<SEC-DOCUMENT>0001193125-25-288625.txt : 20251120
<SEC-HEADER>0001193125-25-288625.hdr.sgml : 20251120
<ACCEPTANCE-DATETIME>20251119214747
ACCESSION NUMBER:		0001193125-25-288625
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20251119
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251120
DATE AS OF CHANGE:		20251119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Wendy's Co
		CENTRAL INDEX KEY:			0000030697
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				380471180
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02207
		FILM NUMBER:		251500872

	BUSINESS ADDRESS:	
		STREET 1:		ONE DAVE THOMAS BLVD
		CITY:			DUBLIN
		STATE:			OH
		ZIP:			43017
		BUSINESS PHONE:		(614) 764-3100

	MAIL ADDRESS:	
		STREET 1:		ONE DAVE THOMAS BLVD
		CITY:			DUBLIN
		STATE:			OH
		ZIP:			43017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WENDY'S/ARBY'S GROUP, INC.
		DATE OF NAME CHANGE:	20080926

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRIARC COMPANIES INC
		DATE OF NAME CHANGE:	19931109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWG CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<td style="width:4%">&#160;</td>
<td style="width:5%;vertical-align:top;text-align:left"><ix:nonNumeric name="dei:SolicitingMaterial" contextRef="duration_2025-11-19_to_2025-11-19" format="ixt-sec:boolballotbox" id="ixv-317">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Soliciting material pursuant to Rule <span style="white-space:nowrap">14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12)</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%">&#160;</td>
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<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b))</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%">&#160;</td>
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<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c))</span></p></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section 12(b) of the Act:</p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:34%"/>
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<td style="vertical-align:bottom;width:1%"/>
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of each class</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Symbol(s)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of each exchange</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">on which registered</p></td></tr>
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<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2025-11-19_to_2025-11-19" id="ixv-320">Common Stock, $.10 par value per share</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2025-11-19_to_2025-11-19" format="ixt-sec:exchnameen" id="ixv-322">The Nasdaq Stock Market LLC</ix:nonNumeric></td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <span style="white-space:nowrap">12b-2</span> of the Securities Exchange Act of 1934 <span style="white-space:nowrap">(&#167;240.12b-2</span> of this chapter).</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2025-11-19_to_2025-11-19" format="ixt-sec:boolballotbox" id="ixv-323">&#9744;</ix:nonNumeric></p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <div style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</div> <div style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</div></div></div>

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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;1.01</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Entry into a Material Definitive Agreement. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On November&#160;19, 2025, The Wendy&#8217;s Company (the &#8220;<span style="text-decoration:underline">Company</span>&#8221;) and certain of its direct and indirect wholly owned subsidiaries &#8211; Wendy&#8217;s International, LLC, an Ohio limited liability company (&#8220;<span style="text-decoration:underline">Wendy&#8217;s International</span>&#8221;), Wendy&#8217;s Funding, LLC, a Delaware limited liability company (the &#8220;<span style="text-decoration:underline">Master Issuer</span>&#8221;), Wendy&#8217;s SPV Guarantor, LLC, a Delaware limited liability company (&#8220;<span style="text-decoration:underline">Wendy&#8217;s SPV Guarantor</span>&#8221;), Quality Is Our Recipe, LLC, a Delaware limited liability company (&#8220;<span style="text-decoration:underline">Quality</span>&#8221;), and Wendy&#8217;s Properties, LLC, a Delaware limited liability company (&#8220;<span style="text-decoration:underline">Wendy&#8217;s Properties</span>&#8221; and, together with the Company, Wendy&#8217;s International, the Master Issuer, Wendy&#8217;s SPV Guarantor and Quality, the &#8220;<span style="text-decoration:underline">Wendy&#8217;s Parties</span>&#8221;) &#8211; entered into a Purchase Agreement (the &#8220;<span style="text-decoration:underline">Purchase Agreement</span>&#8221;) with Barclays Capital Inc., acting on behalf of itself and as a representative of the initial purchasers named therein (the &#8220;<span style="text-decoration:underline">Initial Purchasers</span>&#8221;), pursuant to which, among other things, the Master Issuer has agreed to issue and sell $450&#160;million of its Series <span style="white-space:nowrap">2025-1</span> 5.422% Fixed Rate Senior Secured Notes, <span style="white-space:nowrap">Class&#160;A-2</span> (the &#8220;<span style="text-decoration:underline">2025 Notes</span>&#8221;), in a privately placed securitization transaction. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Interest payments on the 2025 Notes will be payable on a quarterly basis. The anticipated repayment date of the 2025 Notes will be December 2032, unless earlier prepaid to the extent permitted under the indenture that will govern the 2025 Notes. If the Master Issuer has not repaid or refinanced the 2025 Notes prior to the anticipated repayment date, additional interest will accrue on the 2025 Notes equal to the greater of (A) 5.00% per annum and (B)&#160;a per annum interest rate equal to the amount, if any, by which the sum of (i)&#160;the yield to maturity (adjusted to a quarterly bond-equivalent basis) on such anticipated repayment date of the United States Treasury Security having a term closest to ten (10)&#160;years, <span style="font-style:italic">plus</span> (ii) 5.00%, <span style="font-style:italic">plus</span> (iii) 1.60%, <span style="font-style:italic">exceeds</span> the original interest rate. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement includes customary representations, warranties and covenants by the Wendy&#8217;s Parties. It also provides that the Wendy&#8217;s Parties will indemnify the Initial Purchasers against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the &#8220;<span style="text-decoration:underline">Securities Act</span>&#8221;). The closing of the sale of the 2025 Notes is anticipated to occur by the end of the fourth quarter of 2025 and is subject to the satisfaction of various closing conditions specified in the Purchase Agreement. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain of the Initial Purchasers and their respective affiliates have, from time to time, performed and may in the future perform various investment banking services for the Company for which they received or will receive customary fees and expenses. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the Purchase Agreement does not purport to be complete and is subject to, and qualified in its entirety by, reference to the Purchase Agreement, a copy of which is attached hereto as Exhibit 10.1. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 2025 Notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent such registration or an exemption from the registration requirements of the Securities Act. This Current Report on Form <span style="white-space:nowrap">8-K</span> shall not constitute an offer to sell or a solicitation of an offer to buy the 2025 Notes or any other security and shall not constitute an offer, solicitation or sale of the 2025 Notes or any other security in any jurisdiction where such an offering or sale would be unlawful. This Current Report on Form <span style="white-space:nowrap">8-K</span> contains information about a pending transaction and the anticipated timing for the closing of such transaction, and there can be no assurance regarding the timing of the closing or that this transaction will be completed. </p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">Forward-Looking Statements </p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Current Report on <span style="white-space:nowrap">Form&#160;8-K&#160;contains</span> certain statements that are not historical facts, including statements regarding the planned financing transaction, including the size and timing of, and expected use of proceeds from, the offering. Those statements constitute &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995 (the &#8220;Reform Act&#8221;). Generally, forward-looking statements include the words &#8220;may,&#8221; &#8220;believes,&#8221; &#8220;plans,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;estimate,&#8221; &#8220;goal,&#8221; &#8220;upcoming,&#8221; &#8220;outlook,&#8221; &#8220;guidance&#8221; or the negation thereof, or similar expressions. In addition, all statements that address future operating, financial or business performance, strategies or initiatives, future efficiencies or savings, anticipated costs or charges, future capitalization, anticipated impacts of recent or pending investments or transactions and statements expressing general views about future results or brand health are forward-looking statements within the meaning of the Reform Act. Forward-looking statements are based on the Company&#8217;s expectations at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors. For all such forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. The Company&#8217;s actual results, performance and achievements may differ materially from any future results, performance or achievements expressed or implied by the Company&#8217;s forward-looking statements. Many important factors could affect the Company&#8217;s future results and cause those results to differ materially from those expressed in or implied by the Company&#8217;s forward-looking statements. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These factors include, but are not limited to, (1)&#160;the satisfaction of the closing conditions to the Purchase Agreement, (2)&#160;the impact of competition or poor customer experiences at Wendy&#8217;s restaurants; (3)&#160;adverse economic conditions or disruptions, including in regions with a high concentration of Wendy&#8217;s restaurants; (4)&#160;changes in discretionary consumer spending and consumer tastes and preferences; (5)&#160;impacts to the Company&#8217;s corporate reputation or the value and perception of the Company&#8217;s brand; (6)&#160;the Company&#8217;s ability to successfully implement strategic initiatives and business strategies, including its Project Fresh plan, as well the effectiveness of the Company&#8217;s marketing and advertising programs and new product development; (7)&#160;the Company&#8217;s ability to manage the impact of social or digital media; (8)&#160;the Company&#8217;s ability to protect its intellectual property; (9)&#160;food safety events or health concerns involving the Company&#8217;s products; (10)&#160;the Company&#8217;s ability to deliver global sales growth and maintain or grow market share across its dayparts; (11)&#160;the Company&#8217;s ability to achieve its growth strategy through new restaurant development; (12)&#160;the Company&#8217;s ability to effectively manage the acquisition and disposition of restaurants or successfully implement other strategic initiatives; (13)&#160;risks associated with leasing and owning significant amounts of real estate, including environmental matters; (14)&#160;risks associated with the Company&#8217;s international operations, including the ability to execute its international growth strategy; (15)&#160;changes in commodity and other operating costs; (16)&#160;shortages or interruptions in the supply or distribution of the Company&#8217;s products and other risks associated with the Company&#8217;s independent supply chain purchasing <span style="white-space:nowrap">co-op;</span> (17)&#160;the impact of increased labor costs or labor shortages; (18)&#160;the continued succession and retention of key personnel and the effectiveness of the Company&#8217;s leadership and organizational structure; (19)&#160;risks associated with the Company&#8217;s digital commerce strategy, platforms and technologies, including its ability to adapt to changes in industry trends and consumer preferences; (20)&#160;the Company&#8217;s dependence on computer systems and information technology, including risks associated with the failure or interruption of its systems or technology or the occurrence of cyber incidents or deficiencies; (21)&#160;risks associated with the Company&#8217;s securitized financing facility and other debt agreements, including compliance with operational and financial covenants, restrictions on the ability to raise additional capital, the impact of its overall debt levels and the Company&#8217;s ability to generate sufficient cash flow to meet its debt service obligations and operate its business; (22)&#160;risks associated with the Company&#8217;s capital allocation policy, including the amount and timing of equity and debt repurchases and dividend payments; (23)&#160;risks associated with complaints and litigation, compliance with legal and regulatory requirements and an increased focus on environmental, social and governance issues; (24)&#160;risks associated with the availability and cost of insurance, changes in accounting standards, the recognition of impairment or other charges, changes in tax rates or tax laws and fluctuations in foreign currency exchange rates; (25)&#160;conditions beyond the Company&#8217;s control, such as adverse weather conditions, natural disasters, hostilities, social unrest, health epidemics or pandemics or other catastrophic events; (26)&#160;risks associated with the Company&#8217;s predominantly franchised business model; (27)&#160;the impact of general market, industry, credit and economic conditions and the Company&#8217;s ability to complete the financing transaction on the terms described or not at all; and (28)&#160;other risks and uncertainties cited in the Company&#8217;s releases, public statements and/or filings with the Securities and Exchange Commission, including those identified in the &#8220;Special Note Regarding Forward-Looking Statements and Projections&#8221; and &#8220;Risk Factors&#8221; sections of <span style="white-space:nowrap">the&#160;Company&#8217;s&#160;Forms&#160;10-K</span> and <span style="white-space:nowrap">10-Q.</span></p>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All future written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. New risks and uncertainties arise from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict these events or how they may affect the Company. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company assumes no obligation to update any forward-looking statements after the date of this Current Report on Form <span style="white-space:nowrap">8-K</span> as a result of new information, future events or developments, except as required by federal securities laws, although the Company may do so from time to time. The Company does not endorse any projections regarding future performance that may be made by third parties. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;9.01</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold"><span style="text-decoration:underline">(d) Exhibits.</span></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following exhibits are being filed with this Current Report on Form <span style="white-space:nowrap">8-K.</span></p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:bottom;text-align:center"> <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Exhibit</p> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">No.</p></td>
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<td style="vertical-align:bottom;text-align:center"><span style="font-weight:bold">Description</span></td></tr>


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<td style="vertical-align:top"><a href="d86432dex101.htm"><span style="white-space:nowrap">2025-1</span> <span style="white-space:nowrap">Class&#160;A-2</span> Note Purchase Agreement, dated as of November&#160;19, 2025, by and among The Wendy&#8217;s Company, the subsidiaries of The Wendy&#8217;s Company party thereto and Barclays Capital Inc., acting on behalf of itself and as a representative of the initial purchasers. </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap">104</td>
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<td style="vertical-align:top">Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).</td></tr>
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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:center">SIGNATURES </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p><div>
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<td style="vertical-align:top" colspan="3"><span style="font-weight:bold">THE WENDY&#8217;S COMPANY</span></td></tr>
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<td style="vertical-align:top">By:</td>
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<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mark L. Johnson</p></td></tr>
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<td style="vertical-align:top">Name:</td>
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<td style="vertical-align:bottom">Mark L. Johnson</td></tr>
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<td style="vertical-align:top">Title:</td>
<td style="vertical-align:bottom">&#160;</td>
<td style="vertical-align:bottom">Director - Corporate&#160;&amp; Securities Counsel, and Assistant&#160;Secretary</td></tr>
</table></div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: November&#160;20, 2025 </p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>WENDY&#8217;S FUNDING, LLC </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>S<SMALL>ERIES</SMALL> <FONT STYLE="white-space:nowrap">2025-1</FONT> 5.422% F<SMALL>IXED</SMALL> R<SMALL>ATE</SMALL> S<SMALL>ENIOR</SMALL>
S<SMALL>ECURED</SMALL> N<SMALL>OTES</SMALL>, C<SMALL>LASS</SMALL><FONT STYLE="white-space:nowrap">&nbsp;A-2</FONT> </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PURCHASE
AGREEMENT </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">November&nbsp;19, 2025 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B<SMALL>ARCLAYS</SMALL> C<SMALL>APITAL</SMALL> I<SMALL>NC</SMALL>., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">on behalf of itself and as a representative </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(the
&#8220;<B><I>Representative</I></B>&#8221;) of the several Initial Purchasers named </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in Schedule I of this Agreement </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o B<SMALL>ARCLAYS</SMALL> C<SMALL>APITAL</SMALL> I<SMALL>NC</SMALL>. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">745 Seventh Avenue, 5<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Wendy&#8217;s Funding, LLC, a special purpose Delaware limited liability company (the &#8220;<B><I>Master Issuer</I></B>&#8221;) and an
indirect, wholly-owned Subsidiary of Wendy&#8217;s International, LLC, a Delaware limited liability company (the &#8220;<B><I>Manager</I></B>&#8221;), proposes, upon the terms and conditions stated herein, to issue and sell to the several initial
purchasers named in Schedule I hereto (the &#8220;<B><I>Initial Purchasers</I></B>&#8221; and each, an &#8220;<B><I>Initial Purchaser</I></B>&#8221;), 5.422% Series <FONT STYLE="white-space:nowrap">2025-1</FONT>
<FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT> fixed rate senior secured notes, in an aggregate principal amount of $450,000,000 (the &#8220;<B><I>Series <FONT STYLE="white-space:nowrap">2025-1</FONT> Class</I></B><B><I></I></B><B><I><FONT
STYLE="white-space:nowrap">&nbsp;A-2</FONT> Notes</I></B>&#8221; or &#8220;<B><I>Offered</I></B> <B><I>Notes</I></B>&#8221;), pursuant to the Indenture (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Offered Notes (i)&nbsp;will have terms and provisions that are summarized in the Pricing Disclosure Package (as defined below) and
(ii)&nbsp;are to be issued pursuant to an Amended and Restated Base Indenture (the &#8220;<B><I>Base Indenture</I></B>&#8221;) and a series supplement (the <B><I>&#8220;Series <FONT STYLE="white-space:nowrap">2025-1</FONT> Supplement</I></B>&#8221;
and, together with the Base Indenture, the &#8220;<B><I>Indenture</I></B>&#8221;), in each case to be dated as of the Closing Date (as defined below) and to be entered into by and between the Master Issuer and Citibank, N.A., a national banking
association, as trustee (in such capacity, the &#8220;<B><I>Trustee</I></B>&#8221;) and as securities intermediary. The Master Issuer&#8217;s obligations under the Offered Notes will be jointly and severally irrevocably and unconditionally
guaranteed (the &#8220;<B><I>Guarantees</I></B>&#8221;) by Wendy&#8217;s SPV Guarantor, LLC, a special purpose Delaware limited liability company (the &#8220;<B><I>Holding Company Guarantor</I></B>&#8221;), Quality is Our Recipe, LLC, a special
purpose Delaware limited liability company (the &#8220;<B><I>Franchise Holder</I></B>&#8221;), and Wendy&#8217;s Properties, LLC, a special purpose Delaware limited liability company (the &#8220;<B><I>Wendy&#8217;s Properties</I></B>&#8221; and,
together with the Holding Company Guarantor and the Franchise Holder, the &#8220;<B><I>Guarantors</I></B>&#8221; and each a &#8220;<B><I>Guarantor</I></B>&#8221; and, together with the Master Issuer, the &#8220;<B><I>Securitization
Entities</I></B>&#8221;), pursuant to a Guarantee and Collateral Agreement, dated as of the Initial Closing Date, among each Guarantor and the Trustee (the &#8220;<B><I>Guarantee and Collateral Agreement</I></B>&#8221;). On the Initial Closing Date,
the Contributed Assets were contributed to the Securitization Entities (collectively, the &#8220;<B><I>Contribution Transactions</I></B>&#8221;) pursuant to the </P>
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Contribution Agreements as described in the Pricing Disclosure Package and the Final Offering Memorandum (as defined below).<B><I> </I></B>This Agreement is to confirm the agreement concerning
the purchase of the Offered Notes from the Master Issuer by the Initial Purchasers. Barclays Capital Inc. (&#8220;<B><I>Barclays</I></B>&#8221;) is acting as the representative (the &#8220;<B><I>Representative</I></B>&#8221;) for the Initial
Purchasers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;1, 2015 (the &#8220;<B><I>Initial Closing Date</I></B>&#8221;), (i) the Securitization Entities, the Manager and
the Trustee entered into a Management Agreement, pursuant to which, among other things, the Manager manages the assets and business of the Securitization Entities (as amended, restated, amended and restated, supplemented or otherwise modified from
time to time prior to the date hereof, the &#8220;<B><I>Existing Management Agreement</I></B>&#8221;), (ii) the Securitization Entities, the Manager, Midland Loan Services, a division of PNC Bank, National Association, as servicer (the
&#8220;<B><I>Servicer</I></B>&#8221;), and the Trustee entered into a Servicing Agreement, dated as of the Initial Closing Date, pursuant to which the Servicer services and administers the Offered Notes (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time prior to the date hereof, the &#8220;<B><I>Existing Servicing Agreement</I></B>&#8221;), (iii) the Securitization Entities, the Manager, the Servicer, FTI Consulting, Inc., a Maryland corporation,
as <FONT STYLE="white-space:nowrap">back-up</FONT> manager (the &#8220;<B><I><FONT STYLE="white-space:nowrap">Back-Up</FONT> Manager</I></B>&#8221;), and the Trustee entered into a <FONT STYLE="white-space:nowrap">Back-Up</FONT> Management and
Consulting Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the &#8220;<B><I>Existing <FONT STYLE="white-space:nowrap">Back-Up</FONT> Management
