<SEC-DOCUMENT>0001157523-19-001505.txt : 20190708
<SEC-HEADER>0001157523-19-001505.hdr.sgml : 20190708
<ACCEPTANCE-DATETIME>20190708161305
ACCESSION NUMBER:		0001157523-19-001505
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20190708
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190708
DATE AS OF CHANGE:		20190708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JACK IN THE BOX INC /NEW/
		CENTRAL INDEX KEY:			0000807882
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				952698708
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0929

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09390
		FILM NUMBER:		19945449

	BUSINESS ADDRESS:	
		STREET 1:		9330 BALBOA AVE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123-1516
		BUSINESS PHONE:		6195712121

	MAIL ADDRESS:	
		STREET 1:		9330 BALBOA AVENUE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123-1516

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FOODMAKER INC /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a52009364.htm
<DESCRIPTION>JACK IN THE BOX INC. 8-K
<TEXT>
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    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;">UNITED STATES</font><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;"><br>
      </font><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;">SECURITIES AND EXCHANGE COMMISSION</font><br>
      <font style="font-size: 12pt;">Washington, D.C. 20549</font><br>
      <br>
      <font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;">FORM 8-K</font><br>
      <br>
      <font style="font-size: 12pt;">CURRENT REPORT</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-size: 12pt;">PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</font><br>
      <br>
      <font style="font-size: 12pt;">Date of Report (Date of earliest event reported): </font><font style="font-size: 12pt;"><u> July 8, 2019</u></font><br>
      <br>
    </div>
    <div style="text-align: center;"> <font style="font-size: 12pt;">JACK IN THE BOX INC.</font></div>
    <div style="text-align: center;"> (Exact name of registrant as specified in its charter)</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z82c1b587095c4175962a3d9072f400b6">

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          <td style="width: 33.01%; vertical-align: bottom;">
            <div>DELAWARE</div>
          </td>
          <td style="width: 33.99%; vertical-align: bottom;">
            <div>1-9390</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div>95-2698708</div>
          </td>
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          <td style="width: 33.01%; vertical-align: top;">
            <div>(State or other jurisdiction</div>
            <div>of incorporation)</div>
          </td>
          <td style="width: 33.99%; vertical-align: bottom;">
            <div>(Commission File</div>
            <div>Number)</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div>(I.R.S. Employer</div>
            <div>Identification Number)</div>
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    </div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z53f084c07bf54081a910d64b66873215">

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          <td style="width: 60%; vertical-align: bottom;">
            <div>9330 BALBOA AVENUE, SAN DIEGO, CA</div>
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            <div style="text-align: center;">92123</div>
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          <td style="width: 60%; vertical-align: bottom;">
            <div>(Address of principal executive offices)</div>
          </td>
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            <div style="text-align: center;">(Zip Code)</div>
          </td>
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    </table>
    <div style="text-align: center;"><br>
      <br>
      <u>(858) 571-2121</u><br>
      (Registrant&#8217;s telephone number, including area code)<br>
      <br>
    </div>
    <div style="text-align: center;"><u>Not Applicable</u><br>
      (Former Name or Former Address, if Changed Since Last Report)</div>
    <div><br>
      <br>
      Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</div>
    <div><br>
    </div>
    &#8414; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    <div><br>
    </div>
    &#8414; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    <div><br>
    </div>
    &#8414; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    <div><br>
    </div>
    &#8414; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
    <div><br>
    </div>
    <div><u>Securities registered pursuant to Section 12(b) of the Act:</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z00e5830d365a46b486ebeae82dbc27d5">

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          <td style="width: 27.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: 9pt;"><u>Title of each class</u></div>
          </td>
          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-indent: 9pt;"><u>Trading Symbol(s)</u></div>
          </td>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-indent: 9pt;"><u>Name of each exchange on which registered</u></div>
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          <td style="width: 27.86%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-indent: 9pt;">Common Stock</div>
          </td>
          <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-indent: 9pt;">JACK</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-indent: 9pt;">The NASDAQ Stock Market LLC&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; </div>
            <div style="text-indent: 9pt;">(NASDAQ Global Select Market)</div>
          </td>
        </tr>

    </table>
    <div>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 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div><br>
    </div>
    <div style="text-align: right;">Emerging growth company&#160; &#160; &#160; &#160; &#160; &#8414;</div>
    <div><br>
    </div>
    <div>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.&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#8414;</div>
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    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">Item 1.01&#160;&#160; Entry into a Material Definitive Agreement.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">General</div>
    <div>&#160;</div>
    <div>On July 8, 2019 (the &#8220;<u>Closing Date</u>&#8221;), Jack in the Box Funding, LLC (the &#8220;<u>Master Issuer</u>&#8221;), a limited-purpose, bankruptcy-remote, wholly owned indirect subsidiary of Jack in the Box Inc. (the &#8220;<u>Company</u>&#8221;), completed its previously
      announced financing transaction and issued $575 million of its Series 2019-1 3.982% Fixed Rate Senior Secured Notes, Class&#160;A-2-I (the &#8220;<u>Class&#160;A-2-I Notes</u>&#8221;), $275 million of its Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class&#160;A-2-II
      (the &#8220;<u>Class&#160;A-2-II Notes</u>&#8221;) and $450 million of its Series 2019-1 4.970% Fixed Rate Senior Secured Notes, Class&#160;A-2-III (the &#8220;<u>Class&#160;A-2-III Notes</u>&#8221; and together with the Class&#160;A-2-I Notes and the Class A-2-II Notes, the &#8220;<u>Class A-2
        Notes</u>&#8221;), in an offering exempt from registration under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).&#160; In connection with the issuance of the Class A-2 Notes, the Master Issuer also entered into a revolving financing facility of
      Series 2019-1 Variable Funding Senior Secured Notes, Class A-1 (the &#8220;Variable Funding Notes&#8221;), which allows for the drawing of up to $150 million under the Variable Funding Notes, which include certain instruments, including a letter of credit
      facility. The Class A-2 Notes and the Variable Funding Notes are referred to collectively as the &#8220;Notes.&#8221;<font style="font-size: 12pt;">&#160;</font>The Notes were issued in a privately placed securitization transaction pursuant to which certain of the
      Company&#8217;s revenue-generating assets, consisting principally of franchise-related agreements, real estate assets, and intellectual property and license agreements for the use of intellectual property, are held by the Master Issuer and certain other
      limited-purpose, bankruptcy remote, wholly owned indirect subsidiaries of the Company that act as Guarantors (as defined below) of the Notes and that have pledged substantially all of their assets, excluding certain real estate assets and subject to
      certain limitations, to secure the Notes.</div>
    <div>&#160;</div>
    <div>The Notes were issued under a Base Indenture, dated July 8, 2019, a copy of which is attached to this Current Report on Form 8-K as Exhibit 4.1 (the &#8220;Base Indenture&#8221;), and the related supplemental indenture dated as of July 8, 2019, a copy of
      which is attached to this Current Report on Form 8-K as Exhibit 4.2 (the &#8220;Series 2019-1 Supplement&#8221; and collectively with the Base Indenture, the &#8220;Indenture&#8221;) each between the Master Issuer and Citibank, N.A., as trustee (in such capacity, the
      &#8220;Trustee&#8221;) and securities intermediary. The Indenture allows the Master Issuer to issue additional series of notes in the future subject to certain conditions.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Class A-2 Notes</div>
    <div>&#160;</div>
    <div>Interest and principal payments on the 2019 Notes are payable on a quarterly basis. The requirement to make such quarterly principal payments on the Class A-2 Notes is subject to certain financial conditions set forth in the Indenture. The legal
      final maturity date of the Notes is in August 2049, but, unless earlier prepaid to the extent permitted under the Indenture, the anticipated repayment dates of the Class A-2-I Notes, the Class A-2-II Notes and the Class A-2-III Notes will be August
      2023, August 2026 and August 2029, respectively. If the Master Issuer has not repaid or refinanced the Class A-2 Notes prior to the respective anticipated repayment date, additional interest will accrue on each tranche of the Class A-2 Notes at a
      rate equal to the greater of (A) 5.00% per 2 annum and (B) a per annum interest rate equal to the amount, if any, by which the sum of (i) 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 10 years, plus (ii) 5.00%, plus (iii)(1) with respect to the Series 2019-1 Class A-2-I Notes, 2.265%, (2) with respect to the Series 2019-1 Class A-2-II Notes, 2.670%, and (3) with respect to
      the Series 2019-1 Class A-2-III Notes, 3.058%, exceeds the original interest rate with respect to such tranche. The Class A-2 Notes are secured by the collateral described below under &#8220;Guarantees and Collateral.&#8221;</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Variable Funding Notes</div>
    <div>&#160;</div>
    <div>The Variable Funding Notes were issued under the Indenture and allow for drawings on a revolving basis. Drawings and certain additional terms related to the Variable Funding Notes are governed by the Class A-1 Note Purchase Agreement, dated July
      8, 2019 (the &#8220;Variable Funding Note Purchase Agreement&#8221;), a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference, by and among the Master Issuer, the Guarantors (as defined below), Jack in the Box Inc. as manager
      (the &#8220;Manager&#8221;), certain conduit investors, financial institutions and funding agents, and Co&#246;peratieve Rabobank, U.A., New York Branch, as provider of letters of credit, as swingline lender and as administrative agent. The Variable Funding Notes
      will be governed by both the Variable Funding Note Purchase Agreement and the Indenture. Depending on the type of borrowing under the Variable Funding Notes, interest on the Variable Funding Notes will be based on (i) the prime rate, (ii) overnight
      federal funds rates, (iii) the London interbank offered rate for U.S. Dollars or (iv) with respect to advances made by conduit investors, the weighted average cost of, or related to, the issuance of commercial paper allocated to fund or maintain such
      advances, in each case plus any applicable margin, as more fully set forth in the Variable Funding Note Purchase Agreement. While the Master Issuer does not anticipate drawing on the Variable Funding Notes on the Closing Date, the Master Issuer
      expects to have approximately $76 million in undrawn letters of credit issued under the Variable Funding Notes on the Closing Date. There is a commitment fee on the unused portion of the Variable Funding Notes facility, which ranges from 50 basis
      points to 100 basis points based on the utilization under the Variable Funding Notes facility. As of the Closing Date, it is anticipated that the principal and interest on the Variable Funding Notes will be repaid in full on or prior to August 2024,
      subject to two one-year extensions at the option of the Manager. Following the anticipated repayment date (and any extensions thereof), additional interest will accrue on the Variable Funding Notes equal to 5.00% per annum. The Variable Funding Notes
      and other credit instruments issued under the Variable Funding Note Purchase Agreement are secured by the collateral described below under &#8220;Guarantees and Collateral.&#8221;</div>
    <div> <br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
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    <div>&#160;</div>
    <div style="font-weight: bold;">Guarantees and Collateral</div>
    <div>&#160;</div>
    <div>Pursuant to the Guarantee and Collateral Agreement, dated July 8, 2019 (the &#8220;Guarantee and Collateral Agreement&#8221;), a copy of which is attached hereto as Exhibit&#160;10.2, by and among Jack in the Box SPV Guarantor, LLC, Different Rules, LLC, and Jack
      in the Box Properties, LLC, each as a guarantor of the Notes (collectively, the &#8220;Guarantors&#8221;), in favor of Citibank, N.A., as trustee, the Guarantors guarantee the obligations of the Master Issuer under the Indenture and related documents and secure
      the guarantee by granting a security interest in substantially all of their assets, except for certain real estate assets and subject to certain limitations as set forth therein. The Notes are secured by a security interest in substantially all of
      the assets of the Master Issuer and the Guarantors (collectively, the &#8220;Securitization Entities&#8221;), except for certain real estate assets and subject to certain limitations as set forth in the Indenture and the Guarantee and Collateral Agreement. The
      assets of the Securitization Entities include most of the revenue-generating assets of the Company and its subsidiaries, which principally consist of franchise-related agreements, certain Company-operated restaurants, intellectual property and
      license agreements for the use of intellectual property. Upon certain trigger events, mortgages will be required to be prepared and recorded on the real estate assets. The assets of the Securitization Entities, including real estate assets, are
      referred to herein as the &#8220;Securitized Assets.&#8221; The Notes are obligations only of the Master Issuer pursuant to the Indenture and are unconditionally and irrevocably guaranteed by the Guarantors pursuant to the Guarantee and Collateral Agreement. The
      pledge and security interest provisions with respect to the Master Issuer are included in the Indenture. Except as described below, neither the Company nor any subsidiary of the Company, other than the Securitization Entities, will guarantee or in
      any way be liable for the obligations of the Master Issuer under the Indenture or the Notes.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Management of the Securitized Assets</div>
    <div>&#160;</div>
    <div>None of the Securitization Entities has employees. Each of the Securitization Entities entered into a Management Agreement dated July 8, 2019, a copy of which is attached as Exhibit 10.3, among the Securitization Entities, the Manager and the
      Trustee. Pursuant to the Management Agreement, Jack in the Box Inc. acts as the Manager with respect to the Securitized Assets. The primary responsibilities of the Manager are to perform certain franchising, real estate, intellectual property and
      operational functions on behalf of the Securitization Entities with respect to the Securitized Assets pursuant to the Management Agreement. The Manager is entitled to the payment of a weekly management fee, as set forth in the Management Agreement,
      which includes reimbursement of certain expenses, and is subject to the liabilities set forth in the Management Agreement. The Manager manages and administers the Securitized Assets in accordance with the terms of the Management Agreement and, except
      as otherwise provided in the Management Agreement, the management standard set forth in the Management Agreement. Subject to limited exceptions set forth in the Management Agreement, the Management Agreement does not require the Manager to expend or
      risk its funds or otherwise incur any financial liability in the performance of any of its rights or powers under the Management Agreement if the Manager has reasonable grounds for believing that repayment of such funds or adequate indemnity against
      such risk or liability is not reasonably assured or provided to it. Subject to limited exceptions set forth in the Management Agreement, the Manager will indemnify each Securitization Entity, the trustee and certain other parties, and their
      respective officers, directors, employees and agents for all claims, penalties, fines, forfeitures, losses, legal fees and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur as a result of (i) the
      failure of the Manager to perform its obligations under the Management Agreement, (ii) the breach by the Manager of any representation or warranty under the Management Agreement or (iii) the Manager&#8217;s negligence, bad faith or willful misconduct.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Covenants and Restrictions</div>
    <div>&#160;</div>
    <div>The Notes are subject to a series of covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Notes, (ii)
      provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Class A-2 Notes under certain circumstances, (iii) certain indemnification payments in
      the event, among other things, that the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are also subject to
      customary rapid amortization events provided for in the Indenture, including events tied to (i) failure to maintain stated debt service coverage ratios, (ii) the sum of gross sales for specified restaurants being below certain levels on certain
      measurement dates, (iii) certain manager termination events (including in certain circumstances a change of control of the Company), (iv) the occurrence of an event of default, and (v) the failure to repay or refinance the Class A-2 Notes in full by
      the applicable anticipated repayment date. The Notes are also subject to certain customary events of default, including, without limitation, events relating to (i) non-payment of required interest, principal or other amounts due on or with respect to
      the Notes, (ii) failure to comply with covenants within certain time frames, (iii) certain bankruptcy events, (iv) breaches of specified representations and warranties, (v) the trustee ceasing to have valid and perfected security interests in certain
      collateral, and (vi) certain judgments.</div>
    <div> <br>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
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    <div>&#160;</div>
    <div style="font-weight: bold;">Use of Proceeds</div>
    <div>&#160;</div>
    <div>The net proceeds of the offering, together with cash on the Company&#8217;s balance sheet, has been or will be used to repay all of the existing indebtedness under the Company&#8217;s senior credit facility, to pay the transaction costs and to fund the
      reserve accounts associated with the securitized financing facility, and for working capital purposes and for general corporate purposes, which may include a return of capital to the Company&#8217;s equity holders.The 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 8-K shall not constitute an offer
      to sell or the solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale of the Notes or any other security in any jurisdiction where such an offering or sale would be unlawful. The
      foregoing summaries do not purport to be complete and are subject to, and qualified in their entirety by reference to, the complete copies of the Base Indenture, the Series 2019-1 Supplement, the Variable Funding Note Purchase Agreement, the
      Guarantee and Collateral Agreement and the Management Agreement, which have been filed as Exhibits 4.1, 4.2, 10.1, 10.2 and 10.3, respectively, hereto and are hereby incorporated herein by reference. Interested parties should read the documents in
      their entirety.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 2.03 &#160; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</div>
    <div>&#160;</div>
    <div>The information set forth under Item 1.01 above is hereby incorporated by reference into this Item 2.03.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 8.01 &#160; Other Events.</div>
    <div>&#160;</div>
    <div>In connection with the completion of the refinancing transaction, the Company issued a press release on July 8, 2019, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 9.01 &#160; Financial Statements and Exhibits.</div>
    <div>&#160;</div>
    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d) Exhibits. The following exhibits are being filed with this Current Report on Form 8-K.<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab"></font></div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160; <br>
    </div>
    <div> <font style="font-weight: bold;"> </font></div>
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                    <div>
                      <div style="font-weight: bold;">Exhibit</div>
                      <div><font style="font-weight: bold;">No.</font><font style="text-indent: 0px; font-size: 5.14pt;"><br>
                        </font></div>
                    </div>
                  </td>
                  <td style="width: auto; vertical-align: bottom;">
                    <div><font style="font-weight: bold;">Description</font></div>
                  </td>
                </tr>

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      </div>
      &#160;</div>
    <div>
      <div>
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><a href="a52009364ex4_1.htm">4.1</a></td>
              <td style="width: auto; vertical-align: top;">
                <div><a href="a52009364ex4_1.htm">Base Indenture, dated as of July 8, 2019, by and between Jack in the Box Funding, LLC, as Master Issuer, and
                    Citibank, N.A., as Trustee and Securities Intermediary.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z986aa76192ab4a1a969b43e3dc91d04f">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><a href="a52009364ex4_2.htm">4.2</a></td>
              <td style="width: auto; vertical-align: top;">
                <div><a href="a52009364ex4_2.htm">Series 2019-1 Supplement to Base Indenture, dated as of July 8, 2019, by and between Jack in the Box Funding,
                    LLC, as Master Issuer of the Series 2019-1 fixed rate senior secured notes, Class A-2, and Series 2019-1 variable funding senior notes, Class A-1, and Citibank, N.A., as Trustee and Series 2019-1 Securities Intermediary.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfcb70b8a4ec44d8083e1cda532821046">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><a href="a52009364ex10_1.htm">10.1</a></td>
              <td style="width: auto; vertical-align: top;">
                <div><a href="a52009364ex10_1.htm">Class A-1 Note Purchase Agreement, dated as of July 8, 2019, by and among Jack in the Box Funding, LLC, as
                    Master Issuer, each of Different Rules, LLC, Jack in the Box Properties, LLC and Jack in the Box SPV Guarantor, LLC, as Guarantors, Jack in the Box Inc. as Manager, the conduit investors party thereto, the financial institutions party
                    thereto, certain funding agents, and Co&#246;peratieve Rabobank, U.A., New York Branch, as L/C Provider, Swingline Lender and Administrative Agent.</a></div>
              </td>
            </tr>

        </table>
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    </div>
    <div>&#160;</div>
    <div>
      <div>
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><a href="a52009364ex10_2.htm">10.2</a></td>
              <td style="width: auto; vertical-align: top;">
                <div><a href="a52009364ex10_2.htm">The Guarantee and Collateral Agreement, dated July 8, 2019, by and among Jack in the Box SPV Guarantor, LLC,
                    Different Rules, LLC, and Jack in the Box Properties, LLC, each as a Guarantor and Citibank, N.A., as Trustee.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><a href="a52009364ex10_3.htm">10.3</a></td>
              <td style="width: auto; vertical-align: top;">
                <div><a href="a52009364ex10_3.htm">Management Agreement, dated as of July 8, 2019, by and among Jack in the Box Funding, LLC, as Master Issuer,
                    certain subsidiaries of Jack in the Box Funding, LLC party thereto, Jack in the Box Inc., as Manager, and Citibank, N.A., as Trustee.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44481dcc26c643d8a82cb41aa1b0c3a3">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><a href="a52009364ex99_1.htm">99.1</a></td>
              <td style="width: auto; vertical-align: top;">
                <div><a href="a52009364ex99_1.htm">Press release issued by Jack in the Box Inc. on July 8, 2019.</a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">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.</div>
    <div>&#160;</div>
    <div>Date:&#160; July 8, 2019</div>
    <div> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" colspan="2" style="font-weight: bold;">JACK IN THE BOX INC.</td>
            <td valign="top" style="width: 22%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 3%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 25%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 22%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 3%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 25%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 22%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 25%;">&#160;</td>
            <td valign="top" style="width: 22%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><br>
              </div>
            </td>
            <td valign="top" style="width: 3%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">By: </div>
            </td>
            <td valign="top" align="left" style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt">
                <div style="margin-left: 9pt">
                  <div style="margin-left: 9pt">/s/&#160; Lance Tucker</div>
                </div>
              </div>
            </td>
            <td valign="top" style="width: 22%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" colspan="2" rowspan="1">Lance Tucker</td>
            <td valign="top" style="width: 22%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" colspan="2" rowspan="1">Executive Vice President</td>
            <td valign="top" style="width: 22%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" colspan="2" rowspan="1">Chief Financial Officer&#160; <br>
            </td>
            <td valign="top" style="width: 22%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
            <td valign="top" colspan="2" rowspan="1">(Principal Financial Officer) <br>
            </td>
            <td valign="top" rowspan="1" style="width: 22%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
            <td valign="top" colspan="2" rowspan="1">(Duly Authorized Signatory) <br>
            </td>
            <td valign="top" rowspan="1" style="width: 22%;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 252pt; font-weight: bold;"><br>
    </div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>a52009364ex4_1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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  <head>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;">Exhibit 4.1</font><br>
    </div>
    <div style="text-align: right;"> <br>
    </div>
    <div style="text-align: right;"> <br>
    </div>
    <div style="text-align: right;">EXECUTION VERSION</div>
    <div style="margin-top: 24pt; margin-bottom: 48pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 24pt; margin-bottom: 48pt; font-weight: bold;">Dated as of July 8, 2019</div>
    <div style="text-align: center; margin-bottom: 6pt; font-size: 18pt; font-weight: bold;">Base Indenture</div>
    <div style="margin-bottom: 24pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 24pt;">between</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Jack in the Box Funding, LLC,</div>
    <div style="text-align: center; margin-bottom: 24pt;">as Master Issuer,</div>
    <div style="text-align: center; margin-bottom: 24pt;">and</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Citibank, N.A.,</div>
    <div style="text-align: center; margin-bottom: 24pt;">as Trustee and Securities Intermediary</div>
    <div style="margin-bottom: 9pt;"><br>
    </div>
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      <div>
        <div style="text-align: center; margin-top: 24pt; font-weight: bold;">TABLE OF CONTENTS</div>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z782100cc0a7542cf85e842d8ee81dc20">

          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: bottom; text-align: right;"><font style="font-weight: bold;">Page</font><br>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article I DEFINITIONS AND INCORPORATION BY REFERENCE</div>
            </td>
            <td style="width: 8%; vertical-align: bottom;">
              <div style="text-align: right;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 1.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Definitions</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 1.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Cross-References</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 1.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Accounting Terms; Accounting and Financial Determinations; No Duplication</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 1.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Rules of Construction</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">2</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article II THE NOTES</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">3</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Designation and Terms of Notes</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Notes Issuable in Series</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Series Supplement for Each Series</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Execution and Authentication</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Registrar and Paying Agent</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">10</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.06</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Paying Agent to Hold Money in Trust</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">11</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.07</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Noteholder List</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.08</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Transfer and Exchange</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.09</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Persons Deemed Owners</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.10</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Replacement Notes</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.11</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Treasury Notes</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.12</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Book-Entry Notes</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.13</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Definitive Notes</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.14</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Cancellation</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.15</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Principal and Interest</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">17</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.16</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Tax Treatment</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">17</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 2.17</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Tax Withholding</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">17</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article III SECURITY</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">18</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 3.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Grant of Security Interest</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">18</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 3.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Certain Rights and Obligations of the Master Issuer Unaffected</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 3.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Performance of Collateral Transaction Documents</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 3.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Stamp, Other Similar Taxes and Filing Fees</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 3.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Authorization to File Financing Statements</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">21</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article IV REPORTS</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 4.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Reports and Instructions to Trustee</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 4.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Rule&#160;144A Information</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 4.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Reports, Financial Statements and Other Information to Noteholders</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 4.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Manager</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">25</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 4.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>No Constructive Notice</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">25</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article V ALLOCATION AND APPLICATION OF COLLECTIONS</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">25</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Administration of Accounts and Additional Accounts</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">25</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Management Accounts and Additional Accounts</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">26</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Senior Notes Interest Reserve Account</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Senior Subordinated Notes Interest Reserve Account</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Cash Trap Reserve Account</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.06</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Collection Account</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.07</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Collection Account Administrative Accounts</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.08</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Hedge Payment Account</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.09</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Trustee as Securities Intermediary</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">32</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.10</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Establishment of Series Accounts; Legacy Accounts</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">33</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">(i)</font></div>
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      </div>
      <div style="text-align: center;"><font style="font-weight: bold;">TABLE OF CONTENTS</font> </div>
      <div style="text-align: center;"><font style="font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: center;"><font style="font-weight: bold;"> <br>
        </font></div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 84%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;"><font style="font-weight: bold;">Page</font><br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 84%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.11</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Deposits, Withdrawals and Collections</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">33</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.12</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Application of Weekly Collections on Weekly Allocation Dates</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">39</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.13</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Quarterly Payment Date Applications</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">44</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.14</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Determination of Quarterly Interest</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">56</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.15</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Determination of Quarterly Principal</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">56</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.16</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Prepayment of Principal</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">56</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.17</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Retained Collections Contributions</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">56</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.18</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Interest Reserve Letters of Credit</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">57</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.19</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Replacement of Ineligible Accounts</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">58</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 5.20</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Instructions and Directions</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">58</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article VI DISTRIBUTIONS</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">59</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 6.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Distributions in General</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">59</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article VII REPRESENTATIONS AND WARRANTIES</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">59</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Existence and Power</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">60</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Company and Governmental Authorization</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">60</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>No Consent</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">60</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Binding Effect</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">60</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Litigation</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">60</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.06</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>ERISA</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">61</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.07</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Tax Filings and Expenses</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">61</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.08</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Disclosure</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">61</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.09</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>1940 Act</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">62</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.10</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Regulations T, U and X</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">62</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.11</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Solvency</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">62</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.12</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Ownership of Equity Interests; Subsidiaries</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">62</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.13</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Security Interests</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">62</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.14</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Related Documents</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">63</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.15</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Non-Existence of Other Agreements</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">63</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.16</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Compliance with Contractual Obligations and Laws</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">64</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.17</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Other Representations</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">64</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.18</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>No Employees</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">64</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.19</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Insurance</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">64</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.20</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Environmental Matters</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">64</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 7.21</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Intellectual Property</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">65</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article VIII COVENANTS</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">66</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Payment of Notes</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">66</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Maintenance of Office or Agency</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">66</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Payment and Performance of Obligations</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">67</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Maintenance of Existence</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">67</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Compliance with Laws</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">67</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.06</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Inspection of Property; Books and Records</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">67</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.07</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Actions under the Collateral Transaction Documents and Related Documents</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">68</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.08</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Notice of Defaults and Other Events</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">69</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.09</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Notice of Material Proceedings</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">69</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.10</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Further Requests</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">69</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.11</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Further Assurances</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">69</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">(ii)</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center;"><font style="font-weight: bold;">TABLE OF CONTENTS</font> </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 84%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;"><font style="font-weight: bold;">Page</font><br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 84%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.12</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Liens</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">71</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.13</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Other Indebtedness</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">71</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.14</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Bankruptcy Proceedings</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">71</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.15</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Mergers</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">71</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.16</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Asset Dispositions</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">72</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.17</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Acquisition of Assets</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">74</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.18</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Dividends, Officers&#8217; Compensation, etc</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">74</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.19</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Legal Name, Location Under Section&#160;9-301 or 9-307</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">74</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.20</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Charter Documents</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">75</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.21</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Investments</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">75</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.22</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>No Other Agreements</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">75</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.23</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Other Business</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">75</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.24</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Maintenance of Separate Existence</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">76</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.25</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Covenants Regarding the Securitization IP</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">77</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.26</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>1940 Act</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">78</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.27</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Real Property</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">78</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.28</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>No Employees</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">79</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.29</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Insurance</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">79</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.30</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Litigation</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">79</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.31</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Environmental</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">79</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.32</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Enhancements</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">79</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.33</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Series Hedge Agreements; Derivatives Generally</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">79</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.34</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Additional Securitization Entity</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">80</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.35</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Subordinated Notes Repayments</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">81</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.36</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Tax Lien Reserve Amount</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">81</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.37</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Mortgages</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">81</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.38</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Required Balance</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">82</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 8.39</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Modification of Contributed Assets</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">82</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article IX REMEDIES</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">82</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Rapid Amortization Events</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">82</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Events of Default</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">83</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Rights of the Control Party and Trustee upon Event of Default</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">86</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Waiver of Appraisal, Valuation, Stay and Right to Marshaling</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">89</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Limited Recourse</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">90</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.06</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Optional Preservation of the Securitized Assets</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">90</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.07</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Waiver of Past Events</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">90</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.08</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Control by the Control Party</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">90</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.09</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Limitation on Suits</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">91</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.10</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Unconditional Rights of Holders to Receive Payment</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">91</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.11</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>The Trustee May File Proofs of Claim</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">91</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.12</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Undertaking for Costs</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">92</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.13</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Restoration of Rights and Remedies</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">92</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.14</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Rights and Remedies Cumulative</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">92</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.15</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Delay or Omission Not Waiver</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">92</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 9.16</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Waiver of Stay or Extension Laws</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">93</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article X THE TRUSTEE</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">93</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Duties of the Trustee</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">93</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">(iii)</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center;"><font style="font-weight: bold;">TABLE OF CONTENTS</font> </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 84%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;"><font style="font-weight: bold;">Page</font><br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 84%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Rights of the Trustee</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">96</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Individual Rights of the Trustee</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">99</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Notice of Events of Default and Defaults</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">99</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Compensation and Indemnity</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">99</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.06</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Replacement of the Trustee</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">100</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.07</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Successor Trustee by Merger, etc</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">101</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.08</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Eligibility Disqualification</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">101</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.09</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Appointment of Co-Trustee or Separate Trustee</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">101</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 10.10</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Representations and Warranties of Trustee</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">102</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article XI CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">103</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 11.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Controlling Class Representative</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">103</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 11.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Resignation or Removal of the Controlling Class Representative</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">105</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 11.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Expenses and Liabilities of the Controlling Class Representative</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">106</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 11.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Control Party</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">106</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 11.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Note Owner List</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">107</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article XII DISCHARGE OF INDENTURE</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">108</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 12.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Termination of the Master Issuer&#8217;s and Guarantors&#8217; Obligations</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">108</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 12.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Application of Trust Money</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">111</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 12.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Repayment to the Master Issuer</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">111</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 12.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Reinstatement</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">111</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article XIII AMENDMENTS</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">112</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 13.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Without Consent of the Control Party, the Controlling Class Representative or the Noteholders</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">112</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 13.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>With Consent of the Controlling Class Representative or the Noteholders</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">114</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 13.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Supplements</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">116</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 13.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Revocation and Effect of Consents</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">116</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 13.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Notation on or Exchange of Notes</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">116</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 13.06</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>The Trustee to Sign Amendments, etc</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">116</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 13.07</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Amendments and Fees</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">116</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 13.08</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Amendments to Certain Related Documents</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">117</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="vertical-align: top;">
              <div>Article XIV MISCELLANEOUS</div>
            </td>
            <td style="width: 8%; vertical-align: top; text-align: right;">121</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.01</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Notices</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">121</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.02</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Communication by Holders With Other Holders</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">124</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.03</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Officer&#8217;s Certificate as to Conditions Precedent</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">124</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.04</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Statements Required in Certificate</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">124</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.05</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Rules by the Trustee</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">124</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.06</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Benefits of Indenture</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">124</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.07</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Payment on Business Day</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">125</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.08</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Governing Law</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">125</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.09</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Successors</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">125</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.10</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Severability</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">125</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.11</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Counterpart Originals</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">125</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.12</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Table of Contents, Headings, etc</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">125</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.13</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>No Bankruptcy Petition Against the Securitization Entities</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">125</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.14</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Recording of Indenture</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">126</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.15</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Waiver of Jury Trial</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">126</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">(iv)</font></div>
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      </div>
      <div>
        <div style="text-align: center; margin-top: 24pt; font-weight: bold;">TABLE OF CONTENTS</div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 84%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top; text-align: right;"><font style="font-weight: bold;">Page</font><br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 84%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.16</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Submission to Jurisdiction; Waivers</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">126</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.17</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Permitted Asset Dispositions; Release of Collateral</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">126</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.18</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Calculation of Holdco Leverage Ratio and Senior ABS Leverage Ratio</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">126</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">
              <div>Section 14.19</div>
            </td>
            <td style="width: 84%; vertical-align: top;">
              <div>Instructions and Directions on Behalf of the Master Issuer</div>
            </td>
            <td style="width: 8%; vertical-align: top;">
              <div style="text-align: right;">128</div>
            </td>
          </tr>

      </table>
      <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: 400;">
        <div><br>
        </div>
        <br>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z3b387b30d408490381356ff023be9875">

            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><u>ANNEXES</u></div>
              </td>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 86%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Annex A</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Base Indenture Definitions List</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 86%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><u>EXHIBITS</u></div>
              </td>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 86%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit&#160;A</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Weekly Manager&#8217;s Certificate</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit B-1</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Notice of Grant of Security Interest in Trademarks</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit B-2</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Notice of Grant of Security Interest in Patents</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit B-3</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Grant of Security Interest in Copyrights</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit C-1</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Supplemental Notice of Grant of Security Interest in Trademarks</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit C-2</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Supplemental Notice of Grant of Security Interest in Patents</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit C-3</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Supplemental Grant of Security Interest in Copyrights</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit&#160;D</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Investor Request Certification</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit E</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of CCR Election Notice</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit F</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Nomination for Controlling Class Representative</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit G</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Ballot for Controlling Class Representative</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit H</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of CCR Acceptance Letter</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit I</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Note Owner Certificate</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit J</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Mortgage</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Exhibit K</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Form of Ad Hoc CCR Ballot</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">&#160;</td>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 86%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;"><u>SCHEDULES</u></div>
              </td>
              <td style="width: 4%; vertical-align: top;">&#160;</td>
              <td style="width: 86%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Schedule 7.13(a)</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Non-Perfected Liens</div>
              </td>
            </tr>
            <tr>
              <td style="width: 10%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Schedule&#160;7.19</div>
              </td>
              <td style="width: 4%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">--</div>
              </td>
              <td style="width: 86%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Insurance</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">(v)</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: center; margin-bottom: 9pt; color: #000000; font-weight: bold;">
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">BASE INDENTURE, dated as of July 8, 2019, by and among JACK IN THE BOX FUNDING, LLC, a Delaware limited
        liability company (the &#8220;<font style="font-family: 'Times New Roman', Times, serif;"><u>Master Issuer</u></font>&#8221;), and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the &#8220;<font style="font-family: 'Times New Roman', Times, serif;"><u>Trustee</u></font>&#8221;) and as securities intermediary (in such capacity, the &#8220;<font style="font-family: 'Times New Roman', Times, serif;"><u>Securities Intermediary</u></font>&#8221;).</div>
      <div style="margin-bottom: 9pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">W I T N E S S E T H:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">WHEREAS, the Master Issuer has duly authorized the execution and delivery of this Base Indenture to provide for
        the issuance from time to time of one or more Series of asset backed notes (the &#8220;<font style="font-family: 'Times New Roman', Times, serif;"><u>Notes</u></font>&#8221;), as provided in this Base Indenture and any Series Supplement; and</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">WHEREAS, all things necessary to make this Base Indenture a legal, valid and binding agreement of the Master
        Issuer, in accordance with its terms, have been done, and the Master Issuer proposes to do all the things necessary to make the Notes, when executed by the Master Issuer and authenticated and delivered by the Trustee hereunder and duly issued by
        the Master Issuer, the legal, valid and binding obligations of the Master Issuer as hereinafter provided;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 9pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">NOW, THEREFORE, for and in consideration of the premises and the receipt of the Notes by the Noteholders, it is
        mutually covenanted and agreed, for the equal and proportionate benefit of all Noteholders (in accordance with the priorities set forth herein and in any Series Supplement), as follows:</div>
    </div>
    <div style="text-align: center; margin-bottom: 9pt; color: #000000; font-weight: bold;">ARTICLE I<br>
      <br>
      DEFINITIONS AND INCORPORATION BY REFERENCE</div>
    <div><br>
    </div>
    <div>
      <div style="margin-bottom: 9pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Section 1.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Definitions</u></font>.&#160;


          (a)&#160; Capitalized terms used herein and not otherwise defined herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Base Indenture Definitions List attached hereto as <u>Annex&#160;A</u> (the &#8220;<u>Base


            Indenture Definitions List</u>&#8221;), as such Base Indenture Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof.</font></div>
      <div style="margin-bottom: 9pt; text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Any terms used in the Indenture (including without limitation, for purposes of <u>Article III</u>) that are defined in the UCC shall be construed and defined as set forth
          in the UCC, unless otherwise defined in the Indenture.</font></div>
      <div style="margin-bottom: 9pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Section 1.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Cross-References</u></font>.&#160;


          Unless otherwise specified, references in the Indenture and in each other Related Document to any Article or Section are references to such Article or Section of the Indenture or such other Related Document, as the case may be, and, unless
          otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such Article, Section or definition.</font></div>
      <div style="margin-bottom: 9pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Section 1.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Accounting


              Terms; Accounting and Financial Determinations; No Duplication</u></font>.&#160; (a)&#160; All accounting terms not specifically or completely defined in the Indenture or the Related Documents shall be construed in conformity with GAAP.</font></div>
      <div style="margin-bottom: 9pt; text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Where the character or amount of any asset or liability or item of income or expense is required to be determined, or any accounting computation is required to be made, for
          the purpose of the Indenture or any other Related Document, such determination or calculation shall be made, to the extent applicable and except as otherwise specified in the Indenture or such other Related Document, in accordance with GAAP.&#160;
          When used herein, the term &#8220;financial statement&#8221; shall include the notes and schedules thereto.&#160; All accounting determinations and computations hereunder or under any other Related Documents shall be made without duplication.</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <br>
    <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 1.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Rules of Construction</u></font>.&#160; In the Indenture and the other Related Documents, unless the context otherwise requires:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the singular includes the plural and vice versa;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">reference to any Person means, as applicable, such Person or such Person&#8217;s successors and assigns but, if applicable, only if such successors and assigns are permitted by the Indenture and the other applicable Related
        Documents, as the case may be, and reference to any Person in a particular capacity only refers to such Person in such capacity;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">reference to any gender includes the other gender;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">&#8220;including&#8221; (and with correlative meaning &#8220;include&#8221;) means including without limiting the generality of any description preceding such term;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the word &#8220;or&#8221; is always used inclusively herein (for example, the phrase &#8220;A or B&#8221; means &#8220;A or B or both,&#8221; not &#8220;either A or B but not both&#8221;), unless used in an &#8220;either... or&#8221; construction;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">reference to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended, supplemented or otherwise modified from time to time, but if applicable,
        only if such amendment, supplement or modification is permitted by the Indenture and the other applicable Related Documents;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">with respect to the determination of any period of time, except as otherwise specified, &#8220;from&#8221; means &#8220;from and including&#8221; and &#8220;to&#8221; means &#8220;to but excluding&#8221;;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the use of Subclass designations, Tranche designations or other designations to differentiate Note characteristics within a Class will not alter priority of the requirement to pay among the Class <u>pro</u>&#160;<u>rata</u>
        unless expressly provided for in the Series Supplement for a Subclass or Tranche of such Class;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">if (i)&#160;any funds deposited to an Account are to be paid or allocated, or any action described in a Weekly Manager&#8217;s Certificate is to be taken, on&#160; (or prior to) the &#8220;following Weekly Allocation Date,&#8221; on the &#8220;Weekly
        Allocation Date immediately following&#8221; or on the &#8220;immediately following Weekly Allocation Date,&#8221; such payment, allocation or action shall occur on (or prior to, if applicable) the Weekly Allocation Date related to the Weekly Collection Period in
        which such deposit occurs or to the Weekly Allocation Date to which the Weekly Manager&#8217;s Certificate relates, as applicable, and (ii)&#160;an action or event is to occur with respect to a Four-Week Fiscal Period immediately preceding a Weekly Allocation
        Date, such action or event shall occur with respect to the most recent Four-Week Fiscal Period ending prior to such Weekly Allocation Date;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(k)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">if any payment is due, or any action described in the Quarterly Noteholders&#8217; Report is to be taken, on (or prior to) the &#8220;related Quarterly Payment Date,&#8221; on the &#8220;following Quarterly Payment Date,&#8221; on the &#8220;immediately
        succeeding Quarterly Payment Date,&#8221; on the &#8220;next succeeding Quarterly Payment Date&#8221; or on the &#8220;immediately following Quarterly Payment Date,&#8221; such payment shall be due, or such action shall occur, as applicable, either (i)&#160;on (or prior to, if
        applicable) the Quarterly Payment Date related to the Quarterly Collection Period in which such payment accrues or to the Quarterly Payment Date to which such Quarterly Noteholders&#8217; Report relates or (ii)&#160;on the Quarterly Payment Date related to
        the applicable Quarterly Calculation Date on which such payment is calculated; and</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(l)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">references to (i)&#160;the &#8220;preceding Weekly Collection Period&#8221; mean the most recent Weekly Collection Period ending prior to the indicated date, (ii)&#160;the &#8220;immediately preceding Quarterly Collection Period&#8221; mean the most recent
        Quarterly Collection Period ending prior to the indicated date and (iii) the &#8220;immediately preceding Quarterly Calculation Date&#8221; mean the most recent Quarterly Calculation Date.</font></div>
    <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: #000000; font-weight: bold;">ARTICLE II<br>
      <br>
      THE NOTES</div>
    <div style="line-height: 12.55pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Designation

            and Terms of Notes</u></font>.&#160; (a)&#160; Each Series of Notes shall be substantially in the form specified in the Series Supplement for such Series and shall bear, upon its face, the designation for such Series&#160;to which it belongs as selected by
        the Master Issuer, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted hereby or by the Series Supplement for such Series and may have such letters, numbers or other marks of identification
        and such legends or endorsements placed thereon as may, consistently herewith, be determined to be appropriate by any Authorized Officer of the Master Issuer executing such Notes, as evidenced by execution of such Notes by such Authorized Officer.&#160;
        All Notes of any Series shall, except as specified in the Series Supplement for such Series and in the Base Indenture, be equally and ratably entitled as provided herein to the benefits hereof without preference, priority or distinction on account
        of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of this Base Indenture and the Series Supplement for such Series.&#160; The aggregate principal amount of Notes which may be authenticated and
        delivered under this Base Indenture is unlimited.&#160; The Notes of each Series shall be issued in the denominations set forth in the Series Supplement for such Series.</font></div>
    <div style="line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;"><u>Class A-1 Notes</u>.&#160; Any Series of Notes that includes Class A-1 Notes may include within the related Variable Funding Note Purchase Agreement any terms, provisions, forms and other matters that affect the Class A-1 Notes (other than
        the form of Class A-1 Notes, which will be an exhibit to the Series Supplement for such Series).&#160; With respect to any Variable Funding Note Purchase Agreement entered into by the Master Issuer in connection with the issuance of any Class A-1 Notes,
        whether or not any of the following shall have been specifically provided for in the applicable provision of the Indenture Documents, the following shall apply (except to the extent that the Series Supplement or Variable Funding Note Purchase
        Agreement with respect to such Class A-1 Notes provides otherwise):</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">for purposes of any provision of any Indenture Document relating to any vote, consent, direction, waiver or the like to be given by such Class on any date, with respect to the Class A-1 Notes of any Series Outstanding, the
        relevant amount of each such Class A-1 Notes to be used in tabulating the percentage of such Series voting, directing, consenting or waiving or the like (the &#8220;<u>Class A-1 Notes Voting Amount</u>&#8221;) will be the greater of (1)&#160;the Class A-1 Notes
        Maximum Principal Amount for such Class A-1 Notes (after giving effect to any cancelled commitments) and (2)&#160;the Outstanding Principal Amount of such Class A-1 Notes;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">for purposes of any provisions of any Indenture Document relating to termination, discharge or the like, such Class A-1 Notes of a Series shall continue to be deemed Outstanding unless and until both (x) all commitments to
        extend credit under such Variable Funding Note Purchase Agreement have been terminated thereunder and (y) the Outstanding Principal Amount of such Class A-1 Notes shall have been reduced to zero; and</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">notwithstanding the foregoing, and for the avoidance of doubt, a Series Supplement or a Variable Funding Note Purchase Agreement may provide for different treatment of commitments of a Noteholder of a Class A-1 Note subject
        to such Series Supplement or Variable Funding Note Purchase Agreement that (1) has failed to make a payment required to be made by it under the terms of the Variable Funding Note Purchase Agreement, (2) has provided written notification that it
        does not intend to make a payment required to be made by it thereunder when due or (3) has become the subject of an Event of Bankruptcy.</font></div>
    <div style="line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Notes


            Issuable in Series</u></font>.&#160; (a)&#160; The Notes may be issued in one or more Series.&#160; Each Series of Notes shall be created by a Series Supplement.&#160; A Series of Notes may include separate Classes, Subclasses or Tranches as set forth in the
        Series Supplement for such Series.&#160; Any reference to a Series shall, unless the context requires otherwise, also include any Class, Subclass or Tranche of such Series.</font></div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">So long as each of the certifications described in <u>clause&#160;(vi)</u> below are true and correct as of the applicable Series Closing Date, Notes of a new Series&#160;may, from time to time, be executed by the Master Issuer and delivered to
        the Trustee for authentication and thereupon the same shall be authenticated and delivered by the Trustee upon the receipt by the Trustee of a Company Order at least three (3)&#160;Business Days (except in the case of the issuance of the Series of Notes
        on the Closing Date) in advance of the related Series Closing Date (which Company Order may be delivered at the end of such Business Day and shall be revocable by the Master Issuer upon notice to the Trustee no later than 5:00&#160;p.m. (Eastern time)
        two (2) Business Days prior to the related Series Closing Date) and upon performance or delivery by the Master Issuer to the Trustee and the Control Party, and receipt by the Trustee and the Control Party, of the following:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">a Company Order authorizing and directing the authentication and delivery of the Notes of such new Series&#160;by the Trustee and specifying the designation of such new Series, the Initial Principal Amount (or the method for
        calculating the Initial Principal Amount) of such new Series&#160;to be authenticated and the Note Rate with respect to such new Series;</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">a Series
        Supplement satisfying the criteria set forth in <u>Section 2.03</u> executed by the Master Issuer and the Trustee and specifying the Principal Terms of such new Series;</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
      </font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">if there is one
        or more Series of Notes Outstanding (other than a Series of Notes Outstanding that will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing Date), written confirmation from the
        Manager that the Rating Agency Condition with respect to the issuance of such Additional Notes is satisfied;</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
      </font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">any related
        Enhancement Agreement entered into in connection with such issuance and executed by each of the parties thereto in compliance with <u>Section 8.32</u>;</font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
      </font></div>
    <div style="text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">any related
        Series Hedge Agreement entered into in connection with such issuance and executed by each of the parties thereto in compliance with <u>Section 8.33</u>;</font></div>
    <div style="line-height: 13.7pt; margin-bottom: 10pt;"><br style="line-height: 13.7pt;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">one or more Officer&#8217;s Certificates, each executed by an Authorized Officer of the Master Issuer, dated as of the applicable Series Closing Date to the effect that:</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the Senior ABS Leverage Ratio as of the applicable Series Closing Date is less than or equal to 6.50x after giving pro forma effect to the issuance of such Additional Notes and any repayment of existing Indebtedness from
          such Additional Notes;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Holdco Leverage Ratio is less than or equal to 7.00x after giving pro forma effect to the issuance of such
          Additional Notes and any repayment of existing Indebtedness from such Additional Notes;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is
          continuing or will occur as a result of the issuance of the new Series of Notes;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(D)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all representations and warranties of the Master Issuer in this Base Indenture and the other Related Documents are
          true and correct, and will continue to be true and correct after giving effect to such issuance on the Series Closing Date, in all material respects (other than any representation or warranty that, by its terms, is made only as of an earlier
          date);</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(E)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">no Cash Trapping Period is in effect or will commence as a result of the issuance of the new Series of Notes;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(F)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the New Series&#160;Pro&#160;Forma DSCR is greater than or equal to 2.00x;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(G)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">no Manager Termination Event or Potential Manager Termination Event has occurred and is continuing or will occur as a
          result of such issuance;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(H)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the proposed issuance does not alter or change the terms of any Series of Notes Outstanding or the Series Supplement
          relating thereto without such consents (if any) as are required under this Base Indenture or the Series Supplement for such Series;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(I)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all costs, fees and expenses with respect to the issuance of the new Series of Notes or relating to the actions taken
          in connection with such issuance that are required to be paid on the applicable Series Closing Date have been paid or will be paid from the proceeds of the issuance of the new Series of Notes;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(J)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all conditions precedent with respect to the authentication and delivery of such new Series of Notes provided in this
          Base Indenture, the Series Supplement for such Series and, if applicable, the related Variable Funding Note Purchase Agreement and any other related note purchase agreement executed in connection with the issuance of such new Series of Notes have
          been satisfied or waived;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(K)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Guarantee and Collateral Agreement is in full force and effect as to such new Series of Notes;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(L)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">if such new Series of Notes includes Subordinated Notes, the terms of any such new Series of Notes include the Subordinated Notes Provisions to the extent applicable;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(M)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the
        legal final maturity date for any new Class of Senior Notes will not be prior to the legal final maturity of any Class of Senior Notes then Outstanding; <u>provided</u>, that the legal final maturity of any new Class A-1 Notes may be prior to the
        legal final maturity of any Class of Senior Notes (other than Class A-1 Notes that will not be simultaneously repaid) then Outstanding<font style="color: #000000;">;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(N)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the legal final maturity date for any new Class of Senior Subordinated Notes will not be prior to the legal final maturity of any Class of Senior Notes or any Class of Senior Subordinated Notes then Outstanding;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(O)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the legal final maturity date for any new Class of Subordinated Notes will not be prior to the legal final maturity of any Class of Senior Notes, any Class of Senior Subordinated Notes or any Class of Subordinated Notes
          then Outstanding;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(P)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">each of the parties to the Related Documents with respect to such new Series of Notes has covenanted and agreed in the Related Documents that, prior to the date which is one (1) year and one (1) day after the payment in
          full of the latest maturing Note, it will not institute against, or join with any other Person in instituting against, any Securitization Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
          proceedings, under any federal or state bankruptcy or similar law;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(Q)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">there is no action, proceeding, or investigation pending or threatened against any Non-Securitization Entity before any court or administrative agency that would reasonably be expected to result in a Material Adverse
          Effect with respect to the Securitization Entities; and</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(R)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">if such issuance is of a Series of Senior Subordinated Notes or Subordinated Notes, the Master Issuer has established the applicable Collection Account Administrative Accounts set forth in <u>Section 5.07(a)</u> and such accounts are
          subject to an Account Control Agreement in accordance with the terms herein;</font><u> provided</u> that none of the conditions set forth in the foregoing <u>clauses (A)</u>, <u>(B)</u>, <u>(C)</u>, <u>(E)</u>, <u>(F)</u>, <u>(G)</u>, <u>(H)</u>,
        <u>(M)</u>, <u>(N)</u>, and <u>(O)</u> of this <u>clause (vi)</u> shall apply and no Officer&#8217;s Certificates shall be required to include such representations under this <u>clause&#160;(vi)</u>, in each case, if there are no Series of Notes
        Outstanding (apart from the new Series of Notes) on the applicable Series Closing Date, or if all Series of Notes Outstanding (apart from the new Series of Notes) will be repaid in full from the proceeds of issuance of the new Series of Notes or
        otherwise on the applicable Series Closing Date;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">a Tax Opinion dated the applicable Series Closing Date; <u>provided</u>, <u>however</u>, that, if there are no Notes
          Outstanding or if all Series of Notes Outstanding will be repaid in full from the proceeds of issuance of the new Series of Notes or otherwise on the applicable Series Closing Date or defeased in accordance with <u>Section 12.01(c)</u>, only the
          opinions set forth in <u>clauses&#160;(b)</u> and <u>(c)</u> of the definition of Tax Opinion are required to be given in connection with the issuance of such new Series of Notes;</font></div>
      <div style="text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(viii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">one or more Opinions of Counsel, supported by one or more Officer&#8217;s Certificates, addressed to the Trustee and the
          Control Party, subject to customary assumptions and qualifications, and in a form reasonably acceptable to the Control Party, dated the applicable Series Closing Date, substantially to the effect that:</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">all of the
          instruments described in this <u>Section 2.02(b)</u> furnished to the Trustee and the Control Party conform to the requirements of this Base Indenture and the Series Supplement for such Series (or to the extent applicable, any Variable Funding
          Note Purchase Agreement) and the new Series of Notes is permitted to be authenticated by the Trustee pursuant to the terms of this Base Indenture and the Series Supplement for such Series (or to the extent applicable, any Variable Funding Note
          Purchase Agreement);</font></div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Series Supplement for such Series and any Variable Funding Note Purchase Agreement have been duly authorized, executed and
          delivered by the Master Issuer and constitute valid and binding agreements of the Master Issuer, enforceable against the Master Issuer in accordance with their terms;</font></div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">such new Series of Notes have been duly authorized by the Master Issuer, and, when such Notes have been duly authenticated and
          delivered by the Trustee, such Notes will be valid and binding obligations of the Master Issuer, enforceable against the Master Issuer in accordance with their terms;</font></div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(D)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">none of the Securitization Entities is required to be registered under the 1940 Act;</font></div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(E)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the Lien and the security interests created by this Base Indenture and the Guarantee and Collateral Agreement on the Collateral remain perfected or
          recorded as of such date to the extent required by this Base Indenture and the Guarantee and Collateral Agreement and such Lien and security interests as of such date extend to any assets transferred to the Securitization Entities through the
          date of the issuance of such new Series of Notes<font style="color: rgb(0, 0, 0);">;</font></font></div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(F)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">based on a reasoned analysis, (i) in the event of a bankruptcy or insolvency of a Non-Securitization Entity no Securitization
          Entity would be substantively consolidated with such Non-Securitization Entity and (ii) as of the applicable Series Closing Date, each transfer of Collateral to any Securitization Entity pursuant to a Contribution&#160; Agreement would be treated as a
          &#8220;true sale&#8221; or absolute transfer;<br>
          <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(G)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">neither the execution and delivery by each Securitization Entity of the Indenture Documents to which it is a party nor the
          performance by such Securitization Entity of its obligations under such Indenture Documents: (i)&#160;conflicts with the Charter Documents of such Securitization Entity, (ii)&#160;constitutes a violation of, or a default under, any material agreement to
          which such Securitization Entity is a party (which agreements may be set forth in a schedule to such opinion), or (iii)&#160;contravenes any order or decree that is applicable to such Securitization Entity (which order and decree may be set forth in a
          schedule to such opinion);</font></div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(H)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">neither the execution and delivery by the Master Issuer of such Notes and the Series Supplement for such Series (and, to the
          extent applicable, any Variable Funding Note Purchase Agreement) nor the performance by the Master Issuer of its obligations under each of such Notes and the Series Supplement for such Series (and, to the extent applicable, any Variable Funding
          Note Purchase Agreement):&#160; (i)&#160;violates any law, rule or regulation of any relevant jurisdiction, or (ii)&#160;requires the consent, approval, licensing or authorization of, or any filing, recording or registration with, any Governmental Authority
          under any law, rule or regulation of any relevant jurisdiction except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings and registrations already made;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(I)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">unless such Notes are being offered pursuant to a registration statement that has been declared effective under the 1933 Act,
          it is not necessary in connection with the offer and sale of such Notes by the Master Issuer to the initial purchaser thereof or by the initial purchaser to the initial investors in such Notes to register such Notes under the 1933 Act;</font></div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(J)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">unless the issuance of the Notes requires otherwise, the Base Indenture is not required to be qualified under the United
          States Trust Indenture Act of 1939, as amended; and</font></div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(K)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">all conditions precedent to such issuance have been satisfied and that the related Series Supplement is authorized or permitted pursuant to the
          terms and conditions of this Base Indenture (except that no Opinion of Counsel relating to the satisfaction in all material respects of conditions precedent shall be required to be delivered in connection with the issuance of Notes on the Closing
          Date)<font style="color: rgb(0, 0, 0);">; and</font></font></div>
      <div style="text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">such other documents, instruments, certifications, agreements or other items as the Trustee may reasonably require.</font></div>
      <div style="text-indent: 72pt; line-height: 12.55pt;"><font style="color: #000000;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Upon satisfaction, or waiver by
          the Control Party (as directed by the Controlling Class Representative) (which waiver shall be in writing), of the conditions set forth in <u>Section 2.02(b)</u>, the Trustee shall authenticate and deliver, as provided above, such Series of
          Notes upon execution thereof by the Master Issuer.</font></div>
      <div style="text-indent: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-indent: 72pt; line-height: 12.55pt;"><font style="color: #000000;">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">With regard to any new Series of
          Notes issued pursuant to this <u>Section 2.02</u> that constitutes Senior Notes, Senior Subordinated Notes or Subordinated Notes, the proceeds from such issuance may be used at any time prior to the Series Anticipated Repayment Date for such
          Series of Notes to repay either Senior Notes, Senior Subordinated Notes or Subordinated Notes of any Series of Notes Outstanding; <u>provided</u>, <u>however</u>, that at any time on or after the Series Anticipated Repayment Date for any Series
          of Notes that remains Outstanding, the proceeds from such issuance may only be used to repay (i)&#160;Senior Subordinated Notes if all Senior Notes have been repaid and (ii)&#160;Subordinated Notes if all Senior Notes and Senior Subordinated Notes have
          been repaid.</font></div>
      <div style="text-indent: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-indent: 72pt; line-height: 12.55pt;"><font style="color: #000000;">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">The issuance of Additional Notes
          shall not be subject to the consent of the Holders of any Series of Notes Outstanding.&#160; Subject to <u>Section 2.02(d)</u>, Additional Notes may be issued for any purpose consistent with the Related Documents, including acquisitions by the
          Securitization Entities.</font></div>
      <div style="text-indent: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Series Supplement for Each Series </u></font>.&#160; In conjunction with the issuance of a new Series, the parties hereto shall execute a Series Supplement (and, in the case such Series includes Class A-1 Notes, a Variable
          Funding Note Purchase Agreement), which document(s) shall specify the relevant terms with respect to such new Series of Notes, which may include, without limitation:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">its name or designation;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the Initial Principal Amount with respect to such new Series of Notes or, to the extent applicable, each Class, Subclass or Tranche of such new Series of Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the Note Rate with respect to such new Series&#160;of Notes or, to the extent applicable, each Class, Subclass or Tranche of such new Series and the applicable default rate;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: #000000;">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">the Series Closing Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the Series Anticipated Repayment Date with respect to such new Series of Notes or, to the extent applicable, each Class, Subclass or
          Tranche of such new Series of Notes, if any<font style="color: rgb(0, 0, 0);">;</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Series Legal Final Maturity Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the principal amortization schedule with respect to such new Series of Notes or, to the extent applicable, each
          Class, Subclass or Tranche of such new Series of Notes, if any;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">each Rating Agency rating such new Series of Notes, or, to the extent applicable, each Class, Subclass or Tranche of
          such new Series of Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the name of the Clearing Agency, if any, for such new Series of Notes or, to the extent applicable, each Class,
          Subclass or tranche of such new Series of Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the names of the Series Distribution Accounts and any other Series Accounts to be used with respect to such Series
          and the terms governing the operation of any such account and the use of moneys therein;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(k)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the method of allocating amounts deposited into any Series Distribution Account with respect to such Series;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(l)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">whether the Notes of such new Series will be issued in multiple Classes, Subclasses or Tranches, and the rights and
          priorities of each such Class, Subclass or Tranche, if any;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(m)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any deposit of funds to be made in any Base Indenture Account or any Series Account on the Series Closing Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(n)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">whether the Notes of such Series may be issued as either Definitive Notes or Book-Entry Notes and any limitations
          imposed thereon;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(o)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">whether the Notes of such Series include Senior Notes, Senior Subordinated Notes and/or Subordinated Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(p)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">whether the Notes of such Series include Class A-1 Notes or subfacilities of Class A-1 Notes issued pursuant to a
          Variable Funding Note Purchase Agreement;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(q)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the terms of any related Enhancement and the Enhancement Provider thereof, if any;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(r)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the terms of any related Series Hedge Agreement and the applicable Hedge Counterparty, if any; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(s)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any other relevant terms of such Series of Notes (all such terms, the &#8220;<u>Principal Terms</u>&#8221; of such Series);</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; color: #000000;"><font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, the Series Supplement for any Series of Notes may alter the terms of this
        Base Indenture solely as those terms apply to the terms of such Series.</div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Execution


              and Authentication</u></font>.&#160; (a)&#160; The Notes shall, upon issuance pursuant to <u>Section 2.02</u>, be executed on behalf of the Master Issuer by an Authorized Officer of the Master Issuer and delivered by the Master Issuer to the Trustee
          for authentication and redelivery as provided herein.&#160; The signature of each such Authorized Officer on the Notes may be manual, scanned or facsimile.&#160; If an Authorized Officer of the Master Issuer whose signature is on a Note no longer holds
          that office at the time the Note is authenticated, the Note shall nevertheless be valid.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">At any time and from time to time after the execution and delivery of this Base Indenture, the Master Issuer may deliver Notes of any particular Series (issued pursuant to <u>Section


            2.02</u>) executed by the Master Issuer to the Trustee for authentication, together with one or more Company Orders for the authentication and delivery of such Notes, and the Trustee, in accordance with such Company Order and this Base
          Indenture, shall authenticate and deliver such Notes.<br>
          <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">No Note shall be entitled to any benefit under the Indenture or be valid for any purpose unless there appears on such Note a certificate of authentication substantially in
          the form provided for below, duly executed by the Trustee by the manual signature of a Trust Officer.&#160; Such signatures on such certificate shall be conclusive evidence, and the only evidence, that the Note has been duly authenticated under this
          Base Indenture. The Trustee may appoint an authenticating agent acceptable to the Master Issuer to authenticate Notes.&#160; Unless limited by the term of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do
          so.&#160; Each reference in this Base Indenture to authentication by the Trustee includes authentication by such authenticating agent. The Trustee&#8217;s certificate of authentication shall be in substantially the following form:</font></div>
      <div style="text-indent: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif; font-weight: 400;">&#8220;This is one of the Notes of a Series issued under the within mentioned Indenture.</div>
      <div style="line-height: 12.55pt; font-family: 'Times New Roman',Times,serif; font-weight: 400;"> <br>
      </div>
      <div style="line-height: 12.55pt; font-family: 'Times New Roman',Times,serif; font-weight: 400;">
        <table cellspacing="0" cellpadding="0" border="0" id="z60acd32326e747d8a76af768e1e33fd7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 100%; font-weight: bold;">
                <div style="text-align: justify;">&#160;Citibank, N.A., as Trustee</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">
        <div><br>
        </div>
        <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
        </div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> ________________________________<br>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">By:</div>
      <div style="text-align: justify; margin-left: 2.8pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Authorized Signatory&#8221;</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-top: 9pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Each Note shall be dated and issued as of the date of its authentication by the Trustee.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Master Issuer, and the Master Issuer shall
          deliver such Note to the Trustee for cancellation as provided in <u>Section 2.14</u> together with a written statement to the Trustee and the Servicer (which need not comply with <u>Section 14.03</u>) stating that such Note has never been
          issued and sold by the Master Issuer, for all purposes of the Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall not be entitled to the benefits of the Indenture.</font></div>
      <div style="text-indent: 72pt; line-height: 12.55pt;"><font style="color: #000000;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.05</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Registrar


              and Paying Agent</u></font>.&#160; (a)&#160; The Master Issuer shall (i)&#160;maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the &#8220;<u>Registrar</u>&#8221;) and (ii)&#160;appoint a paying agent (which shall
          satisfy the eligibility criteria set forth in <u>Section 10.08(a)</u>) (the &#8220;<u>Paying Agent</u>&#8221;) at whose office or agency Notes may be presented for payment.&#160; The Registrar shall keep a register of the Notes (including the name and address of
          each such Noteholder) and of their transfer and exchange.&#160; The Trustee shall indicate in its books and records the commitment of each Noteholder, if applicable, and the principal (and stated interest) amount owing to each Noteholder from time to
          time.&#160; The Master Issuer may appoint one or more co-registrars and one or more additional paying agents.&#160; The term &#8220;Paying Agent&#8221; shall include any additional paying agent and the term &#8220;Registrar&#8221; shall include any co-registrars.&#160; The Master
          Issuer may change the Paying Agent or the Registrar without prior notice to any Noteholder.&#160; The Master Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Base Indenture.&#160; The Trustee is hereby
          initially appointed as the Registrar and the Paying Agent and shall send copies of all notices and demands received by the Trustee (other than those sent by the Master Issuer to the Trustee and those addressed to the Master Issuer) in connection
          with the Notes to the Master Issuer.&#160; Upon any resignation or removal of the Registrar, the Master Issuer shall promptly appoint a successor Registrar or, in the absence of such appointment, the Master Issuer shall assume the duties of the
          Registrar.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer shall enter into an appropriate agency agreement with any Agent not a party to this Base Indenture.&#160; Such
          agency agreement shall implement the provisions of this Base Indenture that relate to such Agent.&#160; If the Master Issuer fails to maintain a Registrar or Paying Agent, the Trustee hereby agrees to act as such, and shall be entitled to appropriate
          compensation in accordance with this Base Indenture until the Master Issuer shall appoint a replacement Registrar or Paying Agent, as applicable.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.06</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Paying


              Agent to Hold Money in Trust</u></font>.&#160; (a)&#160; The Master Issuer will cause the Paying Agent (if the Paying Agent is not the Trustee) to execute and deliver to the Trustee an instrument in which the Paying Agent shall agree with the Trustee
          (and if the Trustee is the Paying Agent, it hereby so agrees), subject to the provisions of this <u>Section 2.06</u>, that the Paying Agent will:</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the
          Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">give the Trustee notice of any default by the Master Issuer of which it has Actual Knowledge in the making of any
          payment required to be made with respect to the Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the
          Trustee all sums so held in trust by the Paying Agent;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">immediately resign as the Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the payment
          of Notes if at any time it ceases to meet the standards required to be met by a Trustee set forth in <u>Section 10.08</u>. at the time of its appointment; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">comply with all requirements of the Code and other applicable Requirements of Law with respect to the withholding
          from any payments made by it on any Notes of any applicable withholding Taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any
          other purpose, by Company Order direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent, such sums to be held by the Trustee in trust upon the same terms as those upon which the sums were held in trust by the
          Paying Agent.&#160; Upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Subject to applicable laws with respect to escheat of funds, any money held by the Trustee or the Paying Agent in trust for
          the payment of any amount due with respect to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and be paid to the Master Issuer upon delivery of a Company Order.&#160;
          The Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Master Issuer for payment thereof (but only to the extent of the amounts so paid to the Master Issuer), and all liability of the Trustee or the Paying
          Agent with respect to such trust money paid to the Master Issuer shall thereupon cease; <u>provided</u>, <u>however</u>, that the Trustee or the Paying Agent, before being required to make any such repayment, may, at the expense of the Master
          Issuer, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York City notice that such money remains unclaimed and that, after a date specified
          therein, which shall not be less than thirty (30)&#160;days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Master Issuer.&#160; The Trustee may also adopt and employ, at the expense of the Master
          Issuer, any other commercially reasonable means of notification of such repayment.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.07</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Noteholder


              List</u></font>.&#160; (a)&#160; The Trustee shall furnish or cause to be furnished by the Registrar to the Master Issuer, the Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative, the Paying Agent or any Class A-1
          Administrative Agent, within five (5)&#160;Business Days after receipt by the Trustee of a request therefor from the Master Issuer, the Manager, the Back-Up Manager, the Control Party, the Controlling Class Representative, the Paying Agent or such
          Class A-1 Administrative Agent, respectively, in writing, the names and addresses of the Noteholders of each Series&#160;as of the most recent Record Date for payments to such Noteholders.&#160; Unless otherwise provided in the Series Supplement for such
          Series, the Trustee, after having been adequately indemnified by Note Owners satisfying the requirements set forth in <u>Section 11.05(b)</u> (&#8220;<u>Applicants</u>&#8221;) for its costs and expenses, shall afford or shall cause the Registrar to afford
          such Applicants access during normal business hours to the most recent list of Noteholders held by the Trustee and shall give the Master Issuer notice that such request has been made, within five (5)&#160;Business Days after the receipt of such
          application.&#160; Such list shall be as of a date no more than forty-five (45)&#160;days prior to the date of receipt of such Applicants&#8217; request.&#160; Every Noteholder, by receiving and holding a Note, agrees with the Trustee that neither the Trustee, the
          Registrar nor any of their respective agents shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Noteholders hereunder, regardless of the source from which such information was
          obtained.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall preserve in as current a form as&#160;is reasonably practicable the most recent list available to it of the names
          and addresses of Noteholders of each Series of Notes.&#160; If the Trustee is not the Registrar, the Master Issuer shall furnish to the Trustee at least seven (7)&#160;Business Days before each Quarterly Payment Date and at such other time as the Trustee
          may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders of each Series of Notes.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.08</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Transfer
              and Exchange</u></font>.&#160; (a)&#160; Upon surrender for registration of transfer of any Note at the office or agency of the Registrar, if the requirements of <u>Section 2.08(f)</u> and Section&#160;8&#8209;401(a) of the New York UCC are met, the Master
          Issuer shall execute and, after the Master Issuer has executed, the Trustee shall authenticate and deliver to the Noteholder, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the
          same Series and Class (and, if applicable, Tranche or Subclass) and a like original aggregate principal amount of the Notes so transferred.&#160; At the option of any Noteholder, Notes may be exchanged for other Notes of the same Series and Class
          (and, if applicable, Tranche or Subclass) in authorized denominations of like original aggregate principal amount of the Notes so exchanged, upon surrender of the Notes to be exchanged at any office or agency of the Registrar maintained for such
          purpose.&#160; Whenever Notes of any Series&#160;are so surrendered for exchange, if the requirements of <u>Section 2.08(f)</u> and Section&#160;8-401(a) of the New York UCC are met, the Master Issuer shall execute, and after the Master Issuer has executed,
          the Trustee shall authenticate and deliver to the Noteholder, the Notes which the Noteholder making the exchange is entitled to receive.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Every Note presented or surrendered for registration of transfer or exchange shall be (i)&#160;duly endorsed by, or be accompanied
          by a written instrument of transfer in form satisfactory to the Trustee, the Master Issuer and the Registrar duly executed by, the Holder thereof or such Holder&#8217;s attorney duly authorized in writing with a medallion signature guarantee and
          (ii)&#160;accompanied by such other documents as the Trustee and the Registrar may require.&#160; The Master Issuer shall execute and deliver to the Trustee or the Registrar, as applicable, Notes in such amounts and at such times as are necessary to enable
          the Trustee to fulfill its responsibilities under the Indenture and the Notes.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">All Notes issued and authenticated upon any registration of transfer or exchange of the Notes shall be the valid obligations
          of the Master Issuer, evidencing the same Indebtedness, and entitled to the same benefits under the Indenture, as the Notes surrendered upon such registration of transfer or exchange.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The preceding provisions of this <u>Section 2.08</u> notwithstanding, (i) the Master Issuer or the Registrar shall not be required (A)&#160;to issue, register the transfer of or
          exchange any Note&#160;for a period beginning at the opening of business fifteen (15)&#160;days preceding the selection of any Note for redemption and ending at the close of business on the day of the mailing of the relevant notice of redemption or (B)&#160;to
          register the transfer of or exchange any Note so selected for redemption, and (ii)&#160;no assignment or transfer of a Note or any commitment in respect thereof shall be effective until such assignment or transfer shall have been recorded in the Note
          Register and in the books and records of the Trustee, as applicable, pursuant to <u>Section 2.05(a)</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Unless otherwise provided in the Series Supplement for such Series, no service charge shall be payable for any registration of transfer or exchange of Notes, but the Master
          Issuer, the Registrar or the Trustee, as the case may be, may require payment by the Noteholder of a sum sufficient to cover any Tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Unless otherwise provided in the Series Supplement for such Series, registration of transfer of Notes containing a legend relating to the restrictions on transfer of such
          Notes (which legend shall be set forth in the Series Supplement for such Series or, to the extent applicable, any Variable Funding Note Purchase Agreement) shall be effected only if the conditions set forth in such Series Supplement for such
          Series and, to the extent applicable, any Variable Funding Note Purchase Agreement are satisfied.&#160; Notwithstanding any other provision of this <u>Section 2.08</u> and except as otherwise provided in <u>Section 2.13</u>, the typewritten Note or
          Notes representing Book-Entry Notes for any Series, Class, Subclass or Tranche&#160;may be transferred, in whole but not in part, only to another nominee of the Clearing Agency for such Series, Class, Subclass or Tranche, or to a successor Clearing
          Agency for such Series, Class, Subclass or Tranche selected or approved by the Master Issuer or to a nominee of such successor Clearing Agency, only if in accordance with this <u>Section 2.08</u> and <u>Section 2.12</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.09</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Persons Deemed Owners</u></font>.&#160; Prior to due presentment for registration of transfer of any Note, the Trustee, the Servicer, the Controlling Class Representative, any Agent and the Master Issuer shall deem and
          treat the Person in whose name any Note is registered (as of the day of determination) as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever (other
          than purposes in which the vote or consent of a Note Owner is permitted pursuant to this Base Indenture, the Series Supplement for such Series or any Variable Funding Note Purchase Agreement and, to the extent applicable, the rules of a Clearing
          Agency), whether or not such Note is overdue, and none of the Trustee, the Servicer, the Controlling Class Representative, any Agent nor the Master Issuer shall be affected by notice to the contrary.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.10</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Replacement


              Notes</u></font>.&#160; (a)&#160; If (i)&#160;any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii)&#160;there is delivered to the Master Issuer and the
          Trustee such security or indemnity as may be required by them to hold the Master Issuer and the Trustee harmless then, <u>provided</u> that the requirements of <u>Section 2.08(f)</u> and Section&#160;8-405 of the New York UCC are met, the Master
          Issuer shall execute and upon its request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note.&#160; If,
          after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the preceding sentence, a protected purchaser (within the meaning of Section&#160;8-303 of the New York UCC) of the original Note in lieu of which
          such replacement Note was issued presents for payment such original Note, the Master Issuer and the Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such
          replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any
          loss, damage, cost or expense incurred by the Master Issuer or the Trustee in connection therewith.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Upon the issuance of any replacement Note under this <u>Section 2.10</u>, the Master Issuer may require the payment by the Holder of such Note of a sum sufficient to cover
          any Tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee and the Registrar) connected therewith.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Every replacement Note issued pursuant to this <u>Section 2.10</u> in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional
          contractual obligation of the Master Issuer and such replacement Note shall be entitled to all the benefits of the Indenture equally and proportionately with any and all other Notes duly issued under the Indenture (in accordance with the
          priorities and other terms set forth herein and in each Series Supplement for such Series).</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The provisions of this <u>Section 2.10</u> are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment
          of mutilated, destroyed, lost or stolen Notes.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.11</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Treasury Notes</u></font>.&#160; In determining whether the Noteholders of the required Aggregate Outstanding Principal Amount of Notes or the required Outstanding Principal Amount of any Series, Class, Subclass or Tranche
          of Notes, as the case may be, have concurred in any direction, waiver or consent, Notes owned, legally or beneficially, by the Master Issuer or any Affiliate of the Master Issuer shall be considered as though they are not Outstanding, except that
          for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of which a Trust Officer has received written notice of such ownership shall be so disregarded.&#160; Absent written
          notice to a Trust Officer of such ownership, the Trustee shall not be deemed to have knowledge of the identity of the individual Note Owners.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.12</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Book-Entry


              Notes</u></font>.&#160; (a)&#160; Unless otherwise provided in any Series Supplement for such Series, the Notes of each Series, Class, Subclass and Tranche, upon original issuance, shall be issued in the form of typewritten Notes representing
          Book-Entry Notes and delivered to the depository (or its custodian) specified in such Series Supplement which shall be the Clearing Agency on behalf of such Series, Class, Subclass or Tranche.&#160; The Notes of each Series, Class, Subclass and
          Tranche shall, unless otherwise provided in the Series Supplement for such Series, initially be registered on the Note Register in the name of the Clearing Agency or the nominee of the Clearing Agency.&#160; No Note Owner will receive a definitive
          note representing such Note Owner&#8217;s interest in the related Series, Class, Subclass or Tranche of Notes, except as provided in <u>Section 2.13</u>.&#160; Unless and until definitive, fully registered Notes of any Series&#160;or any Class, Subclass or
          Tranche of any Series (&#8220;<u>Definitive Notes</u>&#8221;) have been issued to Note Owners pursuant to <u>Section 2.13</u>:</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the provisions of this <u>Section 2.12</u> shall be in full force and effect with respect to each such Series, Class,
          Subclass and/or Tranche;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer, the Paying Agent, the Registrar, the Trustee, the Servicer and the Controlling Class Representative shall
          deal with the Clearing Agency and the applicable Clearing Agency Participants for all purposes (including the payment of principal of, premium, if any, and interest on the Notes and the giving of instructions or directions hereunder or under the
          Series Supplement for such Series) as the sole Holder of the Notes, and shall have no obligation to the Note Owners;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to the extent that the provisions of this <u>Section 2.12</u> conflict with any other provisions of the Indenture, the
          provisions of this <u>Section 2.12</u> shall control with respect to each such Tranche, Subclass, Class or Series of the Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">subject to the rights of the Servicer and the Controlling Class Representative under the Indenture, and except for the rights
          granted pursuant to <u>Section 11.05</u>, the rights of Note Owners of each such Series, Class, Subclass or Tranche of Notes shall be exercised only through the Clearing Agency and the applicable Clearing Agency Participants and shall be limited
          to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants, and all references in the Indenture to actions by the Noteholders shall refer to actions taken by the Clearing
          Agency upon instructions from the Clearing Agency Participants, and all references in the Indenture to distributions, notices, reports and statements to the Noteholders shall refer to distributions, notices, reports and statements to the Clearing
          Agency, as registered Holder of the Notes of such Series, Class, Subclass or Tranche&#160;for distribution to the Note Owners in accordance with the Applicable Procedures of the Clearing Agency; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">subject to the rights of the Servicer and the Controlling Class Representative under the Indenture, and except for the rights
          granted pursuant to <u>Section 11.05</u>, whenever the Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Aggregate Outstanding Principal Amount of
          Notes or the Outstanding Principal Amount of a Series&#160;or Class, Subclass or Tranche of a Series of Notes, the applicable Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such
          effect from Note Owners and/or their related Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Outstanding Notes or such Series, Class, Subclass or Tranche of Notes
          Outstanding, as the case may be, and has delivered such instructions in writing to the Trustee.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Pursuant to the Depository Agreement applicable to a Series, Class, Subclass or Tranche, unless and until Definitive Notes of such Series, Class, Subclass or Tranche&#160;are
          issued pursuant to <u>Section 2.13</u>, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal, premium, if any, and interest on the Notes to such
          Clearing Agency Participants.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Whenever notice or other communication to the Holders is required under the Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to <u>Section


            2.13</u>, the Trustee and the Master Issuer shall give all such notices and communications specified herein to be given to Noteholders to the applicable Clearing Agency for distribution to the Note Owners in accordance with the Applicable
          Procedures of the Clearing Agency.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.13</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Definitive


              Notes</u></font>.&#160; (a)&#160; The Notes of any Series, Class, Subclass or Tranche of any Series, to the extent provided in the Series Supplement for such Series, upon original issuance, may be issued in the form of Definitive Notes.&#160; All Class A-1
          Notes of any Series, Class, Subclass or Tranche shall be issued in the form of Definitive Notes.&#160; The Series Supplement for such Series shall set forth the legend relating to the restrictions on transfer of such Definitive Notes and such other
          restrictions as may be applicable.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">With respect to the Notes of any Series, Class, Subclass or Tranche of any Series issued in the form of typewritten Notes
          representing Book-Entry Notes, if (i)&#160;(A)&#160;the Master Issuer advises the Trustee in writing that the Clearing Agency with respect to any such Series of Notes is no longer willing or able to discharge properly its responsibilities under the
          applicable Depository Agreement and (B)&#160;the Trustee or the Master Issuer are unable to locate a qualified successor or (ii)&#160;after the occurrence of a Rapid Amortization Event, with respect to any Series, Class, Subclass or Tranche of Notes
          Outstanding, Note Owners holding a beneficial interest in excess of 50% of the aggregate Outstanding Principal Amount of such Series, Class, Subclass or Tranche of Notes advise the Trustee and the applicable Clearing Agency through the applicable
          Clearing Agency Participants in writing that the continuation of a book-entry system through the applicable Clearing Agency is no longer in the best interests of such Note Owners, the Trustee shall notify all Note Owners of such Series, Class,
          Subclass or Tranche, through the applicable Clearing Agency Participants, of the occurrence of any such event and of the availability of Definitive Notes to Note Owners of such Series, Class, Subclass or Tranche.&#160; Upon surrender to the Trustee of
          the Notes of such Series, Class, Subclass or Tranche&#160;by the applicable Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency for registration, the Master Issuer shall execute and the Trustee shall
          authenticate, upon receipt of a Company Order, and deliver an equal aggregate principal amount of Definitive Notes in accordance with the instructions of the Clearing Agency.&#160; Neither the Master Issuer nor the Trustee shall be liable for any
          delay in delivery of such instructions and may each conclusively rely on, and shall be protected in relying on, such instructions.&#160; Upon the issuance of Definitive Notes of such Series, Class, Subclass or Tranche of such Series of Notes all
          references herein to obligations imposed upon or to be performed by the applicable Clearing Agency shall be deemed to be imposed upon and performed by the Trustee, to the extent applicable with respect to such Definitive Notes, and the Trustee
          shall recognize the Holders of the Definitive Notes of such Series, Class, Subclass or Tranche of such Series&#160;as Noteholders of such Series, Class, Subclass or Tranche of such Series hereunder and under the Series Supplement for such Series.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.14</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Cancellation</u></font>.&#160;


          The Master Issuer may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Master Issuer or an Affiliate thereof may have acquired in any manner whatsoever, and all Notes so
          delivered shall be promptly cancelled by the Trustee.&#160; Upon the written instruction of the Master Issuer (or the Manager on its behalf), the Trustee shall cancel any repurchased Notes delivered to it by the Master Issuer (or the Manager on its
          behalf), either in certificated form or through the Applicable Procedures of DTC.&#160; Such cancelled Notes shall not be reissued and upon cancellation shall not be considered outstanding for purposes of calculating the DSCR, the Holdco Leverage
          Ratio or the Senior ABS Leverage Ratio.&#160; Immediately upon the delivery of any Notes by the Master Issuer to the Trustee for cancellation pursuant to this <u>Section 2.14</u>, the security interest of the Secured Parties in such Notes shall
          automatically be deemed to be released by the Trustee, and the Trustee shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at its expense to evidence such automatic
          release.&#160; The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.&#160; The Trustee shall cancel all Notes surrendered for registration of transfer, exchange,
          payment, replacement or cancellation.&#160; Except as provided in any Variable Funding Note Purchase Agreement executed and delivered in connection with the issuance of any Notes, the Master Issuer may not issue new Notes to replace Notes that it has
          redeemed or paid or that have been delivered to the Trustee for cancellation.&#160; All cancelled Notes held by the Trustee shall be disposed of in accordance with the Trustee&#8217;s standard disposition procedures unless the Master Issuer shall direct
          that cancelled Notes be returned to it for destruction pursuant to a Company Order.&#160; No cancelled Notes may be reissued.&#160; No provision of this Base Indenture or any Series Supplement that relates to prepayment procedures, penalties, fees,
          make-whole payments or any other related matters shall be applicable to any Notes cancelled pursuant to and in accordance with this <u>Section 2.14</u>.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.15</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Principal


              and Interest</u></font>.&#160; (a)&#160; The principal of and premium, if any, on each Series, Class, Subclass or Tranche of Notes shall be due and payable at the times and in the amounts set forth in the Series Supplement for such Series (and, to the
          extent applicable, each Variable Funding Note Purchase Agreement) and in accordance with the Priority of Payments.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Each Series, Class, Subclass and Tranche of Notes shall accrue interest as provided in the Series Supplement for such Series
          (and, to the extent applicable, each Variable Funding Note Purchase Agreement) and such interest shall be due and payable for such Notes&#160;on each Quarterly Payment Date in accordance with the Priority of Payments.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Except as provided in the following sentence, the Person in whose name any Note is registered at the close of business on any
          Record Date with respect to a Quarterly Payment Date for such Note shall be entitled to receive the principal, premium, if any, and interest payable on such Quarterly Payment Date notwithstanding the cancellation of such Note upon any
          registration of transfer, exchange or substitution of such Note subsequent to such Record Date.&#160; Any interest payable at maturity shall be paid to the Person to whom the principal of such Note is payable.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Pursuant to the authority of the Paying Agent under <u>Section 2.06(a)(v)</u>, except as otherwise provided pursuant to a Variable Funding Note Purchase Agreement and only
          to the extent that the Paying Agent has been notified in writing of such exception by the Master Issuer or the applicable Class A-1 Administrative Agent, the Paying Agent shall make all payments of interest on the Notes net of any applicable
          withholding Taxes and Noteholders shall be treated as having received as payments of interest any amounts withheld with respect to such withholding Taxes.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.16</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Tax Treatment</u></font>.&#160; The Master Issuer has structured this Base Indenture and the Notes have been (or will be) issued with the intention that the Notes will qualify under applicable tax law as Indebtedness of
          the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other entity, and any entity or person acquiring any direct or indirect interest in any Note by acceptance of its Notes
          (or, in the case of a Note Owner, by virtue of such Note Owner&#8217;s acquisition of a beneficial interest therein) agrees to treat the Notes (or beneficial interests therein) for all purposes of United States federal, state, local and foreign income
          or franchise Taxes and any other Tax imposed on or measured by income, as Indebtedness of the Master Issuer or, if the Master Issuer is treated as a division of another entity for federal income tax purposes, such other entity.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 2.17</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Tax Withholding</u></font>.&#160; <font style="color: rgb(0, 0, 0);">The Trustee, the Paying Agent and the Master Issuer (or other Person responsible for withholding of Taxes) has the right to withhold on payments with
            respect to a Note (without any corresponding gross-up) where an applicable party fails to provide the Trustee, the Paying Agent or the Master Issuer, as applicable, with appropriate tax certifications (which includes, but is not limited to, (i)
            an IRS Form W-9 for United States persons (as defined under Section 7701(a)(30) of the Code) or any applicable successor form or (ii) an applicable IRS Form W-8 and any required attachments, for Persons other than United States persons, or
            applicable successor form, or the Trustee, the Paying Agent or the Master Issuer&#160; (or other Person responsible for withholding of Taxes) is otherwise required to so withhold under applicable law.</font></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
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      </div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE II<br>
        <br>
        SECURITY</div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 3.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Grant


              of Security Interest</u></font>.&#160; (a)&#160; To secure the Obligations, the Master Issuer hereby pledges, assigns, conveys, delivers, transfers and sets over to the Trustee, for the benefit of the Secured Parties, and hereby grants to the Trustee,
          for the benefit of the Secured Parties, a security interest in the Master Issuer&#8217;s right, title and interest in, to and under all accounts, chattel paper, commercial tort claims, deposit accounts, documents, equipment, fixtures, general
          intangibles, health-care-insurance receivables, instruments, inventory, securities, securities accounts and other investment property and letter-of-credit rights (in each case, as defined in the New York UCC), including<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>all of the following property to the extent now owned or at any time hereafter acquired by the Master Issuer (collectively, the &#8220;<u>Indenture Collateral</u>&#8221;):</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);">the limited liability company membership interests and stock owned by the Master Issuer that represent
            the 100% ownership interest in the Securitization Entities owned by the Master Issuer as set forth on Schedule 4.5 of the Guarantee and Collateral Agreement,</font>&#160;<font style="color: rgb(0, 0, 0);">together with all claims, rights,
            privileges, authority and powers of the Master Issuer relating to such Equity Interests or granted to it under the organizational documents of such Securitization Entities, and all additional Equity Interests of any Subsidiary or Additional
            Securitization Entity from time to time acquired by or issued to the Master Issuer&#160; in any manner, together with all claims, rights, privileges, authority and powers of the Master Issuer relating to any such Equity Interests or granted to it
            under any organizational document of any such Subsidiary or Additional Securitization Entity</font><font style="font-size: 12pt;">&#160;</font><font style="color: rgb(0, 0, 0);">formed from time to time;</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Accounts and all amounts on deposit in or otherwise credited to the Accounts;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any Interest Reserve Letter of Credit;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the books and records (whether in physical, electronic or other form) of the Master Issuer;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the rights, powers, remedies and authorities of the Master Issuer under each of the Related Documents (other than the
          Indenture and the Notes) to which it is a party;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any and all other property of the Master Issuer now owned or hereafter acquired; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all payments, proceeds, supporting obligations and accrued and future rights to payment with respect to the
          foregoing;</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font> that (A) the Indenture Collateral shall exclude the Collateral Exclusions;
        (B) the Master Issuer shall not be required to pledge more than 65% of the Equity Interests (and any rights associated with such Equity Interests) of (i) any foreign Subsidiary of the Master Issuer that is a Controlled Foreign Corporation or (ii)
        any domestic Subsidiary of the Master Issuer, substantially all of the assets of which are the equity interests of Controlled Foreign Corporations (each, a &#8220;Foreign Subsidiary Holding Company&#8221;), a corporation for U.S. federal income tax purposes
        and in no circumstance will any such foreign Subsidiary that is a Controlled Foreign Corporation or a Foreign Subsidiary Holding Company be required to pledge any assets, serve as Guarantor, or otherwise guarantee the Notes; (C)&#160;the security
        interest in (1)&#160;the Senior Notes Interest Reserve Account and the related property shall only be for the benefit of the Senior Noteholders and the Trustee, in its capacity as trustee for the Senior Noteholders, (2)&#160;the Senior Subordinated Notes
        Interest Reserve Account and the related property shall only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as trustee for the Senior Subordinated Noteholders and (3) each Series Distribution Account and
        the related property thereto shall only be for the benefit of the applicable Series (or Class within such Series) Noteholders as set forth in the Series Supplement for such Series; and (D)&#160;any Cash Collateral deposited by any Non-Securitization
        Entities with the Master Issuer to secure such Non-Securitization Entities&#8217; obligations under any Letter of Credit Reimbursement Agreement shall not constitute Indenture Collateral until such time (if any) as the Master Issuer is entitled to
        withdraw such funds from the applicable bank account pursuant to the terms of such Letter of Credit Reimbursement Agreement to reimburse the Master Issuer for any amounts due by such Non-Securitization Entities to the Master Issuer pursuant to such
        Letter of Credit Reimbursement Agreement that such Non-Securitization Entities have not paid to the Master Issuer in accordance with the terms thereof.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#8220;<u>Collateral Exclusions</u>&#8221; means the following property of the Master Issuer: (i) any lease, sublease, license, or other
          contract or permit, in each case if the grant of a Lien or security interest in any of the Master Issuer&#8217;s right, title and interest in, to or under such lease, sublease, license, contract or permit (or any rights or interests thereunder) in the
          manner contemplated by the Indenture (a) is prohibited by the terms of such lease, sublease, license, contract or permit (or any rights or interests thereunder) or would require the consent of a third party (unless such consent has been
          obtained), (b) would constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the applicable Securitization Entity therein or (c) would otherwise result in a breach thereof or the termination or
          a right of termination thereof, except to the extent that any such prohibition, breach, termination or right of termination is rendered ineffective pursuant to the UCC or any other applicable law, (ii)&#160;the Excepted Securitization IP Assets, (iii)
          all Real Estate Assets (other than Securitized Owned Real Property until the occurrence of a Mortgage Recordation Event and Mortgages are filed on such Securitized Owned Real Property), (iv)&#160;the Excluded Amounts, (v)&#160;amounts to be paid in respect
          of the JIB Back-to-Back Lease Obligations and (vi) amounts to be paid in respect of the Restaurant Operating Expenses; <u>provided</u>, <u>further</u>, that the Master Issuer and the Guarantors will not be required to pledge more than 65% of
          the Equity Interests (and any rights associated with such Equity Interests) of (x) any foreign Subsidiary of any of the Master Issuer or the Guarantors that is a Controlled Foreign Corporation or (y) any domestic Subsidiary of any of the Master
          Issuer or the Guarantors that is a Foreign Subsidiary Holding Company, corporation for U.S. federal income tax purposes and in no circumstance will any such foreign Subsidiary that is a Controlled Foreign Corporation or a Foreign Subsidiary
          Holding Company be required to pledge any assets, serve as Guarantor, or otherwise guarantee the Notes; <u>provided</u>, <u>further</u>,<font style="font-style: italic;">&#160;</font>that the security interest in (A) the Senior Notes Interest
          Reserve Account and the related property will only be for the benefit of the Senior Noteholders and the Trustee, in its capacity as trustee for the Senior Noteholders, (B) the Senior Subordinated Notes Interest Reserve Account and the related
          property will only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as trustee for the Senior Subordinated Noteholders and (C) each Series Distribution Account and the related property thereto will only
          be for the benefit of the noteholders of the applicable Series (or Class within such Series) as set forth in the applicable Series Supplement. The Trustee, on behalf of the Secured Parties, acknowledges that it shall have no security interest in
          any Collateral Exclusions.&#160; The foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Base Indenture and the other Indenture Documents to which the Master Issuer is a party.&#160; The Trustee,
          on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Base Indenture in accordance with the provisions of this Base Indenture and agrees to perform its duties required in this Base Indenture.&#160; The Indenture
          Collateral shall secure the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any Series, Class, Subclass or Tranche of Notes, as otherwise stated in the Series Supplement for such Series or in
          the applicable provisions of this Base Indenture).</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Upon the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class
          Representative), the Trustee or its agent shall, at the direction of the Control Party, record each Mortgage in accordance with <u>Section 8.37.</u></font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u> <br>
          </u></font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The parties hereto agree and acknowledge that (a) each certificated Equity Interest may be held by the Trustee in a separate custodial account in the name of the Trustee for
          the benefit of the Secured Parties and (b) each certificated Equity Interest and each Mortgage may be held by a custodian on behalf of the Trustee.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 3.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Certain Rights and Obligations of the Master Issuer Unaffected</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding the grant of the security interest in the Indenture Collateral hereunder to the Trustee, on behalf of the
          Secured Parties, the Master Issuer acknowledges that the Manager, on behalf of the Securitization Entities, shall, subject to the terms and conditions of the Management Agreement, have the right, subject to the Trustee&#8217;s right to revoke such
          right, in whole or in part, in the event of the occurrence of an Event of Default, (i) to give as Manager on behalf of the Securitization Entities, in accordance with the Managing Standard, all consents, requests, notices, directions, approvals,
          extensions or waivers, if any, which are required or permitted to be given by the Master Issuer under the Collateral Transaction Documents, and to enforce all rights, remedies, powers, privileges and claims of the Master Issuer or any
          Securitization Entity under the Collateral Transaction Documents, (ii) to give as Manager on behalf of the Securitization Entities, in accordance with the Managing Standard, all consents, requests, notices, directions and approvals, if any, which
          are required or permitted to be given by any Securitization Entity under any IP License Agreement to which such Securitization Entity is a party and (iii) as Manager on behalf of the Securitization Entities, to take any other actions required or
          permitted under the terms of the Management Agreement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The grant of the security interest by the Master Issuer in the Indenture Collateral to the Trustee on behalf of and for the
          benefit of the Secured Parties shall not (i)&#160;relieve the Master Issuer from the performance of any term, covenant, condition or agreement on the Master Issuer&#8217;s part to be performed or observed under or in connection with any of the Collateral
          Transaction Documents or (ii)&#160;impose any obligation on the Trustee or any of the Secured Parties to perform or observe any such term, covenant, condition or agreement on the Master Issuer&#8217;s part to be so performed or observed or impose any
          liability on the Trustee or any of the Secured Parties for any act or omission on the part of the Master Issuer or from any breach of any representation or warranty on the part of the Master Issuer.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer hereby agrees to indemnify and hold harmless the Trustee and each Secured Party (including its directors, officers, employees and agents) from and against
          any and all losses, liabilities (including liabilities for penalties), claims, demands, actions, suits, judgments, reasonable and documented out-of-pocket costs and expenses arising out of or resulting from the security interest granted hereby,
          whether arising by virtue of any act or omission on the part of the Master Issuer or otherwise, including, without limitation, the reasonable out-of-pocket costs, expenses and disbursements (including reasonable attorneys&#8217; fees and expenses)
          incurred by the Trustee or any Secured Party in enforcing the Indenture or any other Related Document or preserving any of its rights to, or realizing upon, any of the Collateral or, to the extent permitted by applicable law, the Securitized
          Assets; <u>provided</u>, <u>however</u>, that the foregoing indemnification shall not extend to any action by the Trustee or any Secured Party which constitutes gross negligence, bad faith or willful misconduct by the Trustee or any Secured
          Party or any other indemnified Person hereunder.&#160; The indemnification provided for in this <u>Section 3.02</u> shall survive the removal of, or a resignation by, any Person as Trustee as well as the termination of this Base Indenture or any
          Series Supplement.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 3.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Performance of Collateral Transaction Documents</u></font>.&#160; Upon the occurrence of a default or breach (after giving effect to any applicable grace or cure periods) by any Person party to (a)&#160;a Collateral Transaction
          Document or (b)&#160;a Collateral Business Document (only if a Manager Termination Event or an Event of Default has occurred and is continuing), promptly following a request from the Trustee to do so and at the Master Issuer&#8217;s expense, the Master
          Issuer agrees to take all such lawful action as permitted under this Base Indenture as the Trustee (acting at the direction of the Control Party (acting at the direction of the Controlling Class Representative)) may reasonably request to compel
          or secure the performance and observance by such Person of its obligations to the Master Issuer, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Master Issuer to the extent and in the manner directed
          by the Trustee (acting at the direction of the Control Party (acting at the direction of the Controlling Class Representative)), including, without limitation, the transmission of notices of default and the institution of legal or administrative
          actions or proceedings to compel or secure performance by such Person of its obligations thereunder.&#160; If (i)&#160;the Master Issuer shall have failed, within ten (10)&#160;days of receiving the direction of the Trustee (given at the direction of the
          Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the Trustee, (ii)&#160;the Master Issuer refuses to take any such action, as reasonably determined by
          the Trustee in good faith, or (iii)&#160;the Control Party (acting at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, in any such case the Servicer may, but shall not be
          obligated to, take, and the Trustee shall take (if so directed by the Control Party (acting at the direction of the Controlling Class Representative)), at the expense of the Master Issuer, such previously directed action and any related action
          permitted under this Base Indenture which the Control Party (acting at the direction of the Controlling Class Representative) thereafter determines is appropriate (without the need under this provision or any other provision under this Base
          Indenture to direct the Master Issuer to take such action), on behalf of the Master Issuer and the Secured Parties.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 3.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Stamp, Other Similar Taxes and Filing Fees</u></font>.&#160; The Master Issuer shall indemnify and hold harmless the Trustee and each Secured Party from any present or future claim for liability for any stamp, documentary
          or other similar tax and any penalties or interest and expenses with respect thereto, that may be assessed, levied or collected by any jurisdiction in connection with the Indenture, any other Related Document or the Securitized Assets.&#160; The
          Master Issuer shall pay, and indemnify and hold harmless each Secured Party against, any and all amounts in respect of all search, filing, recording and registration fees, excise taxes and other similar imposts that may be payable or determined
          to be payable in respect of the execution, delivery, performance and/or enforcement of the Indenture or any other Related Document.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 3.05</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Authorization


              to File Financing Statements</u></font>.&#160; (a)&#160; The Master Issuer hereby irrevocably authorizes the Control Party on behalf of the Secured Parties at any time and from time to time to file or record in any filing office in any applicable
          jurisdiction financing statements and other filing or recording documents or instruments with respect to the Indenture Collateral to perfect the security interests of the Trustee for the benefit of the Secured Parties under this Base Indenture.&#160;
          The Master Issuer authorizes the filing of any such financing statement naming the Trustee as secured party and indicating that the Indenture Collateral includes &#8220;all assets&#8221; or words of similar effect or import regardless of whether any
          particular assets comprised in the Indenture Collateral fall within the scope of Article 9 of the UCC, including, without limitation, any and all Securitization IP. The Master Issuer agrees to furnish any information necessary to accomplish the
          foregoing promptly upon the Servicer&#8217;s request.&#160; The Master Issuer also hereby ratifies and authorizes the filing on behalf of the Secured Parties of any financing statement with respect to the Indenture Collateral made prior to the date hereof.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer acknowledges that to the extent the Indenture Collateral includes certain rights of the Master Issuer as a
          secured party under the Related Documents, the Master Issuer hereby irrevocably appoints the Trustee as its representative with respect to all financing statements filed to perfect or record evidence of such security interests and authorizes the
          Servicer on behalf of and for the benefit of the Secured Parties to make such filings it deems necessary to reflect the Trustee as secured party of record with respect to such financing statements.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
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      </div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE III<br style="line-height: 12.55pt;">
        <br>
        REPORTS</div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 4.01</font><font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Reports and Instructions to Trustee</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Weekly Manager&#8217;s Certificate</u>.&#160; By 4:30 p.m. (Eastern time) on the Business Day prior to each Weekly Allocation Date,
          the Master Issuer shall furnish, or cause the Manager to furnish, to the Trustee and the Servicer a certificate substantially in the form of <u>Exhibit&#160;A</u> specifying the allocation of Collections on the following Weekly Allocation Date (each
          a &#8220;<u>Weekly Manager&#8217;s Certificate</u>&#8221;).&#160; The Weekly Manager&#8217;s Certificate shall be deemed confidential information and shall not be disclosed by the Trustee or the Servicer to any Holder or any other Person without the prior written consent of
          the Master Issuer or the Manager.&#160; Notwithstanding anything herein to the contrary, the initial Weekly Manager&#8217;s Certificate shall not be required to be delivered, and amounts credited to the Accounts shall not be required to be allocated
          pursuant to the Priority of Payments, until the first Weekly Allocation Date that occurs after the date that is twenty-one (21) days after the Closing Date.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Quarterly Noteholders&#8217; Report</u>.&#160; On or before the third (3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>) Business Day prior to each Quarterly Payment Date, the Master Issuer shall furnish, or cause the Manager to furnish, a Quarterly Noteholders&#8217; Report with respect to each Series of Notes Outstanding to the Trustee,
          each Rating Agency with respect to such Series, the Servicer and each Paying Agent, with a copy to the Back-Up Manager.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Quarterly Compliance Certificates</u>.&#160; On or before the third (3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>) Business Day prior
          to each Quarterly Payment Date, the Master Issuer shall deliver, or cause the Manager to deliver, to the Trustee and each Rating Agency with respect to each Series of Notes Outstanding (with a copy to each of the Servicer, the Manager and the
          Back-Up Manager) an Officer&#8217;s Certificate to the effect that, except as provided in a notice delivered pursuant to <u>Section 8.08</u>, no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred or
          is continuing (each, a &#8220;<u>Quarterly Compliance Certificate</u>&#8221;).</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Scheduled Principal Payments Deficiency Notices</u>.&#160; On the Quarterly Calculation Date with respect to any Quarterly Collection Period, the Master Issuer shall furnish,
          or cause the Manager to furnish, to the Trustee and each Rating Agency (with a copy to each of the Servicer and the Back-Up Manager) written notice of any Scheduled Principal Payments Deficiency Event with respect to any Series, Class, Subclass
          or Tranche of Notes that occurred with respect to such Quarterly Collection Period (any such notice, a &#8220;<u>Scheduled Principal Payments Deficiency Notice</u>&#8221;).</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Annual Accountants&#8217; Reports</u>.&#160; Within one hundred twenty (120)&#160;days after the end of each fiscal year, commencing with the fiscal year ending on or around September
          30, 2019, the Master Issuer shall furnish, or cause to be furnished, to the Trustee, the Servicer and each Rating Agency with respect to each Series of Notes Outstanding the reports of the Independent Auditors or the Back-Up Manager required to
          be delivered to the Master Issuer by the Manager pursuant to Section&#160;3.3 of the Management Agreement.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Securitization Entity Financial Statements</u>.&#160; The Manager on behalf of the Securitization Entities shall provide to the
          Trustee, the Servicer, the Back-Up Manager and each Rating Agency with respect to each Series of Notes Outstanding, the following financial statements:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);">within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal
            year (commencing with the fiscal quarter ending </font>September 30, 2019<font style="color: rgb(0, 0, 0);">), an unaudited combined consolidated balance sheet of the Holding Company Guarantor as of the end of such quarter and unaudited
            combined consolidated statements of income or operations, changes in members&#8217; equity and cash flows of the Securitization Entities for such fiscal quarter and for the fiscal year-to-date period then ended (in the case of the second and third
            fiscal quarters of each fiscal year)</font>; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">within one hundred twenty (120)&#160;days after the end of each fiscal year (commencing with the fiscal year ending on or around September 30,
          2019), an audited combined consolidated balance sheet of the Holding Company Guarantor as of the end of such fiscal year and audited combined consolidated statements of income or operations, changes in members&#8217; equity and cash flows of the
          Securitization Entities for such fiscal year, setting forth in comparative form (where appropriate) the comparable amounts for the previous fiscal year, prepared in accordance with GAAP and accompanied by an opinion thereon of the Independent
          Auditors stating that such audited financial statements present fairly, in all material respects, the financial position of the Securitization Entities as of the end of such fiscal year and the results of their operations and cash flows for such
          fiscal year in accordance with GAAP.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Jack in the Box Inc. Financial Statements</u>.&#160; So long as Jack in the Box Inc. is the Manager, the Master Issuer shall
          cause the Manager (on behalf of the Securitization Entities) to provide to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency with respect to each Series of Notes Outstanding the following financial statements:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year, an
          unaudited consolidated balance sheet of Jack in the Box Inc. and its Subsidiaries as of the end of such fiscal quarter and unaudited consolidated statements of income or operations, changes in stockholder&#8217;s equity and cash flows of Jack in the
          Box Inc. and its Subsidiaries for such fiscal quarter and for the fiscal year-to-date period then ended (in the case of the second and third fiscal quarters of each fiscal year); and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">within one hundred and twenty (120) days after the end of each fiscal year, an audited consolidated balance sheet of
          Jack in the Box Inc. and its Subsidiaries as of the end of such fiscal year and audited consolidated statements of income or operations, changes in stockholder&#8217;s equity and cash flows of Jack in the Box Inc. and its Subsidiaries for such fiscal
          year, setting forth in comparative form the comparable amounts for the previous fiscal year prepared in accordance with GAAP and accompanied by an opinion thereon of the Independent Auditors stating that such audited financial statements present
          fairly, in all material respects, the consolidated financial position of Jack in the Box Inc. and its Subsidiaries as of the end of such fiscal year and the consolidated results of their operations and cash flows for such fiscal year in
          accordance with GAAP.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding the foregoing, the obligations set forth in this <u>Section 4.01(g)</u> may be satisfied by
          furnishing Jack in the Box Inc.&#8217;s Form 10-K or 10-Q, as applicable, filed with the SEC on the timeframe that the SEC shall provide or permit from time to time.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Additional Information</u>.&#160; The Master Issuer will furnish, or cause to be furnished, from time to time such additional
          information regarding the financial position, results of operations or business of Jack in the Box Inc. or any Securitization Entity as the Trustee, the Servicer, the Manager or the Back-Up Manager may reasonably request, subject to Requirements
          of Law and to the confidentiality provisions of the Related Documents to which such recipient is a party.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Instructions as to Withdrawals and Payments</u>.&#160; The Master Issuer will furnish, or cause to be furnished, to the Trustee
          or the Paying Agent, as applicable (with a copy to each of the Servicer, the Manager and the Back-Up Manager), written instructions to make withdrawals and payments from the Collection Account and any other Base Indenture Account or Series
          Account and to make drawings under any Enhancement, as contemplated herein and in any Series Supplement.&#160; The Trustee and the Paying Agent shall promptly follow any such written instructions.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Copies to Rating Agency</u>.&#160; The Master Issuer shall deliver, or shall cause the Manager to deliver, a copy of each report, certificate or instruction, as applicable,
          described in this <u>Section 4.01</u> to each Rating Agency at its address as listed in or otherwise designated pursuant to <u>Section 14.01</u> or in the Series Supplement for such Series, including any e-mail address.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 4.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Rule&#160;144A Information</u></font>.&#160; The Master Issuer agrees to provide to any Holder, and to any prospective purchaser of Notes designated by such Holder upon the request of such Holder or prospective purchaser, any
          information required to be provided to such Holder or prospective purchaser to satisfy the conditions set forth in Rule&#160;144A(d)(4) under the 1933 Act.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 4.03<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font></font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Reports,


              Financial Statements and Other Information to Noteholders</u></font>.&#160; Subject to the last paragraph of this <u>Section 4.03</u>, the Trustee shall make this Base Indenture, the Guarantee and Collateral Agreement, the applicable offering
          circular, each Series Supplement, the Quarterly Noteholders&#8217; Reports, the Quarterly Compliance Certificates, the financial statements referenced in <u>Section 4.01(f)</u> and <u>Section 4.01(g)</u> and the reports referenced in <u>Section
            4.01(e)</u> (collectively, the &#8220;<u>Noteholder Materials</u>&#8221;) available to (a)&#160;each Rating Agency pursuant to <u>Section 4.01(j)</u> above and (b)&#160;the Holders (<u>provided</u> that each Series Supplement and any related offering circular with
          respect to a Series of Notes shall only be made available to the Holders (but not to prospective investors) of such Series of Notes), the Servicer, the Manager, the Back-Up Manager and each Rating Agency via the Trustee&#8217;s internet website at
          www.sf.citidirect.com or such other address as the Trustee may specify from time to time; <u>provided</u> that prospective investors shall not be entitled to access the Trustee&#8217;s internet website, but may request the Noteholder Materials from
          the Trustee in accordance with the requirements of this <u>Section 4.03</u>.&#160; Assistance in using such website can be obtained by calling the Trustee&#8217;s customer service desk at 888-855-9695 or such other telephone number as the Trustee may
          specify from time to time.&#160; Unless requested by a prospective investor, the Noteholder Materials will only be accessible in a password-protected area of the internet website and the Trustee will require each party (other than the Servicer, the
          Manager, the Back-Up Manager and each Rating Agency) accessing such password-protected area to register as a Holder and to make, for the benefit of the Master Issuer, the applicable representations and warranties described below in an investor
          request certification (an &#8220;<u>Investor Request Certification</u>&#8221; in the form of <u>Exhibit&#160;D</u>.&#160; The Trustee may disclaim responsibility for any information distributed by it for which the Trustee was not the original source.&#160; Each time a
          Holder accesses the internet website, it will be deemed to have confirmed such representations and warranties as of the date thereof.&#160; The Trustee will provide the Servicer and the Manager with copies of such Investor Request Certifications,
          including the identity, address, contact information, email address and telephone number of such Holder upon request, but shall have no responsibility for any of the information contained therein.&#160; The Trustee shall have the right to change the
          way such statements are electronically distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any
          such changes.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">The Trustee shall (or shall request that the Manager) make available, upon reasonable advance notice and at the expense of the requesting party, the
        Noteholder Materials to any Holder and to any prospective investor that provides the Trustee with an Investor Request Certification in the form of <font style="font-family: 'Times New Roman',Times,serif;"><u>Exhibit&#160;D</u></font> to the effect that
        such party (i)&#160;is a Holder or prospective investor, as applicable, (ii)&#160;understands that the items contain confidential information, (iii)&#160;is requesting the information solely for use in evaluating such party&#8217;s investment or potential investment,
        as applicable, in the Notes and will keep such information strictly confidential (<font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>however</u></font>,
        (x) such materials have not been filed or furnished with the SEC and are not otherwise publicly available and (y) that such party may disclose such information only (A)&#160;to (1)&#160;those personnel employed by it who need to know such information which
        have agreed to keep such information strictly confidential and to use such information only for evaluating such party&#8217;s investment or potential investment in the Notes, (2)&#160;its attorneys and outside auditors which have agreed to keep such
        information strictly confidential and to use such information only for evaluating such party&#8217;s investment or possible investment in the Notes, or (3)&#160;a regulatory or self-regulatory authority pursuant to applicable law or regulation or (B)&#160;by
        judicial process; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, that it may disclose to any and all Persons without limitation of any kind, the tax treatment and tax structure of the transaction and any related
        tax strategies to the extent necessary to prevent the transaction from being described as a &#8220;confidential transaction&#8221; under U.S. Treasury Regulations Section&#160;1.6011-4(b)(3)) and (iv) who is not a Competitor).</div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 4.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Manager</u></font>.&#160;


          Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions and other services on behalf of the Master Issuer.&#160; The Holders by their acceptance of the Notes consent to the provision of such
          reports and notices to the Trustee by the Manager in lieu of the Master Issuer.&#160; Any such reports and notices that are required to be delivered to the Holders hereunder shall be delivered by the Trustee.&#160; The Trustee shall have no obligation
          whatsoever to verify, reconfirm or recalculate any information or material contained in any of the reports, financial statements or other information delivered to it pursuant to this <u>Article IV</u> or the Management Agreement.&#160; All
          distributions, allocations, remittances and payments to be made by the Trustee or the Paying Agent hereunder or under any Series Supplement or Variable Funding Note Purchase Agreement shall be made based solely upon the most recently delivered
          written reports and instructions provided to the Trustee or Paying Agent, as the case may be, by the Manager.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 4.05</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>No Constructive Notice</u></font>.&#160; Delivery of reports, information, Officer&#8217;s Certificates and documents to the Trustee is for informational purposes only and the Trustee&#8217;s receipt of such reports, information,
          Officer&#8217;s Certificates and documents shall not constitute constructive notice to the Trustee of any information contained therein or determinable from information contained therein, including any Securitization Entity&#8217;s, the Manager&#8217;s or any
          other Person&#8217;s compliance with any of its covenants under the Indenture, the Notes or any other Related Document (as to which the Trustee is entitled to rely exclusively on the most recent Quarterly Compliance Certificate described above).</font></div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE IV<br>
        <br>
        ALLOCATION AND APPLICATION OF COLLECTIONS</div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Administration of Accounts and Additional Accounts</u></font><font style="font-weight: bold;">.&#160; </font>Each Account and any additional accounts described in this <u>Article V</u>, as of the Closing Date and at all
          times thereafter, shall be (A) an Eligible Account, (B) pledged by the Master Issuer or another Securitization Entity to the Trustee for the benefit of the Secured Parties pursuant to <u>Section 3.01</u> hereof or Section 3.1 of the Guarantee
          and Collateral Agreement, (C) except as provided in the immediately succeeding sentence, if not established with the Trustee or otherwise controlled by the Trustee under the New York UCC, subject to an Account Control Agreement and (D) subject to
          the jurisdiction of the State of New York (i) for purposes of the UCC and (ii) for all issues specified in Article 2(1) of the Hague Securities Convention. For any Account required to be subject to an Account Control Agreement on the Closing Date
          pursuant to the preceding sentence, such Account shall not be in violation of the requirements to be subject to an Account Control Agreement for a period of sixty (60) days following the Closing Date, so long as any amounts on deposit in such
          Account are transferred on a daily basis to an Account meeting the requirements of the prior sentence.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.02</font><font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font> </font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Management Accounts and Additional Accounts</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Establishment of the Management Accounts</u>.&#160; The Manager has established and pledged or, in the case of such other
          accounts as may be established by the Manager from time to time pursuant to the Management Agreement that the Manager designates as a &#8220;Management Account&#8221; for purposes of the Management Agreement, if such account has not already been established,
          will establish with and pledge to the Trustee the following management accounts pursuant to the Management Agreement, each of which shall be an Eligible Account and subject to an Account Control Agreement (collectively, the &#8220;<u>Management
            Accounts</u>&#8221;):</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Securitized Company Restaurant Accounts</u>. One or more accounts maintained in the name of JIB Properties or any successor
          account established for JIB Properties for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section

