letter.” 

“Series 2012-1 Class A-2 Distribution Account” has the meaning set forth in Section 3.8(a) of the
Series 2012-1 Supplement. 
 “Series 2012-1 Class A-2 Distribution Account Collateral” has the meaning set
forth in Section 3.8(d) of the Series 2012-1 Supplement. 
 “Series 2012-1 Class A-2 Initial Principal
Amount” means the aggregate initial outstanding principal amount of the Series 2012-1 Class A-2 Notes, which is $1,575,000,000. 
 “Series 2012-1 Class A-2 Note Purchase Agreement” means the Purchase Agreement, dated March 6, 2012, by and among the Initial Purchasers, the Co-Issuers, the Guarantors, the
Manager, Holdco and Intermediate Holdco, as amended, supplemented or otherwise modified from time to time. 
 “Series
2012-1 Class A-2 Make-Whole Prepayment Premium” means, with respect to any Series 2012-1 Prepayment Amount in respect of any Series 2012-1 Class A-2 Notes on which any prepayment premium is due, an amount (not less than zero)
equal to the product of (A) (i) the discounted present value as of the relevant Series 2012-1 Make-Whole Premium Calculation Date of all future installments of interest and principal to be made on the Series 2012-1 Class A-2 Notes (or
such portion thereof to be prepaid), from the applicable Series 2012-1 Prepayment Date to and including the Make-Whole End Date, assuming all Series 2012-1 Class A-2 Scheduled Principal Payments are made pursuant to the then-applicable schedule
of payments (giving effect to any ratable reductions in the Series 2012-1 Class A-2 Scheduled Principal Payments 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 prepayment and assuming no scheduled principal payments are to be made if the Series 2012-1 Non-Amortization Test is satisfied as of such date and no future prepayments are to be made in connection with
a Rapid Amortization Event) and the entire remaining unpaid principal amount of the Series 2012-1 Class A-2 Notes is paid on the Make-Whole End Date 

  
 20 

 
minus (ii) the Outstanding Principal Amount of the Series 2012-1 Class A-2 Notes (or portion thereof) being prepaid multiplied by (B) the Series 2012-1 Class A-2
Make-Whole Prepayment Premium Factor. 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 2012-1 Make-Whole Premium Calculation Date, of the United States Treasury Security having a maturity closest to the Make-Whole End Date plus
(y) 0.50%. For purposes of the Base Indenture, “Series 2012-1 Class A-2 Make-Whole Prepayment Premium” shall be deemed to be a “Prepayment Premium,” and shall be deemed to be “unpaid premiums and make-whole
prepayment premiums” for purposes of the Priority of Payments. 
 “Series 2012-1 Class A-2 Make-Whole
Prepayment Premium Factor” means, in respect of any Series 2012-1 Class A-2 Notes on which any prepayment premium is due, a fraction, not less than zero, the numerator of which is (x) the Outstanding Principal Amount of the Series
2012-1 Class A-2 Notes (or portion thereof) being prepaid minus (y) any Remaining Par Call Amount, and the denominator of which is the Outstanding Principal Amount of the Series 2012-1 Class A-2 Notes (or portion thereof) being
prepaid. 
 “Series 2012-1 Class A-2 Noteholder” means the Person in whose name a Series 2012-1
Class A-2 Note is registered in the Note Register. 
 “Series 2012-1 Class A-2 Note Rate” means
5.216% per annum. 
 “Series 2012-1 Class A-2 Notes” has the meaning specified in
“Designation” of the Series 2012-1 Supplement. 
 “Series 2012-1 Class A-2 Outstanding Principal
Amount” means, when used with respect to any date, an amount equal to (a) the Series 2012-1 Class A-2 Initial Principal Amount, minus (b) the aggregate amount of principal payments (whether pursuant to Series 2012-1
Class A-2 Scheduled Principal Payment, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series 2012-1 Class A-2 Noteholders with respect to Series 2012-1 Class A-2 Notes on or prior to such date. For
purposes of the Base Indenture, the “Series 2012-1 Class A-2 Outstanding Principal Amount” shall be deemed to be an “Outstanding Principal Amount.” 

“Series 2012-1 Class A-2 Quarterly Interest” means, with respect to any Interest Period, an amount equal to the sum
of (i) the accrued interest at the Series 2012-1 Class A-2 Note Rate on the Series 2012-1 Class A-2 Outstanding Principal Amount (on the first day of such Interest Period after giving effect to all payments of principal made to
holders of such Class of Notes on such day and also giving effect to repurchases and cancellations of Series 2012-1 Class A-2 Notes during such Interest Period), calculated based on a 360-day year of twelve 30-day months, and (ii) the
amount of any Senior Notes Interest Shortfall Amount with respect to the Series 2012-1 Class A-2 Notes (as determined pursuant to Section 5.12(b) of the Base Indenture), for the immediately preceding Interest Period together with
Additional Senior Notes Interest Shortfall Interest (as determined pursuant to Section 5.12(b) of the Base Indenture) on such Senior Notes Interest Shortfall Amount. For purposes of the Base Indenture, “Series 2012-1 Class A-2
Quarterly Interest” shall be deemed to be “Senior Notes Quarterly Interest.” 