Agreement</I></B>&#8221;), pursuant to which the <FONT STYLE="white-space:nowrap">Back-Up</FONT> Manager will provide certain consulting and <FONT STYLE="white-space:nowrap">back-up</FONT> management services to the Securitization Entities, the
Servicer and the Trustee for the benefit of the Secured Parties, and (iv)&nbsp;the Guarantors and the Trustee entered into the Guarantee and Collateral Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the Closing Date, the Securitization Entities, the Manager, the Trustee, the Servicer, the <FONT STYLE="white-space:nowrap">Back-Up</FONT>
Manager and the Representative will enter into the Omnibus Amendment and Reaffirmation Agreement (the &#8220;<B><I>Omnibus Amendment</I></B>&#8221;) pursuant to which, among other things, the Existing Management Agreement, the Existing Servicing
Agreement and the Existing <FONT STYLE="white-space:nowrap">Back-Up</FONT> Management Agreement will all be amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this
Agreement, (i) &#8220;<B><I>Parent Companies</I></B>&#8221; shall mean The Wendy&#8217;s Company, a Delaware corporation (&#8220;<B><I>Parent</I></B>&#8221;), and the Manager and (ii) &#8220;<B><I>Wendy&#8217;s Parties</I></B>&#8221; shall mean,
collectively, the Parent Companies and the Securitization Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement, capitalized terms used but not
defined herein shall have the meanings given to such terms in the &#8220;Certain Definitions&#8221; section of the Pricing Disclosure Package (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <I>Purchase and Resale of the Offered</I> <I>Notes</I>. The Offered Notes will be offered and sold by the Master Issuer to the Initial
Purchasers without registration under the Securities Act of 1933, as amended (the &#8220;<B><I>1933 Act</I></B>&#8221;), in reliance on an exemption pursuant to Section&nbsp;4(a)(2) under the 1933 Act. The Wendy&#8217;s Parties have prepared a
preliminary offering memorandum, dated November&nbsp;12, 2025 (as amended or supplemented as of the Applicable Time (as defined below), the &#8220;<B><I>Preliminary Offering Memorandum</I></B>&#8221;) setting forth information regarding the
Wendy&#8217;s Parties and the Offered Notes, the investor presentation attached hereto as Exhibit 1, dated November 2025 (the &#8220;<B><I>Investor Presentation</I></B>&#8221;),<B><I> </I></B>a pricing term sheet substantially in the form attached
hereto </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
as Schedule II (the &#8220;<B><I>Pricing Term Sheet</I></B>&#8221;) setting forth the terms of the Offered Notes and certain pricing, price-dependent or other information omitted from the
Preliminary Offering Memorandum and certain other information and a final offering memorandum, dated November&nbsp;19, 2025 (the &#8220;<B><I>Final</I></B> <B><I>Offering Memorandum</I></B>&#8221;), setting forth information regarding the
Wendy&#8217;s Parties and the Offered Notes. The Preliminary Offering Memorandum and the Pricing Term Sheet are collectively referred to as the &#8220;<B><I>Pricing Disclosure Package</I></B>&#8221;. The Wendy&#8217;s Parties hereby confirm that
they<I> </I>have authorized the use of the Pricing Disclosure Package, the Investor Presentation and the Final Offering Memorandum in connection with the offering and resale of the Offered Notes by the Initial Purchasers. &#8220;<B><I>Applicable
Time</I></B>&#8221; means 12:43 p.m. (New York City time) on the date of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to the
Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum include, unless expressly stated otherwise, all documents, financial statements and schedules and other information contained or incorporated by
reference therein (and references in this Agreement to such information being &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221; (and other references of like import) in the Preliminary Offering Memorandum, the Pricing
Disclosure Package or the Final Offering Memorandum shall be deemed to mean all such information contained or incorporated by reference therein, to the extent such information has not been superseded or modified by other information contained or
incorporated by reference therein). All documents filed (but not furnished, unless such furnished document is expressly incorporated by reference in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering
Memorandum, as the case may be) with the U.S. Securities and Exchange Commission (the &#8220;<B><I>Commission</I></B>&#8221;) under the Securities Exchange Act of 1934, as amended (the &#8220;<B><I>1934 </I></B><B><I>Act</I></B>&#8221;) and
incorporated by reference in the Preliminary Offering Memorandum, Pricing Disclosure Package or the Final Offering Memorandum, as the case may be, or any amendment or supplement thereto are hereinafter called the &#8220;<B><I>Exchange Act
Reports</I></B>&#8221;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is understood and acknowledged that upon original issuance thereof, and until such time as the same is no
longer required under the applicable requirements of the 1933 Act, the Offered Notes (and all securities issued in exchange therefor or in substitution thereof) will bear the legends that are set forth under the caption &#8220;Transfer
Restrictions&#8221; in the Pricing Disclosure Package. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You have advised the Master Issuer that the Initial Purchasers intend to offer and
resell (the &#8220;<B><I>Exempt Resales</I></B>&#8221;) the Offered Notes purchased by the Initial Purchasers hereunder on the terms set forth in each of the Pricing Disclosure Package and the Final Offering Memorandum, as amended or supplemented,
solely to any individual, corporation (including a business trust), partnership, limited liability partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated
association or government or any agency or political subdivision thereof (collectively, a &#8220;<B><I>person</I></B>&#8221;) whom the Initial Purchasers reasonably believe to be (1) (a) &#8220;qualified institutional buyers&#8221;
(&#8220;<B><I>QIBs</I></B>&#8221;) as defined in Rule 144A under the 1933 Act (&#8220;<B><I>Rule 144A</I></B>&#8221;) or (b)&nbsp;outside of the United States, to persons who are not U.S. Persons (such persons, &#8220;<B><I><FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Persons</I></B>&#8221;) as defined in Regulation S under the 1933 Act (&#8220;<B><I>Regulation S</I></B>&#8221;) in offshore transactions in reliance on Regulation S, and (2)&nbsp;in each case, who are not
Competitors (as such term is defined in the Preliminary Offering Memorandum). As used in the preceding sentence, the terms &#8220;<B><I>offshore transaction</I></B>&#8221; and &#8220;<B><I>United States</I></B>&#8221; have the meanings assigned to
them in Regulation S. Those persons specified in clauses (a)&nbsp;and (b) above are referred to herein as &#8220;<B><I>Eligible Purchasers</I></B>&#8221;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <I>Representations and Warranties of the Wendy&#8217;s Parties</I>. Each of the
Wendy&#8217;s Parties jointly and severally, represents and warrants, on and as of the date hereof and the Closing Date, as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
When the Offered Notes and Guarantees are issued and delivered pursuant to this Agreement, such Offered Notes and Guarantees will not be of the same class (within the meaning of Rule 144A) as securities that are listed on a national securities
exchange registered under Section&nbsp;6 of the 1934 Act or that are quoted in a United States automated inter-dealer quotation system. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Assuming the accuracy of the representations and warranties in Section&nbsp;3(b) of this Agreement, the purchase and resale of the Offered
Notes pursuant to this Agreement (including pursuant to the Exempt Resales) are exempt from the registration requirements of the 1933 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) No form of general solicitation or general advertising within the meaning of Regulation D under the 1933 Act (including, but not limited
to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or
general advertising) (each, a &#8220;<B><I>General Solicitation</I></B>&#8221;) was used by the Wendy&#8217;s Parties, any of their respective affiliates, any of their respective representatives or any person acting on any of their behalf (other
than the Initial Purchasers and their affiliates or any of their respective representatives, as to whom the Wendy&#8217;s Parties make no representation) in connection with the offer and sale of the Offered Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) No directed selling efforts within the meaning of Rule 902 under the 1933 Act were used by the Wendy&#8217;s Parties or any of their
respective affiliates or any of their respective representatives (other than the Initial Purchasers and their respective affiliates or any of their respective representatives, as to whom the Wendy&#8217;s Parties make no representation) with respect
to Offered Notes sold outside the United States to <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Persons, and each of the Wendy&#8217;s Parties, their respective affiliates and their respective representatives or any person acting on any of their
behalf (other than the Initial Purchasers and their respective affiliates and representatives or any person acting on any of their behalves, as to whom the Wendy&#8217;s Parties make no representation) has complied with and will implement the
&#8220;<B><I>offering restrictions</I></B>&#8221; required by Rule 902 under the 1933 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Each of the Preliminary Offering
Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum, each as of its respective date, contains all the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the 1933 Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) None of the Wendy&#8217;s Parties nor any other person acting on behalf of any
Wendy&#8217;s Party has offered or sold any securities in a manner that would be integrated with the offering of the Offered Notes contemplated by this Agreement pursuant to the 1933 Act, the rules and regulations thereunder or the interpretations
thereof by the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum have
been prepared by the Wendy&#8217;s Parties for use by the Initial Purchasers in connection with the Exempt Resales. No order or decree preventing the use of the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering
Memorandum, or any order asserting that the transactions contemplated by this Agreement are subject to the registration requirements of the 1933 Act, has been issued, and no proceeding for that purpose has commenced or is pending or, to the
knowledge of any Wendy&#8217;s Party, is contemplated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The Pricing Disclosure Package did not, as of the Applicable Time, and will
not, as of the Closing Date, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; <I>provided</I>
that no representation or warranty is made as to information contained in the Pricing Disclosure Package in reliance upon and in conformity with the Initial Purchaser Information (as defined in Section&nbsp;8(e) below). Each document listed in
Schedule III hereto is true and correct in all material respects and no forward-looking statement, estimate or projection contained therein has been made without a reasonable basis or has been disclosed other than in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Final Offering Memorandum will not, as of its date and as of the Closing Date, contain an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; <I>provided</I> that no representation or warranty is made as to information contained in the Final
Offering Memorandum in reliance upon and in conformity with the Initial Purchaser Information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) None of the Wendy&#8217;s Parties has
prepared, made, used, authorized, approved or distributed and will not, and will not cause or allow its agents or representatives to, prepare, make, use, authorize, approve or distribute any written communication (as defined in Rule 405 under the
1933 Act) that constitutes an offer to sell or a solicitation of an offer to buy the Offered Notes, or otherwise is prepared to market the Offered Notes, other than the Pricing Disclosure Package and the Final Offering Memorandum, without the prior
consent of the Representative; and each such written communication, the use of which has been previously consented to by the Representative, is listed on Schedule III. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Each document listed in Schedule III hereto, when taken together with the Pricing Disclosure Package, did not, as of the Applicable Time,
contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; <I>provided </I>that no representation or warranty is
made as to information contained in or omitted from such document listed in Schedule III hereto in reliance upon and in conformity with the Initial Purchaser Information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) The Exchange Act Reports, when they were or are filed with the Commission, conformed or
will conform in all material respects to the applicable requirements of the 1934 Act and the applicable rules and regulations of the Commission thereunder. The Exchange Act Reports did not and will not, when filed with the Commission, contain an
untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) Each of the Wendy&#8217;s Parties and each of its subsidiaries that has signed a Related Document has been duly organized, is validly
existing and in good standing as a corporation or limited liability company, as applicable, under the laws of its respective jurisdiction of organization and is duly qualified to do business and in good standing as a foreign corporation or limited
liability company in each jurisdiction in which its ownership or lease of property or the conduct of its businesses requires such qualification, except where the failure to be so qualified or in good standing could not, individually or in the
aggregate, reasonably be expected to have (i)&nbsp;a material adverse effect on the condition (financial or otherwise), results of operations, stockholders&#8217; equity, properties, business or prospects of the Securitization Entities or the
Wendy&#8217;s Parties taken as a whole or (ii)&nbsp;a material adverse effect on the performance by the Wendy&#8217;s Parties of this Agreement, the Offered Notes, the Indenture or any of the other Related Documents or the consummation of any of the
transactions contemplated hereby or thereby (collectively, clauses (i)&nbsp;and (ii), a &#8220;<B><I>Material Adverse Effect</I></B>&#8221;). Each of the Wendy&#8217;s Parties has all corporate or limited liability company power and authority
necessary to own or lease its properties and to conduct the businesses in which it is now engaged or contemplated in the Pricing Disclosure Package and the Final Offering Memorandum. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) (i) Parent has the debt capitalization as set forth in each of the Pricing Disclosure Package and the Final Offering
Memorandum, and all of the issued shares of capital stock of Parent have been duly authorized and validly issued and are fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) The Master Issuer has an authorized capitalization as set forth in each of the Pricing Disclosure Package and the Final
Offering Memorandum, and all of the issued outstanding equity interests of the Master Issuer have been duly authorized and validly issued and are fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) All of the outstanding shares of capital stock, membership interests or other equity interests of each of the
Securitization Entities are owned, directly or indirectly, by Parent, free and clear of all liens, security interests, mortgages, pledges, charges, equities, claims or restrictions on transferability or encumbrances of any kind (collectively,
&#8220;<B><I>Liens</I></B>&#8221;), other than those Liens (i)&nbsp;imposed by the Indenture and the Related Documents, (ii)&nbsp;which constitute Permitted Liens (as such terms are defined in the Final Offering Memorandum), (iii) that could not
reasonably be expected to have a Material Adverse Effect or (iv)&nbsp;which result from transfer restrictions imposed by the 1933 Act or the securities or blue sky laws of certain jurisdictions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) The Master Issuer has all requisite limited liability company power and authority to
execute, deliver and perform its obligations under the Indenture. On the Closing Date, the Base Indenture shall have been duly and validly authorized, executed and delivered by the Master Issuer and, assuming due authorization, execution, and
delivery by the Trustee, will constitute the valid and binding agreement of the Master Issuer, enforceable against the Master Issuer in accordance with its terms, except that such enforceability may be subject to bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors&#8217; rights generally and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law). As of the Closing Date, the Series <FONT STYLE="white-space:nowrap">2025-1</FONT> Supplement shall have been duly and validly authorized by the Master Issuer and upon its execution and delivery and, assuming due authorization, execution
and delivery by the Trustee, will constitute the valid and legally binding obligation of the Master Issuer, enforceable against the Master Issuer in accordance with its terms, except that such enforceability may be subject to bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors&#8217; rights generally and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law). Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section&nbsp;3(b) of this Agreement, no qualification of the Indenture under the Trust Indenture Act of 1939, as amended, (the
&#8220;<B><I>Trust Indenture Act</I></B>&#8221;) is required in connection with the offer and sale of the Offered Notes contemplated hereby or in connection with the Exempt Resales. On the Closing Date, the Base Indenture will conform in all
material respects to the description thereof in each of the Pricing Disclosure Package and the Final Offering Memorandum. When executed by the Master Issuer, the Series <FONT STYLE="white-space:nowrap">2025-1</FONT> Supplement will conform in all
material respects to the description thereof in each of the Pricing Disclosure Package and the Final Offering Memorandum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) The Master
Issuer has all requisite limited liability power and authority to execute, issue, sell and perform its obligations under the Offered Notes. As of the Closing Date, the Offered Notes shall be duly authorized by the Master Issuer and, when duly
executed by the Master Issuer in accordance with the terms of the Indenture, assuming due authentication of the Offered Notes by the Trustee, upon delivery to the Initial Purchasers against payment therefor in accordance with the terms hereof, will
be validly issued and delivered and will constitute valid and legally binding obligations of the Master Issuer entitled to the benefits of the Indenture, enforceable against the Master Issuer in accordance with their terms, except that the
enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors&#8217; rights generally and subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law). When issued and delivered, the Offered Notes will conform in all material respects to the description thereof in each of the Pricing Disclosure Package and the Final Offering
Memorandum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) Each Guarantor had all requisite limited liability company power and authority to execute, deliver and perform its
obligations under the Guarantee and Collateral Agreement on the Initial Closing Date. The Guarantee and Collateral Agreement has been duly and validly authorized, executed and delivered by each of the Guarantors, and the Guarantee and
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Collateral Agreement constitutes valid and legally binding obligations of the Guarantors, enforceable against the Guarantors in accordance with its terms, except that the enforceability may be
subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors&#8217; rights generally and subject to general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law). The Guarantee and Collateral Agreement is effective to guarantee the obligations of the Master Issuer under the Offered Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) Each of the Wendy&#8217;s Parties, as applicable, had and shall have all required corporate or limited liability company power and
authority, as applicable, to execute, deliver and perform its obligations under each Related Document to which it is a party on the Initial Closing Date or on or prior to the Closing Date, as applicable (other than the Offered Notes, the Indenture
and the Guarantee and Collateral Agreement to the extent covered in Section&nbsp;2(n), (o) and (p)). Each Guarantor had and shall have all required limited liability company power and authority, to execute, deliver and perform its obligations under
each Related Document to which it is a party on the Initial Closing Date or on or prior to the Closing Date, as applicable (other than the Offered Notes, the Indenture and the Guarantee and Collateral Agreement to the extent covered in
Section&nbsp;2(n), (o) and (p)). Each of the Related Documents has or shall have been duly and validly authorized, executed and delivered by each of the Wendy&#8217;s Parties (to the extent a party thereto) constitutes or will constitute, as
applicable, the valid and legally binding obligation of each of the Wendy&#8217;s Parties (to the extent a party thereto) enforceable against each of the Wendy&#8217;s Parties (to the extent a party thereto) in accordance with its terms, except that
the enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors&#8217; rights generally and subject to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law) and, as to rights of indemnification and contribution with respect to liabilities under securities laws, by principles of public policy. Each such Related Document conforms or will conform
on the Closing Date, as applicable, in all material respects to the description thereof (if any) in each of the Pricing Disclosure Package and the Final Offering Memorandum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) Each of the Wendy&#8217;s Parties has all requisite corporate or limited liability company power and authority, as applicable, to execute,
deliver and perform its obligations under this Agreement. This Agreement has been duly and validly authorized, executed and delivered by each of the Wendy&#8217;s Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) (i) The issue and sale of the Offered Notes and the Guarantees, (ii)&nbsp;the execution, delivery and performance by the Master Issuer,
each of the Parent Companies and each of the Guarantors of the Offered Notes, the Guarantees, the Indenture, this Agreement and the other Related Documents (to the extent a party thereto), (iii) the application of the proceeds from the sale of the
Offered Notes as described under &#8220;Use of Proceeds&#8221; in each of the Pricing Disclosure Package and the Final Offering Memorandum and (iv)&nbsp;the consummation of the transactions contemplated hereby and thereby, do not and will not on the
Closing Date (A)&nbsp;conflict with or result in a breach or violation of any of the terms or provisions of, impose any Lien, charge or encumbrance upon any property or assets of any of the Wendy&#8217;s Parties or any of their
</P>
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respective subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, credit agreement, security agreement, license, lease or other agreement or
instrument to which the Wendy&#8217;s Parties or any of their respective subsidiaries is a party or by which the Wendy&#8217;s Parties or any of their respective subsidiaries is bound or to which any of the property or assets of the Wendy&#8217;s