            5.02(b)</u> of this Base Indenture (collectively, the &#8220;<u>Securitized Company Restaurant Accounts</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Franchisor Capital Accounts</u>. One or more accounts maintained in the name of the Franchisor into which the Franchisor
          and any Additional Securitization Entity that from time to time acts as the &#8220;franchisor&#8221; with respect to New Securitized Franchise Agreements and New Securitized Development Agreements entered into by the Additional Securitization Entity may (i)
          deposit to the Franchisor Capital Accounts the proceeds of capital contributions thereto directed to be made to such account necessary to meet large-franchisor exemptions or similar exemptions under applicable franchise laws therein and (ii)
          disburse funds from the Franchisor Capital Accounts to fund any loan or advance made in accordance with <u>Section 8.21</u> of this Base Indenture (collectively, the &#8220;<u>Franchisor Capital Accounts</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Concentration Accounts</u>. One or more accounts maintained in the name of the Master Issuer, the Franchisor or JIB
          Properties, as applicable, or any successor account established for the Master Issuer, the Franchisor or JIB Properties, as applicable, for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment
          accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.02(b)</u> of this Base Indenture (the &#8220;<u>Concentration Accounts</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Asset Disposition Proceeds Account</u>. The account maintained in the name of the Master Issuer or any successor account
          established for the Master Issuer by the Manager for such purpose pursuant to the Base Indenture and the Management Agreement, including any investment accounts related thereto into which funds are transferred for investment purposes pursuant to
          <u>Section 5.02(b)</u> of this Base Indenture (collectively, the &#8220;<u>Asset Disposition Proceeds Account</u>&#8221;);</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Insurance Proceeds Account</u>. The account maintained in the name of the Master Issuer, into which the Manager is required
          to cause Insurance/Condemnation Proceeds to be deposited (the &#8220;<u>Insurance Proceeds Account</u>&#8221;); and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Additional Management Accounts</u>. From time to time, the Master Issuer or any other Securitization Entity (other than the
          Holding Company Guarantor) may establish additional accounts (each of which shall be an Eligible Account) for the purpose of depositing Collections or funds necessary to meet large-franchisor exemptions or similar exemptions under applicable
          franchise laws therein (each such account and any investment accounts related thereto into which funds are transferred for investment purposes pursuant to <u>Section 5.02(b)</u>, an &#8220;<u>Additional Management Account</u>&#8221;).&#160; Each Additional
          Management Account that is to be a Franchisor Capital Account or a Securitized Company Restaurant Account shall be designated as such by the Manager.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Notwithstanding anything to the contrary in this <u>paragraph&#160;(a)</u>, in the case of any Management Account established after
        the Closing Date, the applicable Securitization Entity shall be permitted a period of five (5) Business Days after the establishment of such deposit account to cause such deposit account to be subject to an Account Control Agreement.</div>
      <div style="text-align: justify; line-height: 12.55pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Administration of the Management Accounts</u>.&#160; All amounts held in the Management Accounts constituting &#8220;securities
          accounts&#8221; within the meaning of Section 8-501 of the New York UCC may be invested or reinvested in Eligible Investments by the applicable Securitization Entity (or the Manager on its behalf) and such amounts may be transferred by the applicable
          Securitization Entity (or the Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments.&#160; Notwithstanding anything herein or in any other Related Document, the applicable Securitization Entity and
          the Manager shall not transfer any funds into any such investment account until such time as an Account Control Agreement is entered into with respect thereto (if such account is not established with the Trustee or otherwise controlled by the
          Trustee under the New York UCC).&#160; All income or other gain from such Eligible Investments shall be credited to the related Management Account, and any loss resulting from such investments shall be charged to the related Management Account.&#160; The
          Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Earnings from the Management Accounts</u>.&#160; All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Management Accounts shall be
          deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with <u>Section 5.11</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>No Duty to Monitor</u>.&#160; The Trustee shall have no duty or responsibility to monitor the amounts of deposits into or withdrawals from any Management Account.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Senior Notes Interest Reserve Account</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Establishment of the Senior Notes Interest Reserve Account</u>.&#160; The Master Issuer has established with the Trustee the
          Senior Notes Interest Reserve Account in the name of a Securitization Entity or the Trustee and has pledged such Senior Notes Interest Reserve Account to the Trustee for the benefit of the Senior Noteholders and the Trustee, solely in its
          capacity as trustee for the Senior Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the foregoing Secured Parties.&#160; The Senior Notes Interest Reserve Account may also serve as a
          Franchisor Capital Account.&#160; The Senior Notes Interest Reserve Account shall be an Eligible Account.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Administration of the Senior Notes Interest Reserve Account</u>.&#160; All amounts held in the Senior Notes Interest Reserve
          Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its
          behalf) into an investment account for the sole purpose of investing in Eligible Investments.&#160; In the absence of written investment instructions hereunder, funds on deposit in the Senior Notes Interest Reserve Account shall be invested as fully
          as practicable in one or more Eligible Investments of the type described in <u>clause&#160;(b)</u> of the definition thereof.&#160; All income or other gain from such Eligible Investments shall be credited to the Senior Notes Interest Reserve Account, and
          any loss resulting from such investments shall be charged to the Senior Notes Interest Reserve Account.&#160; The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would
          result in a loss of any portion of the initial purchase price of such Eligible Investment.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Earnings from the Senior Notes Interest Reserve Account</u>.&#160; All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Senior
          Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with <u>Section 5.11</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Senior Subordinated Notes Interest Reserve Account</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);"><u>Establishment of the Senior Subordinated Notes Interest Reserve Account</u></font><font style="color: rgb(0, 0, 0);">.&#160; The Master Issuer shall, prior to the issuance of any Series of Senior Subordinated Notes, establish with the Trustee the Senior Subordinated Notes Interest Reserve Account in the name of </font>a Securitization Entity or the
          Trustee and shall pledge such Senior Subordinated Notes Interest Reserve Account to <font style="color: rgb(0, 0, 0);">the Trustee for the benefit of the Senior Subordinated Noteholders and the Trustee, solely in its capacity as trustee for the
            Senior Subordinated Noteholders, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the foregoing Secured Parties.&#160; The Senior Subordinated Notes Interest Reserve Account, once established,
            shall be an Eligible Account.</font></font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Administration of the Senior Subordinated Notes Interest Reserve Account</u>.&#160; All amounts held in the Senior Subordinated
          Notes Interest Reserve Account shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or
          the Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments.&#160; In the absence of written investment instructions hereunder, funds on deposit in the Senior Subordinated Notes Interest Reserve
          Account shall be invested as fully as practicable in one or more Eligible Investments of the type described in <u>clause&#160;(b)</u> of the definition thereof.&#160; All income or other gain from such Eligible Investments shall be credited to the Senior
          Subordinated Notes Interest Reserve Account, and any loss resulting from such investments shall be charged to the Senior Subordinated Notes Interest Reserve Account.&#160; The Master Issuer shall not direct (or permit) the disposal of any Eligible
          Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Earnings from the Senior Subordinated Notes Interest Reserve Account</u>.&#160; All interest and earnings (net of losses and investment expenses) paid on funds on deposit in
          the Senior Subordinated Notes Interest Reserve Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with <u>Section 5.11</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.05</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Cash Trap Reserve Account</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Establishment of the Cash Trap Reserve Account</u>.&#160; The Trustee shall establish and maintain the Cash Trap Reserve Account
          in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties.&#160; The Cash Trap Reserve Account shall be an Eligible
          Account.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Administration of the Cash Trap Reserve Account</u>.&#160; All amounts held in the Cash Trap Reserve Account shall be invested
          in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its behalf) into an investment
          account for the sole purpose of investing in Eligible Investments.&#160; In the absence of written investment instructions hereunder, funds on deposit in the Cash Trap Reserve Account shall be invested as fully as practicable in one or more Eligible
          Investments of the type described in <u>clause&#160;(b)</u> of the definition thereof.&#160; All income or other gain from such Eligible Investments shall be credited to the Cash Trap Reserve Account, and any loss resulting from such investments shall be
          charged to the Cash Trap Reserve Account.&#160; The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price
          of such Eligible Investment.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Earnings from the Cash Trap Reserve Account</u>.&#160; All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Cash Trap Reserve
          Account shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with <u>Section 5.11</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.06</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Collection Account</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Establishment of Collection Account</u>.&#160; On or before the Closing Date, the Trustee shall establish the Collection Account
          in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties.&#160; The Collection Account shall be an Eligible Account.&#160;
          Amounts deposited into the Collection Account on or prior to the Closing Date shall be distributed in accordance with the written instruction of the Master Issuer (or the Manager on its behalf).</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Administration of the Collection Account</u>.&#160; All amounts held in the Collection Account shall be invested in Eligible
          Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its behalf) into an investment account for the
          sole purpose of investing in Eligible Investments.&#160; In the absence of written investment instructions hereunder, funds on deposit in the Collection Account shall be invested as fully as practicable in one or more Eligible Investments of the type
          described in <u>clause&#160;(b)</u> of the definition thereof.&#160; All income or other gain from such Eligible Investments shall be credited to the Collection Account, and any loss resulting from such investments shall be charged to the Collection
          Account.&#160; The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Earnings from Collection Account</u>.&#160; All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Collection Account shall be
          deemed to be Investment Income on deposit for distribution in accordance with <u>Section 5.12</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.07</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Collection Account Administrative Accounts</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Establishment of Collection Account Administrative Accounts</u>.&#160; The Master Issuer has established, or, in the case of any
          account relating to any Series of Senior Subordinated Notes or Subordinated Notes, if such account has not already been established, will establish on or prior to the issuance of such Series of Senior Subordinated Notes or Subordinated Notes, and
          will maintain the following administrative accounts associated with the Collection Account, each of which shall be an Eligible Account, in the name of the Trustee for the benefit of the Secured Parties, bearing a designation clearly indicating
          that the funds deposited therein are held for the benefit of the Secured Parties (collectively, the &#8220;<u>Collection Account Administrative Accounts</u>&#8221;):</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account no. 12205500 entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Senior Notes Interest Payment
          Account&#8221; for the deposit of the Senior Notes Quarterly Interest Amount (together with any successor account, the &#8220;<u>Senior Notes Interest Payment Account</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Senior Subordinated Notes Interest Payment
          Account&#8221; for the deposit of the Senior Subordinated Notes Quarterly Interest Amount (together with any successor account, the &#8220;<u>Senior Subordinated Notes Interest Payment Account</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Subordinated Notes Interest Payment Account&#8221;
          for the deposit of the Subordinated Notes Quarterly Interest Amount (together with any successor account, the &#8220;<u>Subordinated Notes Interest Payment Account</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account no. 12205600 entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Class A-1 Notes Commitment Fees
          Account&#8221; for the deposit of the Class A-1 Quarterly Commitment Fee Amount (together with any successor account, the &#8220;<u>Class A-1 Notes Commitment Fees Account</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account no. 12205700 entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Senior Notes Principal Payment
          Account&#8221; for the deposit of the amounts allocable to the payment of principal of the Senior Notes (together with any successor account, the &#8220;<u>Senior Notes Principal Payment Account</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Senior Subordinated Notes Principal Payment
          Account&#8221; for the deposit of the amounts allocable to the payment of principal of the Senior Subordinated Notes (together with any successor account, the &#8220;<u>Senior Subordinated Notes Principal Payment Account</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Subordinated Notes Principal Payment Account&#8221;
          for the deposit of the amounts allocable to the payment of principal of the Subordinated Notes (together with any successor account, the &#8220;<u>Subordinated Notes Principal Payment Account</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(viii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account no. 12205800 entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Senior Notes Post-ARD Contingent
          Interest Account&#8221; for the deposit of the Senior Notes Quarterly Post-ARD Contingent Interest Amounts (together with any successor account, the &#8220;<u>Senior Notes Post-ARD Contingent Interest Account</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ix)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Senior Subordinated Notes Post-ARD Contingent
          Interest Account&#8221; for the deposit of the Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amounts (together with any successor account, the &#8220;<u>Senior Subordinated Notes Post-ARD Contingent Interest Account</u>&#8221;);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(x)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Subordinated Notes Post-ARD Contingent
          Interest Account&#8221; for the deposit of the Subordinated Notes Quarterly Post&#8209;ARD Contingent Interest Amounts (together with any successor account, the &#8220;<u>Subordinated Notes Post-ARD Contingent Interest Account</u>&#8221;); and</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"></font>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;">
        <div style="text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xi)</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">an account no. 12205900 entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Securitization Operating Expense Account&#8221; for the deposit of Securitization Operating
            Expenses (together with any successor account, the &#8220;<u>Securitization Operating Expense Account</u>&#8221;).</font></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Administration of the Collection Account Administrative Accounts</u>.&#160; All amounts held in the Collection Account
          Administrative Accounts shall be invested in Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the
          Manager on its behalf) into an investment account for the sole purpose of investing in Eligible Investments.&#160; In the absence of written investment instructions hereunder, funds on deposit in the Collection Account Administrative Accounts shall be
          invested as fully as practicable in one or more Eligible Investments of the type described in <u>clause&#160;(b)</u> of the definition thereof.&#160; All income or other gain from such Eligible Investments shall be credited to the related Collection
          Account Administrative Account, and any loss resulting from such investments shall be charged to the related Collection Account Administrative Account.&#160; The Master Issuer shall not direct (or permit) the disposal of any Eligible Investments prior
          to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase price of such Eligible Investment.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Earnings from the Collection Account Administrative Accounts</u>.&#160; All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the
          Collection Account Administrative Accounts shall be deposited therein and shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with <u>Section 5.11</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.08</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Hedge Payment Account</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Establishment of the Hedge Payment Account</u>.&#160; On or before the Series Closing Date of the first Series of Notes issued
          pursuant to this Base Indenture providing for a Series Hedge Agreement, the Master Issuer, or the Manager on behalf of the Master Issuer, shall establish and maintain with the Trustee the Hedge Payment Account in the name of the Trustee for the
          benefit of the Secured Parties, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Secured Parties.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Administration of the Hedge Payment Account</u>.&#160; All amounts held in the Hedge Payment Account shall be invested in
          Eligible Investments at the written direction (which may be standing directions) of the Master Issuer (or the Manager on its behalf) and such amounts may be transferred by the Master Issuer (or the Manager on its behalf) into an investment
          account for the sole purpose of investing in Eligible Investments.&#160; In the absence of written investment instructions hereunder, funds on deposit in the Hedge Payment Account shall be invested as fully as practicable in one or more Eligible
          Investments of the type described in <u>clause&#160;(b)</u> of the definition thereof.&#160; All income or other gain from such Eligible Investments shall be credited to the Hedge Payment Account, and any loss resulting from such investments shall be
          charged to the Hedge Payment Account.&#160; The Master Issuer shall not shall direct (or permit) the disposal of any Eligible Investments prior to the maturity thereof if such disposal would result in a loss of any portion of the initial purchase
          price of such Eligible Investment.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Earnings from the Hedge Payment Account</u>.&#160; All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Hedge Payment Account
          shall be deemed to be Investment Income on deposit for distribution to the Collection Account in accordance with <u>Section 5.11</u>.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">31</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.09</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Trustee


              as Securities Intermediary</u></font>.&#160; (a)&#160; The Trustee or other Person holding any Base Indenture Account held in the name of the Trustee for the benefit of the Secured Parties (collectively the &#8220;<u>Trustee Accounts</u>&#8221;) shall be the &#8220;<u>Securities


            Intermediary</u>.&#8221;&#160; If the Securities Intermediary in respect of any Trustee Account is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Securities Intermediary set forth in
          this <u>Section 5.09</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Securities Intermediary agrees that:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee Accounts are accounts to which &#8220;financial assets&#8221; within the meaning of Section&#160;8-102(a)(9) (&#8220;<u>Financial

            Assets</u>&#8221;) of the UCC in effect in the State of New York (the &#8220;<u>New York UCC</u>&#8221;) will or may be credited;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee Accounts are &#8220;securities accounts&#8221; within the meaning of Section&#160;8-501 of the New York UCC and the
          Securities Intermediary qualifies as a &#8220;securities intermediary&#8221; under Section&#160;8-102(a) of the New York UCC;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all securities or other property (other than cash) underlying any Financial Assets credited to any Trustee Account
          shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial
          Asset credited to any Trustee Account be registered in the name of the Master Issuer, payable to the Master Issuer or specially indorsed to the Master Issuer;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all property delivered to the Securities Intermediary pursuant to this Base Indenture will be promptly credited to
          the appropriate Trustee Account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">each item of property (whether investment property, security, instrument or cash) credited to a Trustee Account shall
          be treated as a Financial Asset under Article&#160;8 of the New York UCC;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">if at any time the Securities Intermediary shall receive any entitlement order from the Trustee (including those
          directing transfer or redemption of any Financial Asset) relating to the Trustee Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by the Master Issuer or any other Person;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">&#160; For purposes of all applicable UCCs, New York shall be deemed to be the Securities Intermediary&#8217;s jurisdiction and
          the Trustee Accounts (as well as the &#8220;securities entitlements&#8221; (as defined in Section&#160;8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York;&#160; For purposes of the Hague Securities Convention, the
          local law of the jurisdiction of the Trustee as Securities Intermediary is the law of the State of New York;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(viii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Securities Intermediary has not entered into, and until termination of this Base Indenture, will not enter into, any
          agreement with any other Person relating to the Trustee Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section&#160;8-102(a)(8) of the New York UCC) of such other
          Person and the Securities Intermediary has not entered into, and until the termination of this Base Indenture will not enter into, any agreement with the Master Issuer purporting to limit or condition the obligation of the Securities Intermediary
          to comply with entitlement orders as set forth in <u>Section 5.09(b)(vi)</u>; and</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">32</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ix)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">except for the claims and interest of the Trustee, the Secured Parties, the Master Issuer and the other Securitization
          Entities in the Trustee Accounts, neither the Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest in, the Trustee Accounts or in any Financial Asset credited thereto.&#160; If the Securities
          Intermediary or, in the case of the Trustee, a Trust Officer has Actual Knowledge of the assertion by any other Person of any Lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or
          similar process) against any Trustee Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Servicer, the Manager, the Back-Up Manager and the Master Issuer thereof.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">At any time after the occurrence and during the continuation of an Event of Default, the Trustee shall possess all right,
          title and interest in all funds on deposit from time to time in the Trustee Accounts and in all Proceeds thereof, and (acting at the direction of the Controlling Class Representative) shall be the only Person authorized to originate entitlement
          orders in respect of the Trustee Accounts; <u>provided</u>, <u>however</u>, that at all other times the Master Issuer shall, subject to the terms of the Indenture and the other Related Documents, be authorized to instruct the Trustee to
          originate entitlement orders in respect of the Trustee Accounts.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.10</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Establishment of Series Accounts; Legacy Accounts</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Establishment of Series Accounts</u>.&#160; To the extent specified in the Series Supplement with respect to any Series of
          Notes, the Trustee may establish and maintain one or more Series Accounts and/or administrative accounts of any such Series Account in accordance with the terms of such Series Supplement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Legacy Accounts</u>.&#160; In the case of any mandatory or optional redemption in full of any Series, Class, Subclass or Tranche of Notes issued pursuant to this Base
          Indenture, on the Notes Discharge Date with respect to such Series, Class, Subclass or Tranche of Notes, the Master Issuer may (but is not required to) elect to have all or any portion of the funds held in any Legacy Account with respect to such
          Series, Class, Subclass or Tranche of Notes transferred to the applicable distribution account for such Series, Class, Subclass or Tranche of Notes, for application toward the prepayment of such Series, Class, Subclass or Tranche of Notes.&#160; If
          the Master Issuer does not elect to have such funds so transferred, or if the Master Issuer elects to have only a portion of such funds so transferred, any funds remaining in the applicable Legacy Account after the applicable Notes Discharge Date
          shall be deposited into the Collection Account for application in accordance with the Priority of Payments.&#160; When the balance of any Legacy Account has been reduced to zero, the Trustee may close such account.&#160; The Trustee shall make the
          distributions and transfers and shall close any accounts as contemplated by this <u>Section 5.10</u> pursuant to instructions delivered by the Master Issuer to the Trustee.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.11</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Deposits, Withdrawals and Collections</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Deposits and Withdrawals to the Management Accounts</u>. The Manager, the Master Issuer, the Franchisor or JIB Properties,
          as applicable, shall deposit and withdraw available amounts from the respective Management Accounts in accordance with this <u>Section 5.11(a)</u>.</font></div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Deposits to the Securitized Company Restaurant Accounts</u>.&#160; After the Cut-Off Date, the Manager (on behalf of
          JIB Properties) will deposit (or cause to be deposited) the following amounts into the Securitized Company Restaurant Accounts (A)&#160;all Securitized Company Restaurant Collections within two (2) Business Days following JIB Properties&#8217; receipt
          thereof; and (B)&#160;all proceeds from credit card and debit card processors or armored carrier providers for Securitized Company Restaurant Collections at Securitized Company Restaurants.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">33</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Withdrawals from the Securitized Company Restaurant Accounts</u>.&#160; The Manager may withdraw available amounts on
          deposit in the Securitized Company Restaurant Accounts at any time in accordance with the Managing Standard and as otherwise set forth in the Related Documents in order to pay (or to reimburse itself to the extent it has paid) any Restaurant
          Operating Expenses; <u>provided</u> that, after the occurrence and during the continuance of any Warm Back-Up Management Trigger Event, Cash Trapping Period or Rapid Amortization Period, (A) all Restaurant Operating Expenses withdrawn from the
          Securitized Company Restaurant Accounts shall be withdrawn substantially in accordance with each calendar month budget submitted to, and approved by, the Control Party (in consultation with the Back-Up Manager) prior to such withdrawal and (B)
          withdrawals of any Restaurant Operating Expenses from the Securitized Company Restaurant Accounts in excess in any material respect of amounts set forth in the related calendar month budget will be subject to (i) the delivery by the Manager to
          the Control Party and Back-Up Manager of an explanation in reasonable detail for the variance together with related information and (ii) the prior approval of the Control Party (in consultation with the Back-Up Manager).&#160; All Restaurant Operating
          Expenses shall be paid, directly or indirectly, only from the Securitized Company Restaurant Accounts.&#160; For each Securitized Company Restaurant located on real property owned by JIB Properties, an amount that is equal to 9.5% of gross sales of
          such Securitized Company Restaurant (for each restaurant, a &#8220;<u>Company Synthetic Lease Payment</u>&#8221;) shall be transferred from the Securitized Company Restaurant Account for such Securitized Company Restaurant to the applicable Concentration
          Account.&#160; JIB Properties will endeavor to make Company Synthetic Lease Payments on the same timing as other Securitized Lease payments received, and at a minimum, all Company Synthetic Lease Payments accrued during any Four-Week Fiscal Period
          shall be transferred to the applicable Concentration Account no later than the Business Day prior to the Weekly Allocation Date of the first Weekly Collection Period of the immediately succeeding Four-Week Fiscal Period.&#160; In addition, amounts
          payable by JIB Properties in respect of JIB Properties Company Restaurant IP License Fees, at a rate equal to five percent (5%) of the Gross Sales of each Securitized Company Restaurant, shall be withdrawn from the applicable Securitized Company
          Restaurant Account and paid to the applicable Concentration Account weekly.</font></div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Deposits to the Concentration Accounts</u>.&#160; Until the Indenture is terminated pursuant to <u>Section 12.01</u>, the
          Master Issuer, the Franchisor or JIB Properties, as the case may be, shall deposit (or cause to be deposited) the following amounts to the applicable Concentration Account to the extent owed to it or (in the case of the Master Issuer) its
          Subsidiaries and promptly after receipt (unless otherwise specified below and, except in the case of Securitized Company Restaurant Accounts, amounts held as Securitized Company Restaurant Working Capital Reserve Amounts):</font></div>
      <div style="text-align: justify; text-indent: 40.5pt; margin-left: 67.5pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all Securitized Franchisee Payments and any Securitized Franchisee Note Payments shall be deposited directly to a
          Concentration Account (or, in the case of any misdirected payments, deposited to the applicable Concentration Account) as soon as practicable, and in any event within three (3) Business Days of receipt (unless such deposit requires an
          international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt); <u>provided</u>, that for a transition period of up to sixty (60) days following the
          Closing Date, a portion of Securitized Franchisee Payments and any Securitized Franchisee Note Payments may be paid to the Manager and deposited by the Manager in the applicable Concentration Account within three (3) Business Days of receipt
          (unless such deposit requires an international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt);</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">34</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on or before the second (2nd) Business Day following the last day of each Weekly Collection Period, all Securitized
          Owned-Property Franchisee Lease Payments, Franchisee Back-to-Back Sublease Payments, Company Synthetic Lease Payments, Non-Branded Restaurant Lease Payments and Non-Securitization Entity Lease Payments (if any) will be deposited directly to a
          Concentration Account (or, in the case of any misdirected payments, deposited to the applicable Concentration Account) as soon as practicable, and in any event within three (3) Business Days of receipt (unless such deposit requires an
          international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all Company Restaurant IP License Fees received under the Company Restaurant IP Licenses will be deposited directly
          to a Concentration Account (or, in the case of any misdirected payments, deposited to the applicable Concentration Account) as soon as practicable, and in any event within three (3) Business Days of receipt (unless such deposit requires an
          international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(D)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">as soon as practicable, amounts repaid from any tax escrow account held by a third-party landlord with respect to a
          Securitized Franchisee Back-to-Back Sublease shall be deposited directly to a Concentration Account and, in any event, within five (5) Business Days of receipt by the applicable Securitization Entity;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(E)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on or before the tenth (10th) Business Day following the last day of each Four-Week Fiscal Period of the
          Securitization Entities, an amount, if positive, equal to the Four-Week Fiscal Period Estimated Securitized Company Restaurant Profits Amount <u>plus</u> the Four-Week Fiscal Period Securitized Company Restaurant Profits True-up Amount, from
          amounts on deposit in the Securitized Company Restaurant Accounts;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(F)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">as soon as practicable, and in any event within three (3) Business Days of receipt, equity contributions, if any,
          made (directly or indirectly) by any Non-Securitization Entity to the Holding Company Guarantor and by the Holding Company Guarantor to the Master Issuer to the extent such equity contributions are directed to be made to a Concentration Account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(G)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">as soon as practicable, and in any event within three (3) Business Days of receipt (unless such deposit requires an
          international funds transfer, in which case such funds must be deposited to the applicable Concentration Account within five (5) Business Days of receipt), all amounts, received in respect of the Securitization IP, including all license fees
          (other than the Company Restaurant IP License Fees) and recoveries from the enforcement of the Securitization IP; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(H)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">as soon as practicable, and in any event within five (5) Business Days of receipt, all other amounts constituting
          Collections not referred to in the preceding clauses other than Indemnification Amounts, Insurance/Condemnation Proceeds, Asset Disposition Proceeds and other amounts required to be deposited directly to other Management Accounts or to the
          Collection Account.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">35</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Withdrawals from the Concentration Accounts</u>.&#160; The Manager may, and with respect to <u>clauses (E)</u> and <u>(F)</u>
          shall, withdraw available amounts on deposit in any Concentration Account to make the following payments and deposits:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on a daily basis, as necessary, to the extent of amounts deposited to any Concentration Account that the Manager
          determines were required to be deposited to another account or were deposited to such Concentration Account in error;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on a daily basis, as necessary, to distribute any Excluded Amounts;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on a daily basis, as necessary, to make payments of any refunds, credits or other amounts (i) owing to Franchisees
          under the Franchise Documents, Securitized Owned-Property Franchisee Leases or otherwise, (ii) owing to any third-party under a Non-Branded Restaurant Lease or (iii) owing to any Non-Securitization Entity Company Restaurant;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(D)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">as and when required to pay (or to transfer to a disbursement account to pay) JIB Back-to-Back Lease Obligations,
          repay JIB Back-to-Back Lease Obligations Advances or to make payments of refunds, credits or other amounts owing to Franchisees under the Securitized Franchisee Back-to-Back Subleases;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(E)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on or before 4:00 p.m. (Eastern time) on the Business Day prior to the first Weekly Allocation Date following the first
          Business Day of each calendar month, the Net Back-to-Back Franchisee Lease Payments received since the prior payment of the Net Back-to-Back Franchisee Lease Payments (or, with respect to the first payment of the Net Back-to-Back Franchisee Lease
          Payments, since the Closing Date) to the Collection Account; <u>provided</u> that, notwithstanding the foregoing, the Manager will be entitled on each such Weekly Allocation Date to deduct from the amount of such Net Back-to-Back Franchisee
          Lease Payments that would otherwise be required to be transferred to the Collection Account an amount (the &#8220;<u>Lease Reserve Amount</u>&#8221;),&#160; not to exceed on any Weekly Allocation Date the greater of (i) $5,000,000 and (ii) 10% of the aggregate
          Collections attributable to Franchisee Back-to-Back Sublease Payments over the four immediately preceding Quarterly Collection Periods, reasonably anticipated by the Manager to be required to pay JIB Back-to-Back Lease Obligations within the next
          month (which amount will be retained in the Concentration Account pending application to pay JIB Back-to-Back Lease Obligations or, at the election of the Manager, transferred to the Collection Account on a future date);<font style="font-style: italic;">&#160;</font><u>provided</u> that amounts transferred from the Master Issuer to a Concentration Account from the Residual Amount shall not be included in such calculation; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(F)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on a weekly basis at or prior to 4:00 p.m. (Eastern time) on the Business Day prior to each Weekly Allocation Date, all
          Retained Collections in excess of the sum of the Lease Reserve Amount and the Securitized Company Restaurant Working Capital Reserve Amount with respect to the preceding Weekly Collection Period then on deposit in the Concentration Accounts to
          the Collection Account for application to make payments and deposits in the order of priority set forth in the Priority of Payments.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">36</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Deposits and Withdrawals from the Asset Disposition Proceeds Account</u>.&#160; Any Asset Disposition Proceeds received
          by any Securitization Entity shall be deposited promptly following receipt thereof to the Asset Disposition Proceeds Account.&#160; At the election of any Securitization Entity, the Securitization Entities may direct the reinvestment of such Asset
          Disposition Proceeds (or in the case of investments made with capital of the Master Issuer within the three (3) months prior to the Permitted Asset Disposition, deemed reinvested with such amounts) in Eligible Assets within one (1) calendar year
          following receipt of such Asset Disposition Proceeds or, with respect to Refranchising Asset Dispositions or&#160; sale or sale-leasebacks of Securitized Owned Real Property, within three (3) months prior to (in the event that such Securitization
          Entity elects to retroactively apply such Asset Disposition Proceeds to a past investment) and/or eighteen (18) months following receipt of such Asset Disposition Proceeds (each such period, an &#8220;<u>Asset Disposition Reinvestment Period</u>&#8221;); <u>provided</u>
          that after the occurrence and during the continuance of any Rapid Amortization Period, (A)&#160;all amounts withdrawn from the Asset Disposition Proceeds Account shall be withdrawn substantially in accordance with a calendar month budget submitted to,
          and approved by, the Control Party (in consultation with the Back-Up Manager) prior to such withdrawal and (B)&#160;withdrawals of any amounts from the Asset Disposition Proceeds Account in excess in any material respect of amounts set forth in the
          calendar month budget will be subject to (i)&#160;the delivery by the Manager to the Control Party and Back-Up Manager of an explanation in reasonable detail for the variance together with related information and (ii)&#160;the prior approval of the Control
          Party (in consultation with the Back-Up Manager).&#160; To the extent such Asset Disposition Proceeds have not been so reinvested in Eligible Assets within the applicable Asset Disposition Reinvestment Period, the Master Issuer shall withdraw an
          amount equal to all such uninvested Asset Disposition Proceeds promptly (but in no event later than five (5) Business Days) following the expiration of the applicable Asset Disposition Reinvestment Period and deposit such amount to the Collection
          Account to be applied in accordance with <u>priority (i)</u> of the Priority of Payments on such Weekly Allocation Date immediately following the deposit of such Asset Disposition Proceeds to the Collection Account.&#160; In the event that such
          Securitization Entity has elected not to reinvest such Asset Disposition Proceeds, such Asset Disposition Proceeds shall be deposited to the Collection Account promptly following such decision and applied in accordance with <u>priority (i)</u>
          of the Priority of Payments on the following Weekly Allocation Date. Any Asset Disposition Proceeds deemed reinvested in Eligible Assets will be transferred to the Collection Account where such proceeds will be treated as Collections (and not as
          Asset Disposition Proceeds) for application on the following Weekly Allocation Date as indicated in the relevant Weekly Manager&#8217;s Certificate.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Deposits and Withdrawals from the Insurance Proceeds Account</u>.&#160; All Insurance/Condemnation Proceeds received by
          or on behalf of any Securitization Entity in respect of the Securitized Assets shall be deposited promptly following receipt thereof to the Insurance Proceeds Account; <u>provided</u> that up to $1,000,000 of Insurance/Condemnation Proceeds in
          each calendar year, at the election of the Manager, may be excluded from payment into the Insurance Proceeds Account and shall be treated as Collections.&#160; At the election of such Securitization Entity (as notified by the Manager to the Trustee,
          the Servicer and the Back-Up Manager promptly after receipt of the Insurance/Condemnation Proceeds) and so long as no Rapid Amortization Event shall have occurred and is continuing, the Securitization Entities may reinvest such
          Insurance/Condemnation Proceeds in Eligible Assets and/or to repair or replace the assets in respect of which such proceeds were received, in each case, within one (1) calendar year following receipt of such Insurance/Condemnation Proceeds; <u>provided</u>
          that (i) in the event the Manager has repaired or replaced the assets with respect to which such Insurance/Condemnation Proceeds have been received prior to the receipt of such Insurance/Condemnation Proceeds, such Insurance/Condemnation Proceeds
          shall be used to reimburse the Manager for any expenditures in connection with such repair or replacement.&#160; To the extent such Insurance/Condemnation Proceeds have not been so reinvested within such one (1) calendar year period (each such period,
          a &#8220;<u>Casualty Reinvestment Period</u>&#8221;), the Master Issuer shall withdraw an amount equal to all such uninvested Insurance/Condemnation Proceeds no later than the Business Day immediately succeeding the expiration of the applicable Casualty
          Reinvestment Period and deposit such amounts to the Collection Account to be applied in accordance with <u>priority (i)</u> of the Priority of Payments on the following Weekly Allocation Date.&#160; In the event that such Securitization Entity has
          elected to not reinvest such Insurance/Condemnation Proceeds, such Insurance/Condemnation Proceeds shall instead be deposited to the Collection Account promptly following such decision to pay principal of each Series of Notes Outstanding in
          accordance with <u>priority (i)</u> of the Priority of Payments on the following Weekly Allocation Date.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">37</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Deposits to the Collection Account</u>.&#160; In addition to the deposit of funds from the Concentration Accounts in accordance with <u>Section 5.11(a)(iv)</u> and the
          deposit of funds from the Securitized Company Restaurant Accounts in accordance with <u>Section 5.11(a)(ii)</u>, the Manager (or with respect to deposits in connection with an Interest Reserve Release Event, the Trustee at the direction of the
          Manager) will also deposit or cause to be deposited to the Collection Account the following amounts, in each case promptly after receipt (unless otherwise specified below):</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Indemnification Amounts within two (2) Business Days following either (i) the receipt by the Manager of such amounts
          if Jack in the Box Inc. is not the Manager or (ii) if Jack in the Box Inc. is the Manager, the date such amounts become payable by the related Indemnitor under the Management Agreement or any other Related Document, in each case if such
          Indemnification Amounts are required to be so paid;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Insurance/Condemnation Proceeds remaining in the Insurance Proceeds Account on the immediately succeeding Business
          Day following the expiration of the Casualty Reinvestment Period and Insurance/Condemnation Proceeds where the applicable Securitization Entity elects not to reinvest such amounts promptly (but in no event later than five (5) Business Days) upon
          the later of such election and receipt of such Insurance/Condemnation Proceeds;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Asset Disposition Proceeds remaining in the Asset Disposition Proceeds Account on the immediately succeeding Business
          Day following the expiration of the Asset Disposition Reinvestment Period and Asset Disposition Proceeds where the applicable Securitization Entity elects not to reinvest such amounts promptly (but in no event later than five (5) Business Days)
          upon the later of such election and receipt of such Asset Disposition Proceeds;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Series Hedge Receipts, if any, received by the Securitization Entities in respect of any Series Hedge Agreements
          entered into by the Securitization Entities in connection with the issuance of Additional Notes following the Closing Date upon receipt thereof;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">38</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">upon the occurrence of any Interest Reserve Release Event, the Master Issuer (or the Manager on its behalf) shall
          instruct the Trustee in writing to withdraw the amounts on deposit on the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, and deposit such amount to the Collection Account to the
          extent that no Senior Notes Interest Reserve Account Deficiency Amount or Senior Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, is outstanding immediately following such deposit; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any other amounts required to be deposited to the Collection Account hereunder or under any other Related Documents.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt;">The Trustee will deposit or cause to be deposited into the Collection Account amounts obtained by the Trustee or the Control Party on account of or as a result of the
        exercise by the Trustee or the Control Party of any of its rights under the Indenture, including without limitation under <font style="font-family: 'Times New Roman',Times,serif;"><u>Article IX</u></font> hereof, upon receipt thereof.</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Investment Income</u>.&#160; On a weekly basis at or prior to 4:00&#160;p.m. (Eastern time) on the Business Day prior to each Weekly
          Allocation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to transfer any Investment Income on deposit in the Indenture Trust Accounts (other than the Collection Account) to the Collection Account for
          application as Collections on that Weekly Allocation Date.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Payment Instructions</u>.&#160; In accordance with and subject to the terms of the Management Agreement, the Master Issuer shall
          cause the Manager to cause (i)&#160;each Franchisee obligated at any time to make any Securitized Franchisee Payments, Securitized Franchisee Note Payments, Securitized Owned-Property Franchisee Lease Payments or Franchisee Back-to-Back Sublease
          Payments to a Concentration Account and (ii)&#160;any other Person (not an Affiliate of the Master Issuer) obligated at any time to make any payments with respect to the Securitized Assets, including, without limitation, the Securitization IP, to make
          such payment to a Concentration Account or the Collection Account, as determined by the Master Issuer or the Manager.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);"><u>Misdirected Collections</u></font><font style="color: rgb(0, 0, 0);">.&#160; The Master Issuer agrees that if any Collections shall be received by the Master
            Issuer or any other Securitization Entity in an account other than an Account or in any other manner, such monies, instruments, cash and other proceeds will not be commingled by the Master Issuer or such other Securitization Entity with any of
            their other funds or property, if any, but will be held separate and apart therefrom and shall be held in trust by the Master Issuer or such other Securitization Entity for, and, within three (3)&#160;Business Days of the identification of such
            payment, paid over to, the Trustee, with any necessary endorsement.&#160; The Trustee shall withdraw from the Collection Account any monies on deposit therein that the Manager certifies to it and the Servicer are not Retained Collections and pay
            such amounts to or at the direction of the Manager.&#160; </font>In addition, the Trustee shall withdraw any amounts from the Collection Account that are required to be returned to a deposit bank under any Account Control Agreement and remit such
          funds in accordance with such Account Control Agreement. <font style="color: rgb(0, 0, 0);"> All monies, instruments, cash and other proceeds of the Securitized Assets received by the Trustee pursuant to the Indenture shall be immediately
            deposited in the Collection Account and shall be applied as provided in this </font><font style="color: rgb(0, 0, 0);"><u>Article V</u></font><font style="color: rgb(0, 0, 0);">.</font></font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.12</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Application of Weekly Collections on Weekly Allocation Dates</u></font>.&#160; On each Weekly Allocation Date (unless the Manager shall have failed to deliver by 4:30&#160;p.m. (Eastern time) on the Business Day prior to such
          Weekly Allocation Date the Weekly Manager&#8217;s Certificate relating to such Weekly Allocation Date, in which case the application of Retained Collections relating to such Weekly Allocation Date shall occur on the Business Day immediately following
          the day on which such Weekly Manager&#8217;s Certificate is delivered) commencing no later than August 2, 2019, the Trustee shall, based solely on the information contained in the Weekly Manager&#8217;s Certificate, withdraw the amount on deposit in the
          Collection Account as of 10:00&#160;a.m. (Eastern time) in respect of such preceding Weekly Collection Period for allocation or payment in the following order of priority:</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">39</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>first</u>, solely with respect to any funds on deposit in the Collection Account on such Weekly Allocation Date
          consisting of Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds, in the following order of priority:</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to reimburse the Trustee, and then, the Servicer, for any unreimbursed Advances (and accrued interest thereon at the
          Advance Interest Rate); then</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance Interest
          Rate); then</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">if a Class A-1 Notes Amortization Event is continuing, to make an allocation to the Senior Notes Principal Payment
          Account, to prepay, until paid in full, and permanently reduce the commitments under all Class A-1 Notes on a <u>pro rata</u> basis based on commitment amounts and to cash collateralize any outstanding letters of credit; then</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(D)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to make an allocation to the Senior Notes Principal Payment Account to prepay the Outstanding Principal Amount of all
          Senior Notes of all Series other than Class A-1 Notes until paid in full; then</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(E)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">provided <u>clause&#160;(C)</u> does not apply, to make an allocation to the Senior Notes Principal Payment Account, to
          prepay, until paid in full, and permanently reduce the commitments under all Class A-1 Notes on a <u>pro rata</u> basis based on commitment amounts and to cash collateralize any outstanding letters of credit; then</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(F)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to make an allocation to the Senior Subordinated Notes Principal Payment Account, to prepay, until paid in full, the
          Outstanding Principal Amount of all Senior Subordinated Notes; and then</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(G)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to make an allocation to the Subordinated Notes Principal Payment Account, to prepay, until paid in full, the
          Outstanding Principal Amount of all Subordinated Notes;</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; color: #000000;"><font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font> that any prepayments pursuant to <font style="font-family: 'Times New Roman',Times,serif;"><u>clauses (C)</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>(D)</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>(E)</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>(F)</u></font> or <font style="font-family: 'Times New Roman',Times,serif;"><u>(G)</u></font> of this clause first shall be made on the Quarterly Payment Date indicated in the Weekly Manager&#8217;s Certificate;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>second</u>, (A)&#160;to reimburse the Trustee, and <u>then</u>, the Servicer, for any unreimbursed Advances (and
          accrued interest thereon at the Advance Interest Rate), <u>then</u> (B)&#160;to reimburse the Manager for any unreimbursed Manager Advances (and accrued interest thereon at the Advance Interest Rate), and <u>then</u> (C)&#160;to pay the Servicer all
          Servicing Fees, Liquidation Fees, if any, and Workout Fees, if any, for such Weekly Allocation Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>third</u>, to pay Successor Manager Transition Expenses, if any;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>fourth</u>, to pay the Weekly Management Fee to the Manager;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">40</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>fifth</u>, <u>pro rata</u>,</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to deposit to the Securitization Operating Expense Account, an amount equal to any previously accrued and unpaid
          Securitization Operating Expenses together with any Securitization Operating Expenses that are expected to be payable prior to the immediately following Weekly Allocation Date, in an aggregate amount not to exceed the Capped Securitization
          Operating Expense Amount with respect to the annual period in which such Weekly Allocation Date occurs after giving effect to all deposits previously made to the Securitization Operating Expense Account in such period, to be distributed <u>pro
            rata</u> based on the amount of each type of Securitization Operating Expense payable on such Weekly Allocation Date pursuant to this <u>priority (v)</u>;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">so long as an Event of Default has occurred and is continuing, to pay to the Trustee the Post-Default Capped Trustee
          Expenses Amount for such Weekly Allocation Date;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">after a Mortgage Preparation Event, to the payment of any Mortgage Preparation Fees incurred by the Master Issuer,
          the Manager or the Servicer, as applicable; and</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(D)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">after a Mortgage Recordation Event, to the Trustee, all Mortgage Recordation Fees;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>sixth</u>, to deposit to the applicable Indenture Trust Account, ratably according to the amounts required to be
          deposited as set forth in <u>subclauses&#160;(A)</u> through <u>(C)</u>&#160;below, the following amounts until the amount required to be deposited pursuant to each of <u>subclauses&#160;(A)</u> through <u>(C)</u>&#160;below is deposited in full:</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to allocate to the Senior Notes Interest Payment Account for each Series of Senior Notes, <u>pro rata</u> by amount
          due within each Series, an amount equal to the Senior Notes Accrued Quarterly Interest Amount;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to allocate to the Class A-1 Notes Commitment Fees Account, the Class A-1 Notes Accrued Quarterly Commitment Fee
          Amount; and</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to allocate to the Hedge Payment Account, the amount of the accrued and unpaid Series Hedge Payment Amount, if any,
          payable on or before the next Quarterly Payment Date to a Hedge Counterparty, if any; <u>provided</u> that the deposit to the Hedge Payment Account pursuant to this <u>subclause&#160;(C)</u> will exclude any termination payment payable to a Hedge
          Counterparty, if any;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>seventh</u>, to pay to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase
          Agreement an amount equal to the Capped Class A-1 Notes Administrative Expenses Amount due under such Variable Funding Note Purchase Agreement for such Weekly Allocation Date, <u>pro rata</u> based on the amounts owed under each such Variable
          Funding Note Purchase Agreement on such Weekly Allocation Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(viii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>eighth</u>, to allocate to the Senior Subordinated Notes Interest Payment Account, an amount equal to the Senior
          Subordinated Notes Accrued Quarterly Interest Amount, if any, in respect of the Senior Subordinated Notes;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">41</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ix)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>ninth</u>, first, to deposit in the Senior Notes Interest Reserve Account, an amount equal to any Senior Notes
          Interest Reserve Account Deficiency Amount; and second, to deposit in the Senior Subordinated Notes Interest Reserve Account, an amount equal to any Senior Subordinated Notes Interest Reserve Account Deficiency Amount;<font style="font-style: italic;">&#160;</font><u>provided</u>,<font style="font-style: italic;">&#160;</font><u>however</u>, that no amounts, with respect to any Series of Notes, will be deposited into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes
          Interest Reserve Account, as applicable, pursuant to this <u>priority (ix)</u> on any Weekly Allocation Date that occurs during the Quarterly Collection Period immediately preceding the Series Legal Final Maturity Date relating to such Series of
          Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(x)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>tenth</u>, to allocate to the Senior Notes Principal Payment Account an amount equal to the sum of (1)&#160;any Senior
          Notes Accrued Quarterly Scheduled Principal Amount, (2)&#160;any Senior Notes Quarterly Scheduled Principal Deficiency Amount and (3) amounts then known by the Manager that will become due under each Variable Funding Note Purchase Agreement prior to
          the immediately succeeding Quarterly Payment Date with respect to the cash collateralization of letters of credit issued under each Variable Funding Note Purchase Agreement;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>eleventh</u>, to pay any Supplemental Management Fee, together with any previously accrued and unpaid Supplemental
          Management Fee;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twelfth</u>, so long as no Rapid Amortization Period is continuing, if a Class A-1 Notes Amortization Event has
          occurred and is continuing, to the Senior Notes Principal Payment Account to allocate to the Class A-1 Notes, on a <u>pro rata</u> basis based on commitment amounts, in an amount sufficient to reduce the Outstanding Principal Amount of all Class
          A-1 Notes to zero and to fully cash collateralize all outstanding letters of credit thereunder on the next Quarterly Payment Date after giving effect to all deposits in the Senior Notes Principal Payment Account allocable to the Class A-1 Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xiii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>thirteenth</u>, so long as (x) no Rapid Amortization Period is continuing and (y) such Weekly Allocation Date
          occurs during a Cash Trapping Period, to deposit into the Cash Trap Reserve Account an amount equal to the Cash Trapping Amount, if any, on such Weekly Allocation Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xiv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>fourteenth</u>, so long as a Rapid Amortization Period is continuing, to allocate first, to the Senior Notes
          Principal Payment Account to allocate to the Class&#160;A Notes (sequentially, in alphanumerical order of Class A Notes) in an amount sufficient to reduce the Outstanding Principal Amount of the Class&#160;A Notes to zero and to fully cash collateralize
          all outstanding letters of credit thereunder on the next Quarterly Payment Date after giving effect to all deposits in the Senior Notes Principal Payment Account, and second, to the Senior Subordinated Notes Principal Payment Account in an amount
          sufficient to reduce the Outstanding Principal Amount of the Senior Subordinated Notes to zero (sequentially, in alphanumerical order of the Senior Subordinated Notes) on the next Quarterly Payment Date after giving effect to all deposits in the
          Senior Subordinated Notes Principal Payment Account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>fifteenth</u>, so long as no Rapid Amortization Period is continuing, to allocate to the Senior Subordinated Notes
          Principal Payment Account, an amount equal to the sum of (1)&#160;the Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount, if any, and (2)&#160;the Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount, if any;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xvi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>sixteenth</u>, to deposit to the Securitization Operating Expense Account an amount equal to any accrued and
          unpaid Securitization Operating Expenses (together with any Securitization Operating Expenses that are expected to be payable prior to the immediately following Weekly Allocation Date) in excess of the Capped Securitization Operating Expense
          Amount after giving effect to <u>priority&#160; (v)</u> above;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">42</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xvii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>seventeenth</u>, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase
          Agreement for payment of the Excess Class A-1 Notes Administrative Expenses Amounts due under each Variable Funding Note Purchase Agreement for such Weekly Allocation Date <u>pro rata</u> based on amounts due under each such Variable Funding
          Note Purchase Agreement on such Weekly Allocation Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xviii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>eighteenth</u>, to each Class A-1 Administrative Agent pursuant to the related Variable Funding Note Purchase
          Agreement for payment of the Class A-1 Notes Other Amounts due under such Variable Funding Note Purchase Agreement for such Weekly Allocation Date <u>pro rata</u> based on amounts due under each such Variable Funding Note Purchase Agreement;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xix)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>nineteenth</u>, to allocate to the Subordinated Notes Interest Payment Account, an amount equal to the
          Subordinated Notes Accrued Quarterly Interest Amount, if any, in respect of the Subordinated Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xx)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twentieth</u>, so long as no Rapid Amortization Period is continuing, to allocate to the Subordinated Notes
          Principal Payment Account, (1) an amount equal to the Subordinated Notes Accrued Quarterly Scheduled Principal Amount, if any, and then (2)&#160;an amount equal to the Subordinated Notes Quarterly Scheduled Principal Deficiency Amount, if any;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twenty-first</u>, so long as a Rapid Amortization Period is continuing, to allocate to the Subordinated Notes
          Principal Payment Account, with respect to the Subordinated Notes (to be allocated sequentially, in alphanumerical order of the Subordinated Notes) until the Outstanding Principal Amount of the Subordinated Notes will be reduced to zero on the
          next Quarterly Payment Date after giving effect to all deposits in the Subordinated Notes Principal Payment Account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twenty-second</u>, to allocate to the Senior Notes Post-ARD Contingent Interest Account, any Senior Notes Accrued
          Quarterly Post-ARD Contingent Interest Amount for such Weekly Allocation Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxiii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twenty-third</u>, to allocate to the Senior Subordinated Notes Post-ARD Contingent Interest Account, any Senior
          Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount, for such Weekly Allocation Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxiv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twenty-fourth</u>, to allocate to the Subordinated Notes Post-ARD Contingent Interest Account, any Subordinated
          Notes Accrued Quarterly Post-ARD Contingent Interest Amount, for such Weekly Allocation Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twenty-fifth</u>, to deposit to the Hedge Payment Account, (A)&#160;any accrued and unpaid Series Hedge Payment Amount
          that constitutes a termination payment payable to a Hedge Counterparty and (B)&#160;any other amount payable to a Hedge Counterparty, pursuant to the related Series Hedge Agreement, in each case <u>pro rata</u> to each Hedge Counterparty, if any,
          according to the amount due and payable to each of them;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">43</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxvi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twenty-sixth</u>, to allocate to the Senior Notes Principal Payment Account an amount equal to any unpaid premiums
          and make-whole prepayment premiums with respect to Senior Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxvii)</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twenty-seventh</u>,
          to allocate to the Senior Subordinated Notes Principal Payment Account, an amount equal to any unpaid premiums and make-whole prepayment premiums with respect to Senior Subordinated Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxviii)</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>twenty-eighth</u>,
          to allocate to the Subordinated Notes Principal Payment Account, an amount equal to any unpaid premiums and make-whole prepayment premiums with respect to Subordinated Notes;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxix)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>twenty-ninth</u>, to make any other payments to or for the benefit of any Series of Notes as provided in the
          related Series Supplement; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xxx)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>thirtieth</u>, to pay the Residual Amount at the direction of the Master Issuer.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.13</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Quarterly Payment Date Applications</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Senior Notes Interest Payment Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in
          writing to withdraw on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, the funds allocated to the Senior Notes Interest Payment Account on each Weekly Allocation Date
          with respect to the immediately preceding Quarterly Collection Period (or, to the extent necessary to cover any Class A-1 Interest Adjustment Amount, the then-current Quarterly Collection Period), and, if applicable, funds allocated to the Senior
          Notes Interest Payment Account pursuant to <u>subclause&#160;(ii)</u> below, to be paid for the benefit of the Holders of the Senior Notes, up to the accrued and unpaid Senior Notes Quarterly Interest Amount due on such Quarterly Payment Date,
          sequentially in order of alphanumerical designation and <u>pro rata</u> among each Class of Senior Notes of the same alphanumerical designation based upon the amount of the Senior Notes Quarterly Interest Amount payable with respect to each such
          Class, and deposit such funds into the applicable Series Distribution Accounts.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the amount of funds allocated to the Senior Notes Interest Payment Account referred to in <u>subclause (i)</u>
          with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the accrued and unpaid Senior Notes Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event shall be triggered
          and any funds reallocated as a result thereof into the Senior Notes Interest Payment Account shall be distributed in accordance with <u>subclause (i)</u> above. If such insufficiency is not eliminated following the reallocation of funds as a
          result of the Quarterly Reallocation Event, the Master Issuer shall instruct the Trustee in writing to withdraw an amount equal to any remaining insufficiency from <u>first</u>, the Senior Notes Interest Reserve Account to the extent of funds on
          deposit therein and <u>second</u>, from funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes, and deposit such funds into the Senior Notes Interest Payment Account for further deposit to the
          applicable Series Distribution Accounts pursuant to <u>subclause (i)</u>; <u>provided</u> that in the event amounts on deposit in the Senior Notes Interest Reserve Account or funds available to be drawn under any Interest Reserve Letter of
          Credit relating to the Senior Notes are required to be withdrawn in connection with the Class A-1 Quarterly Commitment Fee Amount insufficiency, such amounts shall be allocated ratably based on the respective insufficiencies toward which such
          amounts are required to be allocated.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">44</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the result of (i) the accrued and unpaid Senior Notes Quarterly Interest Amount for the Interest Accrual Period with
          respect to each Class of Senior Notes ending most recently prior to the next succeeding Quarterly Payment Date <u>over</u> (ii) the amount that will be available to make payments of interest on the Senior Notes in accordance with <u>subclauses&#160;(i)</u>
          and <u>(ii)</u> above on such Quarterly Payment Date, is greater than zero (a &#8220;<u>Senior Notes Quarterly Interest Shortfall Amount</u>&#8221;), then in accordance with the terms and conditions of the Servicing Agreement, by 3:00&#160;p.m. (Eastern time) on
          the Business Day preceding such Quarterly Payment Date, the Servicer shall make a Debt Service Advance in such amount unless the Servicer notifies the Master Issuer, the Manager, the Back-Up Manager and the Trustee by such time that it has,
          reasonably and in good faith, determined such Debt Service Advance (and interest thereon) is a Nonrecoverable Advance.&#160; If the Servicer fails to make such Debt Service Advance (unless the Servicer has, reasonably and in good faith, determined
          that such Debt Service Advance (and interest thereon) would be a Nonrecoverable Advance), pursuant to <u>Section 10.01(k)</u>, the Trustee shall make the Debt Service Advance unless it determines that such Debt Service Advance (and interest
          thereon) is a Nonrecoverable Advance.&#160; In determining whether any Debt Service Advance (and interest thereon) is a Nonrecoverable Advance, the Trustee may conclusively rely on the determination of the Servicer.&#160; All Debt Service Advances shall be
          deposited into the Senior Notes Interest Payment Account. If, after giving effect to all Debt Service Advances made with respect to any Quarterly Payment Date, the Senior Notes Quarterly Interest Shortfall Amount with respect to such Quarterly
          Payment Date remains greater than zero, then the payment of the Senior Notes Quarterly Interest Amount as reduced by such Senior Notes Quarterly Interest Shortfall Amount to be distributed on such Quarterly Payment Date to the Senior Notes shall
          be paid to the Senior Notes, sequentially in order of alphanumerical designation and <u>pro rata</u><font style="font-style: italic;">&#160;</font>among each Class of Senior Notes of the same alphanumerical designation based upon the amount of the
          Senior Notes Quarterly Interest Amount payable with respect to each such Class; <u>provided</u><font style="font-style: italic;">&#160;</font>that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior
          Notes Quarterly Interest Shortfall Amount.&#160; An additional amount of interest may accrue on the Senior Notes Quarterly Interest Shortfall Amount for each subsequent Interest Accrual Period until the Senior Notes Quarterly Interest Shortfall Amount
          is paid in full, as set forth in the Series Supplement for such Series.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Class A-1 Notes Commitment Fees Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on
          the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date,<font style="color: rgb(0, 0, 0);"> the funds allocated to the Class A-1 Notes Commitment Fees Account on each Weekly
            Allocation Date with respect to the immediately preceding Quarterly Collection Period (or, to the extent necessary to cover any Class A-1 Commitment Fee Adjustment Amount, the then-current Quarterly Collection Period), and, if applicable, funds
            allocated to the Class A-1 Notes Commitment Fees Account pursuant to </font><font style="color: rgb(0, 0, 0);"><u>subclause&#160;(ii)</u></font><font style="color: rgb(0, 0, 0);"> below, to be paid for the benefit of the Holders of the applicable
            Class A-1 Notes, up to the Class A-1 Quarterly Commitment Fee Amount accrued and unpaid with respect to the applicable Class A-1 Notes, </font><font style="color: rgb(0, 0, 0);"><u>pro rata</u></font><font style="color: rgb(0, 0, 0);"> among
            each Series of Class A-1 Notes based upon the Class A-1 Quarterly Commitment Fee Amount payable with respect to each such Series, and deposit such funds into the applicable Series Distribution Account.</font></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">45</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">If the amount of funds allocated to the Class&#160;A-1 Notes Commitment Fees Account referred to in <u>subclause&#160;(i)</u> with respect to the
          immediately preceding Quarterly Collection Period is insufficient to pay the accrued and unpaid Class A-1 Quarterly Commitment Fee Amount due on such Quarterly Payment Date, then <font style="color: rgb(0, 0, 0);">a Quarterly Reallocation Event
            pursuant to </font><font style="color: rgb(0, 0, 0);"><u>Section 5.13(p)</u></font><font style="color: rgb(0, 0, 0);"> shall be triggered and any funds reallocated as a result thereof into the </font>Class&#160;A-1 Notes Commitment Fees Account <font style="color: rgb(0, 0, 0);">shall be distributed in accordance with </font><font style="color: rgb(0, 0, 0);"><u>subclause (i)</u></font><font style="color: rgb(0, 0, 0);"> above.&#160; If such insufficiency is not eliminated following the
            reallocation of funds as set forth in </font><font style="color: rgb(0, 0, 0);"><u>Section 5.13(p)</u></font><font style="color: rgb(0, 0, 0);">, the Master Issuer shall instruct the Trustee in writing to withdraw an amount equal to any
            remaining insufficiency from </font><font style="color: rgb(0, 0, 0);"><u>first</u></font><font style="color: rgb(0, 0, 0);">, the Senior Notes Interest Reserve Account to the extent of funds on deposit therein and </font><font style="color: rgb(0, 0, 0);"><u>second</u></font><font style="color: rgb(0, 0, 0);">, from funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes, and deposit such funds into the Senior Notes Interest Payment
            Account for further deposit to the applicable Series Distribution Accounts pursuant to </font><font style="color: rgb(0, 0, 0);"><u>subclause (i); provided</u></font><font style="color: rgb(0, 0, 0);"> that in the event amounts on deposit in
            the Senior Interest Reserve Account or funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Notes are required to be withdrawn in connection with the Senior Notes Quarterly Interest Amount
            insufficiency, such amounts shall be allocated ratably based on the respective insufficiencies toward which such amounts are required to be allocated.</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the result of (i)&#160;the accrued and unpaid Class A-1 Quarterly Commitment Fee Amounts for the Interest Accrual
          Period ending most recently prior to the next succeeding Quarterly Payment Date <u>over</u> (ii)&#160;the amount that shall be available to make payments on the Class A-1 Quarterly Commitment Fee Amount in accordance with <u>subclauses&#160;(i)</u> and <u>(ii)</u>
          on such Quarterly Payment Date, is greater than zero (a &#8220;<u>Class A-1 Quarterly Commitment Fees Shortfall Amount</u>&#8221;), then such amount available to be distributed on such Quarterly Payment Date to the Class A-1 Notes shall be paid to the Class
          A-1 Notes, <u>pro rata</u> among each Series of Class A-1 Notes based upon the amount of Class A-1 Quarterly Commitment Fee Amounts payable with respect to each such Series of Class A-1 Notes; <u>provided</u> that such reduction shall not be
          deemed to be a waiver of any default caused by the existence of such Class A-1 Quarterly Commitment Fees Shortfall Amount.&#160; An additional amount of interest may accrue on each such Class A-1 Quarterly Commitment Fees Shortfall Amount for each
          subsequent Interest Accrual Period until each such Class A-1 Quarterly Commitment Fees Shortfall Amount is paid in full, as set forth in the Series Supplement for such Series or Variable Funding Note Purchase Agreement, and as set forth in the
          Quarterly Noteholders&#8217; Report.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Senior Subordinated Notes Interest Payment Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the
          Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date,<font style="color: rgb(0, 0, 0);"> the
            funds allocated to the Senior Subordinated Notes Interest Payment Account, on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Senior Subordinated
            Notes Interest Payment Account pursuant to </font><font style="color: rgb(0, 0, 0);"><u>subclause&#160;(ii)</u></font><font style="color: rgb(0, 0, 0);"> below, to be paid for the benefit of the Holders of the Senior Subordinated Notes, up to the
            accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and </font><font style="color: rgb(0, 0, 0);"><u>pro rata</u></font><font style="color: rgb(0, 0, 0);"> among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of the Senior Subordinated Notes Quarterly Interest Amount payable with respect to each such Class, and
            deposit such funds into the applicable Series Distribution Accounts.</font></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">46</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the amount of funds allocated to the Senior Subordinated Notes Interest Payment Account referred to in <u>subclause&#160;(i)</u>
          is insufficient to pay the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to <u>Section 5.13(p)</u> shall be triggered and any funds
          reallocated as a result thereof into the Senior Subordinated Notes Interest Payment Account shall be distributed in accordance with <u>subclause&#160;(i)</u> above.&#160; If such insufficiency is not eliminated following the reallocation of funds as set
          forth in <u>Section 5.13(p)</u>, the Master Issuer shall instruct the Trustee in writing to withdraw an amount equal to any remaining insufficiency from <u>first</u>, the Senior Subordinated Notes Interest Reserve Account to the extent of funds
          on deposit therein and <u>second</u>, from funds available to be drawn under any Interest Reserve Letter of Credit relating to the Senior Subordinated Notes, and deposit such funds into the Senior Subordinated Notes Interest Payment Account for
          further deposit to the applicable Series Distribution Accounts pursuant to <u>subclause&#160;(i)</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the result of (i)&#160;the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment
          Date <u>over</u> (ii)&#160;the amount that shall be available to make payments of interest on the Senior Subordinated Notes on such Quarterly Payment Date in accordance with <u>subclauses&#160;(i)</u> and <u>(ii)</u> above, is greater than zero (a &#8220;<u>Senior
            Subordinated Notes Quarterly Interest Shortfall</u>&#8221;), then such amount available to be distributed on such Quarterly Payment Date to the Senior Subordinated Notes shall be paid to the Senior Subordinated Notes, sequentially in order of
          alphanumerical designation and <u>pro rata</u> among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the amount of the Senior Subordinated Notes Quarterly Interest Amount payable with respect to each
          such Class; <u>provided</u> that such reduction shall not be deemed to be a waiver of any default caused by the existence of such Senior Subordinated Notes Quarterly Interest Shortfall.&#160; An additional amount of interest may accrue on the Senior
          Subordinated Notes Quarterly Interest Shortfall for each subsequent Interest Accrual Period until the Senior Subordinated Notes Quarterly Interest Shortfall is paid in full, as set forth in the Series Supplement for such Series.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Senior Notes Principal Payment Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on
          the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date,<font style="color: rgb(0, 0, 0);"> the funds allocated to the Senior Notes Principal Payment Account on each Weekly
            Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A) in the case of funds allocated pursuant to </font><font style="color: rgb(0, 0, 0);"><u>priority (i)</u></font><font style="color: rgb(0, 0, 0);"> of the Priority of Payments, the Holders of each applicable Class of Senior Notes up to the aggregate amount of Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order
            of priority set forth in </font><font style="color: rgb(0, 0, 0);"><u>priority&#160;(i)</u></font><font style="color: rgb(0, 0, 0);"> of the Priority of Payments and (B)&#160;in the case of funds allocated pursuant to </font><font style="color: rgb(0, 0, 0);"><u>priorities&#160;(x)</u></font><font style="color: rgb(0, 0, 0);">, </font><font style="color: rgb(0, 0, 0);"><u>(xii)</u></font><font style="color: rgb(0, 0, 0);">, </font><font style="color: rgb(0, 0, 0);"><u>(xiv)</u></font><font style="color: rgb(0, 0, 0);"> and </font><font style="color: rgb(0, 0, 0);"><u>(xxvi)</u></font><font style="color: rgb(0, 0, 0);"> of the Priority of Payments and </font><font style="color: rgb(0, 0, 0);"><u>subclause&#160;(ii)</u></font><font style="color: rgb(0, 0, 0);"> below, if applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Senior Notes in the order of priority set forth in the Priority of Payments with respect to such </font><font style="color: rgb(0, 0, 0);"><u>priorities&#160;(x)</u></font><font style="color: rgb(0, 0, 0);">, </font><font style="color: rgb(0, 0, 0);"><u>(xii)</u></font><font style="color: rgb(0, 0, 0);">, </font><font style="color: rgb(0, 0, 0);"><u>(xiv)</u></font><font style="color: rgb(0, 0, 0);"> and </font><font style="color: rgb(0, 0, 0);"><u>(xxvi)</u></font><font style="color: rgb(0, 0, 0);">, in the order and proportions such Notes are to be allocated funds in accordance with the Priority of Payments,
            and deposit such funds into the applicable Series Distribution Account.</font></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">47</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the aggregate amount of funds allocated to the Senior Notes Principal Payment Account pursuant to <u>priorities&#160;(x)</u>, <u>(xii)</u>,
          <u>(xiv)</u> and <u>(xxvi)</u> of the Priority of Payments on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the sum (without duplication) of (A) the Senior Notes
          Quarterly Scheduled Principal Amounts or any Senior Notes Quarterly Scheduled Principal Deficiency Amounts due with respect to each applicable Class of Senior Notes on such Quarterly Payment Date, (B) so long as no Rapid Amortization Period is
          continuing, if a Class A-1 Notes Amortization Event has occurred and is continuing, the Outstanding Principal Amount of the Class A-1 Notes and (C) if a Rapid Amortization Event has occurred and is continuing, the Outstanding Principal Amount of
          the Senior Notes, on the next Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to <u>Section 5.13(p)</u> shall be triggered and any funds reallocated as a result thereof into the Senior Notes Principal Payment Account shall
          be distributed in accordance with <u>subclause&#160;(i)</u> above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If any payment of principal of any Class A-1 Notes of any Series pursuant to <u>subclause&#160;(i)</u> above is required pursuant
          to the Series Supplement for such Series or Variable Funding Note Purchase Agreement to be deposited with the applicable L/C Provider to serve as collateral and act as security (the &#8220;<u>Cash Collateral</u>&#8221;) for any obligations of the Master
          Issuer relating to letters of credit issued thereunder (the &#8220;<u>Collateralized Letters of Credit</u>&#8221;), then upon the expiration of the Collateralized Letters of Credit the Cash Collateral shall be remitted to the Master Issuer in accordance with
          such Series Supplement or Variable Funding Note Purchase Agreement, and as set forth in the Quarterly Noteholders&#8217; Report.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Senior Subordinated Notes Principal Payment Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the
          Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date, <font style="color: rgb(0, 0, 0);">the
            funds allocated to the Senior Subordinated Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A)&#160;in the case of funds allocated
            pursuant to </font><font style="color: rgb(0, 0, 0);"><u>priority (i)</u></font><font style="color: rgb(0, 0, 0);"> of the Priority of Payments, the Holders of each applicable Class of Senior Subordinated Notes up to the aggregate amount of
            Indemnification Amounts, Asset Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth in </font><font style="color: rgb(0, 0, 0);"><u>priority&#160;(i)</u></font><font style="color: rgb(0, 0, 0);"> of the
            Priority of Payments and (B)&#160;in the case of funds allocated pursuant to </font><font style="color: rgb(0, 0, 0);"><u>priorities&#160;(xiv)</u></font><font style="color: rgb(0, 0, 0);">, </font><font style="color: rgb(0, 0, 0);"><u>(xv)</u></font><font style="color: rgb(0, 0, 0);"> and </font><font style="color: rgb(0, 0, 0);"><u>(xxvii)</u></font><font style="color: rgb(0, 0, 0);"> of the Priority of Payments, and </font><font style="color: rgb(0, 0, 0);"><u>subclause&#160;(ii)</u></font><font style="color: rgb(0, 0, 0);"> below, if applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Senior Subordinated Notes in the order of priority set forth in the Priority of Payments with
            respect to such </font><font style="color: rgb(0, 0, 0);"><u>priorities (xiv)</u></font><font style="color: rgb(0, 0, 0);">, </font><font style="color: rgb(0, 0, 0);"><u>(xv)</u></font><font style="color: rgb(0, 0, 0);"> and </font><font style="color: rgb(0, 0, 0);"><u>(xxvii)</u></font><font style="color: rgb(0, 0, 0);">, in each case sequentially in order of alphanumerical designation and </font><font style="color: rgb(0, 0, 0);"><u>pro rata</u></font><font style="color: rgb(0, 0, 0);"> among each such Class of Senior Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Subordinated Notes of such Class, and deposit such funds into the applicable
            Series Distribution Account.</font></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">48</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the aggregate amount of funds allocated to the Senior Subordinated Notes Principal Payment Account pursuant to <u>priorities&#160;(xiv)</u>,
          <u>(xv)</u> and <u>(xxvii)</u> of the Priority of Payments on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the sum (without duplication) of (A) the Senior Subordinated
          Notes Quarterly Scheduled Principal Amount and any Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amounts due with respect to each applicable Class of Senior Subordinated Notes on such Quarterly Payment Date and (B) if a Rapid
          Amortization Period is continuing, the Outstanding Principal Amount of the Senior Subordinated Notes, on the next Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to <u>Section 5.13(p)</u> shall be triggered and any funds
          reallocated as a result thereof into the Senior Subordinated Notes Principal Payment Account shall be distributed in accordance with <u>subclause&#160;(i)</u> above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Subordinated Notes Interest Payment Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">To the extent any Series of Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the Manager on
          its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date,<font style="color: rgb(0, 0, 0);"> the funds allocated
            to the Subordinated Notes Interest Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Subordinated Notes Interest Payment Account
            pursuant to </font><font style="color: rgb(0, 0, 0);"><u>subclause&#160;(ii)</u></font><font style="color: rgb(0, 0, 0);"> below, to be paid for the benefit of the Holders of the Subordinated Notes, up to the accrued and unpaid Subordinated Notes
            Quarterly Interest Amount</font> due on such Quarterly Payment Date<font style="color: rgb(0, 0, 0);">, sequentially in order of alphanumerical designation and </font><font style="color: rgb(0, 0, 0);"><u>pro rata</u></font><font style="color: rgb(0, 0, 0);"> among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of the Subordinated Notes Quarterly Interest Amount payable with respect to each such Class, and deposit such funds into the
            applicable Series Distribution Accounts.</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the amount of funds allocated to the Subordinated Notes Interest Payment Account referred to in <u>subclause&#160;(i)</u> is
          insufficient to pay the accrued and unpaid Subordinated Notes Quarterly Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to <u>Section 5.13(p)</u> shall be triggered and any funds reallocated as a
          result thereof into the Subordinated Notes Interest Payment Account shall be distributed in accordance with <u>subclause&#160;(i)</u> above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the result of (i)&#160;the accrued and unpaid Subordinated Notes Quarterly Interest Amounts due on such Quarterly Payment Date <u>over</u>
          (ii)&#160;the amount that shall be available to make payments of interest on the Subordinated Notes in accordance with <u>subclauses&#160;(i)</u> and <u>(ii)</u> on such Quarterly Payment Date, is greater than zero (a &#8220;<u>Subordinated Notes Quarterly
            Interest Shortfall</u>&#8221;), then such amount available to be distributed on such Quarterly Payment Date to the Subordinated Notes shall be paid to each Class of Subordinated Notes, sequentially in order of alphanumerical designation and <u>pro
            rata</u> among each Class of Subordinated Notes of the same alphanumerical designation based upon the amount of the Subordinated Notes Quarterly Interest Amount payable with respect to each such Class; <u>provided</u> that such reduction shall
          not be deemed to be a waiver of any default caused by the existence of such Subordinated Notes Quarterly Interest Shortfall.&#160; An additional amount of interest may accrue on the Subordinated Notes Quarterly Interest Shortfall for each subsequent
          Interest Accrual Period until the Subordinated Notes Quarterly Interest Shortfall is paid in full, as specified in the Series Supplement for such Series.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">49</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Subordinated Notes Principal Payment Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">To the extent any Series of Subordinated Notes has been issued, on each Quarterly Calculation Date, the Master Issuer (or the Manager on
          its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date, after giving effect to any allocations set forth in the Priority of Payments on such date,<font style="color: rgb(0, 0, 0);"> the funds allocated
            to the Subordinated Notes Principal Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, to be paid for the benefit of (A)&#160;in the case of funds allocated pursuant to </font><font style="color: rgb(0, 0, 0);"><u>priority (i)</u></font><font style="color: rgb(0, 0, 0);"> of the Priority of Payments, the Holders of each applicable Class of Subordinated Notes up to the aggregate amount of Indemnification Amounts, Asset
            Disposition Proceeds and Insurance/Condemnation Proceeds in the order of priority set forth in </font><font style="color: rgb(0, 0, 0);"><u>priority&#160;(i)</u></font><font style="color: rgb(0, 0, 0);"> of the Priority of Payments and (B)&#160;in the
            case of funds allocated pursuant to </font><font style="color: rgb(0, 0, 0);"><u>priorities&#160;(xx)</u></font><font style="color: rgb(0, 0, 0);">, </font><font style="color: rgb(0, 0, 0);"><u>(xxi)</u></font><font style="color: rgb(0, 0, 0);">
            and </font><font style="color: rgb(0, 0, 0);"><u>(xxviii)</u></font><font style="color: rgb(0, 0, 0);"> of the Priority of Payments, and </font><font style="color: rgb(0, 0, 0);"><u>subclause&#160;(ii)</u></font><font style="color: rgb(0, 0, 0);">
            below, if applicable, excluding any applicable Principal Release Amounts, the Holders of each applicable Class of Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such </font><font style="color: rgb(0, 0, 0);"><u>priorities (xx)</u></font><font style="color: rgb(0, 0, 0);">, </font><font style="color: rgb(0, 0, 0);"><u>(xxi)</u></font><font style="color: rgb(0, 0, 0);"> and </font><font style="color: rgb(0, 0, 0);"><u>(xxviii)</u></font><font style="color: rgb(0, 0, 0);">, in each case sequentially in order of alphanumerical designation and </font><font style="color: rgb(0, 0, 0);"><u>pro rata</u></font><font style="color: rgb(0, 0, 0);"> among each such Class of Subordinated Notes
            of the same alphanumerical designation based upon the Outstanding Principal Amount of the Subordinated Notes of such Class and deposit such funds into the applicable Series Distribution Account.</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the aggregate amount of funds allocated to the Subordinated Notes Principal Payment Account pursuant to <u>priorities&#160;(xx)</u>,
          <u>(xxi) </u>and <u>(xxviii)</u> of the Priority of Payments on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the sum (without duplication) of (A) the Subordinated Notes
          Quarterly Scheduled Principal Amounts and any Subordinated Notes Quarterly Scheduled Principal Deficiency Amounts due with respect to each applicable Class of Subordinated Notes on such Quarterly Payment Date and (B) if a Rapid Amortization
          Period is continuing, the Outstanding Principal Amount of the Subordinated Notes, on the next Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to <u>Section 5.13(p)</u> shall be triggered and any funds reallocated as a result
          thereof into the Subordinated Notes Principal Payment Account shall be distributed in accordance with <u>subclause&#160;(i)</u> above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Senior Notes Post-ARD Contingent Interest Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on
          the related Quarterly Payment Date<font style="color: rgb(0, 0, 0);"> the funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection
            Period, and, if applicable, funds allocated to the Senior Notes Post-ARD Contingent Interest Account pursuant to </font><font style="color: rgb(0, 0, 0);"><u>subclause&#160;(ii)</u></font><font style="font-style: italic; color: rgb(0, 0, 0);">&#160;</font><font style="color: rgb(0, 0, 0);">below, to be paid for the benefit of the Holders of each applicable Class of Senior Notes, up to the accrued and unpaid Senior Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date,
            sequentially in order of alphanumerical designation and </font><font style="color: rgb(0, 0, 0);"><u>pro rata</u></font><font style="color: rgb(0, 0, 0);"> among each such Class of Senior Notes of the same alphanumerical designation based upon
            the Senior Notes Quarterly Post-ARD Contingent Interest Amount payable on each such Class, and deposit such funds into the applicable Series Distribution Accounts.</font></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">50</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the aggregate amount of funds allocated to the Senior Notes Post-ARD Contingent Interest Account on each Weekly Allocation
          Date with respect to the immediately preceding Quarterly Collection Period is insufficient to pay the Senior Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to <u>Section

            5.13(p)</u> shall be triggered and any funds reallocated as a result thereof into the Senior Notes Post-ARD Contingent Interest Account shall be distributed in accordance with <u>subclause&#160;(i)</u> above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Senior Subordinated Notes Post-ARD Contingent Interest Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);">To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation
            Date, the Master Issuer </font>(or the Manager on its behalf) <font style="color: rgb(0, 0, 0);">shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date the funds allocated to the Senior Subordinated Notes
            Post-ARD Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, the funds allocated to the Senior Subordinated Notes Post-ARD Contingent Interest
            Account pursuant to </font><font style="color: rgb(0, 0, 0);"><u>subclause&#160;(ii)</u></font><font style="color: rgb(0, 0, 0);"> below, to be paid for the benefit of the Holders of each applicable Class of Senior Subordinated Notes, up to the
            accrued and unpaid Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and </font><font style="color: rgb(0, 0, 0);"><u>pro rata</u></font><font style="color: rgb(0, 0, 0);"> among each such Class of Senior Subordinated Notes of the same alphanumerical designation based upon the Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount payable on each such Class, and
            deposit such funds into the applicable Series Distribution Accounts.</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the aggregate amount of funds allocated to the Senior Subordinated Notes Post-ARD Contingent Interest Account on each
          Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to <u>subclause&#160;(i)</u> above is insufficient to pay the Senior Subordinated Notes Quarterly Post&#8209;ARD Contingent Interest Amount due on such
          Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to <u>Section 5.13(p)</u> shall be triggered and any funds reallocated as a result thereof into the Senior Subordinated Notes Post-ARD Contingent Interest Account shall be
          distributed in accordance with <u>subclause&#160;(i)</u> above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Subordinated Notes Post-ARD Contingent Interest Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);">To the extent any Series of Senior Subordinated Notes has been issued, on each Quarterly Calculation
            Date, the Master Issuer </font>(or the Manager on its behalf) <font style="color: rgb(0, 0, 0);">shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date the funds allocated to the Subordinated Notes Post-ARD
            Contingent Interest Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period, and, if applicable, funds allocated to the Subordinated Notes Post-ARD Contingent Interest Account pursuant to </font><font style="color: rgb(0, 0, 0);"><u>subclause&#160;(ii)</u></font><font style="color: rgb(0, 0, 0);"> below, to be paid for the benefit of the Holders of each applicable Class of Subordinated Notes, up to the accrued and unpaid Subordinated Notes
            Quarterly Post&#8209;ARD Contingent Interest Amount due on such Quarterly Payment Date, sequentially in order of alphanumerical designation and </font><font style="color: rgb(0, 0, 0);"><u>pro rata</u></font><font style="color: rgb(0, 0, 0);"> among
            each such Class of Subordinated Notes of the same alphanumerical designation based upon the Subordinated Notes Quarterly Post-ARD Contingent Interest Amount payable on each such Class, and deposit such funds into the applicable Series
            Distribution Accounts.</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the aggregate amount of funds allocated to the Subordinated Notes Post-ARD Contingent Interest Account on each Weekly
          Allocation Date with respect to the immediately preceding Quarterly Collection Period pursuant to <u>subclause&#160;(i)</u> above is insufficient to pay the Subordinated Notes Quarterly Post-ARD Contingent Interest Amount due on such Quarterly
          Payment Date, then a Quarterly Reallocation Event pursuant to <u>Section 5.13(p)</u> shall be triggered and any funds reallocated as a result thereof into the Subordinated Notes Post-ARD Contingent Interest Account shall be distributed in
          accordance with <u>subclause&#160;(i)</u> above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <br>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">51</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">
        <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: rgb(0, 0, 0);">(k)</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);"><u>Amounts

              on Deposit in the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account and the Cash Trap Reserve Account</u>.</font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">On each Quarterly Calculation Date (A)&#160;preceding a Quarterly Payment Date that is a Cash Trapping Release Date, the Master Issuer </font>(or the Manager on its behalf) <font style="color: rgb(0, 0, 0);">shall instruct the
            Trustee in writing to withdraw on such Quarterly Payment Date from funds then on deposit in the Cash Trap Reserve Account an amount equal to the applicable Cash Trapping Release Amount and (B)&#160;preceding the first Quarterly Payment Date
            occurring on or after the date on which all Senior Notes and all Senior Subordinated Notes have been paid in full, the Master Issuer </font>(or the Manager on its behalf) <font style="color: rgb(0, 0, 0);">shall instruct the Trustee in
            writing to withdraw on the related Quarterly Payment Date all funds then on deposit in the Cash Trap Reserve Account (in each case, after giving effect to any allocations to be made as of such Quarterly Payment Date from the Cash Trap Reserve
            Account) and deposit such funds into the Collection Account for distribution in accordance with the Priority of Payments.</font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">On
            each Quarterly Calculation Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date funds allocated to the Cash Trap Reserve Account on each Weekly Allocation Date with respect to the
            related Quarterly Collection Period and (I) apply such funds on the following Quarterly Payment Date to the extent necessary to pay, in the following order of priority (A)&#160;unreimbursed Advances of the Trustee (with interest thereon at the
            Advance Interest Rate), (B)&#160;unreimbursed Advances of the Servicer (with interest thereon at the Advance Interest Rate) and (C) unreimbursed Manager Advances (with interest thereon at the Advance Interest Rate), (II) in the event of a Quarterly
            Reallocation Event, allocate such funds in excess of the funds required to be paid pursuant to <u>subclause&#160;(ii)(I)</u> in accordance with <u>Section 5.13(p)</u> and (III) if a Rapid Amortization Period is continuing or a Rapid Amortization
            Event will occur on the following Quarterly Payment Date, allocate any remaining funds to the Senior Notes Principal Payment Account until the Outstanding Principal Amount of the Senior Notes is paid in full, and allocate any remaining funds
            thereafter to the Collection Account for distribution in accordance with the Priority of Payments.</font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">On
            any Cash Trapping Release Date, the Trustee shall release from the Cash Trap Reserve Account, as directed in writing by the Master Issuer (or the Manager on its behalf), the Cash Trapping Release Amount with respect to such Cash Trapping
            Release Date and deposit such amount into the Collection Account.</font></div>
      </div>
      <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
      </font>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Amounts on deposit in the Cash Trap Reserve Account will be available to make optional prepayments of principal of the Senior
          Notes in accordance with the Series Supplement for such Series, at the sole discretion of the Master Issuer (or the Manager acting on its behalf). Any such amounts used to make optional prepayments on a Quarterly Payment Date (1) will be
          allocated (after giving effect to all other payments to be made as of the related Quarterly Payment Date, including all other releases and payments from the Cash Trap Reserve Account) pursuant to <u>priorities (ii)</u> through <u>(xxviii)</u>
          of the Priority of Payments (except for <u>priority (xiii</u>) thereof), and then (2) will be allocated to the applicable Series Distribution Accounts to make optional prepayments of principal on the Senior Notes (either (a) if a Class A-1 Notes
          Amortization Event has occurred and is continuing, <u>first</u>,<font style="font-style: italic;">&#160;</font>to prepay and permanently reduce the commitments under all Class A-1 Notes, on a <u>pro rata</u> basis based on commitment amounts and <u>then</u>,
          to prepay all Senior Notes of all Series other than the Class A-1 Notes in alphanumeric order on a <u>pro rata</u> basis based on principal outstanding or (b) if a Class A-1 Notes Amortization Event is not continuing, to prepay all Senior Notes
          of all Series other than the Class A-1 Notes on a <u>pro rata</u> basis based on principal outstanding so long as, immediately after giving effect to such prepayment, an amount is retained in the Cash Trap Reserve Account that is equal to the
          aggregate principal amount outstanding under the Class A-1 Notes at such time); <u>provided</u> that any such optional prepayment will be accompanied by the payment of any make-whole prepayment premiums related thereto, to the extent such
          prepayment premiums are otherwise payable in connection with the optional prepayment of such Notes in accordance with the Series Supplement for such Series.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <br>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">52</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">If
            the Master Issuer (or the Manager on its behalf) determines, with respect to any Series of Senior Notes, that the amount to be deposited in any Series Distribution Account in accordance with this <u>Section 5.13</u> on any Series Legal Final
            Maturity Date related to such Series of Senior Notes is less than the Outstanding Principal Amount of such Series of Senior Notes, on the Quarterly Calculation Date immediately preceding such Series Legal Final Maturity Date, the Master Issuer
            (or the Manager on its behalf) shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the Senior Notes Interest Reserve Account an amount
            equal to such insufficiency (and, to the extent the amount in the Senior Notes Interest Reserve Account is insufficient, the Master Issuer (or the Manager on its behalf) shall instruct the Control Party to draw on the applicable Interest
            Reserve Letter of Credit) and deposit such amount into the applicable Series Distribution Accounts, to be paid to the Senior Notes sequentially in order of alphanumeric designation and <u>pro rata</u> among each Class of Senior Notes of the
            same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Notes of each such Class.</font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">If
            the Master Issuer (or the Manager on its behalf) determines, with respect to any Series of Senior Subordinated Notes, that the amount to be deposited in any Series Distribution Account in accordance with this <u>Section 5.13</u> on any Series
            Legal Final Maturity Date related to such Series of Senior Subordinated Notes is less than the Outstanding Principal Amount of such Series of Senior Subordinated Notes, on the Quarterly Calculation Date immediately preceding such Series Legal
            Final Maturity Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee thereof in writing, and the Trustee shall, in accordance with such instruction on such Series Legal Final Maturity Date, withdraw from the Senior
            Subordinated Notes Interest Reserve Account an amount equal to such insufficiency (and, to the extent the amount in the Senior Subordinated Notes Interest Reserve Account is insufficient, the Master Issuer (or the Manager on its behalf) shall
            instruct the Control Party to make a draw on the applicable Interest Reserve Letter of Credit) and deposit such amount into the applicable Series Distribution Accounts, to be paid to the Senior Subordinated Notes sequentially in order of
            alphanumeric designation and <u>pro rata</u> among each Class of Senior Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Subordinated Notes of each such Class.</font></div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">53</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <!--PROfilePageNumberReset%Num%54%%%--> </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">On any date on which no Senior Notes are Outstanding, the Master Issuer (or the Manager on its behalf) shall instruct the
          Trustee in writing to withdraw on such date any funds then on deposit in the Senior Notes Interest Reserve Account and to deposit all remaining funds into the Collection Account and/or to return any outstanding Interest Reserve Letter of Credit
          maintained with respect to the Senior Notes Interest Reserve Account to the issuer thereof for cancellation.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(viii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">On any date on which no Senior Subordinated Notes are Outstanding, the Master Issuer (or the Manager on its behalf) shall
          instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Subordinated Notes Interest Reserve Account and to deposit all remaining funds into the Collection Account and/or to return any outstanding Interest
          Reserve Letter of Credit maintained with respect to the Senior Subordinated Notes Interest Reserve Account to the issuer thereof for cancellation.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ix)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Upon the occurrence of any Interest Reserve Release Event, the Master Issuer (or the Manager on its behalf) shall instruct the
          Trustee in writing to (i)&#160;withdraw the aggregate amounts on deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, and deposit such amount into the Collection Account for
          distribution in accordance with the Priority of Payments or (ii)&#160;replace any Interest Reserve Letter of Credit, and the Trustee or the Control Party on its behalf shall deliver to the Master Issuer any such replaced Interest Reserve Letter of
          Credit simultaneously with the receipt of any Interest Reserve Letter of Credit in replacement thereof, whether by way of escrow or otherwise, in each case to the extent that no Senior Notes Interest Reserve Account Deficiency Amount or Senior
          Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, will be outstanding on the immediately following Weekly Allocation Date.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(l)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Principal Release Amount</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If a Rapid Amortization Period or Event of Default is continuing, each Principal Release Amount shall be applied in the order
          set forth in <u>Section 5.13(d)(i)</u>, <u>Section 5.13(e)(i)</u> or <u>Section 5.13(g)(i)</u>, as applicable, notwithstanding the exclusion of Principal Release Amounts therein.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">So long as no Rapid Amortization Period, Event of Default or Class A-1 Notes Amortization Event is continuing, on each
          Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date any Principal Release Amount from the Senior Notes Principal Payment Account,
          Senior Subordinated Notes Principal Payment Account or Subordinated Notes Principal Payment Account, as applicable, and apply such funds on such Quarterly Payment Date to the extent necessary to pay, in the following order of priority,
          (A)&#160;unreimbursed Advances of the Trustee (with interest thereon at the Advance Interest Rate), (B) unreimbursed Advances of the Servicer (with interest thereon at the Advance Interest Rate), (C)&#160;unreimbursed Manager Advances (with interest
          thereon at the Advance Interest Rate), (D)&#160;<u>pro rata</u>, Senior Notes Quarterly Interest Amounts, Class A-1 Quarterly Commitment Fee Amounts, and Series Hedge Payment Amounts, and (E) Senior Subordinated Notes Quarterly Interest Amounts, in
          each case, after giving effect to other amounts available for payment thereof as described in this <u>Section 5.13</u>.&#160; The Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to distribute the remainder of such
          Principal Release Amount, if any, in the priority set forth in the Priority of Payments, beginning at <u>priority (xi)</u>, but excluding (i) <u>priority (xv)</u> in the case of a Principal Release Amount with respect to any Series of Senior
          Subordinated Notes or (ii) <u>priority (xx)</u> in the case of a Principal Release Amount with respect to any Series of Subordinated Notes.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">54</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If no Rapid Amortization Period or Event of Default is continuing, but a Class A-1 Notes Amortization Event is continuing, on
          each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on the related Quarterly Payment Date any Principal Release Amount from the Senior Notes Principal Payment
          Account, Senior Subordinated Notes Principal Payment Account or Subordinated Notes Principal Payment Account, as applicable, to the extent necessary to pay the Outstanding Principal Amount of the applicable Class A-1 Notes, and deposit such funds
          into the applicable Series Distribution Account for distribution to the Holders of the applicable Class A-1 Notes, <u>pro rata</u>, after giving effect to other amounts available for payment thereof.&#160; The Master Issuer (or the Manager on its
          behalf) shall instruct the Trustee in writing to distribute the remainder of the Principal Release Amount, if any, in the priority set forth in the Priority of Payments, beginning at <u>priority (xi)</u>, but excluding (i) <u>priority (xv)</u>
          in the case of a Principal Release Amount with respect to any Series of Senior Subordinated Notes or (ii) <u>priority (xx)</u> in the case of a Principal Release Amount with respect to any Series of Subordinated Notes.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(m)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);"><u>Securitization Operating Expense Account</u></font><font style="color: rgb(0, 0, 0);">.&#160; </font>On or prior
          to the time specified in <u>Section 4.01(a)</u> hereof for the delivery of an Weekly Manager&#8217;s Certificate with respect to an Weekly Allocation Date,<font style="color: rgb(0, 0, 0);"> the Master Issuer shall instruct the Trustee in writing to
            withdraw on the related Weekly Allocation Date an amount equal to the lesser of (i)&#160;the sum of all Securitization Operating Expenses then due and payable and (ii)&#160;the amount on deposit in the Securitization Operating Expense Account after
            giving effect to any deposits thereto pursuant to the Priority of Payments on such date and apply such funds to pay any Securitization Operating Expenses then due and payable.</font></font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(n)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Hedge Payment Account</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">On each Quarterly Calculation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in
          writing to withdraw on the related Quarterly Payment Date the funds allocated to the Hedge Payment Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period and, if applicable, funds allocated to
          the Hedge Payment Account pursuant to <u>subclause&#160;(ii)</u> below, up to the accrued and unpaid amount of Series Hedge Payment Amount, and distribute such funds among each Hedge Counterparty, <u>pro rata</u> based upon the Series Hedge Payment
          Amount payable to each Hedge Counterparty.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">if the amount of funds allocated to the Hedge Payment Account on each Weekly Allocation Date with respect to the immediately
          preceding Quarterly Collection Period is insufficient to pay the aggregate accrued and unpaid Series Hedge Payment Amount due and payable since the prior Quarterly Payment Date, then a Quarterly Reallocation Event pursuant to <u>Section 5.13(p)</u>
          shall be triggered and any funds reallocated as a result thereof into the Hedge Payment Account shall be distributed in accordance with <u>subclause&#160;(i)</u> above.</font></div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">55</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(o)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Optional Prepayments</u>.&#160; The Master Issuer shall have the right to optionally prepay the Outstanding Principal Amount of
          any Series, Class, Subclass or Tranche of Notes, in whole or in part in accordance with the Series Supplement for such Series or, to the extent applicable, the Variable Funding Note Purchase Agreement (such prepayment, an &#8220;<u>Optional Prepayment</u>&#8221;);
          <u>provided</u> that following a Series Anticipated Repayment Date for any Series of Notes that remains Outstanding, all optional prepayments must be applied <u>first</u>, <u>pro</u>&#160;<u>rata</u> among each Class in order of priority, to Senior
          Notes, <u>second</u>, <u>pro</u>&#160;<u>rata</u> among each Class in order of priority, to Senior Subordinated Notes and <u>third</u>, <u>pro</u>&#160;<u>rata</u> among each Class in order of priority to Subordinated Notes.&#160; Following a Rapid
          Amortization Event as a result of the event described in <u>clause (b)</u> of the definition of such term, the Master Issuer may make an Optional Prepayment during the Post-ARD Rapid Amortization Cure Period with respect to such Series of Notes
          (or Class or Tranche thereunder) for purposes of curing such Rapid Amortization Event; <u>provided</u> that as a condition to making such Optional Prepayment, following such Optional Prepayment, there will be no Rapid Amortization Event or
          Potential Rapid Amortization Event with respect to any Series of Notes (or Class or Tranche thereunder).&#160; The Master Issuer shall instruct the Trustee in writing to withdraw on each applicable optional prepayment date, including such prepayment
          dates that do not occur on Quarterly Payment Dates, the prepayment amounts on deposit in the applicable Series Distribution Account in accordance with the Series Supplement for such Series or, to the extent applicable, the Variable Funding Note
          Purchase Agreement, and as set forth in the Quarterly Noteholders&#8217; Report.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(p)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Quarterly Reallocation Events</u>.&#160; In the event that there exists any shortfall with respect to amounts payable under any subsection of this <u>Section 5.13</u> that
          specifically refers to this <u>clause&#160;(p)</u> (a &#8220;<u>Quarterly Reallocation Event</u>&#8221;), then the Master Issuer (or the Manager on its behalf)&#160; shall instruct the Trustee to reallocate on the relevant Quarterly Calculation Date (subject to <u>Section


            5.13(k)(ii)</u>) the aggregate funds on deposit in the Specified Indenture Trust Accounts that were allocated during the immediately preceding Quarterly Collection Period to the Specified Indenture Trust Accounts in sequential order in the
          aggregate amounts due under <u>priorities (vi)</u>, <u>(viii)</u>, <u>(x)</u>, <u>(xii)</u>, <u>(xiii)</u>, <u>(xiv)</u>, <u>(xv)</u>, <u>(xix)</u>, <u>(xx)</u>, <u>(xxi)</u>, <u>(xxii)</u>, <u>(xxiii)</u>, <u>(xxiv)</u>, (<u>xxvi)</u>,
          <u>(xxvii)</u>, <u>(xxviii</u>) and (xxix) of the Priority of Payments for such Quarterly Collection Period.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.14</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Determination of Quarterly Interest</u></font>.&#160; Quarterly payments of interest and fees on each Series of Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the Series
          Supplement for such Series and, to the extent applicable, the Variable Funding Note Purchase Agreement, and as set forth in the Quarterly Noteholders&#8217; Report.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.15</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Determination of Quarterly Principal</u></font>.&#160; Quarterly payments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the
          Series Supplement for such Series and, to the extent applicable, the Variable Funding Note Purchase Agreement, and as set forth in the Quarterly Noteholders&#8217; Report.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.16</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Prepayment of Principal</u></font>.&#160; Mandatory prepayments of principal, if any, of each Series of Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the Series
          Supplement for such Series, and to the extent applicable, the Variable Funding Note Purchase Agreement, in each case, if not otherwise described herein, and as set forth in the Quarterly Noteholders&#8217; Report.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.17</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Retained Collections Contributions</u></font>.&#160; With respect to any Quarterly Collection Period, the Master Issuer may designate Retained Collections Contributions made to the Master Issuer during such period to be
          included in Net Cash Flow, but not more than $7,500,000 in any Quarterly Collection Period or more than $15,000,000 during any period of four (4)&#160;consecutive Quarterly Collection Periods or more than $30,000,000 from the Closing Date to the
          latest Series Legal Final Maturity Date for any Notes Outstanding; <u>provided</u> that any Retained Collections Contribution made shall be excluded from the Net Cash Flow for purposes of calculations undertaken in the following circumstances:
          (a)&#160;to determine compliance with any Series Non-Amortization Test and (b)&#160;to determine the New Series&#160;Pro&#160;Forma DSCR. The amount of any Retained Collections Contribution included in Net Cash Flow for the purpose of calculating the DSCR shall be
          retained in the Collection Account until the Weekly Allocation Date on which either (i)&#160;the DSCR for the period of four (4) Quarterly Collection Periods ended immediately prior to such Weekly Allocation Date is at least 1.75x without giving
          effect to the inclusion of such Retained Collections Contribution or (ii)&#160;such Retained Collections Contribution is required to pay any shortfall in the amounts payable under <u>priorities&#160;(ii)</u> through <u>(xxix)</u> of the Priority of
          Payments, to the extent of any shortfall on such Weekly Allocation Date.</font></div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">56</font></div>
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.18</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Interest Reserve Letters of Credit</u></font>.&#160; The Master Issuer may, in lieu of funding (or as partial replacement for funding) the Senior Notes Interest Reserve Account and/or the Senior Subordinated Notes Interest
          Reserve Account in the amounts required hereunder, maintain one or more<font style="font-weight: bold;">&#160;</font>Interest Reserve Letters of Credit issued under a Variable Funding Note Purchase Agreement for the benefit of the Trustee and the
          Senior Noteholders or the Senior Subordinated Noteholders, as applicable, each in a face amount equal to the amounts required to be funded in respect of such account(s) had such Interest Reserve Letter of Credit not been issued.&#160; Where on any
          Quarterly Calculation Date the Master Issuer (or the Manager on its behalf) instructs the Trustee to withdraw funds from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, for
          allocation or payment on the following Quarterly Payment Date, such funds shall be drawn, <u>first</u>, from amounts on deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as
          applicable, on such Quarterly Calculation Date and <u>second</u>, from amounts available to be drawn under the applicable Interest Reserve Letter of Credit.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Each such Interest Reserve Letter of Credit (a)&#160;shall name each of the Trustee, for the benefit of the Senior Noteholders or the
        Senior Subordinated Noteholders, as applicable, and the Control Party as the beneficiary thereof; (b)&#160;shall allow the Trustee (or the Control Party on the Trustee&#8217;s behalf) to submit a notice of drawing in respect of such Interest Reserve Letter of
        Credit whenever amounts would otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to <u>Section 5.13</u>; (c)&#160;shall have an
        expiration date of no later than ten (10)&#160;Business Days prior to the Class A-1 Notes Renewal Date specified in the related Variable Funding Note Purchase Agreement pursuant to which such Interest Reserve Letter of Credit was issued; and (d)&#160;shall
        indicate by its terms that the proceeds in respect of drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as
        applicable.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">If, on the date that is five (5)&#160;Business Days prior to the expiration of any such Interest Reserve Letter of Credit, such Interest
        Reserve Letter of Credit has not been replaced or renewed and the Master Issuer has not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in the
        amounts that would otherwise be required had such Interest Reserve Letter of Credit not been issued, the Control Party (on behalf of the Trustee) shall submit a notice of drawing under such Interest Reserve Letter of Credit and use the proceeds
        thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account (as directed in writing by the Manager), as applicable, in an amount equal to the Senior Notes Interest Reserve
        Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount on such date, as applicable, in each case calculated as if such Interest Reserve Letter of Credit had not been issued.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">If, on any day an Interest Reserve Letter of Credit is outstanding, such Interest Reserve Letter of Credit becomes an Ineligible
        Interest Reserve Letter of Credit, then (a) on the fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) Business Day after such day, either (i) the Master Issuer shall fund a deposit into the Senior Notes
        Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, or (ii) the Trustee (at the direction of the Master Issuer) or the Control Party (on the Master Issuer&#8217;s behalf) shall submit a notice of drawing
        under such Interest Reserve Letter(s) of Credit and apply the&#160; proceeds of such drawing to fund such account, in either case in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest
        Reserve Account Deficiency Amount on such date, in each case calculated as if such Interest Reserve Letter(s) of Credit had not been issued or (b) prior to the fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>)
        Business Day after such day, the Master Issuer shall obtain one or more replacement Interest Reserve Letters of Credit on substantially the same terms as each such Interest Reserve Letter of Credit being replaced.</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">57</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">The (i) Trustee (at the direction of the Master Issuer) shall or (ii) the Control Party (at the Master Issuer&#8217;s request and on the
        Master Issuer&#8217;s behalf) may submit a notice of drawing under such Interest Reserve Letter of Credit issued by such L/C Provider and the proceeds of any such draw shall be deposited into the Senior Notes Interest Reserve Account or the Senior
        Subordinated Notes Interest Reserve Account, as applicable.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Upon the occurrence of any Interest Reserve Release Event, the Master Issuer (or the Manager on its behalf) shall instruct the
        Trustee in writing to either (i)&#160;replace any Interest Reserve Letter of Credit, and the Trustee or the Control Party on its behalf shall deliver to the Master Issuer any such replaced Interest Reserve Letter of Credit simultaneously with the
        receipt of any Interest Reserve Letter of Credit in replacement thereof, whether by way of escrow or otherwise, or (ii)&#160;reduce the face amount of any Interest Reserve Letter of Credit in accordance with the relevant terms thereof, and the Trustee
        or the Control Party on its behalf shall deliver to the relevant issuing bank a letter instructing the issuing bank to reduce the face amount of such Interest Reserve Letter of Credit, in each case, to the extent that no Senior Notes Interest
        Reserve Account Deficiency Amount or Senior Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, will be outstanding on the immediately following Weekly Allocation Date, as set forth in an Officer&#8217;s Certificate of the
        Master Issuer (or the Manager on its behalf) delivered to the Trustee, the Control Party and the applicable issuing bank in connection with such written instructions of the Master Issuer (or the Manager on its behalf).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.19</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Replacement of Ineligible Accounts</u></font>.&#160; If, at any time, any Management Account or any of the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Cash Trap
          Reserve Account, the Collection Account or any Collection Account Administrative Account shall cease to be an Eligible Account (each, an &#8220;<u>Ineligible Account</u>&#8221;), the Master Issuer shall (i)&#160;within five (5)&#160;Business Days of obtaining
          knowledge thereof, notify the Control Party thereof and (ii)&#160;within sixty (60) days of obtaining knowledge thereof, (A)&#160;establish, or cause to be established, a new account that is an Eligible Account in substitution for such Ineligible Account,
          (B) with the exception of any Management Account, following the establishment of such new Eligible Account, transfer, or with respect to the Trustee Accounts maintained at the Trustee, instruct the Trustee in writing to transfer, all cash and
          investments from such Ineligible Account into such new Eligible Account, (C)&#160;in the case of a Management Account, following the establishment of such new Eligible Account, transfer or cause to be transferred to such new Eligible Account, all cash
          and investments from such Ineligible Account into such new Eligible Account, (D)&#160;in the case of a Management Account, transfer or cause to be transferred all items deposited in the lock-box related to such Ineligible Account to a new lock-box
          related to such new Management Account, and (E) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Secured Parties and, if such Ineligible Account is required to be subject to an Account Control
          Agreement in accordance with the terms of the Indenture, cause such new Eligible Account to be subject to an Account Control Agreement in form and substance reasonably acceptable to the Control Party and the Trustee.&#160; In the event that any of the
          Collection Account, any Management Account or any Collection Account Administrative Account becomes an Ineligible Account, the Manager shall, promptly following the establishment of such related new Eligible Account, notify each Franchisee of a
          change in payment instructions, if any.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 5.20</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Instructions and Directions</u></font>.&#160; Any instructions or directions to be provided by the Master Issuer referenced in this <u>Article V</u> may be given by the Manager on behalf of the Master Issuer and (a) with
          respect to a Quarterly Calculation Date or Quarterly Payment Date, respectively, shall be contained in the applicable Quarterly Noteholders&#8217; Report for such Quarterly Payment Date and (b) with respect to a Weekly Allocation Date shall be
          contained in the Weekly Manager&#8217;s Certificate for such Weekly Allocation Date.</font></div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">58</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE V<br>
        <br>
        DISTRIBUTIONS</div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 6.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Distributions


              in General</u></font>.&#160; (a)&#160; Unless otherwise specified in the Series Supplement for such Series, on each Quarterly Payment Date, the Paying Agent shall pay to the Noteholders of each Series, Class, Subclass or Tranche, as applicable, of
          record on the preceding Record Date (or in the case of optional prepayments made in accordance with a Series Supplement, the Noteholders of each Series, Class, Subclass or Tranche, as applicable, of record on the applicable prepayment date as
          specified therein) the amounts payable thereto (i)&#160;by wire transfer in immediately available funds released by the Paying Agent from the applicable Series Distribution Account no later than 12:30&#160;p.m. (Eastern time) if a Noteholder has provided
          to the Paying Agent and the Trustee wiring instructions at least five (5)&#160;Business Days prior to the applicable Quarterly Payment Date or (ii)&#160;by check mailed first-class postage prepaid to such Noteholder at the address for such Noteholder
          appearing in the Note Register if such Noteholder has not provided wire instructions pursuant to <u>clause&#160;(i)</u> above; <u>provided</u>, <u>however</u>, that the final principal payment due on a Note shall only be paid upon due presentment
          and surrender of such Note for cancellation in accordance with the provisions of the Note at the applicable Corporate Trust Office.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Unless otherwise specified in the Series Supplement for such Series, in this Base Indenture or in any applicable Variable
          Funding Note Purchase Agreement, all distributions to Noteholders of all Classes within a Series of Notes shall be made from amounts allocated in accordance with the Priority of Payments among each Class of Notes in alphanumerical order (i.e.,
          A-1, A-2, B-1, B-2 and not A-1, B-1, A-2, B-2) and <u>pro rata</u> among Holders of Notes within each Class or Tranche of the same alphanumerical designation; <u>provided</u>, <u>however</u>, that any roman numeral denominated Tranche within
          an alphanumerical Class of Notes shall be deemed to have the same alphanumerical priority, i.e. &#8220;Class A-2-I Notes&#8221; will be <u>pari</u>&#160;<u>passu</u> and <u>pro</u>&#160;<u>rata</u> in right of payment according to the amount then due and payable
          with respect to &#8220;Class A-2-II Notes&#8221; except to the extent specified in this Base Indenture, the Series Supplement for such Series or the related Variable Funding Note Purchase Agreement; <u>provided</u>, <u>further</u>, <u>however</u>, that
          unless otherwise specified in the Series Supplement, in this Base Indenture or in any applicable Variable Funding Note Purchase Agreement, all distributions to Noteholders of all Classes or Tranches within a Series of Notes having the same
          alphabetical designation shall be <u>pari passu</u> with each other with respect to the distribution of Securitized Assets proceeds resulting from exercise of remedies upon an Event of Default.&#160; The use of Subclass designations or Tranche
          designations or other designations to differentiate Note characteristics within a Class shall not alter priority or the requirement to pay among the Class <u>pro</u>&#160;<u>rata</u> unless expressly provided for in the Series Supplement for the
          Series that includes such Class.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Unless otherwise specified in the Series Supplement for such Series, the Trustee shall distribute all amounts owed to the
          Noteholders of any Class of Notes pursuant to the instructions of the Master Issuer whether set forth in a Quarterly Noteholders&#8217; Report, Company Order or otherwise.</font></div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE VI<br>
        <br>
        REPRESENTATIONS AND WARRANTIES</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">The Master Issuer hereby represents and warrants, for the benefit of the Trustee and the Noteholders, as follows as of the date hereof and as of each
        Series Closing Date:</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">59</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Existence and Power</u></font>.&#160; Each Securitization Entity (a)&#160;is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (b)&#160;is duly qualified to do business as a
          foreign entity and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under the Related Documents make such qualification necessary, and
          (c)&#160;has all limited liability company, corporate or other powers and all governmental licenses, authorizations, consents and approvals required (i) to carry on its business as now conducted and (ii) for consummation of the transactions
          contemplated by the Indenture and the other Related Documents except, in the case of <u>clauses&#160;(b)</u> and <u>(c)(i)</u>, to the extent the failure to do so would not, individually or in the aggregate, be reasonably likely to result in a
          Material Adverse Effect.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Company and Governmental Authorization</u></font>.&#160; The execution, delivery and performance by the Master Issuer of this Base Indenture and any Series Supplement and by the Master Issuer and each other Securitization
          Entity of the other Related Documents to which it is a party (a)&#160;is within such Securitization Entity&#8217;s limited liability company, corporate or other powers and has been duly authorized by all necessary limited liability company, corporate or
          other action, (b)&#160;requires no action by or in respect of, or filing with, any Governmental Authority which has not been obtained (other than any actions or filings that may be undertaken after the Closing Date pursuant to the terms of this Base
          Indenture or any other Related Document, including actions or filings with respect to the Mortgages) and (c)&#160;does not contravene, or constitute a default under, any Requirements of Law with respect to such Securitization Entity or any Contractual
          Obligation with respect to such Securitization Entity or result in the creation or imposition of any Lien on any property of any Securitization Entity (other than Permitted Liens), except for Liens created by this Base Indenture or the other
          Related Documents, except in the case of <u>clauses (b)</u> and <u>(c)</u> above, solely with respect to the Contribution Agreements, the violation of which would not reasonably be expected to result in a Material Adverse Effect.&#160; This Base
          Indenture and each of the other Related Documents to which each Securitization Entity is a party has been executed and delivered by a duly Authorized Officer of such Securitization Entity.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>No Consent</u></font>.&#160; No consent, action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required for the valid
          execution and delivery by the Master Issuer of this Base Indenture and any Series Supplement and by the Master Issuer and each other Securitization Entity of any Related Document to which it is a party or for the performance of any of the
          Securitization Entities&#8217; obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations, declarations or filings (a) as shall have been obtained or made by such Securitization Entity prior to the Closing
          Date as are permitted to be obtained subsequent to the Closing Date in accordance with <u>Section 7.13</u>, <u>Section 8.25</u> or <u>Section 8.37</u> or (b) relating to the performance of any Collateral Business Documents, the failure of
          which to obtain would not reasonably be expected to result in a Material Adverse Effect.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.04</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Binding Effect</u></font>.&#160; This Base Indenture and each other Related Document to which a Securitization Entity is a party is a legal, valid and binding obligation of each such Securitization Entity enforceable
          against such Securitization Entity in accordance with its terms (except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors&#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).</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.05</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Litigation</u></font>.&#160; There is no action, suit, proceeding or investigation pending against or, to the knowledge of the Master Issuer, threatened against or affecting any Securitization Entity or of which any
          property or assets of such Securitization Entity is the subject before any court or arbitrator or any Governmental Authority that (a) would affect the validity or enforceability of this Base Indenture or any Series Supplement or (b) either
          individually or in the aggregate would reasonably be expected to result in a Material Adverse Effect.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">60</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.06</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>ERISA</u></font>.&#160; During the five-year period prior to the date on which this representation is made or deemed made with respect to any Pension Plan, no ERISA Event has occurred which would reasonably be expected
          to have a Material Adverse Effect. .&#160; No Securitization Entity has any contingent liability with respect to any post-retirement welfare benefits under a Welfare Plan, other than liability (i) for continuation coverage described in Part 6 of
          Subtitle B of Title I of ERISA or other applicable continuation of coverage laws or (ii) that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.&#160; Each Employee Benefit Plan for which any
          Securitization Entity has any liability (excluding a Multiemployer Plan) presently complies and has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations, including ERISA and the
          Code, except for such instances of noncompliance as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.&#160; No &#8220;prohibited transaction&#8221; (within the meaning of Section 406 of ERISA or Section
          4975 of the Code) has occurred with respect to any Employee Benefit Plan, other than transactions effected pursuant to a statutory or administrative exemption or such transactions as would not, individually or in the aggregate, reasonably be
          expected to result in a Material Adverse Effect.&#160; Except as would not reasonably be expected to result in a Material Adverse Effect, each such Employee Benefit Plan for which any Securitization Entity has any liability that is intended to be
          qualified under Section 401(a) of the Code is the subject of a current favorable determination or opinion letter from the IRS regarding such qualification (or an application for such a letter is currently pending) and nothing has occurred, to the
          knowledge of the Master Issuer, whether by action or by failure to act, that would cause the loss of such qualification.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.07</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Tax Filings and Expenses</u></font>.&#160; Each Securitization Entity has filed, or caused to be filed, all&#160; federal, state,&#160; local and foreign Tax returns required to be filed by such Securitization Entity, subject to
          permitted extensions (except in any case in which the failure to so file would not, individually or in the aggregate, have a Material Adverse Effect), and has paid, or caused to be paid, all Taxes due pursuant to said returns, except such Taxes
          (i) as are being contested in good faith and by appropriate proceedings and for which adequate reserves are being maintained in accordance with GAAP or (ii) as would not, individually or in the aggregate, have a Material Adverse Effect.&#160; As of
          the Closing Date, the Master Issuer is not aware of any material Tax assessments proposed in writing against any Non-Securitization Entity.&#160; Except as would not reasonably be expected to result in a Material Adverse Effect, no Tax deficiency has
          been determined adversely to any Securitization Entity, nor does any Securitization Entity have any knowledge of any Tax deficiencies. Each Securitization Entity has paid all fees and expenses required to be paid by it in connection with the
          conduct of its business, the maintenance of its existence and its qualification as a foreign entity authorized to do business in each state and each foreign country in which it is required to so qualify, except to the extent that the failure to
          pay such fees and expenses is not reasonably likely to result in a Material Adverse Effect.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.08</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Disclosure</u></font>.&#160; No written report, financial statements, certificate or other information furnished in writing (other than projections, budgets, other estimates and general market, industry and economic data)
          to the Trustee or the Holders by or on behalf of the Securitization Entities pursuant to any provision of the Indenture or any other Related Document, or in connection with or pursuant to any amendment or modification of, or waiver under, the
          Indenture or any other Related Document (when taken together with all other information furnished by or on behalf of the Non-Securitization Entities to the Trustee or the Holders, as the case may be), contains any material misstatement of fact or
          omits to state any material fact necessary to make the statements therein not materially misleading in each case when taken as a whole and in the light of the circumstances under which they were made, and the furnishing of the same to the Trustee
          or the Holders, as the case may be, shall constitute a representation and warranty by the Master Issuer made on the date the same are furnished to the Trustee or the Holders, as the case may be, to the effect specified herein.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">61</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.09</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>1940 Act</u></font>.&#160; The Master Issuer is not, and no Securitization Entity is an &#8220;investment company&#8221; as defined in Section&#160;3(a)(1) of the 1940 Act.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.10</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Regulations T, U and X</u></font>.&#160; The proceeds of the Notes will not be used to purchase or carry any &#8220;margin stock&#8221; (as defined or used in the regulations of the Board of Governors of the Federal Reserve System,
          including Regulations T, U and X thereof) in such a way that could cause the transactions contemplated by the Related Documents to fail to comply with the regulations of the Board of Governors of the Federal Reserve System, including Regulations
          T, U and X thereof.&#160; No Securitization Entity owns or is engaged in the business of extending credit for the purpose of purchasing or carrying any margin stock.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.11</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Solvency</u></font>.&#160; Both before and after giving effect to the transactions contemplated by the Indenture and the other Related Documents, (i)&#160;the fair value of the assets of the Securitization Entities, when taken
          as a whole, will exceed their debts and liabilities, including contingent liabilities; (ii)&#160;the present fair saleable value of the property of the Securitization Entities, when taken as a whole, will be greater than the amount that will be
          required to pay the probable liability of their debts and other liabilities as such debts and other liabilities become absolute and matured; (iii)&#160;the Securitization Entities, taken as a whole, do not intend to, and do not believe that they will,
          incur debts or liabilities beyond their ability to pay such debts and liabilities as they mature; and (iv)&#160;the Securitization Entities, taken as a whole, will not have unreasonably small capital with which to conduct the business in which they
          are engaged as such business is now conducted and is proposed to be conducted after the Closing Date, and no Event of Bankruptcy has occurred with respect to any Securitization Entity.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.12</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Ownership


              of Equity Interests; Subsidiaries</u></font>.&#160; (a)&#160; All of the issued and outstanding limited liability company interests of the Master Issuer are directly owned by the Holding Company Guarantor, have been duly authorized and validly issued,
          are fully paid and non-assessable and are owned of record by Holding Company Guarantor free and clear of all Liens other than Permitted Liens.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">All of the issued and outstanding limited liability company interests of the Franchisor are directly owned by the Master
          Issuer, have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the Master Issuer free and clear of all Liens other than Permitted Liens.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">All of the issued and outstanding limited liability company interests of JIB Properties are directly owned by the Master
          Issuer, have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by the Master Issuer free and clear of all Liens other than Permitted Liens.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">As of the Closing Date, (i) the Holding Company Guarantor has no direct Subsidiaries and owns no Equity Interests in any other
          Person, other than the Master Issuer, (ii) the Master Issuer has no direct Subsidiaries and owns no Equity Interests in any other Person, other than the Franchisor and JIB Properties, (iii) the Franchisor has no Subsidiaries and owns no Equity
          Interests in any other Person, (iv) JIB Properties has no Subsidiaries and owns no Equity Interests in any other Person.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.13</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Security