  
 21 

 “Series 2012-1 Class A-2 Scheduled Principal Payment” means any
payment of principal made pursuant to Section 3.2(f) of the Series 2012-1 Supplement. For purposes of the Base Indenture, the “Series 2012-1 Class A-2 Scheduled Principal Payments” shall be deemed to be “Scheduled
Principal Payments.” 
 “Series 2012-1 Class A-2 Scheduled Principal Payments Amount” means, with
respect to any Quarterly Payment Date, the applicable amount set forth in the table below: 
  

				$000,000,00	
	 Principal Payments
	 
	 Quarterly Payment Date
	  	Series 2012-1
Class A-2
Scheduled
Principal
Payments Amount
(quarterly)	 
	 Closing Date to January 2015
	  	$	5,906,250	  
	 April 2015 to January 2016
	  	$	7,875,000	  
	 April 2016 to Series 2012-1 Anticipated Repayment Date
	  	$	9,843,750	  

 In connection with any optional prepayment of principal of the Series 2012-1 Class A-2 Notes,
Indemnification Payments, Real Estate Dispositions or any repurchase and cancellation of any Series 2012-1 Class A-2 Notes, the Series 2012-1 Class A-2 Scheduled Principal Payments Amount for each remaining Quarterly Payment Date will be
reduced ratably based on the amount of such prepayment or repurchase relative to the Outstanding Principal Amount of the Series 2012-1 Class A-2 Notes immediately prior to such prepayment or repurchase. 

“Series 2012-1 Class A-2 Scheduled Principal Deficiency Amount” means the amount, if positive, equal to the
difference between (i) the Series 2012-1 Class A-2 Scheduled Principal Payments Amount for any Quarterly Payment Date plus any Series 2012-1 Class A-2 Scheduled Principal Payments Amounts due but unpaid from any previous
Quarterly Payment Dates (in each case, excluding any Series 2012-1 Scheduled Principal Catch-Up Amounts) and (ii) the amount of funds on deposit in the Senior Notes Principal Payments Account (excluding amounts allocated in respect of Series
2012-1 Scheduled Principal Catch-Up Amounts) with respect to the Series 2012-1 Class A-2 Notes. 
 “Series 2012-1
Class A-2 Post-ARD Contingent Interest” has the meaning set forth in Section 3.5(b)(i) of the Series 2012-1 Supplement. For purposes of the Base Indenture, Series 2012-1 Class A-2 Post-ARD Contingent Interest shall be
deemed to be “Senior Notes Quarterly Post-ARD Contingent Interest.” 
 “Series 2012-1 Class A-2 Post-ARD
Contingent Interest Rate” has the meaning set forth in Section 3.5(b)(i) of the Series 2012-1 Supplement. 

“Series 2012-1 Closing Date” means March 15, 2012. 

  
 22 

 “Series 2012-1 Default Rate” means, (i) with respect to the Series
2012-1 Class A-1 Notes, the Series 2012-1 Class A-1 Note Rate and (ii) with respect to the Series 2012-1 Class A-2 Notes, the Series 2012-1 Class A-2 Note Rate. For purposes of the Base Indenture, the “Series 2012-1
Default Rate” shall be deemed to be the “Default Rate.” 
 “Series 2012-1 Distribution Accounts”
means, collectively, the Series 2012-1 Class A-1 Distribution Account and the Series 2012-1 Class A-2 Distribution Account. 
 “Series 2012-1 Extension Elections” means, collectively, the Series 2012-1 First Extension Election and the Series 2012-1 Second Extension Election. 