Parties or any of their respective subsidiaries is subject, except for Liens created by the Indenture or the other Related Documents or Permitted Liens, (B)&nbsp;result in any violation of the provisions of the charter, <FONT
STYLE="white-space:nowrap">by-laws,</FONT> certificate of formation or limited liability company agreement (or similar organizational documents) of any of the Wendy&#8217;s Parties, or (C)&nbsp;result in any violation of any statute or any judgment,
order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over any of the Wendy&#8217;s Parties or any of their respective subsidiaries or any of their respective properties or assets, except (in the case of
clauses (A)&nbsp;and (C)) as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u)
No consent, approval, authorization or order of, or filing, registration or qualification with any court or governmental agency or regulatory body having jurisdiction over any of the Wendy&#8217;s Parties or any of their respective subsidiaries or
any of their respective properties or assets is required for the issue and sale of the Offered Notes and the Guarantees, the execution, delivery and performance by the Wendy&#8217;s Parties or any of their respective subsidiaries of the Offered
Notes, the Guarantees, the Base Indenture, the Series <FONT STYLE="white-space:nowrap">2025-1</FONT> Supplement, this Agreement and the other Related Documents (to the extent they are parties thereto), the application of the proceeds from the sale
of the Offered Notes as described under &#8220;Use of Proceeds&#8221; in each of the Pricing Disclosure Package and the Final Offering Memorandum and the consummation of the transactions contemplated hereby and thereby, except for (A)&nbsp;such
consents, approvals, authorizations, orders, filings, registrations or qualifications as shall have been obtained or made prior to the Closing Date or are permitted to be obtained or made subsequent to the Closing Date pursuant to the Indenture,
(B)&nbsp;such consents, approvals, authorizations, orders, filings, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution and resale (including pursuant to the
Exempt Resales) of the Offered Notes by the Initial Purchasers and (C)&nbsp;such consent, approval, authorization, order, filing, registration or qualification, the failure of which to obtain could not, individually or in the aggregate, reasonably
be likely to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) The historical consolidated financial statements of Parent (including the related notes
and supporting schedules) included or incorporated by reference in the Pricing Disclosure Package and the Final Offering Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the entities
referred to therein, at the dates and for the periods indicated, and have been prepared in conformity with accounting principles generally accepted in the United States (&#8220;<B><I>GAAP</I></B>&#8221;) applied on a consistent basis throughout the
periods involved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) The historical consolidated financial statements of the Master Issuer (including the related notes and supporting
schedules) included in the Pricing Disclosure Package and the Final Offering Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the entities referred to therein, at the dates and for
the periods indicated, and have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) The Net Cash Flow financial information included in the Pricing Disclosure Package and
the Final Offering Memorandum has been derived from the quarterly noteholder statements of the Master Issuer in the manner described under and subject to the qualifications and limitations set forth under &#8220;Net Cash Flow of the Securitization
Entities.&#8221; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y) The applicable Net Cash Flow disclosure included in the Pricing Disclosure Package and the Final Offering Memorandum
is derived from the quarterly noteholder statements generated by the Master Issuer and represents the arithmetic sum of each of the relevant amounts reflected in such quarterly noteholder statements and has been prepared on a basis consistent with
the quarterly noteholder statements and gives effect to assumptions made on a reasonable basis and in good faith and present fairly in all material respects the Net Cash Flow. The <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures
that are presented in the Pricing Disclosure Package and the Final Offering Memorandum have been calculated based on amounts derived from the financial statements and books and records of the Wendy&#8217;s Parties, the Master Issuer or the quarterly
noteholder statements of the Master Issuer, and the Securitization Entities believe that any adjustments to such <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures have a reasonable basis and have been made in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z) Deloitte and Touche LLP, who have certified certain financial statements of Parent and the Master Issuer, whose report appears in the
Pricing Disclosure Package and the Final Offering Memorandum or is incorporated by reference therein and who have delivered the initial letters referred to in Sections 7(m) and 7(o) hereof, (x)&nbsp;are independent registered public accountants with
respect to each of Parent and its subsidiaries and the Master Issuer and its subsidiaries within the meaning of the 1933 Act and the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board and
(y)&nbsp;was, as of the date of such report, and is, as of the date hereof, an independent public accounting firm with respect to the Wendy&#8217;s Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa) Parent maintains a system of internal control over financial reporting (as such term is defined in Rule
<FONT STYLE="white-space:nowrap">13a-15(f)</FONT> under the 1934 Act) that complies with the requirements of the 1934 Act and that has been designed by, or under the supervision of, Parent principal executive and principal financial officers, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Parent maintains internal accounting controls sufficient to provide reasonable
assurance that (i)&nbsp;records are maintained that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Parent and each of its subsidiaries, (ii)&nbsp;transactions are recorded as necessary to permit
preparation of Parent&#8217;s financial statements in accordance with GAAP and that receipts and expenditures are being made only in accordance with authorizations of management and directors of Parent and each of its subsidiaries and (iii)&nbsp;the
unauthorized acquisition, use or disposition of the assets of Parent and each of its subsidiaries that could have a material effect on the financial statements are prevented or timely detected. As of the Audit Date (as defined below), there were no
material weaknesses in Parent internal controls over financial reporting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bb) Since December&nbsp;29, 2024, the date of the most recent balance sheet of Parent and
its consolidated subsidiaries audited by Deloitte and Touche LLP (the &#8220;<B><I>Audit Date</I></B>&#8221;), (i) Parent has not been advised of or become aware of (A)&nbsp;any significant deficiencies in the design or operation of internal control
over financial reporting, that could reasonably be expected to materially and adversely affect the ability of Parent or any of its subsidiaries to record, process, summarize and report financial data, or any material weaknesses in internal control
over financial reporting, and (B)&nbsp;any fraud that involves management or other employees who have a significant role in the internal control over financial reporting of Parent and each of its subsidiaries or that is otherwise material to Parent
and each of its subsidiaries; and (ii)&nbsp;there have been no significant changes in Parent&#8217;s internal control over financial reporting that have materially affected or are reasonably likely to materially affect Parent&#8217;s internal
control over financial reporting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(cc) The section entitled &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and
Results of Operations&#8212;Critical Accounting Policies and Estimates&#8221; incorporated by reference in the Preliminary Offering Memorandum contained in the Pricing Disclosure Package and the Final Offering Memorandum accurately and fully
describes (i)&nbsp;the accounting policies that Parent believes are the most important in the portrayal of Parent financial condition and results of operations and that require management&#8217;s most difficult, subjective or complex judgments;
(ii)&nbsp;the judgments and uncertainties affecting the application of critical accounting policies; and (iii)&nbsp;the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an
explanation thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(dd) Except as described in each of the Pricing Disclosure Package and the Final Offering Memorandum, since the
Audit Date, none of the Wendy&#8217;s Parties nor any of their respective subsidiaries has (i)&nbsp;sustained any loss or interference with its business from fire, explosion, flood, earthquake, hurricane, accident or other calamity, whether or not
covered by insurance, or from any labor disturbance or dispute or court or governmental action, order or decree, (ii)&nbsp;issued or granted any securities, other than pursuant to employee benefit plans, qualified stock option plans or other
employee compensation plans, as applicable, (iii)&nbsp;incurred any liability or obligation, direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business, (iv)&nbsp;entered into any transaction
not in the ordinary course of business, and/or (v)&nbsp;declared or paid any dividend on its capital stock, and since the Audit Date, there has not been any change in the capital stock or limited liability company interests, as applicable, or
long-term debt of any of the Wendy&#8217;s Parties or any of their respective subsidiaries or any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), results of operations,
stockholders&#8217; equity or limited liability company interests, as applicable, properties, management, business or prospects of any of the Wendy&#8217;s Parties or any of their respective subsidiaries, in each case except as could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ee) Each of the Wendy&#8217;s Parties and each of their respective subsidiaries has good
and marketable title in fee simple to all real property owned by it and good and marketable title to all personal property owned by it, in each case free and clear of all Liens, except for (i)&nbsp;Permitted Liens, (ii)&nbsp;such Liens as are
described in the Pricing Disclosure Package and the Final Offering Memorandum, and (iii)&nbsp;such Liens that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as could not reasonably be
expected to result in a Material Adverse Effect, all assets held under lease by the Wendy&#8217;s Parties are held by the relevant entity under valid, subsisting and enforceable leases, with such exceptions as do not materially interfere with the
use made and proposed to be made of such assets by the relevant entity, except that such enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors&#8217; rights generally and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ff) The Base Indenture and the Guarantee and Collateral Agreement are effective to create a valid and continuing Lien on the Collateral in
favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the Collateral has been perfected to the extent recognized by applicable law (subject to any exceptions described in the Pricing Disclosure Package and the
Final Offering Memorandum) and is prior to all other Liens (other than Permitted Liens), and will be enforceable as such as against creditors of and purchasers from the Master Issuer and the Guarantors 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&#8217; rights generally or by general equitable principles, whether considered in a proceeding at
law or in equity and by an implied covenant of good faith and fair dealing. Except as described in the Pricing Disclosure Package and the Final Offering Memorandum, the Master Issuer and the Guarantor will have received all consents and approvals
required by the terms of the Collateral in order to pledge the Collateral to the Trustee under the Indenture and under the Guarantee and Collateral Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(gg) The Contribution Transactions were consummated in all material respects in accordance with the terms and conditions set forth in the
Pricing Disclosure Package, the Final Offering Memorandum and the Contribution Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(hh) Other than the security interest granted
to the Trustee under the Base Indenture, pursuant to the Guarantee and Collateral Agreement or any other Related Documents, none of the Wendy&#8217;s Parties nor any of their respective subsidiaries shall have pledged, assigned, sold or granted as
of the Closing Date a security interest in the Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) As of the Closing Date, all action necessary (including the filing of <FONT
STYLE="white-space:nowrap">UCC-1</FONT> financing statements) to protect and evidence the Trustee&#8217;s security interest in the Collateral in the United States has been duly and effectively taken (as described in, and subject to any exceptions to
be set forth in, the Base Indenture and the Guarantee and Collateral Agreement). As of the Closing Date, no effective security agreement, financing statement, equivalent security or lien instrument or continuation statement authorized by any
Wendy&#8217;s Parties or any of their respective subsidiaries and listing such Person as debtor covering all or any part of the Collateral is on file or of record in the United States and Canada except (i)&nbsp;in respect of Permitted Liens or
(ii)&nbsp;such as may have been filed, recorded or made by such Person in favor of the Trustee on behalf of the Secured Parties in connection with the Base Indenture and the Guarantee and Collateral Agreement, and no such Person has authorized any
such filing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(jj) Each Wendy&#8217;s Party and their respective subsidiaries has such permits, licenses,
registrations, franchises, certificates of need and other approvals or authorizations of governmental or regulatory authorities (&#8220;<B><I>Permits</I></B>&#8221;) as are necessary under applicable law to own their properties and conduct their
businesses in the manner described in the Pricing Disclosure Package and the Final Offering Memorandum, except for any of the foregoing that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each
Wendy&#8217;s Party and each of their respective subsidiaries has fulfilled and performed all of its obligations with respect to the Permits, and no event has occurred that allows, or after notice or lapse of time would allow, revocation or
termination thereof or results in any other impairment of the rights of the holder or any such Permits, except for any of the foregoing that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None
of the Wendy&#8217;s Parties nor any of their respective subsidiaries has received notice of any revocation or modification of any such Permits or has any reason to believe that any such Permits will not be renewed in the ordinary course, except as
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(kk) Each of the Wendy&#8217;s
Parties and each of their respective subsidiaries owns or possesses adequate rights to use all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, works of
authorship, social media accounts and identifiers, rights of publicity, and compilations of data, licenses, <FONT STYLE="white-space:nowrap">know-how,</FONT> software, systems and technology (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures), in each case, used in or necessary for the conduct of their respective businesses. All of the registrations and applications included in the Securitization IP are
subsisting, unexpired and have not been abandoned in any applicable jurisdiction except where such expiration or abandonment would not reasonably be expected to result in a Material Adverse Effect. Except as set forth on a schedule to the Base
Indenture, (i)&nbsp;the use of the Securitization IP and the operation of the Wendy&#8217;s System do not infringe, misappropriate or otherwise violate the rights of any third party in a manner that would reasonably be expected to result in a
Material Adverse Effect, (ii)&nbsp;to the Master Issuer&#8217;s knowledge, the Securitization IP is not being infringed, or violated by any third party in a manner that would reasonably be expected to result in a Material Adverse Effect, and
(iii)&nbsp;there is no action or proceeding pending or, to the Master Issuer&#8217;s knowledge, threatened, alleging the foregoing (i)&nbsp;or (ii), in each case, that would reasonably be expected to result in a Material Adverse Effect. Except as
set forth on a schedule to the Base Indenture, no action or proceeding is pending or, to the Master Issuer&#8217;s knowledge, threatened, that seeks to limit, cancel, or challenge the validity of any Securitization IP, or the use thereof, that would
reasonably be expected to result in a Material Adverse Effect. The Franchise Holder is the exclusive owner of the Securitization IP other than the IP License Agreements and licenses permitted pursuant to the Permitted Asset Dispositions, free and
clear of all Liens, encumbrances, <FONT STYLE="white-space:nowrap">set-offs,</FONT> defenses and counterclaims of whatsoever kind or nature, other than the Permitted Liens. Unless otherwise disclosed in the Final Offering Memorandum or as would not,
individually or in the aggregate, reasonably be expected </P>
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to result in a Material Adverse Effect, there is no pending action, suit, investigation or proceeding against any Wendy&#8217;s Party alleging any violation of any applicable laws, regulations,
policies or industry standards regarding data privacy, data security or personally identifiable information or data (including the Payment Card Industry Data Security Standards, as promulgated by the Payment Card Industry Security Standards Counsel
(the &#8220;<B><I><FONT STYLE="white-space:nowrap">PCI-DSS</FONT></I></B>&#8221;). Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Wendy&#8217;s Parties (x)&nbsp;have taken
commercially reasonable measures consistent with industry standards to protect the confidentiality, integrity and availability of their material trade secrets, confidential information, personally identifiable information and data (including all of
the foregoing included in the Securitization IP), and the integrity and availability of the Wendy&#8217;s Parties&#8217; information and operational technology (including digital channels such as the online website and mobile application); (y) are
not aware of any past, ongoing or imminent security breach of, or unauthorized access to or disclosure of, the Wendy&#8217; Parties&#8217; trade secrets, data, or information or operational technology infrastructure (including technology
infrastructure provided by third parties); and (z)&nbsp;are in material compliance with the applicable written policies of the Wendy&#8217;s Parties, contractual requirements (including <FONT STYLE="white-space:nowrap">PCI-DSS),</FONT> and material
compliance with all applicable laws, industry standards, and regulations regarding data privacy, data security, personal data or confidential information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ll) There are no legal or governmental proceedings pending to which any Wendy&#8217;s Party or any of their respective subsidiaries is a
party or of which any property or assets of any of the Wendy&#8217;s Parties or any of their respective subsidiaries is the subject that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To each
Wendy&#8217;s Parties&#8217; knowledge, no such proceedings are threatened or contemplated by governmental authorities or others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(mm)
The statements made in the Pricing Disclosure Package and the Final Offering Memorandum under the captions &#8220;<I>Description of the Offered Notes</I>&#8221; and &#8220;<I>Description of the Indenture and the Guarantee and Collateral
Agreement</I>,&#8221; insofar as they constitute a summary of the terms of the Offered Notes and the Indenture, and under captions &#8220;<I>Description of Wendy&#8217;s Business</I>,&#8221; &#8220;<I>Description of the Securitization
Entities</I>,&#8221; &#8220;<I>Description of the Franchise Arrangements</I>,&#8221; &#8220;<I>Description of the Manager and Management Agreement</I>,&#8221; &#8220;<I>Description of the Servicer and the Servicing Agreement</I>,&#8221;
&#8220;<I>Description of the <FONT STYLE="white-space:nowrap">Back-Up</FONT> Manager and the <FONT STYLE="white-space:nowrap">Back-Up</FONT> Management Agreement</I>,&#8221; &#8220;<I>Description of the Contribution Agreements</I>,&#8221;
&#8220;<I>Description of the IP License Agreements</I>,&#8221; &#8220;<I>Certain Legal Aspects of the Franchise Arrangements</I>,&#8221; &#8220;<I>Certain U.S. Federal Income Tax Considerations</I>,&#8221; &#8220;<I>Certain ERISA and Related
Considerations</I>&#8221; and &#8220;<I>Transfer Restrictions</I>&#8221;, insofar as they purport to constitute summaries of the terms of statutes, rules or regulations, legal or governmental proceedings or contracts and other documents, constitute
accurate summaries of the terms of such statutes, rules and regulations, legal and governmental proceedings and contracts and other documents in all material respects, subject to the qualifications and limitations set forth therein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(nn) Except as could not reasonably be expected to result in a Material Adverse Effect,
(A)&nbsp;each of the Wendy&#8217;s Parties and each of their respective subsidiaries carry, or are covered by, insurance from insurers of recognized financial responsibility 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; (B)&nbsp;all such policies of insurance of the Wendy&#8217;s Parties and each of their
respective subsidiaries are in full force and effect; (C)&nbsp;the Wendy&#8217;s Parties and each of their respective subsidiaries are in compliance with the terms of such policies in all material respects; (D)&nbsp;none of the Wendy&#8217;s Parties
nor any of their respective subsidiaries has received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance; and (E)&nbsp;there are
no claims by the Wendy&#8217;s Parties or any of their respective subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause. None of the Wendy&#8217;s
Parties nor any of their respective subsidiaries 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 could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(oo) No labor disturbance by or dispute with the employees of the Wendy&#8217;s Parties or any of their respective subsidiaries exists or, to
the knowledge of any Wendy&#8217;s Party, is imminent, in each case that could reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(pp) Consistent with the terms of the Wendy&#8217;s franchise agreements, Wendy&#8217;s franchisees are solely responsible for all employment
decisions related to the operations of their restaurants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(qq) None of the Wendy&#8217;s Parties (i)&nbsp;is in violation of its
certificate of formation, limited liability company agreement, charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> (or similar organizational documents), (ii) is in default, and no event has occurred that, with notice or lapse of time or
both, would constitute such a default, in the due performance or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan agreement, security agreement, license or other agreement or
instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject, or (iii)&nbsp;is in violation of any statute or any order, rule or regulation of any court or governmental agency or body having