              Interests</u></font>.&#160; (a)&#160; The Master Issuer and each Guarantor owns and has good title to its Securitized Assets, free and clear of all Liens other than Permitted Liens, <u>provided</u>, <u>however</u>, that this sentence shall not apply
          to the Securitized Owned Real Property until six (6)&#160;months after the Closing Date.&#160; Other than the Accounts, the Real Estate Assets and Intellectual Property, the Indenture Collateral consists of securities, loans, investments, accounts,
          commercial tort claims, inventory, equipment, fixtures, health care insurance receivables, chattel paper, money, deposit accounts, instruments, financial assets, documents, investment property, general intangibles, letter of credit rights, or
          other supporting obligations (in each case, as defined in the UCC).&#160; Except in the case of the Securitized Owned Real Property, which is subject to <u>Section 8.37</u> or as described on <u>Schedule 7.13(a)</u>, this Base Indenture and the
          Guarantee and Collateral Agreement constitute 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 <font style="font-size: 12pt;">(</font>or, (i) with respect to Collateral other than Accounts and Intellectual Property, will be perfected within the timeframe set forth in the final sentence of this <u>Section 7.13(a)</u>, (ii)&#160;with respect to Collateral
          constituting Intellectual Property, will be perfected within the timeframe set forth in <u>Section 8.25</u>, and (iii) with respect to Collateral constituting Accounts, will be perfected within the timeframe set forth in <u>Article V</u> herein<font style="font-size: 12pt;">)</font>, and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from the Master Issuer and each Guarantor in accordance with its terms, except as
          such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors&#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.&#160; Except as set forth in <u>Schedule 7.13(a)</u>, the Master Issuer and the Guarantors have received all consents and approvals required by the terms of the Collateral
          to the pledge of the Collateral to the Trustee hereunder and under the Guarantee and Collateral Agreement.&#160; The Master Issuer and the Guarantors have caused, or shall have caused, the filing of all appropriate financing statements in the proper
          filing office in the appropriate jurisdictions under applicable law in order to perfect the first-priority security interest (subject to Permitted Liens) in the Collateral (other than the Accounts and Intellectual Property) granted to the Trustee
          hereunder or under the Guarantee and Collateral Agreement within ten (10)&#160;days of the date hereof.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">62</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Other than the security interest granted to the Trustee in the Collateral hereunder or pursuant to the other Related Documents
          or any other Permitted Lien, the Master Issuer has not, and no Guarantor has, pledged, assigned, sold or granted a security interest in the Securitized Assets.&#160; All action necessary (including the filing of UCC-1 financing statements) to protect
          and evidence the Trustee&#8217;s security interest in the Collateral (other than the Intellectual Property) in the United States has been duly and effectively taken.&#160; No security agreement, financing statement, equivalent security or lien instrument or
          continuation statement authorized by the Master Issuer and any Guarantor and listing the Master Issuer or Guarantor as debtor covering all or any part of the Securitized Assets is on file or of record in any jurisdiction, except in respect of
          Permitted Liens or such as may have been filed, recorded or made by the Master Issuer or such Guarantor in favor of the Trustee on behalf of the Secured Parties in connection with this Base Indenture and the Guarantee and Collateral Agreement,
          and the Master Issuer has not, and no Guarantor has, authorized any such filing.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">All authorizations in this Base Indenture and the Guarantee and Collateral Agreement for the Trustee to endorse checks,
          instruments and securities and to execute financing statements, continuation statements, security agreements and other instruments with respect to the Collateral and to take such other actions with respect to the Collateral authorized by this
          Base Indenture and the Guarantee and Collateral Agreement are powers coupled with an interest and are irrevocable.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.14</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Related Documents</u></font>.&#160; The Indenture Documents, the Collateral Transaction Documents, the Account Agreements, the Depository Agreements, any Variable Funding Note Purchase Agreement, any Swap Contract, any
          Series Hedge Agreement and any Enhancement Agreement with respect to each Series of Notes (other than the Mortgages) are in full force and effect.&#160; There are no outstanding defaults thereunder nor have events occurred which, with the giving of
          notice, the passage of time or both, would constitute a default thereunder.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.15</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Non-Existence


              of Other Agreements</u></font>.&#160; Other than as permitted by <u>Section 8.22</u>, (a) no Securitization Entity is a party to any contract or agreement of any kind or nature and (b) no Securitization Entity is subject to any material
          obligations or liabilities of any kind or nature in favor of any third party, including, without limitation, Contingent Obligations.&#160; No Securitization Entity has engaged in any activities since its formation (other than those incidental to its
          formation, the authorization and the issuance of Series of Notes, the execution of the Related Documents to which such Securitization Entity is a party and the performance of the activities referred to in or contemplated by such agreements).</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">63</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.16</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Compliance with Contractual Obligations and Laws</u></font>.&#160; No Securitization Entity is in violation of (a)&#160;its Charter Documents, (b)&#160;any Requirement of Law with respect to such Securitization Entity or (c)&#160;any
          Contractual Obligation with respect to such Securitization Entity except, solely with respect to <u>clauses&#160;(b)</u> and <u>(c)</u>, to the extent such violation would not, individually or in the aggregate, reasonably be expected to result in a
          Material Adverse Effect.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.17</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Other Representations</u></font>.&#160; All representations and warranties of each Securitization Entity made in each other Related Document to which a Securitization Entity is a party are true and correct (i) as of the
          date hereof or (ii) if made on a future date (A) if qualified as to materiality, in all respects, and (B) if not qualified as to materiality, in all material respects (unless stated to relate solely to an earlier date, in which case such
          representations and warranties were true and correct in all respects or in all material respects, as applicable, as of such earlier date), and in each case are repeated herein as though fully set forth herein.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.18</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>No Employees</u></font>.&#160; Notwithstanding any other provision of the Indenture or any Charter Documents of any Securitization Entity to the contrary, no Securitization Entity has any employees.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.19</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Insurance</u></font>.&#160; The Securitization Entities shall maintain, or cause to be maintained, the insurance coverages (or self-insurance for such risks) described on <u>Schedule&#160;7.19</u> hereto, in such amounts and
          covering such risks as&#160;is adequate for the conduct of their respective businesses and the value of their respective properties and as&#160;is customary for companies engaged in similar businesses in similar industries.&#160; All policies of insurance of
          the Securitization Entities are in full force and effect and the Securitization Entities are in compliance with the terms of such policies in all material respects.&#160; None of the Securitization Entities has any reason to believe that it will not
          be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected to result in a
          Material Adverse Effect.&#160; All such insurance is primary coverage, all premiums therefor due on or before the date hereof have been paid in full, and the terms and conditions thereof are no less favorable to the Securitization Entities than the
          terms and conditions of insurance maintained by their Affiliates that are not Securitization Entities.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.20</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Environmental


              Matters</u></font>.&#160; (a)&#160; None of the Securitization Entities is subject to any liabilities pursuant to any Environmental Law or with respect to any Materials of Environmental Concern that could, individually or in the aggregate, reasonably
          be expected to result in a Material Adverse Effect.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Other than exceptions to any of the following that could not, individually or in the aggregate, reasonably be expected to
          result in a Material Adverse Effect:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Securitization Entities: (x)&#160;are, and within the period of all applicable statutes of limitation have been, in
          compliance with all applicable Environmental Laws, (y)&#160;hold all Environmental Permits (each of which is in full force and effect) required for their current operations and (z)&#160;are, and within the period of all applicable statutes of limitation
          have been, in compliance with all of their Environmental Permits.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Materials of Environmental Concern are not present at, on, under, in, or about any Contributed Securitized Owned Real
          Property now or, to the knowledge of the Master Issuer, formerly owned, leased or operated by any Securitization Entity, or at any other location (including, without limitation, any location to which Materials of Environmental Concern have been
          sent by the Master Issuer for re-use or recycling or for treatment, storage or disposal) in a condition or circumstance that would reasonably be expected to (x)&#160;give rise to liability of any Securitization Entity under any applicable
          Environmental Law or otherwise result in costs to any Securitization Entity (y)&#160;interfere with any Securitization Entity&#8217;s continued operations or (z) impair the fair saleable value of any real property owned by any Securitization Entity.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">64</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">There is no judicial, administrative, or arbitral proceeding (including, without limitation, any notice of violation
          or alleged violation) under or relating to any Environmental Law to which any Securitization Entity is, or to the knowledge of the Securitization Entities will be, named as a party that is pending or, to the knowledge of the Securitization
          Entities, threatened.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">No Securitization Entity has received any written request for information, or been notified in writing that it is a
          potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation, and Liability Act, as amended, or that it is liable under any other Environmental Law, or in either case, with respect to the
          release of any Materials of Environmental Concern to the environment.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">No Securitization Entity has entered into or agreed to any consent decree, order, or settlement or other agreement,
          or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating to compliance with or liability under any Environmental Law that has not been fully and
          finally resolved.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 7.21</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Intellectual


              Property</u></font>.&#160; (a)&#160; The Securitization IP comprises all the Intellectual Property used in or necessary for the Securitization Entities to conduct the business as now conducted and as proposed to be conducted after the Closing Date
          except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect and provided that the foregoing is not and shall not be deemed to be a representation or warranty of noninfringement.&#160; All of the
          issuances, registrations and applications included in the Securitization IP are subsisting, unexpired and have not been abandoned or cancelled in any applicable jurisdiction except where such expiration, abandonment or cancellation would not,
          individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i) To the Master Issuer&#8217;s knowledge, the use of the Securitization IP and the operation of the Jack in the Box System
          (including any products or services sold, marketed, offered for sale in connection therewith) did not and currently do not infringe, misappropriate, dilute or otherwise violate the Intellectual Property rights of any third party in a manner that
          would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (ii) to the Master Issuer&#8217;s knowledge, the Securitization IP has not been in the past three (3) years and is not being infringed,
          misappropriated, diluted or otherwise violated by any third party in a manner that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect and (iii) there is no action or proceeding pending or to the
          Master Issuer&#8217;s knowledge, threatened, alleging the foregoing that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">No action or proceeding is pending or, to the Master Issuer&#8217;s knowledge, threatened, that seeks to limit, cancel, or challenge
          the validity or enforceability of, or the Securitization Entities&#8217; rights in or to, any Securitization IP, or the use thereof, that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">65</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Franchisor is the exclusive owner of all right, title, and interest in and to Owned Securitization IP and has a valid
          right to use the Licensed Securitization IP, free and clear of all Liens, other than the Permitted Liens (including the IP License Agreements and licenses permitted pursuant to <u>Section 8.16</u>).</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer has not made and will not hereafter make any assignment, pledge, mortgage, hypothecation or transfer of any of the Securitization IP other than Permitted
          Liens and Permitted Asset Dispositions under <u>Section 8.16(d)</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Securitization Entities (i) have since their
          inception maintained commercially reasonable policies, practices and procedures regarding the confidentiality, integrity and availability of its data (including Securitization IP) and information technology and (ii) are in material compliance
          with all applicable data protection laws, regulations, contracts, policies, and guidance.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE VII<br>
        <br>
        COVENANTS</div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Payment


              of Notes</u></font>.&#160; (a)&#160; The Master Issuer shall pay or cause to be paid the principal of, and premium, if any, and interest, subject to <u>Section 2.15(d)</u>, on the Notes when due pursuant to the provisions of this Base Indenture, any
          Series Supplement for such Series and, to the extent applicable, any Variable Funding Note Purchase Agreement.&#160; Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent holds on that date money
          designated for and sufficient to pay all principal, premium, if any, and interest then due.&#160; Except as otherwise provided pursuant to a Variable Funding Note Purchase Agreement or any other Related Document, amounts properly withheld under the
          Code or any applicable state, local or foreign law by any Person from a payment to any Noteholder of interest or principal or premium, if any, shall be considered as having been paid by the Master Issuer to such Noteholder for all purposes of the
          Indenture and the Notes.</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">By acceptance of its Notes, each Holder agrees that the failure to provide the Paying Agent with appropriate tax
          certifications (which includes but is not limited to (i)&#160;an IRS Form&#160;W-9 for United States persons (as defined under Section&#160;7701(a)(30) of the Code) or any applicable successor form or (ii)&#160;an applicable IRS Form&#160;W-8 and any required
          attachments, for Persons other than United States persons, or applicable successor form) may result in amounts being withheld from payments to such Holder under this Base Indenture and any Series Supplement and that amounts withheld pursuant to
          applicable laws shall be considered as having been paid by the Master Issuer as provided in <u>clause&#160;(a)</u> above.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Maintenance


              of Office or Agency</u></font>.&#160; (a)&#160; The Master Issuer shall maintain an office or agency (which, with respect to the surrender for registration of, or transfer or exchange or the payment of principal and premium, may be an office of the
          Trustee, the Registrar or co-registrar or Paying Agent) where Notes may be surrendered for registration of transfer or exchange, where notices and demands to or upon the Master Issuer in respect of the Notes and the Indenture may be served, and
          where, at any time when the Master Issuer is obligated to make a payment of principal of, and premium, if any, on the Notes, the Notes may be surrendered for payment.&#160; The Master Issuer shall give prompt written notice to the Trustee and the
          Servicer of the location, and any change in the location, of such office or agency.&#160; If at any time the Master Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee and the Servicer with the address
          thereof, such presentations and surrenders may be made or served at the Corporate Trust Office and notices and demands may be made at the address set forth in <u>Section 14.01</u> hereof.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">66</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented
          or surrendered for any or all such purposes and may, from time to time, rescind such designations.&#160; The Master Issuer shall give prompt written notice to the Trustee and the Servicer of any such designation or rescission and of any change in the
          location of any such other office or agency.&#160; The Master Issuer hereby designates the applicable Corporate Trust Office as one such office or agency of the Master Issuer.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Payment and Performance of Obligations</u></font>.&#160; The Master Issuer shall, and shall cause each other Securitization Entity to, pay and discharge and fully perform, at or before maturity, all of their respective
          material obligations and liabilities, including, without limitation, Tax liabilities and other governmental claims levied or imposed upon each such Securitization Entity or upon the income, properties or operations of such Securitization Entity,
          judgments, settlement agreements and all obligations of each Securitization Entity under the Collateral Transaction Documents, except where the same may be contested in good faith by appropriate proceedings (and without derogation from the
          material obligations of the Master Issuer hereunder and the Guarantors under the Guarantee and Collateral Agreement regarding the protection of the Securitized Assets from Liens (other than Permitted Liens)), and shall maintain, in accordance
          with GAAP, reserves as appropriate for the accrual of any of the same.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Maintenance of Existence</u></font>.&#160; The Master Issuer shall, and shall cause each other Securitization Entity to, maintain its existence as a limited liability company or corporation validly existing and in good
          standing under the laws of its state of organization and duly qualified as a foreign limited liability company or corporation licensed under the laws of each state in which the failure to so qualify would, individually or in the aggregate, be
          reasonably likely to result in a Material Adverse Effect.&#160; The Master Issuer shall, and shall cause each other Securitization Entity (other than any Additional Securitization Entity that is a corporation for U.S. federal income tax purposes) to,
          be treated as a disregarded entity within the meaning of U.S. Treasury regulations Section&#160;301.7701-2(c)(2) and the Master Issuer shall not, and shall not permit any other Securitization Entity (other than any Additional Securitization Entity
          that is a corporation for U.S. federal income tax purposes) to, be classified as an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.05</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Compliance with Laws</u></font>.&#160; The Master Issuer shall, and shall cause each other Securitization Entity to, comply in all respects with all Requirements of Law with respect to the Master Issuer or such other
          Securitization Entity except where such noncompliance would not, individually or in the aggregate, be reasonably likely to result in a Material Adverse Effect; <u>provided</u>, <u>however</u>, such noncompliance will not result in a Lien (other
          than a Permitted Lien) on any of the Securitized Assets or any criminal liability on the part of any Securitization Entity, the Manager or the Trustee.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.06</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Inspection of Property; Books and Records</u></font>.&#160; The Master Issuer shall, and shall cause each other Securitization Entity to, keep proper books of record and accounts in which full, true and correct entries
          in all material respects shall be made of all dealings and transactions, business and activities in accordance with GAAP.&#160; The Master Issuer shall, and shall cause each other Securitization Entity to, permit, at reasonable times upon reasonable
          notice, the Servicer, the Controlling Class Representative and the Trustee or any Person appointed by any of them to act as its agent to inspect any of its properties (subject to the rights of tenants under applicable leases and subleases), to
          examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, directors, managers, employees and independent certified public accountants, and the reasonable costs and documented
          out-of-pocket expenses of one such visit and inspection by each of the Servicer, the Controlling Class Representative and the Trustee, or any Person appointed by them, shall be reimbursable as a Securitization Operating Expense per calendar year,
          with any additional visit or inspection by any such Person being at such Person&#8217;s sole cost and expense; <u>provided</u>, <u>however</u>, that during the continuance of a Warm Back-Up Management Trigger Event, an Advance Period that is longer
          than sixty (60) consecutive days, a Rapid Amortization Event or an Event of Default, or to the extent expressly required without the instruction of any other party under the terms of any Related Documents, any such Person may visit and conduct
          such activities at any time and all such visits and activities shall constitute a Securitization Operating Expense.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">67</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.07</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Actions


              under the Collateral Transaction Documents and Related Documents</u></font>.&#160; (a)&#160; Except as otherwise provided in <u>Section 8.07(d)</u>, the Master Issuer shall not, and will not permit any Securitization Entity to, take any action which
          would permit any Non-Securitization Entity or any other Person party to a Collateral Transaction Document to have the right to refuse to perform any of its respective obligations under any of the Collateral Transaction Documents or that would
          result in the amendment, waiver, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any Collateral Transaction Document.</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Except as otherwise provided in <u>Section 3.02(a)</u> or <u>Section 8.07(d)</u>, the Master Issuer shall not, and shall not permit any Securitization Entity to, take any
          action which would permit any other Person party to a Collateral Business Document to have the right to refuse to perform any of its respective obligations under such Collateral Business Document or that would result in the amendment, waiver,
          hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, such Collateral Business Document if such action when taken on behalf of any Securitization Entity by the Manager would constitute a breach by
          the Manager of the Management Agreement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Except as otherwise provided in <u>Section 3.02(a)</u>, the Master Issuer agrees that it shall not, and shall cause each Securitization Entity not to, without the prior
          written consent of the Control Party, exercise any right, remedy, power or privilege available to it with respect to any obligor under a Collateral Transaction Document or under any instrument or agreement included in the Securitized Assets, take
          any action to compel or secure performance or observance by any such obligor of its obligations to the Master Issuer or such other Securitization Entity or give any consent, request, notice, direction or approval with respect to any such obligor
          if such action when taken on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer agrees that it shall not, and shall cause each Securitization Entity not to, without the prior written
          consent of the Control Party, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any of the Related Documents; <u>provided</u>, <u>however</u>,
          that the Securitization Entities may agree to any amendment, modification, supplement or waiver of any such term of any Related Document without any such consent (x) to the extent permitted under the terms of such other Related Documents, (y) as
          contemplated by <u>Section 13.01</u> or <u>Section 13.08</u> hereof and (z) as follows:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to add to the covenants of any Securitization Entity for the benefit of the Secured Parties; or to add to the
          covenants of any Non-Securitization Entity for the benefit of any Securitization Entity;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to terminate any Related Document if any party thereto (other than a Securitization Entity) becomes, in the
          reasonable judgment of the Master Issuer, unable to pay its debts as they become due, even if such party has not yet defaulted on its obligations under the Related Document, so long as the Master Issuer enters into a replacement agreement with a
          new party within ninety (90)&#160;days of the termination of the Related Document;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to make such other provisions in regard to matters or questions arising under the Related Documents as the parties
          thereto may deem necessary or desirable, which are not inconsistent with the provisions thereof and which shall not materially and adversely affect the interests of any Holder or any other Secured Party; <u>provided</u> that an Opinion of
          Counsel and an Officer&#8217;s Certificate shall be delivered to the Trustee, each Rating Agency and the Servicer to such effect; or</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">68</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">in the case of this Base Indenture, any Series Supplement for such Series, and to the extent applicable, any Variable
          Funding Note Purchase Agreement, to which the related Series, Class, Subclass or Tranche of Notes is issued or any Related Document for such Series, Class, Subclass or Tranche of Notes, to the extent that the consent of the Control Party is not
          required, pursuant to the terms of such agreement, for such amendment, modification, supplement or waiver.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Upon the occurrence of a Manager Termination Event under the Management Agreement, (i)&#160;the Master Issuer shall not, and shall
          cause each other Securitization Entity not to, without the prior written consent of the Control Party, terminate the Manager and appoint any Successor Manager in accordance with the Management Agreement and (ii)&#160;the Master Issuer shall, and shall
          cause each other Securitization Entity to, terminate the Manager and appoint one or more Successor Managers in accordance with the Management Agreement if and when so directed by the Control Party.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.08</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Notice of Defaults and Other Events</u></font>.&#160; The Master Issuer shall give the Trustee, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and each Rating Agency with respect to
          each Series of Notes Outstanding notice within three (3) Business Days upon having Actual Knowledge of (i)&#160;any Potential Rapid Amortization Event, (ii)&#160;any Rapid Amortization Event, (iii)&#160;any Potential Manager Termination Event, (iv)&#160;any Manager
          Termination Event, (v)&#160;any Default, (vi)&#160;any Event of Default or (vii)&#160;any default under any Collateral Transaction Document, together with an Officer&#8217;s Certificate setting forth the details thereof and any action with respect thereto taken or
          contemplated to be taken by the Master Issuer.&#160; The Master Issuer shall, at its expense, promptly provide to the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and the Trustee such additional information as the
          Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative or the Trustee may reasonably request from time to time in connection with the matters so reported, and the actions so taken or contemplated to be taken.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.09</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Notice


              of Material Proceedings</u></font>.&#160; Without limiting <u>Section 8.25(b)</u> or <u>Section 8.30</u>, promptly (and in any event within ten (10) days) of a determination by an Authorized Officer of the Securitization Entities that the
          commencement or existence of any litigation, arbitration or other proceeding with respect to any Non-Securitization Entity would reasonably be expected to result in a Material Adverse Effect), the Master Issuer shall give written notice thereof
          to the Trustee, the Servicer, the Manager, the Back-Up Manager, the Controlling Class Representative and each Rating Agency with respect to each Series of Notes Outstanding.</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.10</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Further Requests</u></font>.&#160; The Master Issuer shall, and shall cause each other Securitization Entity to, promptly furnish to the Trustee such other information as, and in such form as, the Trustee may reasonably
          request in connection with the transactions contemplated hereby or by any Series Supplement.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.11</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Further


              Assurances</u></font>.&#160; (a)&#160; The Master Issuer shall, and shall cause each other Securitization Entity to, do such further acts and things, and execute and deliver to the Trustee and the Servicer such additional assignments, agreements,
          powers of attorney and instruments, as are necessary or desirable to obtain or maintain the security interest of the Trustee in the Collateral or the Securitized Assets required to be part of the Collateral on behalf of the Secured Parties as a
          perfected security interest subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of the Indenture or the other Related Documents or to better assure and confirm unto the Trustee, the Servicer, the Holders or
          the other Secured Parties their rights, powers and remedies hereunder including, without limitation, the filing of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens and
          security interests granted hereby and by the Guarantee and Collateral Agreement, in each case except as set forth on <u>Schedule&#160;7.13(a)</u> and in accordance with <u>Section 8.25(c)</u>, <u>Section 8.25(d)</u> or <u>Section 8.37</u>.&#160; If the
          Master Issuer fails to perform any of its agreements or obligations under this <u>Section 8.11(a)</u>, then the Servicer may perform such agreement or obligation, and the expenses of the Servicer incurred in connection therewith shall be payable
          by the Master Issuer upon the Servicer&#8216;s demand therefor.&#160; The Servicer is hereby authorized to execute and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate to perfect or maintain
          the perfection of the Trustee&#8217;s security interest in the Collateral (other than with regard to Excepted Securitization IP Assets) or the Securitized Assets required to be part of the Collateral.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">69</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If any amount payable under or in connection with any of the Securitized Assets shall be or become evidenced by any promissory
          note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately pledged and within two (2)&#160;Business Days physically delivered to the Trustee hereunder, and shall, subject to the
          rights of any Person in whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly; <u>provided</u> that no Securitization Entity shall be required to deliver any
          Securitized Franchisee Note.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding the provisions set forth in <u>clauses&#160;(a)</u> and <u>(b)</u>&#160;above, the Master Issuer and the Guarantors
          shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing statement), any Securitized Franchisee Note or, except as provided in <u>Section 8.37</u>, any real property, leases
          on real property owned or rents on real property owned.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If during any Quarterly Collection Period, the Master Issuer or any Guarantor shall obtain an interest in any commercial tort
          claim or claims (as such term is defined in the New York UCC) and such commercial tort claim or claims (when added to any past commercial tort claim or claims that were obtained by any Securitization Entity prior to such Quarterly Collection
          Period that are still outstanding) have an aggregate value equal to or greater than $2,000,000 as of the last day of such Quarterly Collection Period, the Master Issuer or such Guarantor shall notify the Servicer on or before the third Business
          Day prior to the next succeeding Quarterly Payment Date that it has obtained such an interest and shall sign and deliver documentation reasonably acceptable to the Servicer granting a security interest under this Base Indenture or the Guarantee
          and Collateral Agreement, as the case may be, in and to such commercial tort claim or claims whether obtained during such Quarterly Collection Period or prior to such Quarterly Collection Period.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer shall, and shall cause each other Securitization Entity to, warrant and defend the Trustee&#8217;s right, title
          and interest in and to the Securitized Assets, including the right to cause the Securitized Assets to become Collateral, and the income, distributions and Proceeds thereof, for the benefit of the Trustee on behalf of the Secured Parties, against
          the claims and demands of all Persons whomsoever.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">On or before April 30 of each calendar year, commencing with April 30, 2020, the Master Issuer shall furnish to the Trustee,
          each Rating Agency for each Series of Notes Outstanding and the Servicer (with a copy to the Back-Up Manager) an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording,
          filing, re-recording and refiling of this Base Indenture, any indentures supplemental hereto, the Guarantee and Collateral Agreement and any other requisite documents and with respect to the execution and filing of any financing statements,
          continuation statements and amendments to financing statements and such other documents as are, subject to <u>clause&#160;(c)</u> above, necessary to maintain the perfection of the Lien and security interest created by this Base Indenture and the
          Guarantee and Collateral Agreement under Article&#160;9 of the New York UCC in the United States and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such Lien
          and security interest.&#160; Each such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Base Indenture, any indentures supplemental hereto, the Guarantee and Collateral Agreement and any other requisite
          documents and the execution and filing of any financing statements, continuation statements and amendments or other documents that will, in the opinion of such counsel, be required, subject to <u>clause&#160;(c)</u> above, to maintain the perfection
          of the Lien and security interest of such security interest of this Base Indenture and the Guarantee and Collateral Agreement under Article&#160;9 of the New York UCC in the Collateral in the United States until April 30 in the following calendar
          year. For the avoidance of doubt, the Opinions of Counsel described in this <u>clause (f)</u> shall not be required to cover any matters related to the Real Estate Assets.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">70</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.12</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Liens</u></font>.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, create, incur, assume or permit to exist any Lien upon any of its property (including the Securitized Assets),
          other than (i)&#160;Liens in favor of the Trustee for the benefit of the Secured Parties and (ii)&#160;other Permitted Liens.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.13</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Other Indebtedness</u></font>.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, create, assume, incur, suffer to exist or otherwise become or remain liable in respect of any
          Indebtedness other than (i) Indebtedness hereunder or under the Guarantee and Collateral Agreement or any other Related Document, (ii) any Guarantee by any Securitization Entity of the obligations of any other Securitization Entity, (iii)
          Indebtedness of a Securitization Entity owed to a Securitization Entity, (iv) any purchase money Indebtedness incurred in order to finance the acquisition, lease or improvement of equipment in the ordinary course of such Securitization Entity&#8217;s
          business, (v)&#160;Indebtedness to a bank or other financial institution arising from cash management services provided by such bank or financial institution to one or more of the Securitization Entities in the ordinary course of business; <u>provided</u>
          that such Indebtedness is extinguished within ten (10) Business Days of notification to the applicable Securitization Entity of its incurrence; or (vi) guarantees for the benefit of Franchisees of Indebtedness in an aggregate principal amount at
          any time outstanding of up to the greater of (x)&#160;$20,000,000 and (y) 5.0% of the Net Cash Flow for the preceding four (4) Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.14</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Bankruptcy Proceedings</u></font>.&#160; The Master Issuer shall, and shall cause the other Securitization Entities to, promptly object to the institution of any bankruptcy proceeding against it and to take all necessary
          or advisable steps to cause the dismissal of any such proceeding (including, without limiting the generality of the foregoing, to timely file an answer and any other appropriate pleading objecting to (i) the institution of any proceeding to have
          any Securitization Entity, as the case may be, adjudicated as bankrupt or insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition or in respect of any Securitization Entity, as the case
          may be, under applicable bankruptcy law or any other applicable law).</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.15</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Mergers</u></font>.&#160; On and after the Closing Date, the Master Issuer shall not, and shall not permit any other Securitization Entity to, merge or consolidate with or into any other Person (whether by means of a
          single transaction or a series of related transactions) other than any merger or consolidation of any Securitization Entity with any other Securitization Entity or any merger or consolidation of any Securitization Entity with any other entity to
          which the Control Party has given prior written consent.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">71</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.16</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Asset Dispositions</u></font>.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, sell, transfer, lease, license, liquidate or otherwise dispose of any of its property (whether by
          means of a single transaction or a series of related transactions), including any Equity Interests of any other Securitization Entity, except in the case of the following (each, a &#8220;<u>Permitted Asset Disposition</u>&#8221;):</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i) any disposition of obsolete, surplus, damaged or worn out property or property that is no longer used or useful
          in the business of the Securitization Entities, and (ii) any abandonment, cancellation, or lapse of Securitization IP (including any issuances, registrations or applications thereof) that is no longer used or useful in the business of the
          Securitization Entities or in the reasonable good faith judgment of the Manager are no longer commercially reasonable to maintain;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any disposition of (i) Eligible Investments and (ii) inventory in the ordinary course of the Securitization Entity&#8217;s
          business;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any disposition of equipment or real property to the extent that (x)&#160;such equipment or property is exchanged for
          credit against the purchase price or other payment obligations in respect of similar replacement equipment, property or other Eligible Assets (including, without limitation, credit against rental obligations under a real estate lease) or (y)&#160;the
          proceeds thereof are applied to the purchase price of such replacement equipment, property or other Eligible Assets in accordance with this Base Indenture;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i) any licenses of Securitization IP under the IP License Agreements and to the Manager in connection with the
          performance of its Services under the Management Agreement and (ii) other non-exclusive licenses of Securitization IP granted in the ordinary course of the Franchisor&#8217;s respective business that (x) when effected on behalf of any Securitization
          Entity by the Manager would not constitute a breach by the Manager of the Management Agreement and (y) would not reasonably be expected to materially and adversely impact the Securitization IP (taken as a whole);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any dispositions of equipment leased to Franchisees or used in a Securitized Company Restaurant;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any dispositions of property of a Securitization Entity to any other Securitization Entity not otherwise prohibited
          under the Related Documents;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any dispositions of property relating to repurchases of Contributed Assets in exchange for the payment of
          Indemnification Amounts;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Investments permitted under <u>Section 8.21</u>, Liens permitted under <u>Section 8.12 </u>and distributions permitted
          under <u>Section 8.18</u>;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">transfers of properties subject to condemnation or casualty events;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any disposition of Securitized Franchisee Notes or accounts receivable in connection with the collection or compromise
          thereof;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(k)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any termination, non-renewal, expiration, amendment or other modification of any Collateral Business Document that when
          effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(l)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any decision to abandon, fail to pursue, settle, or otherwise resolve any claim, proceeding, investigation or cause of action
          to enforce or seek remedy for the infringement, misappropriation, dilution or other violation of any Securitization IP, or other remedy against any third party where it is not commercially reasonable to pursue such claim or remedy in light of the
          cost, potential remedy, or other factors; <u>provided</u> that such action (or failure to act) would not reasonably be expected to materially and adversely impact the Securitization IP (taken as whole);</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">72</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(m)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or other
          litigation claims in the ordinary course of the Securitization Entity&#8217;s business, in each case that would not reasonably be expected to result in a Material Adverse Effect;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(n)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">subleases and terminations of leases in the ordinary course of business and subleases that do not, individually or in the
          aggregate, materially interfere with the business of the Securitization Entities and assignments that do not result in receipt of a cash payment to a Securitization Entity;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(o)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any Qualifying Real Estate Transaction;<br>
          <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(p)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any sale, transfer or other disposition of the operations and assets of a Securitized Company Restaurant to a Franchisee
          which, upon such sale, transfer or other disposition becomes a Securitized Franchised Restaurant (a &#8220;<u>Refranchising Asset Disposition</u>&#8221;);<br>
          <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(q)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any dispositions pursuant to the sale or sale-leaseback of Securitized Owned Real Property;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(r)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any other sale, lease, license, transfer or other disposition of property to which the Control Party has given the relevant
          Securitization Entity prior written consent; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(s)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any other sale, lease, license, liquidation, transfer or other disposition of property not directly or indirectly constituting
          any asset dispositions permitted by <u>clauses&#160;(a)</u> through <u>(q)</u> above and so long as such disposition when effected on behalf of any Securitization Entity by the Manager does not constitute a breach by the Manager of the Management
          Agreement;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(t)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">it being understood that any delivery to the Trustee of any Note, at any time and in any amount, by the Manager or any
          Securitization Entity, together with any cancellation thereof pursuant to <u>Section 2.14</u>, shall be deemed to be a Permitted Asset Disposition.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">All amounts received by any Securitization Entity upon a Permitted Asset Disposition pursuant to <font style="font-family: 'Times New Roman',Times,serif;"><u>clauses&#160;(a)</u></font>
        &#8211; <font style="font-family: 'Times New Roman',Times,serif;"><u>(o)</u></font> and any amounts of up to $5,000,000 in the aggregate during any fiscal year pursuant to <font style="font-family: 'Times New Roman',Times,serif;"><u>clauses&#160;(p)</u></font>,
        <font style="font-family: 'Times New Roman',Times,serif;"><u>(q)</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>(r)</u></font> and <font style="font-family: 'Times New Roman',Times,serif;"><u>(t)</u></font> of the
        definition of &#8220;Permitted Asset Disposition&#8221; shall be treated as Collections and not as Asset Disposition Proceeds (collectively, &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Asset Disposition Collections</u></font>&#8221;) with respect
        to the Quarterly Collection Period in which such amounts are received.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">Notwithstanding the foregoing, the Master Issuer may, and may permit any Securitization Entity to, dispose the Equity Interests of any Additional
        Securitization Entity so long as all assets (and any ancillary rights thereto) held by such Additional Securitization Entity are permitted to be disposed of pursuant to this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 8.16</u></font>.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">All Asset Disposition Proceeds shall be deposited to the Asset Disposition Proceeds Account or, to the extent the applicable Securitization Entity elects
        not to reinvest such amounts in Eligible Assets, shall be deposited to the Collection Account promptly following receipt thereof and applied in accordance with <font style="font-family: 'Times New Roman',Times,serif;"><u>priority (i)</u></font> of
        the Priority of Payments.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">73</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Upon any sale, transfer, lease, license, liquidation or other disposition of any property by any Securitization Entity permitted by
        this <u>Section 8.16</u>, all Liens with respect to such disposed property created in favor of the Trustee for the benefit of the Secured Parties under this Base Indenture and the other Related Documents shall be automatically released, and the
        Trustee, upon written request of the Master Issuer, at the written direction of the Control Party, shall provide evidence of such release as set forth in <u>Section 14.17</u>.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.17</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Acquisition of Assets</u></font>.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, acquire, by long-term or operating lease or otherwise, any property (i) if such acquisition when
          effected on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement or (ii) that is a license (other than the IP License Agreements or permitted sublicenses thereunder, licenses for
          Intellectual Property obtained in the ordinary course of business) or other contract (other than leases or subleases for real property) or permit, if the grant of a Lien or security interest in any of the Securitization Entities&#8217; right, title and
          interest in, to or under such lease, sublease, license, contract or permit in the manner contemplated by the Indenture and the Guarantee and Collateral Agreement (a) would be prohibited by the terms of such lease, sublease, license, contract or
          permit, (b) would constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the applicable Securitization Entity therein or (c) would otherwise result in a breach thereof or the termination or a
          right of termination thereof, except to the extent that any such prohibition, breach, termination or right of termination is rendered ineffective pursuant to the UCC or any other applicable law. Unless prohibited by a Series Supplement, the
          Master Issuer may purchase Notes on the open market or accept as a capital contribution from a direct or indirect parent of the Master Issuer one or more Notes, and such Notes may be cancelled in accordance with <u>Section 2.14</u>.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.18</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Dividends, Officers&#8217; Compensation, etc</u></font>. The Master Issuer will not declare or pay any distributions on any of its limited liability company interests; <u>provided</u>, <u>however</u>, that so long as no
          Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has occurred and is continuing with respect to any Series of Notes Outstanding or would result therefrom, the Master Issuer may declare and pay
          distributions to the extent permitted under Section&#160;18&#8209;607 of the Delaware Limited Liability Company Act and the Master Issuer&#8217;s Charter Documents.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, redeem,
          purchase, retire or otherwise acquire for value any Equity Interest in or issued by such Securitization Entity or set aside or otherwise segregate any amounts for any such purpose except as expressly permitted by the Indenture or as consented to
          by the Control Party.&#160; The Master Issuer may draw on Commitments with respect to any Series of Class A-1 Notes for general corporate purposes of the Securitization Entities and the Non-Securitization Entities, including to fund any acquisition by
          any Securitization Entity or Non-Securitization Entity or any dividend, distribution or share repurchase by any Securitization Entity or Non-Securitization Entity.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.19</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Legal


              Name, Location Under Section&#160;9-301 or 9-307</u></font>.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, change its location (within the meaning of Section&#160;9-301 or 9-307 of the applicable UCC) or its
          legal name without at least thirty (30)&#160;days&#8217; prior written notice to the Trustee, the Servicer, the Manager, the Back-Up Manager and each Rating Agency with respect to each Series of Notes Outstanding.&#160; In the event that the Master Issuer or
          other Securitization Entity desires to so change its location or change its legal name, the Master Issuer will, or will cause such other Securitization Entity to, make any required filings and prior to actually changing its location or its legal
          name the Master Issuer will, or will cause such other Securitization Entity to, deliver to the Trustee and the Servicer (i)&#160;an Officer&#8217;s Certificate and an Opinion of Counsel confirming (a) that all required filings have been made, subject to <u>Section


            8.11(c)</u>, to continue the perfected interest or to record evidence of such security interest, as applicable, of the Trustee on behalf of the Secured Parties in the Collateral under Article&#160;9 of the applicable UCC in respect of the new
          location or new legal name of the Master Issuer or other Securitization Entity and (b) such change in location or change in name will not adversely affect the Lien under any Mortgage required to be delivered pursuant to <u>Section 8.37</u> and
          (ii)&#160;copies of all such required filings with the filing information duly noted thereon by the office in which such filings were made.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">74</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.20</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Charter Documents</u></font>.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, amend, or consent to the amendment of, any of its Charter Documents to which it is a party as a
          member or shareholder unless, prior to such amendment, the Control Party shall have consented thereto and the Rating Agency Condition with respect to each Series of Notes Outstanding shall have been satisfied with respect to such amendment; <u>provided</u>,
          <u>however</u>, the Master Issuer and the other Securitization Entities shall be permitted to amend their Charter Documents without having to meet the Rating Agency Condition to cure any ambiguity, defect or inconsistency therein or if such
          amendments would not reasonably be deemed to be disadvantageous to any Holder in the reasonable judgment of the Control Party.&#160; The Control Party may rely on an Officer&#8217;s Certificate to make such determination.&#160; The Master Issuer shall provide
          written notice to each Rating Agency (with a copy to the Servicer) of any amendment of any Charter Document of any Securitization Entity.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.21</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Investments</u></font>.&#160;


          The Master Issuer shall not, and shall not permit any other Securitization Entity to, make, incur, or suffer to exist any loan, advance, extension of credit or other Investment if such Investment when made on behalf of any Securitization Entity
          by the Manager would constitute a breach by the Manager of the Management Agreement, other than (a)&#160;Investments in the Accounts and Eligible Investments, (b)&#160;any Securitized Franchisee Note, (c)&#160;Investments in any other Securitization Entity, (d)
          loans or advances by the Franchisor or any Additional Securitization Entity to any Non-Securitization Entity in accordance with <u>Section 8.24(a)(ii)</u> using funds on deposit in the Franchisor Capital Account (unless the Senior Notes Interest
          Reserve Account is then designated as the Franchisor Capital Account and (i) a Senior Notes Interest Reserve Account Deficiency Amount would exist immediately after giving effect to such loan or advance or (ii) a Cash Trapping Period or Rapid
          Amortization Period is then in effect or would take effect immediately after giving effect to such loan or advance), (e)&#160;the transactions described in the proviso to <u>Section 8.24(a)(vi)</u>, (f) guarantees with respect to operating leases and
          product volumes and (g) guarantees for the benefit of Franchisees of Indebtedness in an aggregate principal amount at any time outstanding of up to the greater of (x) $20,000,000 and (y)&#160;5.0% of the Net Cash Flow for the preceding four (4)
          Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.22</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>No
              Other Agreements</u></font>.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, enter into or be a party to any agreement or instrument (other than any Related Document, any Collateral Business Document,
          any other document permitted by a Series Supplement, Variable Funding Note Purchase Agreement or the Related Documents, as the same may be amended, supplemented or otherwise modified from time to time, any documents related to any Enhancement
          (subject to <u>Section 8.32</u>) or any Series Hedge Agreement (subject to <u>Section 8.33</u>), any documents relating to the transactions described in the proviso to <u>Section 8.24(a)(vi)</u> or any documents or agreements incidental
          thereto) if such agreement when effected on behalf of any Securitization Entity by the Manager would constitute a breach by the Manager of the Management Agreement.</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.23</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Other
              Business</u></font>.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, engage in any business or enterprise or enter into any transaction other than the incurrence and payment of ordinary course operating
          expenses, the issuing and selling of the Notes, entry into and performance of the Collateral Business Documents and other agreements permitted pursuant to <u>Section 8.22</u> and other activities related to or incidental to any of the foregoing
          or any other transaction which when effected on behalf of any Securitization Entity by the Manager would not constitute a breach by the Manager of the Management Agreement.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">75</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.24</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Maintenance


              of Separate Existence</u></font>.&#160; (a)&#160; The Master Issuer shall, and shall cause each other Securitization Entity to, except as otherwise contemplated hereunder or under the other Related Documents:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">maintain their own deposit and securities accounts, as applicable, separate from those of any of its Affiliates
          (other than the other Securitization Entities), with commercial banking institutions and ensure that the funds of the Securitization Entities will not be diverted to any Person who is not a Securitization Entity or for other than the use of the
          Securitization Entities, nor will such funds be commingled with the funds of any of its Affiliates (other than the other Securitization Entities), other than as provided in the Related Documents;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">ensure that all transactions between it and any of its Affiliates (other than the other Securitization Entities),
          whether currently existing or hereafter entered into, shall be only on an arm&#8217;s length basis, it being understood and agreed that the transactions contemplated in the Related Documents and the transactions described in the proviso to <u>clause&#160;(vi)</u>
          meet the requirements of this <u>clause&#160;(ii)</u>;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to the extent that it requires an office to conduct its business, conduct its business from an office at a separate
          address from that of any of its Affiliates (other than the other Securitization Entities); <u>provided</u> that segregated offices in the same building shall constitute separate addresses for purposes of this <u>clause&#160;(iii)</u>.&#160; To the extent
          that any Securitization Entity and any of its members or Affiliates (other than the other Securitization Entities) have offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such
          entity shall bear its fair share of such expenses;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">issue, as required, separate financial statements from any of its Affiliates (other than the other Securitization
          Entities) prepared at least quarterly and prepared in accordance with GAAP;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">conduct its affairs in its own name and in accordance with its Charter Documents and observe all necessary,
          appropriate and customary limited liability company or corporate formalities (as applicable), including, but not limited to, holding all regular and special meetings appropriate to authorize all its actions, keeping separate and accurate minutes
          of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and intercompany transaction
          accounts;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">not assume or guarantee any of the liabilities of any of its Affiliates (other than the other Securitization
          Entities); <u>provided</u> that the Securitization Entities may, pursuant to a Letter of Credit Reimbursement Agreement, cause letters of credit to be issued pursuant to Variable Funding Note Purchase Agreements that are for the sole benefit of
          one or more Non-Securitization Entities if the Master Issuer receives a fee from each Non-Securitization Entity whose obligations are secured by such letter of credit in an amount equal to the cost to the Master Issuer in connection with the
          issuance and maintenance of such letter of credit <u>plus</u> 25 basis points per annum, it being understood that such fee is an arm&#8217;s length fair market fee;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">take, or refrain from taking, as the case may be, all other actions that are necessary to be taken or not to be taken
          in order to (x)&#160;ensure that the assumptions and factual recitations set forth in the Specified Bankruptcy Opinion Provisions remain true and correct in all material respects with respect to it and (y)&#160;comply in all material respects with those
          procedures described in such provisions which are applicable to it;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">76</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(viii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">maintain at least two Independent Managers, on its board of managers or its Board of Directors, as the case may be;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ix)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to the fullest extent permitted by law, so long as any Obligation remains outstanding, remove or replace any
          Independent Manager only for Cause and only after providing the Trustee and the Control Party with no less than three (3)&#160;days&#8217; prior written notice of (A)&#160;any proposed removal of such Independent Manager, and (B)&#160;the identity of the proposed
          replacement Independent Manager, together with a certification that such replacement satisfies the requirements for an Independent Manager set forth in the Charter Documents of the applicable Securitization Entity; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(x)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A) provide, or cause the Manager to provide, to the Trustee and the Control Party, a copy of the executed agreement
          with respect to the appointment of any replacement Independent Manager and (B)&#160;provide, or cause the Manager to provide, to the Trustee, the Control Party and each Holder, written notice of the identity and contact information for each
          Independent Manager on an annual basis and at any time such information changes.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer, on behalf of itself and each of the other Securitization Entities, confirms that the statements relating to
          the Master Issuer referenced in the opinion of White &amp; Case LLP regarding substantive consolidation matters most recently delivered to the Trustee are true and correct with respect to itself and each other Securitization Entity, and that the
          Master Issuer will, and will cause each other Securitization Entity to, comply with any covenants or obligations assumed to be complied with by it therein as if such covenants and obligations were set forth herein.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.25</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Covenants


              Regarding the Securitization IP</u></font>.&#160; (a)&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, take or omit to take any action with respect to the maintenance, enforcement and defense of the
          Franchisor&#8217;s rights in and to the applicable Securitization IP that would constitute a breach by the Manager of the Management Agreement if such action were taken or omitted by the Manager on behalf of any Securitization Entity.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer shall notify the Trustee, the Back-Up Manager and the Servicer in writing within fifteen (15)&#160;Business Days
          of the Master Issuer first knowing or having reason to know that any application or registration relating to any material Securitization IP (now or hereafter existing) may become abandoned or dedicated to the public domain, or of any material
          adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the PTO, the United States Copyright Office or similar offices or agencies in the United States, or any court, but
          excluding office actions in the course of prosecution and any non-final determinations (other than in an adversarial proceeding) of the PTO, the United States Copyright Office or any similar office or agency in the United States) regarding the
          validity of any Securitization Entity&#8217;s ownership of any material Securitization IP, its right to register the same, or to keep and maintain the same.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">With respect to the Securitization IP, the Master Issuer shall cause the Franchisor, as applicable to: execute, deliver and
          file, within fifteen (15) Business Days of the Closing Date, to the PTO or the United States Copyright Office, as applicable, instruments substantially in the form attached as <u>Exhibit B-1</u> hereto with respect to Trademarks, <u>Exhibit B-2</u>
          hereto with respect to Patents and <u>Exhibit B-3</u> hereto with respect to Copyrights, or otherwise in form and substance satisfactory to the Control Party, and any other instruments or documents as may be reasonably necessary or, in the
          Control Party&#8217;s opinion, desirable to perfect or protect the Trustee&#8217;s security interest granted under this Base Indenture and the Guarantee and Collateral Agreement in the Trademarks, Patents and Copyrights included in the Securitization IP in
          the United States.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">77</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the Master Issuer or any Guarantor, either itself or through any agent, licensee or designee, shall file or otherwise
          acquire an application for the registration of any Patent, Trademark or Copyright with the PTO, the United States Copyright Office or any successor agency thereto, the Master Issuer shall, or shall cause such Guarantor to, in a reasonable time
          after such filing or acquisition (and in any event within ninety (90)&#160;days), execute, deliver and file, to the PTO or the United States Copyright Office, as applicable, instruments substantially in the form attached as <u>Exhibit C-</u>1 hereto
          with respect to Trademarks, <u>Exhibit C-2</u> hereto with respect to Patents and <u>Exhibit C-3</u> hereto with respect to Copyrights, or otherwise in form and substance satisfactory to the Control Party, and any other instruments or documents
          as may be reasonably necessary or, in the Control Party&#8217;s opinion, desirable to perfect or protect the Trustee&#8217;s security interest granted under this Base Indenture and the Guarantee and Collateral Agreement in the Trademarks, Patents and
          Copyrights included in the Securitization IP in the United States.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">In the event that any Securitization IP is infringed upon, misappropriated or diluted by one or more third parties in a manner
          that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Master Issuer within a reasonable period of its becoming aware of such infringement, misappropriation or dilution shall promptly
          notify the Trustee and the Control Party in writing.&#160; Except as provided below, the Master Issuer shall cause the Franchisor, as applicable, to take all reasonable and appropriate actions, at the expense of the Franchisor to protect or enforce
          such Securitization IP, including, if reasonable, suing for infringement, misappropriation or dilution and seeking an injunction (including, if appropriate, temporary and/or preliminary injunctive relief) against such infringement,
          misappropriation or dilution, unless the failure to take such actions on behalf of the Franchisor by the Manager would not constitute a breach by the Manager of the Management Agreement; <u>provided</u> that if the Franchisor decides not to take
          any action with respect to an infringement, misappropriation or dilution that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Master Issuer shall deliver written notice to the Trustee,
          the Manager, the Back-Up Manager and the Control Party setting forth in reasonable detail the basis for its decision not to act, and none of the Manager, the Trustee, the Back-Up Manager or the Control Party will be required to take any actions
          on their behalf to protect or enforce the Securitization IP against such infringement, misappropriation or dilution; <u>provided</u>, <u>further</u>, that the Manager will be required to act if failure to do so would constitute a breach of the
          Managing Standard.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">With respect to any licenses of third-party Intellectual Property (other than &#8220;off-the-shelf&#8221; software or &#8220;click through&#8221;
          third-party terms that are reasonably expected to be non-negotiable) entered into after the Closing Date by a Securitization Entity (including, for the avoidance of doubt, the Manager acting on behalf of the Securitization Entities, as
          applicable) that is material to the business of such Securitization Entity, such Securitization Entity shall use commercially reasonable efforts to include terms permitting the grant by such Securitization Entity of a security interest therein to
          the Trustee for the benefit of the Secured Parties and to allow the Manager (and any Successor Manager) the right to use such Intellectual Property in the performance of its duties under the Management Agreement.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.26</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>1940 Act</u></font>.&#160; The Master Issuer shall take or omit to take action as necessary in order to ensure the Master Issuer is not an &#8220;investment company&#8221; as set forth in Section&#160;3(a)(1) of the 1940 Act, as such
          section may be amended from time to time.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.27</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Real Property</u></font>.&#160; The Master Issuer shall not, and shall not permit any other Securitization Entity to, (i)&#160;acquire any fee interest in real property unrelated to the ownership and operation of Branded
          Restaurants or (ii)&#160;enter into any lease or invest in real property unrelated to the ownership and operation of Branded Restaurants.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">78</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.28</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>No Employees</u></font>.&#160; The Master Issuer and the other Securitization Entities shall have no employees.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.29</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Insurance</u></font>.&#160; The Master Issuer shall cause the Manager to list each Securitization Entity as an &#8220;additional insured&#8221; or &#8220;loss payee&#8221; on any insurance maintained by the Manager for the benefit of each
          such Securitization Entity pursuant to the Management Agreement.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.30</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Litigation</u></font>.&#160; So long as Jack in the Box Inc. is not then subject to Section&#160;13 or 15(d) of the 1934 Act, the Master Issuer shall, on each Quarterly Payment Date, provide a written report to the Servicer,
          the Manager, the Back-Up Manager and each Rating Agency for each Series of Notes Outstanding that sets forth all outstanding litigation, arbitration or other proceedings against any Non-Securitization Entity that would have been required to be
          disclosed in Jack in the Box Inc.&#8217; annual reports, quarterly reports and other public filings which Jack in the Box Inc. would have been required to file with the SEC pursuant to Section&#160;13 or 15(d) of the 1934 Act if Jack in the Box Inc. were
          subject to such Sections.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.31</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Environmental</u></font>.&#160; The Master Issuer shall, and shall cause each other Securitization Entity to, promptly notify the Servicer, the Manager, the Back-Up Manager, the Trustee and each Rating Agency for each
          Series of Notes Outstanding, in writing, upon receipt of any written notice of which any Securitization Entity becomes aware from any source (including, but not limited to, a governmental entity) relating in any way to any possible material
          liability of any Securitization Entity pursuant to any Environmental Law that could reasonably be expected to have a Material Adverse Effect.&#160; In addition, other than exceptions to any of the following that could not, individually or in the
          aggregate, reasonably be expected to result in a Material Adverse Effect, the Master Issuer shall, and shall cause each other Securitization Entity to:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i) comply with all applicable Environmental Laws, (ii)&#160;hold all Environmental Permits (each of which is in full
          force and effect) required for any of their current operations or for any property owned, leased, or otherwise operated by any of them and obtain all Environmental Permits for any intended operations when such Environmental Permits are required
          and (iii)&#160;comply with all of their Environmental Permits; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">undertake all investigative and remedial action required by Environmental Laws with respect to any Materials of
          Environmental Concern present at, on, under, in, or about any Contributed Securitized Owned Real Property owned, subleased, leased or operated by the Master Issuer or any of its Affiliates, or at any other location (including, without limitation,
          any location to which Materials of Environmental Concern have been sent for re-use or recycling or for treatment, storage or disposal), which would reasonably be expected to (i) give rise to liability of the Master Issuer or any of its Affiliates
          under any applicable Environmental Law or otherwise result in costs to the Master Issuer or any of its Affiliates, (ii) interfere with the Master Issuer&#8217;s or any of its Affiliates&#8217; continued operations or (iii) impair the fair saleable value of
          any Contributed Securitized Owned Real Property owned by the Master Issuer or any of its Affiliates.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.32</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Enhancements</u></font>.&#160; No Enhancement shall be provided in respect of any Series of Notes, nor will any Enhancement Provider have any rights hereunder, as third-party beneficiary or otherwise, unless the Control
          Party has provided its prior written consent to such Enhancement, such consent not to be unreasonably withheld.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.33</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Series


              Hedge Agreements; Derivatives Generally</u></font>.&#160; (a)&#160; No Series Hedge Agreement shall be provided in respect of any Series of Notes, nor will any Hedge Counterparty have any rights hereunder, as third-party beneficiary or otherwise,
          unless the Control Party has provided its prior written consent to such Series Hedge Agreement, such consent not to be unreasonably withheld, and the Master Issuer has delivered a copy of such prior written consent to each Rating Agency for each
          Series of Notes Outstanding (with a copy to the Servicer).</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">79</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Without the prior written consent of the Control Party, the Master Issuer shall not, and shall not permit any other
          Securitization Entity to, enter into any derivative contract, swap, option, hedging contract, forward purchase contract or other similar agreement or instrument if any such contract, agreement or instrument requires the Master Issuer to expend
          any financial resources to satisfy any payment obligations owed in connection therewith; <u>provided</u> that the Master Issuer shall deliver a copy of any such prior written consent to each Rating Agency for each Series of Notes Outstanding
          (with a copy to the Servicer).</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.34</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Additional


              Securitization Entity</u></font>.&#160; (a)&#160; The Master Issuer in accordance with and as permitted under the Related Documents, and upon written notice to each Rating Agency, may form or cause to be formed or accept as a capital contribution
          Additional Securitization Entities without the consent of the Control Party; <u>provided</u> that such Additional Securitization Entity is a Delaware limited liability company or a Delaware corporation (so long as the use of such corporate form
          is reasonably satisfactory to the Control Party) and has adopted Charter Documents substantially similar to the Charter Documents (including Specified Bankruptcy Opinion Provisions) of the Securitization Entities that are Delaware limited
          liability companies as in existence on the Closing Date; <u>provided</u>, <u>further</u>, that such Additional Securitization Entity holds Securitized Assets or is being established in order to act as a franchisor with respect to future New
          Securitized Franchise Agreements or hold such future assets.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the Master Issuer desires to create, incorporate, form or otherwise organize or accept as a capital contribution an
          Additional Securitization Entity that does not comply with the requirements of the proviso set forth in <u>clause&#160;(a)</u> above, the Master Issuer shall first obtain the prior written consent of the Control Party, such consent not to be
          unreasonably withheld; <u>provided</u> that the Master Issuer shall deliver a copy of any such prior written consent to each Rating Agency for each Series of Notes Outstanding (with a copy to the Servicer).</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">In connection with the organization of any Additional Securitization Entity in conjunction with <u>clause&#160;(a)</u> or <u>(b)</u>
          above, the Master Issuer may (i) designate such Additional Securitization Entity as a &#8220;franchisor&#8221; or (ii) elect to apply the provisions hereunder and under the other Related Documents applicable to any then-existing Securitization Entity to such
          Additional Securitization Entity;</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer shall cause each Additional Securitization Entity to promptly execute an assumption agreement in form set
          forth as Exhibit A to the Guarantee and Collateral Agreement (an &#8220;<u>Assumption Agreement</u>&#8221;) pursuant to which such Additional Securitization Entity shall become jointly and severally obligated under the Guarantee and Collateral Agreement with
          the other Guarantors.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Upon the execution and delivery of an Assumption Agreement as required in <u>clause&#160;(d)</u> above, each Additional
          Securitization Entity party thereto shall become a party to the Guarantee and Collateral Agreement with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the Guarantee and Collateral
          Agreement, will assume all Obligations and liabilities of a Guarantor thereunder.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the Master Issuer desires to (i)&#160;dissolve or wind up an Additional Securitization Entity or (ii)&#160;transfer an Additional
          Securitization Entity to either a Securitization Entity or a Non-Securitization Entity, the Master Issuer shall (x)&#160;first, obtain the prior written consent of the Control Party, such consent not to be unreasonably withheld, (y)&#160;second, in the
          case of a dissolution or wind up of an Additional Securitization Entity or a transfer of an Additional Securitization Entity to a Non-Securitization Entity, transfer any Securitized Assets held in such Additional Securitization Entity to a
          Securitization Entity and (z)&#160;third, provide notice of such dissolution, wind up or transfer to each Rating Agency for each Series of Notes Outstanding (with a copy to the Trustee, the Servicer and Back-Up Manager).</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">80</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.35</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Subordinated Notes Repayments</u></font>.&#160; The Master Issuer shall not repay any Subordinated Notes or Senior Subordinated Notes after the Series Anticipated Repayment Date with respect to any Series of Notes
          Outstanding with amounts obtained by the Master Issuer from the Holding Company Guarantor, Jack in the Box Inc. or any other direct or indirect owner of Equity Interests of the Master Issuer in the form of any capital contributions or any portion
          of any Residual Amounts distributed to the Master Issuer pursuant to the Priority of Payments unless and until all Senior Notes Outstanding have been paid in full and are no longer Outstanding.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.36</font><font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font> </font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Tax Lien Reserve Amount</u></font>.&#160; If the Holding Company Guarantor notifies the Master Issuer that it has received any Tax Lien Reserve Amount, the Master
          Issuer shall direct the Holding Company Guarantor to remit such amount to the Master Issuer to be held in a collateral deposit account established with and controlled by the Trustee, in which the Trustee shall have a security interest; <u>provided</u>
          that the Trustee will not release such Tax Lien Reserve Amount from such account unless:&#160; (a)&#160;the Servicer instructs the Trustee in writing to withdraw and pay all of such Tax Lien Reserve Amount in accordance with the written instructions of the
          Master Issuer which may include returning such amounts to the Holding Company Guarantor for refund to the Manager or an Affiliate thereof upon receipt by the Trustee, the Servicer, the Manager, the Back-Up Manager and the Controlling Class
          Representative of reasonably satisfactory evidence that the Lien for which such Tax Lien Reserve Amount was established has been released by the IRS; (b)&#160;the Master Issuer, or the Manager on behalf of the Master Issuer, delivers written
          instructions to the Trustee to withdraw and pay all or a portion of such Tax Lien Reserve Amount to the IRS on behalf of the Securitization Entities; <u>provided</u> that the Master Issuer shall deliver, or cause to be delivered, prior written
          notice of any such written instruction to the Servicer; or (c)&#160;the Control Party instructs the Trustee in writing to withdraw and pay all or a portion of such Tax Lien Reserve Amount to the IRS (i)&#160;upon the occurrence and during the continuation
          of an Event of Default or (ii)&#160;upon receipt of written notice from any Securitization Entity stating that the IRS intends to execute on the Lien for which such Tax Lien Reserve Amount was established in respect of any assets of any Securitization
          Entity; <u>provided</u> that the Control Party shall deliver a copy of any such written instruction to the Manager.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.37</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Mortgages</u></font>.<font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Upon the occurrence of a Mortgage Preparation Event, the Master Issuer shall cause the preparation of fully executed Mortgages for recordation against the
          Securitized Owned Real Property; <u>provided</u> that the Control Party shall have the right to waive, delay or modify such requirement to prepare fully executed Mortgages without the consent of any other party. Within ninety (90) days of such
          Mortgage Preparation Event, the Master Issuer shall deliver such Mortgages to the Trustee, to be held for the benefit of the Secured Parties in the event a Mortgage Recordation Event occurs (subject to <u>Section 3.01(c)</u>).&#160; Upon the
          occurrence of a Mortgage Recordation Event, the Trustee shall, at the direction of the Control Party, deliver the Mortgages within twenty (20)&#160;Business Days following receipt of the properly executed Mortgages to the applicable recording office
          for recordation (unless such recordation requirement is waived by the Control Party, acting at the direction of the Controlling Class Representative); <u>provided</u> that the Trustee shall have no obligation to record a Mortgage until the later
          of (i) twenty (20) Business Days following delivery of a properly executed Mortgage to the Trustee and (ii) the Trustee&#8217;s Actual Knowledge of a Rapid Amortization Event. The Trustee may engage a third-party service provider (which shall be
          reasonably acceptable to the Control Party) to assist in delivering such Mortgages to the applicable Governmental Authority and the Trustee shall pay all Mortgage Recordation Fees in connection with such recordation.&#160; The Trustee shall be
          reimbursed by the Master Issuer for any and all reasonable costs and expenses in connection with such Mortgage Recordation Event, including all Mortgage Recordation Fees pursuant to and in accordance with the Priority of Payments.&#160; For the
          avoidance of doubt, JIB Properties shall not be required to, and the Trustee may not, record or cause to be recorded any Mortgage until the occurrence of a Mortgage Recordation Event that has not been waived by the Control Party (at the direction
          of the Controlling Class Representative).&#160; Neither the Trustee nor any custodian on behalf of the Trustee shall be under any duty or obligation to inspect, review or examine any such Mortgages or to determine that the same are valid, binding,
          legally effective, properly endorsed, genuine, enforceable or appropriate for the represented purpose or that they are in recordable form.&#160; Neither the Trustee nor any agent on its behalf shall in any way be liable in the absence of any gross
          negligence, bad faith or willful misconduct on its part for any delays in the recordation of any Mortgage, for the rejection of a Mortgage by any recording office or for the failure of any Mortgage to create in favor of the Trustee, for the
          benefit of the Secured Parties, legal, valid and enforceable first priority Liens on (subject to Permitted Liens), and security interests in, JIB Properties&#8217; right, title and interest in and to each Securitized Owned Real Property and the
          Proceeds thereof.&#160; Upon the request of JIB Properties, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any Securitized Owned Real Property; <u>provided</u>
          that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">81</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.38</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Required Balance</u></font>.&#160;&#160; For each Weekly Collection Period, the Master Issuer will specify to the Trustee the Weekly Allocation Percentage.&#160; If less than the Required Balance is on deposit in the Senior Notes
          Interest Payment Account, the Senior Subordinated Notes Interest Payment Account, the Senior Notes Principal Payment Account, the Senior Subordinated Notes Principal Payment Account, the Subordinated Notes Interest Payment Account, the
          Subordinated Notes Principal Payment Account and/or the Senior Notes Post-ARD Contingent Interest Account (as applicable) for any Weekly Collection Period within a Quarterly Fiscal Period, the Master Issuer shall direct any Residual Amount on the
          following Weekly Allocation Date (and each subsequent Weekly Allocation Date as necessary) to be deposited to such Senior Notes Interest Payment Account, Senior Subordinated Notes Interest Payment Account, Senior Notes Principal Payment Account,
          Senior Subordinated Notes Principal Payment Account, Subordinated Notes Interest Payment Account, Subordinated Notes Principal Payment Account and/or Senior Notes Post-ARD Contingent Interest Account, in that order, until at least the Required
          Balance for such Weekly Collection Period is on deposit in in the Senior Notes Interest Payment Account, the Senior Subordinated Notes Interest Payment Account, the Senior Notes Principal Payment Account, the Senior Subordinated Notes Principal
          Payment Account, the Subordinated Notes Interest Payment Account, the Subordinated Notes Principal Payment Account and/or the Senior Notes Post-ARD Contingent Interest Account (as applicable).</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 8.39</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Modification of Contributed Assets</u></font>.&#160;&#160; After the Closing Date and on a quarterly basis, if there are any additions or modifications to the Contributed Assets (excluding any lease for which a Securitization
          Entity becomes the legal assignee and named lessee under such lease) that constitute accounts, chattel paper, instruments or general intangibles under the Delaware UCC, the Master Issuer (or the Manager on its behalf) shall deliver and shall
          cause each applicable Securitization Entity to deliver to the Trustee an Officer&#8217;s Certificate with a revised list of the applicable Contributed Assets.</font></div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE VIII<br>
        <br>
        REMEDIES</div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Rapid Amortization Events</u></font>.&#160; The Notes shall be subject to rapid amortization, in whole and not in part, following the occurrence of any of the following events as declared by the Control Party (at the
          direction of the Controlling Class Representative) by written notice to the Master Issuer (with a copy to the Trustee) (each, a &#8220;<u>Rapid Amortization Event</u>&#8221;); <u>provided</u> that a Rapid Amortization Event described in <u>clause&#160;(b)</u>
          below will occur automatically without any declaration by the Control Party unless the Control Party and 100% of the Noteholders have agreed to waive such event in accordance with <u>Section 9.07</u>:</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">82</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the failure to maintain a DSCR of at least 1.20x as calculated on any Quarterly Calculation Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the failure to repay or refinance a Series of Notes (or Class or Tranche thereunder) in full by the Series
          Anticipated Repayment Date relating to such Series of Notes (or Class or Tranche thereunder); <u>provided</u> that, to the extent that the DSCR is greater than 2.00x as of such Series Anticipated Repayment Date, and such Series of Notes (or
          Class or Tranche thereunder) is repaid or refinanced within one (1) calendar year from such Series Anticipated Repayment Date (such calendar year, the &#8220;<u>Post-ARD Rapid Amortization Cure Period</u>&#8221;), such Rapid Amortization Event will no longer
          be in effect following such repayment or refinancing;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the occurrence of a Manager Termination Event;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the occurrence of an Event of Default; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Systemwide Sales calculated on any Quarterly Payment Date are less than $1.25 billion.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt; color: #000000;">For the avoidance of doubt, any Scheduled Principal Payments set forth in any Series Supplement shall continue to be made when due and
        payable subsequent to the occurrence of a Rapid Amortization Event.</div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Events of Default</u></font>.&#160; If any one of the following events shall occur (each an &#8220;<u>Event of Default</u>&#8221;):</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer defaults in the payment of interest on any Series of Notes Outstanding when the same becomes due
          and payable and such default continues for two (2) Business Days (or in the case of a failure to pay such interest when due resulting solely from an administrative error or omission by the Trustee, such default continues for a period of two (2)
          Business Days after the earlier of the date on which the Trustee receives written notice or an Authorized Officer of the Trustee has Actual Knowledge of such error or omission); <u>provided</u> that failure to pay any contingent interest on any
          Series of Notes (including, but not limited to, any Post-ARD Contingent Interest on any Quarterly Payment Date (including on any applicable Series Legal Final Maturity Date) in excess of available amounts in accordance with the Priority of
          Payments will not be an Event of Default;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer (i)&#160;defaults in the payment of any principal of any Series of Notes on its Series Legal Final
          Maturity Date or as and when due in connection with any mandatory or optional prepayment or (ii)&#160;fails to make any other principal payments or allocations due from funds available in the Collection Account in accordance with the Priority of
          Payments and the Series Supplement for such Series on any Weekly Allocation Date; <u>provided</u> that in the case of a failure to pay or allocate principal resulting solely from an administrative error or omission by the Trustee, such default
          continues for a period of two (2) Business Days after the earlier of the date on which the Trustee receives written notice or an Authorized Officer of the Trustee has Actual Knowledge of such error or omission; <u>provided</u> that the failure
          to pay any prepayment premium on any prepayment of principal made during any Rapid Amortization Period occurring prior to the related Series Anticipated Repayment Date will not be an Event of Default;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">83</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any Securitization Entity fails to perform or comply with any of the covenants (other than those covered by <u>clause&#160;(a)</u>
          or <u>clause&#160;(b)</u> above) (including any covenant to pay any amount other than interest on or principal of the Notes when due in accordance with the Priority of Payments), or any of its representations or warranties contained in any Related
          Document to which it is a party proves to be incorrect in any material respect as of the date made or deemed to be made, and such default, failure, breach or incorrect representation or warranty continues for a period of thirty (30)&#160;consecutive
          days or, in the case of a failure to comply with any of the agreements, covenants or provisions of any IP License Agreements, such longer cure period as may be permitted under such IP License Agreement, or, solely with respect to a failure to
          comply with (i)&#160;any obligation to deliver a notice, report or other communication within the specified time frame set forth in the applicable Related Document, such failure continues for a period of five (5)&#160;consecutive Business Days after the
          specified time frame for delivery has elapsed or (ii)&#160;<u>Sections&#160;8.7</u>, <u>8.12</u>, <u>8.13</u>, <u>8.14</u>, <u>8.15</u>, <u>8.17</u>, <u>8.18</u>, <u>8.19</u>, <u>8.20</u>, <u>8.21</u>, <u>8.22</u>, <u>8.23</u>, <u>8.24</u>, <u>8.25</u>,
          <u>8.27</u> and <u>8.28</u> such failure continues for a period of ten (10)&#160;consecutive Business Days, in each case, following the earlier to occur of the Actual Knowledge of an Authorized Officer of such Securitization Entity of such breach or
          failure and the default caused thereby or written notice to such Securitization Entity by the Trustee, the Back-Up Manager or the Control Party (at the direction of the Controlling Class Representative) of such default, breach or failure; <u>provided</u>,
          <u>however</u>, that no Event of Default shall occur pursuant to this <u>clause&#160;(c)</u> if, with respect to any such representation deemed to have been false in any material respect when made which can be remedied by making a payment of an
          Indemnification Amount, (i)&#160;the Indemnitor has paid the required Indemnification Amount in accordance with the terms of the Related Documents and (ii)&#160;such Indemnification Amount has been deposited into the Collection Account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the occurrence of an Event of Bankruptcy with respect to any Securitization Entity;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Interest-Only DSCR as calculated as of any Quarterly Calculation Date is less than 1.10x;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the SEC or other regulatory body having jurisdiction reaches a final determination that any Securitization Entity is
          required to register as an &#8220;investment company&#8221; under the 1940 Act or is under the &#8220;control&#8221; of a Person that is required to register as an &#8220;investment company&#8221; under the 1940 Act;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any of the Related Documents or any material portion thereof ceases to be in full force and effect or enforceable in
          accordance with its terms (other than (i) in accordance with the express termination provisions thereof, (ii) a termination in the ordinary course of business, which termination could not reasonably be expected to result in a Material Adverse
          Effect or (iii) as a result of actions, omissions or breaches of representations or warranties by any party to such Related Document that is not a Securitization Entity or a Non-Securitization Entity so long as such Related Document, or any
          material portion thereof, is reinstated or replaced with a substantially similar document, agreement or arrangement within thirty (30) Business Days after such Related Document ceases to be in full force and effect or enforceable in accordance
          with its terms) or any Non-Securitization Entity or Securitization Entity so asserts in writing;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">other than with respect to Collateral with an aggregate fair market value of less than the greater of $25,000,000 or
          20% of Retained Collections for the preceding four (4) Quarterly Collection Periods most recently ended and for which financial statements have been prepared, the Trustee ceases to have for any reason a valid and perfected first-priority security
          interest in the Collateral (subject to Permitted Liens), in which perfection can be achieved under the UCC or other applicable law in the United States to the extent required by the Related Documents or any Securitization Entity or any Affiliate
          thereof so asserts in writing;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">84</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any Securitization Entity fails to perform or comply with any material provision of its organizational documents or any
          provision of <u>Section 8.24</u> or the Guarantee and Collateral Agreement relating to legal separateness of the Securitization Entities, which failure is reasonably likely to cause the contribution of the Securitized Assets to such
          Securitization Entity pursuant to the Contribution Agreements to fail to constitute a &#8220;true contribution&#8221; or other absolute transfer of such Securitized Assets pursuant to such Contribution Agreement or is reasonably likely to cause a court of
          competent jurisdiction to disregard the separate existence of such Securitization Entity relative to any Person other than another Securitization Entity and, in each case, such failure continues for more than thirty (30)&#160;consecutive days
          following the earlier to occur of the Actual Knowledge of an Authorized Officer of such Securitization Entity or written notice to such Securitization Entity from the Trustee, the Back-Up Manager or the Control Party (at the direction of the
          Controlling Class Representative) of such failure;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">a final non-appealable ruling has been made by a court of competent jurisdiction that the contribution of the Securitized
          Assets (other than any immaterial Securitized Assets and any Securitized Assets that have been disposed of to the extent permitted or required under the Related Documents) pursuant to a Contribution Agreement does not constitute a &#8220;true
          contribution&#8221; or other absolute transfer of such Securitized Assets pursuant to such agreement;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(k)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">one or more outstanding final non-appealable judgments for the payment of money are rendered against any Securitization Entity
          in an aggregate amount exceeding $25,000,000 (to the extent not covered by independent third-party insurance as to which the issuer is rated at least &#8220;A&#8221; by A.M.&#160;Best Company, has been notified of the potential claim and does not dispute
          coverage), and either (i)&#160;enforcement proceedings are commenced by any creditor upon such judgment or order or (ii)&#160;there is any period of thirty (30)&#160;consecutive days during which a stay of enforcement of such judgment or order, by reason of a
          pending appeal or otherwise, will not be in effect;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(l)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the failure of (i)&#160;Jack in the Box Inc. or any successor thereto to own (directly or indirectly) 100% of the Equity Interests
          of the Holding Company Guarantor; (ii) the Holding Company Guarantor to own 100% of the Equity Interests of the Master Issuer; (iii) the Master Issuer to own (directly or indirectly) 100% of the Equity Interests of the Franchisor and JIB
          Properties; or (iv) the Master Issuer or any Guarantor to own (directly or indirectly) 100% of the Equity Interests of any Additional Securitization Entity (except to the extent permitted under <u>Section 8.16</u>);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(m)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">other than as permitted hereunder or the other Related Documents, the Securitization Entities collectively fail to have good
          title or valid leasehold interest, as applicable, in or to any material portion of the Securitized Assets; <u>provided</u>, <u>however</u>, that this <u>clause (m)</u> will only begin to apply to the Real Estate Assets six (6) months after the
          Closing Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(n)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any ERISA Event occurs that, would, individually or in the aggregate, reasonably be expected to result in a Material Adverse
          Effect on any Securitization Entity;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(o)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the IRS files notice of a Lien pursuant to Section&#160;6323 of the Code with regard to the assets of any Securitization Entity and
          such Lien has not been released within sixty (60)&#160;days, unless (i) Jack in the Box Inc. or a Subsidiary thereof has provided evidence that payment to satisfy the full amount of the asserted liability has been provided to the IRS, and the IRS has
          released such asserted Lien within sixty (60)&#160;days of such payment, or (ii)&#160;such Lien or the asserted liability is being contested in good faith and Jack in the Box Inc. or a Subsidiary thereof has contributed to the Holding Company Guarantor the
          Tax Lien Reserve Amount, which such Tax Lien Reserve Amount is set aside and remitted to a collateral deposit account as provided in <u>Section 8.36</u>;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">85</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(p)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">a final non-appealable non-monetary judgment has been made by a court of competent jurisdiction that materially impairs (i)
          the Securitization Entities&#8217; ability to conduct the Securitized Company Restaurant Business and the Securitized Franchised Restaurant Business as of such date, taken as a whole, or (ii) the exercise of the Securitization Entities&#8217; or of the
          Trustee&#8217;s rights with respect to the Securitized Assets; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(q)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on the 90th day following the occurrence and continuation of an Advance Period;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt;">then (i)&#160;in the case of any event described in each clause above (except for <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(d)</u></font> thereof) that
        is continuing the Trustee, at the direction of the Control Party (at the direction of the Controlling Class Representative) and on behalf of the Noteholders, by written notice to the Master Issuer, shall declare the Notes of all Series&#160;to be
        immediately due and payable, and upon any such declaration the unpaid principal amount of the Notes of all Series, together with accrued and unpaid interest thereon through the date of acceleration, and all other amounts due to the Noteholders and
        the other Secured Parties under the Indenture Documents shall become immediately due and payable or (ii)&#160;in the case of any event described in <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(d)</u></font> above, the unpaid
        principal amount of the Notes of all Series, together with interest accrued but unpaid thereon through the date of acceleration, and all other amounts due to the Noteholders and the other Secured Parties under the Indenture Documents, shall
        immediately and without further act become due and payable.&#160; Promptly following the Trustee&#8217;s receipt of written notice hereunder of any Event of Default, the Trustee shall send a copy thereof to the Master Issuer, the Servicer, each Rating Agency
        for each Series of Notes Outstanding, the Controlling Class Representative, the Manager, the Back-Up Manager, each Noteholder and each other Secured Party.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">If the Master Issuer obtains Actual Knowledge that a Default or an Event of Default has occurred and is continuing, the Master Issuer shall promptly notify
        the Trustee and the Servicer.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">At any time after such a declaration of acceleration of maturity has been made relating to the Notes and before a judgment or
        decree for payment of the money due has been obtained by the Trustee, as hereinafter provided in this <u>Article IX</u>, the Control Party (at the direction of the Controlling Class Representative), by written notice to the Master Issuer and to
        the Trustee, may rescind and annul such declaration and its consequences, if (i) the Master Issuer has paid or deposited with the Trustee a sum sufficient to pay (a)&#160;all overdue installments of interest and principal on the Notes (excluding
        principal amounts due solely as a result of the acceleration), and (b)&#160;all unpaid taxes, administrative expenses and other sums paid or advanced by the Trustee or Servicer under the Related Documents and the reasonable compensation, expenses,
        disbursements and Advances of the Trustee and the Servicer, their agents and counsel, and any unreimbursed Advances (with interest thereon at the Advance Interest Rate), Servicing Fees, Liquidation Fees or Workout Fees and (ii)&#160;all existing Events
        of Default, other than the non-payment of the principal of the Notes which has become due solely by such declaration of acceleration, have been cured or waived as provided in <u>Section 9.07</u>.&#160; No such rescission shall affect any subsequent
        default or impair any right consequent thereon.&#160; Any acceleration resulting from any event described in <u>clause&#160;(d)</u> above may not be rescinded.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Rights of the Control Party and Trustee upon Event of Default</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Payment of Principal and Interest</u>.&#160; The Master Issuer covenants that if (i)&#160;default is made in the payment of any
          interest on any Series of Notes Outstanding when the same becomes due and payable, (ii)&#160;the Notes are accelerated following the occurrence of an Event of Default or (iii)&#160;default is made in the payment of the principal of, or premium, if any, on
          any Series of Notes Outstanding when due and payable, the Master Issuer shall, to the extent of funds available, upon demand of the Trustee, at the direction of the Control Party (subject to <u>Section 11.04(e)</u>, at the direction of the
          Controlling Class Representative), pay to the Trustee, for the benefit of the Noteholders, the whole amount then due and payable on the Notes for principal, premium, if any, and interest, and, to the extent payment at such rate of interest shall
          be legally enforceable, upon overdue installments of interest, at the applicable Note Rate and any default rate, as applicable, and in addition thereto such further amount as shall be sufficient to cover costs and expenses of collection,
          including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">86</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Proceedings To Collect Money</u>.&#160; In case the Master Issuer shall fail forthwith to pay such amounts upon such demand, the
          Trustee at the direction of the Control Party (at the direction of the Controlling Class Representative), in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may
          prosecute such Proceeding to judgment or final decree, and may enforce the same against the Master Issuer and collect in the manner provided by law out of the property of the Master Issuer, wherever situated, the moneys adjudged or decreed to be
          payable.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Other Proceedings</u>.&#160; If and when an Event of Default shall have occurred and is continuing, the Trustee, at the
          direction of the Control Party (subject to <u>Section 11.04(e)</u>, at the direction of the Controlling Class Representative) pursuant to a Control Party request shall take one or more of the following actions:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">proceed to protect and enforce its rights and the rights of the Noteholders and the other Secured Parties, by such
          appropriate Proceedings as the Control Party (at the direction of the Controlling Class Representative) shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in the
          Indenture or any other Related Document or in aid of the exercise of any power granted therein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by the Indenture or any other Related Document or by law,
          including any remedies of a secured party under applicable law;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A) direct the Master Issuer to exercise (and the Master Issuer agrees to exercise) all rights, remedies, powers,
          privileges and claims of the Master Issuer or any Securitization Entity against any party to any Collateral Transaction Document arising as a result of the occurrence of such Event of Default or otherwise, including the right or power to take any
          action to compel performance or observance by any such party of its obligations to the Master Issuer, and any right of the Master Issuer to take such action independent of such direction shall be suspended, and (B)&#160;if (x)&#160;the Master Issuer shall
          have failed, within ten (10)&#160;Business Days of receiving the direction of the Trustee (given at the direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish
          such directions of the Trustee, (y)&#160;the Master Issuer refuses to take such action or (z)&#160;the Control Party (at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, take (or the
          Control Party on behalf of the Trustee shall take) such previously directed action (and any related action as permitted under the Indenture thereafter determined by the Trustee or the Control Party to be appropriate without the need under this
          provision or any other provision under the Indenture to direct the Master Issuer to take such action);</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">institute Proceedings from time to time for the complete or partial foreclosure of the Indenture or, to the extent
          applicable, any other Related Document, with respect to the Collateral and, to the extent permitted by applicable law, any other Securitized Assets; <u>provided</u> that the Trustee will not be required to take title to any real property in
          connection with any foreclosure or other exercise of remedies hereunder or under such Related Documents and title to such property will instead be acquired in an entity designated and (unless owned by a third party) controlled by the Control
          Party; and/or</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">87</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">sell all or a portion of the Collateral and, to the extent permitted by applicable law, any other Securitized Assets,
          at one or more public or private sales called and conducted in any manner permitted by law; <u>provided</u>, <u>however</u>, that the Trustee shall not proceed with any such sale without the prior written consent of the Control Party (at the
          direction of the Controlling Class Representative) and the Trustee will provide notice to the Master Issuer and each Holder of Subordinated Notes and Senior Subordinated Notes of a proposed sale of Collateral or Securitized Assets, to the extent
          permitted by applicable law.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Sale of Securitized Assets</u>.&#160; In connection with any sale of the Collateral hereunder, under the Guarantee and
          Collateral Agreement (which may proceed separately and independently from the exercise of remedies under the Indenture), Mortgage or under any judgment, order or decree in any judicial proceeding for the foreclosure or involving the enforcement
          of the Indenture, the Guarantee and Collateral Agreement or any other Related Document, or any sale of Securitized Assets, to the extent permitted by applicable law:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any of the Trustee, any Noteholder, any Enhancement Provider, any Hedge Counterparty and/or any other Secured Party
          may bid for and purchase the property being sold, and upon compliance with the terms of the sale may hold, retain, possess and dispose of such property in its own absolute right without further accountability;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee (at the direction of the Control Party (at the direction of the Controlling Class Representative)) may
          make and deliver to the purchaser or purchasers a good and sufficient deed, bill of sale and instrument of assignment and transfer of the property sold;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all right, title, interest, claim and demand whatsoever, either at law or in equity or otherwise, of any
          Securitization Entity of, in and to the property so sold shall be divested; and such sale shall be a perpetual bar both at law and in equity against such Securitization Entity, its successors and assigns, and against any and all Persons claiming
          or who may claim the property sold or any part thereof from, through or under such Securitization Entity or its successors or assigns; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the receipt of the Trustee or of the officer thereof making such sale shall be a sufficient discharge to the
          purchaser or purchasers at such sale for his or their purchase money, and such purchaser or purchasers, and his or their assigns or personal representatives, shall not, after paying such purchase money and receiving such receipt of the Trustee or
          of such officer therefor, be obliged to see to the application of such purchase money or be in any way answerable for any loss, misapplication or non&#8209;application thereof.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);"><u>Application of Proceeds</u></font><font style="color: rgb(0, 0, 0);">.&#160; </font>Any amounts obtained by the Trustee on account of or as a result of the
          exercise by the Trustee of any of its rights under the Base Indenture or under the Guarantee and Collateral Agreement (a) will be deposited into the Collection Account and, other than with respect to amounts owed to a depository bank or
          securities intermediary under the related Account Control Agreement, will be held by the Trustee as additional collateral for the repayment of the Obligations and (b) will be applied first to pay a depository bank or securities intermediary in
          respect of amounts owed to it under the related Account Control Agreement and then as provided in the priority set forth in the Priority of Payments; <u>provided</u> that, unless otherwise provided in this <u>Article IX</u>, with respect to any
          distribution to any Class of Notes, such amounts will be distributed sequentially in order of alphabetical (as opposed to alphanumerical) designation and <font style="color: rgb(0, 0, 0);"><u>pro rata</u></font> among each Class of Notes of the
          same alphabetical designation based upon the Outstanding Principal Amount of the Notes of each such Class<font style="color: rgb(0, 0, 0);">.</font></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">88</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Additional Remedies</u>.&#160; In addition to any rights and remedies now or hereafter granted hereunder or under applicable law (x) with respect to the Collateral, the
          Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction and (y) with respect to the other Securitized Assets, the Trustee shall have all of the rights and remedies of an
          unsecured creditor in any applicable jurisdiction.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Proceedings</u>.&#160; The Trustee may maintain a Proceeding even if it does not possess any of the Notes or does not produce any of them in the Proceeding, and any such
          Proceeding instituted by the Trustee shall be in its own name as trustee.&#160; All remedies are cumulative to the extent permitted by law.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Power of Attorney</u>.&#160; The Master Issuer hereby grants to the Trustee an absolute and irrevocable power of attorney, with full power and authority in the place and stead
          of the Master Issuer and in the name of the Master Issuer, upon the occurrence and during the continuance of an Event of Default, to take any action and to execute any instrument consistent with the terms of hereof and the other Related Documents
          necessary or advisable to accomplish the purposes hereof, including, without limitation,&#160; to sign any document which may be required by the PTO, the United States Copyright Office, any similar office or agency in each foreign country in which any
          Securitization IP is located, or any other Governmental Authority in order to effect an absolute assignment of all right, title and interest in or to any Securitization IP, and record the same. The foregoing grant of authority is a power of
          attorney coupled with an interest. The Master Issuer hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Waiver of Appraisal, Valuation, Stay and Right to Marshaling</u></font>.&#160; To the extent it may lawfully do so, the Master Issuer for itself and for any Person who may claim through or under it hereby:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">agrees that neither it nor any such Person will step up, plead, claim or in any manner whatsoever take advantage of
          any appraisal, valuation, stay, extension or redemption laws, now or hereafter in force in any jurisdiction, which may delay, prevent or otherwise hinder (i)&#160;the performance, enforcement or foreclosure of the Indenture or the Guarantee and
          Collateral Agreement, (ii)&#160;the sale of any of the Collateral or Securitized Assets, to the extent permitted by applicable law or (iii)&#160;the putting of the purchaser or purchasers thereof into possession of such property immediately after the sale
          thereof;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">waives all benefit or advantage of any such laws;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">waives and releases all rights to have the Collateral and/or the Securitized Assets marshaled upon any foreclosure,
          sale or other enforcement of the Indenture or the Guarantee and Collateral Agreement; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">consents and agrees that, subject to the terms of the Indenture and the Guarantee and Collateral Agreement, all the
          Collateral and all of the Securitized Assets (to the extent permitted by applicable law) may at any such sale be sold by the Trustee as an entirety or in such portions as the Trustee may (upon direction by the Control Party (at the direction of
          the Controlling Class Representative)) determine.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">89</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.05</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Limited


              Recourse</u></font>.&#160; Notwithstanding any other provision of the Indenture, the Notes or any other Related Document or otherwise, the liability of the Securitization Entities to the Noteholders and any other Secured Parties under or in
          relation to the Indenture, the Notes or any other Related Document or otherwise, is limited in recourse to the assets of the Securitization Entities.&#160; Following the proceeds of such assets having been applied in accordance with the terms hereof,
          none of the Noteholders or any other Secured Parties shall be entitled to take any further steps against any Securitization Entity to recover any sums due but still unpaid hereunder, under the Notes or under any of the other agreements or
          documents described in this <u>Section 9.05</u>, all claims in respect of which shall be extinguished. The provisions of this <u>Section 9.05</u> shall survive the expiration or earlier termination of the Indenture.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.06</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Optional
              Preservation of the Securitized Assets</u></font>.&#160; If the maturity of the Outstanding Notes of each Series&#160;has been accelerated pursuant to <u>Section 9.02</u> following an Event of Default and such declaration and its consequences have not
          been rescinded and annulled, the Trustee, at the direction of the Control Party (acting at the direction of the Controlling Class Representative), shall elect to maintain possession of such portion, if any, of the Collateral and/or Securitized
          Assets (to the extent permitted by applicable law) as the Control Party (acting at the direction of the Controlling Class Representative) shall in its discretion determine.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.07</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Waiver


              of Past Events</u></font>.&#160; Prior to the declaration of the acceleration of the maturity of each Series of Notes Outstanding as provided in <u>Section 9.02</u> and subject to <u>Section 13.02</u>, the Control Party (at the direction of the
          Controlling Class Representative) by notice to the Trustee, each Rating Agency and the Servicer, may waive any existing Default or Event of Default described in any clause of <u>Section 9.02</u> (except <u>clause&#160;(d)</u> thereof) and its
          consequences; <u>provided</u>, <u>however</u>, that before any waiver may be effective, the Trustee and the Servicer must have received any reimbursement then due or payable in respect of unreimbursed Advances (including interest thereon) or
          any other amounts then due to the Servicer or the Trustee hereunder or under the Related Documents; <u>provided</u>, <u>further</u>, that the Control Party shall provide written notice of any such waiver to each Rating Agency for each Series of
          Notes Outstanding (with a copy to the Servicer).&#160; Upon any such waiver, such Default shall cease to exist and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture, but no such waiver shall
          extend to any subsequent or other Default or impair any right consequent thereon.&#160; A Default or an Event of Default described in <u>Section 9.02(d)</u> shall not be subject to waiver without the consent of the Control Party (acting at the
          direction of the Controlling Class Representative) and each Noteholder.&#160; Subject to <u>Section 13.02</u>, the Control Party (at the direction of the Controlling Class Representative), by notice to the Trustee, each Rating Agency for each Series
          of Notes Outstanding and the Servicer, may waive any existing Potential Rapid Amortization Event or any existing Rapid Amortization Event; <u>provided</u>&#160;<u>however</u>, that a Rapid Amortization Event described in <u>Section 9.01(b)</u>
          relating to a particular Series, Class or Tranche of Notes shall not be permitted to be waived by any party unless 100% of the Noteholders have consented to such waiver in writing.]</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.08</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Control by the Control Party</u></font>.&#160; Notwithstanding any other provision hereof, the Control Party (subject to <u>Section 11.04(e)</u>, at the direction of the Controlling Class Representative) may cause the
          institution of and direct the time, method and place of conducting any proceeding in respect of any enforcement of the Collateral (or, to the extent permitted by applicable law, other Securitized Assets) or conducting any proceeding in respect of
          any enforcement of Liens on the Collateral and other rights and remedies against the other Securitized Assets (to the extent permitted by applicable law) or conducting any proceeding for any contractual or legal remedy available to the Trustee or
          exercise any trust or power conferred on the Trustee; <u>provided</u> that:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">such direction of time, method and place shall not be in conflict with any rule of law, the Servicing Standard or the
          Indenture;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">90</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Control Party (at the direction of the Controlling Class Representative) may take any other action deemed proper
          by the Control Party (at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the same may be modified by the Control Party (with the consent of the Controlling Class Representative)); and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">such direction shall be in writing;</font></div>
      <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"><u>provided</u>&#160;<u>further</u> that, subject to <u>Section 10.01</u>, the Trustee need not take any action that it determines might involve it in
        liability unless it has received an indemnity for such liability as provided herein.&#160; The Trustee shall take no action referred to in this <u>Section 9.08</u> unless instructed to do so by the Control Party (at the direction of the Controlling
        Class Representative).<br>
        <br>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.09</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Limitation on Suits</u></font>.&#160; Any other provision of the Indenture to the contrary notwithstanding, a Holder may pursue a remedy with respect to the Indenture or any other Related Document only if:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Holder gives to the Trustee, the Control Party and the Controlling Class Representative written notice of a
          continuing Event of Default;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Holders of at least 25% of the Aggregate Outstanding Principal Amount make a written request to the Trustee, the
          Control Party and the Controlling Class Representative to pursue the remedy;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">such Holder or Holders offer and, if requested, provide to the Trustee, the Control Party and the Controlling Class
          Representative indemnification satisfactory to the Trustee, the Control Party and the Controlling Class Representative against any loss, liability or expense;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee does not comply with the request within sixty (60)&#160;days after receipt of the request and the offer and,
          if requested, the provision of indemnity reasonably satisfactory to it;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">during such sixty (60)&#160;day period, the Majority of Senior Noteholders do not give the Trustee a direction
          inconsistent with the request; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Control Party (at the direction of the Controlling Class Representative) has consented to the pursuit of such
          remedy.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt;">A Holder may not use the Indenture or any other Related Document to prejudice the rights of another Holder or to obtain a preference or priority over another Holder.</div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.10</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Unconditional Rights of Holders to Receive Payment</u></font>.&#160; Notwithstanding any other provision of the Indenture, the right of any Holder of a Note to receive payment of principal of, and premium, if any, and
          interest on the Note, on or after the respective Series Legal Final Maturity Date expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be
          impaired or affected without the consent of the Holder of the Note.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.11</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>The


              Trustee May File Proofs of Claim</u></font>.&#160; The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
          reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel), the Holders and any other Secured Party (as applicable) allowed in any judicial proceedings relative to the Master Issuer (or any other obligor
          upon the Notes), its creditors or its property, and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claim and any custodian in any such judicial proceeding is
          hereby authorized by each Holder and each other Secured Party to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders or any other Secured Party, to pay the
          Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under <u>Section 10.05</u>.&#160; To the extent that the payment of any
          such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under <u>Section 10.05</u> out of the estate in any such proceeding, shall be denied for any reason, payment of
          the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money and other properties which any of the Holders or any other Secured Party may be entitled to receive in such proceeding whether in
          liquidation or under any plan of reorganization or arrangement or otherwise.&#160; Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder or any other Secured Party any
          plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Holder or any other Secured Party, or to authorize the Trustee to vote in respect of the claim of any Holder or any other Secured Party
          in any such proceeding.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">91</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.12</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Undertaking


              for Costs</u></font>.&#160; In any suit for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any
          party litigant in the suit of any undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys&#8217; fees, against any party litigant in the suit, having due regard to the merits
          and good faith of the claims or defenses made by the party litigant.&#160; This <u>Section 9.12</u> does not apply to a suit by the Trustee (or by the Control Party for any contractual or legal remedy available to the Trustee), a suit by a Holder
          pursuant to <u>Section 9.09</u> or a suit by Holders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of Notes.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.13</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Restoration of Rights and Remedies</u></font>.&#160; If the Trustee, any Holder or any other Secured Party has instituted any Proceeding to enforce any right or remedy under the Indenture or any other Related Document and
          such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Holder or other Secured Party, then and in every such case the Trustee and the Holders and any such other Secured Party
          shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee, the Holders and the other Secured Parties shall continue as
          though no such Proceeding had been instituted.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.14</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Rights and Remedies Cumulative</u></font>.&#160; No right or remedy herein conferred upon or reserved to the Trustee or to the Holders or any other Secured Party is intended to be exclusive of any other right or
          remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under the Indenture or any other Related Document or now or hereafter existing at law or in equity or
          otherwise.&#160; The assertion or employment of any right or remedy under the Indenture or any other Related Document, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.15</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Delay


              or Omission Not Waiver</u></font>.&#160; No delay or omission of the Trustee, the Control Party, the Controlling Class Representative, any Holder or any other Secured Party to exercise any right or remedy accruing upon any Potential Rapid
          Amortization Event, Rapid Amortization Event, Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default or an
          acquiescence therein.&#160; Every right and remedy given by this <u>Article IX</u> or by law to the Trustee, the Control Party, the Controlling Class Representative, the Holders or any other Secured Party may be exercised from time to time to the
          extent not inconsistent with the Indenture, and as often as may be deemed expedient, by the Trustee, the Control Party, the Controlling Class Representative, the Holders or any other Secured Party, as the case may be.<br>
          <br>
        </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">92</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 9.16</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Waiver of Stay or Extension Laws</u></font>.&#160; The Master Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the
          benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of the Indenture or any other Related Document; and the Master Issuer (to the extent that
          it may lawfully do so) hereby expressly waives all benefit or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, the Control Party or the Controlling Class
          Representative, but will suffer and permit the execution of every such power as though no such law had been enacted.</font></div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE IX<br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">THE TRUSTEE</div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Duties


              of the Trustee</u></font>.&#160; (a)&#160; If an Event of Default or Rapid Amortization Event actually known to a Trust Officer has occurred and is continuing, the Trustee shall (except in the case of the receipt of directions with respect to such
          matter from the Control Party in accordance with the terms of this Base Indenture or another Related Document in which event the Trustee&#8217;s sole obligation will be to await such direction and act or refrain from acting in accordance therewith)
          exercise such of the rights and powers vested in it by the Indenture and the other Related Documents, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in the conduct of
          such Person&#8217;s own affairs; <u>provided</u>, <u>however</u>, that the Trustee shall have no liability in connection with any action or inaction taken, or not taken, by it upon the deemed occurrence of an Event of Default, a Rapid Amortization
          Event, a Manager Termination Event or a Servicer Termination Event of which a Trust Officer has not received written notice; <u>provided</u>, <u>further</u>, that the Trustee shall have no liability in connection with any action or inaction due
          to the acts or failure to act of the Control Party or the Controlling Class Representative in connection with any Event of Default, Rapid Amortization Event, a Manager Termination Event or a Servicer Termination Event or for acting or failing to
          act due to any direction or lack of direction from the Control Party or the Controlling Class Representative.&#160; The preceding sentence shall not have the effect of insulating the Trustee from liability arising out of the Trustee&#8217;s negligence, bad
          faith or willful misconduct except as provided in <u>Section 10.01(c)</u>.&#160; The Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee which are
          specifically required to be furnished pursuant to any provision of the Indenture, shall examine them to determine whether they conform to the requirements of this Indenture; <u>provided</u>, <u>however</u>, that the Trustee shall not be
          responsible for the accuracy or content of any resolution, certificate, statement opinion, report, document, order or other instrument furnished by the Master Issuer under the Indenture.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Except during the occurrence and continuance of an Event of Default, Rapid Amortization Event, Manager Termination Event or
          Servicer Termination Event of which a Trust Officer shall have Actual Knowledge:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee undertakes to perform only those duties that are specifically set forth in the Indenture or any other
          Related Document to which it is a party and no others, the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be
          read into the Indenture or any other Related Document against the Trustee; and</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">93</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
          correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of the Indenture and any other applicable Related Document; <u>provided</u>, <u>however</u>, in the case of
          any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine such certificates or opinions to determine whether or not they conform to the
          requirements of the Indenture and shall promptly notify the party of any non-conformity.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee may not be relieved from liability for its own negligent action, bad faith or willful misconduct, except that:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">This <u>clause&#160;(c)</u> does not limit the effect of <u>clause&#160;(b)</u> of this <u>Section 10.01</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be liable in its individual capacity for any error of judgment made in good faith by a Trust Officer,
          unless it is proven that the Trustee was grossly negligent, acted in bad faith or engaged in willful misconduct in ascertaining the pertinent facts.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be liable in its individual capacity with respect to any action taken or omitted to be taken by it in
          good faith at the direction of the Manager, the Master Issuer, the Control Party and/or a Holder under circumstances in which such direction is required or permitted by the terms of this Base Indenture or applicable law.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be charged with knowledge of any Mortgage Preparation Event, Mortgage Recordation Event, Default, Event
          of Default, Potential Rapid Amortization Event, Rapid Amortization Event, Manager Termination Event, Potential Manager Termination Event or Servicer Termination Event or the commencement and continuation of a Cash Trapping Period until such time
          as a Trust Officer shall have Actual Knowledge or have received written notice thereof.&#160; In the absence of such Actual Knowledge or receipt of such notice, the Trustee may conclusively assume that no such event has occurred or is continuing.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding anything to the contrary contained in the Indenture or any of the other Related Documents, no provision of the
          Indenture or the other Related Documents shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or exercises of its rights or powers hereunder, if it has
          reasonable grounds for believing that the repayment of such funds or adequate security or indemnity against such risk or liability is not reasonably assured to it by the terms of the Indenture or the Guarantee and Collateral Agreement.&#160; The
          Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any risk, loss, liability or expense.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">In the event that the Paying Agent or the Registrar shall fail to perform any obligation, duty or agreement in the manner or
          on the day required to be performed by the Paying Agent or the Registrar, as the case may be, under the Indenture, the Trustee shall be obligated as soon as practicable upon Actual Knowledge of a Trust Officer thereof and receipt of appropriate
          records and information, if any, to perform such obligation, duty or agreement in the manner so required.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Subject to <u>Section 10.03</u>, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were
          received, but need not be segregated from other funds except to the extent required by law or the Indenture or any of the other Related Documents.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">94</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Whether or not therein expressly so provided, every provision of the Indenture and the other Related Documents relating to the conduct of, affecting the liability of, or
          affording protection to, the Trustee shall be subject to the provisions of this <u>Section 10.01</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be responsible for the existence, genuineness or value of any of the Securitized Assets or for the validity, perfection, priority or enforceability of
          the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes negligence, bad faith or willful misconduct on
          the part of the Trustee, for the validity or sufficiency of the Securitized Assets or any agreement or assignment contained therein, for the validity of the title of the Securitization Entities to the Securitized Assets, for insuring the
          Securitized Assets or for the payment of Taxes, charges, assessments or Liens upon the Securitized Assets or otherwise as to the maintenance of the Securitized Assets.&#160; Except as otherwise provided herein, the Trustee shall have no duty to
          inquire as to the performance or observance of any of the terms of the Indenture or the other Related Documents by the Securitization Entities.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the Indenture or at the direction of
          the Servicer, the Control Party, the Controlling Class Representative or the Holders of the requisite percentage of Notes, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
          any trust or power conferred upon the Trustee, under the Indenture, any other circumstances in which direction is required or permitted by the terms of the Indenture or applicable law.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall have no duty (i)&#160;to see to any recording, filing or depositing of this Base Indenture or any agreement referred to herein or any financing statement or
          continuation statement evidencing a security interest, or to see to the maintenance of any such recordings or filing or depositing or to any rerecording, refiling or redepositing of any thereof (other than with respect to filings of the Mortgages
          as and to the extent provided in <u>Section 3.01(c)</u>); (ii)&#160;to see to any insurance, (iii)&#160;except as otherwise provided by <u>Section 10.01(e)</u>, to see to the payment or discharge of any Tax, assessment or other governmental charge or any
          Lien or encumbrance of any kind or (iv)&#160;to confirm or verify the contents of any reports or certificates of the Manager, the Control Party, the Back-Up Manager or the Servicer delivered to the Trustee pursuant to this Base Indenture or any other
          Related Document believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(k)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be personally liable for special, indirect, consequential or punitive damages arising out of, in connection with or as a result of the performance of
          its duties under the Indenture.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding anything to the contrary in this <u>Section 10.01</u>, the Trustee shall make Debt Service Advances to the
          extent and in the manner set forth in <u>Section 5.13(a)(iii)</u> hereof; <u>provided</u>, <u>however</u>, that notwithstanding anything herein or in any other Related Document to the contrary, the Trustee will not be responsible for advancing
          any principal on the Senior Notes, any make-whole prepayment premiums, any Series Hedge Payment Amounts, any Class A-1 Notes Administrative Expenses, any Class A-1 Quarterly Commitment Fee Amounts, any Post-ARD Contingent Interest or any reserve
          amounts or any interest or principal payable on, or any other amount due with respect to, the Senior Subordinated Notes or the Subordinated Notes.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding anything herein to the contrary, no Debt Service Advance shall be required to be made hereunder by the Trustee
          if the Trustee determines such Debt Service Advance (including interest thereon) would, if made, constitute a Nonrecoverable Advance.&#160; The determination by the Trustee that it has made a Nonrecoverable Advance or that any proposed Debt Service
          Advance, if made, would constitute a Nonrecoverable Advance, shall be made by the Trustee in its reasonable good faith judgment.&#160; The Trustee is entitled to conclusively rely on the determination of the Servicer that an Advance is or would be a
          Nonrecoverable Advance.&#160; Any such determination will be conclusive and binding on the Holders.&#160; The Trustee may update or change its nonrecoverability determination at any time, and may decide that a requested Debt Service Advance or Collateral
          Protection Advance that was previously deemed to be a Nonrecoverable Advance shall have become recoverable.&#160; Notwithstanding the foregoing, all outstanding Debt Service Advances and Collateral Protection Advances made by the Trustee and any
          accrued interest thereon will be paid strictly in accordance with the Priority of Payments, even if the Trustee determines that any such advance is a Nonrecoverable Advance after such Advance has been made.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">95</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);">The Trustee shall be entitled to receive interest at the Advance Interest Rate accrued on the amount of each
            Debt Service Advance made thereby (with its own funds) for so long as such Debt Service Advance is outstanding.&#160; Such interest with respect to any Debt Service Advance made pursuant to this </font><font style="color: rgb(0, 0, 0);"><u>Section
              10.01(k)</u></font><font style="color: rgb(0, 0, 0);">&#160;</font>shall <font style="color: rgb(0, 0, 0);">be calculated on the basis of a 360-day year of twelve 30-day months (which will be compounded monthly) and shall be payable out of
            Collections in accordance with the Priority of Payments pursuant to </font><font style="color: rgb(0, 0, 0);"><u>Section 5.12</u></font><font style="color: rgb(0, 0, 0);"> hereof and the other applicable provisions of the Related Documents.</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.02</font><font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Rights of the Trustee</u></font>.&#160; Except as otherwise provided by <u>Section 10.01</u>:</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting based upon any
          resolution, Officer&#8217;s Certificate, Opinion of Counsel, certificate, instrument, report, consent, order, document or other paper reasonably believed by it to be genuine and to have been signed by or presented by the proper Person.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall
          be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee may act through agents, custodians and nominees and shall not be liable for any negligence, bad faith or
          willful misconduct on the part of, or for the supervision of, any such non-affiliated agent, custodian or nominee so long as such agent, custodian or nominee is appointed with due care; <u>provided</u>, <u>however</u>, the Trustee shall have
          received the consent of the Servicer prior to the appointment of any agent, custodian or nominee performing any material obligation of the Trustee hereunder.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be liable for any action it takes, suffers or omits to take in the absence of gross negligence,
          bad faith or willful misconduct which it believes to be authorized or within the discretion or rights or powers conferred upon it by the Indenture or the applicable Related Documents.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Base Indenture,
          any Series Supplement or any other Related Document, or to institute, conduct or defend any litigation hereunder or thereunder or in relation hereto or thereto, at the request, order or direction of the Servicer, the Control Party, the
          Controlling Class Representative, any of the Holders or any other Secured Party, pursuant to the provisions of this Base Indenture or any Series Supplement, unless the Trustee shall have been offered security or indemnity reasonably satisfactory
          to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">96</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Prior to the occurrence of an Event of Default or Rapid Amortization Event, the Trustee shall not be bound to make
          any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by the
          Noteholders of at least 25% of the Aggregate Outstanding Principal Amount of all then Outstanding Notes.&#160; If the Trustee is so requested or determines in its own discretion to make such further inquiry or investigation into such facts or matters
          as it sees fit, the Trustee shall be entitled to examine the books, records and premises of the Securitization Entities, personally or by agent or attorney, at the sole cost of the Master Issuer and the Trustee shall incur no liability by reason
          of such inquiry or investigation.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The right of the Trustee to perform any discretionary act enumerated in this Base Indenture shall not be construed as
          a duty, and the Trustee shall be not be liable in the absence of negligence, bad faith or willful misconduct for the performance of such act.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">In accordance with Section&#160;326 of the U.S.A. Patriot Act, to help fight the funding of terrorism and money laundering
          activities, the Trustee will obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Trustee.&#160; The Trustee will ask for the name, address, tax identification number
          and other information that will allow the Trustee to identify the individual or entity who is establishing the relationship or opening the account.&#160; The Trustee may also ask for formation documents such as articles of incorporation, an offering
          memorandum, or other identifying documents to be provided.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding anything to the contrary herein, any and all communications (both text and attachments) by or from
          the Trustee that the Trustee in its sole discretion deems to contain confidential, proprietary or sensitive information and sent by electronic mail will be encrypted.&#160; The recipient of the email communication will be required to complete a
          one-time registration process.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under
          this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics;
          riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents; labor disputes; acts of civil or military authority or governmental actions (it being understood that the Trustee shall
          use commercially reasonable efforts to resume performance as soon as practicable under the circumstances).</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(k)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be required to give any bond or surety in respect of the execution of the trust created hereby
          or the powers granted hereunder.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(l)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">All rights of action and claims under this Base Indenture may be prosecuted and enforced by the Trustee without the possession
          of any of the Notes or the production thereof in any proceeding relating thereto, any such proceeding instituted by the Trustee shall be brought in its own name or in its capacity as Trustee.&#160; Any recovery of judgment shall, after provision for
          the payments to the Trustee provided for in <u>Section 10.05</u>, be distributed in accordance with the Priority of Payments.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">97</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(m)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee may request written direction from any applicable party any time the Indenture provides that the Trustee may be
          directed to act.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(n)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Any request or direction of the Master Issuer mentioned herein shall be sufficiently evidenced by a Company Order.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(o)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Whenever in the administration of the Indenture the Trustee shall deem it desirable that a matter be proved or established
          prior to taking, suffering or omitting any action hereunder, the Trustee may, in the absence of bad faith, gross negligence or willful misconduct on its part, rely upon an Officer&#8217;s Certificate of the Master Issuer, the Manager or the Servicer
          and shall incur no liability for its reliance thereon.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(p)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not be responsible for the accuracy of the books or records of, or for any acts or omissions of, DTC, any
          transfer agent (other than the Trustee itself acting in that capacity), Clearstream, Euroclear, any calculation agent (other than the Trustee itself acting in that capacity), or any agent appointed by it with due care or any Paying Agent (other
          than the Trustee itself acting in that capacity).</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(q)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Trustee&#8217;s
          economic self-interest for (i) serving as an investment advisor, administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible
          Investments and (iii) effecting transactions in certain Eligible Investments.&#160; The Trustee does not guarantee the performance of any Eligible Investments.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(r)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall have no obligation to invest and reinvest any cash held in the absence of timely and specific written
          investment direction from the Servicer or the Master Issuer.&#160; In no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon.&#160; The Trustee shall have no liability in respect of losses incurred
          as a result of the liquidation of any investment prior to its stated maturity or the failure of the Servicer or the Master Issuer to provide timely written investment direction.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(s)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall have no obligation to calculate nor shall it be responsible or liable for any calculation of the DSCR, New
          Series Pro Forma DSCR or the Interest-Only DSCR.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(t)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
          be indemnified, are extended to, and shall be enforceable by, the Trustee, in each case, with respect to its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(u)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall be afforded, in each Related Document, all of the rights, powers, immunities and indemnities granted to it
          in this Base Indenture as if such rights, powers, immunities and indemnities were specifically set out in each such Related Document.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">For any purpose under the Related Documents, the Trustee may conclusively assume without incurring liability therefor that no
          Notes are held by any of the Securitization Entities, any other obligator upon the Notes, the Manager or any Affiliate of them unless a Trust Officer has received written notice at the Corporate Trust Office that any Notes are so held by any of
          the Securitization Entities, any other obligator upon the Notes, the Manager or any Affiliate of them.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(w)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee shall not have any responsibility to make any inquiry or investigation as to, and shall have no obligation in
          respect of, the terms of an engagement of Independent Auditors by the Master Issuer (or the Manager on behalf of the Master Issuer) or the terms of any agreed upon procedures in respect of such engagement; <u>provided</u>, <u>however</u>, that
          the Trustee shall be authorized, upon receipt of a Company Order directing the same, to execute any acknowledgment or other agreement with the Independent Auditors required for the Trustee to receive any of the reports or instructions provided
          herein, which acknowledgment or agreement may include, among other things, (i) acknowledgment that the Master Issuer had agreed that the procedures to be performed by the Independent Auditors are sufficient for the Master Issuer&#8217;s purposes, (ii)
          releases by the Trustee (on behalf of itself and the Holders) of claims against the Independent Auditors, and (iii) restrictions or prohibitions on the disclosure of information or documents provided to it by such firm of Independent Auditors
          (including to the Holders). Notwithstanding the foregoing, in no event shall the Trustee be required to execute any agreement in respect of the Independent Auditors that the Trustee reasonably determines adversely affects it.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">98</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Individual Rights of the Trustee</u></font>.&#160; The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Securitization Entities or an Affiliate of the
          Securitization Entities with the same rights it would have if it were not Trustee.&#160; Any Agent may do the same with like rights.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Notice of Events of Default and Defaults</u></font>.&#160; If an Event of Default, a Default, a Rapid Amortization Event or a Potential Rapid Amortization Event occurs and is continuing and if a Trust Officer has Actual
          Knowledge, or written notice of the existence thereof has been delivered to a Trust Officer, the Trustee shall promptly provide the Noteholders, the Servicer, the Manager, the Back-Up Manager, the Master Issuer, any Class A-1 Administrative Agent
          and each Rating Agency for each Series of Notes Outstanding with notice of such Event of Default, Default, Rapid Amortization Event or Potential Rapid Amortization Event, to the extent that the Notes of such Series&#160;are Book-Entry Notes, by email,
          telephone and facsimile and otherwise by first class mail.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.05</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Compensation
              and Indemnity</u></font>.&#160; (a)&#160; The Master Issuer shall promptly pay to the Trustee from time to time compensation for its acceptance of the Indenture and services hereunder and under the other Related Documents to which the Trustee is a
          party as the Trustee and the Master Issuer shall from time to time agree in writing.&#160; The Trustee&#8217;s compensation shall not be limited by any law on compensation of a trustee of an express trust.&#160; The Master Issuer shall reimburse the Trustee
          promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services in accordance with the provisions of the Indenture (including, without limitation, the Priority
          of Payments).&#160; Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee&#8217;s agents and outside counsel.&#160; The Master Issuer shall not be required to reimburse any expense incurred by the Trustee through the
          Trustee&#8217;s own willful misconduct, bad faith or negligence.&#160; When the Trustee incurs expenses or renders services after an Event of Default or Rapid Amortization Event occurs, the expenses and the compensation for the services are intended to
          constitute expenses of administration under the Bankruptcy Code.<br>
          <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer shall indemnify and hold harmless the Trustee or any predecessor Trustee and their respective directors, officers, agents and employees from and against
          any loss, liability, claim, expense (including Taxes, other than Taxes based upon, measured by or determined by the income of the Trustee or such predecessor Trustee), damage or injury suffered or sustained by reason of any acts, omissions or
          alleged acts or omissions arising out of or in connection with (i)&#160;the activities of the Trustee or such predecessor Trustee pursuant to this Base Indenture, any Series Supplement or any other Related Documents to which the Trustee is a party and
          (ii)&#160;the security interest granted hereby, whether arising by virtue of any act or omission on the part of the Master Issuer or otherwise, including but not limited to any judgment, award, settlement, reasonable attorneys&#8217; fees and other costs or
          expenses reasonably incurred in connection with the defense of any actual or threatened action, proceeding, claim (whether asserted by the Master Issuer, the Servicer, the Control Party or any Noteholder or any other Person), liability in
          connection with the exercise or performance of any of its powers or duties hereunder or under any Related Document, the preservation of any of its rights to, or the realization upon, any of the Collateral, or the Securitized Assets, to the extent
          permitted by applicable law, or in connection with enforcing the provisions of this <u>Section 10.05(b)</u>; <u>provided</u>, <u>however</u>, that the Master Issuer shall not indemnify the Trustee, any predecessor Trustee or their respective
          directors, officers, employees or agents if such acts, omissions or alleged acts or omissions constitute willful misconduct, bad faith or negligence by the Trustee or such predecessor Trustee, as the case may be.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">99</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The provisions of this <u>Section 10.05</u> shall survive the termination of the Indenture and the resignation and removal of the Trustee.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.06</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Replacement


              of the Trustee</u></font>.&#160; (a)&#160; A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee&#8217;s acceptance of appointment as provided in this <u>Section 10.06</u>.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee may, after giving thirty (30)&#160;days prior written notice to the Master Issuer, the Noteholders, the Servicer, the
          Manager, the Back-Up Manager, the Controlling Class Representative, each Class A-1 Administrative Agent and each Rating Agency for each Series of Notes Outstanding, resign at any time from its office and be discharged from the trust hereby
          created; <u>provided</u>, <u>however</u>, that no such resignation of the Trustee shall be effective until a successor trustee has assumed the obligations of the Trustee hereunder.&#160; The Control Party or the Master Issuer may remove the Trustee,
          or any Noteholder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee, if at any time:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee fails to comply with <u>Section 10.08</u>;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under the
          Bankruptcy Code;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee fails generally to pay its debts as such debts become due; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee becomes incapable of acting.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt;">If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Master Issuer shall promptly, with the prior written consent of
        the Control Party, appoint a successor Trustee.&#160; Within one (1) year after the successor Trustee takes office, the Majority of Controlling Class Members (with the prior written consent of the Control Party) may appoint a successor Trustee to
        replace the successor Trustee appointed by the Master Issuer.</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If a successor Trustee is not appointed and an instrument of acceptance by a successor Trustee is not delivered to the Trustee
          within thirty (30)&#160;days after the retiring Trustee resigns or is removed, at the direction of the Control Party, the retiring Trustee, at the expense of the Master Issuer, may petition any court of competent jurisdiction for the appointment of a
          successor Trustee.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the Trustee after written request by the Servicer or any Noteholder fails to comply with <u>Section 10.08</u>, the Servicer or such Noteholder may petition any court of
          competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee or removed Trustee and to the Servicer and the Master Issuer.&#160; Thereupon
          the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Base Indenture, any Series Supplement and any other Related Document to
          which the Trustee is a party.&#160; The successor Trustee shall mail a notice of its succession to the Noteholders and each Class A-1 Administrative Agent.&#160; The retiring Trustee shall promptly transfer all property held by it as Trustee to the
          successor Trustee; <u>provided</u>, <u>however</u>, that all sums owing to the retiring Trustee hereunder have been paid.&#160; Notwithstanding replacement of the Trustee pursuant to this <u>Section 10.06</u>, the Master Issuer&#8217;s obligations under
          <u>Section 10.05</u> shall continue for the benefit of the retiring Trustee.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">100</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">No successor Trustee may accept its appointment unless at the time of such acceptance such successor is qualified and eligible under this Base Indenture and a Rating Agency
          Notification has been provided and the Control Party has provided its consent with respect to such appointment.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.07</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Successor
              Trustee by Merger, etc</u></font>. Subject to <u>Section 10.08</u>, if the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
          corporation without any further act shall be the successor Trustee; <u>provided</u> that written notice of such consolidation, merger or conversion shall be provided to the Master Issuer, the Servicer, the Noteholders and each Class A-1
          Administrative Agent; <u>provided</u>, <u>further</u>, that the resulting or successor corporation is eligible to be a Trustee under <u>Section 10.08</u>.</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.08</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Eligibility