“Series 2012-1 Final Payment” means the payment of all accrued and unpaid interest on and principal of all Outstanding
Series 2012-1 Notes, the expiration or cash collateralization in accordance with the terms of the Series 2012-1 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 2012-1 Class A-1 Note Purchase Agreement), the payment of all fees and expenses and other amounts then due and payable under the Series 2012-1 Class A-1 Note Purchase Agreement and the termination in full of all Series 2012-1
Class A-1 Commitments. 
 “Series 2012-1 Final Payment Date” means the date on which the Series 2012-1
Final Payment is made. 
 “Series 2012-1 First Extension Election” has the meaning set forth in
Section 3.6(b)(i) of the Series 2012-1 Supplement. 
 “Series 2012-1 Global Notes” means,
collectively, the Regulation S Global Notes and the Restricted Global Notes. 
 “Series 2012-1 Ineligible
Account” has the meaning set forth in Section 3.11 of the Series 2012-1 Supplement. 
 “Series
2012-1 Interest Reserve Release Amount” means, as of any Accounting Date, the excess, if any, of (i) the amount on deposit in the Senior Notes Interest Reserve Account with respect to the Series 2012-1 Notes over (ii) the Series
2012-1 Senior Notes Interest Reserve Amount. 
 “Series 2012-1 Interest Reserve Release Event” means
(i) any reduction in the Outstanding Principal Amount of the Series 2012-1 Class A-2 Notes or (ii) any reduction in the Series 2012-1 Class A-1 Maximum Principal Amount. For purposes of the Base Indenture, the “Series 2012-1
Interest Reserve Release Event” shall be deemed to be an “Interest Reserve Release Event.” 
 “Series
2012-1 Legal Final Maturity Date” means January 25, 2042. For purposes of the Base Indenture, the “Series 2012-1 Legal Final Maturity Date” shall be deemed to be a “Series Legal Final Maturity Date.” 

“Series 2012-1 Make-Whole Premium Calculation Date” has the meaning set forth in Section 3.6(g) of the
Series 2012-1 Supplement. 

  
 23 

 “Series 2012-1 Non-Amortization Test” means a test that will be satisfied
on any Quarterly Payment Date up to and including the Series 2012-1 Anticipated Repayment Date only if (i) the level of both the Holdco Leverage Ratio and the Securitization Leverage Ratio are each less than or equal to 4.5x as of the
Accounting Date preceding such Quarterly Payment Date and (ii) there is no Series 2012-1 Scheduled Principal Catch-Up Amount outstanding as of such Quarterly Payment Date. 

“Series 2012-1 Noteholders” means, collectively, the Series 2012-1 Class A-1 Noteholders and the Series 2012-1
Class A-2 Noteholders. 
 “Series 2012-1 Note Owner” means, with respect to a Series 2012-1 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 2012-1 Notes”
means, collectively, the Series 2012-1 Class A-1 Notes and the Series 2012-1 Class A-2 Notes. 
 “Series
2012-1 Outstanding Principal Amount” means, with respect to any date, the sum of the Series 2012-1 Class A-1 Outstanding Principal Amount, plus the Series 2012-1 Class A-2 Outstanding Principal Amount. 

“Series 2012-1 Prepayment” has the meaning set forth in Section 3.6(e) of the Series 2012-1 Supplement.

 “Series 2012-1 Prepayment Amount” has the meaning set forth in Section 3.6(g) of the Series
2012-1 Supplement. 
 “Series 2012-1 Prepayment Date” means the date on which any prepayment on the Series
2012-1 Class A-1 Notes or the Series 2012-1 Class A-2 Notes is made pursuant to Section 3.6(d)(i), Section 3.6(d)(iii), Section 3.6(f) or Section 3.6(j) of the Series Supplement, which shall
be, with respect to any Series 2012-1 Prepayment pursuant to Section 3.6(d)(i) or Section 3.6(f) of the Series Supplement, the date specified as such in the applicable Prepayment Notice and, with respect to any Series 2012-1
Prepayment in connection with a Rapid Amortization Period or Real Estate Disposition Proceeds, the immediately succeeding Quarterly Payment Date. 
 “Series 2012-1 Scheduled Principal Catch-Up Amount” means an amount equal to all Series 2012-1 Class A-2 Scheduled Principal Payments that would previously have been required to be
paid but for the satisfaction of the Series 2012-1 Non-Amortization Test on any prior Quarterly Payment Date up to and including the Series 2012-1 Anticipated Repayment Date, but have not been previously paid. 

“Series 2012-1 Second Extension Election” has the meaning set forth in Section 3.6(b)(ii) of the Series
2012-1 Supplement. 