jurisdiction over it or its property or assets, except in the case of clauses (ii)&nbsp;and (iii), to the extent any such conflict, breach, violation or default could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(rr) Except as described in the Pricing Disclosure Package and the Final Offering Memorandum or as could not reasonably
be expected to have a Material Adverse Effect, (i)&nbsp;there are no proceedings that are pending, or to the knowledge of the Wendy&#8217;s Parties, threatened, against any of the Wendy&#8217;s Parties or any of their respective subsidiaries under
any laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements of any governmental authority, including without limitation any international, foreign, national, state, provincial, regional, or local
authority, relating to pollution, the protection of human health or safety, the environment, or natural resources, or to use, handling, storage, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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manufacturing, transportation, treatment, discharge, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants (&#8220;<B><I>Environmental Laws</I></B>&#8221;) in
which a governmental authority is also a party, (ii)&nbsp;the Wendy&#8217;s Parties and their respective subsidiaries are not aware of any issues regarding compliance with Environmental Laws or liabilities or other obligations under Environmental
Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that could reasonably be expected to have a material effect on the capital expenditures, earnings or competitive position of any of the Wendy&#8217;s Parties and
their subsidiaries, and (iii)&nbsp;none of the Wendy&#8217;s Parties and their respective subsidiaries anticipates material capital expenditures relating to Environmental Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ss) Each of the Wendy&#8217;s Parties and each of their respective subsidiaries has filed all federal, state, local and foreign tax returns
required to be filed through the date hereof, subject to permitted extensions, and has paid or caused to be paid all taxes due pursuant to said returns, except (i)&nbsp;for such taxes as are being contested in good faith and by appropriate
proceedings and (ii)&nbsp;as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. No tax deficiency has been determined adversely to the Wendy&#8217;s Parties or any of their respective subsidiaries,
nor does any Wendy&#8217;s Party have any knowledge of any tax deficiencies that have been, or could reasonably be expected to be asserted against the Wendy&#8217;s Parties or any of their respective subsidiaries, that could, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(tt) Except where a failure to comply with any of the following
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect (i)&nbsp;each &#8220;employee benefit plan&#8221; (within the meaning of Section&nbsp;3(3) of the Employee Retirement Security Act of 1974, as
amended (&#8220;<B><I>ERISA</I></B>&#8221;)), other than a &#8220;multiemployer plan&#8221; within the meaning of Section&nbsp;4001(c)(3) of ERISA, for which the Wendy&#8217;s Parties or any member of its &#8220;Controlled Group&#8221; (defined as
any organization that is a member of a controlled group of corporations within the meaning of Section&nbsp;414 of the Internal Revenue Code of 1986, as amended (the &#8220;<B><I>Code</I></B>&#8221;)) would have any liability (each a
&#8220;<B><I>Plan</I></B>&#8221;) has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code; (ii)&nbsp;no prohibited transaction, within the meaning of
Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii)&nbsp;with respect to each Plan subject to Title IV of ERISA
(A)&nbsp;no &#8220;reportable event&#8221; (within the meaning of Section&nbsp;4043(c) of ERISA) has occurred or is reasonably expected to occur, (B)&nbsp;no &#8220;accumulated funding deficiency&#8221; (within the meaning of Section&nbsp;302 of
ERISA or Section&nbsp;412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, (C)&nbsp;the fair market value of the assets under each Plan exceeds the present value of all benefits accrued under such Plan
(determined based on those assumptions used to fund such Plan), and (D)&nbsp;none of the Wendy&#8217;s Parties nor any member of their Controlled Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than
contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including a &#8220;multiemployer plan,&#8221; within the meaning of Section&nbsp;4001(c)(3) of
ERISA); and (iv)&nbsp;each Plan that is intended to be qualified under Section&nbsp;401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(uu) Other than any restrictions under applicable law, no Guarantor is currently prohibited,
directly or indirectly, from paying any dividends to its parent or to the Master Issuer, from making any other distribution on such Guarantor&#8217;s capital stock, limited liability company or other ownership interests, as applicable, from repaying
to its parent or the Master Issuer any loans or advances to such Guarantor from its parent or the Master Issuer or from transferring any of such Guarantor&#8217;s property or assets to its parent or the Master Issuer, or any other subsidiary of its
parent or the Master Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vv) None of the Wendy&#8217;s Parties nor any of their respective subsidiaries is, and after giving effect
to the offer and sale of the Offered Notes and the application of the proceeds therefrom as described under &#8220;Use of Proceeds&#8221; in each of the Pricing Disclosure Package and the Final Offering Memorandum will be, an &#8220;investment
company&#8221; as defined in Section&nbsp;3(a)(1) of the Investment Company Act of 1940, as amended (the &#8220;<B><I>1940 Act</I></B>&#8221;) or a company &#8220;controlled&#8221; by an &#8220;investment company&#8221; within the meaning of the
1940 Act, and the rules and regulations of the Commission thereunder. The Master Issuer does not constitute a &#8220;covered fund&#8221; for purposes of the Volcker Rule promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection
Act. None of the Offered Notes is an &#8220;asset-backed security&#8221; within the meaning of Section&nbsp;3(a)(79) of the 1934 Act, and as a result Regulation RR, 17 C. F. R &#167; 246.1 et seq. (the Risk Retention Rules) do not apply to the
issuance and sale of the Offered Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ww) The statistical and market-related data included or incorporated by reference in the Pricing
Disclosure Package and the Final Offering Memorandum are based on or derived from sources that the Wendy&#8217;s Parties believe to be reliable in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xx) Immediately after the consummation of the transactions contemplated by this Agreement, each of the Wendy&#8217;s Parties will be Solvent.
As used in this Agreement, the term &#8220;Solvent&#8221; means, with respect to a particular date, that on such date (i)&nbsp;the present fair market value (or present fair saleable value) of the assets of such relevant entity are not less than the
total amount required to pay the liabilities of such relevant entity on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii)&nbsp;the relevant entity is able to pay its debts and other
liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii)&nbsp;assuming the completion of the transactions contemplated by the Related Documents, the relevant entity is not incurring
debts or liabilities beyond its ability to pay as such debts and liabilities mature, (iv)&nbsp;the relevant entity is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would
constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such entity is engaged, and (v)&nbsp;the relevant entity is not otherwise insolvent under the standards set forth in any U.S. or
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> federal, state or local statute, law or ordinance, or any judgment, decree, rule, regulation, order or injunction. In computing the amount of such contingent liabilities at any time, it is intended
that such liabilities will be computed at the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(yy) None of the Wendy&#8217;s Parties nor any of their respective subsidiaries is a party
to any contract, agreement or understanding with any person (other than this Agreement) that could give rise to a valid claim against any of them or the Initial Purchasers for a brokerage commission, finder&#8217;s fee or like payment in connection
with the offering and sale of the Offered Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(zz) None of the transactions contemplated by this Agreement (including, without
limitation, the use of the proceeds from the sale of the Offered Notes), will violate or result in a violation of Section&nbsp;7 of the 1934 Act, or any regulation promulgated thereunder, including, without limitation, Regulations T, U and X of the
Board of Governors of the Federal Reserve System. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aaa) None of the Wendy&#8217;s Parties nor any of their respective affiliates have
taken, directly or indirectly, any action designed to or that has constituted or that could reasonably be expected to cause or result in the stabilization (within the meaning of Regulation M promulgated by the Securities and Exchange Commission) or
manipulation (within the meaning of Section&nbsp;9 of the 1934 Act) of the price of any security of the Master Issuer or any Guarantor in connection with the offering of the Offered Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bbb) The Wendy&#8217;s Parties and their respective affiliates have not taken, directly or indirectly, any action or omitted to take any
action (such as issuing any press release relating to any Offered Notes without an appropriate legend) which may result in the loss by any of the Initial Purchasers of the ability to rely on any stabilization safe harbor provided by (i)&nbsp;Article
5 of Regulation (EU) No 596/2014 (the &#8220;<B><I>Market Abuse Regulation</I></B>&#8221;) or (ii)&nbsp;the UK Financial Conduct Authority (the &#8220;<B><I>FCA</I></B>&#8221;) under s.137Q of the Financial Services and Markets Act 2000, as amended
(the &#8220;<B><I>FSMA</I></B>&#8221;) and the price stabilizing rules made thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ccc) None of the Wendy&#8217;s Parties nor any
of their respective subsidiaries is in violation of or has received notice of any violation with respect to any federal or state law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal or state wage
and hour laws, nor any state law precluding the denial of credit due to the neighborhood in which a property is situated, the violation of any of which could reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ddd) None of the Wendy&#8217;s Parties nor any of their respective subsidiaries, nor to the knowledge of any Wendy&#8217;s Party, any
controlled affiliate, any director, officer, manager, member, agent, employee or affiliate has (i)&nbsp;used any corporate or company funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity;
(ii)&nbsp;made any direct or indirect unlawful payment to any domestic government official or &#8220;foreign official&#8221; (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder
(collectively, the &#8220;<B><I>FCPA</I></B>&#8221;)) or foreign government employee; (iii)&nbsp;violated or is in violation of any provision of any applicable law or regulation implementing the OECD
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or any applicable provision of the FCPA, the U.K. Bribery Act 2010 of the United Kingdom, or any
other applicable similar law or statute of any other jurisdiction in which it operates its business, including, in each case, the rules and regulations thereunder; (iv)&nbsp;otherwise made any bribe, unlawful rebate, unlawful payoff, unlawful
influence payment, unlawful kickback or other unlawful payment; or (v)&nbsp;received notice of any investigation, proceeding or inquiry by any governmental agency, authority or body regarding any of the matters in clauses (i)&nbsp;through (iv)
above; and the Wendy&#8217;s Parties and their respective subsidiaries and, to the knowledge of each such Wendy&#8217;s Party, the controlled affiliates of each such Wendy&#8217;s Party, have conducted their respective businesses in compliance with
the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(eee) The operations of the Wendy&#8217;s Parties and each of their respective subsidiaries are and have been conducted at all times in all
material respects compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions where the
Wendy&#8217;s Parties and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency applicable to the Wendy&#8217;s
Parties or their respective assets (collectively, the &#8220;<B><I>Money Laundering Laws</I></B>&#8221;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any Wendy&#8217;s
Party or any of their respective subsidiaries with respect to the Money Laundering Laws has been initiated or, to the knowledge of the Wendy&#8217;s Party, threatened or pending. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(fff) None of the Wendy&#8217;s Parties nor any of their respective subsidiaries nor any of their respective controlled affiliates, directors
or officers, or, to the knowledge of such Wendy&#8217;s Party, any employees, agents or other persons acting on behalf of such relevant entity is currently the subject or, to the knowledge of such Wendy&#8217;s Party, the target of any sanctions
administered or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury&#8217;s Office of Foreign Assets Control (&#8220;<B><I>OFAC</I></B>&#8221;) and the U.S. Department of State, the United
Nations Security Council, the European Union, any European Union member state, His Majesty&#8217;s Treasury of the UK, or other relevant sanctions authority (collectively, &#8220;<B><I>Sanctions</I></B>&#8221;), nor is such relevant entity located,
organized or resident in a country or territory that is the target of comprehensive or territory-wide Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, the <FONT STYLE="white-space:nowrap">so-called</FONT> Donetsk People&#8217;s
Republic, the <FONT STYLE="white-space:nowrap">so-called</FONT> Luhansk People&#8217;s Republic, the Crimea region of Ukraine or any covered region of Ukraine identified pursuant to Executive Order 14065) (the &#8220;<B><I>Sanctioned
Countries</I></B>&#8221;), or is owned or controlled by or any individual or entity that currently is the subject or, to the knowledge of such Wendy&#8217;s Party, the target of any Sanctions; the Wendy&#8217;s Parties and their respective
subsidiaries are in compliance with all applicable Sanctions; and the Wendy&#8217;s Parties and their respective subsidiaries: (i)&nbsp;have implemented and maintain in effect policies and procedures reasonably designed to ensure compliance with
applicable Sanctions and are in compliance with applicable Sanctions laws in all material respects, (ii)&nbsp;have not received any notice that any violation of Sanctions is being or may be alleged and (iii)
</P>
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will not directly or knowingly indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person
or entity, for the purpose of financing the activities of or business with any person, or in any Sanctioned Countries, or in any other manner that would reasonably be expected to result in a violation by any person (including any person
participating in the transaction whether as underwriter, advisor, investor or otherwise) of Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ggg) There are no transfer taxes
or other similar fees or charges under Federal law or the laws of any state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance and sale by the Master Issuer and
the Guarantors of the Offered Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(hhh) None of the Wendy&#8217;s Parties nor, to the knowledge of the Wendy&#8217;s Parties, any of
their respective affiliates or representatives, have participated in a plan or scheme to evade the registration requirements of the 1933 Act through the sale of the Offered Notes pursuant to Regulation S. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) None of the Wendy&#8217;s Parties (i)&nbsp;party to any of the Related Documents is in breach of any of the Related Documents as of the
date hereof and (ii)&nbsp;has any knowledge that any other party to a material contract with a Securitization Entity is in default under such material contract, except, in each case, as could not, individually or in the aggregate, be reasonably
expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(jjj) The Manager has provided (i)&nbsp;a <FONT STYLE="white-space:nowrap">17g-5</FONT>
Representation to the Rating Agency (as defined below); (ii) an executed copy of the <FONT STYLE="white-space:nowrap">17g-5</FONT> Representation delivered to the Rating Agency (as defined below) has been delivered to the Representative; and
(iii)&nbsp;each of the Wendy&#8217;s Parties has complied in all material respects with each <FONT STYLE="white-space:nowrap">17g-5</FONT> Representation. For purposes of this Agreement, &#8220;<B><I><FONT STYLE="white-space:nowrap">17g-5</FONT>
Representation</I></B>&#8221; means a written representation provided to the Rating Agency, which satisfies the requirements of Rule <FONT STYLE="white-space:nowrap">17g-5(a)(3)(iii)</FONT> of under the 1934 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(kkk) All of the issued and outstanding limited liability company interests of Oldemark LLC are owned by the Manager, and all such limited
liability company interests are duly authorized and validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and owned of record by the Manager, free and clear of all Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(lll) All of the issued and outstanding limited liability company interests of the Holding Company Guarantor are owned by Oldemark LLC, and
all such limited liability company interests are duly authorized and validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and owned of record by Oldemark LLC, free and clear of all Liens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(mmm) All of the issued and outstanding limited liability company interests of the Master Issuer are owned by the Holding Company Guarantor,
and all such limited liability company interests are duly authorized and validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and owned of record by the Holding Company Guarantor, free and clear of all Liens. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(nnn) All of the issued and outstanding limited liability company interests of the Franchise
Holder and Wendy&#8217;s Properties are owned by the Master Issuer, and all such limited liability company interests are duly authorized and validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and owned of record by
the Master Issuer, free and clear of all Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any certificate signed by any officer of any Wendy&#8217;s Party and delivered to the
Representative or counsel for the Representative or any Wendy&#8217;s Party in connection with the offering of the Offered Notes shall be deemed a representation and warranty by such Wendy&#8217;s Party, as to matters covered thereby, to the Initial
Purchasers, and not a representation or warranty by the individual (other than in his or her official capacity). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <I>Purchase of the
Offered Notes by the Initial Purchasers; Agreements to Sell, Purchase and Resell.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On the basis of the representations,
warranties, covenants and agreements herein contained, and subject to the terms and conditions herein set forth, the Master Issuer agrees to sell to each Initial Purchaser and each Initial Purchaser, severally and not jointly, agrees to purchase
from the Master Issuer, at a purchase price as agreed among the Master Issuer, the Representative and the other Initial Purchasers, the principal amount of Offered Notes set forth opposite their respective names on Schedule I hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each of the Initial Purchasers, severally and not jointly, hereby represents and warrants to the Wendy&#8217;s Parties that it will offer
the Offered Notes for sale upon the terms and conditions set forth in this Agreement, the Pricing Disclosure Package and the Final Offering Memorandum. Each of the Initial Purchasers, severally and not jointly, hereby represents and warrants to, and
agrees with, the Wendy&#8217;s Parties, on the basis of the representations, warranties and agreements of the Master Issuer, the Parent Companies and the Guarantors, that such Initial Purchaser: (i)&nbsp;is a sophisticated investor with such
knowledge and experience in financial and business matters as are necessary in order to evaluate the merits and risks of an investment in the Offered Notes; (ii)&nbsp;is purchasing the Offered Notes pursuant to a private sale exempt from
registration under the 1933 Act; (iii)&nbsp;in connection with the Exempt Resales, will solicit offers to buy the Offered Notes only from, and will offer to sell the Offered Notes only to, the Eligible Purchasers in accordance with this Agreement
and on the terms contemplated by the Pricing Disclosure Package and the Final Offering Memorandum; and (iv)&nbsp;will not offer or sell the Offered Notes, nor has it offered or sold the Offered Notes by, or otherwise engaged in, any General
Solicitation and will not engage in any directed selling efforts within the meaning of Rule 902 under the 1933 Act, in connection with the offering of the Offered Notes. The Initial Purchasers have advised the Master Issuer that they will offer the
Offered Notes to Eligible Purchasers at an initial price as set forth in Schedule II hereof, plus accrued interest, if any, from the date of issuance of the Offered Notes. Such price may be changed by the Initial Purchasers at any time without
notice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Each Initial Purchaser, severally and not jointly, represents and warrants to the
Wendy&#8217;s Parties that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) (a) It has complied and will comply with all applicable provisions of the FSMA with respect to anything
done by it in relation to the Offered Notes in, from or otherwise involving the United Kingdom, (b)&nbsp;it has only communicated or caused to be communicated and it will only communicate or cause to be communicated any invitation or inducement to
engage in investment activity (within the meaning of Section&nbsp;21 of the FSMA) received by it in connection with the issue or sale of any Offered Notes, in circumstances in which Section&nbsp;21(1) of the FSMA does not apply to the Master Issuer;
and (c)&nbsp;it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Offered Notes to any retail investor in the United Kingdom. For the purposes of this provision: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the expression &#8220;retail investor&#8221; means a person who is one (or more) of the following:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a retail client, as defined in point (8)&nbsp;of Article 2 of Regulation (EU) No 2017/565 as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018 (&#8220;<B><I>EUWA</I></B>&#8221;); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to
implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8)&nbsp;of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the expression an offer includes the communication in any form and by any means of sufficient information on
the terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Offered Notes. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Each Initial Purchaser represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell or
otherwise make available any Notes to any retail investor in the European Economic Area (the &#8220;<B><I>EEA</I></B>&#8221;). For the purposes of this provision: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the expression &#8220;retail investor&#8221; means a person who is one (or more) of the following:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a retail client as defined in point (11)&nbsp;of Article 4(1) of MiFID II; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional
client as defined in point (10)&nbsp;of Article 4(1) of MiFID II; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended); and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the expression &#8220;offer&#8221; includes the communication in any form and by any means of sufficient
information on the terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe the Offered Notes and &#8220;<B><I>MiFID II</I></B>&#8221; means collectively EU Directive 2014/65/EU and EU
Regulation 600/2014/EU on Markets in Financial Instruments (in each case, as amended). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Initial Purchasers have
not and, prior to the later to occur of (A)&nbsp;the Closing Date and (B)&nbsp;completion of the distribution of the Offered Notes, will not, use, authorize use of, refer to or distribute any material in connection with the offering and sale of the
Offered Notes other than (i)&nbsp;the Preliminary Offering Memorandum, the Pricing Disclosure Package, the Final Offering Memorandum and the documents listed on Schedule III hereto, (ii)&nbsp;any written communication that contains either
(x)&nbsp;no &#8220;issuer information&#8221; (as defined in Rule 433(h)(2) under the 1933 Act) or (y) &#8220;issuer information&#8221; that was included (including through incorporation by reference) in the Preliminary Offering Memorandum, the
Pricing Disclosure Package, the Final Offering Memorandum or the documents listed on Schedule III hereto or (iii)&nbsp;any written communication prepared by such Initial Purchaser and approved by the Master Issuer (or the Manager on its behalf) in
writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Each Initial Purchaser hereby acknowledges that upon original issuance thereof, and until such time as the same is no longer
required under the applicable requirements of the 1933 Act, the Offered Notes (and all securities issued in exchange therefore or in substitution thereof) shall bear legends substantially in the forms as set forth in the &#8220;Transfer
Restrictions&#8221; section of the Pricing Disclosure Package and Final Offering Memorandum (along with such other legends as the Master Issuer and their counsel deem necessary). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Each of the Initial Purchasers understands that the Master Issuer and, for purposes of the opinions to be delivered to the Initial Purchasers
pursuant to Sections 7(d) and 7(j) hereof, counsel to the Master Issuer and counsel to the Initial Purchasers, will assume the accuracy and truth of the foregoing representations, warranties and agreements, and the Initial Purchasers hereby consent
to such reliance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <I>Delivery of the Offered Notes and Payment Therefor</I>. Delivery to the Initial Purchasers of and payment for the
Offered Notes shall be made at the offices of King&nbsp;&amp; Spalding LLP at 10:00 A.M., New York City time, on December&nbsp;15, 2025 (the &#8220;<B><I>Closing Date</I></B>&#8221;). The place of closing for the Offered Notes and the Closing Date
may be varied by agreement between the Initial Purchasers and the Master Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Offered Notes will be delivered to the respective
accounts of the Representative, or the Trustee as custodian for The Depository Trust Company (&#8220;<B><I>DTC</I></B>&#8221;), against payment by or on behalf of the Representative of the purchase price therefor by wire transfer in immediately
available funds, by causing DTC to credit the Offered Notes to the respective </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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accounts of the Representative at DTC. The Offered Notes will be evidenced by one or more global securities with respect to each series in definitive form and will be registered in the name of
Cede&nbsp;&amp; Co. as nominee of DTC. The Offered Notes to be delivered to the Representative shall be made available to the Initial Purchasers in New York City for inspection and packaging not later than 10:00 A.M., New York City time, on the
Business Day next preceding the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <I>Agreements of the Wendy&#8217;s Parties</I>. The Wendy&#8217;s Parties, jointly and
severally, agree with each of the Initial Purchasers as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Wendy&#8217;s Parties will furnish to the Initial Purchasers,
without charge, (i)&nbsp;as soon as practicable after the Applicable Time, such number of copies of the Preliminary Offering Memorandum as may then be amended or supplemented as the Initial Purchasers may reasonably request and (ii)&nbsp;within one
(1)&nbsp;Business Day of the date of the Final Offering Memorandum, such number of copies of the Final Offering Memorandum as may then be amended or supplemented as the Initial Purchasers may reasonably request; <I>provided </I>that such obligation
may be satisfied by delivery of the Preliminary Offering Memorandum or the Final Offering Memorandum, as applicable, and any such amendments and supplements by electronic means, including by <FONT STYLE="white-space:nowrap">e-mail</FONT> delivery of
a PDF file. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Wendy&#8217;s Parties shall provide to the Initial Purchasers, without charge, during the period from the date of
this Agreement until the earlier of (i) 180 days from the date of this Agreement and (ii)&nbsp;such date as of which all of the Offered Notes shall have been sold by the Initial Purchasers (such period, the &#8220;<B><I>Offering
Period</I></B>&#8221;), as many copies of the Final Offering Memorandum and any supplements and amendments thereto, as the Initial Purchasers may reasonably request, <I>provided</I> that such obligation may be satisfied by delivery of the Final
Offering Memorandum and any such amendments and supplements by electronic means, including by <FONT STYLE="white-space:nowrap">e-mail</FONT> delivery of a PDF file. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Wendy&#8217;s Parties will prepare the Final Offering Memorandum in a form approved by the Representative and will not make any
amendment or supplement to the Pricing Disclosure Package or to the Final Offering Memorandum of which the Representative shall not previously have been advised or to which they shall reasonably object in a timely manner after being so advised. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Wendy&#8217;s Parties will (i)&nbsp;advise the Representative promptly of (x)&nbsp;any Commission order preventing or suspending the
use of the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum or (y)&nbsp;any suspension of the qualification of the Offered Notes for offering or sale in any jurisdiction and of the initiation or
threatening of any proceeding for any such purpose, and (ii)&nbsp;use best efforts to prevent the issuance of any such order preventing or suspending the use of the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final
Offering Memorandum or suspending any such qualification and, if any such suspension is issued, to obtain the lifting thereof at the earliest possible time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Each of the Wendy&#8217;s Parties consents to the use of the Pricing Disclosure Package
and the Final Offering Memorandum in accordance with the securities or Blue Sky laws of the jurisdictions in which the Offered Notes are offered by the Initial Purchasers and by all dealers to whom Offered Notes may be sold, in connection with the
offering and sale of the Offered Notes; <I>provided</I> that in connection therewith, none of the Wendy&#8217;s Parties shall be required to (i)&nbsp;qualify as a foreign corporation or limited liability company in any jurisdiction in which it would
not otherwise be required to so qualify, (ii)&nbsp;file a general consent to service of process in any such jurisdiction or (iii)&nbsp;subject itself to taxation in any jurisdiction in which it would not otherwise be subject. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) If, at any time prior to the end of the Offering Period, any event occurs or information becomes known that, in the judgment of any
Wendy&#8217;s Party or in the reasonable opinion of counsel for the Representative, should be set forth in the Pricing Disclosure Package or the Final Offering Memorandum so that the Pricing Disclosure Package or the Final Offering Memorandum, as
then amended or supplemented, does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
or if it is necessary to supplement or amend the Pricing Disclosure Package or the Final Offering Memorandum in order to comply with any law, the Wendy&#8217;s Parties will promptly prepare an appropriate supplement or amendment thereto, and will
expeditiously furnish to the Initial Purchasers a reasonable number of copies thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Promptly from time to time, the Wendy&#8217;s
Parties shall take such action as the Representative may reasonably request to qualify the Offered Notes for offering and sale under the securities or Blue Sky laws of such jurisdictions as the Representative may request, to comply with such laws so
as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Offered Notes and to arrange for the determination of the eligibility for investment of the Offered
Notes under the laws of such jurisdictions as the Representative may reasonably request; <I>provided</I> that in connection therewith, none of the Wendy&#8217;s Parties shall be required to (i)&nbsp;qualify as a foreign corporation, limited
liability company or limited partnership in any jurisdiction in which it would not otherwise be required to so qualify, (ii)&nbsp;file a general consent to service of process in any such jurisdiction or (iii)&nbsp;subject itself to taxation in any
jurisdiction in which it would not otherwise be subject. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) For a period commencing on the date hereof and ending on the 90th day after
the date of the Final Offering Memorandum, the Securitization Entities agree not to, directly or indirectly, (i)&nbsp;offer for sale, sell, or otherwise dispose of (or enter into any transaction or device that is designed to, or would be expected
to, result in the disposition by any person at any time in the future of) any debt securities of any Securitization Entity substantially similar to the Offered Notes (&#8220;<B><I>Similar Debt Securities</I></B>&#8221;) or securities convertible
into or exchangeable for Similar Debt Securities <I>provided</I>, that nothing in the foregoing clause (i)&nbsp;shall be construed to prohibit or limit the Master Issuer from repaying its 7.00% debentures due December&nbsp;15, 2025, (ii) enter into
any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of Similar Debt Securities whether any such transaction </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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described in clause (i)&nbsp;or (ii) above is to be settled by delivery of Similar Debt Securities or other securities, in cash or otherwise, (iii)&nbsp;file or cause to be filed a registration
statement, including any amendments, with respect to the registration of Similar Debt Securities or securities convertible, exercisable or exchangeable into Similar Debt Securities or (iv)&nbsp;publicly announce an offering of any Similar Debt
Securities or securities convertible or exchangeable into Similar Debt Securities, in each case without the prior written consent of the Representative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) So long as any of the Offered Notes are outstanding, the Wendy&#8217;s Parties will furnish at their expense to the Representative, and,
upon request, to holders of the Offered Notes that agree to certain confidentiality obligations and prospective purchasers of the Offered Notes, the information required by Rule 144A(d)(4) under the 1933 Act (if any). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The Master Issuer will apply the net proceeds from the sale of the Offered Notes to be sold by the Master Issuer hereunder substantially
in accordance with the description set forth in the Pricing Disclosure Package and the Final Offering Memorandum under the caption &#8220;Use of Proceeds.&#8221; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) The Wendy&#8217;s Parties and their respective affiliates will not take, directly or indirectly, any action designed to or that has
constituted or that reasonably could be expected to cause the stabilization or manipulation of the price of any security of Wendy&#8217;s Parties in connection with the offering of the Offered Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) Each Wendy&#8217;s Party will not, and will not permit any of its respective affiliates (as defined in Rule 144) to, resell any of the
Offered Notes that have been acquired by any of them, except for Offered Notes purchased by any of the Wendy&#8217;s Parties or any of their respective affiliates and resold in a transaction registered under the 1933 Act or in accordance with Rule
144 or other applicable exemption under the 1933 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) The Wendy&#8217;s Parties will use their best efforts to permit the Offered
Notes to be eligible for clearance and settlement in the United States through DTC and in Europe through Euroclear Bank, S.A./N.V., or Clearstream Banking, <I>soci&eacute;t&eacute; anonyme</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) The Wendy&#8217;s Parties agree not to sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as
defined in the 1933 Act) that would be integrated with the sale of the Offered Notes in a manner that would require the registration under the 1933 Act of the sale to the Initial Purchasers or the Eligible Purchasers of the Offered Notes. The
Wendy&#8217;s Parties will take reasonable precautions designed to ensure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in Rule 902 under the 1933 Act), of any Offered Notes is made under
restrictions and other circumstances reasonably designed not to affect the status of the offer and sale of the Offered Notes in the United States and to U.S. persons contemplated by this Agreement as transactions exempt from the registration
provisions of the 1933 Act, including any sales pursuant to Rule 144A under, or Regulations D or S of, the 1933 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) The Master
Issuer and the Guarantors agree to comply with all agreements set forth in the representation letters of the Master Issuer and the Guarantors to DTC relating to the approval of the Offered Notes by DTC for &#8220;book entry&#8221; transfer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) The Wendy&#8217;s Parties will do and perform all things required to be done and
performed under this Agreement by them prior to the Closing Date in order to satisfy all conditions precedent to the Initial Purchasers&#8217; obligations hereunder to purchase the Offered Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) During the Offering Period, the Wendy&#8217;s Parties will not solicit any offer to buy from or offer to sell to any person any Offered
Notes except through the Representative. To the extent that the Offering Period continues beyond the Closing Date, the Representative will provide the Master Issuer and the Manager written notice of the conclusion of the Offering Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) The Wendy&#8217;s Parties (i)&nbsp;have completed on or prior to the Closing Date all filings and other similar actions required in
connection with the creation and perfection of security interests in the Collateral as and to the extent required by the Indenture, the Offered Notes, the Guarantees and the other Related Documents and (ii)&nbsp;shall complete all filings and other
similar actions required in the future in connection with the creation and perfection or maintenance of security interests in the Collateral as and to the extent required by the Indenture, the Offered Notes, the Guarantees and the other Related
Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) The Wendy&#8217;s Parties, any of their respective affiliates or representatives (other than the Initial Purchasers, their
affiliates and representatives, as to whom the Wendy&#8217;s Parties make no covenant) will not engage in any General Solicitation in connection with the offer and sale of the Offered Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) The Wendy&#8217;s Parties will take such steps as shall be necessary to ensure that no such Wendy&#8217;s Party becomes required to
register as an &#8220;investment company&#8221; within the meaning of such term under the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) No Wendy&#8217;s Party will take
any action which would result in the loss by any Initial Purchaser of the ability to rely on any stabilization safe harbor provided by (i)&nbsp;Article 5 of the Market Abuse Regulation or (ii)&nbsp;the FCA under s.137Q FSM. Each Wendy&#8217;s Party
hereby authorizes the Initial Purchasers to make such public disclosure of information relating to stabilization as is required by applicable law, regulation and guidance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) To the extent that the ratings to be provided with respect to the Offered Notes as set forth in the Pricing Disclosure Package by S&amp;P
Global Ratings (the &#8220;<B><I>Rating Agency</I></B>&#8221;) are conditional upon the furnishing of documents or the taking of any other actions by Wendy&#8217;s Parties or any of their respective affiliates, the Wendy&#8217;s Parties and any of
their respective affiliates agree to furnish such documents and take any such other action that is reasonably requested by the Rating Agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) The Manager shall comply, and shall cause the Master Issuer to comply, in all material respects with Rule
<FONT STYLE="white-space:nowrap">17g-5</FONT> under the 1934 Act and the <FONT STYLE="white-space:nowrap">17g-5</FONT> Representation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <I>Expenses</I>. Whether or not the transactions contemplated by this Agreement are
consummated or this Agreement is terminated, the Wendy&#8217;s Parties, jointly and severally, agree, to pay all reasonable expenses, costs, fees and taxes incident to and in connection with: (a)&nbsp;the preparation, printing and distribution of
the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum (including, without limitation, financial statements and exhibits and one or more versions of the Preliminary Offering Memorandum and the Final
Offering Memorandum, if requested, for distribution in Canada, including in the form of a Canadian &#8220;wrapper&#8221; (including related reasonable fees and expenses of Canadian counsel to the Initial Purchasers)) and all amendments and
supplements thereto (including the fees, disbursements and expenses of the Wendy&#8217;s Parties&#8217; accountants, experts and counsel); (b) the preparation, printing (including, without limitation, word processing and duplication costs) and
delivery of this Agreement, the Indenture, the Offered Notes, the Guarantees and the other Related Documents, all Blue Sky memoranda and all other agreements, memoranda, correspondence and other documents printed and delivered in connection
therewith and with the Exempt Resales; (c)&nbsp;the issuance and delivery by the Master Issuer of the Offered Notes and by the Guarantors of the Guarantees and any taxes payable in connection therewith; (d)&nbsp;the qualification of the Offered
Notes for offer and sale under the securities or Blue Sky laws of the several states and any foreign jurisdictions as the Representative may designate (including, without limitation, the reasonable fees and disbursements of the Initial
Purchasers&#8217; counsel relating to such registration or qualification); (e) the furnishing of such copies of the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum, and all amendments and supplements
thereto, as may be reasonably requested for use in connection with the Exempt Resales; (f)&nbsp;the preparation of certificates for the Offered Notes (including, without limitation, printing and engraving thereof); (g) the fees and expenses of the
accountants and other experts incurred in connection with the delivery of the comfort letters and &#8220;agreed upon procedures&#8221; letters to the Representative pursuant to the terms of this Agreement; (h)&nbsp;the reasonable fees, disbursements
and expenses of outside legal counsel (including any local counsel) to the Representative, the fees of outside accountants, the costs of any diligence service, and the fees of any other third party service provider or advisor retained by the
Representative with the prior approval of the Master Issuer (not to be unreasonably withheld); (i) the custody of the Offered Notes and the approval of the Offered Notes by DTC for &#8220;book-entry&#8221; transfer (including reasonable fees and
expenses of counsel for the Initial Purchaser); (j) the rating of the Offered Notes; (k)&nbsp;the obligations of the Trustee, the Servicer, any agent of the Trustee or the Servicer and the counsel for the Trustee or the Servicer in connection with
the Indenture, the Offered Notes or the other Related Documents; (l)&nbsp;the performance by the Wendy&#8217;s Parties of their other obligations under this Agreement and under the other Related Documents which are not otherwise specifically
provided for in this Section&nbsp;6; (m) all travel expenses (including expenses related to chartered aircraft) of the Representative and Wendy&#8217;s Parties&#8217; officers and employees and any other expenses of each of the Representative, the
Wendy&#8217;s Parties in connection with attending or hosting meetings with prospective purchasers of the Offered Notes, and expenses associated with any &#8220;road show&#8221; presentation to potential investors (including any electronic
&#8220;road show&#8221; presentations); (n) compliance with Rule <FONT STYLE="white-space:nowrap">17g-5</FONT> under the 1934 Act; and (o)&nbsp;all sales, use and other taxes (other than income taxes) related to the transactions contemplated by this
Agreement, the Indenture, the Offered Notes or the other Related Documents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <I>Conditions to the Initial Purchasers&#8217; Obligations</I>. The respective
obligations of the Initial Purchasers hereunder are subject to the accuracy, when made and on and as of the Closing Date, of the representations and warranties of the Wendy&#8217;s Parties contained herein, to the performance by the Wendy&#8217;s
Parties and each of their respective obligations hereunder, and to each of the following additional terms and conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Final
Offering Memorandum (and any amendments or supplements thereto) shall have been printed and copies distributed to the Initial Purchasers as promptly as practicable on or following the date of this Agreement or at such other date and time as to which
the Initial Purchasers may agree. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Neither Representative shall have discovered and disclosed to the Wendy&#8217;s Parties on or prior
to the Closing Date that the Pricing Disclosure Package or the Final Offering Memorandum, any document listed on Schedule III hereto or any amendment or supplement to any of the foregoing, contains an untrue statement of a fact which, in the opinion
of such Representative, is material or omits to state a fact which, in the opinion of such Representative, is material and is necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) All corporate proceedings and other legal matters incident to the authorization, form and validity of this Agreement, the Offered Notes,
the Indenture, the other Related Documents, the Pricing Disclosure Package and the Final Offering Memorandum, and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all