              Disqualification</u></font>.&#160; (a)&#160; There shall at all times be a Trustee hereunder which shall (i)&#160;be a bank or trust company organized and doing business under the laws of the United States of America or of any state thereof authorized under
          such laws to exercise corporate trustee power, (ii)&#160;be subject to supervision or examination by federal or state authority, (iii)&#160;have a combined capital and surplus of at least $250,000,000 as set forth in its most recent published annual report
          of condition, (iv)&#160;be reasonably acceptable to the Servicer and (v)&#160;have a long-term unsecured debt rating of at least &#8220;BBB&#8221; by S&amp;P, if it has a rating by S&amp;P, if it has a rating by KBRA, &#8220;BBB&#8221; by KBRA, and if it does not have a rating by
          S&amp;P or KBRA, then a rating of at least &#8220;BBB&#8221; (or an equivalent) by another nationally recognized statistical rating organization.</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">At any time the Trustee shall cease to satisfy the eligibility requirements of <u>Section 10.08(a)</u>, the Trustee shall resign after written request that it do so by the
          Master Issuer, or by the Control Party at the direction of the Controlling Class Representative, in the manner and with the effect specified in <u>Section 10.06</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.09</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Appointment


              of Co-Trustee or Separate Trustee</u></font>.&#160; (a)&#160; Notwithstanding any other provisions of this Base Indenture, any Series Supplement or any other Related Document, at any time, for the purpose of meeting any legal requirements of any
          jurisdiction in which any part of the <font style="color: rgb(0, 0, 0);">Securitized Assets </font>may at the time be located, the Trustee shall have the power upon notice to the Control Party, the Master Issuer and each Class A-1
          Administrative Agent and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the <font style="color: rgb(0, 0, 0);">Securitized


            Assets</font>, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders and the other Secured Parties, such title to the Collateral (or other rights in and to the Securitized Assets), or any part thereof,
          and, subject to the other provisions of this <u>Section 10.09</u>, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable.&#160; Any co-trustee or separate trustee hereunder shall be required to meet
          the terms of eligibility as a successor trustee under <u>Section 10.08</u> or shall be otherwise acceptable to the Servicer.&#160; No notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under <u>Section
            10.06</u>.&#160; No co-trustee shall be appointed without the consent of the Servicer and the Master Issuer unless such appointment is required as a matter of state law or to enable the Trustee to perform its functions hereunder.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">101</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following
          provisions and conditions:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Notes of each Series shall be authenticated and delivered solely by the Trustee or an authenticating agent
          appointed by the Trustee;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon
          and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the
          extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
          (including the holding of title to the Collateral (or other rights in and to the Securitized Assets) or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at
          the direction of the Trustee;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder and
          such appointment shall not, and shall not be deemed to, constitute any such trustee or co-trustee as an agent of the Trustee; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if
          given to each of them.&#160; Every instrument appointing any separate trustee or co-trustee shall refer to this Base Indenture and the conditions of this <u>Article X</u>.&#160; Each separate trustee and co-trustee, upon its acceptance of the trusts
          conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Base Indenture, any Series
          Supplement and any other Related Documents to which the Trustee is a party, specifically including every provision of this Base Indenture, any Series Supplement, or any other Related Document which the Trustee is a party relating to the conduct
          of, affecting the liability of, or affording protection to, the Trustee.&#160; Every such instrument shall be filed with the Trustee and a copy thereof given to the Servicer and the Master Issuer.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law,
          to do any lawful act under or in respect to this Base Indenture, any Series Supplement or any other Related Document on its behalf and in its name.&#160; If any separate trustee or co-trustee shall die, become incapable of acting, resign or be
          removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 10.10</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Representations and Warranties of Trustee</u></font>.&#160; The Trustee represents and warrants to the Master Issuer and the Holders that:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee is a national banking association, organized, existing and in good standing under the laws of the United
          States;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee has full power, authority and right to execute, deliver and perform this Base Indenture, any Series
          Supplement issued concurrently with this Base Indenture and each other Related Document to which it is a party and to authenticate the Notes, and has taken all necessary action to authorize the execution, delivery and performance by it of this
          Base Indenture, any Series Supplement issued concurrently with this Base Indenture and any such other Related Document and to authenticate the Notes;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">102</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">this Base Indenture and each other Related Document to which it is a party has been duly executed and delivered by
          the Trustee; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Trustee meets the requirements of eligibility as a trustee hereunder set forth in <u>Section 10.08(a)</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE X<br>
        <br>
        CONTROLLING CLASS REPRESENTATIVE AND CONTROL PARTY</div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 11.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Controlling Class Representative</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">On the Closing Date and at any time when no Person is serving as the Controlling Class Representative in accordance with this <u>Article XI</u>, (i) the Control Party shall
          exercise the rights of the Controlling Class Representative in accordance with the Servicing Standard; <u>provided</u> that the Control Party shall have no obligations to interact with any Holders (including providing any notices or
          deliverables) and (ii) any deliverable or notice that is required to be provided to the Controlling Class Representative under a Related Document shall be delivered to the Control Party.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Within thirty (30) days after the Closing Date or any CCR Re-election Event, the Trustee shall send via email to the Class A-1 Administrative Agent and via the Applicable Procedures of the
          Clearing Agency with respect to the Controlling Class Members holding Book-Entry Notes a written notice (with copies to the Manager and the Master Issuer) in the form attached as <u>Exhibit&#160;E</u> hereto, announcing an election and soliciting
          nominations for a Controlling Class Representative (a &#8220;<u>CCR Election Notice</u>&#8221;).&#160; Each Controlling Class Member will be allowed to nominate itself as a CCR Candidate (and will not be permitted to nominate any other Person or entity as a CCR
          Candidate) by submitting a nomination to the Trustee in the form attached as <u>Exhibit&#160;F</u> hereto (a &#8220;<u>CCR Nomination</u>&#8221;) certifying that, as of a date not more than ten (10) Business Days prior to the date of the CCR Election Notice,
          such Controlling Class Member was the Holder of the Outstanding Principal Amount of Notes of the Controlling Class specified in its CCR Nomination and that it is not a Competitor; <u>provided</u> that for purposes of such nomination and
          determining the CCR Candidates pursuant to <u>Section&#160;11.01(c)</u>, with respect to any Series of Class A-1 Notes Outstanding, the Class A-1 Notes Voting Amount shall be used in place of the Outstanding Principal Amount of such Series.&#160; For any
          nomination to be valid, the CCR Nomination shall be delivered to the Trustee within thirty (30) calendar days of the date of the CCR Election Notice (such period, the &#8220;<u>CCR Nomination Period</u>&#8221;).</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Based upon the CCR Nominations that are received by the Trustee, within three (3) Business Days following the end of the CCR Nomination Period, (i) if no nomination has been received and there
          is no Controlling Class Representative, the Trustee shall notify the Manager, the Master Issuer, the Servicer and the Controlling Class Members that no nominations have been received and that no election will occur, (ii)&#160;if one or more
          nominations have been received, the Trustee shall prepare and send to each applicable Controlling Class Member a ballot in the form of <u>Exhibit&#160;G</u> attached hereto (the &#8220;<u>CCR Ballot</u>&#8221;) naming the top three candidates based upon the
          highest aggregate Outstanding Principal Amount of Notes of Controlling Class Members nominating such candidate (or, if fewer than three (3)&#160;candidates are nominated, the CCR Ballot will list all candidates) or (iii) if a Controlling Class
          Representative currently exists and no CCR Nominations are received prior to the end of the CCR Nomination Period, then the Person serving as the current Controlling Class Representative will be deemed reelected and will remain the Controlling
          Class Representative.&#160; Each Controlling Class Member may, in its sole discretion, indicate its vote for Controlling Class Representative by returning a completed CCR Ballot directly to the Trustee certifying that, as of the date of the CCR Ballot
          (the &#8220;<u>CCR Voting Record Date</u>&#8221;), such Controlling Class Member was the owner or beneficial owner of the Outstanding Principal Amount of Notes of the Controlling Class specified by such Controlling Class Member in the CCR Ballot; <u>provided</u>
          that for the purposes of such certification and the tabulation of votes pursuant to <u>Section 11.01(d)</u>, with respect to any Series of Class A-1 Notes Outstanding, the Class A-1 Notes Voting Amount shall be used in place of the Outstanding
          Principal Amount of such Series. For any vote delivered on a CCR Ballot to be valid, such CCR Ballot must be delivered to the Trustee within thirty (30) calendar days of the date of such CCR Ballot (such period a &#8220;<u>CCR Election Period</u>&#8221;)<font style="color: rgb(0, 0, 0);">.</font></font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">103</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);">If a CCR Candidate receives votes from Controlling Class Members holding interests in excess of 50% of the sum of (i) the Class A-1 Notes Voting Amount with
            respect to each Series of Class A-1 Notes of the Controlling Class and (ii) the Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than Class A-1 Notes), in each case, that are Outstanding as of the CCR Voting
            Record Date and with respect to which votes were submitted (which may be less than the Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date), such CCR Candidate shall be appointed the Controlling Class
            Representative.&#160; Notes of the Controlling Class held by the Master Issuer or any Affiliate of the Master Issuer will not be considered Outstanding for such voting purposes.&#160; If two CCR Candidates both receive votes from Controlling Class
            Members holding beneficial interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class with respect to which votes were submitted, the Controlling Class Representative shall be the CCR Candidate
            chosen by the Master Issuer (or the Manager on its behalf pursuant to the Management Agreement).&#160; In the event that there is no current Controlling Class Representative and no CCR Candidate receives 50% of the Aggregate Outstanding Principal
            Amount of Notes of the Controlling Class with respect to which votes were submitted, the Trustee will notify the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, each Rating Agency and the Controlling Class Members that
            no Controlling Class Representative has been appointed, and </font>until a CCR Re-election Event occurs and a new Controlling Class Representative is elected then (i) the Control Party&#160; shall exercise the rights of the Controlling Class
          Representative in accordance with the Servicing Standard and (ii) any deliverable or notice that is required to be provided to the Controlling Class Representative under a Related Document shall be delivered to the Control Party.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the event that a Controlling Class Representative is elected, deemed elected or chosen pursuant to <u>Section 11.01(d)</u> or <u>Section 11.01(j)</u>, the Trustee shall forward an
          acceptance letter in the form of <u>Exhibit&#160;H</u> attached hereto (a &#8220;<u>CCR Acceptance Letter</u>&#8221;) to such Controlling Class Representative.&#160; No Person shall be appointed Controlling Class Representative unless such Person delivers to the
          Trustee an executed CCR Acceptance Letter within fifteen (15) Business Days of receipt thereof. In the CCR Acceptance Letter, the Person accepting the role of Controlling Class Representative shall (i)&#160;agree to act as the Controlling Class
          Representative, (ii)&#160;provide its name and contact information and permit such information to be shared with the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, each Rating Agency and the Controlling Class Members,
          (iii)&#160;represent and warrant that it is a Controlling Class Member and not a Competitor and (iv)&#160;in the event that such Person subsequently ceases to be a Controlling Class Member, covenant to provide written notice thereof to the Trustee within
          one (1) Business Day of ceasing to be a Controlling Class Member.&#160; Within two&#160;(2)&#160;Business Days of receipt of the executed CCR Acceptance Letter, the Trustee shall promptly forward copies thereof, or provide the new Controlling Class
          Representative&#8217;s identity and contact information to the Manager, the Securitization Entities, the Servicer, the Back-Up Manager, each Rating Agency and the Controlling Class Members.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Within two (2) Business Days of any other change in the name or address of the Controlling Class Representative of which the Trustee has received notice from the Controlling Class
          Representative, the Trustee shall deliver to the Noteholder via the Applicable Procedures of the Clearing Agency, the Class A-1 Administrative Agent, the Master Issuer, the Manager, the Back-Up Manager and the Servicer a notice setting forth the
          name and address of the new Controlling Class Representative.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">104</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Trustee shall be entitled to conclusively rely on, and will be fully protected in all actions taken or not taken by it with respect to, (i)&#160;the email information provided by the Class A-1
          Administrative Agent and the Applicable Procedures of the Clearing Agency for delivery of the CCR Election Notices and CCR Ballots to Holders and beneficial owners of the Controlling Class and (ii) with respect to all CCR Re-election Events,&#160;the
          representations and warranties of the Persons submitting CCR Nominations, CCR Ballots and CCR Acceptance Letters.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Servicer (in its capacity as Servicer and Control Party) shall be entitled to rely on the identity of the Controlling Class Representative provided by the Trustee with respect to any
          obligation or right hereunder or under the other Related Documents that the Servicer (in its capacity as Servicer and Control Party) may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the
          Noteholders of the Controlling Class, with no liability to it for such reliance.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Controlling Class Representative shall be entitled to receive from the Trustee, upon request, any memoranda delivered to the Trustee by the Back-Up Manager pursuant to the Back-Up Management
          Agreement; <u>provided</u> that it shall have first executed a confidentiality agreement, in form and substance satisfactory to the Manager, and such confidentiality agreement remains in effect.&#160; Any such memoranda shall be deemed to contain
          confidential information.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(j)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If no Controlling Class Representative has been elected, deemed elected or chosen pursuant to <u>Section 11.01(d)</u> or this <u>Section 11.01(j)</u>, and a Rapid
          Amortization Event, a Potential Rapid Amortization Event, a Manager Termination Event, a Potential Manager Termination Event, an Event of Default and/or a Default has occurred and is continuing, the Controlling Class Representative may be
          appointed by a Majority of Controlling Class Members without complying with the requirements set forth in <u>clauses (b)</u> through <u>(d)</u> of this <u>Section 11.01</u> by delivery of an ad hoc ballot to the Trustee and the Control Party,
          which shall be in the form of <u>Exhibit K</u> attached hereto.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 11.02</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Resignation
              or Removal of the Controlling Class Representative</u></font>.&#160; The Controlling Class Representative may at any time resign as such by giving written notice to the Trustee, the Servicer and to each Noteholder of the Controlling Class.&#160; The
          Controlling Class Representative will resign immediately if such Controlling Class Representative no longer holds any Notes of the Controlling Class.&#160; As of any Record Date, a Majority of Controlling Class Members shall be entitled to remove any
          existing Controlling Class Representative by giving written notice to the Trustee, the Servicer and such existing Controlling Class Representative.&#160; No resignation or removal of the Controlling Class Representative shall be effective until a
          successor Controlling Class Representative has been appointed pursuant to <u>Section 11.01</u> or until the end of the CCR Election Period (or, if no CCR Election Period has occurred after a CCR Nomination Period, until the end of the related
          CCR Nomination Period) following such resignation or removal; <u>provided</u> that any Controlling Class Representative that has been removed pursuant to this <u>Section 11.02</u> may subsequently be nominated as a CCR Candidate pursuant to <u>Section
            11.01</u> (provided that such Controlling Class Representative candidate satisfies the requirements of this Base Indenture) and appointed as Controlling Class Representative; <u>provided</u>, <u>further</u>, that an existing Controlling Class
          Representative shall cease to be the Controlling Class Representative at the end of a CCR Election Period, even if no successor is re-elected pursuant to <u>Section 11.01</u>, unless such Controlling Class Representative is elected during such
          CCR Election Period (except that, in the event of a CCR Re-election Event or upon the occurrence of an Annual Election Date, if no CCR Nominations are received prior to the end of the CCR Nomination Period, the current Controlling Class
          Representative will remain the Controlling Class Representative and no further action will be taken with respect to such CCR Re-election Event or Annual Election Date).&#160; In addition to the foregoing, within two (2)&#160;Business Days of the selection,
          resignation or removal of the Controlling Class Representative, the Trustee shall notify the Servicer and the parties to this Base Indenture of such event.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">105</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">If no Controlling Class Representative has been elected or if the Controlling Class Representative does not respond to a Consent Request within the time
        period specified in Section 2.4 of the Servicing Agreement, the Control Party will be entitled (but not required) to exercise the rights of the Controlling Class Representative with respect to such Consent Request other than with respect to
        Servicer Termination Events. .</div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 11.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Expenses


              and Liabilities of the Controlling Class Representative</u></font>.&#160; (a)&#160; The Controlling Class Representative shall have no liability to the Holders for any action taken, or for refraining from the taking of any action, in good faith
          pursuant to the Indenture or for errors in judgment; <u>provided</u>, <u>however</u>, that the Controlling Class Representative shall not be protected against any liability that would otherwise be imposed by reason of gross negligence, bad
          faith or willful misconduct committed with respect to its obligations or duties under the Indenture.&#160; Each Holder acknowledges and agrees, by its acceptance of its Notes or interests therein, that (i)&#160;the Controlling Class Representative may have
          special relationships and interests that conflict with those of Note Owners of one or more Classes of Notes, or that conflict with other Holders, (ii)&#160;the Controlling Class Representative may act solely in the interests of the Controlling Class
          Members or in its own interest, (iii)&#160;the Controlling Class Representative does not have any duties to Holders other than the Controlling Class Members, (iv)&#160;the Controlling Class Representative may take actions that favor the interests of the
          Controlling Class Members over the interests of Holders of one or more other Classes of Notes, or that favor its own interests over those of other Holders or other Controlling Class Members, (v)&#160;the Controlling Class Representative shall not be
          deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misfeasance, by reason of its having acted solely in the interests of the Controlling Class Members or in its own interests, and (vi)&#160;the
          Controlling Class Representative shall have no liability whatsoever for having so acted pursuant to <u>clauses&#160;(i)</u> through <u>(v)</u>, and no Holder may take any action whatsoever against the Controlling Class Representative for having so
          acted or against any director, officer, employee, agent or principal thereof for having so acted.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Any and all expenses of the Controlling Class Representative for acting in its capacity as Controlling Class Representative
          shall constitute Securitization Operating Expenses and shall be paid to the extent funds are available therefor in accordance with <u>clauses (v)</u> and <u>(xvi)</u> of the Priority of Payments.&#160; Notwithstanding the foregoing, if a claim is
          made against the Controlling Class Representative and the Servicer or the Trustee are also named parties to the same action and, in the sole judgment of the Servicer, the Controlling Class Representative had acted in good faith, without gross
          negligence or willful misconduct, with regard to the particular matter at issue, and there is no potential for the Servicer or the Trustee to be an adverse party in such action as regards the Controlling Class Representative, the Servicer on
          behalf of the Trustee shall be required to assume the defense (with any costs incurred in connection therewith being deemed to be reimbursable as a Collateral Protection Advance) of any such claim against the Controlling Class Representative.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 11.04</font><font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;
        </font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Control Party</u></font>.&#160; (a)&#160; Pursuant to the Indenture and the other Related Documents, the Control Party is authorized to consent to and implement, subject to the
          Servicing Standard, Consent Requests that do not require the consent of any Noteholder or the Controlling Class Representative.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">For any Consent Request that requires, pursuant to the terms of the Indenture or any other Related Document, the consent or
          direction of the Controlling Class Representative, or the consent of the affected Noteholders or 100% of the Noteholders, the Control Party and the Trustee shall follow the procedures set forth in <u>Section 2.4</u> of the Servicing Agreement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">[Reserved].</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">106</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Control Party shall promptly notify the Trustee, the Manager, the Back-Up Manager, the Master Issuer and the Controlling Class Representative
          if the Control Party determines, in accordance with the Servicing Standard, not to implement a Consent Request or has not received the requisite consent of the Controlling Class Representative or the Noteholders, if applicable, to implement a
          Consent Request.&#160; The Trustee shall promptly notify the Control Party, the Manager, the Back-Up Manager, the Master Issuer and the Controlling Class Representative if the Trustee has not received the requisite consent of the required percentage
          of Noteholders to implement a Consent Request.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);">Notwithstanding anything herein to the contrary, no advice, direction or objection from or by the Controlling
            Class Representative may (i)&#160;require or cause the Trustee or the Control Party to violate applicable law, the terms of this Indenture, the Notes, the Servicing Agreement or the other Related Documents, including, without limitation with respect
            to the Control Party, the Control Party&#8217;s obligation to act in accordance with the Servicing Standard, (ii)&#160;expose the Control Party or the Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees,
            agents or partners, to any material claim, suit or liability, or (iii)&#160;materially expand the scope of the Control Party&#8217;s responsibilities under the Servicing Agreement or the Trustee&#8217;s responsibilities under this Indenture, the Notes and the
            other Related Documents.&#160; The Trustee and the </font>Control Party will not be required to follow any such advice, direction, or objection. <font style="color: rgb(0, 0, 0);">In addition, notwithstanding anything herein or in the other
            Related Documents to the contrary, the Controlling Class Representative shall not be able to prevent the Control Party from transferring the ownership of all or any portion of the Securitized Assets (including by way of foreclosure on the
            Equity Interests of the Master Issuer) if any Advance by the Servicer has been outstanding for twelve (12) months (or longer) and the Control Party determines in accordance with the Servicing Standard that such transfer of ownership would be in
            the best interests of the Noteholders (taken as a whole).</font></font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 11.05</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Note
              Owner List</u></font>.&#160; (a)&#160; To facilitate communication among Note Owners, the Manager, the Trustee, the Control Party and the Controlling Class Representative, a Note Owner may elect, but is not required, to notify the Trustee of its name,
          address and other contact information, which will be kept in a register maintained by the Trustee.&#160; The Trustee will be required to furnish the Manager, the Control Party and the Controlling Class Representative upon request with the information
          maintained in such register as of the most recent date of determination.&#160; Every Note Owner, by receiving and holding a beneficial interest in a Note, will agree that none of the Trustee, the Master Issuer, the Servicer, the Controlling Class
          Representative nor any of their respective agents will be held accountable by reason of any disclosure of any such information as to the names and addresses of the Note Owners in the register maintained by the Trustee.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Noteholders under any Variable Funding Note Purchase Agreement (&#8220;<u>VFN Noteholders</u>&#8221;) having interests of not less than
          25% of the aggregate principal amount of the Class A-1 Notes (including any unfunded commitments of any VFN Noteholder under any Variable Funding Note Purchase Agreement) or Note Owners of Notes other than the Class A-1 Notes having beneficial
          interests of not less than 10% of the aggregate principal amount of Notes that wish to communicate with the other Note Owners and VFN Noteholders with respect to their rights under the Indenture or under the Notes may request in writing that the
          Trustee deliver a notice or communication to the other Note Owners through the Applicable Procedures of each Clearing Agency, and to the VFN Noteholders through the applicable Class&#160;A&#8209;1 Administrative Agent, with respect to all Series of Notes
          Outstanding.&#160; If such request states that such Note Owners or VFN Noteholders desire to communicate with other Note Owners and VFN Noteholders with respect to their rights under the Indenture or under the Notes and is accompanied by (i)&#160;a
          certificate substantially in the form of <u>Exhibit&#160;I</u> certifying that such VFN Noteholders hold interests of not less than 25% of the aggregate principal amount of the Class A-1 Notes (including any unfunded commitments of such VFN
          Noteholders under any Variable Funding Note Purchase Agreement) or that such Note Owners of Notes other than the Class A-1 Notes hold beneficial interests of not less than 10% of the aggregate principal amount of Notes (each, a &#8220;<u>Note Owner
            Certificate</u>&#8221;) (upon which the Trustee may conclusively rely) and (ii)&#160;a copy of the communication which such Note Owners or VFN Noteholders propose to transmit, then the Trustee, after having been adequately indemnified by such Note Owners
          or VFN Noteholders, as applicable, for its costs and expenses, shall transmit the requested communication to all other Note Owners through the Applicable Procedures of each Clearing Agency and to all other VFN Noteholders through the applicable
          Class A-1 Administrative Agent, with respect to all Series of Notes Outstanding, and shall give the Master Issuer, the Servicer and the Controlling Class Representative notice that such request has been made, within five (5)&#160;Business Days after
          receipt of the request.&#160; The Trustee shall have no obligation of any nature whatsoever with respect to any requested communication other than to transmit it in accordance with and subject to the terms hereof and to give notice of such request and
          transmission to the Master Issuer, the Servicer and the Controlling Class Representative.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">107</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE XI<br>
        <br>
        DISCHARGE OF INDENTURE</div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 12.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Termination of the Master Issuer&#8217;s and Guarantors&#8217; Obligations</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Satisfaction and Discharge</u>.&#160; The Indenture and the Guarantee and Collateral Agreement shall be discharged and cease to be of further effect when all Outstanding Notes
          theretofore authenticated and issued (other than destroyed, lost or stolen Notes that have been replaced or repaid) have been delivered to the Trustee for cancellation, the Master Issuer has paid all sums payable hereunder and under each other
          Related Document, all commitments to extend credit under all Variable Funding Note Purchase Agreements have been terminated and all Series Hedge Agreements have been terminated and all payments by the Master Issuer thereunder have been paid or
          otherwise provided for; except that (i)&#160;the Master Issuer&#8217;s obligations under <u>Section 10.05</u> and the Guarantors&#8217; guaranty thereof, (ii)&#160;the Trustee&#8217;s and the Paying Agent&#8217;s obligations under <u>Section 12.02</u> and <u>Section 12.03</u>
          and (iii)&#160;the Noteholders&#8217; and the Trustee&#8217;s obligations under <u>Section 14.03</u> shall survive.&#160; The Trustee, on demand of the Securitization Entities, will execute proper instruments acknowledging confirmation of, and discharge under, the
          Indenture and the Guarantee and Collateral Agreement.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Indenture Defeasance</u>.&#160; The Master Issuer may terminate all of its obligations under the Indenture and all obligations
          of the Guarantors under the Guarantee and Collateral Agreement in respect thereof and release all Collateral if:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer irrevocably deposits in trust with the Trustee or with a trustee reasonably satisfactory to the
          Control Party, the Trustee and the Master Issuer, U.S.&#160;Dollars and/or Government Securities in an amount sufficient (after giving effect to the application of funds on deposit in the Collection Account in accordance with the Priority of
          Payments), in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay all principal, premiums (including make-whole prepayment
          premiums), if any, and interest on the Outstanding Notes (including additional interest that accrues after an anticipated repayment date or renewal date, if applicable) to the applicable prepayment date, redemption date or maturity date, as the
          case may be, and to pay other sums payable by them hereunder, under the Servicing Agreement and under each other Related Document and each Series Hedge Agreement; <u>provided</u> that any Government Securities must provide for the scheduled
          payment of all principal and interest thereon not later than the Business Day prior to the applicable prepayment date, redemption date or maturity date, as the case may be, and the Trustee must have been irrevocably instructed to apply such funds
          to the payment of principal, premiums, make-whole prepayment premiums and interest with respect to the Notes and such other sums;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">108</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all commitments under all Variable Funding Note Purchase Agreements and all Series Hedge Agreements are terminated on
          or before the date of deposit;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer delivers notice of prepayment, redemption or maturity of the Notes in full to the Noteholders of
          Outstanding Notes, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager, each Rating Agency and the Servicer, which notice is expressly stated to be, or has become as of the prepayment date,
          redemption date or maturity date, as applicable, irrevocable (<u>provided</u> that such notice may be conditioned upon the contemporaneous closing of a financing the proceeds of which will be used to fund all or a portion of such deposit), and
          the date of prepayment, redemption or maturity as specified in such notice when delivered was not longer than twenty (20)&#160;Business Days after the date of such notice;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer delivers notice of such deposit to the Control Party, the Manager, the Back-Up Manager and each
          Rating Agency, on or before the date of the deposit; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer delivers to the Trustee and the Servicer an Opinion of Counsel to the effect that all conditions
          precedent to such termination have been satisfied.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Upon satisfaction of such conditions, the Indenture and the Guarantee and Collateral Agreement shall cease to be of further effect; except that
        (i)&#160;the rights and obligations of the Trustee hereunder, including, without limitation, the Trustee&#8217;s rights to compensation and indemnity under <u>Section 10.05</u>, and the Guarantor&#8217;s guaranty thereof, (ii)&#160;the Trustee&#8217;s and the Paying Agent&#8217;s
        obligations under <u>Section 12.02</u> and <u>Section 12.03</u>, (iii)&#160;the Noteholders&#8217; and the Trustee&#8217;s obligations under <u>Section 14.13</u>, (iv)&#160;this <u>Section 12.01(b)</u> and (v)&#160;the Noteholders&#8217; rights to registration of transfer and
        exchange under <u>Section 2.08</u> and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under <u>Section 2.10(a)</u> shall survive.&#160; The Trustee, on demand of the Securitization Entities, shall execute proper
        instruments acknowledging confirmation of and discharge under the Indenture and the Guarantee and Collateral Agreement.</div>
      <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Series Defeasance</u>.&#160; Except as may be provided to the contrary in any Series Supplement, the Master Issuer, solely in
          connection with an optional prepayment in full, a mandatory prepayment in full or a redemption in full of all Outstanding Notes of a particular Series or in connection with the Series Legal Final Maturity Date of such Series of Notes, may
          terminate all of its Obligations under the Indenture and all Obligations of the Guarantors under the Guarantee and Collateral Agreement in respect of such Series of Notes (the &#8220;<u>Defeased Series</u>&#8221;) on and as of any Business Day (the &#8220;<u>Series
            Defeasance Date</u>&#8221;), provided:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer irrevocably deposits in trust with the Trustee, or with a trustee reasonably satisfactory to the
          Control Party, the Trustee and the Master Issuer, U.S. Dollars and/or Government Securities sufficient (after giving effect to the application of funds on deposit in the applicable Series Distribution Account), in the opinion of a nationally
          recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay, without duplication:</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all principal, premiums, if any, make-whole prepayment premiums, if any, Series Hedge Payment Amounts, commitment
          fees, administration expenses, Class A-1 Notes Other Amounts for the Defeased Series, interest on the Outstanding Notes of such Defeased Series (including additional interest that accrues after the anticipated repayment date or renewal date, if
          applicable) and any other amounts that will be due and payable by the Master Issuer solely with respect to the Defeased Series to the applicable prepayment date, redemption date or maturity date, as the case may be, and to pay other sums payable
          by them under the Base Indenture, each other Related Document and each Series Hedge Agreement with respect to such Defeased Series;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">109</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all Weekly Management Fees, Supplemental Management Fees, unreimbursed Advances (and outstanding interest thereon)
          and Manager Advances (and outstanding interest thereon), all fees, indemnities, reimbursements and expenses due to the Trustee, the Manager, the Servicer and the Back-Up Manager, and all Successor Manager Transition Expenses and Successor
          Servicer Transition Expenses, in each case that will be due and payable as of the following Quarterly Calculation Date; and</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all Securitization Operating Expenses, all Class A-1 Notes Administrative Expenses for the Defeased Series, all Class
          A-1 Interest Adjustment Amounts for the Defeased Series and all Class A-1 Notes Other Amounts for the Defeased Series, in each case, that are due and unpaid as of the Series Defeasance Date to the Actual Knowledge of the Manager;</font></div>
      <div style="text-align: justify; text-indent: 108pt; line-height: 12.55pt; margin-bottom: 9pt;">provided, any Government Securities must provide for the scheduled payment of all principal and interest thereon not later than the Business Day prior to
        the applicable prepayment date, redemption date or maturity date, as the case may be, and the Trustee must have been irrevocably instructed to apply such funds to the payment of principal, premiums, make-whole prepayment premiums and interest with
        respect to the Notes of such Series and such other sums;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">all commitments under all Variable Funding Note Purchase Agreements and Series Hedge Agreements with respect to such
          Defeased Series are terminated on or before the Series Defeasance Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer delivers notice of prepayment, redemption or maturity of such Series of Notes to the Noteholders of
          the Defeased Series, the Manager, the Trustee, the Control Party, the Controlling Class Representative, the Back-Up Manager and each Rating Agency not more than twenty (20) Business Days prior to the Series Defeasance Date, and such notice is
          expressly stated to be, or as of the date of the deposit has become, irrevocable; <u>provided</u> that such notice may be conditioned upon the contemporaneous closing of a financing the proceeds of which will be used to fund all or a portion of
          such deposit;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">after giving effect to the deposit, if any other Series of Notes is Outstanding, the Master Issuer delivers to the
          Trustee an Officer&#8217;s Certificate of the Master Issuer stating that no Potential Rapid Amortization Event, Rapid Amortization Event, Class A-1 Notes Amortization Event, Default or Event of Default has occurred and will be continuing;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer delivers to the Trustee an Officer&#8217;s Certificate stating that the defeasance was not made by the
          Master Issuer with the intent of preferring the Holders of the Defeased Series over other creditors of the Master Issuer or with the intent of defeating, hindering, delaying or defrauding other creditors;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer delivers notice of such deposit to the Control Party, the Manager, the Back-Up Manager and each
          Rating Agency on or before the date of the deposit;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">110</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">such defeasance will not result in a breach or violation of, or constitute a default under, the Indenture or any
          Indenture Documents; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(viii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">the Master Issuer delivers to the Trustee an Opinion of Counsel to the effect that all conditions precedent to such
          termination have been satisfied other than those conditions precedent which individually or in the aggregate do not adversely affect any Secured Party.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Upon satisfaction of such conditions, the Indenture and the Guarantee and Collateral Agreement shall cease to be of further effect with respect to
        such Defeased Series, the Master Issuer and the Guarantors shall be deemed to have paid and been discharged from their Series Obligations with respect to such Defeased Series and thereafter such Defeased Series shall be deemed to be &#8220;Outstanding&#8221;
        only for purposes of (1)&#160;the Trustee&#8217;s and the Paying Agent&#8217;s obligations under <u>Section 12.02</u> and <u>Section 12.03</u>, (2)&#160;the Holders&#8217; and the Trustee&#8217;s obligations under <u>Section 14.13</u> and (3)&#160;the Noteholders&#8217; rights to
        registration of transfer and exchange under <u>Section 2.08</u> and to replacement or substitution of mutilated, destroyed, lost or stolen Notes under <u>Section 2.10(a)</u>.&#160; The Trustee, on demand of the Securitization Entities, shall execute
        proper instruments acknowledging confirmation of and discharge under the Indenture and the Guarantee and Collateral Agreement of such Series Obligations.</div>
      <div style="text-align: justify; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">After the conditions set forth in <u>Section 12.01(a)</u> have been met, or after the irrevocable deposit is made pursuant to <u>Section 12.01(b)</u> and satisfaction of
          the other conditions set forth therein have been met, the Trustee upon request of the Securitization Entities shall reassign (without recourse upon, or any warranty whatsoever by, the Trustee) and deliver all Securitized Assets and documents then
          in the custody or possession of the Trustee promptly to the applicable Securitization Entities.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 12.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Application


              of Trust Money</u></font>.&#160; The Trustee or a trustee satisfactory to the Servicer, the Trustee and the Master Issuer shall hold in trust money or Government Securities deposited with it pursuant to <u>Section 12.01</u>.&#160; The Trustee shall
          apply the deposited money and the money from Government Securities through the Paying Agent in accordance with this Base Indenture and the other Related Documents to the payment of principal, premium, if any, and interest on the Notes and the
          other sums referred to above.&#160; The provisions of this <u>Section 12.02</u> shall survive the expiration or earlier termination of the Indenture.</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 12.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Repayment


              to the Master Issuer</u></font>.&#160; (a)&#160; The Trustee and the Paying Agent shall promptly pay to the Master Issuer upon written request any excess money or, pursuant to <u>Section 2.10</u> and <u>Section 2.14</u>, return any cancelled Notes
          held by them at any time.</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Subject to <u>Section 2.06(c)</u>, the Trustee and the Paying Agent shall pay to the Master Issuer upon written request any money held by them for the payment of principal,
          premium or interest that remains unclaimed for two (2)&#160;years after the date upon which such payment shall have become due.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The provisions of this <u>Section 12.03</u> shall survive the expiration or earlier termination of the Indenture.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 12.04</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Reinstatement</u></font>.&#160;
          If the Trustee is unable to apply any funds received under this <u>Article XII</u> by reason of any proceeding, order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, the Master
          Issuer&#8217;s obligations under the Indenture or the other Indenture Documents and in respect of the Notes and the Guarantors&#8217; obligations under the Guarantee and Collateral Agreement shall be revived and reinstated as though no deposit had occurred,
          until such time as the Trustee is permitted to apply all such funds or property in accordance with this <u>Article XII</u>.&#160; If the Master Issuer or Guarantors make any payment of principal, premium or interest on any Notes or any other sums
          under the Indenture Documents while such obligations have been reinstated, the Master Issuer and the Guarantors shall be subrogated to the rights of the Holders or other Secured Parties who received such funds or property from the Trustee to
          receive such payment in respect of the Notes. The provisions of this <u>Section 12.04</u> shall survive the expiration or earlier termination of the Indenture.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">111</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE XII<br>
        <br>
        AMENDMENTS</div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 13.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Without


              Consent of the Control Party, the Controlling Class Representative or the Noteholders</u></font>.&#160; (a)&#160; Without the consent of any Noteholder, the Control Party, the Controlling Class Representative or any other Secured Party, the Master
          Issuer and the Trustee, at any time and from time to time, may enter into one or more Supplements or waivers to either this Base Indenture or any Series Supplement, in form satisfactory to the Trustee, for any of the following purposes:</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to create a new Series of Notes (except that the consent of the Control Party is necessary to the extent required by <u>Section
            2.02</u>);<br>
          <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to add to the covenants of the Securitization Entities for the benefit of any Noteholders or any other Secured Parties (and if
          such covenants are to be for the benefit of less than all Series of Notes, stating that such covenants are expressly being included solely for the benefit of such Series) or to surrender for the benefit of the Noteholders and the other Secured
          Parties any right or power herein conferred upon the Securitization Entities; <u>provided</u>, <u>however</u>, that the Master Issuer will not pursuant to this <u>Section 13.01(a)(ii)</u> surrender any right or power it has under the Related
          Documents;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to mortgage, pledge, convey, assign and transfer to the Trustee any property or assets as security for the Obligations and to
          specify the terms and conditions upon which such property or assets are to be held and dealt with by the Trustee and to set forth such other provisions in respect thereof as may be required by the Indenture or as may, consistent with the
          provisions of the Indenture, be deemed appropriate by the Master Issuer, the Servicer and the Trustee, or to correct or amplify the description of any such property or assets at any time so mortgaged, pledged, conveyed and transferred to the
          Trustee;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to correct any manifest error or defect or to cure any ambiguity, defect or inconsistency or to correct or supplement any
          provisions herein or in any Series Supplement which may be inconsistent with any other provision herein or therein or with any related offering memorandum in the case of a Series Supplement and each related offering memorandum in the case of this
          Base Indenture;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);">to provide for uncertificated Notes in addition to or in place of certificated Notes </font>(<u>provided</u>
          that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code)<font style="color: rgb(0, 0, 0);">;</font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of one or
          more Series and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder or thereunder by more than one Trustee;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"></font><br>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">112</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">to comply with Requirements of Law (as evidenced by an Opinion of Counsel);<br>
            <br>
          </font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);">(viii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">to facilitate the transfer of Notes in accordance with applicable Requirements of Law (as evidenced by an Opinion of Counsel);</font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);">(ix)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">to take any action necessary or helpful to avoid the imposition, under and in accordance with applicable law, of any Tax, including withholding Tax;</font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);">(x)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">to take any action necessary and appropriate to facilitate the origination of Collateral Business Documents or the management and preservation of the Collateral Business Documents, in each case, in accordance with
            the Managing Standard;</font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);"> </font><font style="color: rgb(0, 0, 0);"></font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);"> <br>
          </font></div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="color: rgb(0, 0, 0);">(xi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: rgb(0, 0, 0);">to allow any additional assets (and related cash flows thereon) similar to the Securitized Assets (including any assets used in connection with the future operation of Branded Restaurants or franchises
            internationally (including international Intellectual Property), Real Estate Assets, Franchise Agreements and Development Agreements to be contributed to, or acquired by, the Securitization Entities;</font> </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to allow any real property, lease, franchise agreement, development agreement, equipment or other assets related to the
          operation of international Branded Restaurants to be contributed to, or acquired by, the Securitization Entities;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xiii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">at the direction of the Master Issuer, correct or supplement any provision in the Base Indenture or any Series Supplement that
          may be inconsistent with any other provision or to make consistent any other provisions with respect to matters or questions arising under the Base Indenture, in any Supplement, in the Guarantee and Collateral Agreement or any other Indenture
          Document;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xiv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to allow any Future Brand to be contributed to, or acquired by, the Securitization Entities in a manner that does not violate
          the Managing Standard; <u>provided</u> that any amendment, modification or supplement that alters the manner in which Net Cash Flow or DSCR is calculated (including by any amendment, modification or supplement of any defined terms contained
          therein) may not be effected unless the Rating Agency Condition is satisfied with respect thereto;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">if any additional changes to the Base Indenture or any Series Supplement are required or desirable to in order to facilitate
          any Senior Notes Interest Reserve Account and/or Senior Subordinated Notes Interest Reserve Account being held in the name of a Securitization Entity that is not the Master Issuer, then to make such changes to the Base Indenture and/or any Series
          Supplement to facilitate the holding of such Senior Notes Interest Reserve Account and/or Senior Subordinated Notes Interest Reserve Account in the name of a Securitization Entity that is not the Master Issuer, in each case so long as the Trustee
          maintains a perfected security interest in such account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xvi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to make such other provisions in regard to matters or questions arising under the Base Indenture, any Series Supplement and/or
          any Supplement as the parties thereto may deem necessary or desirable, which are not inconsistent with the provisions thereof and which shall not materially and adversely affect the interests of any Holder or any other Secured Party; <u>provided</u>
          that an Opinion of Counsel and an Officer&#8217;s Certificate shall be delivered to the Trustee, each Rating Agency and the Servicer to such effect; or</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">113</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(xvii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to amend this Base Indenture or any Series Supplement in order to accommodate a replacement Management Agreement, Back-Up
          Management Agreement or Servicing Agreement if at any time (x)&#160;such agreement is terminated or (y)&#160;the Manager, the Back-Up Manager or the Servicer is either unwilling or unable to perform its obligations under the Management Agreement, the
          Back-Up Management Agreement or the Servicing Agreement, as applicable; <u>provided</u> that Rating Agency Confirmation shall be required for each Series of Notes that will remain Outstanding after the effective date of such Supplement;</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>however</u></font>, that in
        the case of any Supplement pursuant to any of <font style="font-family: 'Times New Roman',Times,serif;"><u>clauses&#160;(iii)</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>(iv)</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>(ix</u></font>), (<font style="font-family: 'Times New Roman',Times,serif;"><u>x</u></font>), (<font style="font-family: 'Times New Roman',Times,serif;"><u>xi</u></font>), <font style="font-family: 'Times New Roman',Times,serif;"><u>(xii)</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>(xiii)</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>(xiv)</u></font> or <font style="font-family: 'Times New Roman',Times,serif;"><u>(xv)</u></font> above, the Trustee and the Servicer shall have received an Officer&#8217;s Certificate certifying that such action could not reasonably be expected to adversely affect in any material respect the interests of any
        Holder, the Servicer, the Trustee or any other Secured Party.</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Upon the request of the Master Issuer and receipt by the Servicer and the Trustee of the documents described in <u>Section 2.02</u> and delivery by the Servicer of its
          consent thereto to the extent required by <u>Section 2.02</u>, the Trustee shall join with the Master Issuer in the execution of any Series Supplement authorized or permitted by the terms of this Base Indenture and shall make any further
          appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into such Series Supplement which affects its own rights, duties or immunities under this Base Indenture or otherwise.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 13.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>With


              Consent of the Controlling Class Representative or the Noteholders</u></font>.&#160; (a)&#160; Except as provided in <u>Section 13.01</u>, the provisions of this Base Indenture and any Series Supplement (unless otherwise provided in such Series
          Supplement) may, from time to time, be amended, modified or waived, if such amendment, modification or waiver is in writing in a Supplement and consented to in writing by the Control Party (at the direction of the Controlling Class
          Representative).&#160; Notwithstanding the foregoing:</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any amendment, waiver or other modification that would reduce the percentage of the Aggregate Outstanding Principal Amount or
          the Outstanding Principal Amount of any Series of Notes, the consent of the Noteholders of which is required for any Supplement under this <u>Section 13.02</u> or the consent of the Noteholders of which is required for any waiver of compliance
          with the provisions of the Indenture or defaults hereunder and their consequences provided for herein or for any other action hereunder shall require the consent of each affected Noteholder;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any amendment, waiver or other modification that would permit the creation of any Lien ranking prior to or on a parity with
          the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents with respect to any material part of the Collateral or except as otherwise permitted by the Related Documents, terminate the Lien created by
          the Indenture, the Guarantee and Collateral Agreement or any other Related Documents on any material portion of the Collateral at any time subject thereto or deprive any Secured Party of any material portion of the security provided by the Lien
          created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents shall require the consent of each affected Noteholder and each other affected Secured Party.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any amendment, waiver or other modification that would (A)&#160;extend the due date for, or reduce the amount of any scheduled
          repayment or prepayment of principal of, premium, if any, or interest on any Note and any other Obligations (or reduce the principal amount of, premium, if any, or rate of interest on any Note and any other Obligations); (B)&#160;affect adversely the
          interests, rights or obligations of any Noteholder individually in comparison to any other Noteholder; (C)&#160;change the provisions of the Priority of Payments or <u>Section 5.13</u> (for the avoidance of doubt, amendments that affect amounts
          payable under the Priority of Payments do not change the provisions of the Priority of Payments for purposes of this <u>clause (C)</u>); (D)&#160;change any place of payment where, or the coin or currency in which, any Notes and the other Obligations
          or the interest thereon is payable; (E)&#160;impair the right to institute suit for the enforcement of the provisions of the Indenture requiring the application of funds available therefor, as provided in <u>Article V</u>, to the payment of any such
          amount due on the Notes and the other Obligations on or after the respective due dates thereof, (F)&#160;subject to the ability of the Control Party (acting at the direction of the Controlling Class Representative) to waive certain events as set forth
          in <u>Section 9.07</u>, amend or otherwise modify any of the specific language of the following definitions:&#160; &#8220;<u>Default</u>,&#8221; &#8220;<u>Event of Default</u>,&#8221; &#8220;<u>Outstanding</u>,&#8221; &#8220;<u>Potential Rapid Amortization Event</u>&#8221; or &#8220;<u>Rapid
            Amortization Event</u>&#8221; (as defined herein or in any Series Supplement for such Series); or (G)&#160;amend, waive or otherwise modify this <u>Section 13.02</u>, shall require the consent of each Holder and/or Secured Party whose consent is required
          to amend any such provision; and</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">114</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">any amendment, waiver or other modification that would change the time periods with respect to any requirement to deliver to
          any specific Noteholders notice with respect to any repayment, prepayment, redemption or election of any Extension Period shall require the consent of each affected Noteholder.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding anything to the contrary herein, in addition to any amendment, modification or waiver effected in accordance
          with the provisions of <u>Section 13.01</u> or <u>Section 13.02(a)</u>, (i)&#160;the provisions of any Series Supplement under which Class A-1 Notes have been issued may be amended, modified or waived in writing by the Master Issuer and the Trustee
          with the consent of the Noteholders required therefor pursuant to the related Variable Funding Note Purchase Agreement(s) (but without the consent of any other Person), if such amendment, modification or waiver is with respect to any of the terms
          hereof relating to the amounts of interest, fees or other related amounts allocable to any Series of Class A-1 Notes (regardless of whether such amendment, modification or waiver would have the effect of modifying amounts available for allocation
          to any Series of Notes (it being understood that the respective order of priorities set forth in the Priority of Payments will remain unaffected as a result of any such amendment, modification or waiver)); <u>provided</u>, <u>however</u>, no
          such amendment may (1) adversely affect (x) the Trustee without the Trustee&#8217;s prior consent or (y) the Servicer without the Servicer&#8217;s prior consent or (2) increase the aggregate principal amount of Notes without satisfaction of the Rating Agency
          Condition with respect to each Series of Notes Outstanding and (ii) if at any time any change in GAAP (including a conversion of Jack in the Box Inc.&#8217;s financial reporting to IFRS) would affect the computation of any covenant, incurrence test or
          other restriction affecting any Securitization Entity or Non-Securitization Entity that is set forth in the Base Indenture or any Series Supplement (including the calculation of Adjusted EBITDA), the Base Indenture or such Series Supplement may
          be amended with the consent of the Control Party to amend the provisions of this Base Indenture or such Series Supplement, as the case may be, related to such covenant, incurrence test or other restriction to preserve the original intent thereof
          in light of such change in GAAP.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">No failure or delay on the part of any Noteholder, the Trustee or any other Secured Party in exercising any power or right
          under the Base Indenture or any Series Supplement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The express requirement, in any provision hereof, that the Rating Agency Condition be satisfied as a condition to the taking
          of a specified action, shall not be amended, modified or waived by the parties hereto without satisfying the Rating Agency Condition for the applicable Rating Agencies that are rating the Outstanding Notes.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">115</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Securitization Entities and the Trustee agree not to amend this Base Indenture or any Series Supplement without the
          Servicer&#8217;s consent if such amendment would materially increase the Servicer&#8217;s obligations or liabilities or materially decrease the Servicer&#8217;s rights or remedies under the Servicing Agreement, this Base Indenture or any other Related Document.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 13.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Supplements</u></font>.&#160; Each amendment or other modification to this Base Indenture, any Series Supplement or the Notes shall be set forth in a Supplement, a copy of which shall be delivered to each Rating Agency,
          the Servicer, the Controlling Class Representative, the Manager, the Back-Up Manager and the Master Issuer.&#160; The Master Issuer shall provide written notice to each Rating Agency of any amendment or modification to this Base Indenture, any Series
          Supplement or the Notes no less than ten (10) days prior to the effectiveness of the related Supplement; <u>provided</u> that such Supplement need not be in final form at the time such notice is given.&#160; The initial effectiveness of each
          Supplement shall be subject to the delivery to the Servicer and the Trustee of an Opinion of Counsel that such Supplement is authorized or permitted by this Base Indenture and the conditions precedent set forth herein with respect thereto have
          been satisfied.&#160; Any Series Supplement (or if a Supplement to the Base Indenture) may be amended in accordance with the manner described above and any such amendment may be subject to additional requirements as set forth in such Series
          Supplement.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 13.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Revocation and Effect of Consents</u></font>.&#160; Until an amendment or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder and every subsequent Holder of a Note or
          portion of a Note that evidences the same debt as the consenting Holder&#8217;s Note, even if notation of the consent is not made on any Note.&#160; Any such Holder or subsequent Holder, however, may revoke the consent as to his Note or portion of a Note if
          the Trustee receives written notice of revocation before the date the amendment or waiver becomes effective.&#160; An amendment or waiver becomes effective in accordance with its terms and thereafter binds every Holder.&#160; The Master Issuer may fix a
          record date for determining which Holders must consent to such amendment or waiver.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 13.05</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Notation on or Exchange of Notes</u></font>.&#160; The Trustee may place an appropriate notation about an amendment or waiver on any Note thereafter authenticated.&#160; The Master Issuer, in exchange for all Notes, may
          issue and the Trustee shall authenticate new Notes that reflect the amendment or waiver.&#160; Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment or waiver.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 13.06</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>The


              Trustee to Sign Amendments, etc</u></font>.&#160; The Trustee shall sign any Supplement authorized pursuant to this <u>Article XIII</u> if the Supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee.&#160; If
          such Supplement adversely affects the rights, duties, liabilities or immunities of the Trustee, the Trustee may, but need not, sign it.&#160; In signing such Supplement, the Trustee shall be entitled to receive, if requested, an indemnity reasonably
          satisfactory to it and to receive and, subject to <u>Section 10.01</u>, shall be fully protected in relying upon, an Officer&#8217;s Certificate of the Master Issuer and an Opinion of Counsel as conclusive evidence that such Supplement is authorized
          or permitted by this Base Indenture and that all conditions precedent have been satisfied, and that it will be valid and binding upon the Master Issuer and the Guarantors in accordance with its terms; <u>provided</u>, <u>however</u>, that such
          opinion may indicate that any conditions precedent, which, individually or in the aggregate, do not adversely affect any Noteholder, have been satisfied.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 13.07</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Amendments and Fees</u></font>.&#160; The Master Issuer, the Control Party and the Controlling Class Representative shall negotiate any amendments, waivers or modifications to the Indenture or the other Related Documents
          that require the consent of the Control Party or the Controlling Class Representative in good faith, and any consent required to be given by the Control Party or the Controlling Class Representative shall not be unreasonably denied or delayed.&#160;
          The Control Party and the Controlling Class Representative shall be entitled to be reimbursed by the Master Issuer only for the reasonable counsel fees incurred by the Control Party or the Controlling Class Representative in reviewing and
          approving any amendment or in providing any consents, and except as provided in the Servicing Agreement, neither the Control Party nor the Controlling Class Representative shall be entitled to any additional compensation in connection with any
          amendments or consents to this Base Indenture or to any Related Document.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">116</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 13.08</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Amendments to Certain Related Documents</u></font>.&#160; Each Related Document (other than the Base Indenture, any Series Supplement and any Supplement) may be amended or modified without consent in accordance with the
          terms of such document; <u>provided</u> that the Master Issuer shall not be permitted to consent to any such amendment or modification unless either (x) the Control Party has consented to such amendment or modification or (y) such amendment or
          modification is consistent with the following paragraphs of this <u>Section 13.08</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Related Documents other than the Base Indenture and any Series Supplement</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Without the consent of any Noteholder, the Control Party, the Controlling Class Representative or any other Secured
          Party, the Master Issuer may enter into one or more amendments or waivers to each Related Document (other than the Base Indenture and any Series Supplement), in form satisfactory to the Trustee, for any of the following purposes:</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to correct any manifest error or defect or to cure any ambiguity, defect or inconsistency or to correct or supplement
          any provisions in the Related Documents (other than the Base Indenture and any Series Supplement) which may be inconsistent with any provision therein or any other Indenture Document or the related offering memorandum;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to evidence and provide for the acceptance of appointment hereunder and thereunder by a successor Trustee with
          respect to the Notes of one or more Series and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder or thereunder by more than one Trustee;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to comply with Requirements of Law (as evidenced by an Opinion of Counsel);</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(D)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to take any action necessary or helpful to avoid the imposition, under and in accordance with applicable law, of any
          Tax, including withholding Tax;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(E)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to take any action necessary and appropriate to facilitate the origination of Collateral Business Documents or the
          management and preservation of the Collateral Business Documents, in each case, in accordance with the Managing Standard;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(F)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to allow any additional assets (and related cash flows thereon) similar to the Securitized Assets (including any
          assets used in connection with the future operation of Branded Restaurants or franchises internationally (including international Intellectual Property), Real Estate Assets, Franchise Agreements and Development Agreements to be contributed to, or
          acquired by, the Securitization Entities;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">117</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(G)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to allow any real property, lease, franchise agreement, development agreement, equipment or other assets related to
          the operation of international Branded Restaurants to be contributed to, or acquired by, the Securitization Entities;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(H)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">at the direction of the Master Issuer, correct or supplement any provision in the Related Documents (other than the
          Base Indenture and any Series Supplement) that may be inconsistent with any other provision or to make consistent any other provisions with respect to matters or questions arising under the Base Indenture, in any Series Supplement, in any
          Supplement, in the Guarantee and Collateral Agreement or any other Indenture Document;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(I)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">allow any Future Brand to be contributed to, or acquired by, the Securitization Entities in a manner that does not
          violate the Managing Standard; <u>provided</u> that any amendment, modification or supplement that alters the manner in which Net Cash Flow or DSCR is calculated (including by any amendment, modification or supplement of any defined terms
          contained therein) may not be effected unless the Rating Agency Condition is satisfied with respect thereto;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(J)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">if any additional changes to the Related Documents (other than the Base Indenture and any Series Supplement) are
          required or desirable to in order to facilitate any Senior Notes Interest Reserve Account and/or Senior Subordinated Notes Interest Reserve Account being held in the name of a Securitization Entity that is not the Master Issuer, then to make such
          changes to the Related Documents (other than the Base Indenture and any Series Supplement) to facilitate the holding of such Senior Notes Interest Reserve Account and/or Senior Subordinated Notes Interest Reserve Account in the name of a
          Securitization Entity that is not the Master Issuer, in each case so long as the Trustee maintains a perfected security interest in such account;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(K)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to make such other provisions in regard to matters or questions arising under the Related Documents (other than the
          Base Indenture and any Series Supplement) as the parties thereto may deem necessary or desirable, which are not inconsistent with the provisions thereof and which shall not materially and adversely affect the interests of any Holder or any other
          Secured Party; <u>provided</u> that an Opinion of Counsel and an Officer&#8217;s Certificate shall be delivered to the Trustee, each Rating Agency and the Servicer to such effect;</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(L)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to add to the covenants of any (I) Securitization Entity for the benefit of the Secured Parties or (II)
          Non-Securitization Entity for the benefit of any Securitization Entity; or</font></div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(M)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to amend any Related Document in order to accommodate a replacement Management Agreement, Back-Up Management
          Agreement or Servicing Agreement if at any time (x)&#160;such agreement is terminated or (y)&#160;the Manager, the Back-Up Manager or the Servicer is either unwilling or unable to perform its obligations under the Management Agreement, the Back-Up
          Management Agreement or the Servicing Agreement, as applicable; <u>provided</u> that Rating Agency Confirmation shall be required for each Series of Notes that will remain Outstanding after the effective date of such Supplement.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">118</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">In addition to <u>Section 13.08(a)(i)</u>, the Master Issuer may otherwise consent to an amendment, modification or waiver of
          the provisions of any Related Document, from time to time, if such amendment, modification or waiver is in writing and consented to in writing by the Control Party (at the direction of the Controlling Class Representative).&#160; Notwithstanding the
          foregoing, any amendment, waiver or other modification that would permit the creation of any Lien ranking prior to or on a parity with the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents with
          respect to any material part of the Collateral or except as otherwise permitted by the Related Documents, terminate the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents on any material portion
          of the Collateral at any time subject thereto or deprive any Secured Party of any material portion of the security provided by the Lien created by the Indenture, the Guarantee and Collateral Agreement or any other Related Documents shall require
          the consent of each affected Noteholder and each other affected Secured Party.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding anything to the contrary herein, in addition to any amendment, modification or waiver effected in accordance
          with the provisions of this <u>Section 13.08</u>, (i)&#160;the provisions of any Variable Funding Note Purchase Agreement may be amended, modified or waived in writing by the Master Issuer and the Trustee with the consent of the Noteholders required
          therefor pursuant to the related Variable Funding Note Purchase Agreement(s) (but without the consent of any other Person), if such amendment, modification or waiver is with respect to any of the terms hereof relating to the amounts of interest,
          fees or other related amounts allocable to any Series of Class A-1 Notes (regardless of whether such amendment, modification or waiver would have the effect of modifying amounts available for allocation to any Series of Notes (it being understood
          that the respective order of priorities set forth in the Priority of Payments will remain unaffected as a result of any such amendment, modification or waiver)); <u>provided</u>, <u>however</u>, no such amendment may (1) adversely affect (x)
          the Trustee without the Trustee&#8217;s prior consent or (y) the Servicer without the Servicer&#8217;s prior consent or (2)&#160;increase the aggregate principal amount of Notes without satisfaction of the Rating Agency Condition with respect to each Series of
          Notes Outstanding and (ii) if at any time any change in GAAP (including a conversion of Jack in the Box Inc.&#8217;s financial reporting to IFRS) would affect the computation of any covenant, incurrence test or other restriction affecting any
          Securitization Entity or Non-Securitization Entity that is set forth in any Related Document (other than the Base Indenture and any Series Supplement) (including the calculation of Adjusted EBITDA), such Related Document may be amended with the
          consent of the Control Party to amend the provisions of such Related Document, as the case may be, related to such covenant, incurrence test or other restriction to preserve the original intent thereof in light of such change in GAAP.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Management Agreement</u>. Subject to the conditions precedent for certain amendments and modifications under this <u>Section
            13.08</u>, the Master Issuer may enter into an amendment of the Management Agreement from time to time, in writing, with the written consent of the Trustee (acting at the direction of the Control Party, which direction shall not be unreasonably
          withheld or delayed), the Securitization Entities and the Manager; <u>provided</u>, that no consent of the Trustee or the Control Party shall be required (and the Trustee shall execute an amendment at the direction of the Master Issuer) in
          connection with any amendment to accomplish any of the following:</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">119</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(A)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to correct or amplify the description of any required activities of the Manager;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(B)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to add to the duties or covenants of the Manager for the benefit of any Noteholders or any other Secured Parties, or
          to add provisions to the Management Agreement so long as such action does not modify the Managing Standard, materially adversely affect the enforceability of the Securitization IP or materially adversely affect the interests of the Noteholders;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(C)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to evidence the succession of another Person to any party to the Management Agreement;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(D)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to take any action necessary and appropriate to facilitate the origination of new Managed Documents, the acquisition,
          disposition and management of Securitized Assets in a manner consistent with the Base Indenture, or the management and preservation of the Managed Documents, in each case, in accordance with the Managing Standard; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(E)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">to provide for additional Services related to any Securitized Company Restaurants;</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; color: #000000;"><font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font> that, promptly after the execution of any such amendment, the Manager shall
        send to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency a conformed copy of such amendment, but the failure to do so shall not impair or affect its validity.</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Back-Up Management Agreement</u>. Subject to any conditions precedent for certain amendment or modification under this <u>Article
            13.08</u>, the Master Issuer may enter into an amendment or modification of the Back-Up Management Agreement from time to time, in writing, with the consent of the parties thereto. The Back-Up Management Agreement may be amended or modified
          with the consent of the parties thereto and such parties may waive any right under the Back-Up Management Agreement, which waiver shall be effective only in the specific instance and for the specific purpose for which it is given unless otherwise
          specified in such waiver. The following shall not operate as a waiver of any right under the Back-Up Management Agreement or applicable law: (i)&#160;any election not to exercise, (ii)&#160;any failure to exercise or delay in exercising any right, or
          (iii)&#160;any course of dealing or performance. The single or partial exercise of any right under the Back-Up Management Agreement shall not preclude any further exercise of such right thereof or the exercise of any other right under the Back-Up
          Management Agreement or applicable law.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Servicing Agreement</u>.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Subject to any conditions precedent for certain amendment or modification under this <u>Article 13.08</u> and upon
          satisfaction of the Rating Agency Condition with respect to an amendment or modification, the Master Issuer may enter into an amendment or modification of the Servicing Agreement from time to time, in writing, with the consent of the parties
          thereto; <u>provided</u> that the satisfaction of the Rating Agency Condition shall not be required in connection with an amendment to (a)&#160;cure any ambiguity or correct or supplement any provisions in the Servicing Agreement that are defective
          or inconsistent with any other provisions in the Servicing Agreement, any other Related Document or each final offering memoranda or private placement memoranda prepared in connection with the then-current Outstanding Notes or (b)&#160;reduce the
          Servicing Fee.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">120</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer may not consent to any amendment to the Servicing Agreement that (a)&#160;adversely affects, in any
          material respect, the interest of the holders of any Class of Notes in any manner, without the consent of the Majority of Noteholders of such Class (or, with respect to the Controlling Class, the Controlling Class Representative) or (b)&#160;has an
          effect comparable to any of those set forth in <u>Section 13.02(a)</u> that requires the consent of each Noteholder or each affected Noteholder, without the consent of each Noteholder or each affected Noteholder, as applicable; <u>provided</u>
          that any amendment to reduce the Servicing Fee may be agreed by the Servicer without the consent of the Master Issuer, the Noteholders or any other party.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The parties thereto may waive any right under the Servicing Agreement, which waiver will be effective only in the
          specific instance and for the specific purpose for which it is given unless otherwise specified in such waiver. The following will not operate as a waiver of any right under the Servicing Agreement or applicable law: (a)&#160;any election not to
          exercise, (b)&#160;any failure to exercise or delay in exercising any right, or (c)&#160;any course of dealing or performance. The single or partial exercise of any right under the Servicing Agreement will not preclude any further exercise of such right
          thereof or the exercise of any other right under the Servicing Agreement or applicable law.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Securitization Entities and the Trustee agree not to amend the Related Documents (other than the Base Indenture
          and any Series Supplement) without the Servicer&#8217;s consent if such amendment would materially increase the Servicer&#8217;s obligations or liabilities or materially decrease the Servicer&#8217;s rights or remedies under the Servicing Agreement, this Base
          Indenture or any other Related Document.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The express requirement, in any provision hereof, that the Rating Agency Condition be satisfied as a condition to the taking
          of a specified action, shall not be amended, modified or waived by the parties hereto without satisfying the Rating Agency Condition for the applicable Rating Agencies that are rating the Outstanding Notes.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">No failure or delay on the part of any Noteholder, the Trustee or any other Secured Party in exercising any power or right
          under any Related Document (other than the Base Indenture and any Series Supplement) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the
          exercise of any other power or right.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">To the extent that the Trustee and/or Control Party is party to a Related Document (other than the Base Indenture and any
          Series Supplement) to be amended or modified pursuant to this <u>Section 13.08</u>, the Trustee and/or Control Party shall sign such amendment or modification, so long as such amendment or modification does not adversely affect the rights,
          duties, liabilities or immunities of the Trustee and/or Control Party.&#160; If such amendment or modification does adversely affect the rights, duties, liabilities or immunities of the Trustee and/or Control Party, the Trustee and/or Control Party
          may, but need not, sign it.</font></div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE XIII<br style="line-height: 12.55pt;">
        <br>
        MISCELLANEOUS</div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.01</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Notices</u></font>.&#160;


          (a)&#160; Any notice or communication by the Master Issuer, the Manager or the Trustee to any other party hereto shall be in writing and delivered in person, delivered by email (<u>provided</u> that such email may contain a link to a
          password-protected website containing such notice for which the recipient has granted access; <u>provided</u>, <u>further</u>, that any email notice to the Trustee other than an email containing a link to a password-protected website shall be
          in the form of an attachment of a .pdf or similar file) or mailed by first-class mail (registered or certified, return receipt requested), facsimile or overnight air courier guaranteeing next day delivery, to such other party&#8217;s address:</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">121</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>If to the Master Issuer</u></font>:</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Jack in the Box Funding, LLC</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">9330 Balboa Avenue</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">San Diego, CA 92123</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Attention: General Counsel</div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>If to the Manager</u></font>:</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Jack in the Box Inc.</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">9330 Balboa Avenue</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">San Diego, CA 92123</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt; font-family: 'Times New Roman',Times,serif;">Attention: General Counsel</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>If to the Master Issuer with a copy to (which shall not constitute notice)</u></font>:</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">White &amp; Case LLP</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">1221 Avenue of the Americas<br>
        New York, NY 10020<br>
        Attention: David Thatch<br>
        Facsimile: 212-354-8113</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Email: dthatch@whitecase.com</div>
      <div style="line-height: 12.55pt; margin-bottom: 9pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>If to the Manager with a copy to (which shall not constitute notice)</u></font>:</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">White &amp; Case LLP</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">1221 Avenue of the Americas<br>
        New York, New York 10020<br>
        Attention: David Thatch<br>
        Facsimile: 212-354-8113</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Email: dthatch@whitecase.com</div>
      <div style="line-height: 12.55pt; margin-bottom: 9pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>If to the Back-Up Manager</u></font>:</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">FTI Consulting, Inc.<br>
        3 Times Square, 9<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">New York, New York 10036</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Attention: Robert J. Darefsky</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">Facsimile: 212-841-9350</div>
      <div style="line-height: 12.55pt;"><br style="line-height: 12.55pt;">
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>If to the Servicer</u></font>:</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;">Midland Loan Services, a division of PNC Bank, National Association</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;">10851 Mastin Street Building 82, Suite 700</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;">Overland Park, Kansas 66210</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;">Attention:&#160; President</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;">Facsimile:&#160; 913-253-9709</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">122</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>If to the Trustee</u></font>:</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;">Citibank, N.A.</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;">388 Greenwich Street</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;">New York, New York 10013</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;">Attention: Citibank Agency &amp; Trust &#8211; Jack in the Box Funding, LLC</div>
      <div style="text-align: justify; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;">Email: jacqueline.suarez@citi.com or contact Citibank, N.A.&#8217;s customer service desk at (888) 855-9695</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>If to any Rating Agency</u></font>:&#160; At the notice address set forth in the applicable Series
        Supplement.</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>If to an Enhancement Provider or an Hedge Counterparty</u></font>:&#160; At the address provided in
        the applicable Enhancement Agreement or the applicable Series Hedge Agreement.</div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Master Issuer or the Trustee by notice to each other party may designate additional or different addresses for subsequent
          notices or communications; <u>provided</u>, <u>however</u>, the Master Issuer may not at any time designate more than a total of three (3)&#160;addresses to which notices must be sent in order to be effective.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Any notice (i)&#160;given in person shall be deemed delivered on the date of delivery of such notice, (ii)&#160;given by first class
          mail shall be deemed given five (5) days after the date that such notice is mailed, (iii)&#160;delivered by facsimile shall be deemed given on the date of delivery of such notice, (iv)&#160;delivered by overnight air courier shall be deemed delivered one
          (1)&#160;Business Day after the date that such notice is delivered to such overnight courier, (v)&#160;when posted on a password-protected website shall be deemed delivered after notice of such posting has been provided to the recipient and (vi)&#160;delivered
          by email shall be deemed delivered on the date of delivery of such notice.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding any provisions of the Indenture to the contrary, the Trustee shall have no liability based upon or arising
          from the failure to receive any notice required by or relating to the Indenture, the Notes or any other Related Document.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">If the Master Issuer delivers a notice or communication to Noteholders, it shall deliver a copy to the Back-Up Manager, the
          Servicer, the Controlling Class Representative and the Trustee at the same time.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Where the Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise
          herein expressly provided) if sent in writing and mailed, first-class postage prepaid, to each Noteholder affected by such event, at its address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest
          date, prescribed (if any) for the giving of such notice.&#160; In any case where notice to a Noteholder is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the
          sufficiency of such notice with respect to other Noteholders, and any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given.&#160; Where the Indenture provides for notice in any manner, such notice
          may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.&#160; Waivers of notice by Noteholders shall be filed with the Trustee, but such filing
          shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.&#160; In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by
          mail, then such notification as shall be made that is satisfactory to the Trustee shall constitute a sufficient notification for every purpose hereunder.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">123</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Notwithstanding any other provision herein, for so long as Jack in the Box Inc. is the Manager, any notice, communication, certificate, report, statement or other
          information required to be delivered by the Manager to the Master Issuer, or by the Master Issuer to the Manager, shall be deemed to have been delivered to both the Master Issuer and the Manager if the Manager has prepared or is otherwise in
          possession of such notice, communication, certificate, report, statement or other information, and in no event shall the Manager or the Master Issuer be in breach of any delivery requirements hereunder for constructive delivery pursuant to this <u>Section


            14.01(g)</u>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The Trustee (in each of its capacities) agrees to accept and act upon instructions or directions pursuant to this Base Indenture or any documents executed in connection
          herewith sent by unsecured email or other similar unsecured electronic methods, <u>provided</u>, <u>however</u>, that any person providing such instructions or directions shall provide to the Trustee an incumbency certificate listing persons
          designated to provide such instructions or directions (including the email addresses of such persons), which incumbency certificate shall be amended whenever a person is added or deleted from the listing. If such person elects to give the Trustee
          email (of .pdf or similar files) (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee&#8217;s reasonable understanding of such instructions shall be deemed controlling. The
          Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee&#8217;s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a
          subsequent written instruction. Any person providing such instructions or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation
          the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.02</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Communication by Holders With Other Holders</u></font>.&#160; Holders may communicate with other Holders with respect to their rights under the Indenture or the Notes.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.03</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Officer&#8217;s


              Certificate as to Conditions Precedent</u></font>.&#160; Upon any request or application by the Master Issuer to the Controlling Class Representative, the Servicer or the Trustee to take any action under the Indenture or any other Related
          Document, the Master Issuer to the extent requested by the Controlling Class Representative, the Servicer or the Trustee shall furnish to the Controlling Class Representative, the Servicer and the Trustee (a)&#160;an Officer&#8217;s Certificate of the
          Master Issuer in form and substance reasonably satisfactory to the Controlling Class Representative, the Servicer or the Trustee, as applicable (which shall include the statements set forth in <u>Section 14.04</u>), stating that all conditions
          precedent and covenants, if any, provided for in the Indenture or such other Related Documents relating to the proposed action have been complied with and (b)&#160;an Opinion of Counsel confirming the same.&#160; Such Opinion of Counsel shall be at the
          expense of the Master Issuer.</font></div>
      <div style="text-align: justify; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.04</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Statements Required in Certificate</u></font>.&#160; Each certificate with respect to compliance with a condition or covenant provided for in the Indenture or any other Related Document shall include:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">a statement that the Person giving such certificate has read such covenant or condition;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">a brief statement as to the nature and scope of the examination or investigation upon which the statements contained
          in such certificate are based;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">a statement that, in the opinion of such Person, he has made such examination or investigation as&#160;is necessary to
          enable him to reach an informed opinion as to whether or not such covenant or condition has been complied with; and</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">124</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">a statement as to whether or not such condition or covenant has been complied with.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.05</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Rules by the Trustee</u></font>.&#160; The Trustee may make reasonable rules for action by or at a meeting of Holders.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.06</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Benefits of Indenture</u></font>.&#160; Except as set forth in a Series Supplement, nothing in this Base Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their
          successors hereunder and the Holders and the other Secured Parties, any benefit or any legal or equitable right, remedy or claim under the Indenture.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.07</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Payment on Business Day</u></font>.&#160; In any case where any Quarterly Payment Date, redemption date or maturity date of any Note shall not be a Business Day, then (notwithstanding any other provision of the Indenture)
          payment of interest or principal (and premium, if any), as the case may be, need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on the Quarterly Payment Date, redemption date
          or maturity date; <u>provided</u>, <u>however</u>, that no interest shall accrue for the period from and after such Quarterly Payment Date, redemption date or maturity date, as the case may be.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.08</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Governing Law</u></font>.&#160; <font style="font-weight: bold;">THIS BASE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
            LAW PRINCIPLES.</font></font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.09</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Successors</u></font>.&#160; All agreements of the Master Issuer in the Indenture, the Notes and each other Related Document to which it is a party shall bind its successors and assigns; <u>provided</u>, <u>however</u>,
          the Master Issuer must not assign its obligations or rights under the Indenture or any other Related Document, except with the written consent of the Servicer.&#160; All agreements of the Trustee in the Indenture shall bind its successors.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.10</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Severability</u></font>.&#160; In case any provision in the Indenture, the Notes or any other Related Document shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
          provisions shall not in any way be affected or impaired thereby.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.11</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Counterpart Originals</u></font>.&#160; This Base Indenture may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when
          taken together shall constitute a single agreement.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.12</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Table of Contents, Headings, etc</u></font>.&#160; The Table of Contents and headings of the Articles and Sections of the Indenture have been inserted for convenience of reference only, are not to be considered a part
          hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.13</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>No
              Bankruptcy Petition Against the Securitization Entities</u></font>.&#160; Each of the Holders, the Trustee and the other Secured Parties hereby covenants and agrees that, prior to the date which is one (1) year and one (1) day after the payment in
          full of the latest maturing Note, it will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
          proceedings, under any federal or state bankruptcy or similar law; <u>provided</u>, <u>however</u>, that nothing in this <u>Section 14.13</u> shall constitute a waiver of any right to indemnification, reimbursement or other payment from the
          Securitization Entities pursuant to the Indenture or any other Related Document.&#160; In the event that any such Holder or other Secured Party or the Trustee takes action in violation of this <u>Section 14.13</u>, each affected Securitization Entity
          shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Holder or Secured Party or the Trustee against such Securitization Entity or the commencement of such
          action and raising the defense that such Holder or other Secured Party or the Trustee has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may
          assert.&#160; The provisions of this <u>Section 14.13</u> shall survive the termination of the Indenture and the resignation or removal of the Trustee.&#160; Nothing contained herein shall preclude participation by any Holder or any other Secured Party or
          the Trustee in the assertion or defense of its claims in any such proceeding involving any Securitization Entity.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">125</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.14</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Recording of Indenture</u></font>.&#160; If the Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Master Issuer and at its expense.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.15</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Waiver of Jury Trial</u></font>.&#160; EACH OF THE MASTER ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
          ARISING OUT OF OR RELATING TO THIS BASE INDENTURE, THE NOTES, THE OTHER RELATED DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.16</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Submission to Jurisdiction; Waivers</u></font>.&#160; Each of the Master Issuer and the Trustee hereby irrevocably and unconditionally:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">submits for itself and its property in any legal action or proceeding relating to the Indenture and the other Related
          Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York sitting in New York County, the courts of the United States
          for the Southern District of New York, and appellate courts from any thereof;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">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;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or
          certified mail (or any substantially similar form of mail), postage prepaid, to the Master Issuer or the Trustee, as the case may be, at its address set forth in <u>Section 14.01</u> or at such other address of which the Trustee shall have been
          notified pursuant thereto;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">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</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">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 <u>Section 14.16</u> any special, exemplary, punitive or consequential damages.</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.17</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Permitted Asset Dispositions; Release of Collateral</u></font>.&#160; Upon consummation of a Permitted Asset Disposition, all Liens with respect to the disposed property created in favor of the Trustee for the benefit of
          the Secured Parties under this Base Indenture and the other Related Documents shall be automatically released, and upon request of the Master Issuer, the Trustee, at the written direction of the Control Party, shall execute and deliver to the
          Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at the Master Issuer&#8217;s expense to effect or evidence the release by the Trustee of the Secured Parties&#8217; security interest in the property disposed of
          in connection with such Permitted Asset Disposition.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">126</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.18</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Calculation of Holdco Leverage Ratio and Senior ABS Leverage Ratio</u></font>.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Holdco Leverage Ratio</u>.&#160; For purposes of making the computation of the Holdco Leverage Ratio (including, without limitation the calculation of Adjusted EBITDA used
          therein), investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations, in each case with respect to an operating unit of a business, and any restructurings or reorganizations, that any of the
          Non-Securitization Entities has either determined to make or made during the preceding four Quarterly Collection Periods or subsequent to such preceding four Quarterly Collection Periods and on or prior to or simultaneously with the date as of
          which such computation is made (each, for purposes of the calculations described in this <u>Section 14.18</u>, a &#8220;<u>pro&#160;forma event</u>&#8221;) shall, at the discretion of the Manager, be calculated on a pro&#160;forma basis assuming that all such
          investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations, restructurings and reorganizations (and the change in Adjusted EBITDA resulting therefrom) had occurred on the first day of such preceding
          four Quarterly Collection Periods.&#160; If since the beginning of such period any Person that subsequently became a Non-Securitization Entity since the beginning of such preceding four Quarterly Collection Periods shall have made any investment,
          acquisition, disposition, merger, consolidation, discontinued operation, restructurings or reorganizations, in each case with respect to an operating unit of a business, that would have been subject to adjustment pursuant to this <u>Section
            14.18</u>, then the Holdco Leverage Ratio shall, at the discretion of the Manager, be calculated giving <u>pro</u>&#160;<u>forma</u> effect thereto for such period as if such investment, acquisition, disposition, discontinued operation, merger,
          consolidation, restructuring or reorganization had occurred at the beginning of the applicable preceding four Quarterly Collection Periods.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Senior ABS Leverage Ratio</u>.&#160; For purposes of making the computation of the Senior ABS Leverage Ratio (including, without limitation the calculation of Net Cash Flow
          used therein), any pro&#160;forma event shall, at the discretion of the Manager, be calculated on a pro&#160;forma basis assuming that all such investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations,
          restructurings and reorganizations (and the change in Net Cash Flow resulting therefrom) had occurred on the first day of such preceding four Quarterly Collection Periods.&#160; If since the beginning of such period any Person that subsequently became
          a Securitization Entity since the beginning of such preceding four Quarterly Collection Periods shall have made any investment, acquisition, disposition, merger, consolidation, discontinued operation, restructurings or reorganizations in each
          case with respect to an operating unit of a business, that would have been subject to adjustment pursuant to this <u>Section 14.18</u>, then the Senior ABS Leverage Ratio shall, at the discretion of the Manager, be calculated giving pro&#160;forma
          effect for any related thereto for such period as if such investment, acquisition, disposition, discontinued operation, merger, consolidation, restructurings or reorganizations had occurred at the beginning of the applicable preceding four
          Quarterly Collection Periods.</font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Calculations to be Made in Good Faith</u>.&#160; For purposes of the calculations described in this <u>Section 14.18</u>, whenever pro&#160;forma effect is to be given to any
          pro&#160;forma event, the pro&#160;forma calculations shall be made in good faith by a responsible financial or accounting officer of the Manager.&#160; Any such pro&#160;forma calculation may include adjustments appropriate, in the reasonable good faith
          determination of the Manager as set forth in an Officer&#8217;s Certificate delivered to the Trustee (with respect to which the Trustee shall have no obligation of any nature whatsoever) to reflect&#160;(1) operating expense reductions and other operating
          improvements or synergies reasonably expected to result from the applicable pro forma event, and (2) all adjustments of the nature used in connection with the calculation of &#8220;Adjusted EBITDA&#8221; or &#8220;Net Cash Flow&#8221; as set forth in the definition
          thereof, to the extent such adjustments, without duplication, continue to be applicable to such preceding four Quarterly Collection Periods.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">127</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"><u>Changes in GAAP</u>.&#160; If at any time any change in GAAP (including a conversion of Jack in the Box Inc.&#8217;s financial reporting to IFRS) would affect the computation of any
          covenant, incurrence test or other restriction affecting any Securitization Entity or Non-Securitization Entity that is set forth in this Base Indenture or any Related Document (including the calculation of Adjusted EBITDA), and the Manager shall
          so request, the Control Party and the Manager shall negotiate in good faith to amend the provisions of the Related Documents related to such covenant, incurrence test or other restriction to preserve the original intent thereof in light of such
          change in GAAP; <u>provided</u> that, until so amended, such covenant, incurrence test or other restriction shall continue to be computed in accordance with GAAP or the application thereof prior to such change therein.&#160; If the Manager notifies
          the Control Party that Jack in the Box Inc. is required to report under IFRS or has elected to do so through an early adoption policy, &#8220;GAAP&#8221; shall mean international financial reporting standards pursuant to IFRS (<u>provided</u> that after such
          conversion, Jack in the Box Inc. cannot elect to report under U.S. generally accepted accounting principles).<br>
          <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Section 14.19</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Instructions and Directions on Behalf of the Master Issuer</u></font>. Instructions, directions, notices or reports to be provided by the Master Issuer or any other Securitization Entity hereunder, may be provided
          by the Manager on behalf of the Master Issuer or such other Securitization Entity.</font></div>
      <div style="text-align: center; line-height: 12.55pt; margin-bottom: 9pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Signature Pages Follow</u></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;">128</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">*&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;*</font>IN WITNESS WHEREOF, the Master Issuer, the Trustee and the
        Securities Intermediary have caused this Base Indenture to be duly executed by its respective duly Authorized Officer as of the day and year first written above.</div>
      <div style="text-align: justify; line-height: 12.55pt; margin-top: 30pt; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">JACK IN THE BOX FUNDING, LLC</font>,</div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 24pt; font-family: 'Times New Roman',Times,serif;">a Delaware limited liability company, as Master Issuer</div>
      <div style="text-align: justify; margin-left: 2.8pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;">By:</font><font style="text-indent: 0px; font-size: 5.11pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>&#160;&#160; /s/Michael J. Snider&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u><br>
          <font style="text-indent: 0px; font-size: 5.11pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Name: Michael J. Snider<br>
          <font style="text-indent: 0px; font-size: 5.11pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Title:&#160;&#160; Assistant Secretary</font></div>
      <div style="text-align: justify; margin-left: 2.8pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; margin-left: 2.8pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; margin-left: 2.8pt; line-height: 12.55pt;">
        <div style="text-align: center; line-height: 10.25pt; font-style: italic;">Signature Page to Indenture</div>
        <font style="font-family: 'Times New Roman',Times,serif;"> </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; line-height: 12.55pt; margin-top: 30pt; margin-bottom: 24pt; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">CITIBANK, N.A.</font>, in its capacity as Trustee<br>
        and as Securities Intermediary</div>
      <div style="text-align: justify; margin-left: 2.8pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;">By:</font><font style="text-indent: 0px; font-size: 5.11pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>&#160;&#160; /s/Jacqueline Suarez&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u><br>
          <font style="text-indent: 0px; font-size: 5.11pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Name: Jacqueline Suarez<br>
          <font style="text-indent: 0px; font-size: 5.11pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Title:&#160;&#160; Senior Trust Officer</font></div>
      <div style="text-align: justify; margin-left: 2.8pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; margin-left: 2.8pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;"> <br>
        </font></div>
      <div style="text-align: justify; margin-left: 2.8pt; line-height: 12.55pt;">
        <div style="text-align: center; line-height: 10.25pt; font-style: italic;">Signature Page to Indenture</div>
        <font style="font-family: 'Times New Roman',Times,serif;"> </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%ANNEX A -% %-->
      <div style="text-align: right; line-height: 12.55pt; margin-bottom: 9pt; font-family: 'Times New Roman',Times,serif;"><u>ANNEX A</u></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt; font-family: 'Times New Roman',Times,serif;"><u>BASE INDENTURE DEFINITIONS LIST</u></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>1933 Act</u></font>&#8221; means the Securities Act of 1933, as amended.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>1934 Act</u></font>&#8221; means the Securities Exchange Act of 1934, as amended.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>1940 Act</u></font>&#8221; means the Investment Company Act of 1940, as amended.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Account Agreement</u></font>&#8221; means each agreement governing the establishment and
        maintenance of any Management Account or any other Base Indenture Account or Series Account to the extent that any such account is not held at the Trustee.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Account Control Agreement</u></font>&#8221; means each control agreement, in form and substance
        reasonably satisfactory to the Servicer and the Trustee, pursuant to which the Trustee is granted the right to control deposits and withdrawals from, or otherwise give instructions or entitlement orders in respect of, a deposit and/or securities
        account and any lock-box related thereto.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Accounts</u></font>&#8221; means, collectively, the Indenture Trust Accounts, the Management
        Accounts and any other account either held by the Trustee for the benefit of the Secured Parties or subject to an Account Control Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Actual Knowledge</u></font>&#8221; means the actual knowledge of (i)&#160;in the case of Jack in the Box
        Inc., in its individual capacity or in its capacity as Manager, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel or any Senior Vice President of Jack in the Box Inc., (ii)&#160;in the case of any
        Securitization Entity, any manager or director (as applicable) or officer of such Securitization Entity who is also an officer of Jack in the Box Inc. described in <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(i)</u></font>
        above, (iii)&#160;in the case of the Manager or any Securitization Entity, with respect to a relevant matter or event, an Authorized Officer of the Manager or such Securitization Entity, as applicable, directly responsible for managing the relevant
        asset or for administering the transactions relevant to such matter or event, (iv)&#160;with respect to the Trustee, an Authorized Officer of the Trustee responsible for administering the transactions relevant to the applicable matter or event or
        (v)&#160;with respect to any other Person, any member of senior management of such Person.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Additional Management Account</u>&#8221; has the meaning set forth in <u>Section 5.02(a)(vi)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Additional Notes</u>&#8221; means any Series, Class, Subclass and Tranche of Notes and additional Notes of an existing Series, Class,
        Subclass or Tranche of Notes, in each case, issued by the Master Issuer after the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Additional Securitization Entity</u>&#8221; means any entity that becomes a direct or indirect wholly-owned Subsidiary of the Master
        Issuer or any other Securitization Entity after the Closing Date in accordance with and as permitted under the Related Documents and is designated by the Master Issuer as an &#8220;Additional Securitization Entity&#8221; pursuant to <u>Section 8.34</u> of
        this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Adjusted EBITDA</u>&#8221; means, with respect to any Person for any period, the Consolidated Net Income of such Person and its
        Subsidiaries for such period (a) plus, without duplication, the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Expense, Net; (ii) provision for federal, state, local and foreign income taxes;
        (iii) depreciation and amortization expense; (iv) stock-based compensation; (v) impairment and other charges, net (i.e., restructuring costs, cost of closed restaurants and losses on disposition of property and equipment, accelerated depreciation
        and operating restaurant impairment); and (vi) franchise tenant improvement allowance amortization; and (b) minus, without duplication, to the extent added in calculating such Consolidated Net Income, gains (losses), net attributable to sales of
        Company Restaurants; <u>provided</u>, <u>however</u>, that, with respect to the Securitization Entities, items that would have been accounted for as operating leases under GAAP as in effect on the Closing Date may be treated as operating leases
        for purposes of this definition irrespective of any change in GAAP subsequent to the Closing Date at the discretion of the Manager in accordance with the Managing Standard; <u>provided</u>, <u>further</u>, that, with respect to the Securitization
        Entities, the Manager, in accordance with the Managing Standard, may amend the definition of &#8220;Adjusted EBITDA&#8221; after the Closing Date with the consent of the Control Party.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -1 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Advance</u>&#8221; means a Collateral Protection Advance and/or a Debt Service Advance.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Advance Interest Rate</u>&#8221; means a rate equal to the Prime Rate <u>plus</u> 3.0% per annum.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Advance Period</u>&#8221; has the meaning set forth in the Servicing Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Affiliate</u>&#8221; means, with respect to any specified Person, any other Person that, directly or indirectly through one or more
        intermediaries, controls or is controlled by, or is under common control with, such specified Person; <u>provided</u>, <u>however</u>, that no equity holder of Jack in the Box Inc. or any Affiliate of such equity holder shall be deemed to be an
        Affiliate of any Non-Securitization Entity.&#160; For the purposes of this definition, &#8220;control&#8221; when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
        the ownership of voting securities or other ownership or beneficial interests, by contract or otherwise; and the terms &#8220;controlling&#8221; and &#8220;controlled&#8221; have the meanings correlative to the meaning of &#8220;control.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>After-Acquired Securitization IP</u>&#8221; means all Intellectual Property (other than Excluded IP) throughout the United States
        created, developed, authored or acquired by or on behalf of, or licensed to or on behalf of, the Franchisor or any additional Securitization Entities after the Closing Date pursuant to the IP License Agreements or otherwise, including, without
        limitation, all Manager-Developed IP and all Licensee-Developed IP.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Agent</u>&#8221; means any Registrar or Paying Agent.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Aggregate Outstanding Principal Amount</u>&#8221; means the sum of the Outstanding Principal Amounts with respect to all Series of
        Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Allocated Note Amount</u>&#8221; means, as of any date of determination, an amount equal to the greater of (x) zero and (y) with
        respect to any Contributed Asset in existence on the Closing Date, the <u>pro</u>&#160;<u>rata</u> portion of $1,300,000,000 allocated to such asset on the Closing Date based on such asset&#8217;s expected contribution to Retained Collections as estimated by
        the calculation of Transaction-adjusted Securitized Net Cash Flow (as such term is used in the Offering Memorandum dated June 28, 2019 for the Notes issued on the Closing Date) and (ii) any&#160; Securitized Asset arising or entered into after the
        Closing Date that is contributed by a Non-Securitization Entity, the Outstanding Principal Amount of the Notes allocated to such asset, on the date such asset was included in the Securitized Assets, based on such asset&#8217;s contribution to Retained
        Collections during the then-most recently ended four Quarterly Collection Periods (or in the case of the first four Quarterly Collection Periods, the estimated Retained Collections). With respect to any Securitized Asset that does not have a four
        Quarterly Collection Period operating period as of the date such asset was included in the Securitized Assets, such asset&#8217;s contribution to Retained Collections will equal, as applicable, either (a) in the case of any Franchise Document, the
        average of all payments or fees collected under the related agreements during the four Quarterly Collection Periods ending as of the date such agreement was included in the Securitized Assets, (b) in the case of any Franchisee Note, the aggregate
        scheduled payments due thereunder during the twelve-month period after such inclusion, (c) in the case of any Securitized Lease, the aggregate scheduled lease payments due to the applicable Securitization Entity in respect thereof during the
        twelve-month period after such inclusion (if applicable, net of the aggregate scheduled lease payments payable by such Securitization Entity in respect thereof during such period) or (d) in the case of a Securitized Company Restaurant, the average
        of the sum of (A) the Four-Week Fiscal Period Securitized Company Restaurant Accrual Profits Amount <u>plus</u> (B) the Company Restaurant IP License Fees <u>plus</u> (C) any Company Synthetic Lease Payments, in each case, with respect to such
        Securitized Company Restaurant during the twelve-month period after such inclusion.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -2 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>alphanumerical</u>&#8221; means, with respect to distributions in respect of all Notes, an order of priority that is first by
        alphabetical designation (i.e.,<font style="font-style: italic;">&#160;</font>letter) and then by numerical order for the same letter (<font style="font-style: italic;">i.e.</font>, A-1, A-2, B-1, B-2 and not A-1, B-1, A-2, B-2) as set forth in herein,
        and <u>pro</u>&#160;<u>rata</u> among holders of Notes within each Class of the same alphanumerical designation, as set forth in the Series Supplement for such Series (unless specified otherwise in the Series Supplement for such Series or, with respect
        to any Series of Class A-1 Notes, in the applicable Variable Funding Note Purchase Agreement); <u>provided</u>, <u>however</u>, that except as otherwise set forth in a Series Supplement for a Tranche of Notes, a designation beyond a letter and an
        Arabic number (i.e., the addition of a roman numeral) will not affect the priority of distributions and distributions to such Notes will be <u>pari</u>&#160;<u>passu</u> and <u>pro</u>&#160;<u>rata</u><font style="font-style: italic;">.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"><font style="font-style: italic;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Annual Election Date</u></font>&#8221; means June 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of every calendar year beginning on June 1, 2019, unless a Controlling Class Representative has been elected or re-elected on or after January 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of that same calendar year, in which case the Annual Election Date will be deemed to not occur during such calendar year.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Applicable Procedures</u></font>&#8221; means the provisions of the rules and procedures of DTC,
        the &#8220;Operating Procedures of the Euroclear System&#8221; and &#8220;Terms and Conditions Governing Use of Euroclear&#8221; and the &#8220;General Terms and Conditions of Clearstream Banking&#8221; and &#8220;Customer Handbook&#8221; of Clearstream, as in effect from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Applicants</u>&#8221; has the meaning set forth in <u>Section 2.07(a)</u> of this Base Indenture.<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Asset Disposition Collections</u>&#8221; has the meaning set forth in <u>Section 8.16</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Asset Disposition Proceeds</u>&#8221; means, with respect to any disposition of property by a Securitization Entity, other than
        dispositions resulting in Asset Disposition Collections, the excess, if any, of (i)&#160;the sum of cash and cash equivalents received in connection with such disposition (including any cash or cash equivalents received by way of deferred payment
        pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii)&#160;the sum of (A)&#160;the principal amount of any Indebtedness that is secured by the applicable property and that is required to be repaid in
        connection with such disposition (other than Indebtedness under the Notes) to the extent such principal amount is actually repaid, (B)&#160;the reasonable and customary out-of-pocket expenses incurred by the Securitization Entities in connection with
        such disposition and (C)&#160;income Taxes reasonably estimated to be actually payable within two (2) years of such disposition as a result of any gain recognized in connection therewith.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Asset Disposition Proceeds Account</u>&#8221; has the meaning set forth in <u>Section 5.02(a)(iv)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Asset Disposition Reinvestment Period</u>&#8221; has the meaning set forth in <u>Section 5.11(a)(v)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Assumption Agreement</u>&#8221; has the meaning set forth in <u>Section 8.34(d)</u> of this Base Indenture.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -3 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Authorized Officer</u>&#8221; means, with respect to (i)&#160;any Securitization Entity, any officer who is authorized to act for such
        Securitization Entity in matters relating to such Securitization Entity, including an Authorized Officer of the Manager authorized to act on behalf of such Securitization Entity; (ii)&#160;Jack in the Box Inc., in its individual capacity and in its
        capacity as the Manager, the Chief Executive Officer, the President, the Chief Financial Officer, the General Counsel, the Treasurer or any Senior Vice President of Jack in the Box Inc. or any other officer of Jack in the Box Inc. who is directly
        responsible for managing the Securitized Restaurant Business or otherwise authorized to act for the Manager in matters relating to, and binding upon, the Manager with respect to the subject matter of the request, certificate or order in question;
        (iii)&#160;the Trustee or any other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer; (iv)&#160;the Servicer, any officer of the Servicer who is duly authorized to act for the Servicer with respect to the relevant
        matter; or (v)&#160;the Control Party, any officer of the Control Party who is duly authorized to act for the Control Party with respect to the relevant matter.&#160; Each party may receive and accept a certification of the authority of any other party as
        conclusive evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Back-Up Management Agreement</u>&#8221; means the Back-Up Management and Consulting Agreement, dated as of the Closing Date, by and
        among the Master Issuer, the other Securitization Entities party thereto, the Manager, the Trustee and the Back-Up Manager, as amended, supplemented or otherwise modified from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Back-Up Manager</u>&#8221; means FTI Consulting, Inc., a Maryland corporation, in its capacity as Back-Up Manager pursuant to the
        Back-Up Management Agreement, and any successor Back-Up Manager.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Back-Up Manager Fees</u>&#8221; means amounts paid to the Back-Up Manager to (i) reimburse for reasonable out-of-pocket expenses and
        (ii) pay a fee as agreed upon under a separate fee letter among the Manager, the Securitization Entities and the Back-Up Manager, in each case incurred by the Back-Up Manager in performing services under the Back-Up Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Bankruptcy Code</u>&#8221; means the provisions of Title 11 of the United States Code, 11&#160;U.S.C. Section&#160;101 et seq.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Base Indenture</u>&#8221; means the Base Indenture, dated as of the Closing Date, by and among the Master Issuer and the Trustee, as
        amended, supplemented or otherwise modified from time to time, exclusive of any Series Supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Base Indenture Account</u>&#8221; means any account or accounts authorized and established pursuant to the Base Indenture for the
        benefit of the Secured Parties, including, without limitation, each account established pursuant to <u>Article V</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Base Indenture Definitions List</u>&#8221; has the meaning set forth in <u>Section 1.01(a)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Board of Directors</u>&#8221; means the Board of Directors of any corporation or any unlimited company, or any authorized committee
        of such Board of Directors.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Book-Entry Notes</u>&#8221; means beneficial interests in the Notes of any Series, ownership and transfers of which will be evidenced
        or made through book entries by a Clearing Agency as described in <u>Section 2.12</u> of this Base Indenture; <u>provided</u> that, after the occurrence of a condition whereupon book-entry registration and transfer are no longer permitted and
        Definitive Notes are issued to the Note Owners, such Definitive Notes will replace Book-Entry Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Branded Restaurants</u>&#8221; means, as of any date of determination, all restaurants, whether or not such restaurants offer
        sit-down dining, operated in the United States under the Jack in the Box Brand.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Business Day</u>&#8221; means any day other than Saturday or Sunday or any other day on which commercial banks are authorized to
        close under the laws of, or are in fact closed in, New&#160;York, New York, San Diego, California or the city in which the Corporate Trust Office of any successor Trustee is located if so required by such successor.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -4 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Capitalized Lease Obligations</u>&#8221; means the obligations of a Person to pay rent or other amounts under any lease of (or other
        arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of
        the Indenture, the amount of such obligations will be the capitalized amount thereof determined in accordance with GAAP.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Capped Class&#160;A&#8209;1 Notes Administrative Expenses Amount</u>&#8221; means, for each Weekly Allocation Date with respect to any Quarterly
        Collection Period, an amount equal to the lesser of (a)&#160;the Class&#160;A-1 Notes Administrative Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid and (b)&#160;the amount by which (i)&#160;$100,000
        exceeds (ii)&#160;the aggregate amount of Class&#160;A-1 Notes Administrative Expenses previously paid on each preceding Weekly Allocation Date that occurred (x)&#160;in the case of a Weekly Allocation Date occurring during the period beginning on the Closing
        Date and ending on the date on which 52 full and consecutive Weekly Collection Periods have occurred, since the Closing Date and (y)&#160;in the case of a Weekly Allocation Date occurring during any successive period of 52 consecutive Weekly Collection
        Periods after the period in <u>clause&#160;(x)</u>, since the beginning of such period.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Capped Securitization Operating Expense Amount</u>&#8221; means, for any Weekly Allocation Date that occurs during each fiscal year
        of the Securitization Entities, the amount by which $500,000 exceeds the aggregate Securitization Operating Expenses already paid during such period; <u>provided</u>, <u>however</u>, that during any period that the Back-Up Manager is required to
        provide Warm Back-Up Management Duties or Hot Back-Up Management Duties pursuant to the Back-Up Management Agreement, such amount shall automatically be increased by an additional $500,000 solely in order to provide for the reimbursement of any
        increased fees and expenses incurred by the Back-Up Manager associated with the provision of such services and the Control Party, acting at the direction of the Controlling Class Representative, may further increase the Capped Securitization
        Operating Expense Amount as calculated above in order to take account of any increased fees associated with the provision of such services.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cash Collateral</u>&#8221; has the meaning set forth in <u>Section 5.13(d)(iii)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cash Trapping Amount</u>&#8221; means, for any Weekly Allocation Date during a Cash Trapping Period, an amount equal to the product
        of (i)&#160;the applicable Cash Trapping Percentage and (ii)&#160;the amount of funds available in the Collection Account on such Weekly Allocation Date after payment of <u>priorities (i)</u>&#160;through <u>(xii)</u> of the Priority of Payments (but with
        respect to the first Weekly Allocation Date on or after a Cash Trapping Release Date, net of the Cash Trapping Release Amount released on such Cash Trapping Release Date); <u>provided</u> that, for any Weekly Allocation Date following the
        occurrence and during the continuation of a Rapid Amortization Event, or an Event of Default, the Cash Trapping Amount will be zero.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cash Trapping DSCR Threshold</u>&#8221; means a DSCR equal to 1.75x.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cash Trapping Event</u>&#8221; means, as of any Quarterly Payment Date, that the DSCR calculated as of the immediately preceding
        Quarterly Calculation Date is less than the Cash Trapping DSCR Threshold.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cash Trapping Percentage</u>&#8221; means, with respect to any Weekly Allocation Date during a Cash Trapping Period, a percentage
        equal to (i) 50%, if the DSCR as calculated as of the immediately preceding Quarterly Calculation Date is less than 1.75x but equal to or greater than 1.50x and (ii) 100%, if the DSCR as calculated as of the immediately preceding Quarterly
        Calculation Date is less than 1.50x.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -5 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cash Trapping Period</u>&#8221; means any period that begins at the close of business on any Quarterly Payment Date on which the DSCR
        as calculated as of the immediately preceding Quarterly Calculation Date is less than the Cash Trapping DSCR Threshold and will end on the first Quarterly Payment Date on which the DSCR as calculated as of the immediately preceding Quarterly
        Calculation Date is equal to or exceeds the Cash Trapping DSCR Threshold.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cash Trapping Release Amount</u>&#8221; means, (i) with respect to any Cash Trapping Release Date on which a Cash Trapping Period is
        no longer in effect, the full amount on deposit in the Cash Trap Reserve Account, and (ii) with respect to any other Cash Trapping Release Date, 50% of the aggregate amount deposited to the Cash Trap Reserve Account during the most recent period in
        which the applicable Cash Trapping Percentage was equal to 100%, after having been reduced ratably for any withdrawals made from the Cash Trap Reserve Account during such period for any other purpose.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cash Trapping Release Date</u>&#8221; means any Quarterly Payment Date (i)&#160;on which a Cash Trapping Period is no longer continuing or
        (ii)&#160;on which the Cash Trapping Percentage is equal to 50% and on the prior Quarterly Payment Date, the applicable Cash Trapping Percentage was equal to 100%.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cash Trap Reserve Account</u>&#8221; means the reserve account no.&#160;12206100 entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding,
        LLC, Cash Trap Reserve Account&#8221;, which account is maintained by the Trustee for the purpose of trapping cash upon the occurrence of a Cash Trapping Event, or any successor securities account established pursuant to the Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Casualty Reinvestment Period</u>&#8221; has the meaning set forth in <u>Section 5.11(a)(vi)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cause</u>&#8221; means, with respect to an Independent Manager, (i)&#160;acts or omissions by such Independent Manager constituting fraud,
        dishonesty, negligence, misconduct or other deliberate action which causes injury to any Securitization Entity or an act by such Independent Manager involving moral turpitude or a serious crime, (ii)&#160;that such Independent Manager no longer meets
        the definition of &#8220;Independent Manager&#8221; as set forth in the applicable Securitization Entity&#8217;s Charter Documents or (iii) a material increase in fees charged by such Independent Manager; <u>provided</u>, that the Independent Manager may only be
        removed for Cause pursuant to this <u>clause&#160;(iii)</u> with the consent of the Control Party.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Acceptance Letter</u>&#8221; has the meaning set forth in <u>Section 11.01(e)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Ballot</u>&#8221; has the meaning set forth in <u>Section 11.01(c)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Candidate</u>&#8221; means any nominee submitted to the Trustee on a CCR Nomination pursuant to <u>Section 11.01(b)</u> of this
        Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Election</u>&#8221; means an election of a Controlling Class Representative as set forth in <u>Section</u>&#160;<u>11.01(a)</u> and <u>(b)</u>
        of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Election Notice</u>&#8221; has the meaning set forth in <u>Section 11.01(b)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Election Period</u>&#8221; has the meaning set forth in <u>Section 11.01(c)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Nomination</u>&#8221; has the meaning set forth in <u>Section 11.01(b)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Nomination Period</u>&#8221; has the meaning set forth in <u>Section 11.01(b)</u> of this Base Indenture.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -6 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Re-election Event</u>&#8221; means any of the following events: (i)&#160;an additional Series of Notes of the Controlling Class is
        issued, (ii)&#160;the Controlling Class changes, (iii)&#160;the Trustee receives written notice of the resignation or removal of any acting Controlling Class Representative, (iv)&#160;the Trustee receives a written request for an election for a Controlling Class
        Representative from a Controlling Class Member and such election has been consented to by the Control Party in its sole discretion, which election will be at the expense of such Controlling Class Members (including Trustee expenses), (v)&#160;the
        Trustee receives written notice that an Event of Bankruptcy has occurred with respect to the acting Controlling Class Representative, (vi)&#160;there is no Controlling Class Representative and the Control Party requests an election be held or (vii) an
        Annual Election Date occurs; <u>provided</u> that with respect to a CCR Re-election Event that occurs as a result of <u>clauses (iv)</u>, <u>(vi)</u> and <u>(vii)</u>, no CCR Re-election Event will be deemed to have occurred if it would result
        in more than two (2) CCR Re-election Events occurring in a single calendar year.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CCR Voting Record Date</u>&#8221; has the meaning set forth in <u>Section 11.01(c)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Charter Documents</u>&#8221; means, with respect to any entity and at any time, the certificate of incorporation, certificate of
        formation, operating agreement, by-laws, memorandum of association, articles of association, or such other similar document, as applicable to such entity in effect at such time.<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class</u>&#8221; means, with respect to any Series of Notes, any one of the classes of Notes of such Series&#160;as specified in the
        Series Supplement for such Series, which may include Subclasses or Tranches.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class&#160;A&#8209;1 Administrative Agent</u>&#8221; means, with respect to any Series of Class&#160;A&#8209;1 Notes, the Person identified as the
        &#8220;Class&#160;A&#8209;1 Administrative Agent&#8221; in the Series Supplement for such Series or Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class A-1 Commitment Fee Adjustment Amount</u>&#8221; means, for any Series of Class&#160;A&#8209;1 Notes for any Interest Accrual Period, the
        aggregate amount, if any, for such Interest Accrual Period that is identified as the &#8220;Class A-1 Commitment Fee Adjustment Amount&#8221; in the Series Supplement for such Series or Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class&#160;A&#8209;1 Interest Adjustment Amount</u>&#8221; means, for any Series of Class&#160;A&#8209;1 Notes for any Interest Accrual Period, the
        aggregate amount, if any, for such Interest Accrual Period that is identified as a &#8220;Class&#160;A&#8209;1 Interest Adjustment Amount&#8221; in the Series Supplement for such Series or Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class A-1 Notes</u>&#8221; means any Notes alphanumerically designated as &#8220;Class A-1&#8221; pursuant to the Series Supplement applicable to
        such Class of Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class A-1 Notes Accrued Quarterly Commitment Fee Amount</u>&#8221; means, for each Weekly Allocation Date with respect to a Quarterly
        Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period, and with respect to any Series of Class A-1 Notes Outstanding, the aggregate amount of commitment fees due and payable, with respect to such Weekly
        Allocation Date on such Series of Class A&#8209;1 Notes that is identified as &#8220;Class A-1 Notes Accrued Quarterly Commitment Fee Amount&#8221; in the Series Supplement for such Series or Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class&#160;A&#8209;1 Notes Administrative Expenses</u>&#8221; means all amounts due and payable pursuant to any Variable Funding Note Purchase
        Agreement that are identified as &#8220;Class&#160;A&#8209;1 Notes Administrative Expenses&#8221; in each Series Supplement for such Series or Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class&#160;A&#8209;1 Notes Amortization Event</u>&#8221; means any event designated as a &#8220;Class&#160;A&#8209;1 Notes Amortization Event&#8221; in any Series
        Supplement or Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class&#160;A&#8209;1 Notes Commitment Fees Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(iv)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class&#160;A&#8209;1 Notes Maximum Principal Amount</u>&#8221; means, with respect to all Series of Class&#160;A&#8209;1 Notes Outstanding, the aggregate
        maximum principal amount of such Series of Class&#160;A&#8209;1 Notes as identified in the Series Supplement for such Series or Variable Funding Note Purchase Agreement as reduced by any permanent reductions of commitments with respect to such Series of
        Class&#160;A&#8209;1 Notes and any cancellations of repurchased Class&#160;A&#8209;1 Notes thereunder.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -7 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class&#160;A&#8209;1 Notes Other Amounts</u>&#8221; means all amounts due and payable pursuant to any Variable Funding Note Purchase Agreement
        that are identified as &#8220;Class A-1 Notes Other Amounts&#8221; in such Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class&#160;A&#8209;1 Notes Renewal Date</u>&#8221; means, with respect to any Series of Class&#160;A&#8209;1 Notes, the date identified as the &#8220;Class&#160;A&#8209;1
        Notes Renewal Date&#8221; in the Series Supplement for such Series or Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class&#160;A&#8209;1 Notes Voting Amount</u>&#8221; has the meaning set forth in <u>Section 2.01(b)(i)</u> of this Base Indenture or Variable
        Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class A-1 Quarterly Commitment Fee Amounts</u>&#8221; means, for any Interest Accrual Period, with respect to each Series of
        Class&#160;A&#8209;1 Notes Outstanding, the aggregate amount of commitment fees due and payable, with respect to such Interest Accrual Period, on such Series of Class&#160;A&#8209;1 Notes that is identified as &#8220;Class A-1 Quarterly Commitment Fee Amounts&#8221; in the Series
        Supplement for such Series or Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class A-1 Quarterly Commitment Fees Shortfall Amount</u>&#8221; has the meaning set forth in <u>Section 5.13(b)(iii)</u> of this
        Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Class A-2 Notes</u>&#8221; means any Notes alphanumerically designated as &#8220;Class A-2&#8221; pursuant to the Series Supplement applicable to
        such Class of Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Clearing Agency</u>&#8221; means an organization registered as a &#8220;clearing agency&#8221; pursuant to Section&#160;17A of the 1934 Act or any
        successor provision thereto or Euroclear or Clearstream.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Clearing Agency Participant</u>&#8221; means a broker, dealer, bank, other financial institution or other Person for whom from time
        to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Clearstream</u>&#8221; means Clearstream Banking, <font style="font-style: italic;">societe anonyme</font> and any successor entity.<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Closing Date</u>&#8221; means July 8, 2019.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Closing Date Securitization IP</u>&#8221; means all Intellectual Property (other than the Excluded IP) throughout the United States
        created, developed, authored, acquired or owned by or on behalf of, or licensed to or on behalf of, Jack in the Box Inc., Jack in the Box Eastern Division L.P., the Holding Company Guarantor, the Master Issuer, JIB Properties, the Franchisor, Jack
        in the Box Foundation or JIB Stored Value Cards, LLC as of the Closing Date covering, reading on, embodied in or otherwise relating to (i)&#160;the Jack in the Box System and Jack in the Box Brand, (ii)&#160;products or services sold or distributed via the
        Jack in the Box System under the Jack in the Box Brand, (iii)&#160;the Branded Restaurants, (iv)&#160; the Securitized Franchised Restaurant Business or (v)&#160;the Securitized Company Restaurant Business, and also including the JIB Mobile Apps.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Code</u>&#8221; means the U.S. Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time, and any
        successor statute of similar import, in each case as in effect from time to time.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -8 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Collateral</u>&#8221; means, collectively, the Indenture Collateral, the &#8220;Collateral&#8221; as defined in the Guarantee and Collateral
        Agreement and any property subject to any other Indenture Document that grants a Lien to secure any Obligations.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Collateral Business Documents</u>&#8221; means, collectively, the Securitized Franchise Documents, the Securitized Franchisee Notes,
        the Securitized Owned-Property Franchisee Leases and the Securitized Franchisee Back-to-Back Subleases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Collateral Exclusions</u>&#8221; has the meaning set forth in <u>Section 3.01(b)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Collateralized Letters of Credit</u>&#8221; has the meaning set forth in <u>Section 5.13(d)(iii)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Collateral Protection Advance</u>&#8221; means any advance of (a)&#160;payment of Taxes, rent, assessments, insurance premiums and other
        related or similar costs and expenses necessary to protect, preserve or restore the Securitized Assets and (b)&#160;payments of any Securitization Operating Expenses (excluding (i)&#160;any indemnification obligations, (ii)&#160;business and/or asset related
        operating expenses, (iii)&#160;fees and expenses of external legal counsel that are not directly related to the maintenance or preservation of the Collateral, (iv)&#160;fees and expenses of any entity other than a Securitization Entity and (v)&#160;damages,
        costs, or expenses relating to fraud, bad faith, willful misconduct, violations of law, bodily injury, property damage or misappropriation of funds), to the extent not previously paid pursuant to a Manager Advance, in each case made by the Servicer
        pursuant to the Servicing Agreement in accordance with the Servicing Standard, or by the Trustee pursuant to the Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Collateral Transaction Documents</u>&#8221; means the Contribution Agreements, the Charter Documents of each Securitization Entity,
        the IP License Agreements, the Servicing Agreement, the Account Control Agreements, the Management Agreement and the Back-Up Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Collection Account</u>&#8221; means account no.&#160;12205400 entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Collection
        Account&#8221;, which account is maintained by the Trustee pursuant to <u>Section 5.06</u> of this Base Indenture or any successor securities account maintained pursuant to <u>Section 5.06</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Collection Account Administrative Accounts</u>&#8221; has the meaning set forth in <u>Section 5.07</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Collections</u></font>&#8221; means, with respect to each Weekly Collection Period, all amounts
        received by or for the account of the Securitization Entities during such Weekly Collection Period, including (without duplication):</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Securitized Franchisee Payments, Securitized Franchisee Note Payments, Securitized Owned-Property Franchisee Lease Payments, Franchisee
          Back-to-Back Sublease Payments, Non-Branded Restaurant Lease Payments and any Non-Securitization Entity Lease Payments deposited into any Concentration Account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">all amounts received under the IP License Agreements and all other license fees, including the Company Restaurant IP License Fees and other amounts
          received in respect of the Securitization IP, including recoveries from the enforcement of the Securitization IP;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">all Securitized Company Restaurant Collections; including amounts in respect of sales Taxes and other comparable Taxes, payroll Taxes, wage
          garnishments and other amounts received by Securitized Company Restaurants that are due and payable to a Governmental Authority or other unaffiliated third party (&#8220;<u>Pass-Through Amounts</u>&#8221;);</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -9 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Indemnification Amounts, Insurance/Condemnation Proceeds, Asset Disposition Proceeds and (without duplication) all other amounts received upon the
          disposition of the Securitized Assets, including proceeds received upon the disposition of property expressly excluded from the definition of Asset Disposition Proceeds, in each case that are required to be deposited into any Concentration
          Account or the Collection Account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the Series Hedge Receipts, if any, received by the Securitization Entities in respect of any Series Hedge Agreements entered into by the
          Securitization Entities in connection with the issuance of Additional Notes following the Closing Date;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(vi)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Investment Income earned on amounts on deposit in the Accounts; <u>provided</u> that Investment Income will only be considered &#8220;Collections&#8221; if it
          is greater than or equal to $100 per Account with respect to such Weekly Collection Period;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(vii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">equity contributions made to the Master Issuer directed to be deposited to any Concentration Account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(viii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">to the extent not otherwise included above, payments from Franchisees or any other Person in respect of Excluded Amounts deposited in any
          Concentration Account;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(ix)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">any payments received under the Letter of Credit Reimbursement Agreement from any Non-Securitization Entity; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(x)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">any other payments or proceeds received with respect to the Securitized Assets.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Commitment</u></font>&#8221; has the meaning set forth in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Company Order</u></font>&#8221; means a written order or request signed in the name of the Master
        Issuer by any Authorized Officer of the Master Issuer and delivered to the Trustee, the Control Party or the Paying Agent.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Company Restaurant IP License Fees</u></font>&#8221; means the licensing fees payable by JIB
        Properties, Jack in the Box Inc. or Jack in the Box Eastern Division L.P. under the applicable Company Restaurant IP License, at a rate equal to five percent (5%) of the Gross Sales of each Company Restaurant, owned and operated by JIB Properties,
        Jack in the Box Inc. or Jack in the Box Eastern Division L.P., as applicable (paid weekly).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Company Restaurant IP Licenses</u></font>&#8221; means collectively, the Jack in the Box Inc.
        Company Restaurant IP License, the Jack in the Box Eastern Division Company Restaurant IP License and the JIB Properties Company Restaurant IP License.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Company Restaurants</u></font>&#8221; means Branded Restaurants owned and operated by any
        Securitization Entity or Non-Securitization Entity.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Company Synthetic Lease Payment</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 5.11(a)(ii)</u></font> of this Base Indenture.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -10 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Competitor</u></font>&#8221; means any Person that is a direct or indirect franchisor, franchisee,
        owner or operator of a large regional or national quick service restaurant concept (including a Franchisee); <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>however</u></font>, that (i) a Person will not be a &#8220;Competitor&#8221; solely by virtue of its direct or indirect ownership of less than 5.0% of the Equity Interests in a &#8220;Competitor&#8221; and (ii) a franchisee shall only be a
        &#8220;Competitor&#8221; if it, or its Affiliates, directly or indirectly, owns, franchises or licenses, in the aggregate, ten or more individual locations of a particular concept; and provided, further, that (iii) a Person will not be a &#8220;Competitor&#8221; solely by
        virtue of its direct or indirect ownership of between 5.0% and 15% of the Equity Interests in a &#8220;Competitor&#8221; so long as (a) such Person has policies and procedures that prohibit such Person from disclosing or making available any confidential
        information that such Person may receive as a Holder or prospective investor in the Notes, to individuals involved in the business of buying, selling, holding or analyzing the Equity Interests of a &#8220;Competitor&#8221; or in the business of being a
        franchisor, franchisee, owner or operator of a large regional or national quick service restaurant concept and (b) such Person is a passive investor in a &#8220;Competitor&#8221; as described in Rule 13d-1(b)(1) of the 1934 Act (or would be described as a
        passive investor under such rule if the &#8220;Competitor&#8221; were a publicly-traded company and the securities held were publicly-traded equity securities) and is not a franchisor, franchisee, owner (other than in its capacity as a passive investor as
        described in Rule 13d-1(b)(1) of the 1934 Act) or operator of a large regional or national quick service restaurant concept (including a Franchisee).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Concentration Accounts</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 5.02(a)(iii)</u></font> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Consent Request</u></font>&#8221; means any request for a direction, waiver, amendment, consent or
        certain other action under the Related Documents.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Consolidated Interest Expense, Net</u></font>&#8221; means, with respect to any Person for any
        period, consolidated net interest expense, whether paid or accrued, of such Person and its Subsidiaries for such period determined in accordance with GAAP.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Consolidated Net Income</u></font>&#8221; means, with respect to any Person for any period, the
        consolidated net income of such Person and its Subsidiaries (whether positive or negative), determined in accordance with GAAP, for such period.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contingent Obligation</u></font>&#8221; means, as applied to any Person, any direct or indirect
        liability, contingent or otherwise, of that Person (a)&#160;with respect to any indebtedness, lease, declared but unpaid dividends, letter of credit or other obligation of another if the primary purpose or intent thereof by the Person incurring the
        Contingent Obligation is to provide assurance to the obligee of such obligation of another that such obligation of another will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such
        obligation will be protected (in whole or in part) against loss in respect thereof or (b)&#160;under any letter of credit issued for the account of that Person or for which that Person is otherwise liable for reimbursement thereof.&#160; Contingent
        Obligation will include (x)&#160;the direct or indirect guarantee, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of
        another and (y)&#160;any liability of such Person for the obligations of another through any agreement (contingent or otherwise) (i)&#160;to purchase, repurchase or otherwise acquire such obligation- or any security therefor, or to provide funds for the
        payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), (ii)&#160;to maintain the solvency of any balance sheet item, level of income or financial condition of another or
        (iii)&#160;to make take-or-pay or similar payments if required regardless of non-performance by any other party or parties to an agreement, if in the case of any agreement described under <font style="font-family: 'Times New Roman',Times,serif;"><u>subclause&#160;(i)</u></font>
        or <font style="font-family: 'Times New Roman',Times,serif;"><u>(ii)</u></font> of this <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(y)</u></font> the primary purpose or intent thereof is as described in the preceding
        sentence.&#160; The amount of any Contingent Obligation will be equal to the amount of the obligation so guaranteed or otherwise supported.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contractual Obligation</u></font>&#8221; means, with respect to any Person, any provision of any
        security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its
        properties is subject.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Assets</u></font>&#8221; means all assets contributed under the Contribution
        Agreements.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -11 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Real Estate Assets</u></font>&#8221; means (i) the Contributed Securitized Owned Real
        Property and (ii) the Contributed Securitized Leases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Back-to-Back Franchisee Lease Arrangements</u></font>&#8221; means lease
        arrangements for certain Franchised Restaurants comprised of (i) Contributed Securitized JIB Back-to-Back Leases and (ii) Contributed Securitized Franchisee Back-to-Back Subleases which are collectively contributed to JIB Properties on the Closing
        Date pursuant to the applicable Contribution Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Company Restaurants</u></font>&#8221; means Company Restaurants existing on
        the Closing Date that are contributed to JIB Properties on the Closing Date pursuant to the applicable Contribution Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Company Restaurant Third-Party Leases</u></font>&#8221; means leases for
        certain Securitized Company Restaurants under which JIB Properties will act as lessee under leases with third-party landlords, which are contributed to JIB Properties on the Closing Date pursuant to the applicable Contribution Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Development Agreements</u></font>&#8221; means all Development Agreements
        and related guaranty agreements existing as of the Closing Date that are contributed to any Securitization Entity on the Closing Date pursuant to the applicable Contribution Agreements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Franchise Agreements</u></font>&#8221; means all Franchise Agreements and
        related guaranty agreements existing as of the Closing Date that are contributed to the Franchisor on the Closing Date pursuant to the applicable Contribution Agreements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Franchised Restaurants</u></font>&#8221; means Franchised Restaurants
        existing as of the Closing Date that are franchised pursuant to Franchise Agreements contributed to the Franchisor on the Closing Date pursuant to the applicable Contribution Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Franchisee Back-to-Back Subleases</u></font>&#8221; means for certain
        Franchised Restaurants, leases under which JIB Properties acquires rights to a property as lessee from a third-party landlord (or a landlord that is a Non-Securitization Entity, if such lease is on arm&#8217;s length terms) and in turn leases that
        property to a Franchisee that are contributed to JIB Properties on the Closing Date pursuant to the applicable Contribution Agreements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Franchisee Notes</u></font>&#8221; means all Franchisee Notes and related
        guaranty and collateral agreements existing as of the Closing Date that are contributed to the Franchisor on the Closing Date, if any.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized JIB Back-to-Back Lease</u></font>&#8221; means for certain Franchised
        Restaurants, leases under which (a) JIB Properties acts as lessee to a third-party landlord (or a landlord that is a Non-Securitization Entity, if such lease is on arm&#8217;s length terms) and (b) JIB Properties subleases such lease to a Franchisee,
        that are contributed to JIB Properties on the Closing Date pursuant to the applicable Contribution Agreements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Leases</u></font>&#8221; means Securitized Leases existing as of the
        Closing Date that are contributed to JIB Properties on the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Owned Real Property</u></font>&#8221; means the real property (including
        the land, buildings and fixtures) owned in fee by Jack in the Box Inc. or its Subsidiaries that are contributed to JIB Properties on the Closing Date pursuant to the applicable Contribution Agreements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contributed Securitized Owned-Property Franchisee Leases</u></font>&#8221; means leases for certain
        Franchised Restaurants under which the real property is owned by JIB Properties, a Franchisee will act as lessee and JIB Properties will act as lessor, which are contributed to JIB Properties on the Closing Date pursuant to the applicable
        Contribution Agreement.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -12 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Contribution Agreements</u></font>&#8221; means the following agreements:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Properties 1 Contribution Agreement, dated as of the Closing Date, by and between Jack in the Box Eastern Division
          L.P. and JIB Properties;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Eastern Distribution Agreement, dated as of the Closing Date, by and between Jack in the Box Eastern Division L.P.
          and JBX General Partner LLC;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Eastern Distribution Agreement, dated as of the Closing Date, by and between Jack in the Box Eastern Division L.P.
          and JBX Limited Partner LLC;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">JBX GP Distribution Agreement, dated as of the Closing Date, by and between JBX General Partner LLC and Jack in the
          Box Inc.;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(e)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">JBX LP Distribution Agreement, dated as of the Closing Date, by and between JBX Limited Partner LLC and Jack in the
          Box Inc.;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(f)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Properties 2 Contribution Agreement, dated as of the Closing Date, by and between Jack in the Box Inc. and JIB
          Properties;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(g)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Franchisor Contribution Agreement, dated as of the Closing Date, by and between Jack in the Box Inc. and the
          Franchisor;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(h)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Holding Company Guarantor Contribution Agreement, dated as of the Closing Date, by and between Jack in the Box Inc.
          and the Holding Company Guarantor;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Master Issuer Contribution Agreement, dated as of the Closing Date, by and between the Holding Company Guarantor and
          the Master Issuer.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Control Party</u></font>&#8221; means, at any time, the Servicer, who will direct the Trustee to
        act (or refrain from acting) or will act on behalf of the Trustee in connection with Consent Requests.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Controlled Foreign Corporation</u>&#8221; has the meaning given to such term in Section 957 of the Code.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Controlled Group</u>&#8221; means any trade or businesses (whether or not incorporated) that, together with any Securitization
        Entity, is treated as a single employer under Section 414(b) or (c) of the Code (and Sections&#160;414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Controlling Class</u>&#8221; means the most senior Class of Notes (by alphabetical designation (as opposed to alphanumerical
        designation)) then Outstanding among all Series of Notes then Outstanding.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Controlling Class Member</u>&#8221; means, with respect to a Book-Entry Note of the Controlling Class, a Note Owner of such Note, and
        with respect to a Definitive Note of the Controlling Class, a Noteholder of such Definitive Note (excluding, in each case, any Securitization Entity or Affiliate thereof).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Controlling Class Representative</u>&#8221; means, at any time during which one or more Series of Notes is outstanding, the
        representative, if any, that has been elected pursuant to <u>Section 11.01</u> of this Base Indenture by the Majority of Controlling Class Members.&#160; The Controlling Class Representative may not be a Competitor.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Copyrights</u>&#8221; has the meaning set forth in the definition of &#8220;Intellectual Property.&#8221;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -13 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Corporate Trust Office</u>&#8221; means the corporate trust office of the Trustee at (a) for Note transfer purposes and presentment
        of the Notes for final payment thereon, Citibank, N.A., 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention: Securities Window - Jack in the Box Funding, LLC and (b) for all other purposes, Citibank, N.A., 388 Greenwich
        Street, New York, New York 10013, Attention:&#160; Citibank Agency &amp; Trust - Jack in the Box Funding, LLC, email: jacqueline.suarez@citi.com or call (888) 855-9695 to obtain Citibank, N.A. account manager&#8217;s email address, or such other address as
        the Trustee may designate from time to time by notice to the holders, each Rating Agency and the Master Issuer or the principal corporate trust office of any successor Trustee.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Cut-Off Date</u>&#8221; means July 8, 2019.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Debt Service</u>&#8221; means, with respect to any Quarterly Payment Date, the sum of (i)&#160;the Senior Notes Quarterly Interest Amount
        <u>plus</u> (ii) the Senior Subordinated Notes Quarterly Interest Amount <u>plus</u> (iii) the Class A-1 Quarterly Commitment Fee Amount <u>plus</u> (iv) with respect to any Class of Senior Notes and Senior Subordinated Notes Outstanding, the
        aggregate amount of Scheduled Principal Payments (including, for the avoidance of doubt, the Senior Notes Quarterly Scheduled Principal Amount) due and payable on such Quarterly Payment Date, as such Scheduled Principal Payments may be ratably
        reduced by the aggregate amount of any (A) payments of Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds, (B) repurchases and cancellations of such Class of Notes or (C) optional prepayments of principal of such
        Class of Notes, but without giving effect to any reductions of Scheduled Principal Payments available due to the satisfaction of the applicable Series Non-Amortization Test.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Debt Service Advance</u>&#8221; means an advance made by the Servicer (or, if the Servicer fails to do so, the Trustee) on a
        Quarterly Payment Date in respect of the Senior Notes Quarterly Interest Shortfall Amount on any Quarterly Payment Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Default</u>&#8221; means any Event of Default or any occurrence that with notice or the lapse of time or both would become an Event
        of Default.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Defeased Series</u>&#8221; has the meaning set forth in <u>Section 12.01(c)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Definitive Notes</u>&#8221; has the meaning set forth in <u>Section 2.12(a)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Depository Agreement</u>&#8221; means, with respect to a Series&#160;or Class of a Series of Notes having Book-Entry Notes, the agreement
        among the Master Issuer, the Trustee and the Clearing Agency governing the deposit of such Notes with the Clearing Agency, or as otherwise provided in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Development Agreements</u>&#8221; means all development agreements for Branded Restaurants pursuant to which a Franchisee, developer
        or other Person obtains the rights to develop (in order to operate as a Franchisee) one or more Branded Restaurants within a designated geographical area.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>DSCR</u>&#8221; means, as of any Quarterly Payment Date, equals (i)&#160;the Net Cash Flow over the four (4) immediately preceding
        Quarterly Collection Periods, <u>divided by</u> (ii)&#160;the Debt Service with respect to such four (4) Quarterly Collection Periods; <u>provided</u><font style="font-style: italic;">&#160;</font>that, for purposes of calculating the DSCR as of the first
        three (3) Quarterly Calculation Dates, (a) &#8220;Net Cash Flow&#8221; for the Quarterly Collection Period ended January 20, 2019 will be deemed to be $73,100,108, &#8220;Net Cash Flow&#8221; for the Quarterly Collection Period ended April 14, 2019 will be deemed to be
        $67,308,345 and &#8220;Net Cash Flow&#8221; for the Quarterly Collection Period ended July 7, 2019 will be calculated by the Manager at the time of the first Quarterly Calculation Date and will be based on the financial results of Jack in the Box for the
        fiscal quarter ended July 7, 2019 and (b) <u>clause&#160;(ii)</u> of such DSCR calculation will be deemed to equal the Debt Service measured for the most recently ended Quarterly Collection Period times four (4) (and for the first four Quarterly
        Payment Dates, the Debt Service for the first Quarterly Collection Period will be adjusted to account for the irregular number of days in such Quarterly Collection Period).&#160; For the purposes of calculating the DSCR as of the first four (4)
        Quarterly Payment Dates, the Debt Service for the first Quarterly Collection Period will be deemed to be the sum of (A) the product of (x) the sum of the amounts referred to in <u>clauses&#160;(i)</u>, <u>(ii)</u> and <u>(iii)</u> of the definition
        of &#8220;Debt Service&#8221; <u>multiplied by</u> (y) a fraction the numerator of which is ninety (90) and the denominator of which is the actual number of days elapsed during the period commencing on and including the Closing Date and ending on but
        excluding the first Quarterly Payment Date <u>plus</u> (B) the amount referred to in <u>clause (iv)</u> of the definition of &#8220;Debt Service&#8221;.&#160; &#8220;<u>Interest-Only DSCR</u>&#8221; means the calculation of DSCR without any application of <u>clause&#160;(iv)</u>
        of the definition of &#8220;Debt Service.&#8221;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -14 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>DTC</u>&#8221; means The Depository Trust Company and any successor thereto.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eligible Account</u>&#8221; means (a)&#160;a segregated identifiable trust account established in the trust department of a Qualified
        Trust Institution or (b)&#160;a separately identifiable deposit or securities account established at a Qualified Institution.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eligible Assets</u>&#8221; means any real or personal property or other asset useful to a Securitization Entity in the operation of
        its business or of its other assets, including, without limitation, (i) capital assets, capital expenditures, renovations and improvements and (ii) assets intended to generate revenue for a Securitization Entity.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eligible Investments</u>&#8221; means (a)&#160;time deposits with, or insured certificates of deposit or bankers&#8217; acceptances of, any
        commercial bank or trust company that (i)&#160;is organized under the laws of the United States or is the principal banking subsidiary of a bank holding company organized under the laws of the United States and is a member of the Federal Reserve System,
        (ii)&#160;whose short-term debt is rated at least &#8220;P-1&#8221; (or then equivalent grade) by Moody&#8217;s and at least &#8220;A&#8209;1+&#8221; (or then equivalent grade) by S&amp;P and, if it has a short-term rating by KBRA, at least &#8220;K2&#8221; by KBRA and (iii)&#160;has combined capital and
        surplus of at least $1,000,000,000, in each case with maturities of not more than one (1) year from the date of acquisition thereof; (b)&#160;readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any
        agency or instrumentality thereof having maturities of not more than one (1) year from the date of acquisition thereof; <u>provided</u> that the full faith and credit of the United States is pledged in support thereof; (c)&#160;commercial paper issued
        by any Person organized under the laws of any state of the United States and rated at least &#8220;P-1&#8221; (or then equivalent grade) by Moody&#8217;s and at least &#8220;A&#8209;1+&#8221; (or the then equivalent grade) by S&amp;P and, if it has a short-term rating by KBRA, at
        least &#8220;K2&#8221; by KBRA, with maturities of not more than one hundred eighty (180)&#160;days from the date of acquisition thereof; (d) repurchase obligations with a term of not more than thirty (30) days for underlying securities of the type described in <u>clauses&#160;(a)</u>
        and <u>(b)</u> above entered into with any financial institution meeting the qualifications specified in <u>clause&#160;(a)</u> above and (e) investments, classified in accordance with GAAP as current assets of the relevant Person making such
        investment, in money market investment programs registered under the 1940 Act, which have the highest rating obtainable from Moody&#8217;s S&amp;P and, if it has a short-term rating by KBRA, at least &#8220;K2&#8221; by KBRA, and the portfolios of which are invested
        primarily in investments of the character, quality and maturity described in <u>clauses&#160;(a)</u> though <u>(d)</u> of this definition.&#160; Notwithstanding the foregoing, all Eligible Investments must either (A)&#160;be at all times available for
        withdrawal or liquidation at par (or for commercial paper issued at a discount, at the applicable purchase price) or (B)&#160;mature on or prior to the Business Day prior to the immediately succeeding Weekly Allocation Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Employee Benefit Plan</u>&#8221; means any &#8220;employee benefit plan&#8221;, as such term is defined in Section&#160;3(3) of ERISA, established,
        maintained or contributed to by a Securitization Entity or with respect to which any Securitization Entity has any liability.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -15 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Enhancement</u>&#8221; means, with respect to any Series of Notes, the rights and benefits provided to the Holders of such Series of
        Notes pursuant to any letter of credit, surety bond, cash collateral account, spread account, guaranteed rate agreement, maturity guaranty facility, tax protection agreement, interest rate swap or any other similar arrangement entered into by the
        Master Issuer in connection with the issuance of such Series of Notes as provided for in the Series Supplement for such Series in accordance with the terms of this Base Indenture or Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Enhancement Agreement</u>&#8221; means any contract, agreement, instrument or document governing the terms of any Enhancement or
        pursuant to which any Enhancement is issued or outstanding.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Enhancement Provider</u>&#8221; means the Person providing any Enhancement as designated in the Series Supplement for such Series or
        Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Environmental Law</u>&#8221; means any and all applicable laws, rules, orders, regulations, statutes, ordinances, binding guidelines,
        codes, decrees, agreements or other legally enforceable requirements (including common law) of any international authority, foreign government, the United States, or any state, local, municipal or other Governmental Authority, regulating, relating
        to or imposing liability or standards of conduct concerning protection of the environment or of human health (as it relates to exposure to Materials of Environmental Concern), or employee health and safety (as it relates to exposure to Materials of
        Environmental Concern), as has been, is now, or may at any time hereafter be, in effect.<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Environmental Permits</u>&#8221; means any and all permits, licenses, approvals, registrations, notifications, exemptions and other
        authorizations required under any Environmental Law.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Equity Interest</u>&#8221; means any (a)&#160;membership or limited liability company interest in any limited liability company,
        (b)&#160;general or limited partnership interest in any partnership, (c)&#160;common, preferred or other stock interest in any corporation, (d)&#160;share, participation, unit or other interest in the property or enterprise of an issuer that evidences ownership
        rights therein, (e)&#160;ownership or beneficial interest in any trust or (f)&#160;option, warrant or other right to convert any interest into or otherwise receive any of the foregoing.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>ERISA</u>&#8221; means the U.S. Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar
        import, in each case as in effect from time to time.&#160; References to sections of ERISA also refer to any successor sections.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>ERISA Event</u>&#8221; means (a) Reportable Event; (b) the failure to meet the minimum funding standard of Section 412 of the Code or
        Section 302 of ERISA with respect to any Single Employer Plan (whether or not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a required installment under Section 430 of the Code and Section 303(j) of
        ERISA with respect to any Single Employer Plan; (c) the provision by the administrator of any Single Employer Plan pursuant to Section 4041(a)(2) of ERISA of a written notice of intent to terminate such Single Employer Plan in a standard
        termination described in Section 4041(b) of ERISA or a distress termination described in Section 4041(c) of ERISA; (d) the complete or partial withdrawal by the Manager, or any company in the Controlled Group of the Manager, from any Single
        Employer Plan with two or more contributing sponsors or the termination of any such Single Employer Plan, in each case, which results in liability pursuant to Section 4063 or 4064 of ERISA; (e) formal written notice from the PBGC of its intent to
        commence proceedings to terminate any Single Employer Plan; (f) the imposition of liability on the Manager, or any company in the Controlled Group of the Manager, pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of
        Section 4212(c) of ERISA; (g) receipt from the Internal Revenue Service of notice of the failure of any Single Employer Plan to qualify under Section 401(a) of the Code or the failure of any trust forming part of any Single Employer Plan to qualify
        for exemption from taxation under Section 501(a) of the Code; (h) the imposition of a lien in favor of the PBGC or a Plan pursuant to Section 430(k) of the Code or pursuant to Section 303(k) of ERISA with respect to any Single Employer Plan or (i)
        the complete or partial withdrawal by the Manager or any member of its Controlled Group from any Multiemployer Plan that has resulted or could reasonably be expected to result in a material liability to the Manager under ERISA.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -16 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Euroclear</u>&#8221; means Euroclear Bank, S.A./N.V., or any successor thereto, as operator of the Euroclear System.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Event of Bankruptcy</u></font>&#8221; will be deemed to have occurred with respect to a Person if:</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">a case or other proceeding is commenced, without the application or consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or
          composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or any substantial part of its assets, or any similar action with
          respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding continues undismissed, or unstayed and in effect, for a period of sixty
          (60)&#160;consecutive days; or an order for relief in respect of such Person is entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">such Person commences a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in
          effect, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person or for any substantial part of its property, or makes any general
          assignment for the benefit of creditors; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the Board of Directors or board of managers (or similar body) of such Person votes to implement any of the actions set forth in <u>clause&#160;(b)</u> above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Event of Default</u>&#8221; means any of the events set forth in <u>Section 9.02</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Excepted Securitization IP Assets</u>&#8221; means (i) any right to use third-party Intellectual Property pursuant to a license to
        the extent such rights are not able or permitted to be pledged; and (ii) any application for registration of a Trademark that would be invalidated, canceled, voided or abandoned due to the grant and/or enforcement of an assignment or security
        interest, including intent-to-use applications filed with the PTO pursuant to 15 U.S.C. Section&#160;1051(b) prior to the filing of a statement of use or amendment to allege use pursuant to 15 U.S.C. Section 1051(c) or (d); <u>provided</u> that at such
        time as the grant and/or enforcement of the assignment or security interest would not cause such application to be invalidated, canceled, voided or abandoned, such Trademark application will cease to be considered an Excepted Securitization IP
        Asset.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Excess Class&#160;A&#8209;1 Notes Administrative Expenses Amount</u>&#8221; means, for each Weekly Allocation Date, an amount equal to the
        amount by which (a)&#160;the Class&#160;A&#8209;1 Notes Administrative Expenses that have become due and payable prior to such Weekly Allocation Date and have not been previously paid exceed (b)&#160;the Capped Class&#160;A&#8209;1 Notes Administrative Expenses Amount for such
        Weekly Allocation Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Excluded Amounts</u>&#8221; means, among other things, (i)&#160; fees and expenses paid by or on behalf of any Securitization Entity in
        connection with registering, maintaining and enforcing the Securitization IP and paying third-party licensing fees, (ii) account expenses and fees paid to the banks at which the Management Accounts are held, (iii) insurance and condemnation
        proceeds payable by the Securitization Entities to Franchisees, (iv) amounts in respect of sales Taxes and other comparable Taxes and other amounts received from Franchised Restaurants that are due and payable to a Governmental Authority or other
        unaffiliated third party, (v) any statutory Taxes payable by a Securitization Entity, but required to be remitted to a Governmental Authority, (vi) amounts paid by Franchisees in respect of fees or expenses payable to unaffiliated third parties for
        services provided to Franchisees, (vii) amounts paid by Franchisees relating to corporate services provided by the Manager to the Franchisees, including marking and administration fees, repairs and maintenance, value card administration, employee
        training, point-of-sale system maintenance and support, upfront onboarding fees and maintenance of other information technology systems, (viii) tenant improvement allowances and similar amounts received from landlords, (ix) any amounts that cannot
        be transferred to a Concentration Account due to applicable law and (x) any other amounts deposited into any Concentration Account or otherwise included in Collections that are not required to be deposited into the Collection Account.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -17 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Excluded IP</u>&#8221; means (i) any commercially available, off-the-shelf, uncustomized Software or information technology systems,
        in each case, licensed on standard terms and conditions to or on behalf of any Non-Securitization Entity, (ii) any proprietary software or information technology systems that are readily replaceable with Software or information technology systems
        described in subpart (i), and (iii) any Intellectual Property existing in any country other than the United States, unless the Manager, in its sole discretion, causes such Intellectual Property to be created, developed, authored or acquired by or
        on behalf of, or licensed to or on behalf of, the Franchisor or another Securitization Entity.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Extension Period</u>&#8221; means, with respect to any Series or any Class of any Series of Notes, the period from the Series
        Anticipated Repayment Date (or any previously extended Series Anticipated Repayment Date) with respect to such Series or Class to the Series Anticipated Repayment Date with respect to such Series or Class as extended in connection with the
        provisions of the Series Supplement for such Series or, to the extent applicable, Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>FDIC</u>&#8221; means the U.S.&#160;Federal Deposit Insurance Corporation.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Financial Assets</u>&#8221; has the meaning set forth in <u>Section 5.09(b)(i)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Foreign Subsidiary Holding Company</u>&#8221; has the meaning set forth in Section 3.01 of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Four-Week Fiscal Period</u>&#8221; means the following monthly fiscal periods of the Securitization Entities: (a)&#160;thirteen 4-week
        fiscal periods of the Securitization Entities in connection with their 52-week fiscal years and (b)&#160;twelve 4-week fiscal periods and one 5-week fiscal period of the Securitization Entities in connection with their 53-week fiscal years, whereby the
        5-week period is the last fiscal period in such fiscal year.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Four-Week Fiscal Period Estimated Securitized Company Restaurant Profits Amount</u>&#8221; means, with respect to each Four-Week
        Fiscal Period of the Securitization Entities, the lesser of (or, at the option of the Master Issuer, the greater of) (x) an estimate of the Four-Week Fiscal Period Securitized Company Restaurant Accrual Profits Amount for such period and (y) an
        estimate of the Four-Week Fiscal Period Securitized Company Restaurant Cash Profits Amount for such period, in each case, as set forth in the relevant Weekly Manager&#8217;s Certificate.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Four-Week Fiscal Period Securitized Company Restaurant Accrual Profits Amount</u></font>&#8221;
        means, with respect to each Four-Week Fiscal Period of the Securitization Entities, the amount (not less than zero) equal to (a) all revenue accrued in respect of all Securitized Company Restaurants (excluding Pass-Through Amounts) for such
        Four-Week Fiscal Period; <font style="font-family: 'Times New Roman',Times,serif;"><u>minus</u></font> (b) all Restaurant Operating Expenses (excluding Pass-Through Amounts) accrued over such period in connection with the operation of the
        Securitized Company Restaurants for such Four-Week Fiscal Period; <font style="font-family: 'Times New Roman',Times,serif;"><u>minus</u></font> (c) all Company Synthetic Lease Payments and JIB Properties Company Restaurant IP License Fees accrued
        over such period in connection with the operation of the Securitized Company Restaurants for such Four-Week Fiscal Period.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -18 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Four-Week Fiscal Period Securitized Company Restaurant Cash Profits Amount</u></font>&#8221; means,
        with respect to each Four-Week Fiscal Period of the Securitization Entities, the amount (not less than zero) equal to (a) Securitized Company Restaurant Collections (excluding Pass-Through Amounts) for such Four-Week Fiscal Period; <font style="font-family: 'Times New Roman',Times,serif;"><u>minus</u></font> (b) all Restaurant Operating Expenses (excluding Pass-Through Amounts) paid in cash out of funds in deposit in the Securitized Company Restaurant Accounts; minus (c) all
        Company Synthetic Lease Payments and JIB Properties Company Restaurant IP License Fees in connection with the operation of the Securitized Company Restaurants for such Four-Week Fiscal Period.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Four-Week Fiscal Period Securitized Company Restaurant Profits True-up Amount</u></font>&#8221;
        means, with respect to each Four-Week Fiscal Period of the Securitization Entities, the sum of (a) the amount (whether positive or negative) equal to (i) the Four-Week Fiscal Period Securitized Company Restaurant Accrual Profits Amount for such
        Four-Week Fiscal Period <font style="font-family: 'Times New Roman',Times,serif;"><u>minus</u></font> (ii) the Four-Week Fiscal Period Estimated Securitized Company Restaurant Profits Amount for such Four-Week Fiscal Period <font style="font-family: 'Times New Roman',Times,serif;"><u>plus</u></font> (b) the unpaid amount of all Four-Week Fiscal Period Securitized Company Restaurant Profits True-up Amounts for all prior Four-Week Fiscal Periods.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Franchise Agreement</u></font>&#8221; means a franchise agreement (including any related service or
        license agreement) whereby a Franchisee agrees to operate a Branded Restaurant.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Franchise Documents</u></font>&#8221; means all Franchise Agreements (including master franchise
        agreements and related service or license agreements), Development Agreements and agreements related thereto, together with any modifications, amendments, extensions or replacements of the foregoing.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Franchised Restaurants</u></font>&#8221; means, collectively, all Branded Restaurants that are
        owned and operated by Franchisees that are unaffiliated with Jack in the Box Inc. and its Affiliates pursuant to a Franchise Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Franchisee</u></font>&#8221; means any Person that is a franchisee under a Franchise Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Franchisee Back-to-Back Sublease Payments</u></font>&#8221; means sublease payments payable by
        Franchisees to JIB Properties under Securitized Franchisee Back-to-Back Subleases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Franchisee Note</u></font>&#8221; means any franchisee note or other franchisee financing agreement
        entered into in order to finance the payment of franchisee fees, amounts payable by Franchisees in connection with Refranchising Asset Dispositions or other amounts owing by a Franchisee.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Franchisor</u></font>&#8221; means Different Rules, LLC, a Delaware limited liability company.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Franchisor Capital Accounts</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 5.02(a)(ii)</u></font> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Future Brand</u></font>&#8221; means any name or Trademark (including any Trademarks related to,
        based on or derivative thereof, but excluding the Jack in the Box Brand or any Trademark owned by the Securitization Entities as of the Closing Date) that (i) is acquired or developed by Jack in the Box Inc. or any of its Subsidiaries and
        subsequently contributed to one or more Securitization Entities in a manner consistent with the terms of the Related Documents or (ii) that is acquired or developed by the Master Issuer or any one or more Securitization Entities in a manner
        consistent with the terms of the Related Documents.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>GAAP</u></font>&#8221; means the generally accepted accounting principles in the United States
        promulgated or adopted by the Financial Accounting Standards Board and its predecessors and successors in effect from time to time.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -19 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Government Securities</u></font>&#8221; means readily marketable obligations issued or directly and
        fully guaranteed or insured by the United States of America or any agency or instrumentality thereof and as to which obligations the full faith and credit of the United States of America is pledged in support thereof.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Governmental Authority</u></font>&#8221; means the government of the United States or any other
        nation or any political subdivision of the foregoing, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
        administrative powers or functions of or pertaining to government.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Gross Sales</u></font>&#8221; means, with respect to a restaurant, the total amount of revenue
        received from the sale of all food, products, merchandise and performance of all services and all other income of every kind and nature (including gift certificates when redeemed but not when purchased), whether for cash or credit and regardless of
        collection in the case of credit; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>however</u></font>, that Gross Sales shall not include (i)&#160;refunds
        and allowances; (ii) any sales Taxes or other Taxes, in each case collected from customers for transmittal to the appropriate taxing authority or (iii)&#160;revenues that are not subject to royalties in accordance with the related Securitized Franchise
        Agreement, applicable IP License Agreement or other applicable agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Guarantee</u></font>&#8221; means, as to any Person, any (a)&#160;obligation, contingent or otherwise,
        of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Primary Obligor</u></font>&#8221;)
        in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i)&#160;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii)&#160;to
        purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii)&#160;to maintain working
        capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the Primary Obligor so as to enable the Primary Obligor to pay such Indebtedness or other obligation, or (iv)&#160;entered into for the
        purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b)&#160;Lien on any
        assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to
        obtain any such Lien).&#160; The amount of any Guarantee shall be deemed to be (i)&#160;with respect to a Guarantee pursuant to <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(a)</u></font> above, an amount equal to the stated or
        determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
        guaranteeing Person in good faith or (ii)&#160;with respect to a Guarantee pursuant to <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(b)</u></font> above, the fair market value of the assets subject to (or that could be subject
        to) the related Lien.&#160; The term &#8220;Guarantee&#8221; as a verb has a corresponding meaning.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Guarantee and Collateral Agreement</u></font>&#8221; means the Guarantee and Collateral Agreement,
        dated as of the Closing Date, by and among the Guarantors in favor of the Trustee for the benefit of the Secured Parties, as amended, supplemented or otherwise modified from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Guarantors</u></font>&#8221; means the Subsidiary Guarantors and the Holding Company Guarantor.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Hague Securities Convention</u></font>&#8221; means the Hague Convention on the Law Applicable to
        Certain Rights in Respect of Securities Held with an Intermediary, concluded 5 July 2006.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Hedge Counterparty</u></font>&#8221; means an institution that enters into a Swap Contract with one
        or more Securitization Entities to provide certain financial protections with respect to changes in interest rates applicable to a Series of Notes if and as specified in the Series Supplement for such Series.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -20 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Hedge Payment Account</u>&#8221; means an account entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Hedge Payment
        Account&#8221;, which account is maintained by the Trustee pursuant to <u>Section 5.08</u> of this Base Indenture or any successor securities account maintained pursuant to <u>Section 5.08</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Holdco Leverage Ratio</u>&#8221; means, As of any date of determination, the ratio of (a)(i) Indebtedness of the Non-Securitization
        Entities and the Securitization Entities&#160; (assuming that amounts available under each Class A-1 Note at such time (after giving effect to any commitment reductions on such date) are fully drawn) as of the end of the most recently ended Quarterly
        Fiscal Period less (ii) the sum of (v) the cash and Eligible Investments of the Securitization Entities credited to the Senior Notes Interest Reserve Account, the Senior Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account and
        the Franchisor Capital Accounts as of the end of the most recently ended Quarterly Fiscal Period, (w) the cash and Eligible Investments of the Securitization Entities maintained in the Management Accounts as of the end of the most recently ended
        Quarterly Fiscal Period that the Manager reasonably anticipates, pursuant to a Weekly Manager&#8217;s Certificate delivered on or prior to such date, will be paid to the Manager or constitute the Residual Amount on the next succeeding Weekly Allocation
        Date, (x) the Unrestricted Cash and Eligible Investments of the Non-Securitization Entities as of the end of the most recently ended Quarterly Fiscal Period, (y) without duplication, the amount available under any Cash Collateralized Letters of
        Credit and (z) without duplication, the available amount of each Interest Reserve Letter of Credit as of the end of the most recently ended Quarterly Fiscal Period to (b) the sum of the Adjusted EBITDA of the Non-Securitization Entities and the
        Securitization Entities, for the immediately preceding four (4) Quarterly Fiscal Periods most recently ended as of such date and for which financial statements have been finalized. The Holdco Leverage Ratio shall be calculated in accordance with <u>Section