  
 24 

 “Series 2012-1 Securities Intermediary” has the meaning set forth in
Section 3.9(a) of the Series 2012-1 Supplement. 
 “Series 2012-1 Senior Noteholders” means,
collectively, the Series 2012-1 Class A-1 Noteholders and the Series 2012-1 Class A-2 Noteholders. 
 “Series
2012-1 Senior Notes” means, collectively, the Series 2012-1 Class A-1 Notes and the Series 2012-1 Class A-2 Notes. 
 “Series 2012-1 Senior Notes Interest Reserve Account Deficiency” means, when used with respect to any date, that on such date the Series 2012-1 Senior Notes Interest Reserve Amount
exceeds the Series 2012-1 Available Senior Notes Interest Reserve Account Amount. 
 “Series 2012-1 Senior Notes
Interest Reserve Account Deficit Amount” means, on any Weekly Allocation Date with respect to a Quarterly Collection Period, the amount, if any, by which (a) the Series 2012-1 Senior Notes Interest Reserve Amount exceeds
(b) the Series 2012-1 Available Senior Notes Interest Reserve Account Amount on such date; provided, however, with respect to any Weekly Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series 2012-1
Final Payment Date or the Series 2012-1 Legal Final Maturity Date, the Series 2012-1 Senior Notes Interest Reserve Account Deficit Amount shall be zero. 
 “Series 2012-1 Senior Notes Interest Reserve Amount” means, for any Weekly Allocation Date with respect to a Quarterly Collection Period, the amount equal to (i) the sum of
(a) the Series 2012-1 Class A-2 Outstanding Principal Amount as of the immediately preceding Quarterly Payment Date (after giving effect to any principal payments on such date) multiplied by the Series 2012-1 Class A-2 Note
Rate, plus (b) the Series 2012-1 Class A-1 Maximum Principal Amount as of the immediately preceding Quarterly Payment Date (after giving effect to any commitment reductions on such date), multiplied by the Series 2012-1
Class A-1 Note Rate (provided, that the Manager shall determine the amount in clause (b) using its good faith estimate of the applicable Series 2012-1 Class A-1 Note Rate and the Series 2012-1 Senior Notes Interest
Reserve Amount shall be adjusted quarterly pursuant to Section 3.2(d)(iv) of the Series Supplement), and divided by (ii) four. 
 “Series 2012-1 Supplement” means the Series 2012-1 Supplement, dated as of the Series 2012-1 Closing Date by and among the Co-Issuers and the Trustee, as amended, supplemented or
otherwise modified from time to time. 
 “Series 2012-1 Supplemental Definitions List” has the meaning set
forth in Article I of the Series 2012-1 Supplement. 
 “Similar Law” means any federal, state, local, non-U.S.
or other laws or regulations governing investments by plans, accounts and arrangements not subject to the fiduciary responsibility provisions of ERISA or the provisions of Section 4975 of the Code (including governmental plans, certain church
plans and non-U.S. plans), and the conduct of the fiduciaries of such plans, accounts and arrangements. 

  
 25 

 “Specified Rating Agencies” means any of Standard & Poor’s,
Moody’s or Fitch, as applicable. 
 “STAMP” has the meaning set forth in Section 4.3(a) of the
Series 2012-1 Supplement. 
 “Subfacility Decrease” has the meaning set forth in Section 2.2(d) of
the Series 2012-1 Supplement. 
 “Subfacility Increase” has the meaning set forth in Section 2.1(b)
of the Series 2012-1 Supplement. 
 “Swingline Commitment” means the obligation of the Swingline Lender to make
Swingline Loans pursuant to Section 2.06 of the Series 2012-1 Class A-1 Note Purchase Agreement in an aggregate principal amount at any one time outstanding not to exceed $20,000,000, as such amount may be reduced or increased
pursuant to Section 2.06(i) of the Series 2012-1 Class A-1 Note Purchase Agreement or reduced pursuant to Section 2.05(b) of the Series 2012-1 Class A-1 Note Purchase Agreement. 

“Swingline Lender” means Barclays Bank PLC, 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
of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Swingline Loans” has the meaning set forth
in Section 2.06(a) of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Swingline Participation
Amount” has the meaning set forth in Section 2.06(f) of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Trigger Event” means an event or series of events by which (1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act,
but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan; provided that such person does not have the
right to direct the voting of securities included in such employee benefit plan) acquires ownership or control, either directly or indirectly, of more than 35% of the Equity Interests of the Master Issuer or an amount of Equity Interests of the
Master Issuer that entitles such “person” or “group” to exercise more than 35% of the voting power in the Equity Interests of the Master Issuer (including by reason of a change in the ownership of the Equity Interests in, or
voting power of, Holdco, Intermediate Holdco, DPL or the SPV Guarantor). 
 “Undrawn Commitment Fees” has the
meaning set forth in Section 3.02 of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “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. 

  
 26 

 “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 of the Series 2012-1 Class A-1 Note Purchase Agreement. 
 “Unrestricted Global Notes” has the meaning set forth in Sections 4.2(b) of the Series 2012-1 Supplement. 
 “U.S. Person” has the meaning set forth in Section 4.2 of the Series 2012-1 Supplement. 
 “U.S. Resident” has the meaning set forth in Section 4.2 of the Series 2012-1 Supplement. 
 “Voluntary Decrease” has the meaning set forth in Section 2.2(b) of the Series 2012-1 Supplement. 

  
 27

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]