material respects to counsel for the Representative, and the Wendy&#8217;s Parties shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Ropes&nbsp;&amp; Gray LLP shall have furnished to the Representative its written opinions that are customary for transactions of this
type, including in respect of corporate, securities and investment company act matters, security interest matters, <FONT STYLE="white-space:nowrap">&#8220;non-consolidation&#8221;</FONT> matters and tax matters, which written opinions may be
delivered in the form of reliance letters and reliance paragraphs on written opinions previously delivered in connection with the offering and sale of Notes and its negative assurance letter with respect to the Pricing Disclosure Package and the
Final Offering Memorandum, as counsel to the Wendy&#8217;s Parties, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Representative and its counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Greenberg Traurig, LLP shall have furnished to the Representative its written opinion, as franchise counsel to the Wendy&#8217;s Parties,
addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Representative and its counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Dentons US LLP shall have furnished to the Representative its written opinion, as counsel to the Trustee, addressed to the Initial
Purchasers and dated as of the Closing Date, in form and substance reasonably satisfactory to the Representative and its counsel. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Representative shall have received an opinion and negative assurance letter of Mayer
Brown LLP, counsel to the Servicer, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative and its counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The Representative shall have received a reliance letter of Andrascik&nbsp;&amp; Tita LLC, counsel to the
<FONT STYLE="white-space:nowrap">Back-Up</FONT> Manager, dated as of the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative and its counsel allowing for the reliance by the
Initial Purchasers on the opinion letter issued by Andrascik&nbsp;&amp; Tita LLC in connection with the Series <FONT STYLE="white-space:nowrap">2025-1</FONT> Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Representative shall have received an opinion from Richards, Layton&nbsp;&amp; Finger, PA, Delaware counsel, Vorys, Sater, Seymour and
Pease LLP, Ohio counsel and Cassels Brock&nbsp;&amp; Blackwell LLP, Canadian counsel to the Wendy&#8217;s Parties, dated as of the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the
Representative and its counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The Representative shall have received from King&nbsp;&amp; Spalding LLP, counsel for the Initial
Purchasers, such opinions and negative assurance letter, dated as of the Closing Date, with respect to the issuance and sale of the Offered Notes, the Pricing Disclosure Package, the Final Offering Memorandum and other related matters as the
Representative may reasonably require, and Wendy&#8217;s Parties shall have furnished to such counsel such documents and information as such counsel reasonably requests for the purpose of enabling them to pass upon such matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) In addition to the other opinions and letters provided for in this Section&nbsp;7, the Representative shall have been provided with any
other opinions that have been addressed to the Rating Agency in connection with the transactions contemplated herein, and such opinions will be addressed to the Initial Purchasers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) At the time of execution of this Agreement, the Representative shall have received from Deloitte and Touche LLP, a &#8220;comfort
letter&#8221;, in form and substance reasonably satisfactory to the Representative, addressed to the Initial Purchasers and dated the date hereof (i)&nbsp;confirming that they are independent public accountants with respect to Parent and its
subsidiaries within the meaning of the 1933 Act and the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board and (ii)&nbsp;stating, as of the Applicable Time (or, with respect to matters
involving changes or developments since the respective dates as of which specified financial information is given in the Pricing Disclosure Package, as of a date not more than three days prior to the date hereof), the conclusions and findings of
such firm with respect to the financial information and (iii)&nbsp;covering such other matters as are ordinarily covered by accountants&#8217; &#8220;comfort letters&#8221; to underwriters in connection with registered public offerings. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) With respect to the letter of Deloitte and Touche LLP referred to in the preceding
paragraph and delivered to the Representative concurrently with the execution of this Agreement (the &#8220;<B><I>initial letter</I></B>&#8221;), Deloitte and Touche LLP shall have furnished to the Representative a &#8220;bring-down letter&#8221; of
such accountants, addressed to the Initial Purchasers and dated the Closing Date (i)&nbsp;confirming that they are independent public accountants with respect to Parent and its subsidiaries within the meaning of the 1933 Act and the applicable rules
and regulations adopted by the Commission and the Public Company Accounting Oversight Board, (ii)&nbsp;stating, as of the Closing Date (or, with respect to matters involving changes or developments since the respective dates as of which specified
financial information is given in each of the Pricing Disclosure Package or the Final Offering Memorandum, as of a date not more than three days prior to the date of the Closing Date), the conclusions and findings of such firm with respect to the
financial information and other matters covered by the initial letter, (iii)&nbsp;confirming in all material respects the conclusions and findings set forth in the initial letter, and (iv)&nbsp;containing agreed-upon bring-down and subsequent events
procedures language covering the post-pricing period reasonably requested by the Representative (consistent with applicable professional auditing standards). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) At the time of execution of this Agreement, Barclays (in its capacity as a Representative) shall have received from FTI Consulting, Inc. a
letter (the &#8220;<B><I><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Tape-to-File</FONT></FONT> AUP Letter</I></B>&#8221;), in form and substance reasonably satisfactory to Barclays (in its capacity as a Representative),
addressed to Barclays (in its capacity as a Representative) and such other Initial Purchasers that request that the letter be addressed directly to them, and dated the date hereof, concerning the results of its comparison of specified attributes in
a unit data file to corresponding documents made available to FTI Consulting, Inc. by the Securitization Entities or by Barclays (in its capacity as a Representative) on behalf of the Securitization Entities for its review, such <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Tape-to-File</FONT></FONT> AUP Letter to be addressed to Barclays (in its capacity as a Representative) and, to any other Initial Purchaser that has both requested such <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Tape-to-File</FONT></FONT> AUP Letter be addressed to such Initial Purchaser and that has executed and delivered to FTI Consulting, Inc. a letter of acknowledgement agreeing to be subject
to the terms, conditions and limitations of a &#8220;Specified User&#8221; as set forth in that certain engagement letter by and among Parent, Barclays (in its capacity as a Representative) and FTI Consulting, Inc., dated September&nbsp;23, 2025, as
such letter of acknowledgement is in form and substance satisfactory to FTI Consulting, Inc., in FTI Consulting, Inc.&#8217;s, sole and absolute discretion (in each such case, a &#8220;<B><I>Letter of Acknowledgement</I></B>&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) At the time of execution of this Agreement, Barclays (in its capacity as a Representative) shall have received from FTI Consulting, Inc. a
letter (the &#8220;<B><I>Modeling AUP Letter</I></B>&#8221;), in form and substance reasonably satisfactory to Barclays (in its capacity as a Representative), addressed to Barclays (in its capacity as a Representative) and such other Initial
Purchasers that request that the letter be addressed directly to them, and dated the date hereof, concerning the results of its review of certain investor model runs contained in the Supplementary Materials to the extent such Supplemental Materials
with such investor model runs have been provided to FTI Consulting, Inc. by the Securitization Entities or by Barclays (in its capacity as a Representative) on behalf of the Securitization Entities, such Modeling AUP Letter to be addressed to
Barclays (in its capacity as a Representative) and, to any other Initial Purchaser that has both requested such Modeling AUP Letter be addressed to such Initial Purchaser and that has executed and delivered to FTI Consulting, Inc. a Letter of
Acknowledgement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) [<I>RESERVED</I>]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) [<I>RESERVED</I>]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) At
the time of execution of this Agreement, Barclays (in its capacity as a Representative) shall have received from FTI Consulting, Inc. a letter (the &#8220;<B><I>Initial AUP Letter</I></B>&#8221;), in form and substance reasonably satisfactory to
Barclays (in its capacity as a Representative) and dated the date hereof, concerning certain agreed-upon procedures performed in respect of the information presented in the Pricing Disclosure Package and the Final Offering Memorandum (including the
Investor Model Runs (as defined in Schedule III hereto)), in each such case, to the extent the Pricing Disclosure Package and Final Offering Memorandum have been previously delivered to FTI Consulting, Inc. on behalf of the Master Issuer, such
Initial AUP Letter to be addressed to Barclays (in its capacity as a Representative) and to any other Initial Purchaser that has both requested such Initial AUP Letter to be addressed to such Initial Purchaser and that has executed and delivered to
FTI Consulting, Inc. a Letter of Acknowledgement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) With respect to the Initial AUP Letter referred to in the preceding paragraph and
delivered to Barclays (in its capacity as a Representative) concurrently with the execution of this Agreement, FTI Consulting, Inc. shall have furnished to Barclays (in its capacity as a Representative) a final report, dated the Closing Date,
stating, as of the Closing Date (i)&nbsp;the conclusions and findings of such firm with respect to the matters covered by the Initial AUP Letter, and (ii)&nbsp;confirming in all material respects the conclusions and findings set forth in the Initial
AUP Letter, such final report to be addressed to Barclays (in its capacity as a Representative) and, to any other Initial Purchaser that has both requested such final report be addressed to such Initial Purchaser and that has executed and delivered
to FTI Consulting, Inc. a Letter of Acknowledgement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) (i) None of the Wendy&#8217;s Parties shall have sustained, since the Audit
Date, any material loss or interference with its business or properties from fire, explosion, flood, earthquake, hurricane, accident or other calamity, or escalation thereof, whether or not covered by insurance, or from any labor dispute or any
legal or governmental proceeding, other than as set forth in the Pricing Disclosure Package and the Final Offering Memorandum (exclusive of any supplement thereto); and (ii)&nbsp;subsequent to the dates as of which information is given in the
Pricing Disclosure Package and the Final Offering Memorandum (exclusive of any supplement thereto), there shall not have been any change in the capital stock or limited liability company interests, as applicable, or long-term debt of any of the
Wendy&#8217;s Parties or any change, or any development involving a change, in the business, general affairs, condition (financial or otherwise), results of operations, stockholders&#8217; equity, properties or prospects of the Wendy&#8217;s Parties
and their respective subsidiaries, individually or taken as a whole, the effect of which, in any such case described above, is, in the reasonable judgment of the Representative, so material and adverse as to make it impracticable or inadvisable to
proceed with the offering, sale or delivery of the Offered Notes on the terms and in the manner contemplated in the Pricing Disclosure Package and the Final Offering Memorandum. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) Each of Wendy&#8217;s Parties shall have furnished or caused to be furnished to the
Representative dated as of the Closing Date a certificate of Trevor D. Morse, Senior Director, Treasurer of The Wendy&#8217;s Company and Treasurer of each of the other Wendy&#8217;s Parties, or other officers reasonably satisfactory to the
Representative, as to such matters as the Representative may reasonably request, including, without limitation, certifications substantially in the form set forth on Schedule IV (subject to such modifications as reasonably agreed to by the
Representative). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Subsequent to the earlier of the Applicable Time and the execution and delivery of this Agreement there shall not
have occurred any of the following: (i)&nbsp;downgrading of the rating accorded Parent or the Manager&#8217;s debt securities by S&amp;P below &#8220;CCC+&#8221; or (ii)&nbsp;S&amp;P shall have publicly announced that it has under surveillance or
review, with possible negative implications, its rating of any debt securities of Parent or the Manager on any date on which the S&amp;P rating of such debt securities is &#8220;CCC+&#8221; or lower. The Representative shall have received a letter
from the Rating Agency stating that the Offered Notes have received a rating of not less than &#8220;BBB&#8221; and the Rating Agency has provided a Rating Agency Confirmation with respect to the Series <FONT STYLE="white-space:nowrap">2018-1</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Class&nbsp;A-2-II</FONT></FONT> Notes, the Series <FONT STYLE="white-space:nowrap">2019-1</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT> Notes, the Series <FONT
STYLE="white-space:nowrap">2021-1</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT> Notes and the Series <FONT STYLE="white-space:nowrap">2022-1</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT> Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) The Offered Notes shall be eligible for clearance and settlement in the United States through DTC and in Europe through Euroclear Bank,
S.A./N.V., or Clearstream Banking, <I>soci&eacute;t&eacute; anonyme</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) The Base Indenture, the Series <FONT
STYLE="white-space:nowrap">2025-1</FONT> Supplement and the Amendment (as defined in Section&nbsp;9 of this Agreement) shall each have been duly executed and delivered by the Master Issuer and the Trustee, and the Offered Notes shall have been duly
executed and delivered by the Master Issuer and duly authenticated by the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y) [<I>RESERVED</I>]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z) Subsequent to the Applicable Time there shall not have occurred any of the following: (i)&nbsp;any domestic or international event or act
or occurrence has materially disrupted, or in the opinion of the Representative will in the immediate future materially disrupt, the market for the securities of any Wendy&#8217;s Party or securities in general; or (ii)&nbsp;trading on the NYSE or
NASDAQ shall have been suspended or been made subject to material limitations, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on the NYSE or NASDAQ or by order of
the Commission or any other governmental authority having jurisdiction; or (iii)&nbsp;a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance
services shall have occurred; or (iv)&nbsp;(A) there shall have occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or
(B)&nbsp;there shall have been any other calamity or crisis or escalation of calamity or crisis or any change in political, financial or economic conditions if the effect of any such event in (A)&nbsp;or (B), in the judgment of the Representative,
makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Offered Notes, on the terms and in the manner contemplated by the Final Offering Memorandum. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa) There shall exist at and as of the Closing Date no condition that would constitute a
default (or an event that with notice or the lapse of time, or both, would constitute a default) under the Indenture or a material breach under any of the other Related Documents as in effect at the Closing Date (or an event that with notice or
lapse of time, or both, would constitute such a default or material breach). On the Closing Date, each of the Related Documents shall be in full force and effect, shall conform in all material respects to the description thereof contained in the
Pricing Disclosure Package and the Final Offering Memorandum and shall not have been modified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bb) Each Parent Company, each Guarantor
and the Master Issuer shall have furnished to the Initial Purchasers a certificate, in form and substance reasonably satisfactory to the Representative, dated as of the Closing Date, of the Chief Financial Officer (or, if such entity has no Chief
Financial Officer, of another Authorized Officer) of such entity that such entity will be Solvent immediately after the consummation of the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(cc) None of (i)&nbsp;the issuance and sale of the Offered Notes pursuant to this Agreement, (ii)&nbsp;the transactions contemplated by the
Related Documents or (iii)&nbsp;the use of the Pricing Disclosure Package or the Final Offering Memorandum shall be subject to an injunction (temporary or permanent) and no restraining order or other injunctive order shall have been issued; and
there shall not have been any legal action, order, decree or other administrative proceeding instituted or (to the knowledge of Wendy&#8217;s Parties) overtly threatened against the Wendy&#8217;s Parties or the Initial Purchasers that would
reasonably be expected to adversely impact the issuance of the Offered Notes or the Initial Purchasers&#8217; activities in connection therewith or any other transactions contemplated by the Related Documents or the Pricing Disclosure Package. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(dd) The Representative shall have received evidence reasonably satisfactory to the Representative and its counsel, that all <FONT
STYLE="white-space:nowrap">UCC-1</FONT> financing statements and assignments and other instruments required to be filed on or prior to the Initial Closing Date or the Closing Date pursuant to the Related Documents have been or are being filed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ee) The Representative shall have received evidence reasonably satisfactory to the Representative and its counsel that all conditions
precedent to the issuance of the Offered Notes that are contained in the Base Indenture and the Series <FONT STYLE="white-space:nowrap">2025-1</FONT> Supplement have been satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ff) The representations and warranties of each of Wendy&#8217;s Parties (to the extent a party thereto) contained in the Related Documents to
which each of the Wendy&#8217;s Parties is a party will be true and correct as of the Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct of such earlier date).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(gg) That certain risk retention letter agreement from the Manager, dated as of the Closing Date with respect to the EU risk retention
rules (the &#8220;<B><I>Risk Retention Letter</I></B>&#8221;) shall have been duly executed and delivered by the parties thereto in form and substance satisfactory to the Representative. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(hh) On or prior to the Closing Date, the Parent Companies, the Manager, the Guarantors and
the Master Issuer shall have furnished to the Initial Purchasers such further certificates and documents as the Representative may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Representative. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <I>Indemnification
and Contribution</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each of the Wendy&#8217;s Parties shall, jointly and severally, indemnify and hold harmless each Initial
Purchaser, its affiliates, directors, officers, employees and each person, if any, who controls any Initial Purchaser within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act (each, an &#8220;<B><I>Initial Purchaser
Indemnified Party</I></B>&#8221;), against any and all losses, liabilities, claims, damages and expenses whatsoever as incurred (including but not limited to reasonable attorneys&#8217; fees and any and all reasonable and documented expenses
whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of
them may become subject under the 1933 Act, the 1934 Act or otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon (i)&nbsp;any untrue statement or alleged untrue
statement of a material fact contained (A)&nbsp;in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum or in any amendment or supplement thereto (B)&nbsp;in any Blue Sky application or other document
prepared or executed by any of the Wendy&#8217;s Parties (or based upon any written information furnished by any of the Wendy&#8217;s Parties) specifically for the purpose of qualifying any or all of the Offered Notes under the securities laws of
any state or other jurisdiction (any such application, document or information being hereinafter called a &#8220;<B><I>Blue Sky Application</I></B>&#8221;) or (C)&nbsp;in any materials or information listed in Schedule III hereto in connection with
the marketing of the offering of the Offered Notes, in each case with the approval of the Wendy&#8217;s Parties including any road show or investor presentations made to investors by any of the Wendy&#8217;s Parties (whether in person or
electronically), with all of the foregoing materials described in this clause (C), the &#8220;<B><I>Marketing Materials</I></B>&#8221;, (ii) the omission or alleged omission to state in the Preliminary Offering Memorandum, the Pricing Disclosure
Package or the Final Offering Memorandum, or in any amendment or supplement thereto, or in any Blue Sky Application or in any Marketing Materials, any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, (iii)&nbsp;any act or failure to act or any alleged act or failure to act by any Initial Purchaser in connection with, or relating in any manner to, the Offered Notes or the offering contemplated hereby,
and that is included as part of or referred to in any loss, claim, damage, liability or action or expense arising out of or based upon matters covered by clause (i)&nbsp;or (ii) above, or (iv)&nbsp;the violation of any securities laws (including
without limitation the anti-fraud provision thereof) of any foreign jurisdiction in which the Offered Notes are offered; <I>provided</I>, <I>however</I>, that the Wendy&#8217;s Parties will not be liable in any such case to the extent but only to
the extent that it is determined in a final </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and unappealable judgment by a court of competent jurisdiction that any such loss, liability, claim, damage or expense arises directly and primarily out of or is based directly and primarily upon
any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to any of the Wendy&#8217;s Parties by or on behalf of any Initial Purchaser
through the Representative expressly for use in the Preliminary Offering Memorandum, the Pricing Disclosure Package, the Final Offering Memorandum, amendment or supplement thereto, Blue Sky Application or Marketing Materials (as the case may be).