          14.18(a)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Holder</u>&#8221; means each Noteholder and, to the extent Notes are held through a Clearing Agency, each Note Owner.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Holding Company Guarantor</u>&#8221; means Jack in the Box SPV Guarantor, LLC, a Delaware limited liability company, and its
        successors and assigns.<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Hot Back-Up Management Duties</u>&#8221; has the meaning set forth in the Back-Up Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>IFRS</u>&#8221; means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable
        to the relevant financial statements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Improvements</u>&#8221; means, with respect to Intellectual Property, proprietary rights in any additions, modifications,
        derivatives, developments, variations, refinements, enhancements or improvements that are derivative works as defined and recognized by applicable Requirements of Law or, with respect to real estate, the buildings, structures, fixtures, additions,
        enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on the real property constituting a part of each property.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Indebtedness</u>&#8221; means, as to any Person as of any date, without duplication, (a)&#160;all obligations of such Person for borrowed
        money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) the net obligations of such Person under any swap contract (other than any swap contracts not to exceed $30,000,000 in
        aggregate termination value in existence on the Closing Date), (c)&#160;all obligations of such Person to pay the deferred purchase price of property or services (other than (i)&#160;trade accounts payable in the ordinary course of business, (ii)&#160;any
        earn-out obligation until such obligation appears in the liabilities section of the balance sheet of such Person, and (iii)&#160;liabilities associated with customer prepayments and deposits); and (d)&#160;the maximum amount of all direct or contingent
        obligations of such Person arising under letters of credit, in the case of the foregoing <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u>, to the extent such item would be classified as a liability on a consolidated balance sheet of such Person as
        of such date; <u>provided</u>, <u>however</u>, that guarantees by Securitization Entities for the benefit of Franchisees in an aggregate principal amount at any time outstanding of up to the greater of (x)&#160;$20,000,000 and (y)&#160;5.0% of the Net Cash
        Flow for the preceding four (4) Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared shall not be considered Indebtedness.&#160; For purposes of the foregoing <u>clause&#160;(b)</u>, the
        amount of any net obligation under any swap contract on any date shall be deemed to the swap termination value thereof.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -21 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Indemnification Amount</u>&#8221; means, with respect to any Securitized Franchise Assets, Securitized Company Restaurants (and the
        related Securitized Company Restaurant Assets), Securitized Owned-Property Franchisee Leases, and Securitized Franchisee Back-to-Back Subleases, an amount equal to the Allocated Note Amount for such asset.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Indemnitor</u>&#8221; means Jack in the Box Inc., as the Manager in its individual capacity, or any other Non-Securitization Entity.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Indenture</u>&#8221; means the Base Indenture, together with all Series Supplements, as amended, supplemented or otherwise modified
        from time to time by Supplements thereto in accordance with its terms.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Indenture Collateral</u>&#8221; has the meaning set forth in <u>Section 3.01</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Indenture Documents</u>&#8221; means, collectively, with respect to any Series of Notes, the Base Indenture (including any
        Supplements thereto), the Series Supplement for such Series (including any Supplements thereto), the Notes of such Series, the Guarantee and Collateral Agreement, the related Account Control Agreements, any related Variable Funding Note Purchase
        Agreement and any other agreements relating to the issuance or the purchase of the Notes of such Series&#160;or the pledge of Collateral under any of the foregoing.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Indenture Trust Accounts</u>&#8221; means each of the Collection Account, the Collection Account Administrative Accounts, the Senior
        Notes Interest Reserve Account (which may also, at the election of the Manager, serve as a Franchisor Capital Account), the Senior Subordinated Notes Interest Reserve Account, the Cash Trap Reserve Account, the Hedge Payment Account, the Series
        Distribution Accounts and such other accounts as the Master Issuer may establish with the Trustee or the Trustee may establish from time to time pursuant to its authority to establish additional accounts pursuant to the Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Independent</u>&#8221; means, as to any Person, any other Person (including, in the case of an accountant, or lawyer, a firm of
        accountants or lawyers and any member thereof or an investment bank and any member thereof) who (i)&#160;does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of
        such Person and (ii)&#160;is not connected with such Person or an Affiliate of such Person as an officer, employee, promoter, underwriter, voting trustee, partner, director or Person performing similar functions.&#160; &#8220;Independent&#8221; when used with respect to
        any accountant may include an accountant who audits the books of such Person if, in addition to satisfying the criteria set forth above, the accountant is independent with respect to such Person within the meaning of Rule&#160;101 of the Code of Ethics
        of the American Institute of Certified Public Accountants.&#160; Whenever any Independent Person&#8217;s opinion or certificate is to be furnished to the Trustee, such opinion or certificate shall state that the signer has read this definition and that the
        signer is Independent within the meaning hereof.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Independent Auditors</u>&#8221; means the firm of Independent accountants appointed pursuant to the Management Agreement or any
        successor Independent accountant.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -22 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Independent Manager</u>&#8221; means, with respect to any corporation, partnership, limited liability company, association or other
        business entity, an individual who has prior experience as an independent director, independent manager or independent member with at least three (3) years of employment experience and who is provided by Maples Fiduciary Services (Delaware) Inc.,
        Corporation Service Company, CT Corporation, Global Securitization Services, LLC, Lord Securities Corporation, National Registered Agents, Inc., Stewart Management Company, Wilmington Trust Company, or any successor therto, or, if none of those
        companies is then providing professional independent managers, another nationally recognized company reasonably approved by the Trustee, in each case that is not an Affiliate of the company and that provides professional independent managers and
        other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Manager and is not, and has never been, and will not while serving as Independent Manager be, any of the following:</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">a member, partner, equityholder, manager, director, officer or employee of the company, the member thereof, or any of their respective equityholders or Affiliates (other than as an Independent
          Manager of the company or an Affiliate of the company that is not in the direct chain of ownership of the company and that is required by a creditor to be a single purpose bankruptcy remote entity, <u>provided</u> that such Independent Manager
          is employed by a company that routinely provides professional independent managers in the ordinary course of its business);</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">a creditor, supplier or service provider (including provider of professional services) to the company, or any of its equityholders or Affiliates (other than a nationally recognized company that
          routinely provides professional independent managers and other corporate services to the company or any of its equityholders or Affiliates in the ordinary course of its business);</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">a Person that controls (whether directly, indirectly or otherwise) any of (i), (ii) or (iii) above.</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">A natural Person who otherwise satisfies the foregoing definition and satisfies subparagraph&#160;(i) by reason of being the Independent Manager (or independent
        manager or director) of a &#8220;special purpose entity&#8221; which is an Affiliate of the company shall be qualified to serve as an Independent Manager of the company, <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font> that the
        fees that such individual earns from serving as Independent Manager (or independent manager or director) of any Affiliate of the company in any given year constitute in the aggregate less than five percent (5%) of such individual&#8217;s annual income
        for that year.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Ineligible Account</u>&#8221; has the meaning set forth in <u>Section 5.19</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Ineligible Interest Reserve Letter of Credit</u>&#8221; means an Interest Reserve Letter of Credit with respect to which (i) the
        short-term debt credit rating of the L/C Provider with respect to such Interest Reserve Letter of Credit is withdrawn or downgraded by S&amp;P to below &#8220;A-2&#8221; and, if it has a rating by KBRA, is withdrawn or downgraded by KBRA below &#8220;K2&#8221; or is
        withdrawn by Moody&#8217;s or downgraded by Moody&#8217;s below &#8220;P-2&#8221; or (ii) the long-term debt credit rating of such L/C Provider is withdrawn by S&amp;P or downgraded by S&amp;P below &#8220;BBB&#8221; and, if it has a rating by KBRA, is withdrawn or downgraded by KBRA
        below &#8220;BBB&#8221; or is withdrawn by Moody&#8217;s or downgraded by Moody&#8217;s below &#8220;Baa2&#8221;; <u>provided</u> that for determining whether an Interest Reserve Letter of Credit is eligible under this definition, an L/C Provider will be deemed to have the
        short-term debt credit rating or the long-term debt credit rating, as applicable, of such L/C Provider or any guarantor of (or confirming bank for) such L/C Provider.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -23 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Initial Principal Amount</u>&#8221; means, with respect to any Series&#160;or Class (or Subclass) of Notes, the aggregate initial
        principal amount of such Series&#160;or Class (or Subclass) of Notes specified in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Initial Senior Notes Interest Reserve Amount</u>&#8221; means, with respect to the Notes issued on the Closing Date, an amount equal
        to $15,885,875 to be deposited<font style="font-weight: bold;">&#160;</font>into the Senior Notes Interest Reserve Account and/or arranged for issuance as an Interest Reserve Letter of Credit by the Master Issuer.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Insurance Proceeds Account</u>&#8221; has the meaning set forth in <u>Section 5.02(a)(v)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Insurance/Condemnation Proceeds</u>&#8221; means an amount equal to: (i)&#160;any cash payments or proceeds received by the Securitization
        Entities (a)&#160;by reason of theft, physical destruction or damage or any other similar event with respect to any properties or assets of the Securitization Entities under any policy of insurance (other than liability insurance) in respect of a
        covered loss thereunder or (b)&#160;as a result of any non-temporary condemnation, taking, seizing or similar event with respect to any properties or assets of the Securitization Entities by any Person pursuant to the power of eminent domain,
        condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking <u>minus</u> (ii)(a) any actual and reasonable costs incurred by the Securitization Entities in connection with the
        adjustment or settlement of any claims of the Securitization Entities in respect thereof and (b)&#160;any <u>bona fide</u> direct costs incurred in connection with any disposition of such assets as referred to in <u>clause&#160;(i)(b)</u> of this
        definition, including Taxes (or distributions to a direct or indirect parent for Taxes) paid or reasonably expected to be actually payable with respect to the Securitization Entities&#8217; consolidated group as a result of any gain recognized in
        connection therewith.&#160; For the avoidance of doubt, &#8220;Insurance/Condemnation Proceeds&#8221; shall not include any proceeds of policies of insurance not described above, such as business interruption insurance, food safety insurance coverage and other
        insurance procured in the ordinary course of business, which shall be treated as Collections.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Intellectual Property</u>&#8221; or &#8220;<u>IP</u>&#8221; means all rights, title and interests in or to intellectual property of any type,
        including:&#160; (i)&#160;Trademarks; (ii)&#160;Patents; (iii)&#160;rights in computer programs and mobile apps, including in both source code and object code, together with related documentation and explanatory materials, whether machine readable or otherwise, and
        databases, including any Copyrights (as defined below), Patents and Trade Secrets (as defined below) therein (&#8220;<u>Software</u>&#8221;); (iv)&#160;copyrights (whether registered or unregistered) in unpublished and published works, works of authorship (whether
        or not copyrightable), database or design rights, and all registrations and recordations thereof and all applications in connection therewith, along with all reversions, extensions and renewals thereof (&#8220;<u>Copyrights</u>&#8221;); (v)&#160;trade secrets and
        other confidential or proprietary information, including with respect to recipes, unpatented inventions, operating procedures, know how, procedures and formulas for preparing food and beverage products, specifications for certain food and beverage
        products, inventory methods, customer service methods, financial control methods, algorithm and training techniques (&#8220;<u>Trade Secrets</u>&#8221;); (vi)&#160;all Improvements of or to any of the foregoing; (vii)&#160;all social media account names or identifiers (<font style="font-style: italic;">e.g.</font>, Twitter&#174; handle or Facebook&#174; account name); (viii)&#160;all registrations, applications for registration or issuances, recordings, renewals and extensions relating to any of the foregoing; and (ix)&#160;for the
        avoidance of doubt, the sole and exclusive rights to prosecute and maintain any of the foregoing, to enforce any past, present or future infringement, dilution misappropriation or other violation of any of the foregoing, and to defend any pending
        or future challenges to any of the foregoing.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Interest Accrual Period</u>&#8221; means (a)&#160;solely with respect to any Series of Class&#160;A&#8209;1 Notes of any Series of Notes, a period
        commencing on and including the day that is two (2)&#160;Business Days prior to a Quarterly Calculation Date and ending on but excluding the day that is two (2)&#160;Business Days prior to the next succeeding Quarterly Calculation Date and (b)&#160;with respect
        to any other Class of Notes of any Series of Notes, the period from and including the 25th day of the calendar month in which the immediately preceding Quarterly Payment Date occurred to but excluding the 25th day of the calendar month which
        includes the then-current Quarterly Payment Date; <u>provided</u>, <u>however</u>, that the initial Interest Accrual Period for any Series will commence on and include the Series Closing Date and end on the date specified above, unless otherwise
        specified in the Series Supplement for such Series; <u>provided</u>, <u>further</u>, that the Interest Accrual Period, with respect to each Series of Notes Outstanding, immediately preceding the Quarterly Payment Date on which the last payment on
        the Notes of such Series&#160;is to be made will end on such Quarterly Payment Date.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -24 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Interest Reserve Letter of Credit</u>&#8221; means any letter of credit issued for the benefit of the Trustee and the Senior
        Noteholders or the Senior Subordinated Noteholders, as applicable.<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Interest Reserve Release Event</u>&#8221; means, as of any date of determination, and with respect to each Series of Senior Notes or
        Senior Subordinated Notes Outstanding, as applicable, any reduction in (i) the Class&#160;A&#8209;1 Notes Maximum Principal Amount or (ii) the Outstanding Principal Amount of such Series of Notes that are not a Series of Class A-1 Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Interest-Only DSCR</u>&#8221; has the meaning assigned to such term under the definition of &#8220;DSCR.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Investment Income</u>&#8221; means the investment income earned on a specified account during a specified period, in each case net of
        all losses and expenses allocable thereto.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Investments</u>&#8221; means, with respect to any Person(s), all investments by such Person(s) in other Persons in the form of loans
        (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel, moving and other similar advances to officers, directors, employees and consultants of such
        Person(s) (including Affiliates) made in the ordinary course of business) and purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>IP License Agreements</u></font>&#8221; means, collectively, Manager IP License, the Company
        Restaurant IP Licenses, the Jack in the Box Foundation IP License and the JIB Stored Value Cards IP License.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>IRS</u></font>&#8221; means the U.S. Internal Revenue Service.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Investor Request Certification</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 4.03</u></font> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Jack in the Box Brand</u></font>&#8221; means the Jack in the Box<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> name and Trademarks, whether alone or in combination with other words or symbols, and any variations or derivatives of any of the foregoing.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Jack in the Box Eastern Division Company Restaurant IP License</u></font>&#8221; means the IP
        License Agreement, dated as of the Closing Date, by and between the Franchisor, as licensor, and Jack in the Box Eastern Division L.P., as licensee, as amended, supplemented or otherwise modified from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Jack in the Box Foundation IP License</u></font>&#8221; means the IP License Agreement, dated as of
        the Closing Date, by and between the Franchisor, as licensor, and Jack in the Box Foundation, as licensee, as amended, supplemented or otherwise modified from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Jack in the Box Inc.</u></font>&#8221; means Jack in the Box Inc., a Delaware corporation, and its
        successors and assigns.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Jack in the Box Inc. Company Restaurant IP License</u></font>&#8221; means the IP License
        Agreement, dated as of the Closing Date, by and between the Franchisor, as licensor, and Jack in the Box Inc., as licensee, as amended, supplemented or otherwise modified from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Jack in the Box System</u></font>&#8221; means the system of restaurants operating under the Jack
        in the Box Brand.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -25 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>JIB Back-to-Back Lease Obligations</u></font>&#8221; means amounts payable by JIB Properties to
        third-party landlords under Securitized JIB Back-to-Back Leases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>JIB Back-to-Back Lease Obligations Advance</u></font>&#8221; means an advance to fund any JIB
        Back-to-Back Lease Obligations, in the event sufficient funds are not available in the applicable Concentration Account, to the extent that the Manager reasonably expects to be reimbursed for such advances from the proceeds of future Franchisee
        Back-to-Back Sublease Payments, it being agreed that any such advances will not constitute Manager Advances.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>JIB Mobile Apps</u></font>&#8221; means all consumer-facing Jack in the Box Brand mobile
        applications, whether the rights thereunder are contributed to the Franchisor on the Closing Date or acquired by the Franchisor following the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>JIB Properties</u></font>&#8221; means Jack in the Box Properties, LLC, a Delaware limited
        liability company.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>JIB Properties Company Restaurant IP License</u></font>&#8221; means the IP License Agreement,
        dated as of the Closing Date, by and between the Franchisor, as licensor, and JIB Properties, as licensee, as amended, supplemented or otherwise modified from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>JIB Properties Company Restaurant IP License Fee</u></font>&#8221; means the licensing fees payable
        by JIB Properties under the JIB Properties Company Restaurant IP License.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>JIB Stored Value Cards IP License</u></font>&#8221; means the IP License Agreement, dated as of the
        Closing Date, by and between the Franchisor, as licensor, and JIB Stored Value Cards, LLC, as licensee, as amended, supplemented or otherwise modified from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>KBRA</u></font>&#8221; means Kroll Bond Rating Agency, Inc. (and any successor or successors
        thereto).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>L/C Provider</u></font>&#8221; means, with respect to any Series of Class A-1 Notes, the party
        identified as the &#8220;L/C Provider&#8221; or the &#8220;L/C Issuing Bank&#8221;, as the context requires, in the applicable Variable Funding Note Purchase Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Lease Reserve Amount</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 5.11(a)(iv)(E)</u></font>&#160; of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Legacy Account</u></font>&#8221; means, on or after the date that any Class or Series of Notes
        issued pursuant to the Base Indenture is no longer Outstanding, any account maintained by the Trustee to which funds have been allocated in accordance with the Priority of Payments for the payment of interest, fees or other amounts in respect of
        such Class or Series of Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Letter of Credit Reimbursement Agreement</u></font>&#8221; means (i) the Series 2019-1 Class A-1
        Note Letter of Credit Reimbursement Agreement, dated as of the Closing Date, by and among Jack in the Box Inc., the Manager and the Master Issuer, as amended, supplemented or otherwise modified from time to time and (ii) any additional or
        replacement letter of credit reimbursement agreement entered into on substantially the same terms or otherwise with the consent of the Control Party.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Licensed Securitization IP</u></font>&#8221; means (a) the portion of the Closing Date
        Securitization IP that is held or used by Jack in the Box Inc., Jack in the Box Eastern Division L.P., the Holding Company Guarantor, the Master Issuer, JIB Properties, Jack in the Box Foundation or JIB Stored Value Cards, LLC as of the Closing
        Date pursuant to license or similar arrangement; and (b) the portion of After-Acquired Securitization IP that, after the Closing Date, will be held or used by such parties pursuant to a license or similar arrangement.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -26 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Licensee-Developed IP</u></font>&#8221; means all Intellectual Property (other than Excluded IP)
        created, developed, authored, acquired or owned by or on behalf of any licensee under any IP License Agreement or Franchise Agreement related to (i)&#160;the Jack in the Box Brand, (ii)&#160;products or services sold or distributed under the Jack in the Box
        Brand, (iii)&#160; Branded Restaurants, (iv)&#160;the Jack in the Box System, (v)&#160;the Securitized Franchised Restaurant Business or (vi)&#160;the Securitized Company Restaurant Business, and all goodwill appurtenant thereto, including, without limitation, all
        Improvements to any Securitization IP.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Lien</u></font>&#8221; means, when used with respect to any Person, any interest in any real or
        personal property, asset or other right held, owned or being purchased or acquired by such Person which secures payment or performance of any obligation, and will include any mortgage, lien, pledge, encumbrance, charge, retained security title of a
        conditional vendor or lessor, or other security interest of any kind, whether arising under a security agreement, mortgage, lease, deed of trust, chattel mortgage, assignment, pledge, retention or security title, financing or similar statement, or
        arising as a matter of law, judicial process or otherwise.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Liquidation Fees</u></font>&#8221; has the meaning set forth in the Servicing Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Majority of Controlling Class Members</u></font>&#8221; means, (x) except as set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(y)</u></font>, with respect to the Controlling Class Members (or, if specified, any subset thereof) and as of any day of determination, Controlling Class Members that hold in excess
        of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of Class A&#8209;1 Notes of the Controlling Class and (ii) the Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than Class A-1
        Notes) or any beneficial interest therein as of such day of determination (excluding any Notes or beneficial interests in Notes held by any Securitization Entity or any Affiliate of any Securitization Entity) and (y) with respect to the election of
        a Controlling Class Representative, Controlling Class Members that hold beneficial interests in excess of 50% of the sum of (i) the Class A-1 Notes Voting Amount with respect to each Series of Class A-1 Notes of the Controlling Class and (ii) the
        Outstanding Principal Amount of each Series of Notes of the Controlling Class (other than Class A-1 Notes) or any beneficial interest therein, in each case, that are Outstanding as of the CCR Voting Record Date and with respect to which votes were
        submitted by the applicable deadline for voting (which may be less than the Outstanding Principal Amount of Notes of the Controlling Class as of the CCR Voting Record Date).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Majority of Senior Noteholders</u></font>&#8221; means Senior Noteholders holding in excess of 50%
        of the sum of (i)&#160;the Class&#160;A&#8209;1 Notes Voting Amount with respect to each Series of Class&#160;A&#8209;1 Notes Outstanding and (ii)&#160;the Outstanding Principal Amount of each Series of Senior Notes other than Class&#160;A&#8209;1 Notes (excluding any Senior Notes or
        beneficial interests in Senior Notes held by any Securitization Entity or any Affiliate of any Securitization Entity).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Managed Document</u></font>&#8221; means any contract, agreement, arrangement or undertaking
        relating to any of the Securitized Assets, including, but not limited to, the Contribution Agreements, the Securitized Franchise Agreements, the Securitized Development Agreements, the Securitized Franchisee Notes, the Securitized Leases and the IP
        License Agreements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Management Accounts</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 5.02(a)</u></font> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Management Agreement</u></font>&#8221; means the Management Agreement, dated as of the Closing
        Date, by and among the Securitization Entities, the Trustee and the Manager, as amended, supplemented or otherwise modified from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Management Fee</u></font>&#8221; has the meaning set forth in the Management Agreement.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -27 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Manager</u></font>&#8221; means Jack in the Box Inc., as Manager, under the Management Agreement or
        any successor thereto.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Manager Advances</u></font>&#8221; has the meaning set forth in the Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 6pt;">&#160;&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Manager IP License</u></font>&#8221; license of Intellectual Property granted by the Franchisor to
        the Manager pursuant to the Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Manager Termination Event</u></font>&#8221; means the occurrence of an event specified in
        Section&#160;6.1 of the Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Manager-Developed IP</u></font>&#8221; means all Intellectual Property (other than Excluded IP)
        created, developed, authored, acquired or owned by or on behalf of the Manager related to or intended to be used by (i)&#160;the Jack in the Box Brand, (ii)&#160;products or services sold or distributed under the Jack in the Box Brand, (iii)&#160;Branded
        Restaurants, (iv)&#160;the Jack in the Box System, (v)&#160;the Securitized Franchised Restaurant Business or (vi)&#160;the Securitized Company Restaurant Business, including without limitation all Improvements to any Securitization IP.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Managing Standard</u></font>&#8221; has the meaning set forth in the Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Master Issuer</u></font>&#8221; means Jack in the Box Funding, LLC, a Delaware limited liability
        company, and its successors and assigns.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Material Adverse Effect</u></font>&#8221; means</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">with respect to the Manager, a material adverse effect on (i)&#160;its results of operations, business, properties or financial condition, taken as a
          whole, (ii)&#160;its ability to conduct its business or to perform in any material respect its obligations under the Management Agreement or any other Related Document, (iii)&#160;the Collateral, taken as a whole, or (iv)&#160;the ability of the Securitization
          Entities to perform in any material respect their obligations under the Related Documents;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">with respect to the Collateral, a material adverse effect with respect to the Collateral taken as a whole, the enforceability of the terms thereof,
          the likelihood of the payment of the amounts required with respect thereto in accordance with the terms thereof, the value thereof, the ownership thereof by the Securitization Entities (as applicable) or the Lien of the Trustee thereon;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">with respect to the Securitization Entities, a materially adverse effect on the results of operations, business, properties or financial condition
          of the Securitization Entities, taken as a whole, or the ability of the Securitization Entities, taken as a whole, to conduct their business or to perform in any material respect their obligations under the Related Documents; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">with respect to any Person or matter, a material impairment to the rights of or benefits available to, taken as a whole, the Securitization
          Entities, the Trustee, or the Holders under any Related Document or the enforceability of any material provision of any Related Document;</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font> that where &#8220;Material Adverse Effect&#8221; is used without specific reference, such term will have
        the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>clauses&#160;(a)</u></font> through <font style="font-family: 'Times New Roman',Times,serif;"><u>(d)</u></font>, as the context may require.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Materials of Environmental Concern</u></font>&#8221; means any gasoline or petroleum (including
        crude oil or any fraction thereof) or petroleum products (virgin or unused), polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity and any other materials or substances of any kind, whether or
        not any such material or substance is defined as hazardous or toxic under any Environmental Law, that is regulated pursuant to or could reasonably be expected to give rise to liability under any Environmental Law.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -28 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Moody&#8217;s</u></font>&#8221; means Moody&#8217;s Investors Service, Inc. or any successor thereto.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Mortgage Preparation Event</u></font>&#8221; means the earlier to occur of (i) the failure of the
        Master Issuer to maintain a DSCR of at least 1.75x as calculated on any Quarterly Calculation Date or (ii) a Rapid Amortization Event that has not been waived.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Mortgage Preparation Fees</u></font>&#8221; means any reasonable expenses incurred by the Master
        Issuer, the Manager or the Servicer, in connection with the preparation of any Mortgages as required by the Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Mortgage Recordation Event</u></font>&#8221; means the occurrence of the first Business Day in a
        Rapid Amortization Period that is at least sixty (60) days following a Mortgage Preparation Event.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Mortgage Recordation Fees</u></font>&#8221; means any fees, taxes or other amounts required to be
        paid to any applicable Governmental Authority, or any reasonable expenses incurred by the Trustee, in connection with the recording of any Mortgages as required by the Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Mortgages</u></font>&#8221; means the mortgages (including assignments of leases and rents for any
        lease, in each case, in connection with such mortgages), substantially in the form of <font style="font-family: 'Times New Roman',Times,serif;"><u>Exhibit J</u></font> to the Base Indenture (or otherwise in form reasonably acceptable to the
        Control Party and the Trustee and in recordable form).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Multiemployer Plan</u></font>&#8221; means any Pension Plan that is a &#8220;multiemployer plan&#8221; as
        defined in Section&#160;3(37) or 4001(a)(3) of ERISA.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Net Back-to-Back Franchisee Lease Payments</u></font>&#8221; means net profit from the Securitized
        Back-to-Back Franchisee Lease Arrangements (if any) which equals to the amount of Franchisee Back-to-Back Sublease Payments <font style="font-family: 'Times New Roman',Times,serif;"><u>minus</u></font> the amount of the JIB Back-to-Back Lease
        Obligations.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Net Cash Flow</u></font>&#8221; means, except as described in the definition of &#8220;DSCR&#8221; for the
        first four (4) Quarterly Calculation Dates, with respect to any Quarterly Payment Date and the immediately preceding Quarterly Collection Period, the positive difference, if any, of:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the Retained Collections for such Quarterly Collection Period; <u>minus</u></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the amount (without duplication) equal to the sum of (i)&#160;the Securitization Operating Expenses paid on each Weekly Allocation Date with respect to
          such Quarterly Collection Period pursuant to <u>priority&#160;(v)</u> of the Priority of Payments, (ii)&#160;the Weekly Management Fees and Supplemental Management Fees paid on each Weekly Allocation Date to the Manager with respect to such Quarterly
          Collection Period, (iii)&#160;the Servicing Fees, Liquidation Fees, and Workout Fees paid to the Servicer on each Weekly Allocation Date with respect to such Quarterly Collection Period; and (iv)&#160;the amount of Class&#160;A&#8209;1 Notes Administrative Expenses
          paid on each Weekly Allocation Date with respect to such Quarterly Collection Period; <u>minus</u></font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the amount, if any, by which equity contributions included in such Retained Collections exceeds the relevant amount of Retained Collections Contributions permitted to be included in Net Cash
          Flow pursuant to <u>Section 5.17</u> of this Base Indenture;<br>
          <br>
        </font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font> that funds released from the Cash Trap Reserve Account, the Senior Notes Interest Reserve
        Account or the Senior Subordinated Notes Interest Reserve Account shall not constitute Retained Collections for purposes of this definition.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -29 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Asset</u></font>&#8221; means a New Securitized Company Restaurant, New Securitized Franchise
        Agreement, a New Securitized Development Agreement, New Real Estate Asset or New Securitized Franchisee Note or any other Securitized Asset contributed to, or otherwise entered into, acquired or created by, the Securitization Entities after the
        Closing Date or any other asset(s) reasonably related to, incidental to, or useful in the judgment of the Manager in accordance with the Managing Standard, in connection with any of the foregoing.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Real Estate Assets</u></font>&#8221; means, collectively, (i) the New Securitized Owned Real
        Property and (ii) the New Securitized Leases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Back-to-Back Franchisee Lease Arrangements</u></font>&#8221; means lease
        arrangements for certain Franchised Restaurants comprised of (i) New Securitized JIB Back-to-Back Leases and (ii) New Securitized Franchisee Back-to-Back Subleases which are collectively contributed to, or otherwise entered into or acquired by, a
        Securitization Entity following the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#160;&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Company Restaurant Third-Party Leases</u></font>&#8221; means leases for certain
        Securitized Company Restaurants under which JIB Properties will act as lessee under leases with third-party landlords, which are contributed to, or otherwise entered into or acquired by, a Securitization Entity following the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Company Restaurants</u></font>&#8221; means a Company Restaurant acquired or opened
        by a Securitization Entity after the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Development Agreements</u></font>&#8221; means all Development Agreements and
        related guaranty agreements contributed to, or otherwise entered into or acquired by, a Securitization Entity following the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Franchise Agreements</u></font>&#8221; means all Franchise Agreements and related
        guaranty agreements contributed to, or otherwise entered into or acquired by, a Securitization Entity following the Closing Date, in its capacity as franchisor for Branded Restaurants (including all renewals for Contributed Securitized Franchised
        Restaurants).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Franchised Restaurants</u></font>&#8221; means Franchised Restaurants that are
        franchised pursuant to Franchise Agreements contributed to a Securitization Entity after the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Franchisee Back-to-Back Subleases</u></font>&#8221; means for certain Franchised
        Restaurants, leases under which JIB Properties (or another Securitization Entity) leases to a Franchisee a property in which JIB Properties (or such Securitization Entity) acquires rights to such property as lessee through a lease with a
        third-party landlord (or a landlord that is a Non-Securitization Entity, if such lease is on arm&#8217;s length terms) that are contributed to, or otherwise entered into or acquired by, a Securitization Entity after the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Franchisee Notes</u></font>&#8221; means all Franchisee Notes and related guaranty
        and collateral agreements contributed to, or otherwise entered into or acquired by, a Securitization Entity following the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#160;&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized JIB Back-to-Back Lease</u></font>&#8221; means for certain Franchised Restaurants,
        leases under which JIB Properties acquires rights to a property as lessee from a third-party landlord (or a landlord that is a Non-Securitization Entity, if such lease is on arm&#8217;s length terms) and in turn leases that property to a Franchisee that
        are contributed to, or otherwise entered into or acquired by, a Securitization Entity after the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Leases</u></font>&#8221; means Securitized Leases, contributed to, or otherwise
        entered into or acquired by, a Securitization Entity following the Closing Date.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -30 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#160;&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Owned Real Property</u></font>&#8221; means real property (including the land,
        buildings and fixtures) that is (i) acquired in fee after the Closing Date by a Securitization Entity or (ii)&#160;acquired in fee after the Closing Date by a Non-Securitization Entity and contributed to, or otherwise acquired by, a Securitization
        Entity pursuant to a contribution agreement in form and substance reasonably acceptable to the Trustee.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Securitized Owned-Property Franchisee Leases</u></font>&#8221; means leases for certain
        Franchised Restaurants under which the real property is owned by JIB Properties, a Franchisee will act as lessee and JIB Properties will act as lessor, which are , contributed to, or otherwise entered into or acquired by, a Securitization Entity
        following the Closing Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>New Series&#160;Pro&#160;Forma DSCR</u></font>&#8221; means, at any time of determination and with respect to
        the issuance of any Additional Notes, the ratio calculated by dividing (i)&#160;the Net Cash Flow over the four immediately preceding Quarterly Collection Periods most recently ended by (ii)&#160;the Debt Service due during such period, in each case on a
        pro&#160;forma basis, calculated as if (a)&#160;such Additional Notes had been outstanding and any assets acquired with the proceeds of such Additional Notes had been acquired at the commencement of such period, and (b)&#160;any Notes that have been paid, prepaid
        or repurchased and cancelled during such period, or any Notes that will be paid, prepaid or repurchased and cancelled using the proceeds of such issuance, were so paid, prepaid or repurchased and cancelled as of the commencement of such period.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>New York UCC</u>&#8221; has the meaning set forth in <u>Section 5.09(b)</u> of this Base Indenture.<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Non-Branded Restaurant Lease Payments</u>&#8221; means lease payments payable by a third party (that does not operate a Branded
        Restaurant) to JIB Properties under Non-Branded Restaurant Leases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Non-Branded Restaurant Leases</u>&#8221; means leases for properties that are not operated as Branded Restaurants where (a) the real
        property is owned by JIB Properties, a third party (that does not operate a Branded Restaurant) is the lessee and JIB Properties is the lessor or (b) JIB Properties (or another Securitization Entity) leases to a third-party (that does not operate a
        Branded Restaurant) a property in which JIB Properties (or such Securitization Entity) acquires rights to such property as lessee through a lease with a third-party landlord (or a landlord that is a Non-Securitization Entity, if such lease is on
        arm&#8217;s length terms).<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Nonrecoverable Advance</u>&#8221; means any portion of an Advance previously made and not previously reimbursed, or proposed to be
        made, which, together with any then-outstanding Advances, and the interest accrued or that would reasonably be expected to accrue thereon, in the reasonable and good faith judgment of the Servicer or the Trustee, as applicable, would not be
        ultimately recoverable from subsequent payments or collections from any funds on deposit in the Collection Account or funds reasonably expected to be deposited in the Collection Account following such date of determination, giving due consideration
        to allocations and disbursements of funds in such accounts and the limited assets of the Securitization Entities.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Non-Securitization Entity</u></font>&#8221; means Jack in the Box Inc. and each of its Affiliates
        (including each of their Subsidiaries, but excluding any Securitization Entity) now existing or hereafter created.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Non-Securitization Entity Company Restaurants</u></font>&#8221; means Branded Restaurants owned and
        operated by Non-Securitization Entities that either (1) cannot be contributed on the Closing Date due to contractual restrictions, legal requirements or other unforeseen circumstances or (2) may be temporarily held by Non-Securitization Entities in
        order to refranchise them.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Non-Securitization Entity Lease Payments</u></font>&#8221; means lease payments payable by
        Non-Securitization Entities to JIB Properties under Non-Securitization Entity Leases.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -31 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Non-Securitization Entity Leases</u></font>&#8221; means leases for certain Non-Securitization
        Entity Company Restaurants where the real property is owned or leased by JIB Properties, a Non-Securitization Entity is the lessee and JIB Properties is the lessor.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Note Owner</u></font>&#8221; means, with respect to a Book-Entry Note, the Person who is the
        beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds such Book-Entry Note, or on the books of a Person maintaining an account with such Clearing Agency (directly or as an indirect participant, in
        accordance with the rules of such Clearing Agency).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Note Owner Certificate</u>&#8221; has the meaning set forth in <u>Section 11.05(b)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Note Rate</u>&#8221; means, with respect to any Series&#160;or any Class, Subclass or Tranche of any Series of Notes, the annual rate at
        which interest (other than contingent additional interest) accrues on the Notes of such Series&#160;or such Class, Subclass or Tranche of such Series of Notes (or the formula on the basis of which such rate will be determined) as stated in the Series
        Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Note Register</u>&#8221; means the register maintained pursuant to <u>Section 2.05(a)</u> of this Base Indenture, providing for the
        registration of the Notes and transfers and exchanges thereof, subject to such reasonable regulations as the Master Issuer may prescribe.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Noteholder</u>&#8221; means the Person in whose name a Note is registered in the Note Register.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Noteholder Materials</u>&#8221; has the meaning set forth in <u>Section 4.03</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Notes</u>&#8221; has the meaning set forth in the recitals to the Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Notes Discharge Date</u>&#8221; means, with respect to any Class or Series of Notes, the first date on which such Class or Series of
        Notes is no longer Outstanding.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Obligations</u>&#8221; means (a)&#160;all principal, interest and premium, if any, at any time and from time to time, owing by the Master
        Issuer on the Notes or owing by the Guarantors pursuant to the Guarantee and Collateral Agreement, (b)&#160;the payment and performance of all other obligations, covenants and liabilities of the Master Issuer or the Guarantors arising under the
        Indenture, the Notes, any other Indenture Document or the Servicing Agreement or of the Guarantors under the Guarantee and Collateral Agreement and (c)&#160;the obligation of the Master Issuer to pay to the Trustee all fees and expenses payable to the
        Trustee under the Indenture and the other Related Documents to which it is a party when due and payable as provided in the Indenture and all Mortgage Preparation Fees and Mortgage Recordation Fees when due and payable as provided in the Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Officer&#8217;s Certificate</u>&#8221; means a certificate signed by an Authorized Officer of the party delivering such certificate.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Opinion of Counsel</u>&#8221; means a written opinion from legal counsel who is reasonably acceptable to the Trustee and the Control
        Party, which may include one or more reliance letters.&#160; The counsel may be an employee of, or counsel to, the Securitization Entities, Jack in the Box Inc., the Manager (if not Jack in the Box Inc.) or the Back-Up Manager, as the case may be.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Optional Prepayment</u>&#8221; has the meaning set forth in <u>Section 5.13(o)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Outstanding</u>&#8221; means, with respect to the Notes, as of any time, all of the Notes of any one or more Series, as the case may
        be, theretofore authenticated and delivered under the Indenture except:</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -32 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 45pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(i)</font><font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#160;(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Notes, or portions thereof, for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited with the
          Trustee in trust for the Noteholders of such Notes pursuant to the Indenture; <u>provided</u> that, if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision
          therefore reasonably satisfactory to the Trustee has been made;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(iii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">each Tranche of Notes that have been defeased in accordance with the Base Indenture;</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(iv)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Notes in exchange for, or in lieu of which other Notes have been authenticated and delivered pursuant to the Indenture, unless proof reasonably
          satisfactory to the Trustee is presented that any such Notes are held by a Holder in due course or protected purchaser; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#160;(v)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided in the Indenture;</font></div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font> that, (A)&#160;in determining whether the Noteholders of the requisite
        Outstanding Principal Amount have given any request, demand, authorization, direction, notice, consent, waiver or vote under the Indenture, the following Notes shall be disregarded and deemed not to be Outstanding:&#160; (x)&#160;Notes owned by the
        Securitization Entities or any other obligor upon the Notes or any Affiliate of any of them and (y)&#160;Notes held in any accounts with respect to which the Manager or any Affiliate thereof exercises discretionary voting authority; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>further</u></font>, that in determining whether the Trustee shall be protected in relying upon any such
        request, demand, authorization, direction, notice, consent, waiver or vote, only Notes as described under <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(x)</u></font> or <font style="font-family: 'Times New Roman',Times,serif;"><u>(y)</u></font> above that a Trust Officer actually knows to be so owned shall be so disregarded; and (B)&#160;Notes owned in the manner indicated in <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(x)</u></font>
        or <font style="font-family: 'Times New Roman',Times,serif;"><u>(y)</u></font> above that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#8217;s right so to act
        with respect to such Notes and that the pledgee is not a Securitization Entity or any other obligor or the Manager, an Affiliate thereof, or an account for which the Manager or an Affiliate of the Manager exercises discretionary voting authority.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Outstanding Principal Amount</u></font>&#8221; means, with respect to each Series, Class and
        Tranche of Notes Outstanding, the amount calculated in accordance with the Series Supplement for such Series, Class, Tranche or Variable Funding Note Purchase Agreement, which amount with respect to any Series of Class&#160;A-1 Notes may include
        outstanding amounts under swingline or letter of credit subfacilities thereunder.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Owned Securitization IP</u></font>&#8221; means (a) the portion of the Closing Date Securitization
        IP that is owned by any Non-Securitization Entity as of the Closing Date immediately prior to giving effect to the Contribution Agreements; and (b) the portion of the After-Acquired Securitization IP that, after the Closing Date, will be owned by
        the Franchisor.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Pass-Through Amounts</u></font>&#8221; has the meaning set forth in the definition of &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Collateral</u></font>&#8221;.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Patents</u></font>&#8221; means all patents (including, during the term of the patent, the
        inventions claimed thereunder), patent disclosures, industrial designs, inventions (whether or not patentable or reduced to practice), invention disclosures, and applications, divisions, continuations, continuations-in-part, provisionals,
        reexaminations and reissues for any of the foregoing.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Paying Agent</u>&#8221; has the meaning set forth in <u>Section 2.05(a)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>PBGC</u>&#8221; means the Pension Benefit Guaranty Corporation established under Section&#160;4002 of ERISA.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -33 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Pension Plan</u>&#8221; means any &#8220;employee pension benefit plan&#8221;, as such term is defined in Section 3(2) of ERISA, which is subject
        to Title IV of ERISA and to which any company in the same Controlled Group as the Master Issuer has liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA for any time within
        the preceding five years or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Permitted Asset Dispositions</u>&#8221; has the meaning set forth in <u>Section 8.16</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Permitted Lien</u>&#8221; means (a)&#160;Liens for (i)&#160;Taxes, assessments or other governmental charges not delinquent or (ii)&#160;Taxes,
        assessments or other charges being contested in good faith and by appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (b)&#160;all Liens created or permitted under
        the Related Documents in favor of the Trustee for the benefit of the Secured Parties, (c)&#160;Liens existing on the Closing Date, which shall be released on such date, <u>provided</u> that Intellectual Property recordations of Liens need not have been
        terminated of record on the Closing Date so long as such Intellectual Property recordations of Liens are terminated of record within sixty (60)&#160;days of the Closing Date, (d)&#160;encumbrances in the nature of (i)&#160;a lessor&#8217;s fee interest, (ii)&#160;zoning,
        building code and similar laws or rights reserved or vested in any Governmental Authority to control or regulate the use of any real property, (iii)&#160;easements, rights-of-way, covenants, restrictions, leases, subleases and other title matters
        whether or not shown by the public records, (iv) overlaps, encroachments and any matters not of record which would be disclosed by an accurate survey or a personal inspection of the property, (v) conditions, encroachments, protrusions and other
        similar charges and encumbrances and minor defects in title and survey affecting real property which, in each case (as described in <u>clauses&#160;(d)(i)</u> through <u>(v)</u>&#160;above), individually or in the aggregate, do not have a Material Adverse
        Effect and (vi)&#160;the interest of a lessee or sublessee in property leased or subleased to a Franchisee or other third party under a Non-Branded Restaurant Lease, (e) in the case of any interest in real estate consisting of a Securitized Company
        Restaurant Third-Party Lease, (i) the terms of the applicable Securitized Company Restaurant Third-Party Lease, (ii) Liens affecting the underlying fee interest in the real estate and/or any of the property of the lessor grantor under the
        applicable lease (including, without limitation, any mortgages on the landlord&#8217;s fee interest in the leased real estate) and (iii) Liens with respect to which the Securitized Company Restaurant Third-Party Lease has priority, (f) deposits or
        pledges made (i)&#160;in connection with casualty insurance maintained in accordance with the Related Documents, (ii)&#160;to secure the performance of bids, tenders, contracts or leases&#160; (iii)&#160;to secure statutory obligations or surety or appeal bonds or
        (iv)&#160;to secure indemnity, performance or other similar bonds in the ordinary course of business of any Securitization Entity, (g) statutory or common law&#160;Liens of landlords, lessors, carriers, warehousemen, mechanics, materialmen, repairmen,
        construction contractors or other like Liens arising in the ordinary course of business, in each case securing obligations (i)&#160;that are not yet due and payable or not overdue for more than forty-five (45)&#160;days from the date of creation thereof or
        (ii)&#160;being contested in good faith by any Securitization Entity in appropriate proceedings (so long as such Securitization Entity shall, in accordance with GAAP, have set aside on its books adequate reserves with respect thereto), (h)&#160;restrictions
        under federal, state or foreign securities laws on the transfer of securities, (i)&#160;any Liens arising under law or pursuant to documentation governing permitted accounts in connection with the Securitization Entities&#8217; cash management system
        (including credit card and processing arrangements), (j)&#160;defects of title, survey defects, easements, rights-of-way, covenants, restrictions and other similar charges or encumbrances with respect to each real property, which (1) do not constitute
        Permitted Liens under any other clause of this definition and (2) neither have nor would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (k) Liens arising from judgment, decrees or attachments in
        circumstances not constituting an Event of Default, (l)&#160;Liens arising in connection with any Capitalized Lease Obligations, sale-leaseback transaction or in connection with any Indebtedness, in each case that is permitted under the Indenture,
        (m)&#160;Liens not securing Indebtedness that attach to any Collateral in an aggregate outstanding amount not exceeding $20,000,000 at any time, (n)&#160;Liens on Collateral that has been pledged pursuant to a Variable Funding Note Purchase Agreement with
        respect to letters of credit issued thereunder, and (o) any encumbrance on Securitization IP created by entering into (i) any non-exclusive licenses of Securitization IP under the IP License Agreements (including to the Manager in connection with
        the performance of its Services under the Management Agreement) and (ii) non-exclusive licenses of Securitization IP granted in the ordinary course of business that (A) when effected on behalf of any Securitization Entity by the Manager would not
        constitute a breach by the Manager of the Management Agreement and (B) would not reasonably be expected to materially and adversely impact the Securitization IP (taken as a whole).</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -34 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Person</u>&#8221; means an 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.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Post-ARD Contingent Interest</u>&#8221; means any Senior Notes Quarterly Post-ARD Contingent Interest Amount, Senior Subordinated
        Notes Quarterly Post-ARD Contingent Interest Amount and Subordinated Notes Quarterly Post-ARD Contingent Interest Amount.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Post-ARD Rapid Amortization Cure Period</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.01(b)</u></font> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Post-Default Capped Trustee Expenses</u></font>&#8221; has the meaning set forth in the definition
        of &#8220;Post-Default Capped Trustee Expenses Amount.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Post-Default Capped Trustee Expenses Amount</u></font>&#8221; means an amount equal to the lesser
        of (a)&#160;all reasonable expenses payable by the Master Issuer to the Trustee pursuant to the Indenture (excluding Mortgage Recordation Fees) after the occurrence and during the continuation of an Event of Default in connection with any obligations of
        the Trustee in connection with such Event of Default that are in excess of the Capped Securitization Operating Expense Amount (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Post-Default Capped Trustee Expenses</u></font>&#8221;) and
        (b)&#160;the amount by which (i)&#160;$100,000 exceeds (ii)&#160;the aggregate amount of Post-Default Capped Trustee Expenses previously paid on each Weekly Allocation Date that occurred in the annual period (measured from the Closing Date to the anniversary
        thereof and from each anniversary thereof to the next succeeding anniversary thereof) in which such Weekly Allocation Date occurs.&#160; For the avoidance of doubt, Mortgage Recordation Fees will not be considered Trustee expenses for purposes of
        determining the Post-Default Capped Trustee Expenses Amount.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Potential Manager Termination Event</u></font>&#8221; means any occurrence or event which, with the
        giving of notice, the passage of time or both, would constitute a Manager Termination Event.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Potential Rapid Amortization Event</u></font>&#8221; means any occurrence or event which, with the
        giving of notice, the passage of time or both, would constitute a Rapid Amortization Event; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;</font>that any occurrence or event which, with the giving of notice, the passage of time or both, would constitute a Rapid Amortization Event as described in <font style="font-family: 'Times New Roman',Times,serif;"><u>clause&#160;(b)</u></font>
        of the definition of Rapid Amortization Event, shall not constitute a Potential Rapid Amortization Event.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Prime Rate</u></font>&#8221; means the rate of interest publicly announced from time to time by a
        commercial bank mutually agreed upon by the Manager and the Servicer as its reference rate, base rate or prime rate.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Principal Release Amount</u></font>&#8221; means, with respect to any Series and any Quarterly
        Payment Date on which the related Series Non-Amortization Test is satisfied in accordance with the Series Supplement for such Series, all or part of the amounts allocated with respect to such Scheduled Principal Payment to the applicable Collection
        Account Administrative Account pursuant to the Priority of Payments during the immediately preceding Quarterly Collection Period which the Master Issuer does not elect to make as a Scheduled Principal Payment with respect to such Series on such
        Quarterly Payment Date.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -35 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Principal Terms</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 2.03(s)</u></font> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Priority of Payments</u>&#8221; means the allocation and payment obligations described in <u>Section 5.12</u> and <u>Section 5.13</u>
        of this Base Indenture as supplemented by the allocation and payment obligations with respect to each Series of Notes described in each Series Supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>pro&#160;forma event</u>&#8221; has the meaning set forth in <u>Section 14.18(a)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Proceeding</u>&#8221; means any suit in equity, action at law or other judicial or administrative proceeding.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Proceeds</u>&#8221; has the meaning specified in Section&#160;9-102(a)(64) of the applicable UCC.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>PTO</u>&#8221; means the U.S. Patent and Trademark Office and any successor U.S. federal office.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Qualified Institution</u>&#8221; means a depository institution organized under the laws of the United States of America or any state
        thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities that at all
        times has the Required Rating and, in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Qualified Trust Institution</u>&#8221; means an institution organized under the laws of the United States of America or any state
        thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities that at all
        times (i)&#160;is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii)&#160;has capital, surplus and undivided profits of not less than $250,000,000 as set forth in its most recent published annual report of condition and
        (iii)&#160;has a long term deposits rating of not less than &#8220;Baa1&#8221; by Moody&#8217;s and &#8220;BBB+&#8221; by S&amp;P.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Qualifying Real Estate Transaction</u>&#8221; means a transaction involving an acquisition of a real property (i) on which a Branded
        Restaurant is located, (ii) which was not purported to be owned by or transferred to JIB Properties (or any other Securitization Entity) on or prior to the Closing Date and (iii) that is disposed of within fifteen (15) months of acquiring such real
        property.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Quarterly Calculation Date</u>&#8221; means the date two (2)&#160;Business Days prior to each Quarterly Payment Date.&#160; Any reference to a
        Quarterly Calculation Date relating to a Quarterly Payment Date means the Quarterly Calculation Date occurring in the same calendar month as the Quarterly Payment Date and any reference to a Quarterly Calculation Date relating to a Quarterly
        Collection Period means the Quarterly Collection Period most recently ended on or prior to the related Quarterly Payment Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Quarterly Collection Period</u>&#8221; means (i) in the case of the initial Quarterly Collection Period, the period from the Cut-Off
        Date to and including September 29, 2019 and (ii) for each Quarterly Collection Period thereafter, the period commencing on and including the first day of a Quarterly Fiscal Period and ending on but excluding the first day of the immediately
        following Quarterly Fiscal Period.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Quarterly Compliance Certificate</u>&#8221; has the meaning set forth in <u>Section 4.01(c)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Quarterly Fiscal Period</u>&#8221; means the following quarterly fiscal periods of the Securitization Entities: (a)&#160;with respect to
        each of the Securitization Entities&#8217; 52-week fiscal years, one 16-week quarter followed by three 12-week quarters of the Securitization Entities and (b)&#160;with respect to each of the Securitization Entities&#8217; 53-week fiscal years, one 16-week quarter
        followed by two 12&#8209;week quarters followed by one 13-week quarter.&#160; The last day of the fourth Quarterly Fiscal Period of each fiscal year of the Securitization Entities is the Sunday that is closest to September 30.&#160; References to &#8220;weeks&#8221; mean the
        Securitization Entities&#8217; fiscal weeks, which commence on and include each Monday of a week and end on but exclude Monday of the following week.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -36 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Quarterly Noteholders&#8217; Report</u>&#8221; means, with respect to any Series of Notes, a statement substantially in the form of an
        Exhibit&#160;C to the Series Supplement for such Series, including the Manager&#8217;s statement specified in such exhibit.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Quarterly Payment Date</u>&#8221; means, unless otherwise specified in any Series Supplement for the related Series of Notes, the
        twenty-fifth (25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of each of February, May, August and November, or if such date is not a Business Day, the next succeeding Business Day, commencing on the
        Payment Date in November 2019.&#160; Any reference to a Quarterly Collection Period relating to a Quarterly Payment Date means the Quarterly Collection Period most recently ended prior to such Quarterly Payment Date, and any reference to an Interest
        Accrual Period relating to a Quarterly Payment Date means the Interest Accrual Period most recently ended prior to such Quarterly Payment Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Quarterly Reallocation Event</u>&#8221; has the meaning set forth in <u>Section 5.13(p)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Rapid Amortization Event</u>&#8221; has the meaning set forth in <u>Section 9.01</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Rapid Amortization Period</u>&#8221; means the period commencing on the date on which a Rapid Amortization Event occurs and ending on
        the earlier to occur of the waiver of the occurrence of such Rapid Amortization Event in accordance with <u>Section 9.07</u> of this Base Indenture and the date on which there are no Notes Outstanding.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Rating Agency</u>&#8221; means each rating agency identified in the applicable Series Supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Rating Agency Condition</u></font>&#8221; means, with respect to any Outstanding Series of Notes
        and any event or action to be taken or proposed to be taken requiring satisfaction of the Rating Agency Condition in the Indenture or in any other Related Document, a condition that is satisfied if the Manager has notified the Master Issuer, the
        Servicer and the Trustee in writing that the Manager has provided each Rating Agency and the Servicer with a written notification setting forth in reasonable detail such event or action and has actively solicited (by written request and by request
        via email and telephone) a Rating Agency Confirmation from each Rating Agency, and each Rating Agency has either provided the Manager with a Rating Agency Confirmation with respect to such event or action or informed the Manager that it declines to
        review such event or action; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font> that:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(i)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">except in connection with the issuance of Additional Notes, as to which the conditions of <u>clause&#160;(ii)</u> below will apply in all cases, the
          Rating Agency Condition in respect of any Rating Agency will be required to be satisfied in connection with any such event or action only if the Manager determines in its sole discretion that the policies of such Rating Agency permit it to
          deliver such Rating Agency Confirmation; and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(ii)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the Rating Agency Condition will not be required to be satisfied in respect of any Rating Agency if the Manager provides an Officer&#8217;s Certificate
          (along with copies of all written requests for such Rating Agency Confirmation and copies of all related email correspondence) to the Master Issuer, the Servicer and the Trustee certifying that:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the Manager has not received any response from such Rating Agency after the Manager has repeated such active solicitation (by request via telephone
          and by email) on or about the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) Business Day and the fifteenth (15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>)
          Business Day following the date of delivery of the initial solicitation;</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -37 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the Manager has no reason to believe that such event or action would result in such Rating Agency withdrawing its credit ratings on such
          Outstanding Series of Notes or assigning credit ratings on such Outstanding Series of Notes below the lower of (1) the then-current credit ratings on such Outstanding Series of Notes or (2) the initial credit ratings assigned to such Outstanding
          Series of Notes by such Rating Agency (in each case, without negative implications); and</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">solely in connection with any issuance of Additional Notes, either:</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(1)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">at least one (1) Rating Agency has provided a Rating Agency Confirmation; or</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 108pt; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">(2)</font><font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">each Rating Agency has rated the Additional Notes no lower than the lower of (x) the then-current credit rating assigned by such Rating Agency or
          (y) the initial credit rating assigned by such Rating Agency (in each case, without negative implications) to each Outstanding Series of Notes ranking on the same priority as the Additional Notes, or, if no Outstanding Series of Notes ranks on
          the same priority as such Additional Notes, the Control Party shall have provided its written consent to the issuance of such Additional Notes;</font></div>
      <div style="text-align: justify; line-height: 12.55pt; margin-bottom: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, that in the case of <font style="font-family: 'Times New Roman',Times,serif;"><u>clause (c)</u></font>,
        a Rating Agency Confirmation of S&amp;P will be required for each Series of Notes then rated by S&amp;P at the time of such issuance of Additional Notes (other than any Series of Notes that will be repaid in full from the proceeds of issuance of
        the Additional Notes or otherwise on the applicable Series Closing Date for such Additional Notes).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Rating Agency Confirmation</u></font>&#8221; means, with respect to any Outstanding Series of
        Notes, a confirmation from each Rating Agency that a proposed event or action will not result in (i) a withdrawal of its credit ratings on such Outstanding Series of Notes or (ii) the assignment of credit ratings on such Outstanding Series of Notes
        below the lower of (A) the then-current credit ratings on such Outstanding Series of Notes or (B) the initial credit ratings assigned to such Outstanding Series of Notes by such Rating Agency (in each case, without negative implications).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Rating Agency Notification</u></font>&#8221; means, with respect to any prospective action or
        occurrence, a written notification to each Rating Agency for each Series of Notes Outstanding setting forth in reasonable detail such action or occurrence.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Real Estate Assets</u></font>&#8221; means the Contributed Real Estate Assets and the New Real
        Estate Assets.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Record Date</u></font>&#8221; means, with respect to any Quarterly Payment Date the close of
        business on the last Business Day of the calendar month immediately preceding the calendar month in which such Quarterly Payment Date occurs.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Refranchising Asset Disposition</u>&#8221; has the meaning set forth in <u>Section 8.16(p)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Registrar</u>&#8221; has the meaning set forth in <u>Section 2.05(a)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Related Documents</u>&#8221; means the Indenture, the Notes, the Guarantee and Collateral Agreement, each Account Control Agreement,
        any Mortgages, the Management Agreement, the Servicing Agreement, the Back-Up Management Agreement, any Series Hedge Agreement, the Contribution Agreements, any agreement pursuant to which New Assets are contributed to the Securitization Entities,
        any Variable Funding Note Purchase Agreement, each other note purchase agreement pursuant to which Notes are purchased, the IP License Agreements, any Enhancement Agreement, the Charter Documents, each Letter of Credit Reimbursement Agreement and
        any additional document identified as a &#8220;Related Document&#8221; in the Series Supplement for any Series of Notes Outstanding and any other material agreements entered into, pursuant to the foregoing documents.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -38 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Reportable Event</u>&#8221; means any &#8220;reportable event&#8221; as defined in Section&#160;4043 of ERISA or the regulations issued thereunder
        with respect to a Single Employer Plan (other than an event for which the 30-day notice period is waived).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Required Balance</u></font>&#8221; means, with respect to any Weekly Collection Period, the product
        of (1) the percentage set forth in the table below for each Weekly Collection Period for the specific length of the Fiscal Quarter and (2) with respect to (a) the Senior Notes Interest Payment Account, the sum, for each Interest Accrual Period, of
        (x) the Class A-1 Quarterly Commitment Fee Amounts and (y) the Senior Notes Quarterly Interest Amount, (b) the Senior Subordinated Notes Interest Payment Account, the Senior Subordinated Notes Accrued Quarterly Interest Amount, (c) the Subordinated
        Notes Interest Payment Account, the Subordinated Notes Accrued Quarterly Interest Amount, (d) the Senior Notes Principal Payment Account, the Senior Notes Quarterly Scheduled Principal Amounts, (e) the Senior Subordinated Notes Principal Payment
        Account, the Senior Subordinated Quarterly Scheduled Principal Amounts, (f) the Subordinated Notes Principal Payment Account, the Subordinated Quarterly Scheduled Principal Amounts and (g) the Senior Notes Post-ARD Contingent Interest Account, the
        Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount.</div>
      <div style="line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">
        <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="zc3f250b5367849d98ee0e332febb6cae">