The parties agree that such information provided by or on behalf of any Initial Purchaser through any Representative consists solely of the Initial Purchaser Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Each of the Wendy&#8217;s Parties hereby agrees, jointly and severally, to indemnify and hold harmless each Initial Purchaser Indemnified
Party, against any and all losses, liabilities, claims, damages and expenses whatsoever as incurred (including but not limited to reasonable attorneys&#8217; fees and any and all reasonable and documented expenses whatsoever incurred in
investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become
subject, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any website maintained in compliance with Rule <FONT STYLE="white-space:nowrap">17g-5</FONT> under the 1934 Act by or on behalf of any Wendy&#8217;s
Party in connection with the marketing of the offering of the Offered Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided in Section&nbsp;8(c), each of
the Wendy&#8217;s Parties agrees that it shall, jointly and severally, reimburse each Indemnified Party promptly upon demand for any documented legal or other expenses reasonably incurred by that Initial Purchaser Indemnified Party in connection
with investigating or defending or preparing to defend against any losses, liabilities, claims, damages or expenses for which indemnity is being provided pursuant to this Section&nbsp;8(a) as such expenses are incurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The foregoing indemnity agreement will be in addition to any liability which the Wendy&#8217;s Parties may otherwise have, including but not
limited to other liability under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Initial Purchaser, severally and not jointly, shall indemnify and hold harmless
each Wendy&#8217;s Party, each of the officers, directors and employees of each Wendy&#8217;s Party, and each other person, if any, who controls such Wendy&#8217;s Party within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the
1934 Act (each a &#8220;<B><I>Wendy&#8217;s Indemnified Party</I></B>&#8221;), against any losses, liabilities, claims, damages and expenses whatsoever as incurred (including but not limited to reasonable attorneys&#8217; fees and any and all
reasonable and documented expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint
or several, to which they or any of them may become subject under the 1933 Act, the 1934 Act or otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon (i)&nbsp;any
untrue statement or alleged untrue statement of a material fact contained (A)&nbsp;in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum or in any amendment or supplement
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
thereto, (B)&nbsp;in any Blue Sky Application or (C)&nbsp;in any Marketing Materials, or (ii)&nbsp;the omission or alleged omission to state in the Preliminary Offering Memorandum, the Pricing
Disclosure Package or the Final Offering Memorandum, or in any amendment or supplement thereto, in any Blue Sky Application or in any Marketing Materials any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information
furnished to any of the Wendy&#8217;s Parties by or on behalf of any Initial Purchaser through either Representative expressly for use in the Preliminary Offering Memorandum, the Pricing Disclosure Package, the Final Offering Memorandum, amendment
or supplement thereto, Blue Sky Application or Marketing Materials (as the case may be, which information is limited to the Initial Purchaser Information, <I>provided</I>, <I>however</I>, that in no case shall any Initial Purchaser be liable or
responsible for any amount in excess of the discount applicable to the Offered Notes to be purchased by such Initial Purchaser under this Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The foregoing indemnity agreement will be in addition to any liability which the Initial Purchasers may otherwise have, including but not
limited to other liability under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Promptly after receipt by an indemnified party under subsection (a)&nbsp;or (b)
above of notice of any claims or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be
sought in writing of the claim or the commencement thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this Section&nbsp;8 to the extent that it is not
materially prejudiced due to the forfeiture of substantive rights or defenses as a result thereof or otherwise has notice of any such action, and in any event shall not relieve it from any liability that such indemnifying party may have otherwise
than on account of the indemnity agreement hereunder). In case any such claim or action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to
participate, at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense
thereof with counsel reasonably satisfactory to such indemnified party; <I>provided</I>, <I>however</I>, that counsel to the indemnifying party shall not (except with the written consent of the indemnified party) also be counsel to the indemnified
party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties
unless (i)&nbsp;the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action, (ii)&nbsp;the indemnifying parties shall not have employed counsel reasonably
satisfactory to such indemnified party to have charge of the defense of such action within a reasonable time after notice of commencement of the action, (iii)&nbsp;such indemnified party or parties shall have reasonably concluded, based on advice of
counsel, that there may be legal defenses available to it or them which are different from or additional to those available to the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
indemnifying parties, or (iv)&nbsp;the named parties in any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of
both sets of parties by the same counsel would present a conflict due to actual or potential differing interests between them, in any of which events (i)&nbsp;through (iv) such fees and expenses shall be borne by the indemnifying parties (and the
indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties); <I>provided</I>,<I> however</I>, that in no event will the indemnifying parties be liable for the fees and expenses of
more than one counsel for the indemnified parties (together with any local counsel in any applicable jurisdiction). No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or
consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this Section&nbsp;8
(whether or not the indemnified party is an actual or potential party thereto), unless such settlement, compromise or judgment (i)&nbsp;includes an unconditional release of the indemnified party from all liability arising out of such claim,
investigation, action or proceeding and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party. No indemnifying party shall be liable for any settlement or
compromise of, or consent to the entry of judgment with respect to, any such action or claim effected without its consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) In order
to provide for contribution in circumstances in which the indemnification provided for in Section&nbsp;8(a) through (c)&nbsp;is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified
thereunder, the Wendy&#8217;s Parties and the Initial Purchasers shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any reasonable and
documented investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted), but after deducting in the case of losses, claims, damages, liabilities and
expenses suffered by the Wendy&#8217;s Parties, any contribution received by the Wendy&#8217;s Parties from persons, other than the Initial Purchasers, who may also be liable for contribution, including their directors, officers, employees and
persons who control the Wendy&#8217;s Parties within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act as incurred to which the Wendy&#8217;s Parties and one or more of the Initial Purchasers may be subject, in such
proportions as is appropriate to reflect the relative benefits received by the Wendy&#8217;s Parties and the Initial Purchasers from the offering and sale of the Offered Notes under this Agreement or, if such allocation is not permitted by
applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Wendy&#8217;s Parties and the Initial Purchasers in connection with the statements or omissions
which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Wendy&#8217;s Parties and the Initial Purchasers shall be deemed to be in the same
proportion as the total proceeds from the offering and sale of the Offered Notes under this Agreement (net of discounts and commissions but before deducting expenses) received by the Wendy&#8217;s Parties or their affiliates under this Agreement, on
the one hand, and the discounts or commissions received by the Initial Purchasers under this Agreement, on the other hand, bear to </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the aggregate offering price to investors of the Offered Notes purchased under this Agreement, as set forth on the cover of the Final Offering Memorandum. The relative fault of each of the
Wendy&#8217;s Parties (on the one hand) and of the Initial Purchasers (on the other hand) shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Wendy&#8217;s Parties or their affiliates or the Initial Purchasers and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Wendy&#8217;s Parties and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;8(d) were determined by pro rata allocation (even if the Initial Purchasers were
treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section&nbsp;8(d). The aggregate amount of losses, liabilities, claims, damages and
expenses incurred by an indemnified party and referred to above in this Section&nbsp;8(d) shall be deemed to include any documented legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission
or alleged omission. Notwithstanding the provisions of this Section&nbsp;8(d), (i) no Initial Purchaser shall be required to contribute any amount in excess of the amount by which the discounts and commissions applicable to the Offered Notes resold
by it to Eligible Purchasers under this Agreement exceeds the amount of any damages which such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and
(ii)&nbsp;no person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this
Section&nbsp;8(d), (A) each of the Initial Purchaser Indemnified Parties other than the Initial Purchasers shall have the same rights to contribution as the Initial Purchasers, and (B)&nbsp;each director, officer or employee of the Wendy&#8217;s
Parties and each person, if any, who controls the Wendy&#8217;s Parties within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act shall have the same rights to contribution as the Wendy&#8217;s Parties, subject in each
case of (A)&nbsp;and (B) to clauses (i)&nbsp;and (ii) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of
which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom
contribution may be sought from any obligation it or they may have under this Section&nbsp;8(d) or otherwise. The obligations of the Initial Purchasers to contribute pursuant to this Section&nbsp;8(d) are several in proportion to the respective
aggregate principal amount of Offered Notes purchased by each of the Initial Purchasers under this Agreement and not joint. The obligations of the Wendy&#8217;s Parties to contribute pursuant to this Section&nbsp;8(d) shall be joint and several.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Initial Purchasers severally confirm and the Wendy&#8217;s Parties acknowledge and agree that (i)&nbsp;the statements with
respect to the offering of the Offered Notes by the Initial Purchasers set forth in the fourth to last paragraph (relating to overallotment, stabilization and similar activities) of the section entitled &#8220;Plan of Distribution&#8221; in the
Pricing </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Disclosure Package and the Final Offering Memorandum and (ii)&nbsp;the names of the Initial Purchasers set forth on the front and back cover page of the Preliminary Offering Memorandum and the
Final Offering Memorandum constitute the only information concerning such Initial Purchasers furnished in writing to the Wendy&#8217;s Parties by or on behalf of the Initial Purchasers specifically for inclusion in the Preliminary Offering
Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum or in any amendment or supplement thereto or in any Blue Sky Application (the &#8220;<B><I>Initial Purchaser Information</I></B>&#8221;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <I>Consent</I>. The Representative hereby agrees, in its capacity as holder of the Offered Notes and a Representative of the Initial
Purchasers, to (i)&nbsp;the Base Indenture, to be entered into by and among the Master Issuer and Citibank, N.A., as the Trustee and the securities intermediary thereunder and (ii)&nbsp;the Sixth Amendment to the Management Agreement, to be dated as
of the Closing Date, by and among the Master Issuer, Wendy&#8217;s International LLC, the Guarantors and Citibank, N.A. as the Trustee (the &#8220;<B><I>Amendment</I></B>&#8221;), and in their respective capacities as Noteholders hereby
(x)&nbsp;direct the Control Party, where such direction from the Noteholders is required, to consent to the Base Indenture and the Amendment and (y)&nbsp;waive notice of any Consent Request or Consent Recommendation that would otherwise be required
pursuant to Section&nbsp;11.4(c) of the Base Indenture in connection with the Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <I>Defaulting Initial Purchasers.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) If, on the Closing Date, any Initial Purchaser defaults in its obligations to purchase the Offered Notes that it has agreed to purchase
under this Agreement, the remaining <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchasers may in their discretion arrange for the purchase of such Offered Notes by the <FONT STYLE="white-space:nowrap">non-defaulting</FONT>
Initial Purchasers or other persons satisfactory to the Master Issuer on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Initial
Purchasers do not arrange for the purchase of such Offered Notes, then the Master Issuer shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the
<FONT STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchasers to purchase such Offered Notes on such terms. In the event that within the respective prescribed periods, the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Initial
Purchasers notify the Master Issuer that they have so arranged for the purchase of such Offered Notes, or the Master Issuer notifies the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchasers that it has so arranged for the
purchase of such Offered Notes, either the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchasers or the Master Issuer may postpone the Closing Date for up to seven (7)&nbsp;Business Days in order to effect any changes that in the
opinion of counsel for the Master Issuer or counsel for the Initial Purchasers may be necessary in the Pricing Disclosure Package, the Final Offering Memorandum or in any other document or arrangement, and the Master Issuer agrees to promptly
prepare any amendment or supplement to the Pricing Disclosure Package or the Final Offering Memorandum that effects any such changes. As used in this Agreement, the term &#8220;Initial Purchaser&#8221; includes, for all purposes of this Agreement
unless the context requires otherwise, any party hereto that, pursuant to this Section&nbsp;10, purchases Offered Notes that a defaulting Initial Purchaser agreed but failed to purchase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If, after giving effect to any arrangements for the purchase of the Offered Notes of a
defaulting Initial Purchaser or Initial Purchasers by the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchasers and any persons procured by the Master Issuer as provided in paragraph (a)&nbsp;above, the aggregate principal amount
of such Offered Notes that remains unpurchased does not exceed <FONT STYLE="white-space:nowrap">one-eleventh</FONT> of the aggregate principal amount of all the Offered Notes, then the Master Issuer shall have the right to require each <FONT
STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchaser to purchase the principal amount of Offered Notes that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser&#8217;s <U>pro</U> <U>rata</U> share (based on
the principal amount of Offered Notes that such Initial Purchaser agreed to purchase hereunder) of the Offered Notes of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made; <I>provided</I> that the <FONT
STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchasers shall not be obligated to purchase more than 110% of the aggregate principal amount of Offered Notes that they agreed to purchase on the Closing Date pursuant to the terms of
Section&nbsp;3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If, after giving effect to any arrangements for the purchase of the Offered Notes of a defaulting Initial Purchaser
or Initial Purchasers by the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchasers and any persons procured by the Master Issuer as provided in paragraph (a)&nbsp;above, the aggregate principal amount of such Offered Notes that
remains unpurchased exceeds <FONT STYLE="white-space:nowrap">one-eleventh</FONT> of the aggregate principal amount of all the Offered Notes, or if the Master Issuer shall not exercise the right described in paragraph (b)&nbsp;above, then this
Agreement shall terminate without liability on the part of the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchasers. Any termination of this Agreement pursuant to this Section&nbsp;9 shall be without liability on the part of the
Master Issuer, the Parent Companies, the Manager or the Guarantors, except that the Master Issuer, the Parent Companies, the Manager and the Guarantors will continue to be liable for the payment of expenses as set forth in Sections&nbsp;6 and 13
except with respect to a defaulting Initial Purchaser and except that the provisions of Section&nbsp;8 shall not terminate and shall remain in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Wendy&#8217;s Parties or any <FONT
STYLE="white-space:nowrap">non-defaulting</FONT> Initial Purchaser for damages caused by its default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <I>Termination</I>. The
Representative shall have the right to terminate this Agreement at any time prior to the Closing Date, if, at or after the Applicable Time: (i)&nbsp;any domestic or international event or act or occurrence has materially disrupted, or in the opinion
of the Representative will in the immediate future materially disrupt, the market for the Master Issuer&#8217;s securities or securities in general; or (ii)&nbsp;trading on the NYSE or NASDAQ shall have been suspended or been made subject to
material limitations, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on the NYSE or NASDAQ or by order of the Commission or any other governmental authority
having jurisdiction; or (iii)&nbsp;a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services shall have occurred; or (iv)&nbsp;(A) there
shall have occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B)&nbsp;there shall have been any other calamity or
crisis or escalation of calamity or crisis or any change in political, financial or economic conditions if the effect of any such event in (A)&nbsp;or (B), in the judgment of the Representative, makes it impracticable
</P>
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or inadvisable to proceed with the offering, sale and delivery of the Offered Notes, on the terms and in the manner contemplated by the Final Offering Memorandum; or (v)&nbsp;any of the events
described in Sections 7(t) or 7(x) shall have occurred or the Initial Purchasers shall decline to purchase the Offered Notes for any reason permitted under this Agreement. Any notice of termination pursuant to this Section&nbsp;11 shall be in
writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <I><FONT STYLE="white-space:nowrap">Non-Assignability</FONT></I>. None of the Wendy&#8217;s Parties may assign its rights
and obligations under this Agreement. The Initial Purchasers may not assign their respective rights and obligations under this Agreement, except that each Initial Purchaser shall have the right to substitute any one of its affiliates as the
purchaser of the Offered Notes that it has agreed to purchase hereunder (&#8220;<B><I>Substituting Initial Purchaser</I></B>&#8221;), by a written notice to the Master Issuer and subject to the consent of the Master Issuer (such consent not to be
unreasonably withheld), which notice shall be signed by both the Substituting Initial Purchaser and such affiliate, shall contain such affiliate&#8217;s agreement to be bound by this Agreement and shall contain a confirmation by such affiliate of
the accuracy with respect to it of the representations set forth in Section&nbsp;3. Upon receipt of such notice, wherever the word &#8220;Initial Purchaser&#8221; is used in this Agreement (other than in this Section&nbsp;12), such word shall be
deemed to refer to such affiliate in lieu of the Substituting Initial Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <I>Reimbursement of Initial Purchasers&#8217;
Expenses</I>. If (a)&nbsp;the Master Issuer for any reason fails to tender the Offered Notes for delivery to the Initial Purchasers, or (b)&nbsp;the Initial Purchasers decline to purchase the Offered Notes for any reason permitted under this
Agreement, the Master Issuer, the Parent Companies, the Manager and the Guarantors shall jointly and severally reimburse the Initial Purchasers for all reasonable and reasonably documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including fees and disbursements of counsel for the Initial Purchasers) incurred by the Initial Purchasers in connection with this Agreement and the proposed purchase of the Offered
Notes, and upon demand Wendy&#8217;s Parties shall pay the full amount thereof to the Initial Purchasers. If this Agreement is terminated pursuant to Section&nbsp;10 by reason of the default of one or more Initial Purchasers, the Wendy&#8217;s