            <tr>
              <td style="width: 16%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000; font-weight: bold;"><u>Week</u></div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000; font-weight: bold;"><u>12-week quarter</u></div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000; font-weight: bold;"><u>13-week quarter</u></div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000; font-weight: bold;"><u>16-week quarter</u></div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">1</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">2</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">3</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">4</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">5</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">&#8211;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">6</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">7</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">80%</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">80%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">8</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">80%</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">80%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">9</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">45%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">10</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">80%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">11</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">80%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">12</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">80%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">13</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">N/A</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">14</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">N/A</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">N/A</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">15</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">N/A</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">N/A</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">16</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">N/A</div>
              </td>
              <td style="width: 28.32%; vertical-align: top; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">N/A</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center; line-height: 11.4pt; color: #000000;">100%</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Required Rating</u></font>&#8221; means (i)&#160;a short-term certificate of deposit rating from S&amp;P
        of at least &#8220;A-2&#8221; and (ii)&#160;a long-term unsecured debt rating of not less than &#8220;BBB-&#8221; by S&amp;P.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">
        <div style="text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Requirements of Law</u></font>&#8221; means, with respect to any Person or any of its property, the certificate of
          incorporation or articles of association and by-laws, limited liability company agreement, partnership agreement or other organizational or governing documents of such Person or any of its property, and any law, treaty, rule or regulation, or
          determination of any arbitrator or Governmental Authority, in each case applicable to, or binding upon, such Person or any of its property or to which such Person or any of its property is subject, whether federal, state, local or foreign
          (including, without limitation, usury laws, the Federal Truth in Lending Act, state franchise laws and retail installment sales acts).</div>
        <div style="text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Residual Amount</u></font>&#8221; means for any Weekly Allocation Date with respect to any Quarterly Collection Period
          the amount, if any, by which the amount allocated to the Collection Account on such Weekly Allocation Date exceeds the sum of the amounts to be paid and/or allocated on such Weekly Allocation Date pursuant to <font style="font-family: 'Times New Roman',Times,serif;"><u>priorities (i)</u></font>&#160;through <font style="font-family: 'Times New Roman',Times,serif;"><u>(xxix)</u></font> of the Priority of Payments.</div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -39 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <br>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Restaurant Operating Expenses</u></font>&#8221; means, collectively, (i) operating expenses that
        are incurred by or allocated, in accordance with the Managing Standard, to Securitized Company Restaurants in the ordinary course of business relating to the operation of Securitized Company Restaurants, such as the cost of goods sold (including
        vendor rebates), labor (including wages, incentive compensation, workers&#8217; compensation-related expenses and other labor-related expenses for employees in respect of Securitized Company Restaurants), repair and maintenance expenses to the extent not
        capitalized, insurance (including self-insurance), marketing, administration, information technology fees and similar fees allocable to such Securitized Company Restaurants (including, without limitation, fees for services that are similarly
        charged to Franchisees), litigation and settlement costs relating to the Securitized Assets and other restaurant operating costs included in cost of sales, (ii) payments pursuant to Securitized Company Restaurant Third-Party Leases and (iii)
        Pass-Through Amounts.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Retained Collections</u></font>&#8221; means, with respect to any specified period of time, the
        amount equal to (A) the sum of (i)&#160;Collections (other than Securitized Company Restaurant Collections and Franchisee Back-to-Back Sublease Payments) received over such period <font style="font-family: 'Times New Roman',Times,serif;"><u>plus</u></font>,
        without duplication, (ii)&#160;Four-Week Fiscal Period Estimated Securitized Company Restaurant Profits Amounts <font style="font-family: 'Times New Roman',Times,serif;"><u>plus</u></font>, without duplication, (iii)&#160;Four-Week Fiscal Period Securitized
        Company Restaurant Profits True-up Amounts <font style="font-family: 'Times New Roman',Times,serif;"><u>plus</u></font>, without duplication (iv)&#160;Net Back-to-Back Franchisee Lease Payments and Company Synthetic Lease Payments for the Four-Week
        Fiscal Period most recently ended <font style="font-family: 'Times New Roman',Times,serif;"><u>minus</u></font><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;</font>(B) without duplication, the Excluded Amounts (to
        the extent such amounts are included in <font style="font-family: 'Times New Roman',Times,serif;"><u>clauses (i)</u></font> through <font style="font-family: 'Times New Roman',Times,serif;"><u>(iii)</u></font>) over such period.&#160; Funds released
        from the Cash Trap Reserve Account shall not constitute Retained Collections for purposes of this definition.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Retained Collections Contribution</u>&#8221; means, with respect to any Quarterly Collection Period, an equity contribution made to
        the Master Issuer, at any time prior to the Series Legal Final Maturity Date with respect the last Series of Notes Outstanding, to be included in Net Cash Flow in accordance with <u>Section 5.17</u> of this Base Indenture, which for all purposes
        of the Related Documents, except as otherwise specified therein, will be treated as Retained Collections received during such Quarterly Collection Period; <u>provided</u> that any Retained Collections Contribution made will be excluded from Net
        Cash Flow for purposes of calculations undertaken in the following circumstances: (i) the New Series Pro Forma DSCR or (ii) compliance with the applicable Series Non-Amortization Test.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Rule 144A</u>&#8221; means Rule 144A under the 1933 Act.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>S&amp;P</u>&#8221; means S&amp;P Global Ratings (and any successor or successors thereto).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Scheduled Principal Payments</u>&#8221; means, with respect to each Series&#160;or any Class of any Series of Notes, each payment
        scheduled to be made pursuant to the Series Supplement for such Series that reduces the amount of principal Outstanding with respect to such Series&#160;or Class on a periodic basis that is identified as &#8220;Scheduled Principal Payments&#8221; in the Series
        Supplement for such Series.<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Scheduled Principal Payments Deficiency Event</u>&#8221; means, with respect to any Quarterly Collection Period, as of the last
        Weekly Allocation Date with respect to such Quarterly Collection Period, the occurrence of the following event:&#160; the amount of funds on deposit in the Senior Notes Principal Payment Account after the last Weekly Allocation Date with respect to such
        Quarterly Collection Period is less than the aggregate amount of Senior Notes Quarterly Scheduled Principal Amounts due and payable on all such Senior Notes for the next succeeding Quarterly Payment Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Scheduled Principal Payments Deficiency Notice</u>&#8221; has the meaning set forth in <u>Section 4.01(d)</u> of this Base
        Indenture.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -40 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>SEC</u>&#8221; means the United States Securities and Exchange Commission.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Secured Parties</u>&#8221; means the Trustee, for the benefit of (i) itself, (ii) the Noteholders, (iii) the Servicer, (iv) the
        Control Party, (v) the Manager, (vi) the Back-Up Manager, (vii) each Hedge Counterparty, if any, and (viii) the Enhancement Provider, if any, together with their respective successors and assigns.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Securities Intermediary</u>&#8221; has the meaning set forth in <u>Section 5.09(a)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Securitization Entities</u>&#8221; means, collectively, the Master Issuer and the Guarantors, and each Subsidiary thereof (including
        any Additional Securitization Entity).<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitization IP</u></font>&#8221; means, collectively, the Owned Securitization IP and the
        Licensed Securitization IP; except that (i) &#8220;Securitization IP&#8221; will not include, solely for purposes of the licenses granted under the IP License Agreements, any rights to use licensed third-party Intellectual Property to the extent that such
        rights are not sublicensable without the consent of or any payment to such third party, or any other action by the licensee thereof, unless such consent has been obtained or payment has been made; and (ii) as used in the Related Documents, the
        terms &#8220;owns,&#8221; &#8220;holds,&#8221; and similar terms mean, with regard to Owned Securitization IP, the holding of legal title, and with regard to Licensed Securitization IP, the holding of valid rights to use under a license or similar arrangement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 12pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitization Operating Expense Account</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 5.07(a)(xi)</u></font> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitization Operating Expenses</u></font>&#8221; means all expenses incurred by the
        Securitization Entities and payable to third parties in connection with the maintenance and operation of the Securitization Entities and the transactions contemplated by the Related Documents to which they are a party (other than those paid for
        from the Concentration Accounts or Securitized Company Restaurant Accounts), including (i)&#160;accrued and unpaid Taxes (other than federal, state, local and foreign Taxes based on income, profits or capital, including franchise, excise, withholding or
        similar Taxes), filing fees and registration fees payable by and attributable to the Securitization Entities to any federal, state, local or foreign Governmental Authority; (ii)&#160;fees and expenses payable to (A)&#160;the Trustee under the Indenture or
        the other Related Documents to which it is a party <font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">(excluding Mortgage Recordation Fees)</font>, (B)&#160;the Back-Up Manager as Back-Up Manager Fees, (C)&#160;each Rating
        Agency, (D)&#160;independent certified public accountants (including, for the avoidance of doubt, any incremental auditor costs) or external legal counsel, (E)&#160;any stock exchange on which the Notes may be listed and (F) the Controlling Class
        Representative for out-of-pocket expenses incurred acting in such capacity; (iii)&#160;the indemnification obligations of the Securitization Entities under the Related Documents to which they are a party (including any interest thereon at the Advance
        Interest Rate, if applicable); and (iv)&#160;independent director and independent manager fees.&#160; Mortgage Preparation Fees and Mortgage Recordation Fees shall not be Securitization Operating Expenses.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Assets</u></font>&#8221; means all assets owned by the Securitization Entities,
        including but not limited to the Collateral and the Real Estate Assets.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Back-to-Back Franchisee Lease Arrangements</u></font>&#8221; means, collectively, the
        Contributed Securitized Back-to-Back Franchisee Lease Arrangements and the New Securitized Back-to-Back Franchisee Lease Arrangements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Company Restaurant Accounts</u></font>&#8221; has the meaning set forth in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 5.02(a)(i)</u></font> of this Base Indenture.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -41 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Company Restaurant Assets</u></font>&#8221; means the supplies, furniture and equipment
        associated with owning and operating the Securitized Company Restaurants, such as furnishings, cooking equipment, cooking supplies and computer equipment.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Company Restaurant Business</u></font>&#8221; means the business of owning and
        operating the Securitized Company Restaurants and the provision of ancillary goods and services in connection therewith.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Company Restaurant Collections</u></font>&#8221; means cash revenues, credit card and
        debit card proceeds (including value card redemption amounts, but excluding proceeds of the initial sale of value cards) generated by Securitized Company Restaurants.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#160;&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Company Restaurant Third-Party Leases</u></font>&#8221; means, collectively, the
        Contributed Securitized Company Restaurant Third-Party Leases and the New Securitized Company Restaurant Third-Party Leases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Company Restaurant Working Capital Reserve Amount</u></font>&#8221; means, as of any
        date of determination, an amount determined by the Manager to be retained in a Securitized Company Restaurant Account for working capital expenses not to exceed in the aggregate for all Securitized Company Restaurant Accounts the greater of (i)
        $5,000,000 and (ii) 10% of the aggregate Retained Collections for the preceding four (4) Quarterly Collection Periods; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;</font>that amounts transferred by the Master Issuer to a Securitized Company Restaurant Account from the Residual Amount will not be included in such calculation.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Company Restaurants</u></font>&#8221; means, collectively, the Contributed Securitized
        Company Restaurants and the New Securitized Company Restaurants.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Development Agreements</u></font>&#8221; means, collectively, the Contributed
        Securitized Development Agreements and the New Securitized Development Agreements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Franchise Agreements</u></font>&#8221; means, collectively, the Contributed Securitized
        Franchise Agreements and the New Securitized Franchise Agreements.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Franchise Assets</u></font>&#8221; means, with respect to the Franchisor, (A) the
        Securitized Franchisee Notes and all Securitized Franchisee Note Payments thereon and (B)(i) the Contributed Securitized Franchise Agreements and all Securitized Franchisee Payments thereon; (ii) the Contributed Securitized Development Agreements
        and all Securitized Franchisee Payments thereon; (iii) the New Securitized Franchise Agreements and all Securitized Franchisee Payments thereon; (iv) the New Securitized Development Agreements and all Securitized Franchisee Payments thereon; (v)
        all rights to enter into New Securitized Franchise Agreements and New Securitized Development Agreements; (vi) any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or
        performance of any obligation of the Franchisees or other Persons, as applicable, to the Franchisor under the Securitized Franchise Agreements or the Securitized Development Agreements and all guarantees of such obligations and the rights evidenced
        by or reflected in the Securitized Franchise Agreements or the Securitized Development Agreements; and (vii) all payments, proceeds and accrued and future rights to payment on the items described in <font style="font-family: 'Times New Roman',Times,serif;"><u>clauses (i)</u></font> through <font style="font-family: 'Times New Roman',Times,serif;"><u>(vi)</u></font> of this definition.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Franchise Documents</u></font>&#8221; means all Securitized Franchise Agreements
        (including master franchise agreements and related service or license agreements), Securitized Development Agreements and agreements related thereto, together with any modifications, amendments, extensions or replacements of the foregoing.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -42 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Franchised Restaurant Business</u></font>&#8221; means the business of franchising or
        licensing Branded Restaurants located in the United States.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Franchised Restaurants</u></font>&#8221; means, collectively, the Contributed
        Securitized Franchised Restaurants and the New Securitized Franchised Restaurants.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Franchisee Back-to-Back Subleases</u></font>&#8221; means, collectively, the
        Contributed Securitized Franchisee Back-to-Back Subleases and the New Securitized Franchisee Back-to-Back Subleases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Franchisee Note Payments</u></font>&#8221; means all amounts payable to a
        Securitization Entity by a Franchisee pursuant to a Securitized Franchisee Note.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Franchisee Notes</u></font>&#8221; means, collectively, the Contributed Securitized
        Franchisee Notes and the New Securitized Franchisee Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Franchisee Payments</u></font>&#8221; means all amounts payable to a Securitization
        Entity by Franchisees pursuant to the Franchise Documents other than Excluded Amounts, which may be excluded from the term at the option of the Manager.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized JIB Back-to-Back Leases</u></font>&#8221; means, collectively, the Contributed
        Securitized JIB Back-to-Back Leases and the New Securitized JIB Back-to-Back Leases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Leases</u></font>&#8221; means, collectively, the Securitized Company Restaurant
        Third-Party Leases, the Securitized JIB Back-to-Back Leases, the Securitized Franchisee Back-to-Back Subleases, the Securitized Owned-Property Franchisee Leases, the Non-Branded Restaurant Leases and the Non-Securitization Entity Leases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Owned Real Property</u></font>&#8221; means collectively, the Contributed Securitized
        Owned Real Property and the New Securitized Owned Real Property.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Owned-Property Franchisee Lease Payments</u></font>&#8221; means lease payments payable
        by Franchisees to JIB Properties under Securitized Owned-Property Franchisee Leases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Owned-Property Franchisee Leases</u></font>&#8221; means, collectively, the Contributed
        Securitized Owned-Property Franchisee Leases and the New Securitized Owned-Property Franchisee Leases.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Restaurant Business</u></font>&#8221; means, collectively, the Securitized Company
        Restaurant Business and the Securitized Franchised Restaurant Business.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; margin-bottom: 9pt;">&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Securitized Restaurants</u></font>&#8221; means, collectively, the Securitized Company Restaurants
        and the Securitized Franchised Restaurants.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior ABS Leverage Ratio</u>&#8221; means, as of any date of determination, the ratio of (a)(i) the aggregate Outstanding Principal
        Amount of each Series of Senior Notes Outstanding&#160; assuming the amounts available under each Class A-1 Note at such time (after giving effect to any commitment reductions on such date) are fully drawn) as of the end of the most recently ended
        Quarterly Fiscal Period less (ii) the sum of (x) the cash and Eligible Investments of the Securitization Entities credited to the Senior Notes Interest Reserve Account, the Cash Trap Reserve Account and the Franchisor Capital Accounts as of the end
        of the most recently ended Quarterly Fiscal Period,&#160; and (y) the available amount of the Interest Reserve Letter of Credit with respect to the Senior Notes as of the end of the most recently ended Quarterly Collection Period to (b) the sum of the
        Net Cash Flow for the preceding four (4) Quarterly Collection Periods most recently ended as of such date and for which financial statements have been prepared. The Senior ABS Leverage Ratio shall be calculated in accordance with <u>Section
          14.18(b)</u> of this Base Indenture.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -43 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Noteholder</u>&#8221; means any Holder of Senior Notes of any Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes</u>&#8221; or &#8220;<u>Class A Notes</u>&#8221; means the issuance of Notes under the Indenture by the Master Issuer that by its
        terms (through its alphabetical designation as &#8220;Class A&#8221; pursuant to the Series Supplement applicable to such Indebtedness) is senior in the right to receive interest and principal on such Notes to the right to receive interest and principal on any
        Subordinated Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Accrued Quarterly Interest Amount</u>&#8221; means, for each Weekly Allocation Date with respect to a Quarterly
        Collection Period, and with respect to any Senior Notes Outstanding, the amount identified as &#8220;Senior Notes Accrued Quarterly Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>&#8221; means, for each Weekly Allocation Date with respect to
        a Quarterly Collection Period, and with respect to any Senior Notes Outstanding, the amount identified as &#8220;Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Accrued Quarterly Scheduled Principal Amount</u>&#8221; means with respect to each Weekly Allocation Date, and with
        respect to all Senior Notes Outstanding, the aggregate amounts identified as the &#8220;Senior Notes Accrued Quarterly Scheduled Principal Amount&#8221; in each Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Interest Payment Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(i)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Interest Reserve Account</u>&#8221; means account no.&#160;1220600 entitled &#8220;Citibank, N.A. f/b/o Different Rules, LLC,
        Senior Notes Interest Reserve Account&#8221;, which account is maintained by the Trustee pursuant to <u>Section 5.03</u> of this Base Indenture or any successor securities account maintained pursuant to <u>Section 5.03</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Interest Reserve Account Deficiency Amount</u>&#8221; means, as of any date of determination the excess, if any, of the
        Senior Notes Interest Reserve Amount over the sum of (a)&#160;the amount on deposit in the Senior Notes Interest Reserve Account and (b)&#160;the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Interest Reserve Amount</u>&#8221; means, with respect to any Quarterly Payment Date (and any Weekly Allocation Date
        related thereto), an amount equal to the Senior Notes Quarterly Interest Amount due on the next Quarterly Payment Date (assuming (i) that amounts available under each Variable Funding Note Purchase Agreement at such time (after giving effect to any
        commitment reductions and corresponding principal payments on such date) are fully drawn and (ii) the rate on each Class A-1 Note is equivalent to the rate on a Class A-2 Note with the shortest time until its Series Anticipated Repayment Date); <u>provided</u>
        that, with respect to the first Interest Accrual Period following the Closing Date, the Senior Notes Interest Reserve Amount will be an amount equal to the Initial Senior Notes Interest Reserve Amount.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Post-ARD Contingent Interest Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(viii)</u> of this Base
        Indenture</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Principal Payment Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(v)</u> of this Base Indenture.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -44 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Quarterly Interest Amount</u>&#8221; means for each Quarterly Payment Date, with respect to each Class of Senior Notes
        Outstanding, the aggregate amounts identified as the &#8220;Senior Notes Quarterly Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Quarterly Interest Shortfall Amount</u>&#8221; has the meaning set forth in <u>Section 5.13(a)(iii)</u> of this Base
        Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Quarterly Post-ARD Contingent Interest Amount</u>&#8221; means for each Quarterly Payment Date, with respect to each
        Class of Senior Notes Outstanding, the amounts identified as &#8220;Senior Notes Quarterly Post-ARD Contingent Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Quarterly Scheduled Principal Amounts</u>&#8221; means, with respect to each Class of Senior Notes Outstanding, each
        Scheduled Principal Payment with respect to such Class of Senior Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Notes Quarterly Scheduled Principal Deficiency Amount</u>&#8221; means with respect to each Weekly Allocation Date, and with
        respect to all Senior Notes Outstanding, the aggregate amounts identified as the &#8220;Senior Notes Quarterly Scheduled Principal Deficiency Amount&#8221; in each Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Noteholder</u>&#8221; means any Holder of Senior Subordinated Notes of any Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes</u>&#8221; means any issuance of Notes under the Indenture by the Master Issuer that are part of a Class
        with an alphanumerical designation that contains any letter from &#8220;B&#8221; through &#8220;L&#8221; of the alphabet, together with all Subclasses or Tranches thereof.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Accrued Quarterly Interest Amount</u>&#8221; means, for each Weekly Allocation Date with respect to a
        Quarterly Collection Period, and with respect to any Senior Subordinated Notes Outstanding, the amount identified as the &#8220;Senior Subordinated Notes Accrued Quarterly Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>&#8221; means, for each Weekly Allocation Date
        with respect to a Quarterly Collection Period, and with respect to any Senior Subordinated Notes Outstanding, the amount identified as the &#8220;Senior Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount&#8221; in the Series Supplement
        for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount</u>&#8221; means, with respect to each Weekly Allocation Date,
        and with respect to all Senior Subordinated Notes Outstanding, the aggregate amounts identified as the &#8220;Senior Subordinated Notes Accrued Quarterly Scheduled Principal Amount&#8221; in each Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Interest Payment Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(ii)</u> of this Base
        Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Interest Reserve Account</u>&#8221; means an account entitled &#8220;Citibank, N.A. f/b/o Jack in the Box
        Funding, LLC, Senior Subordinated Notes Interest Reserve Account&#8221; maintained by the Trustee pursuant to <u>Section 5.04(a)</u> of this Base Indenture or any successor securities account maintained pursuant to <u>Section 5.04(a)</u> of this Base
        Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Interest Reserve Account Deficiency Amount</u>&#8221; means, as of any date of determination, the excess,
        if any, of the Senior Subordinated Notes Interest Reserve Amount over the sum of (a)&#160;the amount on deposit in the Senior Subordinated Notes Interest Reserve Account and (b)&#160;the amount available under any Interest Reserve Letter of Credit relating
        to the Senior Subordinated Notes.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -45 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Interest Reserve Amount</u>&#8221; means, with respect to any Quarterly Payment Date (and any Weekly
        Allocation Date related thereto), an amount equal to the Senior Subordinated Notes Quarterly Interest Amount due on the next Quarterly Payment Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Post-ARD Contingent Interest Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(ix)</u> of
        this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Principal Payment Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(vi)</u> of this Base
        Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Quarterly Interest Amount</u>&#8221; means, for each Quarterly Payment Date, with respect to each Class of
        Senior Subordinated Notes Outstanding, the aggregate amounts identified as the &#8220;Senior Subordinated Notes Quarterly Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount</u>&#8221; means, for each Quarterly Payment Date, with
        respect to each Class of Senior Subordinated Notes Outstanding, the amounts identified as &#8220;Senior Subordinated Notes Quarterly Post-ARD Contingent Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Quarterly Scheduled Principal Amounts</u>&#8221; means, with respect to each Class of Senior Subordinated
        Notes Outstanding, each Scheduled Principal Payment with respect to such Class of Senior Subordinated Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount</u>&#8221; means with respect to each Weekly Allocation
        Date, and with respect to all Senior Subordinated Notes Outstanding, the aggregate amounts identified as the &#8220;Senior Subordinated Notes Quarterly Scheduled Principal Deficiency Amount&#8221; in each Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Account</u>&#8221; means any account or accounts established pursuant to a Series Supplement for the benefit of a Series of
        Notes (or any Class thereof).</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Anticipated Repayment Date</u>&#8221; means, with respect to any Series of Notes, Class, Subclass or Tranche thereunder, the
        &#8220;Anticipated Repayment Date&#8221; as set forth in the related Series Supplement, which will be the Series Anticipated Repayment Date for such Series of Notes, Class, Subclass or Tranche thereunder, as adjusted pursuant to the terms of the Series
        Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Closing Date</u>&#8221; means, with respect to any Series of Notes, the date of issuance of such Series of Notes, as specified
        in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Defeasance Date</u>&#8221; has the meaning set forth in <u>Section 12.01(c)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Distribution Account</u>&#8221; means, with respect to any Series of Notes or any Class of any Series of Notes, an account
        established to receive distributions to be paid to the Noteholders of such Class or such Series of Notes pursuant to the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Hedge Agreement</u>&#8221; means, with respect to any Series of Notes, the relevant Swap Contract, if any, described in the
        Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Hedge Payment Amount</u>&#8221; means all amounts payable by the Master Issuer under a Series Hedge Agreement including any
        termination payment payable by the Master Issuer.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Hedge Receipts</u>&#8221; means all amounts received by the Securitization Entities under a Series Hedge Agreement.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -46 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Legal Final Maturity Date</u>&#8221; means, with respect to any Series, the &#8220;Legal Final Maturity Date&#8221; set forth in the
        related Series Supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Non-Amortization Test</u>&#8221; means, with respect to any Series or Class of Notes, the test specified in the Series
        Supplement for such Series or, if not specified therein, means a test that will be satisfied on any Quarterly Payment Date only if both (a)&#160;the Holdco Leverage Ratio is less than or equal to 5.00x as calculated on the Quarterly Calculation Date
        immediately preceding such Quarterly Payment Date and (b)&#160;no Rapid Amortization Event has occurred and is continuing.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Obligations</u>&#8221; means, with respect to a Series of Notes, (a)&#160;all principal, interest, premiums, make-whole payments
        and Series Hedge Payment Amounts, at any time and from time to time, owing by the Master Issuer on such Series of Notes or owing by the Guarantors pursuant to the Guarantee and Collateral Agreement on such Series of Notes and (b)&#160;the payment and
        performance of all other obligations, covenants and liabilities of the Master Issuer or the Guarantors arising under the Indenture, the Notes or any other Indenture Document, in each case, solely with respect to such Series of Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series of Notes</u>&#8221; or &#8220;<u>Series</u>&#8221; means each series of Notes issued and authenticated pursuant to the Base Indenture and
        the applicable Series Supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series Supplement</u>&#8221; means a supplement to the Base Indenture in conjunction with the issuance of a Series of Notes complying
        (to the extent applicable) with the terms of <u>Section 2.03</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Servicer</u>&#8221; means Midland Loan Services, a division of PNC Bank, National Association, as servicer under the Servicing
        Agreement, and any successor thereto.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Servicer Termination Event</u>&#8221; has the meaning set forth in the Servicing Agreement.<br>
        <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Services</u>&#8221; has the meaning set forth in the Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Servicing Agreement</u>&#8221; means the Servicing Agreement, dated as of the Closing Date, by and among the Master Issuer, the other
        Securitization Entities party thereto, the Manager, the Servicer and the Trustee, as amended, supplemented or otherwise modified from time to time.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Servicing Fees</u>&#8221; has the meaning set forth in the Servicing Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Servicing Standard</u>&#8221; has the meaning set forth in the Servicing Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Single Employer Plan</u>&#8221; means any Pension Plan that is covered by Title&#160;IV of ERISA, but that is not a Multiemployer Plan.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Software</u>&#8221; has the meaning set forth in the definition of &#8220;Intellectual Property.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Specified Bankruptcy Opinion Provisions</u>&#8221; means the provisions contained in the legal opinion(s) delivered in connection
        with the issuance of each Series of Notes relating to the non-substantive consolidation of the Securitization Entities with Jack in the Box Inc.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Specified Indenture Trust Accounts</u>&#8221; shall mean the Senior Notes Interest Payment Account, the Class&#160;A-1 Notes Commitment
        Fees Account, the Senior Subordinated Notes Interest Payment Account, the Subordinated Notes Interest Payment Account, the Senior Notes Principal Payment Account, the Senior Subordinated Notes Principal Payment Account, the Subordinated Notes
        Principal Payment Account, the Senior Notes Post-ARD Contingent Interest Account, the Senior Subordinated Notes Post-ARD Contingent Interest Account, the Subordinated Notes Post-ARD Contingent Interest Account, the Hedge Payment Account and the
        Cash Trap Reserve Account.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -47 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subclass</u>&#8221; means, with respect to any Class of any Series of Notes, any one of the subclasses of Notes of such Class as
        specified in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes</u>&#8221; means any issuance of Notes under the Indenture by the Master Issuer that are part of a Class with an
        alphanumerical designation that contains any letter from &#8220;M&#8221; through &#8220;Z&#8221; of the alphabet, together with all Subclasses or Tranches thereof.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Accrued Quarterly Interest Amount</u>&#8221; means, for each Weekly Allocation Date with respect to a Quarterly
        Collection Period, and with respect to any Subordinated Notes Outstanding, the amount identified as &#8220;Subordinated Notes Accrued Quarterly Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>&#8221; means, for each Weekly Allocation Date with
        respect to a Quarterly Collection Period, and with respect to any Subordinated Notes Outstanding, the amount identified as &#8220;Subordinated Notes Accrued Quarterly Post-ARD Contingent Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Accrued Quarterly Scheduled Principal Amount</u>&#8221; means, with respect to each Weekly Allocation Date, and
        with respect to all Subordinated Notes Outstanding, the aggregate amounts identified as the &#8220;Subordinated Notes Accrued Quarterly Scheduled Principal Amount&#8221; in each Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Interest Payment Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(iii)</u> of this Base
        Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Post-ARD Contingent Interest Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(x)</u> of this
        Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Principal Payment Account</u>&#8221; has the meaning set forth in <u>Section 5.07(a)(vii)</u> of this Base
        Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Provisions</u>&#8221; means, with respect to the issuance of any Series of Notes that includes Subordinated Notes,
        the terms of such Subordinated Notes will include the following provisions:&#160; (a)&#160;if there is an Extension Period in effect with respect to the Senior Notes issued on the Closing Date, the principal of any Subordinated Notes will not be permitted to
        be repaid out of the Priority of Payments unless such Senior Notes are no longer Outstanding, (b)&#160;if the Senior Notes issued on the Closing Date are refinanced on or prior to the Series Anticipated Repayment Date of such Senior Notes and any such
        Subordinated Notes having a Series Anticipated Repayment Date on or before the Series Anticipated Repayment Date of such Senior Notes are not refinanced on or prior to the Series Anticipated Repayment Date of such Senior Notes, such Subordinated
        Notes will begin to amortize on the date that the Senior Notes are refinanced pursuant to a Scheduled Principal Payment schedule to be set forth in the Series Supplement for such Series and (c)&#160;if the Senior Notes issued on the Closing Date are not
        refinanced on or prior to the Quarterly Payment Date following the seventh anniversary of the Closing Date, such Subordinated Notes will not be permitted to be refinanced.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Quarterly Interest Amount</u>&#8221; means for each Quarterly Payment Date, with respect to each Class of
        Subordinated Notes Outstanding, the aggregate amounts identified as the &#8220;Subordinated Notes Quarterly Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Quarterly Interest Shortfall</u>&#8221; has the meaning set forth in <u>Section 5.13(f)(iii)</u> of this Base
        Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Quarterly Post-ARD Contingent Interest Amount</u>&#8221; means, for each Quarterly Payment Date, with respect to
        each Class of Subordinated Notes Outstanding, the amounts identified as &#8220;Subordinated Notes Quarterly Post-ARD Contingent Interest Amount&#8221; in the Series Supplement for such Series.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -48 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Quarterly Scheduled Principal Amounts</u>&#8221; means, with respect to each Class of Subordinated Notes
        Outstanding, each Scheduled Principal Payment with respect to such Class of Subordinated Notes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subordinated Notes Quarterly Scheduled Principal Deficiency Amount</u>&#8221; means with respect to each Weekly Allocation Date, and
        with respect to all Subordinated Notes Outstanding, the aggregate amounts identified as &#8220;Subordinated Notes Quarterly Scheduled Principal Deficiency Amount&#8221; in each Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subsidiary</u>&#8221; means, with respect to any Person (herein referred to as the &#8220;<u>parent</u>&#8221;), any corporation, partnership,
        limited liability company, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership
        interests are, at the time any determination is being made, owned, controlled or held by the parent or (b)&#160;that is, at the time any determination is being made, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the
        parent and one or more subsidiaries of the parent.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Subsidiary Guarantors</u>&#8221; means, collectively, the Franchisor, JIB Properties and the Additional Securitization Entities.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Successor Manager</u>&#8221; means any successor to the Manager selected by the Control Party (at the direction of the Controlling
        Class Representative) upon the resignation or removal of the Manager pursuant to the terms of the Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Successor Manager Transition Expenses</u>&#8221; means all costs and expenses incurred by a Successor Manager in connection with the
        termination, removal and replacement of the Manager under the Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Successor Servicer Transition Expenses</u>&#8221; means all costs and expenses incurred by a successor Servicer in connection with
        the termination, removal and replacement of the Servicer under the Servicing Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Supplement</u>&#8221; means either a supplement to the Base Indenture or a supplement to a Series Supplement, as applicable and in
        each case, complying (to the extent applicable) with the terms of <u>Article XIII</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Supplemental Management Fee</u>&#8221; means for each Weekly Allocation Date with respect to any Quarterly Collection Period the
        amount (if any) by which, with respect to such Quarterly Collection Period, (A) the sum of (i) the expenses incurred or other amounts charged by the Manager (or the Back-Up Manager, as applicable) since the beginning of such Quarterly Collection
        Period in connection with the performance of the Manager&#8217;s (or the Back-Up Manager&#8217;s, as applicable) obligations under the Management Agreement, approved in writing by the Control Party acting at the direction of the Controlling Class
        Representative and (ii) so long as Jack in the Box Inc. (or, if Jack in the Box Inc. is not the taxable parent entity of any Securitization Entity, such other taxable parent entity) is then acting as Manager, any current or projected Tax Payment
        Deficiency, if applicable, approved in writing by the Control Party (with such approval not to be unreasonably withheld) exceeds (B) the Weekly Management Fees received and to be received by the Manager (or the Back-Up Manager, as applicable) on
        such Weekly Allocation Date and each preceding Weekly Allocation Date with respect to such Quarterly Collection Period.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -49 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Swap Contract</u>&#8221; means (a)&#160;any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
        transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
        interest rate options, forward foreign exchange transactions, cap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any
        options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b)&#160;any and all transactions of any kind, and the related confirmations, which are subject to the terms and
        conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement,
        together with any related schedules, a &#8220;<u>Master Agreement</u>&#8221;), including any such obligations or liabilities under any Master Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Systemwide Sales</u>&#8221; means, with respect to any Quarterly Calculation Date, Gross Sales (which will be permitted to include
        estimated Gross Sales of up to 5.0% of the total) of the Franchised Restaurants and Contributed Securitized Company Restaurants for the four (4) Quarterly Fiscal Periods ended immediately prior to such Quarterly Calculation Date.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Tax</u>&#8221; means (i) any U.S. federal, state, local or foreign income, gross receipts, license, payroll, employment, excise,
        severance, stamp, occupation, premium, environmental, customs duties, capital stock, profits, documentary, property, franchise, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use,
        transfer, registration, value added, alternative or add-on minimum, or other tax of any kind whatsoever, including any interest, penalty, fine, assessment or addition thereto and (ii) any transferee liability in respect of any items described in <u>clause&#160;(i)</u>
        above.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Tax Lien Reserve Amount</u>&#8221; means any funds contributed by Jack in the Box Inc. or a Subsidiary thereof to satisfy Liens filed
        by the IRS pursuant to Section&#160;6323 of the Code against any Securitization Entity.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Tax Opinion</u>&#8221; means an opinion of tax counsel of nationally recognized standing in the United States experienced in such
        matters to be delivered in connection with the issuance of each new Series of Notes (other than Class A-1 Notes except as required under the Variable Funding Note Purchase Agreement) to the effect that, for U.S.&#160;federal income tax purposes, (a)&#160;the
        issuance of such new Series of Notes will not affect adversely the U.S.&#160;federal income tax characterization of any Series of Notes Outstanding or Class thereof that was (based upon an Opinion of Counsel) treated as debt at the time of their
        issuance, (b)&#160;each Securitization Entity organized in the United States in existence as of the date of the delivery of such opinion (other than any Additional Securitization Entity that is a corporation) (i)&#160;will as of the date of issuance be
        treated as a disregarded entity for U.S.&#160;federal income tax purposes and (ii)&#160;will not as of the date of issuance be classified as a corporation or as an association or publicly traded partnership taxable as a corporation for U.S.&#160;federal income
        tax purposes and (c)&#160;such new Series of Notes will as of the date of issuance be treated as debt for U.S.&#160;federal income tax purposes.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Tax Payment Deficiency</u>&#8221; means any Tax liability of Jack in the Box Inc. (or, if Jack in the Box Inc. is not the taxable
        parent entity of any Securitization Entity, such other taxable parent entity) (including Taxes imposed under U.S. Treasury regulations Section&#160;1.1502-6 (or any similar provision of state, local or foreign law)) attributable to the operations of the
        Securitization Entities that the Manager determines cannot be satisfied by Jack in the Box Inc. (or such other taxable parent entity) from its available funds.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Trade Secrets</u>&#8221; has the meaning set forth in the definition of &#8220;Intellectual Property.&#8221;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -50 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Trademarks</u>&#8221; means all trademarks, service marks, trade names, trade dress, designs, logos, slogans and other indicia of
        source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, internet domain names, and all goodwill of any business connected with the use of or symbolized thereby.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Tranche</u>&#8221; means, with respect to any Class of Notes, any one of the tranches of Notes of such Class as specified in the
        Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Trust Officer</u>&#8221; means any officer within the corporate trust department of the Trustee, including any Vice President,
        Assistant Vice President or Assistant Treasurer of the Corporate Trust Office, or any trust officer, or any officer customarily performing functions similar to those performed by the person who at the time will be such officers, in each case having
        direct responsibility for the administration of this Indenture, and also any officer to whom any corporate trust matter is referred because of his knowledge of and familiarity with a particular subject.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Trustee</u>&#8221; means the party named as such in the Indenture until a successor replaces it in accordance with the applicable
        provisions of the Indenture and thereafter means the successor serving thereunder.&#160; On the Closing Date, the Trustee shall be Citibank, N.A., a national banking association.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Trustee Accounts</u>&#8221; has the meaning set forth in <u>Section 5.09(a)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>U.S. Dollars</u>&#8221; or &#8220;<u>$</u>&#8221; refers to lawful money of the United States of America.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>UCC</u>&#8221; means the Uniform Commercial Code as in effect from time to time in the specified jurisdiction or any applicable
        jurisdiction, as the case may be.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>United States</u>&#8221; or &#8220;<u>U.S.</u>&#8221; means the fifty States of the United States of America, the territories and possessions of
        the United States of America, and the District of Columbia.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Unrestricted Cash</u>&#8221; means as of any date, unrestricted cash and Eligible Investments owned by the Non-Securitization
        Entities that are not, and are not presently required under the terms of any agreement or other arrangement binding any Non-Securitization Entity on such date to be, (a) pledged to or held in one or more accounts under the control of one or more
        creditors of any Non-Securitization Entity or (b) otherwise segregated from the general assets of the Non-Securitization Entities, in one or more special accounts or otherwise, for the purpose of securing or providing a source of payment for
        Indebtedness or other obligations that are or from time to time may be owed to one or more creditors of the Non-Securitization Entities.&#160; It is agreed that cash and Eligible Investments held in ordinary deposit or security accounts and not subject
        to any existing or contingent restrictions on transfer by any Non-Securitization Entity will not be excluded from Unrestricted Cash by reason of setoff rights or other Liens created by law or by applicable Account Agreements in favor of the
        depositary institutions or security intermediaries.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#160;&#8220;<u>Variable Funding Note Purchase Agreement</u>&#8221; means any note purchase agreement entered into by the Master Issuer in
        connection with the issuance of Class&#160;A&#8209;1 Notes that is identified as a &#8220;Variable Funding Note Purchase Agreement&#8221; in the Series Supplement for such Series.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>VFN Noteholders</u>&#8221; has the meaning specified in <u>Section 11.05(b)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Warm Back-Up Management Duties</u>&#8221; has the meaning set forth in the Back-Up Management Agreement.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -51 </font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Warm Back-Up Management Trigger Event</u>&#8221; means the occurrence and continuation of (i)&#160;any event that causes a Cash Trapping
        Period to begin and that continues for at least two (2) consecutive Quarterly Calculation Dates, (ii)&#160;a Rapid Amortization Event, in each case, that has not been waived or approved by the Control Party (at the direction of the Controlling Class
        Representative), <u>provided</u><font style="font-style: italic;">&#160;</font>that any Rapid Amortization Event pursuant to <u>clause&#160;(ii)</u> of the definition thereof shall not be a Warm Back-Up Management Trigger Event unless such Rapid
        Amortization Event has not been cured within six (6) months from the date of such Rapid Amortization Event, (iii) a Potential Rapid Amortization Event for which notice has been delivered, (iv) a Potential Manager Termination Event for which notice
        has been delivered or (v) an Event of Default and/or a Default for which notice has been delivered.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Weekly Allocation Date</u>&#8221; means the last Business Day of the week following the last day of each Weekly Collection Period,
        commencing no later than August 2, 2019.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Weekly Allocation Percentage</u>&#8221; means with respect to any Weekly Collection Period, the percentages designated by the Master
        Issuer in the relevant Weekly Manager&#8217;s Certificate for such Weekly Collection Period within a Quarterly Fiscal Period, each such percentage to be not less than the percentage required to cause the Required Balance to be on deposit in the Senior
        Notes Interest Payment Account, the Senior Subordinated Notes Interest Payment Account, the Subordinated Notes Interest Payment Account, the Senior Notes Principal Payment Account, the Senior Subordinated Notes Principal Payment Account, the
        Subordinated Notes Principal Payment Account or the Senior Notes Post-ARD Contingent Interest Account, as applicable, for such Weekly Collection Period.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Weekly Collection Period</u>&#8221; means each weekly period commencing at 4:00&#160;a.m. (local time) on each Monday and ending at
        3:59:59 a.m. (local time) on the following Monday, except that the first such period will be from 4:00 a.m. (local time) on the Cut-Off Date to 3:59:59 a.m. (local time) on July 8, 2019.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Weekly Management Fee</u>&#8221; has the meaning set forth in the Management Agreement.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Weekly Manager&#8217;s Certificate</u>&#8221; has the meaning set forth in <u>Section 4.01(a)</u> of this Base Indenture.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Welfare Plan</u>&#8221; means any &#8220;employee welfare benefit plan&#8221; as such term is defined in Section&#160;3(1) of ERISA.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Working Capital Reserve Amount</u>&#8221; means, as of any date of determination, an amount determined by the Manager to be retained
        in a Concentration Account for working capital expenses not to exceed in the aggregate for all Securitized Company Restaurant Accounts the greater of (i) $5,000,000 and (ii) 10% of the aggregate Retained Collections for the preceding four (4)
        Quarterly Collection Periods; <u>provided</u> that amounts transferred by the Master Issuer to a Concentration Account from the Residual Amount will not be included in such calculation.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Workout Fees</u>&#8221; has the meaning set forth in the Servicing Agreement.</div>
      <div style="line-height: 15.75pt; margin-bottom: 10pt;"><br style="line-height: 15.75pt;">
      </div>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">ANNEX A -52 </font></div>
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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>a52009364ex4_2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
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  <font style="font-weight: bold;"> </font> <br>
  <div style="text-align: right;"> <font style="font-weight: bold;">Exhibit 4.2</font><br>
  </div>
  <div><font style="font-weight: bold;"> <br>
    </font></div>
  <div> <br>
  </div>
  <div style="text-align: center; font-weight: bold;">Dated&#160;as of July 8, 2019</div>
  <div>&#160;</div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">Series 2019-1 Supplement</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">to the<br>
    Base Indenture</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 12pt;">Up to $150,000,000 Series 2019-1 Variable Funding Senior Notes, Class A&#8209;1<br>
    $575,000,000 Series 2019-1 3.982% Fixed Rate Senior Secured Notes, Class A&#8209;2-I</div>
  <div style="text-align: center; font-size: 12pt;">$275,000,000 Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class A&#8209;2-II</div>
  <div style="text-align: center; font-size: 12pt;">$450,000,000 Series 2019-1 4.970% Fixed Rate Senior Secured Notes, Class A&#8209;2-III</div>
  <div><br>
  </div>
  <div style="text-align: center;">between</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 14pt; font-weight: bold;">Jack in the Box Funding, LLC,</div>
  <div style="text-align: center;">as Master Issuer</div>
  <div>&#160;</div>
  <div style="text-align: center;">and</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 14pt; font-weight: bold;">Citibank, N.A.,</div>
  <div style="text-align: center;">as Trustee and Series 2019-1 Securities Intermediary</div>
  <div>&#160;</div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
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  <div style="text-align: center; font-weight: bold;">Table of Contents</div>
  <div style="text-align: center; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; font-weight: bold;"> <br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" id="z658c4decec0344e7926e4e3baed4bd3d" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article I Definitions</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 18pt; font-family: 'Times New Roman', Times, serif;">1</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article II Initial Issuance, Increases and Decreases of Series 2019-1 Class A&#8209;1 Outstanding Principal Amount</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 18pt; font-family: 'Times New Roman', Times, serif;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 2.01</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Procedures for Issuing and Increasing Initial Issuance and Increases of the Series 2019-1 Class A&#8209;1 Outstanding Principal Amount</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 2.02</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Procedures for Decreasing the Series 2019-1 Class A-1 Outstanding Principal Amount</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">3</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article III Series 2019-1 Allocations; Payments</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 18pt; font-family: 'Times New Roman', Times, serif;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.01</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Allocations with Respect to the Series 2019-1 Notes</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.02</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Weekly Allocation Date Applications; Quarterly Payment Date Applications</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.03</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Certain Distributions from the Series 2019-1 Distribution Accounts and the Collection Account</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.04</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Series 2019-1 Class A-1 Interest and Certain Fees.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.05</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Series 2019-1 Class A-2 Notes Interest.</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.06</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Payment of Series 2019-1 Note Principal</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.07</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Series 2019-1 Class A&#8209;1 Distribution Account</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.08</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Series 2019-1 Class A&#8209;2 Distribution Account</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.09</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Trustee as Securities Intermediary</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.10</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Manager</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 3.11</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Replacement of Ineligible Accounts</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">15</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article IV Form of Series 2019-1 Notes</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 18pt; font-family: 'Times New Roman', Times, serif;">16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 4.01</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Issuance of Series 2019-1 Class A&#8209;1 Notes</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 4.02</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Issuance of Series 2019-1 Class A&#8209;2 Notes</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 4.03</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Transfer Restrictions of Series 2019-1 Class A&#8209;1 Notes</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 4.04</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Transfer Restrictions of Series 2019-1 Class A&#8209;2 Notes</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 4.05</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Note Owner Representations and Warranties</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 4.06</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Limitation on Liability</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">27</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article V General</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 18pt; font-family: 'Times New Roman', Times, serif;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.01</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Information</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.02</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Exhibits</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.03</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Ratification of Base Indenture</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.04</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Certain Notices to the Rating Agency</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.05</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Prior Notice by Trustee to the Controlling Class Representative and Control Party</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.06</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Counterparts</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.07</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Governing Law</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.08</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Amendments</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.09</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Termination of Series Supplement</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.10</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Entire Agreement</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.11</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>1934 Act</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">
            <div>Section 5.12</div>
          </td>
          <td style="width: 81%; vertical-align: top;">
            <div>Notices</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="margin-right: 19.3pt; font-family: 'Times New Roman', Times, serif;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 9%; vertical-align: top;">&#160;</td>
          <td style="width: 81%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
  <div></div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" id="zeac61be45a5544aebd72d054ac08c610" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">ANNEXES</div>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 87%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: justify;">Annex A</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify;">--</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div style="text-align: justify;">Series 2019-1 Supplemental Definitions List</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">(i)</font></div>
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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">EXHIBITS</div>
          </td>
          <td style="width: 87%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 87%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit A-1-1:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Series 2019-1 Class A-1 Advance Note</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit A-1-2:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Series 2019-1 Class A-1 Swingline Note</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit A-1-3:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Series 2019-1 Class A-1 L/C Note</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit A-2-1:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Rule&#160;144A Global Series 2019-1 Class A-2 Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit A-2-2:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Temporary Regulation&#160;S Global Series 2019-1 Class A-2 Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit A-2-3:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Permanent Regulation&#160;S Global Series 2019-1 Class A-2 Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit B-1:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Transferee Certificate &#8211; Series 2019-1 Class A-1 Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit B-2:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Transferee Certificate &#8211; Rule 144A Global Notes to Temporary Regulation S Global Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit B-3:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Transferee Certificate &#8211; Rule 144A Global Notes to Permanent Regulation S Global Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit B-4:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Transferee Certificate &#8211; Regulation S Global Notes to Rule 144A Global Notes</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit C:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Quarterly Noteholders&#8217; Report</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13%; vertical-align: top;">
            <div>Exhibit D:</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div>Form of Decrease Notice</div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">(ii)</font></div>
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;">SERIES 2019-1 SUPPLEMENT, dated as of July 8, 2019 (this &#8220;<u>Series Supplement</u>&#8221;), by and between JACK IN THE BOX FUNDING, LLC, a Delaware limited liability company (the &#8220;<u>Master Issuer</u>&#8221;)
      and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the &#8220;<u>Trustee</u>&#8221;) and as Series 2019-1 Securities Intermediary, to the Base Indenture, dated as of the date hereof, by and between the Master Issuer and CITIBANK,
      N.A., as trustee and as securities intermediary (as amended, modified or supplemented from time to time, exclusive of Series Supplements, the &#8220;<u>Base Indenture</u>&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: center;"><u>PRELIMINARY STATEMENT</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, Sections&#160;2.02, 2.03 and 13.01 of the Base Indenture provide, among other things, that the Master Issuer and the Trustee may at any time and from time to time enter into a Series Supplement
      to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes (as defined in Annex&#160;A of the Base Indenture) upon satisfaction of the conditions set forth therein; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, all such conditions have been met for the issuance of the Series of Notes authorized hereunder.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, the parties hereto agree as follows:</div>
    <div>&#160;</div>
    <div style="text-align: center;"><u>DESIGNATION</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series Supplement, and such Series of Notes shall be designated as Series 2019-1 Notes.&#160; On the Series
      2019-1 Closing Date, two Classes of Notes of such Series shall be issued:&#160; (a)&#160;Series 2019-1 Variable Funding Senior Notes, Class A&#8209;1 (as referred to herein, the &#8220;<u>Series 2019-1 Class A&#8209;1 Notes</u>&#8221;) and (b)&#160;Series 2019-1 Senior Notes, Class A&#8209;2
      (as referred to herein, the &#8220;<u>Series 2019-1 Class A&#8209;2 Notes</u>&#8221;).&#160; The Series 2019-1 Class A&#8209;1 Notes shall be issued in three Subclasses:&#160; (i)&#160;Series 2019-1 Class A&#8209;1 Advance Notes (as referred to herein, the &#8220;<u>Series 2019-1 Class A&#8209;1 Advance
        Notes</u>&#8221;), (ii) Series 2019-1 Class A-1 Swingline Notes (as referred to herein, the &#8220;<u>Series 2019-1 Class A-1 Swingline Notes</u>&#8221;) and (iii)&#160;Series 2019-1 Class A&#8209;1 L/C Notes (as referred to herein, the &#8220;<u>Series 2019-1 Class A&#8209;1 L/C Notes</u>&#8221;).


      The Series 2019-1 Class A-2 Notes shall be issued in three Tranches: (i) Series 2019-1 3.982% Fixed Rate Senior Secured Notes, Class A-2-I (as referred to herein, the &#8220;<u>Series 2019-1 Class A&#8209;2-I Notes</u>&#8221;); (ii) Series 2019-1 4.476% Fixed Rate
      Senior Secured Notes, Class A-2-II (as referred to herein, the &#8220;<u>Series 2019-1 Class A&#8209;2-II Notes</u>&#8221;); and (iii) Series 2019-1 4.970% Fixed Rate Senior Secured Notes, Class A-2-III (as referred to herein, the &#8220;<u>Series 2019-1 Class A&#8209;2-III Notes</u>&#8221;
      and, together with the Series 2019-1 Class A&#8209;2-I Notes and the Series 2019-1 Class A&#8209;2-II Notes, the &#8220;<u>Series 2019-1 Class A&#8209;2 Notes</u>&#8221; and, the Series 2019-1 Class A-2 Notes, together with the Series 2019-1 Class A-1 Notes, the &#8220;<u>Series 2019-1
        Notes</u>&#8221;). For purposes of the Base Indenture and this Series Supplement, the Series 2019-1 Class A&#8209;1 Notes and the Series 2019-1 Class A&#8209;2 Notes shall be deemed to be separate Classes of &#8220;<u>Senior Notes</u>&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ARTICLE I<br>
      <br>
      DEFINITIONS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">All capitalized terms used herein (including in the preamble and the recitals hereto) and not otherwise defined herein shall have the meanings assigned to such terms in the Series 2019-1 Supplemental
      Definitions List attached hereto as <u>Annex&#160;A</u> (the &#8220;<u>Series 2019-1 Supplemental Definitions List</u>&#8221;) as such Series 2019-1 Supplemental Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with
      the terms hereof.&#160; All capitalized terms not otherwise defined herein or therein shall have the meanings assigned thereto in the Base Indenture or Base Indenture Definitions List attached to the Base Indenture as Annex&#160;A thereto, as such Base
      Indenture or Base Indenture Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the terms of the Base Indenture.&#160; Unless otherwise specified herein, all Article, Exhibit, Section or Subsection
      references herein shall refer to Articles, Exhibits, Sections or Subsections of the Base Indenture or this Series Supplement (as indicated herein).&#160; Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise
      defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2019-1 Notes and not to any other Series of Notes issued by the Master Issuer.&#160; The rules of construction set forth in Section 1.04 of the
      Base Indenture shall apply for all purposes under this Series Supplement.</div>
    <br>
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    <div style="text-align: center; font-weight: bold;">ARTICLE II<br>
      <br>
      INITIAL ISSUANCE, INCREASES AND DECREASES OF<br>
      SERIES 2019-1 CLASS A&#8209;1 OUTSTANDING PRINCIPAL AMOUNT</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 2.01 &#160;&#160;&#160;&#160;&#160; </font><u>Procedures for Issuing and Increasing Initial Issuance and Increases of the Series 2019-1 Class A&#8209;1 Outstanding Principal
          Amount</u></font><u>.</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color: #FFFFFF;">Subject to satisfaction of the conditions precedent to the
        making of Series 2019-1 Class A-1 Advances set forth in the Series 2019-1 Class A-1 Note Purchase Agreement, (i) on the </font>Series 2019-1 <font style="background-color: #FFFFFF;">Closing Date, the Master Issuer may cause the Series 2019-1
        Class A-1 Initial Advance Principal Amount to become outstanding by drawing ratably, at par, the initial principal amounts of the Series 2019-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2019-1 Class A-1 Advances
        made on the </font>Series 2019-1 <font style="background-color: #FFFFFF;">Closing Date (the &#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Initial Advance</u></font><font style="background-color: #FFFFFF;">&#8221;) and (ii)
        on any Business Day during the Series 2019-1 Class A-1 Commitment Term that does not occur during a Cash Trapping Period, the Master Issuer may increase the Series 2019-1 Class A-1 Outstanding Principal Amount (such increase referred to as an &#8220;</font><font style="background-color: #FFFFFF;"><u>Increase</u></font><font style="background-color: #FFFFFF;">&#8221;), by drawing ratably (or as otherwise set forth in the Series 2019-1 Class A-1 Note Purchase Agreement), at par, additional principal amounts on the
        Series 2019-1 Class A-1 Advance Notes corresponding to the aggregate amount of the Series 2019-1 Class A-1 Advances made on such Business Day; </font><font style="background-color: #FFFFFF;"><u>provided</u></font><font style="background-color: #FFFFFF;"> that at no time may the Series 2019-1 Class A-1 Outstanding Principal Amount exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount.&#160; The Series 2019-1 Class A-1 Initial Advance and each Increase shall be made in accordance
        with the provisions of Sections 2.02 and 2.03 of the Series 2019-1 Class A-1 Note Purchase Agreement and shall be ratably (except as otherwise set forth in the Series 2019-1 Class A-1 Note Purchase Agreement) allocated among the Series 2019-1 Class
        A-1 Noteholders (other than the Series 2019-1 Class A-1 Subfacility Noteholders in their capacity as such) as provided therein.&#160; P</font>roceeds from the Series 2019-1 Class A-1 Initial Advance and each Increase shall be paid as directed by the
      Master Issuer in the applicable Series 2019-1 Class A-1 Advance Request or as otherwise set forth in the Series 2019-1 Class A-1 Note Purchase Agreement.&#160; Upon receipt of written notice from the Master Issuer or the Administrative Agent of the Series
      2019-1 Class A-1 Initial Advance and any Increase, the Trustee shall indicate in its books and records the amount of the Series 2019-1 Class A-1 Initial Advance or such Increase, as applicable.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Subject to satisfaction of the applicable conditions precedent set forth in the Series 2019-1 Class A&#8209;1
      Note Purchase Agreement, on the Series 2019-1 Closing Date, the Master Issuer may cause (i) the Series 2019-1 Class A-<font style="background-color: #FFFFFF;">1 Initial Swingline Principal Amount to become outstanding by drawing, at par, the initial
        principal amounts of the Series 2019-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Series 2019-1 Class A-1 Swingline Loans made on the </font>Series 2019-1 <font style="background-color: #FFFFFF;">Closing Date pursuant
        to Section 2.06 of the Series 2019-1 Class A-1 Note Purchase Agreement and (ii) </font>the Series 2019-1 Class A&#8209;1 Initial Aggregate Undrawn L/C Face Amount to become outstanding <font style="background-color: #FFFFFF;"> by drawing, at par, the
        initial principal amounts of the Series 2019-1 Class A-1 L/C Notes corresponding to the aggregate Undrawn L/C Face Amount of the Letters of Credit issued on the </font>Series 2019-1 <font style="background-color: #FFFFFF;">Closing Date pursuant
        to Section 2.07 of the Series 2019-1 Class A-1 Note Purchase Agreement; </font><font style="background-color: #FFFFFF;"><u>provided</u></font><font style="background-color: #FFFFFF;"> that at no time may the Series 2019-1 Class A-1 Outstanding
        Principal Amount exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount</font>.&#160; The procedures relating to increases in the Series 2019-1 Class A&#8209;1 Outstanding Subfacility Amount (each such increase, a &#8220;<u>Subfacility Increase</u>&#8221;)
      through borrowings of Series 2019-1 Class A-1 Swingline Loans and issuance or incurrence of Series 2019-1 Class A&#8209;1 L/C Obligations are set forth in the Series 2019-1 Class A&#8209;1 Note Purchase Agreement.<font style="background-color: #FFFFFF;">&#160; Upon
        receipt of written notice from the Master Issuer or the Administrative Agent of the issuance of the Series 2019-1 Class A-1 Initial Swingline Principal Amount and the Series 2019-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount and any
        Subfacility Increase, the Trustee shall indicate in its books and records the amount of each such issuance and Subfacility Increase.</font></div>
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  <div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 2.02 &#160;&#160;&#160;&#160; </font></font><u>Procedures for Decreasing the Series 2019-1 Class A-1 Outstanding Principal Amount</u></font><u>.</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Mandatory Decrease</u>.&#160; Whenever a Series 2019-1 Class A-1 Excess Principal Event shall have
      occurred, then, on or before 10:00&#160;a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2019-1 Class A-1 Excess Principal Event, the Master Issuer
      shall deposit in the Series 2019-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution.&#160; Such
      written direction of the Master Issuer shall include a report that will provide for the distribution of (i)&#160;funds sufficient to decrease the Series 2019-1 Class A-1 Outstanding Principal Amount by the lesser of (x)&#160;the amount necessary, so that after
      giving effect to such decrease of the Series 2019-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2019-1 Class A-1 Excess Principal Event shall exist and (y)&#160;the amount that would decrease the Series 2019-1 Class A-1 Outstanding
      Principal Amount to zero (each decrease of the Series 2019-1 Class A-1 Outstanding Principal Amount pursuant to this <u>Section 2.02(a)</u>, or any other required payment of principal in respect of the Series 2019-1 Class A-1 Notes pursuant to <u>Section


        3.06</u> of this Series Supplement, a &#8220;<u>Mandatory Decrease</u>&#8221;), <u>plus</u> (ii)&#160;any associated Series 2019-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2019-1 Class A-1 Note
      Purchase Agreement).&#160; Such Mandatory Decrease shall be allocated among the Series 2019-1 Class A-1 Noteholders in accordance with the Class A-1 Order of Distribution.&#160; Upon obtaining knowledge of such a Series 2019-1 Class A-1 Excess Principal Event,
      the Master Issuer promptly, but in any event within two (2)&#160;Business Days, shall deliver written notice substantially in the form of <u>Exhibit D</u> hereto (which may be given by e&#8209;mail of a .pdf or similar file) of the need for any such Mandatory
      Decreases to the Trustee and the Administrative Agent.&#160; In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each
      case, with interest thereon at the Advance Interest Rate).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Voluntary Decrease</u>.&#160; Except as provided in <u>Section 2.02(d)</u>, on any Business Day, the
      Master Issuer may decrease the Series 2019-1 Class A-1 Outstanding Principal Amount (each such decrease of the Series 2019-1 Class A-1 Outstanding Principal Amount pursuant to this <u>Section 2.02(b)</u>, a &#8220;<u>Voluntary Decrease</u>&#8221;) by depositing
      in the Series 2019-1 Class A-1 Distribution Account not later than 10:00&#160;a.m. (Eastern time) on the date specified as the decrease date in the prior written notice referred to below and providing a written report to the Trustee directing the Trustee
      to distribute in accordance with the Class A-1 Order of Distribution (i)&#160;an amount (subject to the last sentence of this <u>Section 2.02(b)</u>) up to the Series 2019-1 Class A-1 Outstanding Principal Amount equal to the amount of such Voluntary
      Decrease, <u>plus</u> (ii)&#160;any associated Series 2019-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2019-1 Class A-1 Note Purchase Agreement); <u>provided</u> that to the extent the
      deposit into the Series 2019-1 Class A-1 Distribution Account described above is made after 3:00&#160;p.m. (Eastern time) on any Business Day, the same shall be deemed to be deposited on the following Business Day; <u>provided</u>, <u>further</u>, that
      (x) in the case of Eurodollar Advances or CP Advances, the Master Issuer shall provide written notice no later than 12:00 p.m. (Eastern time) at least three (3)&#160;Business Days prior to such Voluntary Decrease and (y) in the case of Base Rate Advances,
      the Master Issuer shall provide written notice no later than 12:00 p.m. (Eastern time) at least one (1)&#160;Business Day prior to such Voluntary Decrease, in each case to each Series 2019-1 Class A-1 Investor and the Administrative Agent; <u>provided</u>,
      <u>further</u>, that the Master Issuer shall provide written notice substantially in the form of <u>Exhibit D</u> hereto to the Trustee of any Voluntary Decrease no later than 12:00 p.m. (Eastern time) at least one (1) Business Day prior to such
      Voluntary Decrease.&#160; Each such Voluntary Decrease shall be in a minimum principal amount as provided in the Series 2019-1 Class A-1 Note Purchase Agreement.&#160; In connection with any Voluntary Decrease, the Master Issuer shall reimburse the Trustee,
      the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).</div>
    <div>&#160;</div>
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      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Trustee shall indicate in its books and records any such reduction in the Series 2019-1 Class A&#8209;1
        Commitments.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Series 2019-1 Class A&#8209;1 Note Purchase Agreement sets forth additional procedures relating to
        decreases in the Series 2019-1 Class A&#8209;1 Outstanding Subfacility Amount (each such decrease, together with any Voluntary Decrease or Mandatory Decrease allocated to the Series 2019-1 Class A&#8209;1 Subfacility Noteholders, a &#8220;<u>Subfacility Decrease</u>&#8221;)



        through (i) borrowings of Series 2019-1 Class A-1 Advances to repay Series 2019-1 Class A-1 Swingline Loans and Series 2019-1 Class A-1 L/C Obligations or (ii) optional prepayments of Series 2019-1 Class A-1 Swingline Loans on same day notice.&#160;
        Upon receipt of written notice from the Master Issuer or the Administrative Agent of any Subfacility Decrease, the Trustee shall indicate in its books and records the amount of such Subfacility Decrease.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Class A-1 Note Purchase Agreement also sets forth procedures relating to permanent
        reductions in the Series 2019-1 Class A-1 Notes Maximum Principal Amount.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">ARTICLE III<br>
        <br>
        SERIES 2019-1 ALLOCATIONS; PAYMENTS</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">With respect to the Series 2019-1 Notes only, the following shall apply:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 3.01&#160;&#160;&#160;&#160; </font><u>Allocations with Respect to the Series 2019-1 Notes</u></font>.&#160; On the Series 2019-1 Closing Date, a
        portion of the net proceeds from the initial sale of the Series 2019-1 Notes will be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Series 2019-1
        Closing Date.&#160; The remainder of the net proceeds from the sale of the Series 2019-1 Notes shall be paid to, or at the direction of, the Master Issuer.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 3.02 &#160;&#160;&#160; </font></font><u>Weekly Allocation Date Applications; Quarterly Payment Date
            Applications</u></font>.&#160; On each Weekly Allocation Date, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to allocate from the Collection Account all amounts relating to the Series 2019-1 Notes pursuant
        to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 3.03 &#160;&#160;&#160; </font></font><u>Certain Distributions from the Series 2019-1 Distribution
            Accounts and the Collection Account</u></font>.&#160; On each Quarterly Payment Date, based solely upon the most recent Quarterly Noteholders&#8217; Report, and in the order of priority of such amounts set forth in the Priority of Payments, the Trustee
        shall, in accordance with Section&#160;6.01 of the Base Indenture, remit (i)&#160;to the Series 2019-1 Class A&#8209;1 Noteholders from the Series 2019-1 Class A&#8209;1 Distribution Account, in accordance with the Class A&#8209;1 Order of Distribution, the amounts deposited
        in the Series 2019-1 Class A&#8209;1 Distribution Account in accordance with the Base Indenture for the payment of interest, fees, principal (to the extent applicable) and other amounts in respect of the Series 2019-1 Class A&#8209;1 Notes on such Quarterly
        Payment Date and (ii)&#160;to the Series 2019-1 Class A&#8209;2 Noteholders from the Series 2019-1 Class A&#8209;2 Distribution Account, the amounts deposited in the Series 2019-1 Class A&#8209;2 Distribution Account in accordance with the Base Indenture for the payment
        of interest, principal (to the extent applicable) and other amounts in respect of the Series 2019-1 Class A&#8209;2 Notes on such Quarterly Payment Date.&#160; On each Weekly Allocation Date the Trustee shall withdraw from the Collection Account amounts
        required to be paid to the Administrative Agent pursuant to the Priority of Payments and remit such amounts to the Administrative Agent in accordance with the terms of the Indenture.</div>
      <div>&#160;</div>
    </div>
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    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Notwithstanding anything to the contrary herein or in the Base Indenture, except as (i) provided under <u>Section 3.06(f)</u> or (ii) explicitly directed by the Master Issuer (or the Manager on its
      behalf) with respect to payments of Quarterly Scheduled Principal Amounts made under <u>Section 3.06(c)(ii)</u> on Quarterly Payment Dates with respect to which the Series 2019-1 Non-Amortization Test has been satisfied, each payment in respect of
      the Series 2019-1 Class A-2 Notes shall be distributed among the Tranches (A) based upon such amounts due with respect to interest on, principal of or otherwise with respect to such Tranches as provided hereunder; <u>provided</u> that, in each case,
      any shortfall in such payment amount shall be allocated ratably based on the Series 2019-1 Class A-2 Outstanding Principal Amount of each Tranche or (B) if not explicitly provided hereunder, ratably based on the Series 2019-1 Class A-2 Outstanding
      Principal Amount of each Tranche; <u>provided</u> that, in each of the cases set forth under <u>clauses (A)</u> and <u>(B)</u> above, all distributions to Noteholders of a Tranche shall be ratably allocated among the Noteholders within each
      applicable Tranche based on their respective portion of the Series 2019-1 Class A-2 Outstanding Principal Amount of such Tranche.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Section 3.04<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Series 2019-1 Class A-1 Interest and Certain Fees</u></font><font style="font-weight: bold;">.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Notes Interest and L/C Fees</u></font><font style="background-color: #FFFFFF;">.&#160; From and after the </font>Series 2019-1 <font style="background-color: #FFFFFF;">Closing Date, the applicable portions of the Series 2019-1 Class A-1 Outstanding Principal Amount shall accrue (i) interest at
        the Series 2019-1 Class A-1 Note Rate and (ii) L/C Quarterly Fees at the applicable rates provided therefor in the Series 2019-1 Class A-1 Note Purchase Agreement, as applicable.&#160; Such accrued interest and fees shall be due and payable in arrears
        on each Quarterly Payment Date from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of
        the Base Indenture, commencing on November 25, 2019; </font><font style="background-color: #FFFFFF;"><u>provided</u></font><font style="background-color: #FFFFFF;"> that in any event all accrued but unpaid interest and fees shall be paid in full
        on the Series 2019-1 Class A-1 Legal Final Maturity Date, on any Series 2019-1 Prepayment Date with respect to a prepayment in full of the Series 2019-1 Class A-1 Notes, on any day when the Commitments are terminated in full, or on any other day on
        which all of the Series 2019-1 Class A-1 Outstanding Principal Amount is required to be paid in full, in each case pursuant to, and in accordance with, the provisions of the Priority of Payments.&#160; To the extent any such amount is not paid on a
        Quarterly Payment Date when due, such unpaid amount (net of all Debt Service Advances with respect thereto, a &#8220;</font><font style="background-color: #FFFFFF;"><u>Class A-1 Quarterly Interest Shortfall Amount</u></font><font style="background-color: #FFFFFF;">&#8221;) shall accrue interest at the Series 2019-1 Class A-1 Note Rate.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color: #FFFFFF;"><u>Undrawn Commitment Fees</u></font><font style="background-color: #FFFFFF;">.&#160; From and after the </font>Series 2019-1 <font style="background-color: #FFFFFF;">Closing Date, Undrawn Commitment Fees shall accrue as provided in the Series 2019-1 Class A-1 Note Purchase Agreement.&#160; Such
        accrued fees shall be due and payable in arrears on each Quarterly Payment Date, from amounts that are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such
        Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, commencing on November 25, 2019.&#160; To the extent any such amount is not paid on a Quarterly Payment Date when due (a &#8220;</font><font style="background-color: #FFFFFF;"><u>Series

          2019-1 Class A-1 Quarterly Commitment Fees Shortfall Amount</u></font><font style="background-color: #FFFFFF;">&#8221;), such unpaid amount shall accrue interest at the Series 2019-1 Class A-1 Note Rate.</font></div>
    <div>&#160;</div>
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    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Post-Renewal Date Contingent
          Interest</u></font><font style="background-color: #FFFFFF;">.&#160; Following a Series 2019-1 Class A-1 Notes Amortization Event additional interest shall accrue on the Series 2019-1 Class A-1 Outstanding Principal Amount (excluding any Undrawn L/C
        Face Amounts included therein) at a rate equal to 5.00% per annum (the &#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate</u></font><font style="background-color: #FFFFFF;">&#8221;),
        calculated in accordance with Section 3.01(f) of the Series 2019-1 Class A-1 Note Purchase Agreement, in addition to the regular interest that shall continue to accrue at the Series 2019-1 Class A-1 Note Rate.&#160; Any Series 2019-1 Class A-1
        Post-Renewal Date Contingent Interest Amount shall be due and payable on any applicable Quarterly Payment Date, as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of
        Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.13 of the Base Indenture, in the amount so made available, and failure to pay any Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Amount in excess of
        available amounts in accordance with the foregoing shall not be an Event of Default and interest will not accrue on any unpaid portion thereof.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Initial Interest Accrual Period</u></font><font style="background-color: #FFFFFF;">.&#160; The initial Interest Accrual Period for the Series 2019-1 Class A-1 Notes shall commence on the </font>Series 2019-1 <font style="background-color: #FFFFFF;">Closing Date and end on (but exclude) November 25,
        2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Section 3.05<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u></font><font style="font-weight: bold;"><u>Series 2019-1 Class A-2 Notes Interest</u></font><font style="font-weight: bold;">.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Class A&#8209;2 Notes Interest</u>.&#160; From the Series 2019-1 Closing Date until the Series
      2019-1 Class A&#8209;2 Outstanding Principal Amount with respect to a Tranche has been paid in full, the Series 2019-1 Class A&#8209;2 Outstanding Principal Amount with respect to such Tranche (after giving effect to all payments of principal made to Series
      2019-1 Class A-2 Noteholders as of the first day of each Interest Accrual Period, or if such day is not a Quarterly Payment Date, as of the following Quarterly Payment Date, and also giving effect to repurchases and cancellations of Series 2019-1
      Class A&#8209;2 Notes during such Interest Accrual Period) shall accrue interest at the Series 2019-1 Class A&#8209;2 Note Rate for such Tranche.&#160; Such accrued interest shall be due and payable in arrears on each Quarterly Payment Date, from amounts that are
      made available for payment thereof (i)&#160;on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii)&#160;on such Quarterly Payment Date in accordance with Section&#160;5.13 of the Base Indenture, commencing on November 25, 2019; <u>provided</u>
      that in any event all accrued but unpaid interest on the Series 2019-1 Class A-2 Outstanding Principal Amount shall be due and payable in full on the Series 2019-1 Class A-2 Legal Final Maturity Date, on any Series 2019-1 Class A-2 Prepayment Date
      with respect to a prepayment in full of such Tranche or on any other day on which all of the Series 2019-1 Class A&#8209;2 Outstanding Principal Amount of such Tranche is required to be paid in full.&#160; To the extent any interest accruing at the Series
      2019-1 Class A&#8209;2 Note Rate for any Tranche is not paid on a Quarterly Payment Date when due, such unpaid interest (net of all Debt Service Advances with respect thereto, a &#8220;<u>Class A&#8209;2 Quarterly Interest Shortfall Amount</u>&#8221;) shall accrue interest
      at the Series 2019-1 Class A&#8209;2 Note Rate for such Tranche.&#160; All computations of interest at the Series 2019-1 Class A&#8209;2 Note Rate shall be made on the basis of a year of 360&#160;days and twelve 30&#8209;day months.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Class A&#8209;2 Quarterly Post&#8209;ARD Contingent Interest</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 108pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Post&#8209;ARD Contingent Interest</u>.&#160; From and after the Series 2019-1 Anticipated Repayment Date, as
        applicable to each Tranche, until the Series 2019-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full, additional interest (&#8220;<u>Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest</u>&#8221;) shall
        accrue on such Tranche at a per annum rate (equal to the rate determined by the Servicer to be the greater of (A)&#160;5.00% per annum and (B)&#160;a rate equal to the amount, if any, by which (a) the sum of (x)&#160;the yield to maturity (adjusted to a quarterly
        bond-equivalent basis) on the Series&#160;2019-1 Anticipated Repayment Date for such Tranche of the United States Treasury Security having a term closest to ten (10) years, <u>plus</u> (y)&#160;5.00%, <u>plus</u> (z) (1) with respect to the Series&#160;2019-1
        Class&#160;A-2-I Notes, 2.265%, (2) with respect to the Series&#160;2019-1 Class&#160;A-2-II Notes, 2.670%, and (3) with respect to the Series&#160;2019-1 Class&#160;A-2-III Notes, 3.058%, exceeds (b) such Tranche&#8217;s applicable Series 2019-1 Class A-2 Note Rate.&#160; In
        addition, regular interest shall continue to accrue at the Tranche&#8217;s Series 2019-1 Class A-2 Note Rate from and after such Tranche&#8217;s Series 2019-1 Anticipated Repayment Date.&#160; All computations of Series 2019-1 Class A-2 Quarterly Post-ARD
        Contingent Interest shall be made on the basis of a 360-day year of twelve 30-day months.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 108pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Payment of Series 2019-1 Class A&#8209;2 Quarterly Post&#8209;ARD Contingent Interest</u>.&#160; Any Series 2019-1
        Class A&#8209;2 Quarterly Post&#8209;ARD Contingent Interest shall be due and payable on any applicable Quarterly Payment Date as and when amounts are made available for payment thereof (i)&#160;on any related Weekly Allocation Date in accordance with the Priority
        of Payments and (ii)&#160;on such Quarterly Payment Date in accordance with Section&#160;5.13 of the Base Indenture, in the amount so available.&#160; For the avoidance of doubt, Series 2019-1 Class A&#8209;2 Quarterly Post&#8209;ARD Contingent Interest shall accrue and be
        payable in addition to the interest accrued on the applicable Tranche at the applicable Series 2019-1 Class A&#8209;2 Note Rate.&#160; The failure to pay any Series 2019-1 Class A&#8209;2 Quarterly Post&#8209;ARD Contingent Interest on any Quarterly Payment Date
        (including on the Series 2019-1 Class A-2 Legal Final Maturity Date) in excess of available amounts in accordance with the foregoing will not be an Event of Default and interest will not accrue on any unpaid portion thereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Class A&#8209;2 Initial Interest Accrual Period</u>.&#160; The initial Interest Accrual Period
        for the Series 2019-1 Class A&#8209;2 Notes shall commence on the Series 2019-1 Closing Date and end on (but exclude) November 25, 2019.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 3.06 &#160;&#160;&#160; </font></font><u>Payment of Series 2019-1 Note Principal</u></font>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Notes Principal Payment at Legal Maturity</u>.&#160; The Series 2019-1 Outstanding
        Principal Amount shall be due and payable on the applicable Series 2019-1 Legal Final Maturity Date.&#160; The Series 2019-1 Outstanding Principal Amount is not prepayable, in whole or in part, except as set forth in this <u>Section 3.06</u> and, in
        respect of the Series 2019-1 Class A-1 Outstanding Principal Amount, <u>Section 2.02</u> of this Series Supplement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Class A&#8209;2 Anticipated Repayment Date; Series 2019-1 Class A-1 Renewal Date</u>.&#160; The
        &#8220;<u>Series 2019-1 Anticipated Repayment Date</u>&#8221; means, (i) with respect to the Series 2019-1 Class A-2-I Notes, the Quarterly Payment Date occurring in August 2023, (ii) with respect to the Series 2019-1 Class A-2-II Notes, the Quarterly Payment
        Date occurring in August 2026 and (iii) with respect to the Series 2019-1 Class A-2-III Notes, the Quarterly Payment Date occurring in August 2029.&#160; The initial Series 2019-1 Class A-1 Notes Renewal Date shall be the Quarterly Payment Date
        occurring in August 2024, unless extended as provided below in this <u>Section 3.06(b)</u>.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 108pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color: #FFFFFF;"><u>First Extension Election</u></font><font style="background-color: #FFFFFF;">.&#160; </font>Subject to the conditions set forth in <u>Section 3.06(b)(iii)</u> of this Series Supplement, the Manager shall have the option to elect (the &#8220;Series 2019-1 First Extension Election&#8221;) to extend the
        Series 2019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in August 2025 by delivering written notice to the Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in
        August 2024 to the effect that the conditions precedent to such Series 2019-1 First Extension Election have been satisfied<font style="background-color: #FFFFFF;">.</font></div>
      <div>&#160;</div>
      <div>
        <div style="text-align: justify; text-indent: 108pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color: #FFFFFF;"><u>Second Extension Election</u></font><font style="background-color: #FFFFFF;">.&#160; Subject to the conditions set forth in</font><font style="background-color: #FFFFFF;">&#160;</font><u>Section 3.06(b)(iii)</u>&#160;<font style="background-color: #FFFFFF;">of this Series Supplement, if the Series
            2019-1 First Extension Election has been made and become effective, the Manager shall have the option to elect (the &#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Second Extension Election</u></font><font style="background-color: #FFFFFF;">&#8221;) to extend the Series 2019-1 Class A-1 Notes Renewal Date to the Quarterly Payment Date occurring in </font>August 2026<font style="background-color: #FFFFFF;"> by delivering written notice to the
            Administrative Agent, the Trustee and the Control Party no later than the Quarterly Payment Date occurring in </font>August 2025<font style="background-color: #FFFFFF;"> to the effect that the conditions precedent to such Series 2019-1 Second
            Extension Election have been satisfied.</font></div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
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        </div>
        <div> <br>
        </div>
        <div style="text-align: justify; text-indent: 108pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color: #FFFFFF;"><u>Conditions Precedent to Extension Elections</u></font><font style="background-color: #FFFFFF;">.&#160; It shall be a condition to each applicable extension of the Series 2019-1 Class A-1 Notes Renewal Date that, in the case of </font><font style="background-color: #FFFFFF;"><u>Section 3.06(b)(i)</u></font><font style="background-color: #FFFFFF;">, on the Quarterly Payment Date occurring in </font>August 2024<font style="background-color: #FFFFFF;">, or in the case of </font><font style="background-color: #FFFFFF;"><u>Section 3.06(b)(ii)</u></font><font style="background-color: #FFFFFF;">,</font><font style="background-color: #FFFFFF; font-style: italic;">&#160;</font><font style="background-color: #FFFFFF;">on the Quarterly Payment Date occurring in </font>August 2025<font style="background-color: #FFFFFF;"> (a) the DSCR is greater than or equal to 2.75x (calculated with respect to the most recently ended Quarterly Collection Period); (b) either the rating assigned to the Series 2019-1 Class A-2 Notes by S&amp;P
            has not been downgraded below</font><font style="background-color: #FFFFFF; font-weight: bold;">&#160;</font><font style="background-color: #FFFFFF;">&#8220;BBB&#8221; or withdrawn; and (c) all Class A-1 Extension Fees shall have been paid on or prior to such
            Quarterly Payment Date.&#160; Any notice given pursuant to</font><font style="background-color: #FFFFFF;">&#160;</font><font style="background-color: #FFFFFF;"><u>Section 3.06(b)(i)</u></font><font style="background-color: #FFFFFF;"> or </font><font style="background-color: #FFFFFF;"><u>(ii)</u></font><font style="background-color: #FFFFFF;">&#160;</font><font style="background-color: #FFFFFF;">of this Series Supplement shall be irrevocable; </font><font style="background-color: #FFFFFF;"><u>provided</u></font><font style="background-color: #FFFFFF;"> that if the conditions set forth in this</font><font style="background-color: #FFFFFF; font-style: italic;"><u>&#160;</u></font><font style="background-color: #FFFFFF;"><u>Section 3.06(b)(iii) </u></font><font style="background-color: #FFFFFF;">are not met as of the applicable extension date, the election set forth in such notice shall automatically be deemed ineffective.&#160; For the avoidance of doubt, no consent of the Trustee, the Control Party, the
            Administrative Agent or any Noteholder shall be necessary for the effectiveness of the Series 2019-1 Extension Elections.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Payment of Class A&#8209;2 Accrued Quarterly Scheduled Principal Amount, Quarterly Scheduled Principal
            Amounts and Quarterly Scheduled Principal Deficiency Amounts with respect to the Series 2019-1 Class A&#8209;2 Notes</u>.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 108pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Class A&#8209;2 Accrued Quarterly Scheduled Principal Amounts will be allocated on each Weekly Allocation
          Date in accordance with the Priority of Payments, in the amount so available, and failure to pay any Class A&#8209;2 Accrued Quarterly Scheduled Principal Amounts in excess of available amounts in accordance with the foregoing shall not be an Event of
          Default.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 108pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Quarterly Scheduled Principal Amounts shall be due and payable with respect to each Tranche on
          each Quarterly Payment Date prior to the applicable Series 2019-1 Anticipated Repayment Date, commencing on the Quarterly Payment Date in November 2019, in accordance with Section&#160;5.13 of the Base Indenture, in the amount so available, and
          failure to pay any Quarterly Scheduled Principal Amounts in excess of available amounts in accordance with the foregoing will not be an Event of Default; <u>provided</u> that Quarterly Scheduled Principal Amounts shall only be due and payable on
          a Quarterly Payment Date with respect to a Tranche if the Series 2019-1 Non&#8209;Amortization Test is not satisfied with respect to such Quarterly Payment Date; <u>provided</u>, <u>further</u> that if the Series 2019-1 Non&#8209;Amortization Test is
          satisfied, the Master Issuer may, at its option, prior to the applicable Series 2019-1 Anticipated Repayment Date for such Tranche, pay all or any part of such Quarterly Scheduled Principal Amounts with respect to such Tranche on such Quarterly
          Payment Date.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 108pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>On each Weekly Allocation Date and each Quarterly Payment Date, the Quarterly Scheduled Principal
          Deficiency Amount, if any, with respect to such Weekly Allocation Date or Quarterly Payment Date shall be allocated or due and payable, respectively, as and when amounts are made available for payment thereof (i)&#160;on any related Weekly Allocation
          Date in accordance with the Priority of Payments and (ii)&#160;on such Quarterly Payment Date in accordance with Section&#160;5.13 of the Base Indenture, in the amount so available, and failure to pay any Quarterly Scheduled Principal Deficiency Amounts in
          excess of available amounts in accordance with the foregoing shall not be an Event of Default.</div>
        <div>&#160;</div>
        <div>
          <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Mandatory Payments of Principal</u>.</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 108pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>During any Rapid Amortization Period, principal payments shall be due and payable on each
            Quarterly Payment Date on the Series 2019-1 Notes (sequentially, in alphanumerical order of Class A Notes) as and when amounts are made available for payment thereof (x)&#160;on any related Weekly Allocation Date in accordance with the Priority of
            Payments and (y)&#160;on such Quarterly Payment Date in accordance with Section&#160;5.13 of the Base Indenture, in the amount so available, together with any Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment Premium required to be paid in connection
            therewith pursuant to Section 3.06(e) of this Series Supplement; <u>provided</u>, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment Premium is not paid because
            insufficient funds are available to pay such Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment Premium, in accordance with the Priority of Payments.&#160; <font style="background-color: #FFFFFF;">Such payments shall be ratably allocated among the
              Series 2019-1 Noteholders within each applicable Class and Tranche, based on their respective portion of the Series 2019-1 Outstanding Principal Amount</font> of such Class or Tranche (or, in the case of the Series 2019-1 Class A-1
            Noteholders, in accordance with the Class A-1 Order of Distribution).</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="font-family: 'Times New Roman',Times,serif;"> <br>
          </div>
          <div style="text-align: justify; text-indent: 108pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color: #FFFFFF;">During any Series 2019-1 Class A-1 Notes</font><font style="background-color: #FFFFFF;"> Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the</font><font style="background-color: #FFFFFF;"> applicable Series </font><font style="background-color: #FFFFFF;">2019-1 Class A-1 Notes as and when amounts are made available for payment thereof (i) on any related</font><font style="background-color: #FFFFFF;"> Weekly Allocation Date in accordance with the Priority of
              Payments and (ii) on such Quarterly Payment Date in accordance with </font><font style="background-color: #FFFFFF;"><u>Section</u></font><font style="background-color: #FFFFFF;"><u> 5.1</u></font><font style="background-color: #FFFFFF;"><u>3</u></font><font style="background-color: #FFFFFF;"> of the Base Indenture, in the amount so available.&#160; Such payments shall be allocated among the Series</font><font style="background-color: #FFFFFF;">&#160;</font><font style="background-color: #FFFFFF;">2019-1
              Class A-1 Noteholders, in accordance with the Class A-1 Order of Distribution.</font><font style="background-color: #FFFFFF;"> For the avoidance of doubt, no Series 2019-1 Class A-2 Make-Whole Prepayment Premium will be due in connection with
              any principal payments on the Series 2019-1 Class A-1 Notes.</font></div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 72pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment Premium Payments</u>.&#160; In connection with any
            (i)&#160;mandatory prepayment of any Series 2019-1 Class A&#8209;2 Notes made during a Rapid Amortization Period pursuant to <u>Section 3.06(d)</u>, (ii)&#160;prepayments funded with Asset Disposition Proceeds pursuant to Section 3.06(j) or (iii)&#160;any optional
            prepayment of any Series 2019-1 Class A&#8209;2 Notes or a Tranche made pursuant to Section 3.06(f) (each, a &#8220;<u>Series 2019-1 Class A&#8209;2 Prepayment</u>&#8221;), in each case prior to (I) with respect to the Series 2019-1 Class A-2-I Notes, the Quarterly
            Payment Date in the 18th month prior to the Series 2019-1 Anticipated Repayment Date for such Tranche, (II) with respect to the Series 2019-1 Class A&#8209;2&#8209;II Notes, the Quarterly Payment Date in the 36th month prior to the Series 2019-1
            Anticipated Repayment Date for such Tranche and (III) with respect to the Series 2019-1 Class A&#8209;2&#8209;III Notes, the Quarterly Payment Date in the 54th month prior to the Series 2019-1 Anticipated Repayment Date for such Tranche (as applicable, the
            &#8220;<u>Make-Whole End Date</u>&#8221;), the Master Issuer shall pay, in the manner described herein, the Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment Premium; <u>provided</u> that no such Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment Premium shall be
            payable in connection with (A)&#160;any prepayment funded by Indemnification Amounts or Insurance/Condemnation Proceeds or (B)&#160;Quarterly Scheduled Principal Amounts (including those paid, in whole or in part, at the option of the Master Issuer on a
            Quarterly Payment Date with respect to which the Series 2019-1 Non&#8209;Amortization Test has been satisfied) or Quarterly Scheduled Principal Deficiency Amounts.</div>
          <div>&#160;</div>
          <div>
            <div style="text-align: justify; text-indent: 72pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Optional Prepayment of Series 2019-1 Class A&#8209;2 Notes</u>.&#160; In addition to any right to
              optionally prepay any or all of the Notes in accordance with the Base Indenture, including Section 5.13(o) of the Base Indenture, and subject to Section 3.06(e) and (g) of this Series Supplement, the Master Issuer shall have the option to
              prepay the Outstanding Principal Amount of&#160;any or all of the Tranches in whole or in part on any Business Day or on any date a mandatory prepayment may be made and that is specified as the Series 2019-1 Class A-2 Prepayment Date in the
              applicable Prepayment Notices; <u>provided</u> that the Master Issuer shall not make any optional prepayment in part of any Tranche pursuant to this Section 3.06(f) in a principal amount for any single prepayment in part of less than $5
              million on any Business Day (except that any such prepayment may be in a principal amount less than such amount if effected on the same day as any partial mandatory prepayment or repayment pursuant to this Series Supplement); <u>provided</u>,
              <u>further</u>, that no such optional prepayment may be made unless (i)&#160;the amount on deposit in the Series 2019-1 Class A&#8209;2 Distribution Account (including amounts to be transferred from the Cash Trap Reserve Account) is sufficient to pay
              the principal amount of the Tranches to be prepaid, and the amount on deposit in the Senior Notes Principal Payment Account that is allocable to the Tranches to be prepaid is sufficient to pay any Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment
              Premium required pursuant to Section 3.06(e), in each case, payable on the relevant Series 2019-1 Class A-2 Prepayment Date; (ii)&#160; (A) the amount on deposit in the Senior Notes Interest Payment Account that is allocable to the Outstanding
              Principal Amount of the Tranche(s) to be prepaid is sufficient to pay&#160;the Class A&#8209;2 Quarterly Interest to but excluding the relevant Series 2019-1 Prepayment Date relating to the Outstanding Principal Amount of the Tranche(s) to be prepaid
              (other than any Post&#8209;ARD Contingent Interest) and (B)&#160;only if such optional prepayment is a prepayment of the Series 2019-1 Class A&#8209;2 Notes in whole, (x)&#160;the amount on deposit in the Senior Notes Post&#8209;ARD Contingent Interest Account that is
              allocable to the Series 2019-1 Class A&#8209;2 Notes is sufficient to pay the Series 2019-1 Class A&#8209;2 Quarterly Post&#8209;ARD Contingent Interest accrued through such Series 2019-1 Prepayment Date and (y)&#160;the amounts on deposit in the Collection Account
              and the Management Accounts are (in the Manager&#8217;s determination) reasonably expected to be sufficient to pay all Securitization Operating Expenses attributable to the Series 2019-1 Class A&#8209;2 Notes on the next Weekly Allocation Date or, in
              each case, such amounts have been either paid in the case of <u>clause (B)(y)</u> or deposited to the Series 2019-1 Class A&#8209;2 Distribution Account pursuant to Section 3.06(h); and (iii)&#160;the Master Issuer shall reimburse the Trustee, the
              Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).&#160; The Master Issuer may prepay any or all of the Tranche(s) of Series 2019-1 Class
              A&#8209;2 Notes in full on any Business Day regardless of the number of prior optional prepayments or any minimum payment requirement.</div>
            <div>&#160;</div>
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              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
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            </div>
            <div style="text-align: justify; text-indent: 72pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Notices of Optional Prepayments</u>.&#160; The Master Issuer shall give prior written notice
              (each, a &#8220;<u>Prepayment Notice</u>&#8221;) at least ten (10)&#160;Business Days but not more than twenty (20)&#160;Business Days prior to any Series 2019-1 Class A-2 Prepayment Date with respect to a Tranche pursuant to Section 3.06(f) to each Series 2019-1
              Class A&#8209;2 Noteholder of such Tranche, the Rating Agency, the Servicer, the Control Party and the Trustee; <u>provided</u> that at the request of the Master Issuer, such notice to the Series 2019-1 Class A&#8209;2 Noteholders of such Tranche shall
              be given by the Trustee in the name and at the expense of the Master Issuer.&#160; In connection with any such Prepayment Notice, the Master Issuer shall provide a written report to the Trustee directing the Trustee to distribute such prepayment
              in accordance with the applicable provisions of Section 3.06(k) of this Series Supplement.&#160; With respect to each such Series 2019-1 Class A&#8209;2 Prepayment, the related Prepayment Notice shall specify (i)&#160;the Series 2019-1 Class A-2 Prepayment
              Date on which such prepayment will be made, which in all cases shall be a Business Day, (ii)&#160;the Series 2019-1 Prepayment Amount and the Series 2019-1 Class A-2 Make-Whole Prepayment Premium, if applicable, and (iii)&#160;the date on which the
              applicable Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment Premium, if any, to be paid in connection therewith will be calculated, which calculation date shall be no earlier than the fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>)&#160;Business Day before such Series 2019-1 Class A-2 Prepayment Date (the &#8220;<u>Series 2019-1 Class A&#8209;2 Make&#8209;Whole Premium Calculation Date</u>&#8221;).&#160; The Master Issuer shall have the option, by written notice to the
              Trustee, the Servicer, the Control Party, the Rating Agency and the Series 2019-1 Class A&#8209;2 Noteholders of the applicable Tranche, to withdraw, or amend the Series 2019-1 Class A-2 Prepayment Date set forth in any Prepayment Notice relating
              to an optional prepayment at any time up to and including the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>)&#160;Business Day before the Series 2019-1 Class A-2 Prepayment Date set forth in such
              Prepayment Notice.&#160; Any such optional prepayment and Prepayment Notice may, in the Master Issuer&#8217;s discretion, be subject to the satisfaction of one or more conditions precedent.&#160; If such conditions precedent are not satisfied, the Master
              Issuer may cancel such optional prepayment in its sole discretion at any time prior to the second (2nd) Business Day prior to the prepayment date set forth in the applicable prepayment notice by providing notice to the Trustee (who shall
              forward such notice to the applicable Noteholders) and the Control Party.&#160; The Master Issuer shall have the option to provide in any Prepayment Notice that the payment of the amounts set forth in Section 3.06(f) and the performance of the
              Master Issuer&#8217;s obligations with respect to such optional prepayment may be performed by another Person. All Prepayment Notices shall be transmitted by email to (A)&#160;each Series 2019-1 Class A-2 Noteholder that will receive a prepayment to the
              extent such Series 2019-1 Class A-2 Noteholder has provided an email address to the Trustee and (B)&#160; the Rating Agency, the Servicer and the Trustee. For the avoidance of doubt, a Voluntary Decrease or a Subfacility Decrease in respect of the
              Series 2019-1 Class A-1 Notes is governed by <u>Section 2.02</u> of this Series Supplement and not by this <u>Section 3.06(g)</u>.&#160; A Prepayment Notice may be revoked or amended by the Master Issuer if the Trustee receives written notice of
              such revocation or amendment no later than 12:00&#160;p.m. (Eastern time) up to and including the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>)&#160;Business Day prior to the applicable Series 2019-1
              Class A-2 Prepayment Date.&#160; The Master Issuer shall give written notice of such revocation or amendment to the Servicer, and at the request of the Master Issuer, the Trustee shall forward the notice of revocation or amendment to each Series
              2019-1 Class A-2 Noteholder previously sent a Prepayment Notice for such Series 2019-1 Class A-2 Prepayment Date.</div>
            <div>&#160;</div>
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              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
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              </div>
              <div style="text-align: justify; text-indent: 72pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Prepayments</u>.&#160; On each Series 2019-1 Prepayment Date with respect to any
                Series 2019-1 Prepayment, the Series 2019-1 Prepayment Amount, the Series 2019-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2019-1 Class A-1 Breakage Amounts applicable to such Series 2019-1 Prepayment shall
                be due and payable.&#160; The Master Issuer shall pay the Series 2019-1 Prepayment Amount together with the applicable Series 2019-1 Class A-2 Make-Whole Prepayment Premium, if any, and any associated Series 2019-1 Class A-1 Breakage Amounts
                applicable to such Series 2019-1 Prepayment by depositing such amounts in the applicable Indenture Trust Accounts in accordance with the Priority of Payments or the applicable Series 2019-1 Distribution Account pursuant to <u>Section
                  3.06(f)</u>, in each case, on or prior to the related Series 2019-1 Prepayment Date to be distributed in accordance with Section 5.13 of the Base Indenture, <u>Section 3.03</u>, or <u>Section 3.06(k)</u>, as applicable.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 72pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Prepayment Premium Not Payable</u>.&#160; For the avoidance of doubt, there is no Series 2019-1
                Class A&#8209;2 Make&#8209;Whole Prepayment Premium for any Tranche payable as a result of (i)&#160;the application of Indemnification Amounts or Insurance/Condemnation Proceeds allocated to the Series 2019-1 Class A&#8209;2 Notes pursuant to <u>priority (i)&#160;</u>of

                the Priority of Payments, (ii)&#160;the payment of any Quarterly Scheduled Principal Amounts (including those paid, in part or in full, at the election of the Master Issuer on a Quarterly Payment Date with respect to which the Series 2019-1
                Non&#8209;Amortization Test has been satisfied) or Quarterly Scheduled Principal Deficiency Amounts and (iii)&#160;any prepayment on or after the Make&#8209;Whole End Date for such Tranche.</div>
              <div>&#160;</div>
              <div style="text-align: justify; text-indent: 72pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Indemnification Amounts; Insurance/Condemnation Proceeds; Asset Disposition Proceeds</u>.&#160;
                Any Indemnification Amounts, Insurance/Condemnation Proceeds or Asset Disposition Proceeds allocated to the Senior Notes Principal Payment Account in accordance with Section&#160;5.12(i) of the Base Indenture shall be withdrawn from the Senior
                Notes Principal Payment Account in accordance with Section&#160;5.13(d) of the Base Indenture and deposited in the applicable Series 2019-1 Distribution Accounts and used to prepay <u>first</u>, if a Series 2019-1 Class A&#8209;1 Notes Amortization
                Period is continuing, the Series 2019-1 Class A&#8209;1 Notes (in accordance with the Class A&#8209;1 Order of Distribution), <u>second</u>, the Series 2019-1 Class A&#8209;2 Notes (to be allocated among the Tranches&#160; ratably based on the Series 2019-1
                Class A-2 Outstanding Principal Amount of each Tranche) and <u>third</u>, <u>provided</u> that clause <u>first</u> does not apply, the Series 2019-1 Class A&#8209;1 Notes (in accordance with the Class A&#8209;1 Order of Distribution), on the
                Quarterly Payment Date immediately succeeding such deposit.&#160; In connection with any prepayment made with Indemnification Amounts or Insurance/Condemnation Proceeds pursuant to this Section 3.06(j), the Master Issuer shall not be obligated
                to pay any prepayment premium.&#160; The Master Issuer shall, however, be obligated to pay any applicable Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment Premium required to be paid pursuant to Section 3.06(e) of this Series Supplement in
                connection with any prepayment made with Asset Disposition Proceeds pursuant to this Section 3.06(j); <u>provided</u>, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2019-1 Class A&#8209;2 Make&#8209;Whole
                Prepayment Premium is not paid because insufficient funds are available to pay such Series 2019-1 Class A&#8209;2 Make&#8209;Whole Prepayment Premium in accordance with the Priority of Payments.</div>
              <div>&#160;</div>
              <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
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                <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                </div>
                <div style="text-align: justify; text-indent: 72pt;">(k)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Distributions of Series 2019-1 Class A&#8209;2 Optional Prepayment</u>.&#160; On the Series 2019-1
                  Class A-2 Prepayment Date for a Series 2019-1 Class A-2 Prepayment to be made pursuant to <u>Section 3.06(f)</u> for a Tranche, the Trustee shall, in accordance with Section&#160;6.01 of the Base Indenture (except that notwithstanding
                  anything to the contrary therein, in the case of a prepayment to be made on a date that is not a Quarterly Payment Date, references to the distributions being made on a Quarterly Payment Date shall be deemed to be references to
                  distributions made on such Series 2019-1 Class A-2 Prepayment Date and references to the Record Date shall be deemed to be references to the Prepayment Record Date) and based solely on either a written report which shall be provided by
                  the Master Issuer to the Trustee or the applicable Quarterly Noteholders&#8217; Report, as applicable, distribute to the Series 2019-1 Class A-2 Noteholders of record for such Tranche on the preceding Prepayment Record Date the amount deposited
                  in the Series 2019-1 Class A-2 Distribution Account pursuant to <u>Section 3.06(h)</u> with respect to such Series 2019-1 Class A-2 Prepayment, in order to repay the applicable portion of the Series 2019-1 Class A-2 Outstanding Principal
                  Amount of such Tranche.&#160; All accrued and unpaid interest on the Series 2019-1 Class A-2 Outstanding Principal Amount prepaid and any related Series 2019-1 Class A-2 Make-Whole Prepayment Premium due to the Series 2019-1 Class A-2
                  Noteholders shall be payable on the immediately following Quarterly Payment Date in accordance with the Priority of Payments.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt;">(l)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Notices of Final Payment</u>.&#160; The Master Issuer shall notify the Trustee,
                  the Servicer and the Rating Agency on or before the Prepayment Record Date preceding the Series 2019-1 Prepayment Date that will be the Series 2019-1 Final Payment Date; <u>provided</u>, <u>however</u>, that with respect to any Series
                  2019-1 Final Payment that is made in connection with any mandatory or optional prepayment in full, the Master Issuer shall not be obligated to provide any additional notice to the Trustee or the Rating Agency of such Series 2019-1 Final
                  Payment beyond the notice required to be given in connection with such prepayment pursuant to Section 3.06(g) of this Series Supplement.&#160; The Trustee shall provide any written notice required under this Section 3.06(l) to each Person in
                  whose name a Series 2019-1 Note is registered at the close of business on such Prepayment Record Date of the Series 2019-1 Prepayment Date that will be the Series 2019-1 Final Payment Date.&#160; Such written notice to be sent to the Series
                  2019-1 Noteholders shall be made at the expense of the Master Issuer and shall be mailed by the Trustee within five (5)&#160;Business Days of receipt of notice from the Master Issuer indicating that the Series 2019-1 Final Payment will be made
                  and shall specify that such Series 2019-1 Final Payment will be payable only upon presentation and surrender of the Series 2019-1 Notes and shall specify the place where the Series 2019-1 Notes may be presented and surrendered for such
                  Series 2019-1 Final Payment.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt;">(m)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Tranche Defeasance</u>.&#160; The Master Issuer, solely in connection with an optional
                  prepayment in full, a mandatory prepayment in full or a redemption in full of a particular Tranche (the &#8220;<u>Defeased Tranche</u>&#8221;) as provided hereunder, may terminate all of its Obligations under the Indenture and all Obligations of the
                  Guarantors under the Guarantee and Collateral Agreement in respect of such Defeased Tranche; <u>provided</u> that the conditions set forth under Section 12.01(c) (other than the conditions set forth under Section 12.01(c)(ii)) of the
                  Base Indenture with respect to the Defeased Tranche have been satisfied; <u>provided</u> that no amounts in respect of the Class A-1 Notes or the other Tranche shall be required to be paid in accordance with Section 12.01(c)(i)(1) of the
                  Base Indenture.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 3.07 &#160;&#160;&#160; </font></font><u>Series 2019-1 Class A&#8209;1 Distribution Account</u></font>.</div>
                <div>&#160;</div>
                <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Establishment of Series 2019-1 Class A&#8209;1 Distribution Account</u>.&#160; The Master Issuer has
                  established with the Trustee the Series 2019-1 Class A&#8209;1 Distribution Account in the name of the Trustee for the benefit of the Series 2019-1 Class A&#8209;1 Noteholders, bearing a designation clearly indicating that the funds deposited therein
                  are held for the benefit of the Series 2019-1 Class A&#8209;1 Noteholders.&#160; The Series 2019-1 Class A&#8209;1 Distribution Account shall be an Eligible Account.&#160; Initially, the Series 2019-1 Class A&#8209;1 Distribution Account will be established with the
                  Trustee.</div>
                <div>&#160;</div>
                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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                </div>
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                  <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                  </div>
                  <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Class A&#8209;1 Distribution Account Constitutes Additional Collateral for
                      Series 2019-1 Class A&#8209;1 Notes</u>.&#160; In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2019-1 Class A&#8209;1 Notes, the Master Issuer hereby grants a security interest in and assigns,
                    pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2019-1 Class A&#8209;1 Noteholders, all of the Master Issuer&#8217;s rights, title and interests in and to the following (whether now or hereafter existing or
                    acquired):&#160; (i)&#160;the Series 2019-1 Class A&#8209;1 Distribution Account, including any security entitlement with respect thereto; (ii)&#160;all funds and other property (including, without limitation, Financial Assets) on deposit therein from time
                    to time; (iii)&#160;all certificates and instruments, if any, representing or evidencing any or all of the Series 2019-1 Class A&#8209;1 Distribution Account or the funds on deposit therein from time to time; (iv)&#160;all interest, dividends, cash,
                    instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2019-1 Class A&#8209;1 Distribution Account or the funds on deposit therein from time to time; and
                    (v)&#160;all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing <u>clauses&#160;(i)</u> through <u>(v)</u>&#160;are referred to, collectively, as the &#8220;<u>Series 2019-1 Class A&#8209;1 Distribution
                      Account Collateral</u>&#8221;).</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Termination of Series 2019-1 Class A&#8209;1 Distribution Account</u>.&#160; On or after the date
                    on which (1)&#160;all accrued and unpaid interest on and principal of all Outstanding Series 2019-1 Class A&#8209;1 Notes have been paid, (2)&#160;all Undrawn L/C Face Amounts have expired or have been cash collateralized in accordance with the terms
                    of the Series 2019-1 Class A-1 Note Purchase Agreement (after giving effect to the provisions of Section&#160;4.04 of the Series 2019-1 Class A-1 Note Purchase Agreement), (3)&#160;all fees and expenses and other amounts then due and payable
                    under the Series 2019-1 Class A-1 Note Purchase Agreement have been paid and (4)&#160;all Series 2019-1 Class A&#8209;1 Commitments have been terminated in full, the Trustee, acting in accordance with the written instructions of the Master Issuer
                    (or the Manager on its behalf), shall withdraw from the Series 2019-1 Class A&#8209;1 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens with respect to Series 2019-1 Class
                    A&#8209;1 Distribution Account created in favor of the Trustee for the benefit of the Series 2019-1 Class A&#8209;1 Noteholders under this Series Supplement shall be automatically released, and the Trustee, upon written request of the Master
                    Issuer, at the written direction of the Control Party, shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at the Master Issuer&#8217;s expense to effect or evidence
                    the release by the Trustee of the Series 2019-1 Class A&#8209;1 Noteholders&#8217; security interest in the Series 2019-1 Class A&#8209;1 Distribution Account Collateral.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 3.08&#160;&#160;&#160;&#160; </font></font><u>Series 2019-1 Class A&#8209;2 Distribution Account</u></font>.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Establishment of Series 2019-1 Class A&#8209;2 Distribution Account</u>.&#160; The Master Issuer
                    has established with the Trustee the Series 2019-1 Class A&#8209;2 Distribution Account in the name of the Trustee for the benefit of the Series 2019-1 Class A&#8209;2 Noteholders, bearing a designation clearly indicating that the funds deposited
                    therein are held for the benefit of the Series 2019-1 Class A&#8209;2 Noteholders.&#160; The Series 2019-1 Class A&#8209;2 Distribution Account shall be an Eligible Account.&#160; Initially, the Series 2019-1 Class A&#8209;2 Distribution Account will be
                    established with the Trustee.</div>
                  <div>&#160;</div>
                  <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Series 2019-1 Class A&#8209;2 Distribution Account Constitutes Additional Collateral for
                      Series 2019-1 Class A&#8209;2 Notes</u>.&#160; In order to secure and provide for the repayment and payment of the Obligations with respect to the Series 2019-1 Class A&#8209;2 Notes, the Master Issuer hereby grants a security interest in and assigns,
                    pledges, grants, transfers and sets over to the Trustee, for the benefit of the Series 2019-1 Class A&#8209;2 Noteholders, all of the Master Issuer&#8217;s right, title and interest in and to the following (whether now or hereafter existing or
                    acquired):&#160; (i)&#160;the Series 2019-1 Class A&#8209;2 Distribution Account, including any security entitlement with respect thereto; (ii)&#160;all funds and other property (including, without limitation, Financial Assets) on deposit therein from time
                    to time; (iii)&#160;all certificates and instruments, if any, representing or evidencing any or all of the Series 2019-1 Class A&#8209;2 Distribution Account or the funds on deposit therein from time to time; (iv)&#160;all interest, dividends, cash,
                    instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2019-1 Class A&#8209;2 Distribution Account or the funds on deposit therein from time to time; and
                    (v)&#160;all proceeds of any and all of the foregoing, including, without limitation, cash (the items in the foregoing <u>clauses&#160;(i)</u> through <u>(v)</u>&#160;are referred to, collectively, as the &#8220;<u>Series 2019-1 Class A&#8209;2 Distribution
                      Account Collateral</u>&#8221;).</div>
                  <div>&#160;</div>
                  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
                    <div style="page-break-after: always;" id="DSPFPageBreak">
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                  </div>
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                    </div>
                    <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Termination of Series 2019-1 Class A&#8209;2 Distribution Account</u>.&#160; On or after the
                      date on which all accrued and unpaid interest on and principal of all Outstanding Series 2019-1 Class A&#8209;2 Notes have been paid, the Trustee, acting in accordance with the written instructions of the Master Issuer (or the Manager on
                      its behalf), shall withdraw from the Series 2019-1 Class A&#8209;2 Distribution Account all amounts on deposit therein for distribution pursuant to the Priority of Payments and all Liens with respect to Series 2019-1 Class A&#8209;2 Distribution
                      Account created in favor of the Trustee for the benefit of the Series 2019-1 Class A&#8209;2 Noteholders under this Series Supplement shall be automatically released, and the Trustee, upon written request of the Master Issuer, at the
                      written direction of the Control Party, shall execute and deliver to the Master Issuer any and all documentation reasonably requested and prepared by the Master Issuer at the Master Issuer&#8217;s expense to effect or evidence the release
                      by the Trustee of the Series 2019-1 Class A&#8209;2 Noteholders&#8217; security interest in the Series 2019-1 Class A&#8209;2 Distribution Account Collateral.</div>
                    <div>&#160;</div>
                    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 3.09&#160;&#160;&#160;&#160; </font></font><u>Trustee
                          as Securities Intermediary</u></font>.&#160; i)&#160; The Trustee or other Person holding the Series 2019-1 Distribution Accounts shall be the &#8220;<u>Series 2019-1 Securities Intermediary</u>&#8221;.&#160; If the Series 2019-1 Securities Intermediary in
                      respect of any Series 2019-1 Distribution Account is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Series 2019-1 Securities Intermediary set forth in this <u>Section
                        3.09</u>.</div>
                    <div>&#160;</div>
                    <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Securities Intermediary agrees that:</div>
                    <div>&#160;</div>
                    <div style="text-align: justify; text-indent: 108pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Distribution Accounts are accounts to which Financial Assets will or
                      may be credited;</div>
                    <div>&#160;</div>
                    <div style="text-align: justify; text-indent: 108pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Distribution Accounts are &#8220;securities accounts&#8221; within the meaning
                      of Section&#160;8&#8209;501 of the New York UCC and the Series 2019-1 Securities Intermediary qualifies as a &#8220;securities intermediary&#8221; under Section&#160;8&#8209;102(a) of the New York UCC;</div>
                    <div>&#160;</div>
                    <div style="text-align: justify; text-indent: 108pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>All securities or other property (other than cash) underlying any Financial Assets
                      credited to any Series 2019-1 Distribution Account shall be registered in the name of the Series 2019-1 Securities Intermediary, indorsed to the Series 2019-1 Securities Intermediary or in blank or credited to another securities
                      account maintained in the name of the Series 2019-1 Securities Intermediary, and in no case will any Financial Asset credited to any Series 2019-1 Distribution Account be registered in the name of the Master Issuer, payable to the
                      order of the Master Issuer or specially indorsed to the Master Issuer;</div>
                    <div>&#160;</div>
                    <div style="text-align: justify; text-indent: 108pt;">(iv)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>All property delivered to the Series 2019-1 Securities Intermediary pursuant to this
                      Series Supplement will be promptly credited to the appropriate Series 2019-1 Distribution Account;</div>
                    <div>&#160;</div>
                    <div style="text-align: justify; text-indent: 108pt;">(v)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Each item of property (whether investment property, security, instrument or cash)
                      credited to any Series 2019-1 Distribution Account shall be treated as a Financial Asset;</div>
                    <div>&#160;</div>
                    <div style="text-align: justify; text-indent: 108pt;">(vi)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If at any time the Series 2019-1 Securities Intermediary shall receive any entitlement
                      order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Series 2019-1 Distribution Accounts, the Series 2019-1 Securities Intermediary shall comply with such entitlement order
                      without further consent by the Master Issuer, any other Securitization Entity or any other Person;</div>
                    <div>&#160;</div>
                    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
                      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
                      <div style="page-break-after: always;" id="DSPFPageBreak">
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                    </div>
                    <div>
                      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
                      </div>
                      <div style="text-align: justify; text-indent: 108pt;">(vii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Distribution Accounts shall be governed by the laws of the State
                        of New York, regardless of any provision of any other agreement.&#160; For purposes of all applicable UCCs, the State of New York shall be deemed to the Series 2019-1 Securities Intermediary&#8217;s jurisdiction and the Series 2019-1
                        Distribution Accounts (as well as the &#8220;security entitlements&#8221; (as defined in Section&#160;8&#8209;102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York. The parties further agree that with
                        respect to the Series 2019-1 Distribution Accounts the law applicable to all the issues in Article 2(1) of <font style="font-style: italic;">The Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held
                          with an Intermediary </font>shall be the law of the State of New York;</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 108pt;">(viii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Securities Intermediary has not entered into, and until
                        termination of this Series Supplement will not enter into, any agreement with any other Person relating to the Series 2019-1 Distribution Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to
                        comply with &#8220;entitlement orders&#8221; (as defined in Section&#160;8&#8209;102(a)(8) of the New York UCC) of such other Person, and the Series 2019-1 Securities Intermediary has not entered into, and until the termination of this Series Supplement
                        will not enter into, any agreement with the Master Issuer purporting to limit or condition the obligation of the Series 2019-1 Securities Intermediary to comply with entitlement orders as set forth in Section 3.09(b)(vi) of this
                        Series Supplement; and</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 108pt;">(ix)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Except for the claims and interest of the Trustee, the Secured Parties and the
                        Securitization Entities in the Series 2019-1 Distribution Accounts, neither the Series 2019-1 Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest in, any Series 2019-1
                        Distribution Account or any Financial Asset credited thereto.&#160; If the Series 2019-1 Securities Intermediary or, in the case of the Trustee, a Trust Officer has Actual Knowledge of the assertion by any other person of any Lien,
                        encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2019-1 Distribution Account or any Financial Asset carried therein, the Series 2019-1
                        Securities Intermediary will promptly notify the Trustee, the Manager, the Servicer and the Master Issuer thereof.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>At any time after the occurrence and during the continuation of an Event of Default,
                        the Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2019-1 Distribution Accounts and in all proceeds thereof, and shall (acting at the direction of the Control Party (at
                        the direction of the Controlling Class Representative)) be the only Person authorized to originate entitlement orders in respect of the Series 2019-1 Distribution Accounts; <u>provided</u>, <u>however</u>, that at all other times
                        the Master Issuer shall be authorized to instruct the Trustee to originate entitlement orders in respect of the Series 2019-1 Distribution Accounts.</div>
                      <div>&#160;</div>
                      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 3.10&#160;&#160;&#160;&#160; </font></font><u>Manager</u></font>.&#160;
                        Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions and other services on behalf of the Master Issuer.&#160; <font style="background-color: rgb(255, 255, 255);">The Series
                          2019-1 Noteholders by their acceptance of the Series 2019-1 Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master Issuer.</font>&#160; Any such reports and notices that are
                        required to be delivered to the Series 2019-1 Noteholders hereunder will be made available on the Trustee&#8217;s website in the manner set forth in Section 4.03 of the Base Indenture.</div>
                      <div>&#160;</div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 3.11 &#160;&#160;&#160; </font></font></font><u>Replacement of
          Ineligible Accounts</u></font>.&#160; If, at any time, either of the Series 2019-1 Class A&#8209;1 Distribution Account or the Series 2019-1 Class A&#8209;2 Distribution Account shall cease to be an Eligible Account (each, a &#8220;<u>Series 2019-1 Ineligible Account</u>&#8221;),
      the Master Issuer shall (i)&#160;within five (5)&#160;Business Days of obtaining Actual Knowledge thereof, notify the Control Party thereof and (ii)&#160;within sixty (60)&#160;days of obtaining Actual Knowledge thereof, (A)&#160;establish, or cause to be established, a new
      account that is an Eligible Account in substitution for such Series 2019-1 Ineligible Account, (B)&#160;following the establishment of such new Eligible Account, transfer or, with respect to the Series 2019-1 Distribution Accounts maintained at the
      Trustee, instruct the Trustee in writing to transfer all cash and investments from such Series 2019-1 Ineligible Account into such new Eligible Account and (C)&#160;pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit
      of the Series 2019-1 Class A-1 Noteholders or the Series 2019-1 Class A-2 Noteholders, as applicable, and, if such new Eligible Account is not established with the Trustee, cause such new Eligible Account to be subject to an Account Control Agreement
      in form and substance reasonably acceptable to the Control Party and the Trustee.<br>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: center;">
        <div style="text-align: left;"><br>
        </div>
        <font style="font-weight: bold;">FORM OF SERIES 2019-1 NOTES</font></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 4.01&#160;&#160;&#160; </font></font></font></font><u>Issuance
          of Series 2019-1 Class A&#8209;1 Notes</u></font>(a)&#160;&#160;&#160; .&#160; (a) The Series 2019-1 Class A&#8209;1 Advance Notes will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in <u>Exhibit
        A&#8209;1-1</u> hereto, and will be issued to the Series 2019-1 Class A&#8209;1 Noteholders (other than the Series 2019-1 Class A&#8209;1 Subfacility Noteholders) pursuant to and in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note Purchase
      Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section&#160;2.04 of the Base Indenture.&#160; Other than in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note
      Purchase Agreement, the Series 2019-1 Class A&#8209;1 Advance Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by such Series 2019-1 Class A&#8209;1 Noteholders.&#160; The Series 2019-1 Class A&#8209;1 Advance Notes shall
      bear a face amount equal in the aggregate to up to the Series 2019-1 Class A&#8209;1 Notes Maximum Principal Amount as of the Series 2019-1 Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2019-1
      Class A&#8209;1 Initial Advance Principal Amount pursuant to <u>Section 2.01(a)</u> of this Series Supplement.&#160; The Trustee shall record any Increases or Decreases with respect to the Series 2019-1 Class A&#8209;1 Outstanding Principal Amount such that, subject
      to <u>Section 4.01(d)</u> of this Series Supplement, the principal amount of the Series 2019-1 Class A&#8209;1 Advance Notes that are Outstanding accurately reflects all such Increases and Decreases.&#160; <font style="background-color: rgb(255, 255, 255);">The
        Series 2019-1 Class A-1 Swingline Notes will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth in </font><font style="background-color: rgb(255, 255, 255);"><u>Exhibit
          A-1-2</u></font><font style="background-color: rgb(255, 255, 255);"> hereto, and will be issued to the Swingline Lender pursuant to and in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note Purchase Agreement and shall be
        duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section 2.04 of the Base Indenture.&#160; Other than in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note Purchase Agreement, the
        Series 2019-1 Class&#160;A-1 Swingline Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the Swingline Lender.&#160; The Series 2019-1 Class A-1 Swingline Note shall bear a face amount equal in the
        aggregate to up to the Swingline Commitment as of the </font>Series 2019-1 <font style="background-color: rgb(255, 255, 255);">Closing Date, and shall be initially issued in an aggregate outstanding principal amount equal to the Series 2019-1
        Class A-1 Initial Swingline Principal Amount pursuant to</font><font style="background-color: rgb(255, 255, 255);"> </font><font style="background-color: rgb(255, 255, 255);"><u>Section 2.01(b)(i)</u></font><font style="background-color: rgb(255, 255, 255);"> of this Series Supplement.&#160; The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to the Swingline Loans such that, subject to</font><font style="background-color: rgb(255, 255, 255);">&#160;</font><font style="background-color: rgb(255, 255, 255);"><u>Section 4.01(d)</u></font><font style="background-color: rgb(255, 255, 255);"> of this Series Supplement,</font><font style="background-color: rgb(255, 255, 255);"> the aggregate principal amount of
        the Series 2019-1 Class A-1 Swingline Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases.</font></div>
    <div>&#160;</div>
    <div>
      <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Class A&#8209;1 L/C Notes will be issued in the form of definitive notes in fully
        registered form without interest coupons, substantially in the form set forth in <u>Exhibit A-1-3</u> hereto, and will be issued to the L/C Provider pursuant to and in accordance with this Series Supplement and the Series 2019-1 Class A-1 Note
        Purchase Agreement and shall be duly executed by the Master Issuer and authenticated by the Trustee in the manner set forth in Section&#160;2.04 of the Base Indenture.&#160; Other than in accordance with this Series Supplement and the Series 2019-1 Class A-1
        Note Purchase Agreement, the Series 2019-1 Class A&#8209;1 L/C Notes will not be permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the L/C Provider.&#160; The Series 2019-1 Class A-1 L/C Notes shall bear a face amount equal
        in the aggregate to up to the L/C Commitment as of the Series 2019-1 Closing Date, and shall be initially issued in an aggregate amount equal to the Series 2019-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount pursuant to <u>Section
          2.01(b)(ii)</u> of this Series Supplement.&#160; The Trustee shall record any Subfacility Increases or Subfacility Decreases with respect to the Undrawn L/C Face Amounts of Unreimbursed L/C Drawings, as applicable, such that, subject to <u>Section 4.</u><u>01(d)</u>
        of this Series Supplement, the aggregate amount of the Series 2019-1 Class A-1 L/C Notes that is Outstanding accurately reflects all such Subfacility Increases and Subfacility Decreases.&#160; All Undrawn L/C Face Amounts shall be deemed to be
        &#8220;principal&#8221; outstanding under the Series 2019-1 Class A-1 L/C Note for all purposes of the Indenture and the other Related Documents other than for purposes of accrual of interest.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>For the avoidance of doubt, notwithstanding that the aggregate face amount of the Series 2019-1 Class
        A&#8209;1 Notes will exceed the Series 2019-1 Class A&#8209;1 Notes Maximum Principal Amount, at no time will the principal amount actually outstanding of the Series 2019-1 Class A&#8209;1 Advance Notes, the Series 2019-1 Class A-1 Swingline Notes and the Series
        2019-1 Class A-1 L/C Notes in the aggregate exceed the Series 2019-1 Class A&#8209;1 Notes Maximum Principal Amount.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Class A&#8209;1 Notes may have such letters, numbers or other marks of identification and
        such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the Authorized Officers executing such Series 2019-1 Class A&#8209;1 Notes, as evidenced
        by their execution of the Series 2019-1 Class A&#8209;1 Notes.&#160; The Series 2019-1 Class A&#8209;1 Notes may be produced in any manner, all as determined by the Authorized Officers executing such Series 2019-1 Class A&#8209;1 Notes, as evidenced by their execution of
        such Series 2019-1 Class A&#8209;1 Notes.&#160; The initial sale of the Series 2019-1 Class A&#8209;1 Notes is limited to Persons who have executed the Series 2019-1 Class A-1 Note Purchase Agreement.&#160; The Series 2019-1 Class A&#8209;1 Notes may be resold only to the
        Master Issuer and its Affiliates and Persons who are not Competitors (except that Series 2019-1 Class A-1 Notes may be resold to Persons who are Competitors with the written consent of the Master Issuer) in compliance with the terms of the Series
        2019-1 Class A-1 Note Purchase Agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 4.02 &#160; &#160; </font></font></font></font></font><u>Issuance of Series 2019-1 Class A&#8209;2 Notes</u></font>.&#160; The Series 2019-1 Class A-2 Notes in the aggregate may be offered
        and sold in the Series 2019-1 Class A-2 Initial Principal Amount on the Series 2019-1 Closing Date by the Master Issuer pursuant to the Series 2019-1 Class A-2 Note Purchase Agreement.&#160; The Series 2019-1 Class A-2 Notes will be resold initially
        only to (A) the Master Issuer or an Affiliate of the Master Issuer, (B) in the United States, to Persons who are QIBs in reliance on Rule&#160;144A and who are not Competitors and (C)&#160;outside the United States, to Persons who are not a U.S. person (as
        defined in Regulation&#160;S, a &#8220;<u>U.S. Person</u>&#8221;) in reliance on Regulation S and who are not Competitors.&#160; The Series 2019-1 Class A-2 Notes may thereafter be transferred in reliance on Rule&#160;144A and/or Regulation&#160;S and in accordance with the
        procedure described herein.&#160; The Series 2019-1 Class A-2 Notes will be Book-Entry Notes and DTC will be the Depository for the Series 2019-1 Class A-2 Notes.&#160; The Applicable Procedures shall apply to transfers of beneficial interests in the Series
        2019-1 Class A-2 Notes.&#160; The Series 2019-1 Class A-2 Notes shall be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Rule&#160;144A Global Notes</u>.&#160; The Series 2019-1 Class A-2 Notes offered and sold in their initial
        resale in reliance upon Rule&#160;144A will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth in <u>Exhibit A-2-1</u>, <u>Exhibit A-2-2</u> and <u>Exhibit A-2-3</u>, as
        applicable, hereto, registered in the name of Cede &amp; Co. (&#8220;<u>Cede</u>&#8221;), as nominee of DTC, and deposited with the Trustee, as custodian for DTC (collectively, for purposes of this <u>Section 4.02</u> and <u>Section 4.04</u>, the &#8220;<u>Rule&#160;144A
          Global Notes</u>&#8221;).&#160; The aggregate initial principal amount of the Rule&#160;144A Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding
        decrease or increase in the aggregate initial principal amount of the corresponding class of Temporary Regulation&#160;S Global Notes or Permanent Regulation&#160;S Global Notes, as hereinafter provided.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div>
        <div style="font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Temporary Regulation&#160;S Global Notes and Permanent Regulation&#160;S Global Notes</u>.&#160; Any Series
          2019-1 Class A-2 Notes offered and sold on the Series 2019-1 Closing Date in reliance upon Regulation&#160;S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the form set forth in <u>Exhibit
            A-2-4</u>, <u>Exhibit A-2-5 and Exhibit A-2-6</u>, as applicable, hereto, registered in the name of Cede, as nominee of DTC, and deposited with the Trustee, as custodian for DTC, for credit to the respective accounts at DTC of the designated
          agents holding on behalf of Euroclear or Clearstream.&#160; Until such time as the Restricted Period shall have terminated with respect to any Series 2019-1 Class A-2 Note, such Series 2019-1 Class A-2 Notes shall be referred to herein collectively,
          for purposes of this <u>Section 4.02</u> and <u>Section 4.04</u>, as the &#8220;<u>Temporary Regulation&#160;S Global Notes</u>&#8221;.&#160; After such time as the Restricted Period shall have terminated, the Temporary Regulation&#160;S Global Notes shall be
          exchangeable, in whole or in part, for interests in one or more permanent global notes in registered form without interest coupons, substantially in the form set forth in <u>Exhibit A-2-7</u>, <u>Exhibit A-2-8 and Exhibit A-2-9</u>, as
          applicable, hereto, as hereinafter provided (collectively, for purposes of this <u>Section 4.02</u> and <u>Section 4.04</u>, the &#8220;<u>Permanent Regulation&#160;S Global Notes</u>&#8221;).&#160; The aggregate principal amount of the Temporary Regulation&#160;S Global
          Notes or the Permanent Regulation&#160;S Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC, in connection with a corresponding decrease or increase of aggregate
          principal amount of the corresponding Rule&#160;144A Global Notes, as hereinafter provided.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Definitive Notes</u>.&#160; The Series 2019-1 Global Notes shall be exchangeable in their entirety for
          one or more definitive notes in registered form, without interest coupons (collectively, for purposes of this Section 4.0<u>2</u> and <u>Section 4.04</u> of this Series Supplement, the &#8220;<u>Definitive Notes</u>&#8221;) pursuant to Section&#160;2.13 of the
          Base Indenture and this Section 4.02(c) in accordance with their terms and, upon complete exchange thereof, such Series 2019-1 Global Notes shall be surrendered for cancellation at the applicable Corporate Trust Office.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 4.03 &#160; &#160; </font></font></font></font></font></font><u>Transfer Restrictions of Series 2019-1 Class A&#8209;1 Notes</u></font>(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5pt;">&#160;&#160;&#160; </font>.&#160;
          i)&#160; Subject to the terms of the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement, the holder of any Series 2019-1 Class A&#8209;1 Advance Note may transfer the same in whole or in part, in an amount equivalent to an authorized
          denomination, by surrendering such Series 2019-1 Class A&#8209;1 Advance Note at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form
          satisfactory to the Trustee, the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an &#8220;eligible guarantor institution&#8221; meeting the requirements of the Registrar,
          which requirements include membership or participation in the Security Transfer Agent Medallion Program (&#8220;<u>STAMP</u>&#8221;) or such other &#8220;signature guarantee program&#8221; as may be determined by the Registrar in addition to, or in substitution for,
          STAMP, and accompanied by a certificate substantially in the form of <u>Exhibit B&#8209;1</u> hereto; <u>provided</u> that if the holder of any Series 2019-1 Class A&#8209;1 Advance Note transfers, in whole or in part, its interest in any Series 2019-1
          Class A&#8209;1 Advance Note pursuant to (i)&#160;an Assignment and Assumption Agreement substantially in the form of Exhibit&#160;B to the Series 2019-1 Class A-1 Note Purchase Agreement or (ii)&#160;an Investor Group Supplement substantially in the form of
          Exhibit&#160;C to the Series 2019-1 Class A-1 Note Purchase Agreement, then such Series 2019-1 Class A&#8209;1 Noteholder will not be required to submit a certificate substantially in the form of <u>Exhibit B&#8209;1</u> hereto upon transfer of its interest in
          such Series 2019-1 Class A&#8209;1 Advance Note.&#160; In exchange for any Series 2019-1 Class A&#8209;1 Advance Note properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be
          authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series 2019-1 Class A&#8209;1 Advance Notes for the same
          aggregate principal amount as was transferred.&#160; In the case of the transfer of any Series 2019-1 Class A&#8209;1 Advance Note in part, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated
          and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Series 2019-1 Class A&#8209;1 Notes for the aggregate principal amount that was not transferred.&#160; No transfer
          of any Series 2019-1 Class A&#8209;1 Advance Note shall be made unless the request for such transfer is made by the Series 2019-1 Class A&#8209;1 Noteholder at such office.&#160; Neither the Master Issuer nor the Trustee shall be liable for any delay in delivery
          of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions.&#160; Upon the issuance of transferred Series 2019-1 Class A&#8209;1 Advance Notes, the Trustee shall recognize the holders of such Series
          2019-1 Class A&#8209;1 Advance Note as Series 2019-1 Class A&#8209;1 Noteholders.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div>
          <div style="font-family: 'Times New Roman',Times,serif;"> <br>
          </div>
          <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color: rgb(255, 255, 255);">Subject to the terms of the Indenture and the
              Series </font><font style="background-color: rgb(255, 255, 255);">2019-1 Class A-1 Note Purchase Agreement,</font>&#160;<font style="background-color: rgb(255, 255, 255);">the Swingline Lender may transfer the Series 2019-1 Class A-1 Swingline
              Notes in whole but not in part by surrendering such Series 2019-1 Class A-1 Swingline Notes at the applicable Corporate Trust Office, with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written
              instrument of transfer in form satisfactory to the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by an &#8220;eligible guarantor institution&#8221; meeting the
              requirements of the Registrar, which requirements include membership or participation in the STAMP or such other &#8220;signature guarantee program&#8221; as may be determined by the Registrar in addition to, or in substitution for, STAMP, and
              accompanied by an assignment agreement pursuant to Section 9.17(d) of the Series 2019-1 Class A-1 Note Purchase Agreement.&#160; In exchange for any Series 2019-1 Class A-1 Swingline Note properly presented for transfer, the Master Issuer shall
              execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as
              the transferee may request, a Series 2019-1 Class A-1 Swingline Note for the same aggregate principal amount as was transferred.&#160; No transfer of any Series 2019-1 Class A-1 Swingline Note shall be made unless the request for such transfer is
              made by the Swingline Lender at such office.&#160; Neither the Master Issuer nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such
              instructions.&#160; Upon the issuance of any transferred Series 2019-1 Class A-1 Swingline Note, the Trustee shall recognize the holder of such Series 2019-1 Class A-1 Swingline Note as a Series 2019-1 Class A-1 Noteholder.</font></div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Subject to the terms of the Indenture and the Series 2019-1 Class A-1 Note Purchase Agreement, the
            L/C Provider may transfer any Series 2019-1 Class A&#8209;1 L/C Note in whole or in part, in an amount equivalent to an authorized denomination, by surrendering such Series 2019-1 Class A&#8209;1 L/C Note at the applicable Corporate Trust Office, with the
            form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Master Issuer and the Registrar by, the holder thereof or his attorney duly authorized in writing,
            with such signature guaranteed by an &#8220;eligible guarantor institution&#8221; meeting the requirements of the Registrar, which requirements include membership or participation in the STAMP or such other &#8220;signature guarantee program&#8221; as may be
            determined by the Registrar in addition to, or in substitution for, STAMP, and accompanied by an assignment agreement pursuant to Section 9.17(a) of the Series 2019-1 Class A-1 Note Purchase Agreement.&#160; In exchange for any Series 2019-1 Class
            A&#8209;1 L/C Note properly presented for transfer, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such
            office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Series 2019-1 Class A&#8209;1 L/C Notes for the same aggregate principal amount as was transferred.&#160; In the case of the transfer of any Series
            2019-1 Class A&#8209;1 L/C Note in part, the Master Issuer shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of transferor)
            to such address as the transferor may request, Series 2019-1 Class A&#8209;1 L/C Notes for the aggregate principal amount that was not transferred.&#160; No transfer of any Series 2019-1 Class A&#8209;1 L/C Note shall be made unless the request for such
            transfer is made by the L/C Provider at such office.&#160; Neither the Master Issuer nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such
            instructions.&#160; Upon the issuance of any transferred Series 2019-1 Class A&#8209;1 L/C Note, the Trustee shall recognize the holder of such Series 2019-1 Class A&#8209;1 L/C Note as a Series 2019-1 Class A&#8209;1 Noteholder.</div>
          <div>&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
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          </div>
          <div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Each Series 2019-1 Class A&#8209;1 Note shall bear the following legend:</div>
            <div>&#160;</div>
            <div style="text-align: justify; margin-left: 36pt;">THE ISSUANCE AND SALE OF THIS SERIES 2019-1 CLASS A-1 NOTE (THIS &#8220;<font style="font-weight: bold;">NOTE</font>&#8221;) HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT
              OF 1933, AS AMENDED (THE &#8220;<font style="font-weight: bold;">1933 ACT</font>&#8221;), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND JACK IN THE BOX FUNDING, LLC (THE &#8220;<font style="font-weight: bold;">MASTER