Parties shall not be obligated to reimburse any defaulting Initial Purchaser on account of those expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <I>Notices, etc</I>. All
statements, requests, notices and agreements hereunder shall be in writing, and: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) if to the Initial Purchasers, shall be delivered or
sent by hand delivery, mail, overnight courier or facsimile transmission to Barclays Capital Inc., 745 Seventh Avenue, 5th Floor, New York, New York 10019, Attention: Benjamin Fernandez, Managing Director, Securitized Products Origination, with a
copy to King&nbsp;&amp; Spalding LLP, 1185 Avenue of the Americas, New York, New York 10036, Attention: Martin Eid and Kevin E. Manz, and with a copy, in the case of any notice pursuant to Section&nbsp;8(c), to the Director of Litigation, Office of
the General Counsel, Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) if to any of the Wendy&#8217;s Parties, shall be delivered or sent by mail, overnight
courier or facsimile transmission to The Wendy&#8217;s Company, One Dave Thomas Blvd., Dublin, Ohio 43017, Attention: Chief Legal Officer and with a copy to Ropes&nbsp;&amp; Gray LLP, 800 Boylston Street, Boston, Massachusetts 02199, Attention:
Craig Marcus; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <I>Persons Entitled to Benefit of Agreement</I>. This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers,
the Wendy&#8217;s Parties and their respective successors. This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except that the representations, warranties, indemnities and agreements of Wendy&#8217;s
Parties contained in this Agreement shall also be deemed to be for the benefit of any Initial Purchaser Indemnified Party and, in the case of Section&nbsp;8(b) only, any Wendy&#8217;s Indemnified Party. Nothing in this Agreement is intended or shall
be construed to give any person, other than the persons referred to in this Section&nbsp;15, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <I>Survival</I>. The respective indemnities, rights of contribution, representations, warranties and agreements of any of the
Wendy&#8217;s Parties and the Initial Purchasers contained in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive the delivery of and payment for the Offered Notes and shall remain in full force
and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of any of them or any person controlling any of them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <I>Definition of the Terms &#8220;Business Day&#8221;, &#8220;Affiliate&#8221;, and &#8220;Subsidiary&#8221;</I>. For purposes of this
Agreement, (a) &#8220;Business Day&#8221; means any day on which the New York Stock Exchange, Inc. is open for trading, and (b) &#8220;affiliate&#8221; and &#8220;subsidiary&#8221; have the meanings set forth in Rule 405 under the 1933 Act;
<I>provided</I> that, for the avoidance of doubt, no franchisee shall be deemed to be an affiliate solely based on its position as such. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <I>Governing Law</I>. <B>This Agreement and any dispute, claim, controversy, disagreement, action, proceeding or dispute arising under or
related to this Agreement, including the scope or validity of this provision, shall be governed by and construed in accordance with the laws of the State of New York. </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <I>Submission to Jurisdiction and Venue. </I>Each of the parties hereto hereby irrevocably and unconditionally: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) submits for itself and its property in any legal action or proceeding relating to this Agreement or any of the transactions contemplated
hereby, or for recognition and enforcement of any judgment in respect thereof, to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> 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; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(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; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(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 any party hereto at its address set forth in Section&nbsp;14 or at such other address of which such party shall have been
notified pursuant thereto; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(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 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&nbsp;19 any
special, exemplary, punitive or consequential damages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of Wendy&#8217;s Parties and each of the Initial Purchasers agree that any suit, action or
proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives any objection that such party may now or
hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any suit, action or proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <I>Waiver of Jury Trial</I>. The Master Issuer, the Parent Companies, the Manager, the Guarantors and each of the Initial Purchasers
hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <I>No Fiduciary Duty</I>. The Wendy&#8217;s Parties acknowledge and agree that (a)&nbsp;the purchase and sale of the Offered Notes
pursuant to this Agreement, including the determination of the offering price of the Offered Notes and any related discounts and commissions, is an <FONT STYLE="white-space:nowrap">arm&#8217;s-length</FONT> commercial transaction between the
Wendy&#8217;s Parties, on the one hand, and the several Initial Purchasers, on the other hand, (b)&nbsp;in connection with the offering, sale and the delivery of the Offered Notes and the process leading thereto, each Initial Purchaser is and has,
and their respective representatives are and have, been acting solely as a principal and is not the agent or fiduciary of any Wendy&#8217;s Party, any of its respective subsidiaries or its respective stockholders, creditors, employees or any other
party, (c)&nbsp;no Initial Purchaser or any of their respective representatives has assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Wendy&#8217;s Party with respect to the offering, sale and delivery of the
Offered Notes or the process leading thereto (irrespective of whether such Initial Purchaser or any of its representative has advised or is currently advising the Wendy&#8217;s Parties or any of their respective subsidiaries on other matters) and no
Initial Purchaser or its respective representative has any obligation to the Wendy&#8217;s Parties with respect to the offering of the Offered Notes except the obligations expressly set forth in this Agreement, (d)&nbsp;the Initial Purchasers and
their respective affiliates and representatives may be engaged in a broad range of transactions that involve interests that differ from those of the Wendy&#8217;s Parties, (e)&nbsp;any duties and obligations that the Initial Purchasers may have to
the Wendy&#8217;s Parties shall be limited to those duties and obligations specifically stated </P>
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herein, and (f)&nbsp;the Initial Purchasers have not provided any legal, accounting, regulatory or tax advice with respect to the offering of the Offered Notes and the Wendy&#8217;s Parties have
consulted their own respective legal, accounting, regulatory and tax advisors to the extent they deemed appropriate. The Wendy&#8217;s Parties hereby waive any claims that they each may have against the Initial Purchasers with respect to any breach
of fiduciary duty in connection with the Offered Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <I>Counterparts</I>. This Agreement may be executed in one or more
counterparts, including by facsimile or other means of electronic communication (including PDF file, JPEG file, Adobe Sign or DocuSign), each of which so executed shall be deemed to be an original but all such counterparts shall together constitute
one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement and shall have the
same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be
considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. <I>Headings</I>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the
meaning or interpretation of, this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24. <I>Severability</I>. In case any provision of this Agreement shall be deemed invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25. <I>Recognition of the U.S. Special Resolution Regimes.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In
the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United
States. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;25, a &#8220;<B><I>BHC Act Affiliate</I></B>&#8221; has
the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k). &#8220;Covered Entity&#8221; means any of the following: (i)&nbsp;a &#8220;covered entity&#8221; as that term is
defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii) a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii)&nbsp;a &#8220;covered FSI&#8221; as that
term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b). &#8220;Default Right&#8221; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as
applicable. &#8220;<B><I>U.S. Special Resolution Regime</I></B>&#8221; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act and the regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[remainder of page intentionally left blank] </I></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth the agreement among the Master Issuer, the Parent
Companies, the Manager, the Guarantors, and the Initial Purchasers, please indicate your acceptance in the space provided for that purpose below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#8195;&#8195;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>THE WENDY&#8217;S COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">/s/ Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">Title:&#8201;&#8202;Senior Director, Treasurer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>WENDY&#8217;S INTERNATIONAL, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">/s/ Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">Title:&#8201;&#8202;Treasurer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>WENDY&#8217;S SPV GUARANTOR, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">/s/ Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">Title:&#8201;&#8202;Treasurer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>WENDY&#8217;S FUNDING, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">/s/ Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">Title:&#8201;&#8202;Treasurer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>QUALITY IS OUR RECIPE, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">/s/ Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">Title:&#8201;&#8202;Treasurer</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Series <FONT STYLE="white-space:nowrap">2025-1</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT> Purchase Agreement] </I></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">WENDY&#8217;S PROPERTIES, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">/s/ Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Trevor D. Morse</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">Title:&#8201;&#8202;Treasurer</P></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Series <FONT STYLE="white-space:nowrap">2025-1</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT> Purchase Agreement]</I> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Accepted:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BARCLAYS CAPITAL INC., as an Initial Purchaser and as the Representative for the several Initial Purchasers</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000;">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000;">/s/ Daniel Stawiarski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Daniel Stawiarski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Managing Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Series <FONT STYLE="white-space:nowrap">2025-1</FONT> <FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT> Purchase Agreement]</I> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE I </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Initial Purchasers</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal<BR>Amount&nbsp;of<BR><FONT STYLE="white-space:nowrap">Series&nbsp;2025-1&nbsp;Class</FONT></B><br><B><FONT STYLE="white-space:nowrap">A-2</FONT>
Notes</B><br><B>to be</B><br><B>Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Barclays Capital Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">243,750,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BofA Securities Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Guggenheim Securities, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,750,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jefferies LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,750,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rabo Securities USA, Inc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,750,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">450,000,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE II </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRICING TERM SHEET </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WENDY&#8217;S FUNDING, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Master Issuer </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pricing
Supplement dated November&nbsp;19, 2025 to the Preliminary Offering Memorandum dated November&nbsp;12, 2025 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>$450,000,000 Series <FONT
STYLE="white-space:nowrap">2025-1</FONT> 5.422% Fixed Rate Senior Secured Notes, <FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT>
</I></B></P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Gross Proceeds to the Master Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$450,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Price to Investors:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100.0%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Interest/Coupon Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.422% per annum</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Ratings (S&amp;P):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#8220;BBB&#8221;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;19, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Closing Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December&nbsp;15, 2025 (T+ 17)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Initial Purchasers</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Capital Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Guggenheim Securities, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jefferies LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Rabo Securities USA,
Inc.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Initial Interest Accrual Period:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The initial Interest Accrual Period for the Offered Notes will be 90 days, based on a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Rule 144A CUSIP/ISIN Numbers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">95058X AR9 / US95058XAR98</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Reg S CUSIP/ISIN Numbers</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">U95247 AS8 / USU95247AS87</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Distribution:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Rule 144A and Reg S Compliant</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Pricing Supplement (this &#8220;<B><I>Pricing Supplement</I></B>&#8221;) is qualified in its entirety
by reference to the Preliminary Offering Memorandum, dated November&nbsp;12, 2025, of Wendy&#8217;s Funding, LLC (the &#8220;<B><I>Preliminary Offering Memorandum</I></B>&#8221;). The information in this Pricing Supplement supersedes the information
in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. Capitalized terms used herein and not defined herein have the meanings assigned in the Preliminary Offering Memorandum.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE NOTES ARE SOLELY THE JOINT AND SEVERAL OBLIGATIONS OF THE MASTER ISSUER (GUARANTEED BY THE GUARANTORS). THE NOTES DO NOT REPRESENT OBLIGATIONS OF THE
MANAGER OR ANY OF ITS AFFILIATES (OTHER THAN THE MASTER ISSUER AND THE GUARANTORS), OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS, PARTNERS, EMPLOYEES, REPRESENTATIVES OR AGENTS. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY. THE
NOTES REPRESENT <FONT STYLE="white-space:nowrap">NON-RECOURSE</FONT> OBLIGATIONS OF THE MASTER ISSUER (GUARANTEED BY THE GUARANTORS) AND ARE PAYABLE SOLELY FROM THE COLLATERAL, AND PROSPECTIVE INVESTORS SHOULD MAKE AN INVESTMENT DECISION BASED UPON
AN ANALYSIS OF THE SUFFICIENCY OF THE COLLATERAL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE ISSUANCE AND SALE OF THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE &#8220;<B><I>1933 ACT</I></B>&#8221;), OR ANY STATE SECURITIES LAWS, AND NO SERIES <FONT STYLE="white-space:nowrap">2025-1</FONT> CLASS <FONT STYLE="white-space:nowrap">A-2</FONT> NOTEHOLDER WILL HAVE THE RIGHT TO REQUIRE SUCH
REGISTRATION. THE NOTES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN RULE 902 UNDER THE 1933 ACT) UNLESS THE NOTES ARE REGISTERED UNDER THE 1933 ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS IS
AVAILABLE. THE NOTES ARE BEING SOLD ONLY TO (I)&nbsp;PERSONS WHO ARE NOT COMPETITORS AND WHO ARE &#8220;QUALIFIED INSTITUTIONAL BUYERS&#8221; UNDER RULE 144A UNDER THE 1933 ACT, (II)&nbsp;PERSONS WHO ARE NOT COMPETITORS AND WHO ARE NOT &#8220;U.S.
PERSONS&#8221; IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S UNDER THE 1933 ACT OR (III)&nbsp;THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER. BECAUSE THE NOTES ARE NOT REGISTERED, THEY ARE SUBJECT TO CERTAIN RESTRICTIONS ON RESALE
DESCRIBED UNDER &#8220;TRANSFER RESTRICTIONS&#8221; IN THE PRELIMINARY OFFERING MEMORANDUM. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE III </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Investor Presentation, dated November 2025 </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following additional materials provided to Investors in connection with the Preliminary Offering Memorandum
(including the inputs and outputs of the model runs included therein provided to prospective investors with respect to the Preliminary Offering Memorandum, the final versions of such model runs (such final runs, the &#8220;<B><I>Investor Model
Runs</I></B>&#8221;) having been subject to the procedures set forth in the Initial AUP Letter): </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE IV </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE WENDY&#8217;S COMPANY </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>OFFICER CERTIFICATE </U></B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit 1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Management Presentation, dated November 2025 (the &#8220;<B><I>Investor Presentation</I></B>&#8221;) </P>
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    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>wen-20251119_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release 2512 Build:20250722.1 -->
<!-- Creation date: 11/20/2025 6:52:05 AM Eastern Time -->
<!-- Copyright (c) 2025 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.wendys.com//20251119/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="wen-20251119.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://www.wendys.com//20251119/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" order="22.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_AmendmentFlag" order="23.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" order="24.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentType" order="26.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentPeriodEndDate" order="27.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityIncorporationStateCountryCode" order="28.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityFileNumber" order="29.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityTaxIdentificationNumber" order="30.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine1" order="31.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" order="32.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" order="33.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressPostalZipCode" order="34.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" order="35.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" order="36.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_WrittenCommunications" order="37.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SolicitingMaterial" order="38.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementTenderOffer" order="39.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer" order="40.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_Security12bTitle" order="41.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_TradingSymbol" order="42.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_SecurityExchangeName" order="43.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityEmergingGrowthCompany" order="44.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Nov. 19, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Wendy's Co<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000030697<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 19,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-2207<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">38-0471180<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One Dave Thomas Boulevard<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Dublin<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">OH<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">43017<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(614)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">764-3100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock, $.10 par value per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">WEN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>dei:securityTitleItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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