                ISSUER</font>&#8221;) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE &#8220;<font style="font-weight: bold;">1940 ACT</font>&#8221;).&#160; THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
              ONLY TO PERSONS WHO ARE NOT COMPETITORS (AS DEFINED IN THE INDENTURE) (UNLESS THE MASTER ISSUER GIVES WRITTEN CONSENT TO SUCH OFFER, SALE, PLEDGE, OR OTHER TRANSFER), AND IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-1 NOTE PURCHASE
              AGREEMENT, DATED AS OF JULY 8, 2019 BY AND AMONG THE MASTER ISSUER, JACK IN THE BOX INC., AS THE MANAGER, THE GUARANTORS, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS, THE FUNDING AGENTS AND CO&#214;PERATIEVE RABOBANK, U.A., NEW YORK
              BRANCH, AS L/C PROVIDER, SWINGLINE LENDER AND ADMINISTRATIVE AGENT.</div>
            <div>&#160;</div>
            <div style="text-align: justify; text-indent: 36pt;">The required legend set forth above shall not be removed from the Series 2019-1 Class A&#8209;1 Notes except as provided herein.</div>
            <div>&#160;</div>
            <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 4.04 &#160; &#160; </font></font></font></font></font></font><u>Transfer Restrictions of Series 2019-1 Class A&#8209;2 Notes</u></font>.&#160; i)&#160; A Series 2019-1 Global Note may not be transferred,
              in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; <u>provided</u>, <u>however</u>,
              that this Section 4.04(a) shall not prohibit any transfer of a Series 2019-1 Class A&#8209;2 Note that is issued in exchange for a Series 2019-1 Global Note in accordance with Section&#160;2.08 of the Base Indenture and shall not prohibit any transfer
              of a beneficial interest in a Series 2019-1 Global Note effected in accordance with the other provisions of this <u>Section 4.04</u>.</div>
            <div>&#160;</div>
            <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The transfer by a Series 2019-1 Note Owner holding a beneficial interest in a Series 2019-1
              Class A&#8209;2 Note in the form of a Rule&#160;144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule&#160;144A Global Note shall be made upon the deemed representation of the transferee that it is
              purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB and not a Competitor, and is aware that the sale to it is being made in reliance on Rule&#160;144A
              and acknowledges that it has received such information regarding the Master Issuer as such transferee has requested pursuant to Rule&#160;144A or has determined not to request such information and that it is aware that the transferor is relying
              upon its foregoing representations in order to claim the exemption from registration provided by Rule&#160;144A.</div>
            <div>&#160;</div>
            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
              <div style="page-break-after: always;" id="DSPFPageBreak">
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            </div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If a Series 2019-1 Note Owner holding a beneficial interest in a Series 2019-1 Class A&#8209;2 Note in
              the form of a Rule&#160;144A Global Note wishes at any time to exchange its interest in such Rule&#160;144A Global Note for an interest in the Temporary Regulation&#160;S Global Note, or to transfer such interest to a Person who wishes to take delivery
              thereof in the form of a beneficial interest in the Temporary Regulation&#160;S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.04(c).&#160; Upon
              receipt by the Registrar, at the applicable Corporate Trust Office, of (i)&#160;written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to
              a specified Clearing Agency Participant&#8217;s account a beneficial interest in the Temporary Regulation&#160;S Global Note, in a principal amount equal to that of the beneficial interest in such Rule&#160;144A Global Note to be so exchanged or transferred,
              (ii)&#160;a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and
              the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii)&#160;a certificate in substantially the form set forth in <u>Exhibit B&#8209;</u>2 hereto given by the Series 2019-1 Note Owner holding such beneficial
              interest in such Rule&#160;144A Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of the Rule&#160;144A Global Note, and to increase the principal amount of the Temporary Regulation&#160;S Global
              Note, by the principal amount of the beneficial interest in such Rule&#160;144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the
              Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Temporary Regulation&#160;S Global Note having a principal amount equal to the amount by which the principal amount of such
              Rule&#160;144A Global Note was reduced upon such exchange or transfer.</div>
            <div>&#160;</div>
          </div>
        </div>
      </div>
    </div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If a Series 2019-1 Note Owner holding a beneficial interest in a Rule&#160;144A Global Note wishes at any
      time to exchange its interest in such Rule&#160;144A Global Note for an interest in the Permanent Regulation&#160;S Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent
      Regulation&#160;S Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 4.04(d).&#160; Upon receipt by the Registrar, at the applicable Corporate Trust Office, of
      (i)&#160;written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified Clearing Agency Participant&#8217;s account a beneficial interest in the
      Permanent Regulation&#160;S Global Note in a principal amount equal to that of the beneficial interest in such Rule&#160;144A Global Note to be so exchanged or transferred, (ii)&#160;a written order given in accordance with the Applicable Procedures containing
      information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest
      and (iii)&#160;a certificate in substantially the form of <u>Exhibit B&#8209;3</u> hereto given by the Series 2019-1 Note Owner holding such beneficial interest in such Rule&#160;144A Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to
      reduce the principal amount of such Rule&#160;144A Global Note, and to increase the principal amount of the Permanent Regulation&#160;S Global Note, by the principal amount of the beneficial interest in such Rule&#160;144A Global Note to be so exchanged or
      transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the
      Permanent Regulation&#160;S Global Note having a principal amount equal to the amount by which the principal amount of such Rule&#160;144A Global Note was reduced upon such exchange or transfer.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If a Series 2019-1 Note Owner holding a beneficial interest in a Temporary Regulation&#160;S Global Note or a
      Permanent Regulation&#160;S Global Note wishes at any time to exchange its interest in such Temporary Regulation&#160;S Global Note or such Permanent Regulation&#160;S Global Note for an interest in the Rule&#160;144A Global Note, or to transfer such interest to a
      Person who wishes to take delivery thereof in the form of a beneficial interest in the Rule&#160;144A Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section
      4.04(e).&#160; Upon receipt by the Registrar, at the applicable Corporate Trust Office, of (i)&#160;written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be
      credited to a specified Clearing Agency Participant&#8217;s account a beneficial interest in the Rule&#160;144A Global Note in a principal amount equal to that of the beneficial interest in such Temporary Regulation&#160;S Global Note or such Permanent Regulation&#160;S
      Global Note, as the case may be, to be so exchanged or transferred, (ii)&#160;a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or
      Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii)&#160;with respect to a transfer of a beneficial interest in such Temporary Regulation&#160;S
      Global Note or such Permanent Regulation&#160;S Global Note, a certificate in substantially the form set forth in <u>Exhibit B&#8209;4</u> hereto given by such Series 2019-1 Note Owner holding such beneficial interest in such Temporary Regulation&#160;S Global Note
      or such Permanent Regulation&#160;S Global Note, the Registrar shall instruct the Trustee, as custodian of DTC, to reduce the principal amount of such Temporary Regulation&#160;S Global Note or such Permanent Regulation&#160;S Global Note, as the case may be, and
      to increase the principal amount of the Rule&#160;144A Global Note, by the principal amount of the beneficial interest in such Temporary Regulation&#160;S Global Note or such Permanent Regulation&#160;S Global Note to be so exchanged or transferred, and to credit
      or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in the Rule&#160;144A Global Note having a principal amount equal to the amount by which the
      principal amount of such Temporary Regulation&#160;S Global Note or such Permanent Regulation&#160;S Global Note, as the case may be, was reduced upon such exchange or transfer.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>In the event that a Series 2019-1 Global Note or any portion thereof is exchanged for Series 2019-1
      Class A&#8209;2 Notes other than Series 2019-1 Global Notes, such other Series 2019-1 Class A&#8209;2 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2019-1 Class A&#8209;2 Notes that are not Series 2019-1 Global Notes or for a beneficial
      interest in a Series 2019-1 Global Note (if any is then outstanding) only in accordance with such procedures as may be adopted from time to time by the Master Issuer and the Registrar, which shall be substantially consistent with the provisions of
      Section 4.04(a) through Section 4.04(e) and Section 4.04(g) of this Series Supplement (including the certification requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2019-1 Global Note comply with
      Rule&#160;144A or Regulation&#160;S, as the case may be) and any Applicable Procedures.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Until the termination of the Restricted Period with respect to any Series 2019-1 Class A&#8209;2 Note,
      interests in the Regulation&#160;S Global Notes representing such Series 2019-1 Class A&#8209;2 Note may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and Clearstream; <u>provided</u> that this Section 4.04(g) shall
      not prohibit any transfer in accordance with Section 4.04(e) of this Series Supplement.&#160; After the expiration of the applicable Restricted Period, interests in the Permanent Regulation&#160;S Global Notes may be transferred without requiring any
      certifications other than those set forth in this <u>Section 4.04</u>.</div>
    <div>&#160;</div>
    <div>
      <div style="text-align: justify; text-indent: 72pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Rule&#160;144A Global Notes, the Temporary Regulation&#160;S Global Notes and the Permanent Regulation&#160;S
        Global Notes shall bear the following legend:</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">THE ISSUANCE AND SALE OF THIS SERIES 2019-1 CLASS A-2 NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;<font style="font-weight: bold;">1933

          ACT</font>&#8221;), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND JACK IN THE BOX FUNDING, LLC (THE &#8220;<font style="font-weight: bold;">MASTER ISSUER</font>&#8221;) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT
        COMPANY ACT OF 1940, AS AMENDED (THE &#8220;<font style="font-weight: bold;">1940 ACT</font>&#8221;).&#160; THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)&#160;TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B)&#160;IN THE
        UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND WHO IS A &#8220;QUALIFIED INSTITUTIONAL BUYER&#8221; AS DEFINED IN RULE 144A UNDER THE 1933 ACT (&#8220;<font style="font-weight: bold;">RULE 144A</font>&#8221;), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS
        WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION OR (C)&#160;OUTSIDE THE UNITED STATES, TO A PERSON WHO IS NOT A COMPETITOR AND IS NOT A &#8220;U.S.&#160;PERSON&#8221; AS DEFINED IN REGULATION S UNDER THE 1933 ACT (&#8220;<font style="font-weight: bold;">REGULATION

          S</font>&#8221;), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION, NONE OF WHICH ARE A U.S.&#160;PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN
        COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">BY ITS ACQUISITION OR ACCEPTANCE HEREOF, THE HOLDER (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) REPRESENTS THAT IT IS NOT A COMPETITOR AND (A) IT IS EITHER (X)&#160;A &#8220;QUALIFIED
        INSTITUTIONAL BUYER&#8221; AS DEFINED IN RULE 144A OR (Y)&#160;NOT A U.S.&#160;PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, AS APPLICABLE, (B)&#160;IT IS ACTING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER PERSON WHICH IS EITHER (X)&#160;A QUALIFIED
        INSTITUTIONAL BUYER OR (Y)&#160;NOT A U.S.&#160;PERSON, AND IN EACH CASE WITH RESPECT TO WHICH IT EXERCISES SOLE INVESTMENT DISCRETION, (C)&#160;IT AND EACH ACCOUNT FOR WHICH IT IS PURCHASING WILL HOLD AND TRANSFER AT LEAST THE MINIMUM DENOMINATION OF NOTES,
        (D)&#160;IT UNDERSTANDS THAT THE MASTER ISSUER MAY RECEIVE A LIST OF PARTICIPANTS HOLDING POSITIONS IN ITS NOTES FROM ONE OR MORE BOOK-ENTRY DEPOSITORIES AND (E)&#160;IT WILL PROVIDE NOTICE OF THE TRANSFER RESTRICTIONS TO ANY SUBSEQUENT TRANSFEREES.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">EACH PERSON (IF NOT THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER) TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE APPLICABLE REPRESENTATIONS AND
        AGREEMENTS REFERRED TO IN THE INDENTURE.&#160; EACH PERSON TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF AN INTEREST IN A GLOBAL NOTE WILL BE REQUIRED TO DELIVER THE APPLICABLE TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE
        INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO ANY PERSON CAUSING SUCH VIOLATION,
        NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE MASTER ISSUER, THE TRUSTEE OR ANY INTERMEDIARY.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">[IF THE HOLDER OF THIS NOTE IS DETERMINED TO BE A COMPETITOR OR NOT TO HAVE BEEN A QUALIFIED INSTITUTIONAL BUYER AT THE TIME OF ACQUISITION OF THIS NOTE, THE MASTER ISSUER HAS THE RIGHT TO REQUIRE
        SUCH HOLDER TO SELL THIS NOTE TO A PURCHASER WHO IS A QUALIFIED INSTITUTIONAL BUYER AND NOT A COMPETITOR.&#160; THE MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS NOT A QUALIFIED INSTITUTIONAL BUYER OR WHO IS A
        COMPETITOR.]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">[IF THE HOLDER OF THIS NOTE IS DETERMINED TO BE A COMPETITOR OR HAVE BEEN A &#8220;U.S.&#160;PERSON&#8221; AT THE TIME OF ACQUISITION OF THIS NOTE, THE MASTER ISSUER HAS THE RIGHT TO REQUIRE SUCH HOLDER TO SELL
        THIS NOTE TO A PURCHASER WHO IS NOT A &#8220;U.S.&#160;PERSON&#8221; AND WHO IS NOT A COMPETITOR.&#160; THE MASTER ISSUER ALSO HAS THE RIGHT TO REFUSE TO HONOR A TRANSFER TO A PERSON WHO IS A &#8220;U.S.&#160;PERSON&#8221; OR WHO IS A COMPETITOR.]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">BY ACCEPTING THIS NOTE, EACH PURCHASER COVENANTS THAT IT WILL NOT AT ANY TIME PRIOR TO THE DATE WHICH IS ONE (1)&#160;YEAR AND ONE (1)&#160;DAY AFTER THE PAYMENT IN FULL OF THE LATEST MATURING NOTE,
        INSTITUTE AGAINST, OR JOIN WITH ANY OTHER PERSON IN INSTITUTING AGAINST, ANY SECURITIZATION ENTITY ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS, UNDER ANY FEDERAL OR STATE BANKRUPTCY OR
        SIMILAR LAW.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Class A&#8209;2 Notes Temporary Regulation&#160;S Global Notes shall also bear the following
        legend:</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">UNTIL FORTY (40)&#160;DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE &#8220;<font style="font-weight: bold;">RESTRICTED PERIOD</font>&#8221;) IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES
        FROM OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS.&#160; THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS EITHER NOT A
        &#8220;U.S.&#160;PERSON&#8221; OR THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 1933 ACT AND AGREES FOR THE BENEFIT OF THE MASTER ISSUER THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE
        TRANSFERRED ONLY TO THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER AND IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND
        PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (I)&#160;IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT OR (II)&#160;PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE 1933 ACT.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Series 2019-1 Global Notes issued in connection with the Series 2019-1 Class A&#8209;2 Notes shall bear
        the following legend:</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (&#8220;<font style="font-weight: bold;">DTC</font>&#8221;),
        A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF.&#160; THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME
        OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.&#160; UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE NOTE REGISTRAR, AND ANY NOTE ISSUED
        IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS&#160;IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS&#160;IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE &amp; CO., HAS AN INTEREST HEREIN.</div>
      <div>&#160;</div>
      <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <div style="text-align: justify; text-indent: -17.85pt; margin-left: 17.85pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Applicable to 144A Notes only.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: -17.85pt; margin-left: 17.85pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Applicable to Reg S Notes only.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div style="font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(k)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The required legends set forth above shall not be removed from the applicable Series 2019-1 Class
          A&#8209;2 Notes except as provided herein.&#160; The legend required for a Rule&#160;144A Global Note may be removed from such Rule&#160;144A Global Note if there is delivered to the Master Issuer and the Registrar such satisfactory evidence, which may include an
          Opinion of Counsel, as may be reasonably required by the Master Issuer that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Rule&#160;144A Global Note will not violate the
          registration requirements of the 1933 Act.&#160; Upon provision of such satisfactory evidence, the Trustee at the direction of the Master Issuer (or the Manager on its behalf), shall authenticate and deliver in exchange for such Rule&#160;144A Global Note
          a Series 2019-1 Class A&#8209;2 Note or Series 2019-1 Class A&#8209;2 Notes having an equal aggregate principal amount that does not bear such legend.&#160; If such a legend required for a Rule&#160;144A Global Note has been removed from a Series 2019-1 Class A&#8209;2 Note
          as provided above, no other Series 2019-1 Class A&#8209;2 Note issued in exchange for all or any part of such Series 2019-1 Class A&#8209;2 Note shall bear such legend, unless the Master Issuer has reasonable cause to believe that such other Series 2019-1
          Class A&#8209;2 Note is a &#8220;restricted security&#8221; within the meaning of Rule&#160;144 under the 1933 Act and instructs the Trustee to cause a legend to appear thereon.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 4.05 &#160; &#160;&#160; </font></font></font></font></font></font><u>Note Owner Representations and Warranties</u></font>.&#160; Each Person who becomes a Note Owner of a beneficial interest in a Series
          2019-1 Note pursuant to the Offering Memorandum will be deemed to represent, warrant and agree on the date such Person acquires any interest in any Series 2019-1 Note as follows: (a)With respect to any sale of Series 2019-1 Notes pursuant to
          Rule&#160;144A, it is a QIB pursuant to Rule&#160;144A, and is aware that any sale of Series 2019-1 Notes to it will be made in reliance on Rule&#160;144A.&#160; Its acquisition of Series 2019-1 Notes in any such sale will be for its own account or for the account
          of another QIB.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>With respect to any sale of Series 2019-1 Notes pursuant to Regulation S, at the time the buy order
          for such Series 2019-1 Notes was originated, it was outside the United States and the offer was made to a Person who is not a U.S.&#160;Person, and was not purchasing for the account or benefit of a U.S.&#160;Person.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It will, and each account for which it is purchasing will, hold and transfer at least the minimum
          denomination of Series 2019-1 Notes.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It understands that the Master Issuer, the Manager and the Servicer may receive a list of
          participants holding positions in the Series 2019-1 Notes from one or more book&#8209;entry depositories.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 72pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It understands that the Manager, the Master Issuer and the Servicer may receive (i)&#160;a list of Note
          Owners that have requested access to the Trustee&#8217;s password&#8209;protected website or that have voluntarily registered as a Note Owner with the Trustee, (ii)&#160;copies of Noteholder confirmations of representations and warranties executed to obtain
          access to the Trustee&#8217;s password&#8209;protected website and (iii)&#160;copies of prospective investor confirmations of representations and warranties executed to obtain access to the Noteholder Materials.</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It will provide to each person to whom it transfers Series 2019-1 Notes notices of any restrictions
          on transfer of such Series 2019-1 Notes.</div>
        <div>&#160;</div>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 72pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It understands that (i)&#160;the Series 2019-1 Notes are being offered in a transaction not involving any
        public offering in the United States within the meaning of the 1933 Act, (ii)&#160;the Series 2019-1 Notes have not been registered under the 1933 Act, (iii)&#160;such Series 2019-1 Notes may be offered, resold, pledged or otherwise transferred only (A)&#160;to
        the Master Issuer or an Affiliate of the Master Issuer, (B)&#160;in the United States to a Person who the seller reasonably believes is a QIB in a transaction meeting the requirements of Rule&#160;144A and who is not a Competitor, (C)&#160;outside the United
        States to a Person who is not a U.S.&#160;Person in a transaction meeting the requirements of Regulation&#160;S and who is not a Competitor and (iv)&#160;the purchaser will, and each subsequent holder of a Series 2019-1 Note is required to, notify any subsequent
        purchaser of a Series 2019-1 Note of the resale restrictions set forth in <u>clause&#160;(iii)</u> above.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It understands that the certificates evidencing the Rule&#160;144A Global Notes will bear legends
        substantially similar to those set forth in Section 4.04(h) of this Series Supplement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It understands that the certificates evidencing the Temporary Regulation&#160;S Global Notes will bear
        legends substantially similar to those set forth in Section 4.04(i) of this Series Supplement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It understands that the certificates evidencing the Permanent Regulation&#160;S Global Notes will bear
        legends substantially similar to those set forth in Section 4.04(j) of this Series Supplement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(k)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Either (i) the purchaser or transferee is neither a Plan (including, without limitation, any entity
        whose underlying assets include &#8220;plan assets&#8221; by reason of a Plan&#8217;s investment in the entity or otherwise), nor a governmental, church, non-U.S. or other plan which is subject to any&#160; federal, state, local or non-U.S. law that is similar to the
        provisions of Section 406 of ERISA or Section 4975 of the Code or (ii) the purchaser&#8217;s or transferee&#8217;s acquisition, holding and disposition of the Series 2019-1 Notes (or any interest therein) will not constitute or result in a non-exempt
        prohibited transaction under Section&#160;406 of ERISA or Section&#160;4975 of the Code (or, in the case of a governmental, church, non-U.S. or other plan, a non-exempt violation under any similar law).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(l)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>If such purchaser or transferee is a Plan, it understands that it shall be deemed to represent,
        warrant and agree that (i) none of the Master Issuer, Guarantor, the Initial Purchasers or other party to the securitization transaction or other persons that provide marketing services, nor any of their affiliates, has provided, and none of them
        will provide, any investment recommendation or investment advice on which it, or any fiduciary or other person investing the assets of the Plan (&#8220;<u>Plan Fiduciary</u>&#8221;), has relied as a primary basis in connection with its decision to invest in
        the Series 2019-1 Notes, and they are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Plan or the Plan Fiduciary in connection with the Plan&#8217;s acquisition of the Series 2019-1
        Notes; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Series 2019-1 Notes.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(m)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It understands that any subsequent transfer of the Series 2019-1 Notes or any interest therein is
        subject to certain restrictions and conditions set forth in the Indenture and it agrees to be bound by, and not to resell, pledge or otherwise transfer the Series 2019-1 Notes or any interest therein except in compliance with, such restrictions and
        conditions and the 1933 Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(n)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>It is not a Competitor.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <div style="font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 4.06 &#160; &#160; </font></font></font></font></font></font><u>Limitation on Liability</u></font>.&#160; None of the Master Issuer, Jack in the Box Inc., the Trustee, the Servicer, the Initial
          Purchasers, any Paying Agent, or any of their respective Affiliates shall have any responsibility or liability for any aspects of the records maintained by DTC or its nominee or any of the Agent Members relating to or for payments made thereby on
          account of beneficial interests in a Rule&#160;l44A Global Note or a Regulation&#160;S Global Note.&#160; None of the Master Issuer, Jack in the Box Inc., the Trustee, the Servicer, the Initial Purchasers, any Paying Agent or their respective Affiliates shall
          have any responsibility or liability with respect to any records maintained by the Noteholder with respect to the beneficial holders thereof or payments made thereby on account of beneficial interests held therein.</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">ARTICLE V<br>
          <br>
          GENERAL</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.01 &#160; &#160; </font></font></font></font></font></font><u>Information</u></font>.&#160; On or before each Quarterly Payment Date, the Master Issuer shall furnish, or cause to be furnished, a
          Quarterly Noteholders&#8217; Report with respect to the Series 2019-1 Notes to the Trustee, substantially in the form of <u>Exhibit&#160;C</u> hereto, setting forth, inter&#160;alia, the following information with respect to such Quarterly Payment Date:</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the total amount available to be distributed to Series 2019-1 Noteholders on such
          Quarterly Payment Date and payment instructions with respect thereto;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the amount of such distribution allocable to the payment of interest on each
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        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the amount of such distribution allocable to the payment of principal of each
          Class and Tranche of the Series 2019-1 Notes;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the amount of such distribution allocable to the payment of any Series 2019-1
          Class A&#8209;2 Make&#8209;Whole Prepayment Premium, if any, on each Tranche;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the amount of such distribution allocable to the payment of any fees or other
          amounts due to the Series 2019-1 Class A&#8209;1 Noteholders;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>whether, to the Actual Knowledge of the Master Issuer, any Potential Rapid
          Amortization Event, Rapid Amortization Event, Default, Event of Default, Potential Manager Termination Event, Manager Termination Event or Servicer Termination Event has occurred as of the related Quarterly Calculation Date or any Cash Trapping
          Period is in effect, as of such Quarterly Calculation Date;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the DSCR for such Quarterly Payment Date and the three Quarterly Payment Dates
          immediately preceding such Quarterly Payment Date;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the number of Securitized Franchised Restaurants and Securitized Company
          Restaurants that are open for business as of the last day of the preceding Quarterly Collection Period;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the amount of Systemwide Sales as of the related Quarterly Calculation Date; and</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>the amount on deposit in the Senior Notes Interest Reserve Account (and the
          availability under any Interest Reserve Letter of Credit relating to the Senior Notes)&#160; and the amount on deposit in the Cash Trap Reserve Account, if any, in each case as of the close of business on the last Business Day of the preceding
          Quarterly Collection Period;</div>
        <div>&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <br>
        <div style="text-align: justify; text-indent: 36pt;">Any Series 2019-1 Noteholder may obtain copies of each Quarterly Noteholders&#8217; Report in accordance with the procedures set forth in Section 4.04 of the Base Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.02 &#160; &#160; </font></font></font></font></font></font><u>Exhibits</u></font>.&#160; The annexes, exhibits and schedules attached hereto and
          listed on the table of contents hereto supplement the annexes, exhibits and schedules included in the Base Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.03 &#160; &#160; </font></font></font></font></font></font></font><u>Ratification of Base Indenture</u></font>.&#160;

          As supplemented by this Series Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.04 &#160; &#160; </font></font></font></font></font></font></font><u>Certain Notices to the Rating Agency</u></font>.&#160;

          The Master Issuer shall provide to the Rating Agency a copy of each Opinion of Counsel and Officer&#8217;s Certificate delivered to the Trustee pursuant to this Series Supplement or any other Related Document.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.05 &#160; &#160; </font></font></font></font></font></font></font><u>Prior Notice by Trustee to the
              Controlling Class Representative and Control Party</u></font>.&#160; Subject to Section&#160;10.01 of the Base Indenture, the Trustee agrees that it shall not exercise any rights or remedies available to it as a result of the occurrence of a Rapid
          Amortization Event or an Event of Default until after the Trustee has given prior written notice thereof to the Controlling Class Representative and the Control Party and obtained the direction of the Control Party (subject to Section&#160;11.04(e) of
          the Base Indenture, at the direction of the Controlling Class Representative).</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.06 &#160; &#160; </font></font></font></font></font></font></font><u>Counterparts</u></font>.&#160; This Series
          Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.07 &#160; &#160; </font></font></font></font></font></font></font><u>Governing Law</u></font>.&#160; THIS SERIES
          SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.08 &#160; &#160; </font></font></font></font></font></font></font><u>Amendments</u></font>.&#160; This Series
          Supplement may not be modified or amended except (i) with the written consent of the parties hereto and (ii) in accordance with the additional requirements set forth in Article XIII of the Base Indenture.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.09 &#160; &#160; </font></font></font></font></font></font></font><u>Termination of Series Supplement</u></font>.&#160;

          This Series Supplement shall cease to be of further effect when (i)&#160;all Outstanding Series 2019-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2019-1 Notes that have been replaced or
          paid) to the Trustee for cancellation and all Letters of Credit have expired, have been cash collateralized in full pursuant to the terms of the Series 2019-1 Class A&#8209;1 Note Purchase Agreement or are deemed to no longer be outstanding in
          accordance with Section&#160;4.04 of the Series 2019-1 Class A&#8209;1 Note Purchase Agreement, (ii)&#160;all fees and expenses and other amounts under the Series 2019-1 Class A&#8209;1 Note Purchase Agreement have been paid in full and all Series 2019-1 Class A&#8209;1
          Commitments have been terminated, (iii)&#160;the Master Issuer has paid all sums payable hereunder and, without duplication (iv)&#160;the conditions set forth in Section 12.01(c) of the Base Indenture have been satisfied with respect to the Series 2019-1
          Notes; <u>provided</u> that any provisions of this Series Supplement required for the Series 2019-1 Final Payment to be made shall survive until the Series 2019-1 Final Payment is paid to the Series 2019-1 Noteholders.</div>
        <div>&#160;</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.10 &#160; &#160; </font></font></font></font></font></font></font><u>Entire Agreement</u></font>.&#160; This
          Series Supplement, together with the exhibits and schedules hereto and the other Indenture Documents, contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall
          constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings with respect thereto.</div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <div style="font-family: 'Times New Roman',Times,serif;"> <br>
          </div>
          <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.11 &#160; &#160; </font></font></font></font></font></font></font><u>1934 Act</u></font>.&#160; The Master
            Issuer hereby represents and warrants, for the benefit of the Trustee and the Noteholders, that payments on the Notes will not depend primarily on cash flow from self-liquidating financial assets within the meaning of Section 3(a)(79) of the
            1934 Act.</div>
          <div>&#160;</div>
          <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: bold;"><font style="font-weight: normal;">Section 5.12 &#160; &#160; </font></font></font></font></font></font></font><u>Notices</u></font>.&#160; All notices,
            requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent according to Section 14.01 of the Base Indenture.&#160; In addition, any notice or communication to the Rating Agency shall
            be sent to the following addresses:</div>
          <div>&#160;</div>
        </div>
      </div>
    </div>
  </div>
  <div>
    <div style="text-align: justify; margin-left: 72pt;"><u>If to S&amp;P</u>:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">S&amp;P Global Ratings</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">55 Water Street</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">42nd Floor</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">New York, NY 10041-0003</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Attention: ABS Surveillance Group &#8211; New Assets</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">E-mail: Servicer_Reports@standardandpoors.com</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 72pt;"><u>If to KBRA</u>:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Kroll Bond Rating Agency, Inc.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">845 Third Avenue, Fourth Floor</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">New York, NY 10022</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">Attention: ABS Surveillance Group</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">E-mail: abssurveillance@kbra.com</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;">[Signature Pages Follow]</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;
      <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, each of the Master Issuer, the Trustee and the Series 2019-1 Securities Intermediary has caused this Series Supplement to be duly executed by its respective duly authorized
        officer as of the day and year first written above.</div>
      <div>&#160;</div>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" id="zd5a71005b30441538534a63e455edaf2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>JACK IN THE BOX FUNDING, LLC,</div>
          </td>
          <td style="width: 16%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>a Delaware limited liability company, as Master Issuer</div>
          </td>
          <td style="width: 16%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 16%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 30%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 16%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 4%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt;">/s/ Michael J. Snider</div>
          </td>
          <td style="width: 16%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 4%; vertical-align: top;">
            <div><br>
            </div>
          </td>
          <td style="width: 30%; vertical-align: top;">
            <div>Name: Michael J. Snider</div>
          </td>
          <td style="width: 16%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div>Title:&#160;&#160; Assistant Secretary</div>
          </td>
          <td style="width: 16%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>

    </table>
    <br>
    <div><br>
    </div>
    <div><br>
    </div>
    <br>
  </div>
  <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Series 2019-1 Supplement</font><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div> <br>
  </div>
  <br>
  <div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="vertical-align: top;" rowspan="1" colspan="2">
              <div>CITIBANK, N.A., not in its individual capacity but<br>
              </div>
            </td>
            <td style="width: 16%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="vertical-align: top;" rowspan="1" colspan="2">
              <div>solely as Trustee and as Series 2019-1 Securities Intermediary</div>
            </td>
            <td style="width: 16%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 30%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 16%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
            <td style="width: 4%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 30%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 16%; vertical-align: top;" rowspan="1" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="width: 4%; vertical-align: top; padding-bottom: 2px;">
              <div>By:</div>
            </td>
            <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt;">/s/ Jacqueline Suarez</div>
            </td>
            <td style="width: 16%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 4%; vertical-align: top;">
              <div><br>
              </div>
            </td>
            <td style="width: 30%; vertical-align: top;">
              <div>Name: Jacqueline Suarez</div>
            </td>
            <td style="width: 16%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
            <td style="width: 4%; vertical-align: top;">&#160;</td>
            <td style="width: 30%; vertical-align: top;">
              <div>Title:&#160;&#160; Senior Trust Officer</div>
            </td>
            <td style="width: 16%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Series 2019-1 Supplement</font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
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  <div>
    <div style="text-align: right;"><u>ANNEX A</u></div>
    <div>&#160;</div>
    <div style="text-align: center;"><u>SERIES 2019-1</u></div>
    <div>&#160;</div>
    <div style="text-align: center;"><u>SUPPLEMENTAL DEFINITIONS LIST</u></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;"><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Administrative Agent</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in the
        preamble to the Series 2019-1 Class A-1 Note Purchase Agreement.&#160; For purposes of the Base Indenture, the Administrative Agent shall be deemed to be a &#8220;Class A-1 Administrative Agent&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Administrative Agent Fees</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth
        in the Series 2019-1 Class A-1 VFN Fee Letter.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Advance Request</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in </font><font style="background-color: #FFFFFF;"><u>Section 7.03(d)</u></font><font style="background-color: #FFFFFF;"> of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Agent Members</u>&#8221; means members of, or participants in, DTC, or a nominee thereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Application</u>&#8221; means an application, in such form as the applicable L/C Issuing Bank may specify from time to time, requesting such L/C Issuing Bank to issue a Letter of Credit.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Assignment and Assumption Agreement</u>&#8221; has the meaning set forth in Section&#160;9.17(a) of the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Base Rate</u>&#8221; has the meaning set forth in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Base Rate Advance</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in
        Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Breakage Amount</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in Section
        3.06(c) of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Cede</u>&#8221; has the meaning set forth in <u>Section 4.02(a)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Class A-1 Accrued Quarterly Commitment Fee Shortfall</u></font><font style="background-color: #FFFFFF;">&#8221;
        means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the aggregate
        amount allocated to the Class A&#8209;1 Notes Commitment Fees Account with respect to the Series 2019-1 Class A-1 Notes on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the aggregate Class A-1
        Notes Accrued Quarterly Commitment Fee Amounts for all such preceding Weekly Allocation Dates.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Class A-1 Amendment Expenses</u></font><font style="background-color: #FFFFFF;">&#8221; means &#8220;Amendment
        Expenses&#8221; as defined in, and payable pursuant to, Section 9.05(a)(ii) of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Class A-1 Daily Interest Amount</u></font><font style="background-color: #FFFFFF;">&#8221; means, for any day
        during any Interest Accrual Period, the sum of the following amounts:</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="background-color: rgb(255, 255, 255);">with respect to any Eurodollar Advance outstanding on such day, the result of (i) the product of (x) the Eurodollar Rate in effect for such Interest Accrual Period and (y) the
          principal amount of such Series 2019-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 360; </font><font style="background-color: rgb(255, 255, 255);"><u>plus</u></font></font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-1</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="background-color: rgb(255, 255, 255);">with respect to any Base Rate Advance outstanding on such day, the result of (i) the product of (x) the Base Rate in effect for such day and (y) the principal amount of such
          Series 2019-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 365 (or 366, as applicable); </font><font style="background-color: rgb(255, 255, 255);"><u>plus</u></font></font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="background-color: rgb(255, 255, 255);">with respect to any CP Advance outstanding on such day, the result of (i) the product of (x) the CP Rate in effect for such Interest Accrual Period and (y) the principal
          amount of such Series 2019-1 Class A-1 Advance outstanding as of the close of business on such day divided by (ii) 360; </font><font style="background-color: rgb(255, 255, 255);"><u>plus</u></font></font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="background-color: rgb(255, 255, 255);">with respect to any Swingline Loans or Unreimbursed L/C Drawings outstanding on such day, the result of (i) the product of (x) the Base Rate in effect for such day and (y) the
          principal amount of such Series 2019-1 Class A-1 Swingline Loans and Unreimbursed L/C Drawings outstanding as of the close of business on such day divided by (ii) 365 (or 366, as applicable); </font><font style="background-color: rgb(255, 255, 255);"><u>plus</u></font></font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><font style="background-color: rgb(255, 255, 255);">with respect to any Undrawn L/C Face Amounts outstanding on such day, the L/C Quarterly Fees that accrue thereon for such day.</font></font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Class A-1 Estimated Quarterly Commitment Fee</u></font><font style="background-color: #FFFFFF;">&#8221; means,
        with respect to any Interest Accrual Period, an amount equal to the sum of (a) the </font><font style="background-color: #FFFFFF;"><u>product</u></font><font style="background-color: #FFFFFF;"> of (i) the Estimated Daily Commitment Fees Amount for
        such Interest Accrual Period and (ii) the number of days in such Interest Accrual Period, and (b) the amount of any Series 2019-1 Class A-1 Quarterly Commitment Fees Shortfall Amount for the immediately preceding Interest Accrual Period together
        with additional interest thereon as set forth in </font><font style="background-color: #FFFFFF;"><u>Section 3.04(a)</u></font><font style="background-color: #FFFFFF;">.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Class A-1 Estimated Quarterly Interest</u></font><font style="background-color: #FFFFFF;">&#8221; means, with
        respect to each Interest Accrual Period, an amount equal to the sum of (a) the </font><font style="background-color: #FFFFFF;"><u>product</u></font><font style="background-color: #FFFFFF;"> of (i) the Estimated Class A-1 Daily Interest Amount for
        such Interest Accrual Period and (ii) the number of days in such Interest Accrual Period, and (b) the amount of any Class A-1 Quarterly Interest Shortfall Amount for the immediately preceding Interest Accrual Period, together with additional
        interest thereon as set forth in </font><font style="background-color: #FFFFFF;"><u>Section 3.04(a)</u></font><font style="background-color: #FFFFFF;">.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Class A-1 Extension Fees</u></font><font style="background-color: #FFFFFF;">&#8221; means the fees payable
        pursuant to the Series 2019-1 Class A-1 VFN Fee Letter in connection with the extension of a Commitment Termination Date.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Class A-1 </u></font><font style="background-color: #FFFFFF;"><u>Final Interest Adjustment Amount</u></font><font style="background-color: #FFFFFF;">&#8221; means, for any Interest Accrual Period, the result (whether a positive or negative number) of (a)&#160;the aggregate of the Class A-1 Daily Interest Amounts for each day in such Interest Accrual Period </font><font style="background-color: #FFFFFF;"><u>minus</u></font><font style="background-color: #FFFFFF;"> (b)&#160;the aggregate amount allocated pursuant to </font><font style="background-color: #FFFFFF;"><u>clauses (i)</u></font><font style="background-color: #FFFFFF;"> - </font><font style="background-color: #FFFFFF;"><u>(iii</u></font><font style="background-color: #FFFFFF;"><u>)</u></font><font style="background-color: #FFFFFF;"> of the defined term &#8220;Senior Notes Accrued Quarterly Interest Amount
        (Class A-1)&#8221; in respect of such Interest Accrual Period.&#160; For purposes of the Base Indenture, the Class A-1 </font><font style="background-color: #FFFFFF;">Final Interest Adjustment Amount for any Interest Accrual Period shall be deemed to be a
        &#8220;Class A&#8209;1 Interest Adjustment Amount&#8221; for such Interest Accrual Period.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Class A-1 Notes Accrued Quarterly Commitment Fee Amount</u></font><font style="background-color: #FFFFFF;">&#8221;
        means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period (or to the extent necessary to cover any Commitment Fee Final Adjustment Amount
        with respect to the Interest Accrual Period ending in such Quarterly Collection Period, as provided for in </font><font style="background-color: #FFFFFF;"><u>clause (c)</u></font><font style="background-color: #FFFFFF;"> below) an amount equal to
        the sum of:</font></div>
    <div>&#160;</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-2</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div> <br>
    </div>
    <div style="margin-left: 36pt; text-indent: 36pt; text-align: justify;"> <font style="background-color: rgb(255, 255, 255);">(a)&#160;&#160;&#160;&#160;&#160; the sum of (A) the product of (1) the Weekly Allocation Percentage and (2) the Class A-1 Estimated Quarterly
        Commitment Fee for such Interest Accrual Period and (B) the Class A-1 Accrued Quarterly Commitment Fee Shortfall for such Weekly Allocation Date, until such Class A-1 Estimated Quarterly Commitment Fee, net of any allocated but unpaid negative
        Commitment Fee Final Adjustment Amount with respect to a prior Interest Accrual Period, shall have been allocated in full;</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif;"></font></div>
    <div><font style="background-color: #FFFFFF;"> <br>
      </font></div>
    <div style="margin-left: 36pt; text-indent: 36pt; text-align: justify;"><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif;">(b)&#160;&#160;&#160;&#160;&#160; if such Weekly Allocation Date is on or prior to the second to last Weekly
        Allocation Date in such Quarterly Collection Period, the Commitment Fee Weekly Adjustment Amount, if positive, with respect to such Interest Accrual Period (without duplication of </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif;"><u>clause (a)</u></font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif;">); and</font><font style="background-color: rgb(255, 255, 255);"></font></div>
    <div><font style="background-color: #FFFFFF;"> <br>
      </font></div>
    <div style="margin-left: 36pt; text-indent: 36pt; text-align: justify;"><font style="background-color: rgb(255, 255, 255);">(c)&#160;&#160;&#160;&#160;&#160; if such Weekly Allocation Date is the last Weekly Allocation Date in the Interest Accrual Period ending in such
        Quarterly Collection Period, the Commitment Fee Final Adjustment Amount, if positive, with respect to such Interest Accrual Period.</font></div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">For purposes of the Base Indenture, the Class A-1 Notes Accrued Quarterly Commitment Fee Amount shall be deemed to be the &#8220;Class A-1 Notes Accrued Quarterly
        Commitment Fee Amount&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Class A-1 Order of Distribution</u>&#8221; shall mean the priorities of distribution set forth in in Section&#160;4.02(a) and (b) of the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Class A-1 Weekly Interest Adjustment Amount</u>&#8221; means, with respect to any Interest Accrual Period, as of any date of determination prior to the ending of such Interest Accrual Period, the
      result (if positive) of (a)&#160;the expected aggregate of the Class A-1 Daily Interest Amounts for each day in such Interest Accrual Period as of such date of determination, as determined by the Manager in accordance with the Managing Standard <u>minus</u>
      (b)&#160;the aggregate amount allocated pursuant to <u>clauses (i)</u> - <u>(iii)</u> of the defined term &#8220;Senior Notes Accrued Quarterly Interest Amount (Class A-1)&#8221; in respect of such Interest Accrual Period.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Class A-2 Accrued Quarterly Scheduled Principal Amount</u>&#8221; means, for each Weekly Allocation Date during any Quarterly Collection Period, an amount equal to the sum of (i)&#160;the product of (1)&#160;the
      applicable Weekly Allocation Percentage and (2)&#160;the Quarterly Scheduled Principal Amount for the Quarterly Payment Date <font style="background-color: #FFFFFF;">in the next succeeding Quarterly Collection Period </font>and (ii)&#160;the Class A-2
      Accrued Quarterly Scheduled Principal Shortfall Amount for such Weekly Allocation Date, until such Quarterly Scheduled Principal Amount shall have been allocated (or prefunded with respect to the first Quarterly Collection Period) in full.&#160; For
      purposes of the Base Indenture, the Class A-2 Accrued Quarterly Scheduled Principal Amount shall be deemed to be a &#8220;Senior Notes Accrued Quarterly Scheduled Principal Amount&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Class A-2 Accrued Quarterly Scheduled Principal Shortfall Amount</u>&#8221; means, (a)&#160;for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b)&#160;for any other
      Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i)&#160;the amount allocated to the Senior Notes Principal Payment Account with respect to Class A-2 Accrued Quarterly Scheduled Principal Amounts on the
      immediately preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii)&#160;the Class A-2 Accrued Quarterly Scheduled Principal Amount for such immediately preceding Weekly Allocation Date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Class A-2 Quarterly Interest</u>&#8221; means, with respect to any Interest Accrual Period, an amount equal to the sum of (i)&#160;the accrued interest at the Series 2019-1 Class A-2 Note Rate on the Series
      2019-1 Class A-2 Outstanding Principal Amount (excluding, for the avoidance of doubt, Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount), calculated based on a 360-day year of twelve 30-day months and (ii)&#160;the amount of any Class A-2
      Quarterly Interest Shortfall Amount&#160; for the immediately preceding Interest Accrual Period together with additional interest thereon as set forth in <u>Section 3.05(a)</u>.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-3</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Commitments</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in </font><font style="background-color: #FFFFFF;"><u>Section 1.02</u></font><font style="background-color: #FFFFFF;"> of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Commitment Fee Final Adjustment Amount</u></font><font style="background-color: #FFFFFF;">&#8221; means, for any
        Interest Accrual Period, the result (whether a positive or negative number) of (a) the aggregate of the Daily Commitment Fees Amounts for each day in such Interest Accrual Period </font><font style="background-color: #FFFFFF;"><u>minus</u></font><font style="background-color: #FFFFFF;"> (b) the aggregate amount allocated pursuant to </font><font style="background-color: #FFFFFF;"><u>clauses (a)</u></font><font style="background-color: #FFFFFF;"> - </font><font style="background-color: #FFFFFF;"><u>(c)</u></font><font style="background-color: #FFFFFF;"> of the defined term &#8220;Class A-1 Notes Accrued Quarterly Commitment Fee Amount&#8221; in respect of such Interest Accrual Period</font><font style="background-color: #FFFFFF;">.&#160; For
        purposes of the Base Indenture, the</font><font style="background-color: #FFFFFF;"> Commitment Fee Final Adjustment Amount shall be deemed to be the &#8220;Class A-1 Commitment Fee Adjustment Amount&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Commitment Fee Weekly Adjustment Amount</u></font><font style="background-color: #FFFFFF;">&#8221; means, with
        respect to any Interest Accrual Period, as of any date of determination prior to the ending of such Interest Accrual Period, the result (if positive) of (a) the expected aggregate of the Daily Commitment Fees Amounts for each day in such Interest
        Accrual Period as of such date of determination, as determined by the Manager in accordance with the Managing Standard </font><font style="background-color: #FFFFFF;"><u>minus</u></font><font style="background-color: #FFFFFF;"> (b) the aggregate
        amount allocated pursuant to </font><font style="background-color: #FFFFFF;"><u>clauses (a)</u></font><font style="background-color: #FFFFFF;"> - </font><font style="background-color: #FFFFFF;"><u>(c)</u></font><font style="background-color: #FFFFFF;"> of the defined term &#8220;Class A-1 Notes Accrued Quarterly Commitment Fee Amount&#8221; in respect of such Interest Accrual Period.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Commitment Termination Date</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth
        in </font><font style="background-color: #FFFFFF;"><u>Section 1.02</u></font><font style="background-color: #FFFFFF;"> of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Committed Note Purchaser</u>&#8221; has the meaning set forth in the preamble to the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Conduit Investors</u>&#8221; has the meaning set forth in the preamble to the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>CP Advance</u>&#8221; has the meaning set forth in Section&#160;1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>CP Rate</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in Section 1.02 of
        the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Daily Commitment Fees Amount</u></font><font style="background-color: #FFFFFF;">&#8221; means, for any day
        during any Interest Accrual Period, the Undrawn Commitment Fees that accrue for such day.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Daily Post-Renewal Date Contingent Interest Amount</u></font><font style="background-color: #FFFFFF;">&#8221;
        means, for any day during any Interest Accrual Period commencing on or after the Series 2019-1 Class A-1 Notes Renewal Date, the sum of (a) the result of (i) the product of (x) the Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate
        and (y) the Series 2019-1 Class A-1 Outstanding Principal Amount (excluding any Base Rate Advances and Undrawn L/C Face Amounts included therein) as of the close of business on such day divided by (ii) 360 and (b) the result of (i) the product of
        (x) the Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate and (y) any Base Rate Advances included in the Series 2019-1 Class A-1 Outstanding Principal Amount as of the close of business on such day divided by (ii) 365 or 366, as
        applicable.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Decrease</u>&#8221; means a Mandatory Decrease or a Voluntary Decrease, as applicable.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-4</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Definitive Notes</u>&#8221; has the meaning set forth in <u>Section&#160;4.02(c)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Depository</u>&#8221; means the depository or the custodian specified herein to whom the Notes of a Class of a Series, upon original issuance, may be issued and delivered.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>DTC</u>&#8221; means The Depository Trust Company and any successor thereto.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>ERISA</u>&#8221; means the United States Employee Retirement Income Security Act of 1974, as amended.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>ERISA Plan</u>&#8221; means an employee benefit plan (as defined in Section 3(3) of ERISA) which are subject to Title I of ERISA, including entities such as collective investment funds and separate
      accounts whose underlying assets are deemed to include the assets of such plans.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Estimated Class A-1 Daily Interest Amount</u></font><font style="background-color: #FFFFFF;">&#8221; means (a)
        for the first Interest Accrual Period, the Class A-1 Daily Interest Amount as of the </font>Series 2019-1<font style="font-size: 12pt;">&#160;</font><font style="background-color: #FFFFFF;">Closing Date and (b) for any other Interest Accrual Period,
        the Class A-1 Daily Interest Amount for the first day of the Quarterly Collection Period during which such Interest Accrual Period commenced.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Estimated Daily Commitment Fees Amount</u></font><font style="background-color: #FFFFFF;">&#8221; means (a) for
        the first Interest Accrual Period, the Daily Commitment Fees Amount as of the </font>Series 2019-1<font style="font-size: 12pt;">&#160;</font><font style="background-color: #FFFFFF;">Closing Date and (b) for any other Interest Accrual Period, the Daily
        Commitment Fees Amount for the first day of the Quarterly Collection Period during which such Interest Accrual Period commenced.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Eurodollar Advance</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in
        Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Eurodollar Rate</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in Section
        1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<u>Fitch</u>&#8221; means Fitch, Inc., doing business as Fitch Ratings, or any successor or successors thereto.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Funding Agent</u>&#8221; has the meaning set forth in the preamble to the Series 2019-1 Class A&#8209;1 Note Purchase Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">&#160;<font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Increase</u>&#8221; has the meaning set forth in <u>Section&#160;2.01(a)</u> of the Series 2019-1 Supplement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Initial Purchasers</u>&#8221; means, collectively, Guggenheim Securities, LLC, Morgan Stanley &amp; Co. LLC, Rabo Securities U.S.A., Inc., BofA Securities Inc. and
        Wells Fargo Securities LLC.</font></div>
    <div>&#160;<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Investor</u>&#8221; has the meaning set forth in Section 1.02 of the Series 2019-1 Class A&#8209;1 Note Purchase Agreement.</font></div>
    <div>&#160;<font style="font-family: 'Times New Roman',Times,serif;"><font style="background-color: rgb(255, 255, 255);"></font></font></div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="background-color: rgb(255, 255, 255);">&#8220;</font><font style="background-color: rgb(255, 255, 255);"><u>Investor Group Supplement</u></font><font style="background-color: rgb(255, 255, 255);">&#8221; has the meaning set forth in Section 9.17(c) of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></font></div>
    <div>&#160;<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"></font></div>
    <div style="text-indent: 36pt;"><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> </font><font style="font-family: 'Times New Roman',Times,serif;"><font style="background-color: rgb(255, 255, 255);">&#8220;</font><font style="background-color: rgb(255, 255, 255);"><u>KBRA</u></font><font style="background-color: rgb(255, 255, 255);">&#8221; means Kroll Bond Rating Agency, Inc. (and any successor or successors thereto).</font></font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>L/C Commitment</u>&#8221; has the meaning set forth in Section&#160;1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>L/C Issuing Bank</u>&#8221; has the meaning set forth in Section&#160;2.07(g) of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-5</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>L/C Quarterly Fees</u>&#8221; has the meaning set forth in Section&#160;2.07(d) of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>L/C Obligations</u>&#8221; has the meaning set forth in Section&#160;1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>L/C Provider</u>&#8221; has the meaning set forth in Section&#160;1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Letter of Credit</u>&#8221; has the meaning set forth in Section 2.07(a) of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Make-Whole End Date</u>&#8221; has the meaning set forth in <u>Section&#160;3.06(e)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Mandatory Decrease</u>&#8221; has the meaning set forth in the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Offering Memorandum</u>&#8221; means the offering memorandum for the offering of the Series 2019-1 Class A-2 Notes, dated June 28, 2019, prepared by the Master Issuer.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Outstanding</u>&#8221; has the meaning set forth in the Base Indenture.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Permanent Regulation&#160;S Global Notes</u>&#8221; has the meaning set forth in <u>Section&#160;4.02(b)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Plan</u>&#8221; means either an ERISA Plan or plans that are not subject to ERISA, but which are subject to Section 4975 of the Code, such as individual retirement accounts.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Plan Fiduciary</u>&#8221; has the meaning set forth in <u>Section&#160;4.05(l)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Prepayment Notice</u>&#8221; has the meaning set forth in <u>Section&#160;3.06(g)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Prepayment Record Date</u>&#8221; means, with respect to the date of any Series 2019-1 Prepayment, the last day of the calendar month immediately preceding the date of such Series 2019-1 Prepayment
      unless such last day is less than ten (10)&#160;Business Days prior to the date of such Series 2019-1 Prepayment, in which case the &#8220;Prepayment Record Date&#8221; will be the last day of the second calendar month immediately preceding the date of such Series
      2019-1 Prepayment.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Quarterly Scheduled Principal Amount</u>&#8221; means, with respect to any Quarterly Payment Date, (i) with respect to the Series 2019-1 Class A-2-I Notes, $1,437,500, (ii) with respect to the Series
      2019-1 Class A-2-II Notes, $687,500 and (iii) with respect to the Series 2019-1 Class A-2-III Notes, $1,125,000; <u>provided</u> that amounts paid to the Series 2019-1 Class A-2 Noteholders in respect of the Series 2019-1 Class A-2 Outstanding
      Principal Amount (x) in respect of amounts allocated pursuant to <u>priority (i)(D)</u> of the Priority of Payments shall reduce the respective Quarterly Scheduled Principal Amounts ratably and (y) as optional prepayments pursuant to <u>Section
        3.06(f)</u> shall reduce all remaining Quarterly Scheduled Principal Amounts with respect to the applicable Tranche ratably.&#160; Series 2019-1 Class A-2 Notes that are cancelled pursuant to Section 2.14 of the Base Indenture shall reduce the
      applicable Quarterly Scheduled Principal Amounts prior to the applicable Series 2019-1 Anticipated Repayment Date ratably based on the Outstanding Principal Amount of such Series 2019-1 Class A-2 Notes.&#160; For purposes of the Base Indenture, Quarterly
      Scheduled Principal Amounts shall be deemed to be &#8220;Scheduled Principal Payments&#8221;.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-6</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Quarterly Scheduled Principal Deficiency Amount</u>&#8221; means, as of any date of determination, the amount, if any, of due and unpaid Quarterly Scheduled Principal Amount with respect to each
      Quarterly Payment Date prior to such date of determination.&#160; For purposes of the Base Indenture, the Quarterly Scheduled Principal Deficiency Amount shall be deemed to be a &#8220;Senior Notes Quarterly Scheduled Principal Deficiency Amount&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>QIB</u>&#8221; means a &#8220;Qualified Institutional Buyer&#8221; as defined in Rule 144A.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Rabobank</u>&#8221; means Co&#246;peratieve Rabobank, U.A., New York Branch.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Rating Agency</u>&#8221; means S&amp;P, KBRA and any respective successor or successors thereto.&#160; Solely with respect to the Series 2019-1 Class A-2 Notes, in the event that at any time the rating
      agency rating the Series 2019-1 Class A-2 Notes does not include S&amp;P and/or KBRA, references to rating categories of S&amp;P and/or KBRA in this Series Supplement shall be deemed instead to be references to the equivalent categories of such other
      rating agency as then is rating the Notes as of the most recent S&amp;P and/or KBRA date on which such other rating agency and S&amp;P and/or KBRA published ratings for the type of security in respect of which such alternative rating agency is used.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Regulation S</u>&#8221; means Regulation&#160;S promulgated under the 1933 Act.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Regulation&#160;S Global Notes</u>&#8221; means, collectively, the Temporary Regulation&#160;S Global Notes and the Permanent Regulation&#160;S Global Notes.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Required Balance</u>&#8221; means, with respect to any Weekly Collection Period, the product of (1) the percentage set forth in the table below for each Weekly Collection Period for the specific length
      of the Fiscal Quarter and (2) with respect to (a) the Senior Notes Interest Payment Account, the sum, for each Interest Accrual Period, of (x) the Class A-1 Quarterly Commitment Fee Amounts and (y) <font style="background-color: #FFFFFF;">the Senior
        Notes Quarterly Interest Amount</font>, (b) the Senior Subordinated Notes Interest Payment Account, the Senior Subordinated Notes Accrued Quarterly Interest Amount, (c) the Subordinated Notes Interest Payment Account, the Subordinated Notes Accrued
      Quarterly Interest Amount, (d) the Senior Notes Principal Payment Account, the Senior Notes Quarterly Scheduled Principal Amounts, (e) the Senior Subordinated Notes Principal Payment Account, the Senior Subordinated Quarterly Scheduled Principal
      Amounts, (f) the Subordinated Notes Principal Payment Account, the Subordinated Quarterly Scheduled Principal Amounts and (g) the Senior Notes Post-ARD Contingent Interest Account, the Senior Notes Accrued Quarterly Post-ARD Contingent Interest
      Amount.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z2dc78af3648144849c8fe057ca576f7f" style="border-collapse: collapse; width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 75.01%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;"><u>Length of Fiscal Quarter</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;"><u>Week</u></div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;"><u>12-week quarter</u></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;"><u>13-week quarter</u></div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;"><u>16-week quarter</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">1</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">3</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">4</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">5</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#8211;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">6</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">7</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">80%</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">80%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">8</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">80%</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">80%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">9</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">45%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">10</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">80%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">11</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">80%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">12</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">80%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">13</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">14</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">15</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">16</div>
          </td>
          <td style="width: 24.99%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">N/A</div>
          </td>
          <td style="width: 25.03%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">100%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-7</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Restricted Period</u>&#8221; means, with respect to any Series 2019-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on the Series 2019-1 Closing Date and ending on the 40<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>&#160;day after the Series 2019-1 Closing Date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Rule&#160;144A</u>&#8221; means Rule&#160;144A promulgated under the 1933 Act.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Rule&#160;144A Global Notes</u>&#8221; has the meaning set forth in <u>Section&#160;4.02(a)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>S&amp;P</u>&#8221; means S&amp;P Global Ratings (and any successor or successors thereto).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Senior Notes Accrued Quarterly Interest Amount</u></font><font style="background-color: #FFFFFF;">&#8221;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="background-color: #FFFFFF;">&#160;</font></sup><font style="background-color: #FFFFFF;">means, for each Weekly Allocation Date with respect to a Quarterly Collection
        Period and the Interest Accrual Period beginning during such Quarterly Collection Period (or to the extent necessary to cover any Class A-1 Final Interest Adjustment Amount with respect to the Interest Accrual Period ending in such Quarterly
        Collection Period, as provided for in </font><font style="background-color: #FFFFFF;"><u>clause (iii)</u></font><font style="background-color: #FFFFFF;"> of &#8220;Senior Notes Accrued Quarterly Interest Amount (Class A-1)&#8221;), an amount equal to the sum
        of Senior Notes Accrued Quarterly Interest Amount (Class A-1) and Senior Notes Accrued Quarterly Interest Amount (Class A-2) for such Weekly Allocation Date.&#160; For purposes of the Base Indenture, the Senior Notes Accrued Quarterly Interest Amount
        shall be deemed to be a &#8220;Senior Notes Accrued Quarterly Interest Amount&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Senior Notes Accrued Quarterly Interest Amount (Class A-1)</u></font><font style="background-color: #FFFFFF;">&#8221;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="background-color: #FFFFFF;">&#160;</font></sup><font style="background-color: #FFFFFF;">means, for each Weekly Allocation Date with respect to a Quarterly Collection
        Period and the Interest Accrual Period beginning during such Quarterly Collection Period (or to the extent necessary to cover any Class A-1 Final Interest Adjustment Amount with respect to the Interest Accrual Period ending in such Quarterly
        Collection Period, as provided for in </font><font style="background-color: #FFFFFF;"><u>clause (iii)</u></font><font style="background-color: #FFFFFF;"> below), an amount equal to the sum of:</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="background-color: #FFFFFF;">the sum of (A) the product of (1) the applicable Weekly Allocation Percentage and
        (2) the Class A-1 Estimated Quarterly Interest for such Interest Accrual Period and (B) the Senior Notes Accrued Quarterly Interest Shortfall (Class A-1) for such Weekly Allocation Date, until such Class A-1 Estimated Quarterly Interest, net of any
        allocated but unpaid negative Class A-1 Final Interest Adjustment Amount with respect to a prior Interest Accrual Period, shall have been allocated in full;</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt;">(ii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="background-color: #FFFFFF;">if such Weekly Allocation Date is on or prior to the second to last Weekly
        Allocation Date in such Quarterly Collection Period, the Class A-1 Weekly Interest Adjustment Amount, if positive, with respect to such Interest Accrual Period (without duplication of </font><font style="background-color: #FFFFFF;"><u>clause (i)</u></font><font style="background-color: #FFFFFF;">); and</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt;">(iii)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="background-color: #FFFFFF;">if such Weekly Allocation Date is the last Weekly Allocation Date in the Interest
        Accrual Period ending in such Quarterly Collection Period, the Class A-1 Final Interest Adjustment Amount, if positive, with respect to such Interest Accrual Period.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Senior Notes Accrued Quarterly Interest Amount (Class A-2)</u></font><font style="background-color: #FFFFFF;">&#8221;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="background-color: #FFFFFF;">&#160;</font></sup><font style="background-color: #FFFFFF;">means, for each Weekly Allocation Date with respect to a
        Quarterly Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period, an amount equal to the sum of: (i)&#160;the product of (1)&#160;the Weekly Allocation Percentage and (2) the expected Class A-2 Quarterly Interest
        for such Interest Accrual Period and (ii)&#160;the Senior Notes Accrued Quarterly Interest Shortfall (Class A-2) for such Weekly Allocation Date, until such expected Class A-2 Quarterly Interest shall have been allocated in full.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-8</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Senior Notes Accrued Quarterly Interest Shortfall (Class A-1)</u>&#8221; <font style="background-color: #FFFFFF;">means (a) for the first Weekly Allocation Date with respect to any Quarterly
        Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the aggregate amount allocated to the Senior Notes Interest Payment Account with respect to
        Senior Notes Accrued Quarterly Interest Amount (Class A-1) on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the aggregate Senior Notes Accrued Quarterly Interest Amount (Class A-1) for all
        such preceding Weekly Allocation Dates.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Senior Notes Accrued Quarterly Interest Shortfall (Class A-2)</u>&#8221; means (a)&#160;for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b)&#160;for any other
      Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i)&#160;the aggregate amount allocated to the Senior Notes Interest Payment Account with respect to the <font style="background-color: #FFFFFF;">Senior
        Notes Accrued Quarterly Interest Amount (Class A-2)</font> on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii)&#160;the aggregate Senior Notes Accrued Quarterly Interest Amount (Class A-2) for all
      such preceding Weekly Allocation Dates.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount</u>&#8221; means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the sum of (i)&#160;the
      product of (1)&#160;the applicable Weekly Allocation Percentage and (2) the aggregate of each interest amount designated hereunder as a &#8220;Senior Notes Quarterly Post-ARD Contingent Interest Amount&#8221; for purposes of the Base Indenture (collectively, the &#8220;<u>Designated

        SNQPCIA</u>&#8221;) due on the Quarterly Payment Date <font style="background-color: #FFFFFF;">in the next succeeding Quarterly Collection Period</font> and (ii)&#160;the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Shortfall for such Weekly
      Allocation Date, until such Designated SNQPCIA shall have been allocated in full.&#160; <font style="background-color: #FFFFFF;">For purposes of the Base Indenture, the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount shall be deemed to
        be a &#8220;Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Senior Notes Accrued Quarterly Post-ARD Contingent Interest Shortfall</u>&#8221; means (a)&#160;for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b)&#160;for any
      other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i)&#160;the aggregate amount allocated to the Senior Notes Post-ARD Contingent Interest Account with respect to the Series 2019-1 Notes on each
      preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii)&#160;the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for all such preceding Weekly Allocation Dates.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Anticipated Repayment Date</u>&#8221; has the meaning set forth in <u>Section&#160;3.06(b)</u> of the Series 2019-1 Supplement.&#160; For purposes of the Base Indenture, the Series 2019-1
      Anticipated Repayment Date shall be deemed to be a &#8220;Series Anticipated Repayment Date&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Administrative Expenses</u></font><font style="background-color: #FFFFFF;">&#8221;
        means, for any Weekly Allocation Date, the aggregate amount of any Administrative Agent Fees and Class A-1 Amendment Expenses then due and payable and not previously paid and, if the following Quarterly Payment Date is a Series 2019-1 Class A-1
        Notes Renewal Date, the amount of any Class A-1 Extension Fees due and payable on such Quarterly Payment Date.&#160; For purposes of the Base Indenture, the Series 2019-1 Class A-1 Administrative Expenses shall be deemed to be &#8220;Class A-1 Notes
        Administrative Expenses&#8221;.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-9</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Advance</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set
        forth in the recitals to the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Advance Notes</u>&#8221; has the meaning set forth in &#8220;Designation&#8221; in the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Advance Request</u>&#8221; has the meaning set forth under &#8220;Advance Request&#8221; in this <u>Annex A</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Breakage Amount</u>&#8221; has the meaning set forth under the &#8220;Breakage Amount&#8221; in this <u>Annex A</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Commitments</u>&#8221; has the meaning set forth under &#8220;Commitments&#8221; in this <u>Annex A</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Commitment Term</u>&#8221; has the meaning set forth in under &#8220;Commitment Term&#8221; in Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Distribution Account</u>&#8221; means account no.&#160;12206200 entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Series 2019-1 &#8211; Series 2019-1 Distribution Account&#8221;
      maintained by the Trustee pursuant to <u>Section&#160;3.07(a)</u> of the Series 2019-1 Supplement or any successor securities account maintained pursuant to <u>Section&#160;3.07(a)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Distribution Account Collateral</u>&#8221; has the meaning set forth in <u>Section&#160;3.07(b)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Excess Principal Event</u>&#8221; shall be deemed to have occurred if, on any date, the Series 2019-1 Class A-1 Outstanding Principal Amount exceeds the Series 2019-1 Class A-1
      Notes Maximum Principal Amount.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Initial Advance</u>&#8221; has the meaning set forth in <u>Section&#160;2.01(a)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Initial Advance Principal Amount</u>&#8221; means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-1 Advance Notes corresponding to the aggregate
      amount of the Series 2019-1 Class A-1 Initial Advances made on the Series 2019-1<font style="font-size: 12pt;">&#160;</font>Closing Date pursuant to <u>Section&#160;2.01(a)</u> of the Series 2019-1 Supplement, which is $0.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount</u>&#8221; means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-1 L/C Note of the L/C Provider
      corresponding to the aggregate Undrawn L/C Face Amounts of the Letters of Credit issued on the Series 2019-1<font style="font-size: 12pt;">&#160;</font>Closing Date pursuant to Section&#160;2.07 of the Series 2019-1 Class A-1 Note Purchase Agreement, which is
      $76,798,364.16.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Initial Swingline Principal Amount</u></font><font style="background-color: #FFFFFF;">&#8221; means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-1 Swingline Notes corresponding to the aggregate amount of the Swingline Loans made on the </font>Series 2019-1<font style="font-size: 12pt;">&#160;</font><font style="background-color: #FFFFFF;">Closing Date pursuant to Section 2.06 of the Series 2019-1 Class A-1 Note Purchase Agreement, which is $0.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Investor</u>&#8221; has the meaning set forth under &#8220;Investor&#8221; in this <u>Annex A</u>.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-10</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 L/C Notes</u>&#8221; has the meaning set forth in &#8220;Designation&#8221; in the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 L/C Obligations</u>&#8221; has the meaning set forth under &#8220;L/C Obligations&#8221; in this <u>Annex A</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Legal Final Maturity Date</u>&#8221; is the Quarterly Payment Date occurring in August 2049.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Note Purchase Agreement</u>&#8221; means the Class A-1 Note Purchase Agreement, dated as of July 8, 2019, by and among the Master Issuer, the Guarantors, the Manager, the Series
      2019-1 Class A-1 Investors, the Series 2019-1 Class A-1 Noteholders and Co&#246;peratieve Rabobank, U.A., New York Branch, as administrative agent thereunder, pursuant to which the Series 2019-1 Class A-1 Noteholders have agreed to purchase the Series
      2019-1 Class A-1 Notes from the Master Issuer, subject to the terms and conditions set forth therein, as amended, supplemented or otherwise modified from time to time.&#160; For purposes of the Base Indenture, the Series 2019-1 Class A-1 Note Purchase
      Agreement shall be deemed to be a &#8220;Variable Funding Note Purchase Agreement&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Note Rate</u></font><font style="background-color: #FFFFFF;">&#8221; means, for any day,
        (a) with respect to any portion of the Series 2019-1 Class A-1 Outstanding Principal Amount as of such day, the CP Rate, the Eurodollar Rate or the Base Rate, as applicable thereto pursuant to the Series 2019-1 Class A-1 Note Purchase Agreement for
        such day, and (b) with respect to any other amounts that any Related Document provides is to bear interest by reference to the Series 2019-1 Class A-1 Note Rate, the Base Rate in effect for such day.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Noteholder</u>&#8221; means the Person in whose name a Series 2019-1 Class A-1 Note is registered in the Note Register.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Notes</u>&#8221; has the meaning set forth in &#8220;Designation&#8221; in the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Notes Amortization Event</u>&#8221; <font style="background-color: #FFFFFF;">means that the Outstanding Principal Amount of the Series 2019-1 Class A-1 </font><font style="background-color: #FFFFFF;">Notes is not paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) on or prior to the Series 2019-1 Class A-1 Notes Renewal Date.&#160; For purposes of the Base
        Indenture, a Series 2019-1 Class A-1 Notes Amortization Event shall be deemed to be a &#8220;Class A-1 Notes Amortization Event&#8221;</font>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Notes Amortization Period</u></font><font style="background-color: #FFFFFF;">&#8221;
        means the period commencing on the date on which a Series 2019-1 Class A-1 Notes Amortization Event occurs and ending on the date on which there are no Series 2019-1 Class A-1 Notes Outstanding.&#160; For purposes of the Base Indenture, a Series 2019-1
        Class A-1 Notes Amortization Period shall be deemed to be a &#8220;Class A-1 Notes Amortization Period&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Notes Maximum Principal Amount</u>&#8221; <font style="background-color: #FFFFFF;">means $150,000,000, as such amount may be reduced pursuant to Section 2.05 of</font> the
      Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Notes Renewal Date</u></font><font style="background-color: #FFFFFF;">&#8221; means (i)
        the Quarterly Payment Date in August 2024, (ii) if the date in </font><font style="background-color: #FFFFFF;"><u>clause (i)</u></font><font style="background-color: #FFFFFF;"> is extended at such time to the Quarterly Payment Date in August 2025,
        the Quarterly Payment Date in August 2025, and (iii) if the date in </font><font style="background-color: #FFFFFF;"><u>clause (ii)</u></font><font style="background-color: #FFFFFF;"> is extended at such time to the Quarterly Payment Date in August
        2026, the Quarterly Payment Date in August 2026, in each case pursuant to </font><font style="background-color: #FFFFFF;"><u>Section 3.06(b)</u></font><font style="background-color: #FFFFFF;"> of this Series Supplement.&#160; For purposes of the Base
        Indenture, the Series 2019-1 Class A-1 Notes Renewal Date shall be deemed to be a &#8220;Class A-1 Notes Renewal Date&#8221;.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-11</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Outstanding Principal Amount</u></font><font style="background-color: #FFFFFF;">&#8221;
        means, when used with respect to any date, an amount equal to (a) the Series 2019-1 Class A-1 Initial Advance Principal Amount, if any, </font><font style="background-color: #FFFFFF;"><u>minus</u></font><font style="background-color: #FFFFFF;">
        (b) the amount of principal payments (whether pursuant to a Decrease, a prepayment, a redemption or otherwise) made on the Series 2019-1 Class A-1 Advance Notes on or prior to such date </font><font style="background-color: #FFFFFF;"><u>plus</u></font><font style="background-color: #FFFFFF;"> (c) any Increases in the Series 2019-1 Class A-1 Outstanding Principal Amount pursuant to </font><font style="background-color: #FFFFFF;"><u>Section 2.01</u></font><font style="background-color: #FFFFFF;"> of
        the Series 2019-1 Supplement resulting from Series 2019-1 Class A-1 Advances made on or prior to such date and after the</font> Series 2019-1<font style="font-size: 12pt;">&#160;</font><font style="background-color: #FFFFFF;">Closing Date </font><font style="background-color: #FFFFFF;"><u>plus</u></font><font style="background-color: #FFFFFF;"> (d) any Series 2019-1 Class A-1 Outstanding Subfacility Amount on such date; </font><font style="background-color: #FFFFFF;"><u>provided</u></font><font style="background-color: #FFFFFF;"> that at no time may the Series 2019-1 Class A-1 Outstanding Principal Amount exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount.&#160; For purposes of the Base Indenture, the Series 2019-1 Class A-1
        Outstanding Principal Amount shall be deemed to be an &#8220;Outstanding Principal Amount&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Outstanding Subfacility Amount</u>&#8221; means, when used with respect to any date, the aggregate principal amount of any Series 2019-1 Class A-1 Swingline Notes and Series
      2019-1 Class A-1 L/C Notes outstanding on such date (after giving effect to Subfacility Increases or Subfacility Decreases therein to occur on such date pursuant to the terms of the Series 2019-1 Class A-1 Note Purchase Agreement or the Series 2019-1
      Supplement).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Amount</u></font><font style="background-color: #FFFFFF;">&#8221; means, for any Interest Accrual Period commencing on or after the Series 2019-1 Class A-1 Notes Renewal Date, an amount equal to the sum of the aggregate of the Daily Post-Renewal Date Contingent Interest
        Amounts for each day in such Interest Accrual Period.&#160; For purposes of the Base Indenture, the Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Amount shall be deemed to be a &#8220;Senior Notes Quarterly Post-ARD Contingent Interest
        Amount&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Post-Renewal Date Contingent Interest Rate</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in </font><font style="background-color: #FFFFFF;"><u>Section 3.04(c)</u></font><font style="background-color: #FFFFFF;"> of the Series 2019-1 Supplement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-1 Subfacility Noteholder</u>&#8221; means the Person in whose name a Series 2019-1 Class A-1 Swingline Note or Series 2019-1 Class A-1 L/C Note is registered in the Note Register.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Swingline Loan</u></font><font style="background-color: #FFFFFF;">&#8221; has the
        meaning set forth under &#8220;Swingline Loan&#8221; in this </font><font style="background-color: #FFFFFF;"><u>Annex A</u></font><font style="background-color: #FFFFFF;">.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 Swingline Notes</u></font><font style="background-color: #FFFFFF;">&#8221; has the
        meaning set forth in &#8220;Designation&#8221; of the Series 2019-1 Supplement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Class A-1 VFN Fee Letter</u></font><font style="background-color: #FFFFFF;">&#8221; means the Fee
        Letter, dated as of the </font>Series 2019-1<font style="font-size: 12pt;">&#160;</font><font style="background-color: #FFFFFF;">Closing Date, by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, the Committed Note
        Purchasers, the Funding Agents, the L/C Provider, the Swingline Lender, and the Administrative Agent, as the same may be amended, supplemented or otherwise modified from time to time pursuant to the terms thereof.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Distribution Account</u>&#8221; means account no.&#160;12206300 entitled &#8220;Citibank, N.A. f/b/o Jack in the Box Funding, LLC, Series 2019-1 &#8211; Series 2019-1 Distribution Account&#8221;
      maintained by the Trustee pursuant to <u>Section&#160;3.08(a)</u> of the Series 2019-1 Supplement or any successor securities account maintained pursuant to <u>Section&#160;3.08(a)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-12</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Distribution Account Collateral</u>&#8221; has the meaning set forth in <u>Section&#160;3.08(b)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Initial Principal Amount</u>&#8221; means the aggregate initial outstanding principal amount of the Series 2019-1 Class A-2 Notes, which is $1,300,000,000.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Legal Final Maturity Date</u>&#8221; means the Quarterly Payment Date occurring in August 2049.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Make-Whole Premium Calculation Date</u>&#8221; has the meaning set forth in <u>Section&#160;3.06(g)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Make-Whole Prepayment Premium</u>&#8221; means, with respect to a Series 2019-1 Class A-2 Prepayment, an amount (not less than zero) calculated by the Manager on behalf of the
      Master Issuer equal to (A) if such Series 2019-1 Class A-2 Prepayment occurs prior to the relevant Make-Whole End Date with respect to the applicable Tranche (i) the discounted present value as of the relevant Series 2019-1 Class A-2 Make-Whole
      Premium Calculation Date of all future installments of interest (excluding any interest required to be paid on the applicable Series 2019-1 Prepayment Date) on and principal of such Tranche (or portion thereof) being prepaid that the Master Issuer
      would otherwise be required to pay on such Tranche (or such portion thereof to be prepaid) from the applicable Series 2019-1 Prepayment Date to and including the Make-Whole End Date with respect to such Tranche, assuming that (x) principal payments
      of Quarterly Scheduled Principal Amounts are made pursuant to the then-applicable schedule of payments (giving effect to any ratable reductions in the Quarterly Scheduled Principal Amounts due to optional and mandatory prepayments, including
      prepayments in connection with a Rapid Amortization Event and cancellations of repurchased Notes prior to the date of such repayment), (y) Quarterly Scheduled Principal Amounts (or ratable amounts thereof based on the principal of such Tranche (or
      portion thereof) being prepaid) are to be made with respect to such Tranche (or portion thereof to be prepaid) on each Quarterly Payment Date prior to such Make-Whole End Date and (z) the entire remaining unpaid principal amount of such Tranche (or
      portion thereof) is paid on such Make-Whole End Date <u>minus</u> (ii)&#160;the Outstanding Principal Amount of such Tranche (or portion thereof) being prepaid or (B) if such Series 2019-1 Class A-2 Prepayment occurs on or after the Make-Whole End Date
      with respect to the applicable Tranche, zero.&#160; For the purposes of the calculation of the discounted present value in <u>clause&#160;(A)(i)</u> above, such present value shall be determined by the Manager, on behalf of the Master Issuer, using a discount
      rate equal to the sum of:&#160; (x)&#160;the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 2019-1 Class A-2 Make-Whole Premium Calculation Date, of the United States Treasury Security having a maturity closest to the relevant
      Make-Whole End Date <u>plus</u> (y)&#160;0.50%.&#160; For purposes of the Base Indenture, Series 2019-1 Class A-2 Make-Whole Prepayment Premium shall be deemed to be &#8220;unpaid premiums and make-whole prepayment premiums&#8221; for purposes of the Priority of
      Payments.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Note Purchase Agreement</u>&#8221; means the Purchase Agreement, dated as of June 28, 2019, by and among Guggenheim Securities, LLC, on behalf of itself and as representative of
      the Initial Purchasers, the Master Issuer, the Guarantors, the Manager, Jack in the Box Eastern Division L.P., JBX General Partner LLC and JBX Limited Partner LLC, as amended, supplemented or otherwise modified from time to time.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Note Rate</u>&#8221; means (i) with respect to the Series 2019-1 Class A-2-I Notes, the Series 2019-1 Class A-2-I Note Rate, (ii) with respect to the Series 2019-1 Class A-2-II
      Notes, the Series 2019-1 Class A-2-II Note Rate and (iii) (ii) with respect to the Series 2019-1 Class A-2-III Notes, the Series 2019-1 Class A-2-III Note Rate.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-13</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Noteholder</u>&#8221; means the Person in whose name a Series 2019-1 Class A-2 Note is registered in the Note Register.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2-I Note Rate</u>&#8221; means 3.982% per annum.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2-II Note Rate</u>&#8221; means 4.476% per annum.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2-III Note Rate</u>&#8221; means 4.970% per annum.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Notes</u>&#8221; has the meaning set forth in &#8220;Designation&#8221; of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Outstanding Principal Amount</u>&#8221; means, when used with respect to any date, an amount equal to (a)&#160;the Series 2019-1 Class A-2 Initial Principal Amount, <u>minus</u>
      (b)&#160;the aggregate amount of principal payments (whether a Quarterly Scheduled Principal Amount, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series 2019-1 Class A-2 Noteholders with respect to Series 2019-1 Class A-2
      Notes on or prior to such date.&#160; For purposes of the Base Indenture, the Series 2019-1 Class A-2 Outstanding Principal Amount shall be deemed to be an &#8220;Outstanding Principal Amount&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Prepayment</u>&#8221; has the meaning set forth in <u>Section&#160;3.06(e)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Class A-2 Prepayment Date</u>&#8221; means the date on which any prepayment on the Series 2019-1 Class A-2 Notes is made pursuant to <u>Section 3.06(d)</u>, <u>Section 3.06(f)</u> or <u>Section
        3.06(j)</u> of this Series Supplement, which shall be, with respect to any Series 2019-1 Class A-2 Prepayment pursuant to <u>Section 3.6(f)</u> of this Series Supplement, the date specified as such in the applicable Prepayment Notice and, with
      respect to any Series 2019-1 Class A-2 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>&#8220;<u>Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest</u>&#8221; has the meaning set forth in <u>Section&#160;3.05(b)(i)</u>.&#160;
      For purposes of the Base Indenture, the Series 2019-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be deemed to be a &#8220;Senior Notes Quarterly Post-ARD Contingent Interest Amount&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Closing Date</u>&#8221; means July 8, 2019.&#160; For purposes of the Base Indenture, the Series 2019-1 Closing Date shall be deemed the &#8220;Series Closing Date&#8221; with respect to the Series 2019-1
      Notes.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Distribution Accounts</u>&#8221; means, collectively, the Series 2019-1 Class A-1 Distribution Account and the Series 2019-1 Class A-2 Distribution Account.&#160; For purposes of the Base
      Indenture, the Series 2019-1 Distribution Accounts shall be deemed to be &#8220;Series Distribution Accounts&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Extension Elections</u>&#8221; means, collectively, the Series 2019-1 First Extension Election and the Series 2019-1 Second Extension Election.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Final Payment</u>&#8221; means the payment of all accrued and unpaid interest on and principal of all Outstanding Series 2019-1 Notes, the expiration or cash collateralization in
      accordance with the terms of the Series 2019-1 Class A-1 Note Purchase Agreement of all Undrawn L/C Face Amounts (after giving effect to the provisions of Section&#160;4.04 of the Series 2019-1 Class A-1 Note Purchase Agreement), the payment of all fees
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    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Final Payment Date</u>&#8221; means the date on which the Series 2019-1 Final Payment is made.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 First Extension Election</u>&#8221; has the meaning set forth in <u>Section&#160;3.06(b)(i)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Global Notes</u>&#8221; means, collectively, the Regulation&#160;S Global Notes and the Rule&#160;144A Global Notes.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Ineligible Account</u>&#8221; has the meaning set forth in <u>Section&#160;3.11</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Legal Final Maturity Date</u>&#8221; means, (i) with respect to the Series 2019-1 Class A-1 Notes, the Series 2019-1 Class A-1 Legal Final Maturity Date and (ii) with respect to the
      Series 2019-1 Class A-2 Notes, the Series 2019-1 Class A-2 Legal Final Maturity Date.&#160; For purposes of the Base Indenture, the Series 2019-1 Legal Final Maturity Date shall be deemed to be a &#8220;Series Legal Final Maturity Date&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Non-Amortization Test</u>&#8221; means a test that will be satisfied on any Quarterly Payment Date only if both (i) the Holdco Leverage Ratio is less than or equal to 5.00x as calculated
      on the Quarterly Calculation Date immediately preceding such Quarterly Payment Date and (ii) no Rapid Amortization Event has occurred and is continuing.&#160; For purposes of the Base Indenture, the Series 2019-1 Non-Amortization Test shall be deemed to
      be a &#8220;Series Non-Amortization Test&#8221;.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Note Owner</u>&#8221; means, with respect to a Series 2019-1 Note that is a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of
      the Clearing Agency that holds such Book-Entry Note, or on the books of a Person maintaining an account with such Clearing Agency (directly or as an indirect participant, in accordance with the rules of such Clearing Agency).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Noteholders</u>&#8221; means, collectively, the Series 2019-1 Class A-1 Noteholders and the Series 2019-1 Class A-2 Noteholders.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Notes</u>&#8221; has the meaning set forth in &#8220;Designation&#8221; in the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Outstanding Principal Amount</u>&#8221; means, with respect to any date, the sum of the Series 2019-1 Class A-1 Outstanding Principal Amount, <u>plus</u> the Series 2019-1 Class A-2
      Outstanding Principal Amount.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Prepayment</u>&#8221; means a Series 2019-1 Class A-2 Prepayment, a prepayment in respect of the Series 2019-1 Class A-1 Notes or any other prepayment in respect of the Series 2019-1
      Notes pursuant to <u>Section 3.06(e)</u>, <u>(f)</u> and <u>(k)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Prepayment Amount</u>&#8221; means the aggregate principal amount of the applicable Class(es) or Tranche(s) of Notes to be prepaid on any Series 2019-1 Prepayment Date, together with all
      accrued and unpaid interest thereon to such date.</div>
    <div>&#160;</div>
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Prepayment Date</u>&#8221; means the date on which any prepayment on the Series 2019-1 Class A-1 Notes or the Series 2019-1 Class A-2 Notes is made pursuant to <u>Section&#160;3.06(d)(i)</u>,
      <u>Section&#160;3.06(d)(ii)</u>, <u>Section&#160;3.06(f)</u> or <u>Section&#160;3.06(j)</u> of this Series Supplement, which shall be, with respect to any Series 2019-1 Prepayment pursuant to <u>Section&#160;3.06(f)</u> of this Series Supplement, the date specified
      as such in the applicable Prepayment Notice and, with respect to any Series 2019-1 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Second Extension Election</u>&#8221; has the meaning set forth in <u>Section&#160;3.06(b)(ii)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Securities Intermediary</u>&#8221; has the meaning set forth in <u>Section&#160;3.09(a)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Senior Notes</u>&#8221; means, collectively, the Series 2019-1 Class A-1 Notes and the Series 2019-1 Class A-2 Notes.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Series 2019-1 Senior Notes Quarterly Interest Amount</u></font><font style="background-color: #FFFFFF;">&#8221;
        means, with respect to each Quarterly Payment Date, the aggregate amount of Senior Notes Accrued Quarterly Interest Amounts with respect to the related Quarterly Collection Period (assuming that each of the Senior Notes Accrued Quarterly Interest
        Shortfall (Class A-1), the Class A-1 Weekly Interest Adjustment Amount and the Senior Notes Accrued Quarterly Interest Shortfall (Class A-2) for each applicable Weekly Allocation Date were equal to zero) net of any allocated but unpaid negative
        Class A-1 Final Interest Adjustment Amount with respect to the related Interest Accrual Period.&#160; While not otherwise used herein, for purposes of the Base Indenture, the Series 2019-1 Senior Notes Quarterly Interest Amount shall be deemed to be a
        &#8220;Senior Notes Quarterly Interest Amount&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Supplement</u>&#8221; means the Series 2019-1 Supplement, dated as of the Series 2019-1 Closing Date by and among the Master Issuer, the Trustee and the Series 2019-1 Securities
      Intermediary, as amended, supplemented or otherwise modified from time to time.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Series 2019-1 Supplemental Definitions List</u>&#8221; has the meaning set forth in <u>Article&#160;I</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>STAMP</u>&#8221; has the meaning set forth in <u>Section&#160;4.03(a)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Subfacility Decrease</u>&#8221; has the meaning set forth in <u>Section&#160;2.02(d)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Subfacility Increase</u>&#8221; has the meaning set forth in Section&#160;2.01(b) of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Swingline Commitment</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in
        Section 1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Swingline Lender</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in Section
        1.02 of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Swingline Loans</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in Section
        2.06(a) of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-16</font></div>
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Temporary Regulation&#160;S Global Notes</u>&#8221; has the meaning set forth in <u>Section&#160;4.02(b)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Tranche</u>&#8221; means (i) the Series 2019-1 Class A-2-I Notes, (ii) the Series 2019-1 Class A-2-II Notes and (iii) the Series 2019-1 Class A-2-III Notes, <font style="background-color: #FFFFFF;">each
        of which is hereby designated as a &#8220;Tranche&#8221; of the Series 2019-1 Class A-2 Notes for purposes of the Base Indenture</font>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Undrawn Commitment Fees</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth in
      </font><font style="background-color: #FFFFFF;"><u>Section 3.02</u></font><font style="background-color: #FFFFFF;"> of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>Undrawn L/C Face Amounts</u>&#8221; has the meaning set forth in <u>Section&#160;1.02</u> of the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF;"><u>Unreimbursed L/C Drawings</u></font><font style="background-color: #FFFFFF;">&#8221; has the meaning set forth
        in </font><font style="background-color: #FFFFFF;"><u>Section 1.02</u></font><font style="background-color: #FFFFFF;"> of the Series 2019-1 Class A-1 Note Purchase Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<u>U.S. Person</u>&#8221; has the meaning set forth in <u>Section&#160;4.02</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<u>Voluntary Decrease</u>&#8221; has the meaning set forth in <u>Section&#160;2.02(b)</u> of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<u>Weekly Allocation Percentage</u>&#8221; means with respect to any Weekly Collection Period, the percentages designated by the Master Issuer in the relevant Weekly Manager&#8217;s Certificate for such Weekly Collection Period
      within a Quarterly Fiscal Period, each such percentage to be not less than the percentage required to cause the Required Balance to be on deposit in the Senior Notes Interest Payment Account, the Senior Subordinated Notes Interest Payment Account,
      the Subordinated Notes Interest Payment Account, the Senior Notes Principal Payment Account, the Senior Subordinated Notes Principal Payment Account, the Subordinated Notes Principal Payment Account or the Senior Notes Post-ARD Contingent Interest
      Account, as applicable, for such Weekly Collection Period.</div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>a52009364ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font></div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-size: 12pt;">CLASS A-1 NOTE PURCHASE AGREEMENT</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">(SERIES 2019-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1)</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">dated as of July 8, 2019</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">among</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">JACK IN THE BOX FUNDING, LLC,<br>
      as Master Issuer,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">JACK IN THE BOX SPV GUARANTOR, LLC,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">DIFFERENT RULES, LLC,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">JACK IN THE BOX PROPERTIES, LLC,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">each as a Guarantor,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">JACK IN THE BOX INC.,<br>
      as Manager,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">CERTAIN CONDUIT INVESTORS,<br>
      each as a Conduit Investor,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">CERTAIN FINANCIAL INSTITUTIONS,<br>
      each as a Committed Note Purchaser,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">CERTAIN FUNDING AGENTS,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">CO&#214;PERATIEVE RABOBANK, U.A., NEW YORK BRANCH,<br>
      as L/C Provider,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">CO&#214;PERATIEVE RABOBANK, U.A., NEW YORK BRANCH,<br>
      as Swingline Lender,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">and</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">CO&#214;PERATIEVE RABOBANK, U.A., NEW YORK BRANCH,<br>
      as Administrative Agent</div>
    <font style="font-size: 12pt;"> </font>
    <div><br>
    </div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <font style="font-family: 'Times New Roman',Times,serif;"><br>
      </font><br>
    </div>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TABLE OF CONTENTS</div>
    <div>&#160;</div>
  </div>
  <div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z3edac24e5b2242f49b75994fa29a0623">

          <tr>
            <td rowspan="1" colspan="3">&#160;</td>
            <td style="width: 6%; text-align: right;" rowspan="1">&#160;<u>Page</u></td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">&#160;</td>
            <td style="width: 6%; text-align: right;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">ARTICLE I DEFINITIONS</td>
            <td style="width: 6%; text-align: right;">2<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 1.01</td>
            <td style="width: 82%;">Definitions</td>
            <td style="width: 6%;">
              <div style="text-align: right;">2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 1.02</td>
            <td style="width: 82%;">Defined terms</td>
            <td style="width: 6%; text-align: right;">2<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>&#160;</div>
            </td>
            <td style="width: 82%;">
              <div>&#160;</div>
            </td>
            <td style="width: 6%;"><br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">ARTICLE II PURCHASE AND SALE OF SERIES 2019-1 CLASS A-1 NOTES</td>
            <td style="width: 6%; text-align: right;">10<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 2.01</td>
            <td style="width: 82%;">
              <div>The Initial Advance Notes <br>
              </div>
            </td>
            <td style="width: 6%; text-align: right;">10<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 2.02</td>
            <td style="width: 82%;">Advances</td>
            <td style="width: 6%; text-align: right;">11<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 2.03</td>
            <td style="width: 82%;">Borrowing Procedures</td>
            <td style="width: 6%; text-align: right;">12<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 2.04</td>
            <td style="width: 82%;">The Series 2019-1 Class A-1 Notes</td>
            <td style="width: 6%; text-align: right;">15<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 2.05</td>
            <td style="width: 82%;">Reduction in Commitments</td>
            <td style="width: 6%; text-align: right;">16<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 2.06</td>
            <td style="width: 82%;">Swingline Commitment</td>
            <td style="width: 6%; text-align: right;">18<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 2.07</td>
            <td style="width: 82%;">L/C Commitment</td>
            <td style="width: 6%; text-align: right;">21<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>Section 2.08 <br>
              </div>
            </td>
            <td style="width: 82%;">L/C Reimbursement Obligations</td>
            <td style="width: 6%; text-align: right;">25<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>Section 2.09 <br>
              </div>
            </td>
            <td style="width: 82%;">
              <div>L/C Participations <br>
              </div>
            </td>
            <td style="width: 6%; text-align: right;">27<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>&#160;</div>
            </td>
            <td style="width: 82%;">
              <div>&#160;</div>
            </td>
            <td style="width: 6%;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">ARTICLE III INTEREST AND FEES</td>
            <td style="width: 6%; text-align: right;">29<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 3.01</td>
            <td style="width: 82%;">Interest</td>
            <td style="width: 6%; text-align: right;">29<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 3.02</td>
            <td style="width: 82%;">Fees</td>
            <td style="width: 6%; text-align: right;">31<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 3.03</td>
            <td style="width: 82%;">Eurodollar Lending Unlawful</td>
            <td style="width: 6%; text-align: right;">31<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>Section 3.04 <br>
              </div>
            </td>
            <td style="width: 82%;">Deposits Unavailable</td>
            <td style="width: 6%; text-align: right;">31<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 3.05</td>
            <td style="width: 82%;">Increased Costs, etc.</td>
            <td style="width: 6%; text-align: right;">33<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 3.06</td>
            <td style="width: 82%;">Funding Losses</td>
            <td style="width: 6%; text-align: right;">33<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 3.07</td>
            <td style="width: 82%;">Increased Capital or Liquidity Costs</td>
            <td style="width: 6%; text-align: right;">34<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 3.08</td>
            <td style="width: 82%;">Taxes</td>
            <td style="width: 6%; text-align: right;">35<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 3.09</td>
            <td style="width: 82%;">Change of Lending Office</td>
            <td style="width: 6%; text-align: right;">38<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>&#160;</div>
            </td>
            <td style="width: 82%;">
              <div>&#160;</div>
            </td>
            <td style="width: 6%;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">ARTICLE IV OTHER PAYMENT TERMS</td>
            <td style="width: 6%; text-align: right;">39<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 4.01</td>
            <td style="width: 82%;">Time and Method of Payment (Amounts Distributed by the Administrative Agent)</td>
            <td style="width: 6%; text-align: right;">39<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 4.02</td>
            <td style="width: 82%;" rowspan="1">Order of Distributions (Amounts Distributed by the Trustee or the Paying Agent)</td>
            <td style="width: 6%; text-align: right;" rowspan="1">39<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 4.03</td>
            <td style="width: 82%;" rowspan="1">L/C Cash Collateral</td>
            <td style="width: 6%; text-align: right;" rowspan="1">40<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 4.04</td>
            <td style="width: 82%;" rowspan="1">Alternative Arrangements with Respect to Letters of Credit</td>
            <td style="width: 6%; text-align: right;" rowspan="1">41</td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">&#160;</td>
            <td style="width: 82%;" rowspan="1">&#160;</td>
            <td style="width: 6%; text-align: right;" rowspan="1"><br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">ARTICLE V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS</td>
            <td style="width: 6%; text-align: right;" rowspan="1">41<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 5.01</td>
            <td style="width: 82%;" rowspan="1">Authorization and Action of the Administrative Agent</td>
            <td style="width: 6%; text-align: right;" rowspan="1">41<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 5.02 <br>
            </td>
            <td style="width: 82%;" rowspan="1">Delegation of Duties</td>
            <td style="width: 6%; text-align: right;" rowspan="1">41<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 5.03</td>
            <td style="width: 82%;" rowspan="1">Exculpatory Provisions</td>
            <td style="width: 6%; text-align: right;" rowspan="1">42<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 5.04</td>
            <td style="width: 82%;" rowspan="1">Reliance</td>
            <td style="width: 6%; text-align: right;" rowspan="1">42<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 5.05</td>
            <td style="width: 82%;" rowspan="1">Non-Reliance on the Administrative Agent and Other Purchasers</td>
            <td style="width: 6%; text-align: right;" rowspan="1">42<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 5.06</td>
            <td style="width: 82%;" rowspan="1">The Administrative Agent in its Individual Capacity</td>
            <td style="width: 6%; text-align: right;" rowspan="1">43 <br>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
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          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 5.07</td>
            <td style="width: 82%;">Successor Administrative Agent; Defaulting Administrative Agent</td>
            <td style="width: 6%; text-align: right;">43<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 5.08</td>
            <td style="width: 82%;">Authorization and Action of Funding Agents</td>
            <td style="width: 6%; text-align: right;">45<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 5.09</td>
            <td style="width: 82%;">Delegation of Duties</td>
            <td style="width: 6%; text-align: right;">45<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 5.10</td>
            <td style="width: 82%;">Exculpatory Provisions</td>
            <td style="width: 6%; text-align: right;">45<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 5.11</td>
            <td style="width: 82%;">Reliance</td>
            <td style="width: 6%; text-align: right;">46<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 5.12</td>
            <td style="width: 82%;">Non-Reliance on the Funding Agent and Other Purchasers</td>
            <td style="width: 6%; text-align: right;">46<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 5.13</td>
            <td style="width: 82%;">The Funding Agent in its Individual Capacity</td>
            <td style="width: 6%; text-align: right;">46<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 5.14</td>
            <td style="width: 82%;">Successor Funding Agent</td>
            <td style="width: 6%; text-align: right;">46<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>&#160;</div>
            </td>
            <td style="width: 82%;">
              <div>&#160;</div>
            </td>
            <td style="width: 6%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">ARTICLE VI REPRESENTATIONS AND WARRANTIES</td>
            <td style="width: 6%; text-align: right;">46<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 6.01<br>
            </td>
            <td style="width: 82%;">The Master Issuer and Guarantors</td>
            <td style="width: 6%; text-align: right;">46<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>Section 6.02 <br>
              </div>
            </td>
            <td style="width: 82%;">The Manager</td>
            <td style="width: 6%; text-align: right;">49<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 6.03</td>
            <td style="width: 82%;">Lender Parties</td>
            <td style="width: 6%; text-align: right;">49<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>&#160;</div>
            </td>
            <td style="width: 82%;">
              <div>&#160;</div>
            </td>
            <td style="width: 6%;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">ARTICLE VII CONDITIONS</td>
            <td style="width: 6%; text-align: right;">50<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 7.01</td>
            <td style="width: 82%;">Conditions to Issuance and Effectiveness</td>
            <td style="width: 6%; text-align: right;">50<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 7.02</td>
            <td style="width: 82%;">Conditions to Initial Extensions of Credit</td>
            <td style="width: 6%; text-align: right;">50<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 7.03</td>
            <td style="width: 82%;">Conditions to Each Extension of Credit</td>
            <td style="width: 6%; text-align: right;">51<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>&#160;</div>
            </td>
            <td style="width: 82%;">
              <div>&#160;</div>
            </td>
            <td style="width: 6%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">ARTICLE VIII COVENANTS</td>
            <td style="width: 6%; text-align: right;">52<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 8.01</td>
            <td style="width: 82%;">Covenants</td>
            <td style="width: 6%; text-align: right;">52<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">
              <div>&#160;</div>
            </td>
            <td style="width: 82%;">
              <div>&#160;</div>
            </td>
            <td style="width: 6%;">
              <div style="text-align: right;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">ARTICLE IX MISCELLANEOUS PROVISIONS</td>
            <td style="width: 6%; text-align: right;">54<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.01</td>
            <td style="width: 82%;">Amendments</td>
            <td style="width: 6%; text-align: right;">54<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.02</td>
            <td style="width: 82%;">No Waiver; Remedies</td>
            <td style="width: 6%; text-align: right;">55<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.03</td>
            <td style="width: 82%;">Binding on Successors and Assigns</td>
            <td style="width: 6%; text-align: right;">55<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.04</td>
            <td style="width: 82%;">Survival of Agreement</td>
            <td style="width: 6%; text-align: right;">56<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.05</td>
            <td style="width: 82%;">Payment of Costs and Expenses; Indemnification</td>
            <td style="width: 6%; text-align: right;">56<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.06</td>
            <td style="width: 82%;">Characterization as Related Document; Entire Agreement</td>
            <td style="width: 6%; text-align: right;">59<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.07</td>
            <td style="width: 82%;">Notices</td>
            <td style="width: 6%; text-align: right;">59<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.08</td>
            <td style="width: 82%;">Severability of Provisions</td>
            <td style="width: 6%; text-align: right;">59<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.09</td>
            <td style="width: 82%;">Tax Characterization</td>
            <td style="width: 6%; text-align: right;">59<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.10</td>
            <td style="width: 82%;">No Proceedings; Limited Recourse</td>
            <td style="width: 6%; text-align: right;">60<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.11</td>
            <td style="width: 82%;">Confidentiality</td>
            <td style="width: 6%; text-align: right;">61<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.12</td>
            <td style="width: 82%; font-weight: bold;">GOVERNING LAW; CONFLICTS WITH INDENTURE</td>
            <td style="width: 6%; text-align: right;">61<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 9%;">Section 9.13</td>
            <td style="width: 82%; font-weight: bold;">JURISDICTION</td>
            <td style="width: 6%; text-align: right;">62<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 9.14 <br>
            </td>
            <td style="width: 82%; font-weight: bold;" rowspan="1">WAIVER OF JURY TRIAL</td>
            <td style="width: 6%; text-align: right;" rowspan="1">62<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 9.15</td>
            <td style="width: 82%;" rowspan="1">Counterparts</td>
            <td style="width: 6%; text-align: right;" rowspan="1">62<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 9.16</td>
            <td style="width: 82%;" rowspan="1">Third-Party Beneficiary</td>
            <td style="width: 6%; text-align: right;" rowspan="1">62<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 9.17</td>
            <td style="width: 82%;" rowspan="1">Assignment</td>
            <td style="width: 6%; text-align: right;" rowspan="1">62<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 9.18 <br>
            </td>
            <td style="width: 82%;" rowspan="1">Defaulting Investors</td>
            <td style="width: 6%; text-align: right;" rowspan="1">65<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 9.19</td>
            <td style="width: 82%;" rowspan="1">Acknowledgement and Consent to Bail-In of EEA Financial Institutions</td>
            <td style="width: 6%; text-align: right;" rowspan="1">65<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 9%;" rowspan="1">Section 9.20</td>
            <td style="width: 82%;" rowspan="1">Patriot Act</td>
            <td style="width: 6%; text-align: right;" rowspan="1">65<br>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div> </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">ii</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    &#160;
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="z3e0fb93f9c7b42409a6485d0bfdff9d5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 12%;" rowspan="1" colspan="2">SCHEDULES AND EXHIBITS </td>
          </tr>
          <tr>
            <td style="width: 12%;">SCHEDULE I<font style="text-indent: 0px;"><br>
              </font></td>
            <td style="width: 88%;">Investor Groups and Commitments</td>
          </tr>
          <tr>
            <td style="width: 12%;">SCHEDULE II</td>
            <td style="width: 88%;">Notice Addresses for Lender Parties, Agents, Master Issuer and Manager</td>
          </tr>
          <tr>
            <td style="width: 12%;">SCHEDULE III<font style="text-indent: 0px;"><br>
              </font></td>
            <td style="width: 88%;">Additional Closing Conditions</td>
          </tr>
          <tr>
            <td style="width: 12%;">SCHEDULE IV</td>
            <td style="width: 88%;">Letters of Credit</td>
          </tr>
          <tr>
            <td style="width: 12%;">
              <div>&#160;</div>
            </td>
            <td style="width: 88%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 12%;"><font style="font-family: 'Times New Roman',Times,serif;">EXHIBIT A-1</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;"><br>
              </font></td>
            <td style="width: 88%;"><font style="font-family: 'Times New Roman',Times,serif;">Form of Advance Request</font></td>
          </tr>
          <tr>
            <td style="width: 12%;"><font style="font-family: 'Times New Roman',Times,serif;">EXHIBIT A-2</font></td>
            <td style="width: 88%;"><font style="font-family: 'Times New Roman',Times,serif;">Form of Swingline Loan Request</font></td>
          </tr>
          <tr>
            <td style="width: 12%;"><font style="font-family: 'Times New Roman',Times,serif;">EXHIBIT B</font></td>
            <td style="width: 88%;"><font style="font-family: 'Times New Roman',Times,serif;">Form of Assignment and Assumption Agreement</font></td>
          </tr>
          <tr>
            <td style="width: 12%;"><font style="font-family: 'Times New Roman',Times,serif;">EXHIBIT C</font></td>
            <td style="width: 88%;"><font style="font-family: 'Times New Roman',Times,serif;">Form of Investor Group Supplement</font></td>
          </tr>
          <tr>
            <td style="width: 12%;"><font style="font-family: 'Times New Roman',Times,serif;">EXHIBIT D</font></td>
            <td style="width: 88%;"><font style="font-family: 'Times New Roman',Times,serif;">Form of Purchaser&#8217;s Letter</font></td>
          </tr>

      </table>
    </div>
    <div><font style="font-family: 'Times New Roman',Times,serif;"><br>
      </font></div>
    <font style="font-family: 'Times New Roman',Times,serif;"><br>
    </font>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">iii</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">CLASS A-1 NOTE PURCHASE AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">THIS CLASS A-1 NOTE PURCHASE AGREEMENT, dated as of July 8, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time in
      accordance with the terms hereof, this &#8220;<u>Agreement</u>&#8221;), is made by and among:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">JACK



        IN THE BOX FUNDING, LLC, a Delaware limited liability company (the &#8220;<u>Master Issuer</u>&#8221;),</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">JACK



        IN THE BOX SPV GUARANTOR, LLC, a Delaware limited liability company, DIFFERENT RULES, LLC, a Delaware limited liability company, and JACK IN THE BOX PROPERTIES, LLC, a Delaware limited liability company (each, a &#8220;<u>Guarantor</u>&#8221; and,
        collectively, the &#8220;<u>Guarantors</u>&#8221;),</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">JACK



        IN THE BOX INC., a Delaware corporation, as the manager (the &#8220;<u>Manager</u>&#8221;),</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the



        several commercial paper conduits listed on <u>Schedule I</u> as Conduit Investors and their respective permitted successors and assigns (each, a &#8220;<u>Conduit Investor</u>&#8221; and, collectively, the &#8220;<u>Conduit Investors</u>&#8221;),</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the



        several financial institutions listed on <u>Schedule I</u> as Committed Note Purchasers and their respective permitted successors and assigns (each, a &#8220;<u>Committed Note Purchaser</u>&#8221; and, collectively, the &#8220;<u>Committed Note Purchasers</u>&#8221;),</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(f)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">for



        each Investor Group, the financial institution entitled to act on behalf of the Investor Group set forth opposite the name of such Investor Group on <u>Schedule I</u> as Funding Agent and its permitted successors and assigns (each, the &#8220;<u>Funding
          Agent</u>&#8221; with respect to such Investor Group and, collectively, the &#8220;<u>Funding Agents</u>&#8221;),</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(g)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">CO&#214;PERATIEVE



        RABOBANK, U.A., NEW YORK BRANCH, as <u>L/C Provider</u>,</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(h)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">CO&#214;PERATIEVE



        RABOBANK, U.A., NEW YORK BRANCH, as <u>Swingline Lender</u>, and</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(i)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">CO&#214;PERATIEVE



        RABOBANK, U.A., NEW YORK BRANCH, in its capacity as administrative agent for the Conduit Investors, the Committed Note Purchasers, the Funding Agents, the L/C Provider and the Swingline Lender (together with its permitted successors and assigns in
        such capacity, the &#8220;<u>Administrative Agent</u>&#8221;).</font></div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">BACKGROUND</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Contemporaneously



        with the execution and delivery of this Agreement, the Master Issuer and Citibank, N.A., as Trustee, are entering into the Series 2019-1 Supplement, of even date herewith (as the same may be amended, supplemented, amended and restated or otherwise
        modified from time to time in accordance with the terms thereof, the &#8220;<u>Series 2019-1 Supplement</u>&#8221;), to the Base Indenture, dated as of July 8, 2019 (as the same may be amended, supplemented, amended and restated or otherwise modified from time
        to time in accordance with the terms thereof, the &#8220;<u>Base Indenture</u>&#8221; and, together with the Series 2019-1 Supplement and any other supplement to the Base Indenture, the &#8220;<u>Indenture</u>&#8221;), by and between the Master Issuer and the Trustee,
        pursuant to which the Master Issuer will issue the Series 2019-1 Notes (as defined in the Series 2019-1 Supplement) in accordance with the Indenture.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
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    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The



        Master Issuer wishes to (a) issue the Series 2019-1 Class A-1 Advance Notes to each Funding Agent on behalf of the Investors in the related Investor Group, and obtain the agreement of the applicable Investors to make loans from time to time (each,
        an &#8220;<u>Advance</u>&#8221; or a &#8220;<u>Series 2019-1 Class A-1 Advance</u>&#8221; and, collectively, the &#8220;<u>Advances</u>&#8221; or the &#8220;<u>Series 2019-1 Class A-1 Advances</u>&#8221;) that will constitute the purchase of Series 2019-1 Class A&#8209;1 Outstanding Principal Amounts
        on the terms and conditions set forth in this Agreement; (b) issue the Series 2019-1 Class A-1 Swingline Note to the Swingline Lender and obtain the agreement of the Swingline Lender to make Swingline Loans on the terms and conditions set forth in
        this Agreement; and (c) issue the Series 2019-1 Class A-1 L/C Note to the L/C Provider and obtain the agreement of the L/C Provider to provide Letters of Credit on the terms and conditions set forth in this Agreement. The Series 2019-1 Class A-1
        Advance Notes, the Series 2019-1 Class A-1 Swingline Note and the Series 2019-1 Class A-1 L/C Note constitute Series 2019-1 Class A-1 Notes. The Manager has joined in this Agreement to confirm certain representations, warranties and covenants made
        by it in favor of the Trustee and the Noteholders in the Related Documents for the benefit of each Lender Party.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ARTICLE I</font><br>
      <font style="font-family: 'Times New Roman',Times,serif;">DEFINITIONS</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 1.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160; &#160; &#160; &#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Definitions</u>.&#160;


        As used in this Agreement and unless the context requires a different meaning, capitalized terms used but not defined herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Series 2019-1
        Supplemental Definitions List attached to the Series 2019-1 Supplement as <u>Annex A</u> thereto or in the Base Indenture Definitions List attached to the Base Indenture as <u>Annex A</u> thereto, as applicable. Unless otherwise specified herein,
        all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 1.02</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Defined terms</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Acquiring Committed Note Purchaser</u>&#8221; has the meaning set forth in <u>Section&#160;9.17(a)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Acquiring Investor Group</u>&#8221; has the meaning set forth in <u>Section&#160;9.17(c)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Affected Person</u>&#8221; has the meaning set forth in <u>Section&#160;3.05</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Aggregate Unpaids</u>&#8221; has the meaning set forth in <u>Section&#160;5.01</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Base Rate</u>&#8221; means, on any day, a rate per annum equal to the sum of (a) (i)&#160;the greatest of (A)&#160;the Prime Rate in effect on such day, (B)&#160;the
      Federal Funds Rate in effect on such day plus 0.50% and (C) the Eurodollar Funding Rate for a Eurodollar Interest Accrual Period of one (1) month plus 0.50% <u>plus</u> (b)&#160;1.60%; <u>provided</u> that any change in the Base Rate due to a change in
      the Prime Rate or the Federal Funds Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Rate, respectively; <u>provided</u>, <u>further</u>, that changes in any rate of
      interest calculated by reference to the Base Rate shall take effect simultaneously with each change in the Base Rate; <u>provided</u>, <u>further</u>, that the Base Rate will in no event be higher than the maximum rate permitted by applicable law.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Base Rate Advance</u>&#8221; means an Advance that bears interest at the Base Rate during such time as it bears interest at such rate, as provided in this
      Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Borrowing</u>&#8221; has the meaning set forth in <u>Section&#160;2.02(c)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Change in Law</u>&#8221; means (a)&#160;any law, rule or regulation or any change therein or in the interpretation or application thereof (whether or not having
      the force of law), in each case, adopted, issued or occurring after the Closing Date or (b)&#160;any request, guideline or directive (whether or not having the force of law) from any government or political subdivision or agency, authority, bureau,
      central bank, commission, department or instrumentality thereof, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority (whether or not a Governmental Authority) which is responsible for the establishment or
      interpretation of national or international accounting principles, in each case, whether foreign or domestic (each, an &#8220;<u>Official Body</u>&#8221;) charged with the administration, interpretation or application thereof, or the compliance with any request
      or directive of any Official Body (whether or not having the force of law) made, issued or occurring after the Closing Date; <u>provided</u>, <u>however</u>, for purposes of this definition, (i) the Dodd-Frank Wall Street Reform and Consumer
      Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
      Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Commercial Paper</u>&#8221; means, with respect to any Conduit Investor, the promissory notes issued in the commercial paper market by or for the benefit of
      such Conduit Investor.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Commitments</u>&#8221; means the obligations of each Committed Note Purchaser included in each Investor Group to fund Advances pursuant to <u>Section&#160;2.02(a)</u>
      and to participate in Swingline Loans and Letters of Credit pursuant to <u>Sections&#160;2.06</u> and <u>2.08</u>, respectively, in an aggregate stated amount up to its Commitment Amount.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Commitment Amount</u>&#8221; means, as to each Committed Note Purchaser, the amount set forth on <u>Schedule&#160;I</u> opposite such Committed Note Purchaser&#8217;s
      name as its Commitment Amount or, in the case of a Committed Note Purchaser that becomes a party to this Agreement pursuant to an Assignment and Assumption Agreement or Investor Group Supplement, the amount set forth therein as such Committed Note
      Purchaser&#8217;s Commitment Amount, in each case, as such amount may be (i)&#160;reduced pursuant to <u>Section&#160;2.05</u> or (ii)&#160;increased or reduced by any Assignment and Assumption Agreement or Investor Group Supplement entered into by such Committed Note
      Purchaser in accordance with the terms of this Agreement.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Commitment Percentage</u>&#8221; means, on any date of determination, with respect to any Investor Group, the ratio, expressed as a percentage, which such
      Investor Group&#8217;s Maximum Investor Group Principal Amount bears to the Series 2019-1 Class A-1 Notes Maximum Principal Amount on such date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Commitment Term</u>&#8221; means the period from and including the Closing Date to but excluding the earlier of (a)&#160;the Commitment Termination Date and
      (b)&#160;the date on which the Commitments are terminated or reduced to zero in accordance with this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Commitment Termination Date</u>&#8221; means the Series 2019-1 Class A-1 Notes Renewal Date (as such date may be extended pursuant to Section&#160;3.06(b) of the
      Series 2019-1 Supplement).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Committed Note Purchaser Percentage</u>&#8221; means, on any date of determination, with respect to any Committed Note Purchaser in any Investor Group, the
      ratio, expressed as a percentage, which the Commitment Amount of such Committed Note Purchaser bears to such Investor Group&#8217;s Maximum Investor Group Principal Amount on such date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Conduit Assignee</u>&#8221; means, with respect to any Conduit Investor, any commercial paper conduit whose Commercial Paper is rated by at least two of the
      Specified Rating Agencies and is rated at least &#8220;A-1&#8221; from Standard &amp; Poor&#8217;s, &#8220;P-1&#8221; from Moody&#8217;s and/or &#8220;F1&#8221; from Fitch, as applicable, that is administered by the Funding Agent with respect to such Conduit Investor or any Affiliate of such
      Funding Agent, in each case, designated by such Funding Agent to accept an assignment from such Conduit Investor of the Investor Group Principal Amount or a portion thereof with respect to such Conduit Investor pursuant to <u>Section&#160;9.17(b)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Confidential Information</u>&#8221; has the meaning set forth in <u>Section&#160;9.11</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CP Advance</u>&#8221; means an Advance that bears interest at the CP Rate during such time as it bears interest at such rate, as provided in this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CP Funding Rate</u>&#8221; means, with respect to each Conduit Investor, for any day during any Interest Accrual Period, for any portion of the Advances
      funded or maintained through the issuance of Commercial Paper by such Conduit Investor, the per annum rate equivalent to the weighted average cost (as determined by the related Funding Agent, and which shall include (without duplication) the fees and
      commissions of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by such Conduit Investor, other borrowings by such Conduit
      Investor and any other costs associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper that are allocated, in whole or in part, by such Conduit Investor or its related Funding Agent to fund or maintain such
      Advances for such Interest Accrual Period (and which may also be allocated in part to the funding of other assets of the Conduit Investor); <u>provided</u>, <u>however</u>, that if any component of any such rate is a discount rate, in calculating
      the &#8220;<u>CP Funding Rate</u>&#8221; for such Advances for such Interest Accrual Period, the related Funding Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>CP Rate</u>&#8221; means, on any day during any Interest Accrual Period, an interest rate per annum equal to the sum of (i)&#160;the CP Funding Rate for such
      Interest Accrual Period plus (ii)&#160;2.10%; <u>provided</u> that the CP Rate will in no event be higher than the maximum rate permitted by applicable law.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Defaulting Administrative Agent Event</u>&#8221; has the meaning set forth in <u>Section&#160;5.07(b)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Defaulting Investor</u>&#8221; means any Investor that has (a)&#160;failed to make a payment required to be made by it under the terms of this Agreement within
      one (1) Business Day of the day such payment is required to be made by such Investor thereunder, (b)&#160;notified the Administrative Agent in writing that it does not intend to make any payment required to be made by it under the terms of this Agreement
      within one (1) Business Day of the day such payment is required to be made by such Investor thereunder or (c)&#160;become the subject of an Event of Bankruptcy.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eligible Conduit Investor</u>&#8221; means, at any time, any Conduit Investor whose Commercial Paper at such time is rated by at least two of the Specified
      Rating Agencies and is rated at least &#8220;A-1&#8221; from Standard &amp; Poor&#8217;s, &#8220;P-1&#8221; from Moody&#8217;s and/or &#8220;F1&#8221; from Fitch, as applicable.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eurodollar Advance</u>&#8221; means an Advance that bears interest at the Eurodollar Rate during such time as it bears interest at such rate, as provided in
      this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eurodollar Business Day</u>&#8221; means any Business Day on which dealings are also carried on in the London interbank market and banks are open for
      business in London.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eurodollar Funding Rate</u>&#8221; means, for any Eurodollar Interest Accrual Period, the rate per annum determined by the Administrative Agent at
      approximately 11:00&#160;a.m. (London time) on the date that is two (2) Eurodollar Business Days prior to the beginning of such Eurodollar Interest Accrual Period by reference to the London interbank offered rate administered by ICE Benchmark
      Administration (or any other Person that takes over the administration of such rate) for U.S. Dollars for a period equal in length to such Eurodollar Interest Accrual Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the
      event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by
      the Administrative Agent from time to time in its reasonable discretion; <u>provided</u> that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the &#8220;Eurodollar Funding Rate&#8221; shall be
      the rate (rounded upward, if necessary, to the nearest one hundred-thousandth of a percentage point), determined by the Administrative Agent to be the average of the offered rates for deposits in U.S. Dollars in the amount of $1,000,000 for a period
      of time comparable to such Eurodollar Interest Accrual Period which are offered by three leading banks in the London interbank market at approximately 11:00&#160;a.m. (London time) on the date that is two (2) Eurodollar Business Days prior to the
      beginning of such Eurodollar Interest Accrual Period as selected by the Administrative Agent (unless the Administrative Agent is unable to obtain such rates from such banks, in which case it will be deemed that a Eurodollar Funding Rate cannot be
      ascertained for purposes of <u>Section&#160;3.04</u>).&#160; In respect of any Eurodollar Interest Accrual Period that is less than one (1) month in duration and if no Eurodollar Funding Rate is otherwise determinable with respect thereto in accordance with
      the preceding sentence of this definition, the Eurodollar Funding Rate shall be determined through the use of straight-line interpolation by reference to two rates calculated in accordance with the preceding sentence, one of which shall be determined
      as if the maturity of the U.S. Dollar deposits referred to therein were the period of time for which rates are available next shorter than the Eurodollar Interest Accrual Period and the other of which shall be determined as if such maturity were the
      period of time for which rates are available next longer than the Eurodollar Interest Accrual Period.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eurodollar Funding Rate (Reserve Adjusted</u>)&#8221; means, for any Eurodollar Interest Accrual Period, an interest rate per annum (rounded upward to the
      nearest 1/100<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>&#160;of 1%) determined pursuant to the following formula:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="zff6250b3c0e04bf3b65d772ed137e3f0" style="border-collapse: collapse; width: 60%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 44.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Eurodollar Funding Rate</div>
          </td>
          <td style="width: 4.12%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">=</div>
          </td>
          <td style="width: 51.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Eurodollar Funding Rate</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.24%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">(Reserve Adjusted)</div>
          </td>
          <td style="width: 4.12%; vertical-align: top;">&#160;</td>
          <td style="width: 51.65%; vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">1.00 - Eurodollar Reserve Percentage</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">The Eurodollar Funding Rate (Reserve Adjusted) for any Eurodollar Interest Accrual Period will be determined by the Administrative Agent on the basis of
      the Eurodollar Reserve Percentage in effect two (2) Eurodollar Business Days before the first day of such Eurodollar Interest Accrual Period.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eurodollar Interest Accrual Period</u>&#8221; means, with respect to any Eurodollar Advance, the period commencing on and including the Eurodollar Business
      Day such Advance first becomes a Eurodollar Advance in accordance with <u>Section&#160;3.01(b)</u> and ending on but excluding a date, as elected by the Master Issuer pursuant to such <u>Section&#160;3.01(b)</u>, which is (i)&#160;one (1) month subsequent to such
      date, (ii)&#160;two (2) months subsequent to such date, (iii)&#160;three (3) months subsequent to such date or (iv)&#160;six (6) months subsequent to such date; <u>provided</u>, <u>however</u>, that no Eurodollar Interest Accrual Period may end subsequent to the
      second Business Day before the Quarterly Calculation Date occurring immediately prior to the then-current Series 2019-1 Class A-1 Notes Renewal Date and upon the occurrence and during the continuation of any Rapid Amortization Period or any Event of
      Default, any Eurodollar Interest Accrual Period with respect to the Eurodollar Advances of all Investor Groups may be terminated at the end of the then-current Eurodollar Interest Accrual Period (or, if the Class A-1 Notes have been accelerated in
      accordance with Section&#160;9.02 of the Base Indenture, immediately), at the election of the Administrative Agent or Investor Groups holding in the aggregate more than 50% of the Eurodollar Tranche, by notice to the Master Issuer, the Manager, the
      Control Party and the Funding Agents, and upon such election the Eurodollar Advances in respect of which interest was calculated by reference to such terminated Eurodollar Interest Accrual Period shall be converted to Base Rate Advances.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eurodollar Rate</u>&#8221; means, on any day during any Eurodollar Interest Accrual Period, an interest rate per annum equal to the sum of (i)&#160;the Eurodollar
      Funding Rate (Reserve Adjusted) for such Eurodollar Interest Accrual Period plus (ii)&#160;2.10%; <u>provided</u> that the Eurodollar Rate will in no event be higher than the maximum rate permitted by applicable law.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eurodollar Reserve Percentage</u>&#8221; means, for any Eurodollar Interest Accrual Period, the reserve percentage (expressed as a decimal) equal to the
      maximum aggregate reserve requirements (including all basic, emergency, supplemental, marginal and other reserves and taking into account any transitional adjustments or other scheduled changes in reserve requirements) specified under regulations
      issued from time to time by the F.R.S. Board and then applicable to liabilities or assets constituting &#8220;Eurocurrency Liabilities,&#8221; as currently defined in Regulation&#160;D of the F.R.S. Board, having a term approximately equal or comparable to such
      Eurodollar Interest Accrual Period.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Eurodollar Tranche</u>&#8221; means any portion of the Series 2019-1 Class A-1 Outstanding Principal Amount funded or maintained with Eurodollar Advances.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>FATCA</u>&#8221; means (a) Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively
      comparable and not materially more onerous to comply with) and any current or future Treasury regulations thereunder or official interpretations thereof, (b) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or
      relating to an intergovernmental agreement between the United States and any other jurisdiction with the purpose (in either case) of facilitating the implementation of (a) above, or (c) any agreement pursuant to the implementation of paragraphs (a)
      or (b) above with the U.S. Internal Revenue Service or any other Governmental Authority in the United States.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Federal Funds Rate</u>&#8221; means, for any specified period, a fluctuating interest rate per annum equal for each day during such period to the weighted
      average of the overnight federal funds rates as published in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day, for the next
      preceding Business Day), or if, for any reason, such rate is not available on any day, the rate determined, in the reasonable opinion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national
      federal funds market at 9:00&#160;a.m. (Eastern time).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>F.R.S. Board</u>&#8221; means the Board of Governors of the Federal Reserve System.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Increase</u>&#8221; has the meaning set forth in Section&#160;2.01(a) of the Series 2019-1 Supplement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Interest Reserve Letter of Credit</u>&#8221; means any letter of credit issued hereunder for the benefit of the Trustee and the Senior Noteholders or the
      Senior Subordinated Noteholders, as applicable.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Investor</u>&#8221; means any one of the Conduit Investors and the Committed Note Purchasers and &#8220;<u>Investors</u>&#8221; means the Conduit Investors and the
      Committed Note Purchasers collectively.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Investor Group</u>&#8221; means (i)&#160;for each Conduit Investor, collectively, such Conduit Investor, the related Committed Note Purchaser(s) set forth
      opposite the name of such Conduit Investor on <u>Schedule&#160;I</u> (or, if applicable, set forth for such Conduit Investor in the Assignment and Assumption Agreement or Investor Group Supplement pursuant to which such Conduit Investor or Committed Note
      Purchaser becomes a party thereto), any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2019-1 Class A-1 Noteholder for such Investor Group) and (ii)&#160;for each other Committed Note Purchaser that is
      not related to a Conduit Investor, collectively, such Committed Note Purchaser, any related Program Support Provider(s) and the related Funding Agent (which shall constitute the Series 2019-1 Class A-1 Noteholder for such Investor Group).</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Investor Group Increase Amount</u>&#8221; means, with respect to any Investor Group, for any Business Day, the portion of the Increase, if any, actually
      funded by such Investor Group on such Business Day.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Investor Group Principal Amount</u>&#8221; means, with respect to any Investor Group, (a)&#160;when used with respect to the Closing Date, an amount equal to
      (i)&#160;such Investor Group&#8217;s Commitment Percentage of the Series 2019-1 Class A-1 Initial Advance Principal Amount, plus (ii)&#160;such Investor Group&#8217;s Commitment Percentage of the Series 2019-1 Class A-1 Outstanding Subfacility Amount outstanding on the
      Closing Date, and (b)&#160;when used with respect to any other date, an amount equal to (i)&#160;the Investor Group Principal Amount with respect to such Investor Group on the immediately preceding Business Day (excluding any Series 2019-1 Class A-1
      Outstanding Subfacility Amount included therein), plus (ii)&#160;the Investor Group Increase Amount with respect to such Investor Group on such date, minus (iii)&#160;the amount of principal payments made to such Investor Group on the Series 2019-1 Class A-1
      Advance Notes on such date, plus (iv)&#160;such Investor Group&#8217;s Commitment Percentage of the Series 2019-1 Class A-1 Outstanding Subfacility Amount outstanding on such date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>L/C Commitment</u>&#8221; means the obligation of the L/C Provider to provide Letters of Credit pursuant to <u>Section&#160;2.07</u>, in an aggregate Undrawn L/C
      Face Amount, together with any Unreimbursed L/C Drawings, at any one time outstanding not to exceed $80,000,000, as such amount may be reduced or increased pursuant to <u>Section&#160;2.07(g)</u> or reduced pursuant to <u>Section&#160;2.05(b)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>L/C Obligations</u>&#8221; means, at any time, an amount equal to the sum of (i)&#160;any Undrawn L/C Face Amounts outstanding at such time and (ii)&#160;any
      Unreimbursed L/C Drawings outstanding at such time.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>L/C Provider</u>&#8221; means Rabobank, in its capacity as provider of any Letter of Credit under this Agreement, and its permitted successors and assigns in
      such capacity.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>L/C Reimbursement Amount</u>&#8221; has the meaning set forth in <u>Section&#160;2.08(a)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Lender Party</u>&#8221; means any Investor, the Swingline Lender or the L/C Provider and &#8220;<u>Lender Parties</u>&#8221; means the Investors, the Swingline Lender
      and the L/C Provider, collectively.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Margin Stock</u>&#8221; means &#8220;margin stock&#8221; as defined in Regulation&#160;U of the F.R.S. Board, as amended from time to time.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Maximum Investor Group Principal Amount</u>&#8221; means, as to each Investor Group existing on the Closing Date, the amount set forth on <u>Schedule I</u>
      to this Agreement as such Investor Group&#8217;s Maximum Investor Group Principal Amount or, in the case of any other Investor Group, the amount set forth as such Investor Group&#8217;s Maximum Investor Group Principal Amount in the Assignment and Assumption
      Agreement or Investor Group Supplement by which the members of such Investor Group become parties to this Agreement, in each case, as such amount may be (i) reduced pursuant to <u>Section 2.05</u> of this Agreement or (ii) increased or reduced by
      any Assignment and Assumption Agreement or Investor Group Supplement entered into by the members of such Investor Group in accordance with the terms of this Agreement.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Non-Excluded Taxes</u>&#8221; has the meaning set forth in <u>Section&#160;3.08(a)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Non-Funding Committed Notes Purchaser</u>&#8221; has the meaning set forth in <u>Section&#160;2.02(a)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Official Body</u>&#8221; has the meaning set forth in the definition of &#8220;Change in Law.&#8221;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Program Support Agreement</u>&#8221; means, with respect to any Investor, any agreement entered into by any Program Support Provider in respect of any
      Commercial Paper and/or Series 2019-1 Class A-1 Note of such Investor providing for the issuance of one or more letters of credit for the account of such Investor, the issuance of one or more insurance policies for which such Investor is obligated to
      reimburse the applicable Program Support Provider for any drawings thereunder, the sale by such Investor to any Program Support Provider of the Series 2019-1 Class A-1 Notes (or portions thereof or interests therein) and/or the making of loans and/or
      other extensions of credit to such Investor in connection with such Investor&#8217;s securitization program, together with any letter of credit, insurance policy or other instrument issued thereunder or guaranty thereof (but excluding any discretionary
      advance facility provided by a Committed Note Purchaser).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Program Support Provider</u>&#8221; means, with respect to any Investor, any financial institutions and any other or additional Person now or hereafter
      extending credit or having a commitment to extend credit to or for the account of, and/or agreeing to make purchases from, such Investor in respect of such Investor&#8217;s Commercial Paper and/or Series 2019-1 Class A-1 Note, and/or agreeing to issue a
      letter of credit or insurance policy or other instrument to support any obligations arising under or in connection with such Investor&#8217;s securitization program as it relates to any Commercial Paper issued by such Investor, and/or holding equity
      interests in such Investor, in each case pursuant to a Program Support Agreement, and any guarantor of any such Person.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Reimbursement Obligation</u>&#8221; means the obligation of the Master Issuer to reimburse the L/C Provider pursuant to <u>Section&#160;2.08</u> for amounts drawn under Letters of
      Credit.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Sale Notice</u>&#8221; has the meaning set forth in <u>Section&#160;9.18(b)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series 2019-1 Class A-1 Allocated Payment Reduction Amount</u>&#8221; has the meaning set forth in <u>Section&#160;2.05(b)(iv)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series 2019-1 Class A-1 Notes Exposure Amount</u>&#8221; means, as of any date of determination, the excess (if any) of (1) the sum of the Series 2019-1
      Class A-1 Outstanding Principal Amount as of such date and the Undrawn L/C Face Amounts as of such date <font style="font-style: italic;">over</font> (2) the aggregate amount Undrawn L/C Face Amounts that are cash collateralized.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Series 2019-1 Class A-1 Notes Other Amounts</u>&#8221; means, as of any date of determination, the aggregate unpaid Breakage Amount, <u>Indemnified
        Liabilities, </u>Agent Indemnified Liabilities, Increased Capital Costs, Increased Costs, Increased Tax Costs, Pre-Closing Costs, Other Post-Closing Expenses and Out-of-Pocket Expenses then due and payable.&#160; For purposes of the Base Indenture, the
      &#8220;Series 2019-1 Class A-1 Notes Other Amounts&#8221; shall be deemed to be &#8220;Class A-1 Notes Other Amounts.&#8221;</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Solvent</u>&#8221; means with respect to any Person as of any date of determination, (i)&#160;the fair value of the assets of such Person will exceed its debts
      and liabilities, including contingent liabilities; (ii)&#160;the present fair saleable value of the property of such Person will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities as such
      debts and other liabilities become absolute and matured; (iii)&#160;such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay such debts and liabilities as they mature; and (iv)&#160;such Person
      will not have unreasonably small capital with which to conduct the business in which it is engaged as such business is presently conducted and is proposed to be conducted after such date of determination, and no Event of Bankruptcy has occurred with
      respect to such Person.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#160;&#8220;<u>Specified Rating Agencies</u>&#8221; means any of Standard &amp; Poor&#8217;s, Moody&#8217;s or Fitch, as applicable.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Swingline Commitment</u>&#8221; means the obligation of the Swingline Lender to make Swingline Loans pursuant to <u>Section&#160;2.06</u> in an aggregate
      principal amount at any one time outstanding not to exceed $25,000,000, as such amount may be reduced or increased pursuant to <u>Section&#160;2.06(i)</u> or reduced pursuant to <u>Section&#160;2.05(b)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Swingline Lender</u>&#8221; means Rabobank, in its capacity as maker of Swingline Loans, and its permitted successors and assigns in such capacity.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Swingline Loan Request</u>&#8221; has the meaning set forth in <u>Section&#160;2.06(b)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Swingline Participation Amount</u>&#8221; has the meaning set forth in <u>Section&#160;2.06(f)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Undrawn L/C Face Amounts</u>&#8221; means, at any time, the aggregate then undrawn and unexpired face amount of any Letters of Credit outstanding at such
      time.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Unreimbursed L/C Drawings</u>&#8221; means, at any time, the aggregate amount of any L/C Reimbursement Amounts that have not then been reimbursed pursuant to
      <u>Section&#160;2.08</u>.</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ARTICLE II</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        PURCHASE AND SALE OF SERIES 2019-1 CLASS A-1 NOTES</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 2.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>The Initial Advance Notes</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 117pt; text-align: justify;"> (a)&#160; On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Master Issuer
      shall issue and shall request the Trustee to authenticate the Series 2019-1 Class A-1 Advance Notes, which the Master Issuer shall deliver to each Funding Agent on behalf of the Investors in the related Investor Group on the Closing Date. The Series
      2019-1 Class A-1 Advance Note for each Investor Group, shall (i) be dated the Closing Date, (ii) be registered in the name of the related Funding Agent or its nominee, as agent for the related Investors, or in such other name or nominee as such
      Funding Agent may request, (iii) have a maximum principal amount equal to the Maximum Investor Group Principal Amount for such Investor Group, (iv) have an initial outstanding principal amount equal to such Investor Group&#8217;s Commitment Percentage of
      the Series 2019-1 Class A-1 Initial Advance Principal Amount, and (v) be duly authenticated in accordance with the provisions of the Indenture.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div> </div>
    <div style="text-indent: 117pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font> &#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-family: 'Times New Roman',Times,serif;">Each Series 2019-1 Class A-1 Noteholder shall, acting solely for this purpose as an agent of the Master Issuer, maintain a register on which it enters the name and address of each related Lender Party (and, if applicable,
        Program Support Provider) and the applicable portions of the Series 2019-1 Class A-1 Outstanding Principal Amount (and stated interest) with respect to such Series 2019-1 Class A-1 Noteholder of each Lender Party (and, if applicable, Program
        Support Provider) that has an interest in such Series 2019-1 Class A-1 Noteholder&#8217;s Series 2019-1 Class A-1 Notes (the &#8220;<u>Series 2019-1 Class A-1 Notes Register</u>&#8221;), <u>provided</u> that no Series 2019-1 Class A-1 Noteholder shall have any
        obligation to disclose all or any portion of the Series 2019-1 Class A-1 Notes Register to any Person except to the extent such that such disclosure is necessary to establish that such Series 2019-1 Class A-1 Notes are in registered form for U.S.
        federal income tax purposes.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 2.02</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Advances</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 117pt; text-align: justify;"> (a)&#160; Subject to the terms and conditions of this Agreement and the Indenture, each Eligible Conduit Investor, if any, may and, if such Conduit Investor determines that it will not make (or it does
      not in fact make) an Advance or any portion of an Advance, its related Committed Note Purchaser(s) shall or, if there is no Eligible Conduit Investor with respect to any Investor Group, the Committed Note Purchaser(s) with respect to such Investor
      Group shall, upon the Master Issuer&#8217;s request delivered in accordance with the provisions of <u>Section 2.03</u> and the satisfaction of all conditions precedent thereto (or under the circumstances set forth in <u>Sections 2.05</u>, <u>2.06</u> or
      <u>2.08</u>), make Advances from time to time during the Commitment Term; <u>provided</u> that such Advances shall be made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such Advance made by
      any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor Group); <u>provided</u>,
      <u>further</u>, that if, as a result of any Committed Note Purchaser (a &#8220;<u>Non-Funding Committed Note Purchaser</u>&#8221;) failing to make any previous Advance that such Non-Funding Committed Note Purchaser was required to make, outstanding Advances are
      not held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages at the time a request for
      Advances is made, (x) such Non-Funding Committed Note Purchaser shall make all of such Advances until outstanding Advances are held ratably by each Investor Group based on their respective Commitment Percentages and among the Committed Note
      Purchasers within each Investor Group based on their respective Committed Note Purchaser Percentages and (y) further Advances shall be made ratably by each Investor Group based on their respective Commitment Percentages and the portion of any such
      Advance made by any Committed Note Purchaser in such Investor Group shall be its Committed Note Purchaser Percentage of the Advances to be made by such Investor Group (or the portion thereof not being made by any Conduit Investor in such Investor
      Group); <u>provided</u>, <u>further</u>, that the failure of a Non-Funding Committed Note Purchaser to make Advances pursuant to the immediately preceding proviso shall not, subject to the immediately following proviso, relieve any other Committed
      Note Purchaser of its obligation hereunder, if any, to make Advances in accordance with <u>Section 2.03(b)(i)</u>; <u>provided</u>, <u>further</u>, that, subject, in the case of clause (i) below, to <u>Section 2.03(b)(ii)</u>, no Advance shall be
      required or permitted to be made by any Investor on any date to the extent that, after giving effect to such Advance, (i) the Investor Group Principal Amount for the related Investor Group would exceed such Investor Group&#8217;s Maximum Investor Group
      Principal Amount or (ii) the Series 2019-1 Class A-1 Outstanding Principal Amount would exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; Notwithstanding anything herein or in any other Related Document to the contrary, at no time shall a Conduit Investor be obligated to make Advances hereunder. If at any time any Conduit
      Investor is not an Eligible Conduit Investor, such Conduit Investor shall promptly notify the Administrative Agent (who shall promptly notify the related Funding Agent and the Master Issuer) thereof.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; Each of the Advances to be made on any date shall be made as part of a single borrowing (each such single borrowing being a &#8220;<u>Borrowing</u>&#8221;). The Advances made as part of the initial
      Borrowing on the Closing Date, if any, shall be evidenced by the Series 2019-1 Class A-1 Advance Notes issued in connection herewith and shall constitute purchases of portions of the Series 2019-1 Class A-1 Initial Advance Principal Amount
      corresponding to the amount of such Advances. All of the other Advances shall constitute Increases evidenced by the Series 2019-1 Class A-1 Advance Notes issued in connection herewith and shall constitute purchases of Series 2019-1 Class A-1
      Outstanding Principal Amounts corresponding to the amount of such Advances.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (d)&#160; Section 2.02(b) of the Series 2019-1 Supplement specifies the procedures to be followed in connection with any Voluntary Decrease of the Series 2019-1 Class A-1 Outstanding Principal Amount.
      Each such Voluntary Decrease in respect of any Advances shall be either (i) in an aggregate minimum principal amount of $100,000 and integral multiples of $100,000 in excess thereof or (ii) in such other amount necessary to reduce the Series 2019-1
      Class A-1 Outstanding Principal Amount to zero.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (e)&#160; Subject to the terms of this Agreement and the Series 2019-1 Supplement, the aggregate principal amount of the Advances evidenced by the Series 2019-1 Class A-1 Advance Notes may be increased
      by Borrowings or decreased by Voluntary Decreases from time to time.</div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 2.03</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Borrowing Procedures</u>.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
      <div style="text-align: justify; text-indent: 117pt;">(a)&#160; Whenever the Master Issuer wishes to make a Borrowing, the Master Issuer shall (or shall cause the Manager on its behalf to) notify the Administrative Agent (who shall promptly, and in any
        event by 4:00 p.m. (Eastern time) on the same Business Day as its receipt of the same, notify each Funding Agent of its <u>pro rata</u> share thereof (or other required share, as required pursuant to <u>Section 2.02(a)</u>) and notify the
        Trustee, the Control Party, the Swingline Lender and the L/C Provider in writing of such Borrowing) by written notice in the form of an Advance Request delivered to the Administrative Agent no later than 12:00 p.m. (Eastern time) one (1) Business
        Day (or, in the case of any Eurodollar Advances for purposes of <u>Section 3.01(b)</u>, three (3) Eurodollar Business Days) prior to the date of Borrowing (unless a shorter period is agreed upon by the Administrative Agent and the L/C Provider,
        the L/C Issuing Bank, the Swingline Lender or the Funding Agents, as applicable), which date of Borrowing shall be a Business Day during the Commitment Term. Each such notice of Borrowing shall be irrevocable and shall in each case refer to this
        Agreement and specify (i) the date of such Borrowing, (ii) the aggregate amount of the requested Borrowing to be made on such date, (iii) the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings (if applicable) to be repaid with the
        proceeds of such Borrowing on such date, which amount shall constitute all outstanding Swingline Loans and Unreimbursed L/C Drawings outstanding on the date of such notice of Borrowing that are not prepaid with other funds of the Master Issuer
        available for such purpose, and (iv) sufficient instructions for application of the balance, if any, of the proceeds of such Borrowing on such date (which proceeds shall be made available to the Master Issuer). Requests for any Borrowing may not be
        made in an aggregate principal amount of less than $100,000 or in an aggregate principal amount that is not an integral multiple of $100,000 in excess thereof (except as otherwise provided herein with respect to Borrowings for the purpose of
        repaying then-outstanding Swingline Loans or Unreimbursed L/C Drawings). The Master Issuer agrees that Borrowings shall be made automatically (to the extent not deemed made pursuant to <u>Sections 2.05(b)(i)</u>, <u>2.05(b)(ii)</u> or <u>2.08</u>),

        without the requirement of providing an Advance Request, but subject to the requirements set forth in <u>Section 7.03</u>, upon notice of any drawing under a Letter of Credit and one time per month, the timing of which shall be determined by the
        Administrative Agent in its discretion, if any Swingline Loans are outstanding, in each case, in an amount at least sufficient to repay in full all Unreimbursed L/C Drawings or Swingline Loans, as the case may be, outstanding on the date of the
        applicable automatic Borrowing. Subject to the provisos to <u>Section 2.02(a)</u>, each Borrowing shall be ratably allocated among the Investor Groups&#8217; respective Maximum Investor Group Principal Amounts. Each Funding Agent shall promptly advise
        its related Conduit Investor, if any, of any notice given pursuant to this <u>Section 2.03(a)</u> and shall promptly thereafter (but in no event later than 10:00 a.m. (Eastern time) on the date of Borrowing) notify the Administrative Agent, the
        Master Issuer and the related Committed Note Purchaser(s) whether such Conduit Investor has determined to make all or any portion of the Advances in such Borrowing that are to be made by its Investor Group. On the date of each Borrowing and subject
        to the other conditions set forth herein and in the Series 2019-1 Supplement (and, if requested by the Administrative Agent, confirmation from the Swingline Lender and the L/C Provider, as applicable, as to (x) the amount of outstanding Swingline
        Loans and Unreimbursed L/C Drawings to be repaid with the proceeds of such Borrowing on the date of Borrowing, (y) the Undrawn L/C Face Amount of all Letters of Credit then outstanding and (z) the principal amount of any other Swingline Loans or
        Unreimbursed L/C Drawings then outstanding), the applicable Investors in each Investor Group shall make available to the Administrative Agent the amount of the Advances in such Borrowing that are to be made by such Investor Group by wire transfer
        in U.S. Dollars of such amount in same day funds no later than 10:00 a.m. (Eastern time) on the date of such Borrowing, and upon receipt thereof the Administrative Agent shall make such proceeds available by 3:00 p.m. (Eastern time), <u>first</u>,
        to the Swingline Lender and the L/C Provider for application to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such
        respective amounts, and, <u>second</u>, to the Master Issuer, as instructed in the applicable Advance Request.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(b)&#160;&#160; (i)&#160;&#160; The failure of any Committed Note Purchaser to make the Advance to be made by it as part of any Borrowing shall not relieve any other Committed Note Purchaser (whether or not in the
        same Investor Group) of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Committed Note Purchaser shall be responsible for the failure of any other Committed Note Purchaser to make the Advance to be made
        by such other Committed Note Purchaser on the date of any Borrowing and (ii) in the event that one or more Committed Note Purchasers fails to make its Advance by 11:00 a.m. (Eastern time) on the date of such Borrowing, the Administrative Agent
        shall notify each of the other Committed Note Purchasers not later than 1:00 p.m. (Eastern time) on such date, and each of the other Committed Note Purchasers shall make available to the Administrative Agent a supplemental Advance in a principal
        amount (such amount, the &#8220;<u>reference amount</u>&#8221;) equal to the lesser of (a) the aggregate principal Advance that was unfunded multiplied by a fraction, the numerator of which is the Commitment Amount of such Committed Note Purchaser and the
        denominator of which is the aggregate Commitment Amounts of all Committed Note Purchasers (less the aggregate Commitment Amount of the Committed Note Purchasers failing to make Advances on such date) and (b) the excess of (i) such Committed Note
        Purchaser&#8217;s Commitment Amount over (ii) the product of such Committed Note Purchaser&#8217;s related Investor Group Principal Amount multiplied by such Committed Note Purchaser&#8217;s Committed Note Purchaser Percentage (after giving effect to all prior
        Advances on such date of Borrowing) (<u>provided</u> that a Committed Note Purchaser may (but shall not be obligated to), on terms and conditions to be agreed upon by such Committed Note Purchaser and the Master Issuer, make available to the
        Administrative Agent a supplemental Advance in a principal amount in excess of the reference amount; <u>provided</u>, <u>however</u>, that no such supplemental Advance shall be permitted to be made to the extent that, after giving effect to such
        Advance, the Series 2019-1 Class A-1 Notes Exposure Amount would exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount). Such supplemental Advances shall be made by wire transfer in U.S. Dollars in same day funds no later than 3:00 p.m.
        (Eastern time) one (1) Business Day following the date of such Borrowing, and upon receipt thereof the Administrative Agent shall immediately make such proceeds available, <u>first</u>, to the Swingline Lender and the L/C Provider for application
        to repayment of the amount of outstanding Swingline Loans and Unreimbursed L/C Drawings as set forth in the applicable Advance Request, if applicable, ratably in proportion to such respective amounts, and, <u>second</u>, to the Master Issuer, as
        instructed in the applicable Advance Request. If any Committed Note Purchaser which shall have so failed to fund its Advance shall subsequently pay such amount, the Administrative Agent shall apply such amount pro rata to repay any supplemental
        Advances made by the other Committed Note Purchasers pursuant to this <u>Section 2.03(b)</u>.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(c)&#160; Unless the Administrative Agent shall have received notice from a Funding Agent prior to the date of any Borrowing that an applicable Investor in the related Investor Group will not make
        available to the Administrative Agent such Investor&#8217;s share of the Advances to be made by such Investor Group as part of such Borrowing, the Administrative Agent may (but shall not be obligated to) assume that such Investor has made such share
        available to the Administrative Agent on the date of such Borrowing in accordance with <u>Section 2.02(a)</u> and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Swingline
        Lender, the L/C Provider and/or the Master Issuer, as applicable, on such date a corresponding amount, and shall, if such corresponding amount has not been made available by the Administrative Agent, make available to the Swingline Lender, the L/C
        Provider and/or the Master Issuer, as applicable, on such date a corresponding amount once such Investor has made such portion available to the Administrative Agent. If and to the extent that any Investor shall not have so made such amount
        available to the Administrative Agent, such Investor and the Master Issuer jointly and severally agree to repay (without duplication) to the Administrative Agent on the next Weekly Allocation Date such corresponding amount (in the case of the
        Master Issuer, in accordance with the Priority of Payments), together with interest thereon, for each day from the date such amount is made available to the Master Issuer until the date such amount is repaid to the Administrative Agent, at (i) in
        the case of the Master Issuer, the interest rate applicable at the time to the Advances comprising such Borrowing and (ii) in the case of such Investor, the Federal Funds Rate. If such Investor is required by law to deduct any withholding taxes
        from the amount paid to the Administrative Agent under this <u>Section 2.03(c)</u>, the sum payable by the Investor shall be increased as necessary so that after such deduction has been made, the Administrative Agent receives an amount equal to
        the sum it would have received had no such deduction been made. If such Investor shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Investor&#8217;s Advance as part of such Borrowing for
        purposes of this Agreement.</div>
    </div>
    <br>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 2.04</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>The Series
          2019-1 Class A-1 Notes</u>. On each date an Advance or Swingline Loan is made or a Letter of Credit is issued hereunder, and on each date the outstanding amount thereof is reduced (or the face amount of a Letter of Credit is reduced), a duly
        authorized officer, employee or agent of the related Series 2019-1 Class A-1 Noteholder shall make appropriate notations in its books and records of the amount, evidenced by the related Series 2019-1 Class A-1 Advance Note, Series 2019-1 Class A-1
        Swingline Note or Series 2019-1 Class A-1 L/C Note, of such Advance, Swingline Loan or Letter of Credit, as applicable, and the amount of such reduction, as applicable. The Master Issuer hereby authorizes each duly authorized officer, employee and
        agent of such Series 2019-1 Class A-1 Noteholder to make such notations on the books and records as aforesaid and every such notation made in accordance with the foregoing authority shall be prima facie evidence of the accuracy of the information
        so recorded; <u>provided</u>, <u>however</u>, that in the event of a discrepancy between the books and records of such Series 2019-1 Class A-1 Noteholder and the Note Register, (x)&#160; such discrepancy shall be resolved by such Series 2019-1 Class
        A-1 Noteholder, the Control Party and the Trustee, in consultation with the Master Issuer (provided that such consultation with the Master Issuer will not in any way limit or delay such Series 2019-1 Class A-1 Noteholder&#8217;s, the Control Party&#8217;s and
        the Trustee&#8217;s ability to resolve such discrepancy), and such resolution shall control in the absence of manifest error and the Note Register shall be corrected as appropriate and (y) until any such discrepancy is resolved pursuant to clause (x),
        the Note Register shall control; <u>provided,</u>&#160;<u>further,</u> that the failure of any such notation to be made, or any finding that a notation is incorrect, in any such records shall not limit or otherwise affect the obligations of the Master
        Issuer under this Agreement or the Indenture.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
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    </div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 2.05</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Reduction in Commitments</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; The Master Issuer may, upon three (3) Business Days&#8217; notice to the Administrative Agent (who shall promptly notify the Trustee, the Control Party, each Funding Agent and each Investor), effect
      a permanent reduction in the Series 2019-1 Class A-1 Notes Maximum Principal Amount and a corresponding reduction in each Commitment Amount and Maximum Investor Group Principal Amount on a <u>pro rata</u> basis; <u>provided</u> that (i) any such
      reduction will be limited to the undrawn portion of the Commitments, although any such reduction may be combined with a Voluntary Decrease effected pursuant to and in accordance with Section 2.02(b) of the Series 2019-1 Supplement, (ii) any such
      reduction must be in a minimum amount of $1,000,000, (iii) after giving effect to such reduction, the Series 2019-1 Class A-1 Notes Maximum Principal Amount equals or exceeds $5,000,000, unless reduced to zero, and (iv) no such reduction shall be
      permitted if, after giving effect thereto, (x) the aggregate Commitment Amounts would be less than the Series 2019-1 Class A-1 Notes Exposure Amount or (y) the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and
      the L/C Commitment. Any reduction made pursuant to this <u>Section 2.05(a)</u> shall be made ratably among the Investor Groups on the basis of their respective Maximum Investor Group Principal Amounts.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(b)&#160;&#160; If any of the following events shall occur, then the Commitment Amounts shall be automatically reduced on the dates and in the amounts set forth below with respect to the applicable event and
      the other consequences set forth below with respect to the applicable event shall ensue (and the Master Issuer shall give the Trustee, the Control Party, each Funding Agent and the Administrative Agent prompt written notice thereof):</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(i)&#160; <font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font>(A)

      &#160; if the Outstanding Principal Amount of the Series 2019-1 Class A-1 Notes has not been paid in full or otherwise refinanced in full (which refinancing may also include an extension thereof) by the Business Day immediately preceding the Series 2019-1
      Class A-1 Notes Renewal Date, on such Business Day, (x) the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings shall be repaid in full with proceeds of Advances made on such date (and the Master Issuer shall be
      deemed to have delivered such Advance Requests under <u>Section 2.03</u> as may be necessary to cause such Advances to be made), and (y) the Swingline Commitment and the L/C Commitment shall both be automatically and permanently reduced to zero; and
      (B) upon a Series 2019-1 Class A-1 Notes Amortization Event, (x) the Commitments with respect to all undrawn Commitment Amounts shall automatically and permanently terminate and the corresponding portions of the Series 2019-1 Class A-1 Notes Maximum
      Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically and permanently reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a pro rata basis) and (y)&#160;each payment of
      principal on the Series 2019-1 Class A-1 Outstanding Principal Amount occurring following such Series 2019-1 Class A-1 Notes Amortization Event shall result automatically and permanently in a dollar-for-dollar reduction of the Series 2019-1 Class A-1
      Notes Maximum Principal Amount and a corresponding reduction in each Maximum Investor Group Principal Amount on a <u>pro rata</u> basis;<br>
    </div>
    <div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
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      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(ii)&#160; if a Rapid Amortization Event occurs prior to the Series 2019-1 Class A-1 Notes Renewal Date, then (A) on the date such Rapid Amortization Event occurs, the Commitments with respect to all
        undrawn Commitment Amounts shall automatically terminate, which termination shall be deemed to have occurred immediately following the making of Advances pursuant to clause (B) below, and the corresponding portions of the Series 2019-1 Class A-1
        Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically reduced by a corresponding amount (with respect to the Maximum Investor Group Principal Amounts, on a <u>pro rata</u> basis); (B) no later than
        the second Business Day after the occurrence of such Rapid Amortization Event, the principal amount of all then-outstanding Swingline Loans and Unreimbursed L/C Drawings (to the extent not repaid pursuant to <u>Section 2.08(a)</u> or <u>Section
          4.03(b)</u>) shall be repaid in full with proceeds of Advances (and the Master Issuer shall be deemed to have delivered such Advance Requests under <u>Section 2.03</u> as may be necessary to cause such Advances to be made) and the Swingline
        Commitment and the L/C Commitment shall be automatically reduced to zero and by such amount of Unreimbursed L/C Drawings, respectively; and (C) each payment of principal (which, for the avoidance of doubt, shall include cash collateralization of
        Undrawn L/C Face Amounts pursuant to <u>Sections 4.02(b)</u>, <u>4.03(a)</u>, <u>4.03(b)</u> and <u>9.18(c)(ii)</u>) on the Series 2019-1 Class A-1 Outstanding Principal Amount occurring on or after the date of such Rapid Amortization Event
        (excluding the repayment of any outstanding Swingline Loans and Unreimbursed L/C Drawings with proceeds of Advances pursuant to clause (B) above) shall result automatically in a dollar-for-dollar reduction of the Series 2019-1 Class A-1 Notes
        Maximum Principal Amount and a corresponding reduction in each Maximum Investor Group Principal Amount on a <u>pro rata</u> basis; <u>provided</u> that if such Rapid Amortization Event shall cease to be in effect pursuant to Section 9.01(b) of
        the Base Indenture, then the Commitments, Swingline Commitment, L/C Commitment, Series 2019-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be restored to the amounts in effect immediately prior to
        the occurrence of such Rapid Amortization Event;</div>
      <div><br>
      </div>
      <div style="text-indent: 117pt; text-align: justify;">(iii)&#160; [Reserved];</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(iv)&#160; if Indemnification Amounts, Asset Disposition Proceeds or Insurance/Condemnation Proceeds are allocated to and deposited in the Series 2019-1 Class A-1 Distribution Account in accordance
        with Section 3.06(j) of the Series 2019-1 Supplement at a time when either (i) no Senior Notes other than Series 2019-1 Class A-1 Notes are Outstanding or (ii) if a Series 2019-1 Class A-1 Notes Amortization Period is continuing, then (x) the
        aggregate Commitment Amount shall be automatically and permanently reduced on the date of such deposit by an amount (the &#8220;<u>Series 2019-1 Class A-1 Allocated Payment Reduction Amount</u>&#8221;) equal to the amount of such deposit, and each Committed
        Note Purchaser&#8217;s Commitment Amount shall be reduced on a <u>pro rata</u> basis of such Series 2019-1 Class A-1 Allocated Payment Reduction Amount based on each Committed Note Purchaser&#8217;s Commitment Amount, (y) the corresponding portions of the
        Series 2019-1 Class A-1 Notes Maximum Principal Amount and the Maximum Investor Group Principal Amounts shall be automatically and permanently reduced on a <u>pro rata</u> basis based on each Investor Group&#8217;s Maximum Investor Group Principal
        Amount by a corresponding amount on such date (and, if after giving effect to such reduction the aggregate Commitment Amounts would be less than the sum of the Swingline Commitment and the L/C Commitment, then the aggregate amount of the Swingline
        Commitment and the L/C Commitment shall be reduced by the amount of such difference, with such reduction to be allocated between them in accordance with the written instructions of the Master Issuer delivered prior to such date; <u>provided</u>
        that after giving effect thereto the aggregate amount of the Swingline Loans and the L/C Obligations do not exceed the Swingline Commitment and the L/C Commitment, respectively, as so reduced; <u>provided,</u>&#160;<u>further,</u> that in the absence
        of such instructions, such reduction shall be allocated first to the Swingline Commitment and then to the L/C Commitment) and (z) the Series 2019-1 Class A-1 Outstanding Principal Amount shall be repaid or prepaid and the Series 2019-1 Class A-1
        Notes Exposure Amounts to be reduced to zero (which, for the avoidance of doubt, shall be accomplished by cash collateralization of Undrawn L/C Face Amounts pursuant to <u>Sections 4.02(b)</u>, <u>4.03(a)</u>, <u>4.03(b)</u> and <u>9.18(c)(ii)</u>)
        in an aggregate amount equal to such Series 2019-1 Class A-1 Allocated Payment Reduction Amount on the date and in the order required by Section 3.06(j) of the Series 2019-1 Supplement; and</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
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      <div><br>
      </div>
      <div style="text-indent: 117pt; text-align: justify;">(v)&#160; if any Event of Default shall occur and be continuing (and shall not have been waived in accordance with the Base Indenture) and as a result the payment of the Series 2019-1 Class A-1 Notes
        is accelerated pursuant to the terms of the Base Indenture (and such acceleration shall not have been rescinded in accordance with the Base Indenture), then in addition to the consequences set forth in clause (ii) above in respect of the Rapid
        Amortization Event resulting from such Event of Default, the Series 2019-1 Class A-1 Notes Maximum Principal Amount, the Commitment Amounts, the Swingline Commitment, the L/C Commitment and the Maximum Investor Group Principal Amounts shall all be
        automatically and permanently reduced to zero upon such acceleration and the Master Issuer shall (in accordance with the Series 2019-1 Supplement) cause the Series 2019-1 Class A-1 Outstanding Principal Amount to be paid in full and the Series
        2019-1 Class A-1 Notes Exposure Amounts to be reduced to zero (which, for the avoidance of doubt, shall be accomplished by cash collateralization of Undrawn L/C Face Amounts pursuant to <u>Sections 4.02(b)</u>, <u>4.03(a)</u>, <u>4.03(b)</u> and
        <u>9.18(c)(ii)</u>), together with accrued interest, Series 2019-1 Class A-1 Quarterly Commitment Fees, Series 2019-1 Class A-1 Notes Other Amounts and all other amounts then due and payable to the Lender Parties, the Administrative Agent and the
        Funding Agents under this Agreement and the other Related Documents and any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate) subject to and in accordance with the Priority of Payments.</div>
    </div>
    <br>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 2.06</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Swingline Commitment</u>.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Master Issuer
      shall issue and shall cause the Trustee to authenticate the Series 2019-1 Class A-1 Swingline Note, which the Master Issuer shall deliver to the Swingline Lender on the Closing Date. Such Series 2019-1 Class A-1 Swingline Note shall (i) be dated the
      Closing Date, (ii) be registered in the name of the Swingline Lender or its nominee, or in such other name as the Swingline Lender may request, (iii) have a maximum principal amount equal to the Swingline Commitment, (iv) have an initial outstanding
      principal amount equal to the Series 2019-1 Class A-1 Initial Swingline Principal Amount, and (v) be duly authenticated in accordance with the provisions of the Indenture. Subject to the terms and conditions hereof, the Swingline Lender, in reliance
      on the agreements of the Committed Note Purchasers set forth in this <u>Section 2.06</u>, agrees to make swingline loans (each, a &#8220;<u>Swingline Loan</u>&#8221; or a &#8220;<u>Series 2019-1 Class A-1 Swingline Loan</u>&#8221; and, collectively, the &#8220;<u>Swingline Loans</u>&#8221;
      or the &#8220;<u>Series 2019-1 Class A-1 Swingline Loans</u>&#8221;) to the Master Issuer from time to time during the period commencing on the Closing Date and ending on the date that is two (2) Business Days prior to the Commitment Termination Date; <u>provided</u>
      that the Swingline Lender shall have no obligation or right to make any Swingline Loan if, after giving effect thereto, (i) the aggregate principal amount of Swingline Loans outstanding would exceed the Swingline Commitment then in effect
      (notwithstanding that the Swingline Loans outstanding at any time, when aggregated with the Swingline Lender&#8217;s other outstanding Advances hereunder, may exceed the Swingline Commitment then in effect) or (ii) the Series 2019-1 Class A-1 Notes
      Exposure Amount would exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount. Each such borrowing of a Swingline Loan will constitute a Subfacility Increase in the outstanding principal amount evidenced by the Series 2019-1 Class A-1
      Swingline Note in an amount corresponding to such borrowing. Subject to the terms of this Agreement and the Series 2019-1 Supplement, the outstanding principal amount evidenced by the Series 2019-1 Class A-1 Swingline Note may be increased by
      borrowings of Swingline Loans or decreased by payments of principal thereon from time to time.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160;&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Whenever the Master Issuer desires that the Swingline Lender make Swingline Loans, the Master
      Issuer shall (or shall cause the Manager on its behalf to) give the Swingline Lender and the Administrative Agent irrevocable notice in writing not later than 11:00 a.m. (Eastern time) on the proposed borrowing date, specifying (i) the amount to be
      borrowed, (ii) the requested borrowing date (which shall be a Business Day during the Commitment Term not later than the date that is two (2) Business Days prior to the Commitment Termination Date) and (iii) the payment instructions for the proceeds
      of such borrowing (which shall be consistent with the terms and provisions of this Agreement and the Indenture and which proceeds shall be made available to the Master Issuer). The notice shall be in the form of a Swingline Advance Request in the
      form attached hereto as <u>Exhibit A-2</u> (a &#8220;<u>Swingline Loan Request</u>&#8221;), a copy of which shall also be provided by the Master Issuer (or the Manager on its behalf) to the Control Party and the Trustee by 2:00 p.m. (Eastern time) on the date
      of delivery thereof to the Swingline Lender and the Administrative Agent. Each Borrowing under the Swingline Commitment shall be in a minimum amount equal to $100,000. Promptly upon receipt of any Swingline Loan Request (but in no event later than
      2:00 p.m. (Eastern time) on the date of such receipt), the Administrative Agent (based, with respect to any portion of the Series 2019-1 Class A-1 Outstanding Subfacility Amount held by any Person other than the Administrative Agent, solely on
      written notices received by the Administrative Agent under this Agreement) will inform the Swingline Lender whether or not, after giving effect to the requested Swingline Loan, the Series 2019-1 Class A-1 Notes Exposure Amount would exceed the Series
      2019-1 Class A-1 Notes Maximum Principal Amount. If the Administrative Agent confirms that the Series 2019-1 Class A-1 Notes Exposure Amount would not exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount after giving effect to the
      requested Swingline Loan, then not later than 3:00 p.m. (Eastern time) on the date for such Borrowing specified in the Swingline Loan Request, subject to the other conditions set forth herein and in the Series 2019-1 Supplement, the Swingline Lender
      shall make available to the Master Issuer in accordance with the payment instructions set forth in such notice an amount in immediately available funds equal to the amount of the requested Swingline Loan.</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 117pt;">(c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Master Issuer hereby agrees that each Swingline Loan made by the Swingline Lender to the
      Master Issuer pursuant to <u>Section 2.06(a)</u> shall constitute the promise and obligation of the Master Issuer to pay to the Swingline Lender the aggregate unpaid principal amount of all Swingline Loans made by such Swingline Lender pursuant to <u>Section
        2.06(a)</u>, which amounts shall be due and payable (whether at maturity or by acceleration) as set forth in this Agreement and in the Indenture for the Series 2019-1 Class A-1 Outstanding Principal Amount.<br>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 117pt; text-align: justify;"> (d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>In accordance with <u>Section 2.03(a)</u>, the Master Issuer agrees to cause requests for
      Borrowings to be made at least one time per month if any Swingline Loans are outstanding in amounts at least sufficient to repay in full all Swingline Loans outstanding on the date of the applicable request. In accordance with <u>Section 3.01(c)</u>,
      outstanding Swingline Loans shall bear interest at the Base Rate. </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (e)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>[Reserved]. </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(f)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>If, prior to the time Advances would have otherwise been made pursuant to <u>Section 2.06(d)</u>,
      an Event of Bankruptcy shall have occurred and be continuing with respect to the Master Issuer or any Guarantor or if, for any other reason, as determined by the Swingline Lender in its sole and absolute discretion, Advances may not be made as
      contemplated by <u>Section 2.06(d)</u>, each Committed Note Purchaser shall, on the date such Advances were to have been made pursuant to the notice referred to in <u>Section 2.06(d)</u>, purchase for cash an undivided participating interest in the
      then-outstanding Swingline Loans by paying to the Swingline Lender an amount (the &#8220;<u>Swingline Participation Amount</u>&#8221;) equal to (i) its Committed Note Purchaser Percentage, <u>multiplied by</u> (ii) the related Investor Group&#8217;s Commitment
      Percentage, <u>multiplied by</u> (iii) the aggregate principal amount of Swingline Loans then outstanding that was to have been repaid with such Advances. </div>
    <div> <br>
      <div style="text-align: justify; text-indent: 117pt;">(g)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Whenever, at any time after the Swingline Lender has received from any Investor such Investor&#8217;s
        Swingline Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Investor its Swingline Participation Amount (appropriately adjusted, in the case of interest
        payments, to reflect the period of time during which such Investor&#8217;s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Investor&#8217;s <u>pro rata</u> portion of such payment if such
        payment is not sufficient to pay the principal of and interest on all Swingline Loans then due); <u>provided</u>, <u>however</u>, that in the event that such payment received by the Swingline Lender is required to be returned, such Investor will
        return to the Swingline Lender any portion thereof previously distributed to it by the Swingline Lender.</div>
      <div style="text-align: justify; text-indent: 117pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
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      <div style="font-family: 'Times New Roman',Times,serif;">
        <div><br>
        </div>
        <div>
          <div style="text-indent: 117pt; text-align: justify;">(h)&#160;&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Each applicable Investor&#8217;s obligation to make the Advances referred to in Section 2.06(d)
            and each Committed Note Purchaser&#8217;s obligation to purchase participating interests pursuant to Section 2.06(f) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim,
            recoupment, defense or other right that such Investor, Committed Note Purchaser or the Master Issuer may have against the Swingline Lender, the Master Issuer or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a
            Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article VII other than at the time the related Swingline Loan was made; (iii) any adverse change in the condition (financial or otherwise) of the
            Master Issuer; (iv) any breach of this Agreement or any other Indenture Document by the Master Issuer or any other Person or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.<br>
          </div>
          <div>
            <div><br>
            </div>
          </div>
        </div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-indent: 117pt; text-align: justify;">(i)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>The Master Issuer may, upon three (3) Business Days&#8217; notice to the Administrative Agent and the Swingline Lender, effect a permanent reduction in the Swingline Commitment; <u>provided</u> that any
        such reduction will be limited to the undrawn portion of the Swingline Commitment. If requested by the Master Issuer in writing and with the prior written consent of the Administrative Agent, the Swingline Lender may (but shall not be obligated to)
        increase the amount of the Swingline Commitment; <u>provided</u> that, after giving effect thereto, the aggregate amount of the Swingline Commitment and the L/C Commitment does not exceed the aggregate amount of the Commitments.</div>
      <br>
      <div style="text-align: justify; text-indent: 117pt;">(j)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Master Issuer may, upon notice to the Swingline Lender (who shall promptly notify the
        Administrative Agent and the Trustee thereof in writing), at any time and from time to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; <u>provided</u> that (x) such notice must be received by the Swingline
        Lender not later than 11:00 a.m. (Eastern time) on the date of the prepayment, (y) any such prepayment shall be in a minimum principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount
        thereof then outstanding and (z) if the source of funds for such prepayment is not a Borrowing, there shall be no unreimbursed Advances or Manager Advances (or interest thereon) at such time. Each such notice shall specify the date and amount of
        such prepayment. If such notice is given, the Master Issuer shall make such prepayment directly to the Swingline Lender and the payment amount specified in such notice shall be due and payable on the date specified therein.</div>
    </div>
    <br>
    <div style="text-indent: 90pt; margin-left: 18pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 2.07</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>L/C Commitment</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Subject to the terms and conditions hereof, the L/C Provider (or its permitted assigns pursuant
      to <u>Section 9.17</u>), in reliance on the agreements of the Committed Note Purchasers set forth in <u>Sections 2.08</u> and <u>2.09</u>, agrees to provide standby letters of credit, including Interest Reserve Letters of Credit (each, a &#8220;<u>Letter

        of Credit</u>&#8221; and, collectively, the &#8220;<u>Letters of Credit</u>&#8221;) for the account of the Master Issuer or its designee on any Business Day during the period commencing on the Closing Date and ending on the date that is ten (10) Business Days prior
      to the Commitment Termination Date to be issued in accordance with <u>Section 2.07(h)</u> in such form as may be approved from time to time by the L/C Provider; <u>provided</u> that the L/C Provider shall have no obligation or right to provide any
      Letter of Credit on a requested issuance date if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the Series 2019-1 Class A-1 Notes Exposure Amount would exceed the Series 2019-1 Class A-1 Notes
      Maximum Principal Amount.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
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    </div>
    <div> </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Each Letter of Credit shall (x) be denominated in Dollars, (y) have a face amount of at least $25,000 or, if less than $25,000, shall bear a reasonable
      administrative fee to be agreed upon by the Master Issuer and the L/C Provider and (z) expire no later than the earlier of (A) the first anniversary of its date of issuance and (B) the date that is ten (10) Business Days prior to the Commitment
      Termination Date (the &#8220;<u>Required Expiration Date</u>&#8221;); <u>provided</u> that any Letter of Credit may provide for the automatic renewal thereof for additional periods, each individually not to exceed one year (which shall in no event extend beyond
      the Required Expiration Date) unless the L/C Provider notifies the beneficiary of such Letter of Credit at least 30 calendar days prior to the then-applicable expiration date (or no later than the applicable notice date, if earlier, as specified in
      such Letter of Credit) that such Letter of Credit shall not be renewed; <u>provided,</u>&#160;<u>further,</u> that any Letter of Credit may have an expiration date that is later than the Required Expiration Date so long as (x) the Undrawn L/C Face Amount
      with respect to such Letter of Credit has been fully cash collateralized by the Master Issuer in accordance with <u>Section 4.02(b)</u> or <u>4.03</u> as of the Required Expiration Date and there are no other outstanding L/C Obligations with
      respect to such Letter of Credit as of the Required Expiration Date and (y) such arrangement is satisfactory to the L/C Provider in its sole and absolute discretion.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Additionally, each Interest Reserve Letter of Credit shall (1) name each of (A) the Trustee, for the benefit of the Senior Noteholders or the Senior
      Subordinated Noteholders, as applicable, and (B) the Control Party, as the beneficiary thereof; (2) allow the Trustee or the Control Party to submit a notice of drawing in respect of such Interest Reserve Letter of Credit whenever amounts would
      otherwise be required to be withdrawn from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, pursuant to the Indenture and (3) indicate by its terms that the proceeds in respect of
      drawings under such Interest Reserve Letter of Credit shall be paid directly into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The L/C Provider shall not at any time be obligated to (I) provide any Letter of Credit hereunder if such issuance would violate, or cause any L/C Issuing
      Bank to exceed any limits imposed by, any applicable Requirement of Law or (II) amend any Letter of Credit hereunder if (1) the L/C Provider would have no obligation at such time to issue such Letter of Credit in its amended form under the terms
      hereof or (2) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.</div>
    <div>&#160;</div>
    <div style="text-indent: 117pt; text-align: justify;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the
      covenants, representations and agreements set forth herein and therein, the Master Issuer shall issue and shall cause the Trustee to authenticate the Series 2019-1 Class A-1 L/C Note, which the Master Issuer shall deliver to the L/C Provider on the
      Closing Date. Such Series 2019-1 Class A-1 L/C Note shall (i) be dated the Closing Date, (ii)&#160; be registered in the name of the L/C Provider or in such other name or nominee as the L/C Provider may request, (iii) have a maximum principal amount equal
      to the L/C Commitment, (iv) have an initial outstanding principal amount equal to the Series 2019-1 Class A-1 Initial Aggregate Undrawn L/C Face Amount, and (v) be duly authenticated in accordance with the provisions of the Indenture. Each issuance
      of a Letter of Credit after the Closing Date shall increase the Series 2019-1 Class A-1 Notes Exposure Amount in an amount corresponding to the Undrawn L/C Face Amount of such Letter of Credit. All Unreimbursed L/C Drawings shall be deemed to be
      principal outstanding under the Series 2019-1 Class A-1 L/C Note and shall be deemed to be Series 2019-1 Class A-1 Outstanding Principal Amounts for all purposes of this Agreement, the Indenture and the other Related Documents. The L/C Provider and
      the Master Issuer agree to promptly notify the Administrative Agent and the Trustee of any such decreases for which notice to the Administrative Agent is not otherwise provided hereunder.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
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    </div>
    <div>
      <div style="text-align: justify; text-indent: 117pt;">(c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Master Issuer may (or shall cause the Manager on its behalf to) from time to time request
        that the L/C Provider provide a new Letter of Credit by delivering to the L/C Provider at its address for notices specified herein an Application therefor (in the form required by the applicable L/C Issuing Bank as notified to the Master Issuer by
        the L/C Provider), completed to the satisfaction of the L/C Provider, and such other certificates, documents and other papers and information as the L/C Provider may reasonably request on behalf of the L/C Issuing Bank. Notwithstanding the
        foregoing sentence, the letters of credit set forth on <u>Schedule IV</u> hereto shall be deemed Letters of Credit provided and issued by the L/C Provider hereunder as of the Closing Date. Upon receipt of any completed Application, the L/C
        Provider will notify the Administrative Agent and the Trustee in writing of the amount, the beneficiary and the requested expiration of the requested Letter of Credit (which shall comply with <u>Sections 2.07(a)</u> and <u>(i)</u>) and, subject
        to the other conditions set forth herein and in the Series 2019-1 Supplement and upon receipt of written confirmation from the Administrative Agent (based, with respect to any portion of the Series 2019-1 Class A-1 Outstanding Subfacility Amount
        held by any Person other than the Administrative Agent, solely on written notices received by the Administrative Agent under this Agreement) that after giving effect to the requested issuance, the Series 2019-1 Class A-1 Notes Exposure Amount would
        not exceed the Series 2019-1 Class A-1 Notes Maximum Principal Amount (<u>provided</u> that the L/C Provider shall be entitled to rely upon any written statement, paper or document believed by it to be genuine and correct and to have been signed or
        sent by the proper Person or Persons of the Administrative Agent for purposes of determining whether the L/C Provider received such prior written confirmation from the Administrative Agent with respect to any Letter of Credit), the L/C Provider
        will cause such Application and the certificates, documents and other papers and information delivered in connection therewith to be processed in accordance with the L/C Issuing Bank&#8217;s customary procedures and shall promptly provide the Letter of
        Credit requested thereby (but in no event shall the L/C Provider be required to provide any Letter of Credit earlier than three (3) Business Days after its receipt of the Application therefor and all such other certificates, documents and other
        papers and information relating thereto, as provided in <u>Section 2.07(a)</u>) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the L/C Provider and the Master Issuer. The L/C
        Provider shall furnish a copy of such Letter of Credit to the Manager (with a copy to the Administrative Agent) promptly following the issuance thereof. The L/C Provider shall promptly furnish to the Administrative Agent, which shall in turn
        promptly furnish to the Funding Agents, the Investors, the Control Party and the Trustee, written notice of the issuance of each Letter of Credit (including the amount thereof).</div>
      <div><br>
      </div>
      <div style="text-indent: 117pt; text-align: justify;">(d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Master Issuer shall pay ratably to the Committed Note Purchasers the L/C Quarterly Fees (as
        defined in the Series 2019-1 Class A-1 VFN Fee Letter, the &#8220;<u>L/C Quarterly Fees</u>&#8221;) in accordance with the terms of the Series 2019-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(e)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>To the extent that any provision of any Application related to any Letter of Credit is
        inconsistent with the provisions of this <u>Article II</u>, the provisions of this <u>Article II</u> shall apply.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(f)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Master Issuer may, upon three (3) Business Days&#8217; notice to the Administrative Agent and the
        L/C Provider, effect a permanent reduction in the L/C Commitment; <u>provided</u> that any such reduction will be limited to the undrawn portion of the L/C Commitment. If requested by the Master Issuer in writing and with the prior written consent
        of the L/C Provider and the Administrative Agent, the L/C Provider may (but shall not be obligated to) increase the amount of the L/C Commitment; <u>provided</u> that, after giving effect thereto, the aggregate amount of each of the Series 2019-1
        Class A-1 Outstanding Principal Amount, the Swingline Commitment and the L/C Commitment does not exceed the aggregate Commitment Amounts.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(g)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The L/C Provider shall satisfy its obligations under this <u>Section 2.07</u> with respect to
        providing any Letter of Credit hereunder by issuing such Letter of Credit itself or through an Affiliate, so long as the L/C Issuing Bank Rating Test is satisfied with respect to such Affiliate and the issuance of such Letter of Credit. If the L/C
        Issuing Bank Rating Test is not satisfied with respect to such Affiliate and the issuance of such Letter of Credit, the L/C Provider or a Person selected by (at the expense of the L/C Provider) the Master Issuer shall issue such Letter of Credit; <u>provided</u>
        that such Person and issuance of such Letter of Credit satisfies the L/C Issuing Bank Rating Test (the L/C Provider (or such Affiliate of the L/C Provider) in its capacity as the issuer of such Letter of Credit or such other Person selected by the
        Master Issuer being referred to as the &#8220;<u>L/C Issuing Bank</u>&#8221; with respect to such Letter of Credit). The &#8220;<u>L/C Issuing Bank Rating Test</u>&#8221; is a test that is satisfied with respect to a Person issuing a Letter of Credit if the Person is a
        U.S. commercial bank that has, at the time of the issuance of such Letter of Credit, (i) a short-term certificate of deposit rating of not less than &#8220;P-2&#8221; from Moody&#8217;s and &#8220;A-2&#8221; from S&amp;P and (ii) a long-term unsecured debt rating of not less
        than &#8220;Baa2&#8221; from Moody&#8217;s or &#8220;BBB&#8221; from S&amp;P or such other minimum long-term unsecured debt rating as may be reasonably required by the beneficiary of such proposed Letter of Credit.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(h)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The L/C Provider and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit,
        the L/C Issuing Bank shall be under no obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Provider or the L/C Issuing
        Bank, as applicable, from issuing the Letter of Credit or (ii) any law applicable to the L/C Provider or the L/C Issuing Bank, as applicable, or any request or directive (which request or directive, in the reasonable judgment of the L/C Provider or
        the L/C Issuing Bank, as applicable, has the force of law) from any Governmental Authority with jurisdiction over the L/C Provider or the L/C Issuing Bank, as applicable, shall prohibit the L/C Provider or the L/C Issuing Bank, as applicable, from
        issuing of letters of credit generally or the Letter of Credit in particular.</div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
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      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;"> (i)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Unless otherwise expressly agreed by the L/C Provider or the L/C Issuing Bank, as applicable,
        and the Master Issuer when a Letter of Credit is issued, the rules of the &#8220;International Standby Practices 1998&#8221; published by the Institute of International Banking Law &amp; Practice (or such later version thereof as may be in effect at the time
        of issuance) shall apply to each standby Letter of Credit issued hereunder.</div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(j)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>For the avoidance of doubt, the L/C Commitment shall be a sub-facility limit of the Commitment
        Amounts and aggregate outstanding Unreimbursed L/C Drawings as of any date of determination shall be a component of the Series 2019-1 Class A-1 Outstanding Principal Amount on such date of determination, pursuant to the definition thereof.<br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(k)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>If, on the date that is five (5) Business Days prior to the expiration of any Interest Reserve
        Letter of Credit, such Interest Reserve Letter of Credit has not been replaced or renewed and the Master Issuer has not otherwise deposited funds into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve
        Account, as applicable, in the amounts that would otherwise be required pursuant to the Indenture had such Interest Reserve Letter of Credit not been issued, the Master Issuer shall instruct the Control Party to submit a notice of drawing under
        such Interest Reserve Letter of Credit and use the proceeds thereof to fund a deposit into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, in an amount equal to the Senior Notes
        Interest Reserve Account Deficiency Amount or the Senior Subordinated Notes Interest Reserve Account Deficiency Amount, as applicable, on such date, in each case calculated as if such Interest Reserve Letter of Credit had not been issued.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(l)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Each of the parties hereto shall execute any amendments to this Agreement reasonably requested
        by the Master Issuer in order to have any letter of credit issued by a Person selected by the Master Issuer pursuant to <u>Section 2.07(g)</u> hereto or Section 5.18 of the Base Indenture be a &#8220;Letter of Credit&#8221; that has been issued hereunder and
        such Person selected by the Master Issuer be an &#8220;L/C Issuing Bank.&#8221;</div>
      <br>
    </div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 2.08</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>L/C Reimbursement Obligations</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>For the purpose of reimbursing the payment of any draft presented under any Letter of Credit, the
      Master Issuer agrees to pay, as set forth in this <u>Section 2.08</u>, the L/C Provider, for its own account or for the account of the L/C Issuing Bank, as applicable, an amount in Dollars equal to the sum of (i) the amount of such draft so paid
      (the &#8220;<u>L/C Reimbursement Amount</u>&#8221;) and (ii) any taxes, fees, charges or other costs or expenses (including amounts payable pursuant to <u>Section 3.02(c)</u>, and collectively, the &#8220;<u>L/C Other Reimbursement Costs</u>&#8221;) incurred by the L/C
      Issuing Bank in connection with such payment. Each drawing under any Letter of Credit shall (unless an Event of Bankruptcy shall have occurred and be continuing with respect to the Master Issuer or any Guarantor, in which cases the procedures
      specified in <u>Section 2.09</u> for funding by Committed Note Purchasers shall apply) constitute a request by the Master Issuer to the Administrative Agent and each Funding Agent for a Base Rate Borrowing pursuant to <u>Section 2.03</u> in the
      amount equal to the applicable L/C Reimbursement Amount plus the applicable <u>L/C Other Reimbursement Costs minus any such amounts repaid pursuant to Section 4.03(b)</u>, and the Master Issuer shall be deemed to have made such request pursuant to
      the procedures set forth in <u>Section 2.03</u>. The applicable Investors in each Investor Group hereby agree to make Advances in an aggregate amount for each Investor Group equal to such Investor Group&#8217;s Commitment Percentage of the L/C
      Reimbursement Amount and <u>L/C Other Reimbursement Costs </u>to pay the L/C Provider. The Borrowing date with respect to such Borrowing shall be the first date on which a Base Rate Borrowing could be made pursuant to <u>Section 2.03</u> if the
      Administrative Agent had received a notice of such Borrowing at the time the Administrative Agent receives notice from the L/C Provider of such drawing under such Letter of Credit. Such Investors shall make the amount of such Advances available to
      the Administrative Agent in immediately available funds not later than 3:00 p.m. (Eastern time) on such Borrowing date, and the proceeds of such Advances shall be immediately made available by the Administrative Agent to the L/C Provider for
      application to the reimbursement of such drawing.</div>
    <div style="text-align: justify; text-indent: 117pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    <div style="text-indent: 117pt; text-align: justify;">(b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Master Issuer&#8217;s obligations under <u>Section 2.08(a)</u> shall be absolute and unconditional,
      and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances and irrespective of (i) any setoff, counterclaim or defense to payment that the Master Issuer may have or has had against the L/C
      Provider, the L/C Issuing Bank, any beneficiary of a Letter of Credit or any other Person; (ii) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein; (iii) payment by the L/C Issuing Bank
      under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit; (iv) payment by the L/C Issuing Bank under a Letter of Credit to any Person purporting to be a trustee in
      bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any
      proceeding under the Bankruptcy Code or any other liquidation, conservatorship, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of any jurisdictions or (v) any
      other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this <u>Section 2.08(b)</u>, constitute a legal or equitable discharge of, or provide a right of setoff against, the Master
      Issuer&#8217;s obligations hereunder. The Master Issuer also agrees that the L/C Provider and the L/C Issuing Bank shall not be responsible for, and the Master Issuer&#8217;s Reimbursement Obligations under <u>Section 2.08(a)</u> shall not be affected by, among
      other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Master Issuer and any beneficiary of any
      Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Master Issuer against any beneficiary of such Letter of Credit or any such transferee. Neither the L/C Provider nor the L/C Issuing
      Bank shall be liable for any error, omission, interruption, loss or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for direct damages (as opposed to
      consequential damages, claims in respect of which are hereby waived by the Master Issuer to the extent permitted by applicable law) caused by errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have
      resulted from the gross negligence, bad faith or willful misconduct of the L/C Provider or the L/C Issuing Bank, as the case may be. The Master Issuer agrees that any action taken or omitted by the L/C Provider or the L/C Issuing Bank, as the case
      may be, under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence, bad faith or willful misconduct and in accordance with the standards of care specified in the UCC of the State of
      New York, shall be binding on the Master Issuer and shall not result in any liability of the L/C Provider or the L/C Issuing Bank to the Master Issuer. As between the Master Issuer and the L/C Issuing Bank, the Master Issuer hereby assumes all risks
      of the acts or omissions of any beneficiary or transferee with respect to such beneficiary&#8217;s or transferee&#8217;s use of any Letter of Credit. In furtherance of the foregoing and without limiting the generality thereof, the Master Issuer agrees with the
      L/C Issuing Bank that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the L/C Issuing Bank may, in its sole discretion, either accept and make payment upon such
      documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter
      of Credit. </div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 117pt;">(c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>If any draft shall be presented for payment under any Letter of Credit, the L/C Provider shall
      promptly notify the Manager, the Control Party, the Master Issuer and the Administrative Agent of the date and amount thereof. The responsibility of the applicable L/C Issuing Bank to the Master Issuer in connection with any draft presented for
      payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection
      with such presentment are substantially in conformity with such Letter of Credit and, in paying such draft, such L/C Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents
      expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of any Person(s) executing or delivering any such document. </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 2.09</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>L/C Participations</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The L/C Provider irrevocably agrees to grant and hereby grants to each Committed Note Purchaser,
      and, to induce the L/C Provider to provide Letters of Credit hereunder (and, if the L/C Provider is not the L/C Issuing Bank for any Letter of Credit, to induce the L/C Provider to agree to reimburse such L/C Issuing Bank for any payment of any
      drafts presented thereunder), each Committed Note Purchaser irrevocably and unconditionally agrees to accept and purchase and hereby accepts and purchases from the L/C Provider, on the terms and conditions set forth below, for such Committed Note
      Purchaser&#8217;s own account and risk an undivided interest equal to its Committed Note Purchaser Percentage of the related Investor Group&#8217;s Commitment Percentage of the L/C Provider&#8217;s obligations and rights under and in respect of each Letter of Credit
      provided hereunder and the L/C Reimbursement Amount with respect to each draft paid or reimbursed by the L/C Provider in connection therewith. Subject to <u>Section 2.07(c)</u>, each Committed Note Purchaser unconditionally and irrevocably agrees
      with the L/C Provider that, if a draft is paid under any Letter of Credit for which the L/C Provider is not paid in full by the Master Issuer in accordance with the terms of this Agreement, such Committed Note Purchaser shall pay to the
      Administrative Agent upon demand of the L/C Provider an amount equal to its Committed Note Purchaser Percentage of the related Investor Group&#8217;s Commitment Percentage of the L/C Reimbursement Amount with respect to such draft, or any part thereof,
      that is not so paid.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: center;"> <br>
      <div style="text-indent: 117pt; text-align: justify;">(b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>If any amount required to be paid by any Committed Note Purchaser to the Administrative Agent
        for forwarding to the L/C Provider pursuant to <u>Section 2.09(a)</u> in respect of any unreimbursed portion of any payment made or reimbursed by the L/C Provider under any Letter of Credit is paid to the Administrative Agent for forwarding to the
        L/C Provider within three (3) Business Days after the date such payment is due, such Committed Note Purchaser shall pay to Administrative Agent for forwarding to the L/C Provider on demand an amount equal to the <u>product</u> of (i) such amount,
        <u>times</u> (ii) the daily average Federal Funds Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the L/C Provider, <u>times</u> (iii) a fraction the
        numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any Committed Note Purchaser pursuant to <u>Section 2.09(a)</u> is not made available to the
        Administrative Agent for forwarding to the L/C Provider by such Committed Note Purchaser within three (3) Business Days after the date such payment is due, the L/C Provider shall be entitled to recover from such Committed Note Purchaser, on demand,
        such amount with interest thereon calculated from such due date at the Base Rate. A certificate of the L/C Provider submitted to any Committed Note Purchaser with respect to any amounts owing under this <u>Section 2.09(b)</u>, in the absence of
        manifest error, shall be conclusive and binding on such Committed Note Purchaser. If any withholding taxes are required by law to be deducted from any amounts payable under this <u>Section 2.09(b)</u>, the sum payable by the Committed Note
        Purchaser shall be increased as necessary so that after such deduction has been made, the L/C Provider receives an amount equal to the sum it would have received had no such deduction been made.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Whenever, at any time after payment has been made under any Letter of Credit and the L/C
        Provider has received from any Committed Note Purchaser its <u>pro rata</u> share of such payment in accordance with <u>Section 2.09(a)</u>, the Administrative Agent or the L/C Provider receives any payment related to such Letter of Credit
        (whether directly from the Master Issuer or otherwise, including proceeds of collateral applied thereto by the L/C Provider), or any payment of interest on account thereof, the Administrative Agent or the L/C Provider, as the case may be, will
        distribute to such Committed Note Purchaser its <u>pro rata</u> share thereof; <u>provided</u>, <u>however</u>, that in the event that any such payment received by the Administrative Agent or the L/C Provider, as the case may be, shall be
        required to be returned by the Administrative Agent or the L/C Provider, such Committed Note Purchaser shall return to the Administrative Agent for the account of the L/C Provider the portion thereof previously distributed by the Administrative
        Agent or the L/C Provider, as the case may be, to it.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Each Committed Note Purchaser&#8217;s obligation to make the Advances referred to in <u>Section
          2.08(a)</u> and to pay its <u>pro rata</u> share of any unreimbursed draft pursuant to <u>Section 2.09(a)</u> shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment,
        defense or other right that such Committed Note Purchaser or the Master Issuer may have against the L/C Provider, any L/C Issuing Bank, the Master Issuer or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default
        or an Event of Default or the failure to satisfy any of the other conditions specified in <u>Article VII</u> other than at the time the related Letter of Credit was issued; (iii) an adverse change in the condition (financial or otherwise) of the
        Master Issuer; (iv) any breach of this Agreement or any other Indenture Document by the Master Issuer or any other Person; (v) any amendment, renewal or extension of any Letter of Credit in compliance with this Agreement or with the terms of such
        Letter of Credit, as applicable; or (vi) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ARTICLE III</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        INTEREST AND FEES</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 3.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Interest</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>To the extent that an Advance is funded or maintained by a Conduit Investor through the issuance
      of Commercial Paper, such Advance shall bear interest at the CP Rate applicable to such Conduit Investor. To the extent that, and only for so long as, an Advance is funded or maintained by a Conduit Investor through means other than the issuance of
      Commercial Paper (based on its determination in good faith that it is unable to raise or is precluded or prohibited from raising, or that it is not advisable to raise, funds through the issuance of Commercial Paper in the commercial paper market of
      the United States to finance its purchase or maintenance of such Advance or any portion thereof (which determination may be based on any allocation method employed in good faith by such Conduit Investor), including by reason of market conditions or
      by reason of insufficient availability under any of its Program Support Agreement or the downgrading of any of its Program Support Providers), such Advance shall bear interest at (i) the Base Rate or (ii) if the required notice has been given
      pursuant to <u>Section 3.01(b)</u> with respect to such Advance, for any Eurodollar Interest Accrual Period, the Eurodollar Rate applicable to such Eurodollar Interest Accrual Period for such Advance, in each case except as otherwise provided in the
      definition of Eurodollar Interest Accrual Period or in <u>Sections 3.03</u> or <u>3.04</u>.&#160; Each Advance funded or maintained by a Committed Note Purchaser or a Program Support Provider shall bear interest at (i) the Base Rate or (ii) if the
      required notice has been given pursuant to <u>Section 3.01(b)</u> with respect to such Advance, for any Eurodollar Interest Accrual Period, the Eurodollar Rate applicable to such Eurodollar Interest Accrual Period for such Advance, in each case
      except as otherwise provided in the definition of Eurodollar Interest Accrual Period or in <u>Sections 3.03</u> or <u>3.04</u>. By (x) 11:00 a.m. (Eastern time) on the second Business Day preceding each Quarterly Calculation Date, each Funding
      Agent shall notify the Administrative Agent of the applicable CP Rate for each Advance made by its Investor Group that was funded or maintained through the issuance of Commercial Paper and was outstanding during all or any portion of the Interest
      Accrual Period ending immediately prior to such Quarterly Calculation Date and (y) 3:00 p.m. (Eastern time) on the second Business Day preceding each Quarterly Calculation Date, the Administrative Agent shall notify the Master Issuer, the Manager,
      the Trustee, the Servicer and the Funding Agents of such applicable CP Rate and of the applicable interest rate for each other Advance for such Interest Accrual Period and of the amount of interest accrued on Advances during such Interest Accrual
      Period.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> </div>
    <div> </div>
    <div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>With respect to any Advance (other than one funded or maintained by a Conduit Investor through
        the issuance of Commercial Paper), so long as no<font style="font-weight: bold;">&#160;</font>Potential Rapid Amortization Event, Rapid Amortization Period or Event of Default has commenced and is continuing, the Master Issuer may elect that such
        Advance bear interest at the Eurodollar Rate for any Eurodollar Interest Accrual Period (which shall be a period with a term of, at the election of the Master Issuer subject to the proviso in the definition of Eurodollar Interest Accrual Period,
        one month, two months, three months or six months) while such Advance is outstanding to the extent provided in <u>Section 3.01(a)</u> by giving notice thereof (including notice of the Master Issuer&#8217;s election of the term for the applicable
        Eurodollar Interest Accrual Period) to the Funding Agents prior to 2:00 p.m. (Eastern time) on the date which is three (3) Eurodollar Business Days prior to the commencement of such Eurodollar Interest Accrual Period. If such notice is not given in
        a timely manner, such Advance shall bear interest at the Base Rate. Each such conversion to or continuation of Eurodollar Advances for a new Eurodollar Interest Accrual Period in accordance with this <u>Section 3.01(b)</u> shall be in an aggregate
        principal amount of $1,000,000 or an integral multiple of $500,000 in excess thereof.</div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Any outstanding Swingline Loans and Unreimbursed L/C Drawings shall bear interest at the Base
        Rate. By (x) 11:00 a.m. (Eastern time) on the second Business Day preceding each Quarterly Calculation Date, the Swingline Lender shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Swingline Loans
        during the Interest Accrual Period ending on such date and the L/C Provider shall notify the Administrative Agent in reasonable detail of the amount of interest accrued on any Unreimbursed L/C Drawings during such Interest Accrual Period and the
        amount of fees accrued on any Undrawn L/C Face Amounts during such Interest Accrual Period and (y) 3:00 p.m. (Eastern time) on such date, the Administrative Agent shall notify the Servicer, the Trustee, the Master Issuer and the Manager of the
        amount of such accrued interest and fees as set forth in such notices.</div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>All accrued interest pursuant to <u>Sections 3.01(a)</u> or <u>(c)</u> shall be due and
        payable in arrears on each Quarterly Payment Date in accordance with the applicable provisions of the Indenture. </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;"> (e)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>In addition, under the circumstances set forth in Section 3.04 of the Series 2019-1 Supplement,
        the Master Issuer shall pay quarterly interest in respect of the Series 2019-1 Class A-1 Outstanding Principal Amount in an amount equal to the Series 2019-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest payable pursuant to such Section
        3.04, subject to and in accordance with the Priority of Payments.</div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;"> (f)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>All computations of interest at the CP Rate and the Eurodollar Rate, all computations of Series
        2019-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest (other than any accruing on any Base Rate Advances) and all computations of fees shall be made on the basis of a year of 360 days and the actual number of days elapsed. All
        computations of interest at the Base Rate and all computations of Series 2019-1 Class A-1 Quarterly Post-Renewal Date Contingent Interest accruing on any Base Rate Advances shall be made on the basis of a 365- (or 366-, as applicable) day year and
        actual number of days elapsed. Whenever any payment of interest, principal or fees hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, unless specified otherwise in the
        Indenture, and such extension of time shall be included in the computation of the amount of interest owed. Interest shall accrue on each Advance, Swingline Loan and Unreimbursed L/C Drawing from and including the day on which it is made to but
        excluding the date of repayment thereof.</div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
    </div>
    <br>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 3.02</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Fees</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Master Issuer shall pay to the Administrative Agent for its own account the Administrative
      Agent Fees (as defined in the Series 2019-1 Class A-1 VFN Fee Letter, collectively, the &#8220;<u>Administrative Agent Fees</u>&#8221;) in accordance with the terms of the Series 2019-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.</div>
    <div> <br>
    </div>
    <div style="text-indent: 117pt; text-align: justify;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>On each Quarterly Payment Date on or prior to the Commitment Termination Date, the Master Issuer
      shall, in accordance with <u>Section 4.01</u>, pay to each Funding Agent, for the account of the related Committed Note Purchaser(s), the Undrawn Commitment Fees (as defined in the Series 2019-1 Class A-1 VFN Fee Letter, the &#8220;<u>Undrawn Commitment
        Fees</u>&#8221;) in accordance with the terms of the Series 2019-1 Class A-1 VFN Fee Letter and subject to the Priority of Payments.</div>
    <div> <br>
    </div>
    <div style="text-indent: 117pt; text-align: justify;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Master Issuer shall pay (i) the fees required pursuant to <u>Section 2.07</u> in respect of
      Letters of Credit and (ii) any other fees set forth in the Series 2019-1 Class A-1 VFN Fee Letter (including the Upfront Commitment Fee and any Extension Fees (each, as defined in the Series 2019-1 Class A-1 VFN Fee Letter)), subject to the Priority
      of Payments.</div>
    <div> <br>
    </div>
    <div style="text-indent: 117pt; text-align: justify;"> (d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>All fees payable pursuant to this <u>Section 3.02</u> shall be calculated in accordance with <u>Section

        3.01(f)</u> and paid on the date due in accordance with the applicable provisions of the Indenture. Once paid, all fees shall be nonrefundable under all circumstances other than manifest error.</div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 3.03</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Eurodollar
          Lending Unlawful</u>. If any Investor or Program Support Provider shall determine that any Change in Law makes it unlawful, or any Official Body asserts that it is unlawful, for any such Person to fund or maintain any Advance as a Eurodollar
        Advance, the obligation of such Person to fund or maintain any such Advance as a Eurodollar Advance shall, upon such determination, forthwith be suspended until such Person shall notify the Administrative Agent, the related Funding Agent, the
        Manager and the Master Issuer that the circumstances causing such suspension no longer exist, and all then-outstanding Eurodollar Advances of such Person shall be automatically converted into Base Rate Advances at the end of the then-current
        Eurodollar Interest Accrual Period with respect thereto or sooner, if required by such law or assertion.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 3.04</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Deposits Unavailable</u>. If the
        Administrative Agent shall have determined that:</font></div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>by reason of circumstances affecting the relevant market, adequate and reasonable means do not
      exist for ascertaining the interest rate applicable hereunder to the Eurodollar Advances; or <br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>with respect to any interest rate otherwise applicable hereunder to any Eurodollar Advances the
      Eurodollar Interest Accrual Period for which has not then commenced, Investor Groups holding in the aggregate more than 50% of the Eurodollar Advances have determined that such interest rate will not adequately reflect the cost to them of funding,
      agreeing to fund or maintaining such Eurodollar Advances for such Eurodollar Interest Accrual Period, </div>
  </div>
  <div> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">31</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: justify;">then, upon notice from the Administrative Agent (which, in the case of <u>clause (b)</u> above, the Administrative Agent shall give upon obtaining actual knowledge that such percentage of the Investor Groups have so
      determined) to the Funding Agents, the Manager and the Master Issuer, the obligations of the Investors to fund or maintain any Advance as a Eurodollar Advance after the end of the then-current Eurodollar Interest Accrual Period, if any, with respect
      thereto shall forthwith be suspended and on the date such notice is given such Advances will convert to Base Rate Advances until the Administrative Agent has notified the Funding Agents and the Master Issuer that the circumstances causing such
      suspension no longer exist. </div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in <u>Sections
        3.04(a)</u> or <u>(b)</u> have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in <u>Sections 3.04(a)</u> or <u>(b)</u> have not arisen but the supervisor for the administrator referred to in the
      definition of &#8220;Eurodollar Funding Rate&#8221; or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the Eurodollar Funding Rate shall no longer be used for
      determining interest rates for loans, then the Administrative Agent and the Master Issuer shall endeavor to establish an alternate rate of interest to the Eurodollar Funding Rate (any such proposed rate, a &#8220;LIBOR Successor Rate&#8221;) that gives due
      consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such
      other related changes to this Agreement as may be applicable, including LIBOR Successor Rate Conforming Changes (as defined below); provided, that (i) if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero
      for the purposes of this Agreement and (ii) any LIBOR Successor Rate proposed by the Administrative Agent shall be no less favorable to the Master Issuer than comparable successor rates applied to other similarly situated issuers or borrowers under
      syndicated loan facilities and/or applied under other facilities under which the Administrative Agent functions in a similar capacity.&#160; Notwithstanding anything to the contrary in Section 9.01, such amendment shall become effective without any
      further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to Investor Groups, written
      notice from the Investor Groups (or, in the event there are only two Investor Groups, any one of such Investor Groups) stating that such Investor Groups reasonably object to such amendment.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">&#8220;LIBOR Successor Rate Conforming Changes&#8221; means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definitions (and components thereof) and
      provisions relating to interest herein and in the Series 2019-1 Supplement, including, the definition of &#8220;Base Rate&#8221;, &#8220;CP Funding Rate&#8221;, &#8220;Eurodollar Rate&#8221;, &#8220;Eurodollar Advance&#8221;, &#8220;Eurodollar Business Day&#8221;, &#8220;Eurodollar Funding Rate&#8221;, &#8220;Eurodollar
      Funding Rate (Reserve Adjusted)&#8221;, &#8220;Eurodollar Reserve Percentage&#8221;, &#8220;Eurodollar Tranche&#8221;, &#8220;Series 2019-1 Class A-1 Note Rate&#8221;, &#8220;Eurodollar Interest Accrual Period&#8221;, timing and frequency of determining rates and making payments of interest and other
      administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially
      consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists,
      in such other manner of administration as the Administrative Agent determines in consultation with the Master Issuer).</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">32</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 3.05</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Increased
          Costs, etc.</u> The Master Issuer agrees to reimburse each Investor and any Program Support Provider (each, an &#8220;<u>Affected Person</u>&#8221;, which term, for purposes of <u>Sections 3.07</u> and <u>3.08</u> and <u>3.09</u>, shall also include the
        Swingline Lender and the L/C Issuing Bank) for any increase in the cost of, or any reduction in the amount of any sum receivable by any such Affected Person, including reductions in the rate of return on such Affected Person&#8217;s capital, in respect
        of funding or maintaining (or of its obligation to fund or maintain) any Advances that arise in connection with any Change in Law, except for any Change in Law with respect to increased capital costs and Taxes which shall be governed by <u>Sections
          3.07</u> and <u>3.08</u>, respectively (whether or not amounts are payable thereunder in respect thereof). For purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests,
        guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
        or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted subsequent to the date hereof. Each such demand shall be provided to the related Funding Agent and the
        Master Issuer in writing and shall state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Affected Person for such increased cost or reduced amount of return. Such additional amounts (&#8220;<u>Increased
          Costs</u>&#8221;) shall be deposited into the Collection Account by the Master Issuer within seven (7) Business Days of receipt of such notice to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments,
        to the Administrative Agent and by the Administrative Agent to such Funding Agent and by such Funding Agent directly to such Affected Person, and such notice shall, in the absence of manifest error, be conclusive and binding on the Master Issuer; <u>provided</u>
        that with respect to any notice given to the Master Issuer under this <u>Section 3.05</u>, the Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such
        demand if the relevant Affected Person knew or could reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions in the rate of return (except that, if the Change in Law giving rise to such increased
        costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 3.06</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Funding
          Losses</u>.&#160; In the event any Affected Person shall incur any loss or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Affected Person to fund or maintain any
        portion of the principal amount of any Advance as a Eurodollar Advance) as a result of:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>any conversion, repayment, prepayment or redemption (for any reason, including, without
      limitation, as a result of any Mandatory Decrease or Voluntary Decrease, or the acceleration of the maturity of such Eurodollar Advance) of the principal amount of any Eurodollar Advance on a date other than the scheduled last day of the Eurodollar
      Interest Accrual Period applicable thereto;</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">33</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>any Advance not being funded or maintained as a Eurodollar Advance after a request therefor has
      been made in accordance with the terms contained herein (for a reason other than the failure of such Affected Person to make an Advance after all conditions thereto have been met); or</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>any failure of the Master Issuer to make a Mandatory Decrease or a Voluntary Decrease, prepayment
      or redemption with respect to any Eurodollar Advance after giving notice thereof pursuant to the applicable provisions of the Series 2019-1 Supplement;</div>
    <br>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">then, upon the written notice of any Affected Person to the related Funding Agent and the Master Issuer, the Master Issuer shall deposit into the Collection Account (within
      seven (7) Business Days of receipt of such notice) to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and such
      Funding Agent shall pay directly to such Affected Person such amount (&#8220;<u>Breakage Amount</u>&#8221; or &#8220;<u>Series 2019-1 Class A-1 Breakage Amount</u>&#8221;) as will (in the reasonable determination of such Affected Person) reimburse such Affected Person for
      such loss or expense; <u>provided</u> that with respect to any notice given to the Master Issuer under this <u>Section 3.06</u>, the Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the date that
      is nine (9) months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of the circumstances giving rise to such loss or expense. Such written notice (which shall include calculations in reasonable
      detail) shall, in the absence of manifest error, be conclusive and binding on the Master Issuer.</div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 3.07</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Increased
          Capital or Liquidity Costs</u>. If any Change in Law affects or would affect the amount of capital or liquidity required or reasonably expected to be maintained by any Affected Person or any Person controlling such Affected Person and such
        Affected Person determines in its sole and absolute discretion that the rate of return on its or such controlling Person&#8217;s capital as a consequence of its commitment hereunder or under a Program Support Agreement or the Advances, Swingline Loans or
        Letters of Credit made or issued by such Affected Person is reduced to a level below that which such Affected Person or such controlling Person would have achieved but for the occurrence of any such circumstance, then, in any such case after notice
        from time to time by such Affected Person (or in the case of an L/C Issuing Bank, by the L/C Provider) to the related Funding Agent and the Master Issuer (or, in the case of the Swingline Lender or the L/C Provider, to the Master Issuer), the
        Master Issuer shall deposit into the Collection Account within seven (7) Business Days of the Master Issuer&#8217;s receipt of such notice, to be payable as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the
        Administrative Agent and by the Administrative Agent to such Funding Agent (or, in the case of the Swingline Lender or the L/C Provider, directly to such Person) and such Funding Agent shall pay to such Affected Person, such amounts (&#8220;<u>Increased
          Capital Costs</u>&#8221;) as will be sufficient to compensate such Affected Person or such controlling Person for such reduction in rate of return; <u>provided</u> that with respect to any notice given to the Master Issuer under this <u>Section 3.07</u>,
        the Master Issuer shall not be under any obligation to pay any amount with respect to any period prior to the date that is nine (9) months prior to such demand if the relevant Affected Person knew or could reasonably have been expected to know of
        the Change in Law (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). A statement
        of such Affected Person as to any such additional amount or amounts (including calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on the Master Issuer. In determining such additional
        amount, such Affected Person may use any method of averaging and attribution that it (in its reasonable discretion) shall deem applicable so long as it applies such method to other similar transactions. For purposes of this Agreement, (i) the
        Dodd-Frank Wall Street Reform and Consumer Protection Act and all regulations, requests, guidelines or directives issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International
        Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case, pursuant to Basel III, are deemed to have gone into effect and been adopted
        subsequent to the date hereof.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">34</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
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    </div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 3.08</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Taxes</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Except as otherwise required by law, all payments by the Master Issuer of principal of, and
      interest on, the Advances, the Swingline Loans and the L/C Obligations and all other amounts payable hereunder (including fees) shall be made free and clear of and without deduction or withholding for or on account of any present or future income,
      excise, documentary, property, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges in the nature of a tax imposed by any taxing authority including all interest, penalties or additions to tax and other liabilities
      with respect thereto (all such taxes, fees, duties, withholdings and other charges, and including all interest, penalties or additions to tax and other liabilities with respect thereto, being called &#8220;<u>Taxes</u>&#8221;), but excluding in the case of any
      Affected Person (i) net income, franchise (imposed in lieu of net income) or similar Taxes (and including branch profits or alternative minimum Taxes) and any other Taxes imposed or levied on the Affected Person as a result of a connection between
      the Affected Person and the jurisdiction of the Governmental Authority imposing such Taxes (or any political subdivision or taxing authority thereof or therein) (other than any such connection arising solely from such Affected Person having executed,
      delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Related Document), (ii) with respect to any Affected Person organized under the laws of a jurisdiction other than the United States or any
      state of the United States (&#8220;<u>Foreign Affected Person</u>&#8221;), any withholding Tax that is imposed on amounts payable to the Foreign Affected Person at the time the Foreign Affected Person becomes a party to this Agreement (or designates a new
      lending office), except to the extent that such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation of the new lending office (or assignment), to receive additional amounts from the Master Issuer
      with respect to withholding Tax, (iii) with respect to any Affected Person, any Taxes imposed under FATCA, (iv) any backup withholding Tax and (v) with respect to any Affected Person, any Taxes imposed as a result of such Affected Person&#8217;s failure to
      comply with <u>Section 3.08(d)</u> (such Taxes not excluded by (i), (ii), (iii) and (iv) above being called &#8220;<u>Non-Excluded Taxes</u>&#8221;). If any Taxes are imposed and required by law to be withheld or deducted from any amount payable by the Master
      Issuer hereunder to an Affected Person, then, if such Taxes are Non-Excluded Taxes, (x) the amount of the payment shall be increased so that such payment is made, after withholding or deduction for or on account of such Non-Excluded Taxes, in an
      amount that is not less than the amount equal to the sum that would have been received by the Affected Person had no such deduction or withholding been required and (y) the Master Issuer shall withhold the amount of such Taxes from such payment (as
      increased, if applicable, pursuant to the preceding clause (x)) and shall pay such amount, subject to and in accordance with the Priority of Payments, to the taxing authority imposing such Taxes in accordance with applicable law.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">35</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Moreover, if any Non-Excluded Taxes are directly asserted against any Affected Person with
      respect to any payment received by such Affected Person from the Master Issuer or otherwise in respect of any Related Document or the transactions contemplated therein, such Affected Person may pay such Non-Excluded Taxes and the Master Issuer will,
      within fifteen (15) Business Days of the related Funding Agent&#8217;s and Master Issuer&#8217;s receipt of written notice stating the amount of such Non-Excluded Taxes (including the calculation thereof in reasonable detail), deposit into the Collection
      Account, to be distributed as Class A-1 Notes Other Amounts, subject to and in accordance with the Priority of Payments, to the Administrative Agent and by the Administrative Agent to such Funding Agent and by such Funding Agent directly to such
      Affected Persons, such additional amounts (collectively, &#8220;<u>Increased Tax Costs</u>,&#8221; which term shall include all amounts payable by or on behalf of the Master Issuer pursuant to this <u>Section 3.08</u>) as is necessary in order that the net
      amount received by such Affected Person after the payment of such Non-Excluded Taxes (including any Non-Excluded Taxes on such Increased Tax Costs) shall equal the amount such Person would have retained had no such Non-Excluded Taxes been asserted.
      Any amount payable to an Affected Person under this <u>Section 3.08</u> shall be reduced by, and Increased Tax Costs shall not include, the amount of incremental damages (including Taxes) due or payable by the Master Issuer as a direct result of
      such Affected Person&#8217;s failure to demand from the Master Issuer additional amounts pursuant to this <u>Section 3.08</u> within 180 days from the date on which the related Non-Excluded Taxes were incurred.</div>
    <div> <br>
    </div>
    <div style="text-indent: 117pt; text-align: justify;">(c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>As promptly as practicable after the payment of any Taxes, and in any event within thirty (30)
      days of any such payment being due, the Master Issuer shall furnish to each applicable Affected Person or its agents a certified copy of an official receipt (or other documentary evidence satisfactory to such Affected Person and agents) evidencing
      the payment of such Taxes. </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Each Affected Person, on or prior to the date it becomes a party to this Agreement (and from time
      to time thereafter as soon as practicable after the obsolescence or invalidity of any form or document previously delivered or within a reasonable period of time following a written request by the Master Issuer), shall deliver to the Master Issuer
      and the Administrative Agent a U.S. Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, Form W-8IMY or Form W-9, as applicable, or applicable successor form, or such other forms or documents (or successor forms or documents),
      appropriately completed and executed, as may be applicable, as will permit the Master Issuer or the Administrative Agent to establish the extent to which a payment to such Affected Person is exempt from, or eligible for a reduced rate of, United
      States federal withholding Taxes (including withholding pursuant to FATCA) and to determine whether or not such Affected Person is subject to backup withholding or information reporting requirements. Promptly following the receipt of a written
      request by the Master Issuer or the Administrative Agent, each Affected Person shall deliver to the Master Issuer and the Administrative Agent any other forms or documents (or successor forms or documents), appropriately completed and executed, as
      may be applicable to establish the extent to which a payment to such Affected Person is exempt from withholding or deduction of Non-Excluded Taxes other than United States federal withholding Taxes, including but not limited to, such information
      necessary to claim the benefits of the exemption for portfolio interest under section 881(c) of the Code. The Master Issuer and the Administrative Agent (or other withholding agent selected by the Master Issuer) may rely on any form or document
      provided pursuant to this <u>Section 3.08(d)</u> until notified otherwise by the Affected Person that delivered such form or document. Notwithstanding anything to the contrary, no Affected Person shall be required to deliver any documentation that
      it is not legally eligible to deliver as a result of a change in applicable law after the time the Affected Person becomes a party to this Agreement (or designates a new lending office).</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">36</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div> </div>
    <div> </div>
    <div> </div>
    <div> </div>
    <div style="text-indent: 117pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font>&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font style="font-family: 'Times New Roman',Times,serif;">The Administrative Agent, Trustee, Paying Agent or any other withholding agent may deduct and withhold any Taxes required by any laws to be deducted and withheld from any payments pursuant to this Agreement.</font> </div>
    <div>&#160;</div>
    <div style="text-indent: 117pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(f)</font>&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font style="font-family: 'Times New Roman',Times,serif;">If any Governmental Authority asserts that the Master Issuer or the Administrative Agent or other withholding agent did not properly withhold or backup withhold, as the case may be, any Taxes from payments made to or for
        the account of any Affected Person, then to the extent such improper withholding or backup withholding was directly caused by such Affected Person&#8217;s actions or inactions, such Affected Person shall indemnify the Master Issuer, Trustee, Paying Agent
        and the Administrative Agent for any Taxes imposed by any jurisdiction on the amounts payable to the Master Issuer and the Administrative Agent under this <u>Section 3.08</u>, and costs and expenses (including attorney costs) of the Master Issuer,
        Trustee, Paying Agent and the Administrative Agent. The obligation of the Affected Persons, severally, under this <u>Section 3.08</u> shall survive any assignment of rights by, or the replacement of, an Affected Person or the termination of the
        aggregate Commitments, repayment of all other Obligations hereunder and the resignation of the Administrative Agent.</font> </div>
    <div>&#160;</div>
    <div style="text-indent: 117pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(g)</font>&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font style="font-family: 'Times New Roman',Times,serif;">Prior to the Closing Date, the Administrative Agent shall provide the Master Issuer with a properly executed and completed U.S. Internal Revenue Service Form W-8IMY or W-9, as appropriate.</font> </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (h)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>If an Affected Person determines, in its sole reasonable discretion, that it has received a
      refund of any Non-Excluded Taxes as to which it has been indemnified pursuant to this <u>Section 3.08</u> or as to which it has been paid additional amounts pursuant to this <u>Section 3.08</u>, it shall promptly notify the Master Issuer and the
      Manager in writing of such refund and shall, within 30 days after receipt of a written request from the Master Issuer, pay over such refund to the Master Issuer (but only to the extent of indemnity payments made or additional amounts paid to such
      Affected Person under this <u>Section 3.08</u> with respect to the Non-Excluded Taxes giving rise to such refund), net of all out-of-pocket expenses (including the net amount of Taxes, if any, imposed on or with respect to such refund or payment) of
      the Affected Person and without interest (other than any interest paid by the relevant taxing authority that is directly attributable to such refund of such Non-Excluded Taxes); <u>provided</u> that the Master Issuer, immediately upon the request of
      the Affected Person to the Master Issuer (which request shall include a calculation in reasonable detail of the amount to be repaid) agrees to repay the amount of the refund (and any applicable interest) (plus any penalties, interest or other charges
      imposed by the relevant taxing authority with respect to such amount) to the Affected Person in the event the Affected Person or any other Person is required to repay such refund to such taxing authority. This <u>Section 3.08</u> shall not be
      construed to require the Affected Person to make available its Tax returns (or any other information relating to its Taxes that it reasonably deems confidential) to the Master Issuer or any other Person.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">37</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div> </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 3.09</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Change of
          Lending Office</u>.&#160; Each Committed Note Purchaser agrees that, upon the occurrence of any event giving rise to the operation of <u>Sections 3.05</u> or <u>3.07</u> or the payment of additional amounts under <u>Sections 3.08(a)</u> or <u>(b)</u>,
        in each case with respect to an Affected Person in such Committed Note Purchaser&#8217;s Investor Group, it will, if requested by the Master Issuer, use reasonable efforts (subject to overall policy considerations of such Committed Note Purchaser) to
        designate, or cause the designation of, another lending office for any Advances affected by such event with the object of avoiding the consequences of such event; <u>provided</u> that such designation is made on terms that, in the sole judgment of
        such Committed Note Purchaser, cause such Committed Note Purchaser and its lending office(s) or the related Affected Person to suffer no economic, legal or regulatory disadvantage; <u>provided</u>, <u>further</u>, that nothing in this <u>Section
          3.09</u> shall affect or postpone any of the obligations of the Master Issuer or the rights of any Committed Note Purchaser pursuant to <u>Sections 3.05</u>, <u>3.07</u> and <u>3.08</u>. If a Committed Note Purchaser notifies the Master Issuer
        in writing that such Committed Note Purchaser will be unable to designate, or cause the designation of, another lending office, the Master Issuer may replace every member (but not any subset thereof) of such Committed Note Purchaser&#8217;s entire
        Investor Group by giving written notice to each member of such Investor Group and the Administrative Agent designating one or more Persons that are willing and able to purchase each member of such Investor Group&#8217;s rights and obligations under this
        Agreement for a purchase price that, with respect to each such member of such Investor Group, shall equal the amount owed to each such member of such Investor Group with respect to the Series 2019-1 Class A-1 Advance Notes (whether arising under
        the Indenture, this Agreement, the Series 2019-1 Class A-1 Advance Notes or otherwise). Upon receipt of such written notice, each member of such Investor Group shall assign its rights and obligations under this Agreement pursuant to and in
        accordance with <u>Sections 9.17(a)</u>, <u>(b)</u> and <u>(c)</u>, as applicable, in consideration for such purchase price and at the reasonable expense of the Master Issuer (including, without limitation, the reasonable documented fees and
        out-of-pocket expenses of counsel to each such member); <u>provided</u>, <u>however</u>, that no member of such Investor Group shall be obligated to assign any of its rights and obligations under this Agreement if the purchase price to be paid to
        such member is not at least equal to the amount owed to such member with respect to the Series 2019-1 Class A-1 Advance Notes (whether arising under the Indenture, this Agreement, the Series 2019-1 Class A-1 Advance Notes or otherwise).</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">38</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ARTICLE IV</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        OTHER PAYMENT TERMS</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 4.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Time and
          Method of Payment (Amounts Distributed by the Administrative Agent)</u>.&#160; Except as otherwise provided in <u>Section 4.02</u>, all amounts payable to any Funding Agent or Investor hereunder or with respect to the Series 2019-1 Class A-1 Advance
        Notes shall be made to the Administrative Agent for the benefit of the applicable Person, by wire transfer of immediately available funds in Dollars not later than 3:00 p.m. (Eastern time) on the date due. The Administrative Agent will promptly,
        and in any event by 5:00 p.m. (Eastern time) on the same Business Day as its receipt or deemed receipt of the same, distribute to the applicable Funding Agent for the benefit of the applicable Person, or upon the order of the applicable Funding
        Agent for the benefit of the applicable Person, its pro rata share (or other applicable share as provided herein) of such payment by wire transfer in like funds as received.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman',Times,serif;">Except as otherwise provided in <u>Section 2.07</u> and <u>Section 4.02</u>, all amounts payable to the Swingline Lender or the L/C Provider hereunder
      or with respect to the Swingline Loans and L/C Obligations shall be made to or upon the order of the Swingline Lender or the L/C Provider, respectively, by wire transfer of immediately available funds in Dollars not later than 3:00 p.m. (Eastern
      time) on the date due. Any funds received after that time on such date will be deemed to have been received on the next Business Day.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman',Times,serif;">The Master Issuer&#8217;s obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are disbursed by the
      Master Issuer to the Administrative Agent as provided herein or by the Trustee or Paying Agent in accordance with <u>Section 4.02</u>, whether or not such funds are properly applied by the Administrative Agent or by the Trustee or Paying Agent. The
      Administrative Agent&#8217;s obligations hereunder in respect of any amounts payable to any Investor shall be discharged to the extent funds are disbursed by the Administrative Agent to the applicable Funding Agent as provided herein whether or not such
      funds are properly applied by such Funding Agent.</div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 4.02</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Order of
          Distributions (Amounts Distributed by the Trustee or the Paying Agent)</u>. (a) Subject to <u>Section 9.18(c)(ii)</u>, any amounts deposited into the Series 2019-1 Class A-1 Distribution Account (including amounts in respect of accrued interest,
        letter of credit fees or undrawn commitment fees but excluding amounts allocated for the purpose of reducing the Series 2019-1 Class A-1 Outstanding Principal Amount shall be distributed by the Trustee or the Paying Agent, as applicable, on the
        date due and payable under the Indenture and in the manner provided therein, ratably to the Series 2019-1 Class A-1 Noteholders of record on the applicable Record Date in respect of the amounts due to such payees at each applicable level of the
        Priority of Payments, in accordance with the applicable Quarterly Noteholders&#8217; Report or the written report provided to the Trustee pursuant to Section 2.02(b) of the Series 2019-1 Supplement, as applicable.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 117pt; text-align: justify;">(b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Subject to <u>Section 9.18(c)(ii)</u>, any amounts deposited into the Series 2019-1 Class A-1
      Distribution Account for the purpose of reducing the Series 2019-1 Class A-1 Outstanding Principal Amount shall be distributed by the Trustee or the Paying Agent, as applicable, on the date due and payable under the Indenture and in the manner
      provided therein, to the Series 2019-1 Class A-1 Noteholders of record on the applicable Record Date, in the following order of priority (which the Master Issuer shall cause to be set forth in the applicable Quarterly Noteholders&#8217; Report or the
      written report provided to the Trustee pursuant to Section 2.02(b) of the Series 2019-1 Supplement, as applicable): <u>first</u>, to the Swingline Lender and the L/C Provider in respect of outstanding Swingline Loans and Unreimbursed L/C Drawings,
      to the extent Unreimbursed Drawings cannot be reimbursed pursuant to <u>Section 2.08</u>, ratably in proportion to the respective amounts due to such payees; <u>second</u>, to the other Series 2019-1 Class A-1 Noteholders in respect of their
      outstanding Advances, ratably in proportion thereto; and, <u>third</u>, any balance remaining of such amounts (up to an aggregate amount not to exceed the amount of Undrawn L/C Face Amounts at such time) shall be paid to the L/C Provider, to be
      deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with <u>Section 4.03(b)</u>. </div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">39</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Any amounts distributed to the Administrative Agent pursuant to the Priority of Payments in
      respect of any other amounts related to the Class A-1 Notes shall be distributed by the Administrative Agent in accordance with <u>Section 4.01</u> on the date such amounts are due and payable hereunder to the applicable Series 2019-1 Class A-1
      Noteholders and/or the Administrative Agent for its own account, as applicable, ratably in proportion to the respective aggregate of such amounts due to such payees. </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 108pt;"> Section 4.03<font style="font-family: 'Times New Roman',Times,serif;"><font style="font-style: normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>L/C Cash Collateral</u></font>. (a) If (i) as of five (5) Business
      Days prior to the Commitment Termination Date, any Undrawn L/C Face Amounts remain in effect, the Master Issuer shall either (i) provide cash collateral (in an aggregate amount equal to the amount of Undrawn L/C Face Amounts at such time, to the
      extent that such amount of cash collateral has not been provided pursuant to <font style="font-family: 'Times New Roman',Times,serif;"><u>Sections 4.02(b)</u></font> or <font style="font-family: 'Times New Roman',Times,serif;"><u>9.18(c)(ii)</u></font>)
      to the L/C Provider, to be deposited by the L/C Provider into a cash collateral account in the name of the L/C Provider in accordance with <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 4.03(b)</u></font> or (ii) make other
      arrangements with respect thereto as may be satisfactory to the L/C Provider in its sole and absolute discretion.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>All amounts to be deposited in a cash collateral account pursuant to <u>Section 4.02(b)</u>, <u>Section
        4.03(a)</u> or <u>Section 9.18(c)(ii)</u> shall be held by the L/C Provider as collateral to secure the Master Issuer&#8217;s Reimbursement Obligations with respect to any outstanding Letters of Credit. The L/C Provider shall have exclusive dominion and
      control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposit in Eligible Investments, which investments shall be made at the written direction, and at the risk and expense,
      of the Master Issuer (<u>provided</u> that if an Event of Default has occurred and is continuing, such investments shall be made solely at the option and sole discretion of the L/C Provider), such deposits shall not bear interest. Interest or
      profits, if any, on such investments shall accumulate in such account and all Taxes on such amounts shall be payable by the Master Issuer. Moneys in such account shall automatically be applied by such L/C Provider to reimburse it for any Unreimbursed
      L/C Drawings. Upon expiration of all then-outstanding Letters of Credit and payment in full of all Unreimbursed L/C Drawings, any balance remaining in such account shall be paid over (i) if the Base Indenture and any Series Supplement remain in
      effect, to the Trustee to be deposited into the Collection Account and distributed in accordance with the terms of the Base Indenture and (ii) otherwise to the Master Issuer; <u>provided</u> that, upon an Investor ceasing to be a Defaulting Investor
      in accordance with <u>Section 9.18(d)</u>, any amounts of cash collateral provided pursuant to <u>Section 9.18(c)(ii)</u> upon such Investor becoming a Defaulting Investor shall be released and applied as such amounts would have been applied had
      such Investor not become a Defaulting Investor.</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">40</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <br>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 4.04</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Alternative
          Arrangements with Respect to Letters of Credit</u>. Notwithstanding any other provision of this Agreement or any Related Document, a Letter of Credit (other than an Interest Reserve Letter of Credit) shall cease to be deemed outstanding for all
        purposes of this Agreement and each other Related Document if and to the extent that provisions, in form and substance satisfactory to the L/C Provider (and, if the L/C Provider is not the L/C Issuing Bank with respect to such Letter of Credit, the
        L/C Issuing Bank) in its sole and absolute discretion, have been made with respect to such Letter of Credit such that the L/C Provider (and, if applicable, the L/C Issuing Bank) has agreed in writing, with a copy of such agreement delivered to the
        Administrative Agent, the Control Party, the Trustee and the Master Issuer, that such Letter of Credit shall be deemed to be no longer outstanding hereunder, in which event such Letter of Credit shall cease to be a &#8220;Letter of Credit&#8221; as such term
        is used herein and in the Related Documents.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ARTICLE V</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Authorization
          and Action of the Administrative Agent</u>. Each of the Lender Parties and the Funding Agents hereby designates and appoints Co&#246;peratieve Rabobank, U.A., New York Branch, as the Administrative Agent hereunder, and hereby authorizes the
        Administrative Agent to take such actions as agent on their behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement, together with such powers as are reasonably incidental thereto. The
        Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender Party or any Funding Agent, and no implied covenants, functions, responsibilities, duties,
        obligations or liabilities on the part of the Administrative Agent shall be read into this Agreement or otherwise exist for the Administrative Agent. In performing its functions and duties hereunder, the Administrative Agent shall act solely as
        agent for the Lender Parties and the Funding Agents and does not assume, nor shall it be deemed to have assumed, any obligation or relationship of trust or agency with or for the Master Issuer or any of its successors or assigns. The provisions of
        this Article (other than the rights of the Master Issuer set forth in <u>Section 5.07</u>) are solely for the benefit of the Administrative Agent, the Lender Parties and the Funding Agents, and the Master Issuer shall not have any rights as a
        third-party beneficiary of any such provisions. The Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, exposes the Administrative Agent to personal liability or that is contrary to this
        Agreement or any Requirement of Law. The appointment and authority of the Administrative Agent hereunder shall terminate upon the indefeasible payment in full of the Series 2019-1 Class A-1 Notes and all other amounts owed by the Master Issuer
        hereunder to the Administrative Agent, all members of the Investor Groups, the Swingline Lender and the L/C Provider (the &#8220;<u>Aggregate Unpaids</u>&#8221;) and termination in full of all Commitments and the Swingline Commitment and the L/C Commitment.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.02</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Delegation of
          Duties</u>. The Administrative Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The exculpatory
        provisions of this Article shall apply to any such agents or attorneys-in-fact and shall apply to their respective activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence, bad faith or misconduct of
        any agents or attorneys-in-fact selected by it in good faith.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">41</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.03</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Exculpatory
          Provisions</u>. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for
        its, their or such Person&#8217;s own gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction by a final and nonappealable judgment), or (b) responsible in any manner to any Lender Party or any Funding Agent
        for any recitals, statements, representations or warranties made by the Master Issuer contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with,
        this Agreement for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Master Issuer to perform
        its obligations hereunder, or for the satisfaction of any condition specified in <u>Article VII</u>. The Administrative Agent shall not be under any obligation to any Investor or any Funding Agent to ascertain or to inquire as to the observance or
        performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Master Issuer. The Administrative Agent shall not be deemed to have knowledge of any Potential
        Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless the Administrative Agent has received notice in writing of such event from the Master Issuer, any Lender Party or any Funding Agent.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.04</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Reliance</u>.
        The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or
        Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Master Issuer), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall in all cases be
        fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of any Lender Party or any Funding Agent as it deems
        appropriate or it shall first be indemnified to its satisfaction by any Lender Party or any Funding Agent; <u>provided</u> that unless and until the Administrative Agent shall have received such advice, the Administrative Agent may take or refrain
        from taking any action, as the Administrative Agent shall deem advisable and in the best interests of the Lender Parties and the Funding Agents. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
        in accordance with a request of Investor Groups holding more than 50% of the Commitments and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lender Parties and the Funding Agents.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.05</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Non-Reliance
          on the Administrative Agent and Other Purchasers</u>.&#160; Each of the Lender Parties and the Funding Agents expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or
        Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including, without limitation, any review of the affairs of the Master Issuer, shall be deemed to constitute any representation
        or warranty by the Administrative Agent. Each of the Lender Parties and the Funding Agents represents and warrants to the Administrative Agent that it has and will, independently and without reliance upon the Administrative Agent and based on such
        documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Master Issuer and made its own
        decision to enter into this Agreement.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">42</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.06</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>The
          Administrative Agent in its Individual Capacity</u>. The Administrative Agent and any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Master Issuer or any Affiliate of the Master
        Issuer as though the Administrative Agent were not the Administrative Agent hereunder.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.07</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Successor
          Administrative Agent; Defaulting Administrative Agent</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Administrative Agent may, upon 30 days' notice to the Master Issuer and each of the Lender
      Parties and the Funding Agents, and the Administrative Agent shall, upon the direction of Investor Groups holding 100% of the Commitments (excluding any Commitments held by Defaulting Investors), resign as Administrative Agent. If the Administrative
      Agent shall resign, then the Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two-thirds of the
      Commitments (excluding any Commitments held by the resigning Administrative Agent or its Affiliates, and if all Commitments are held by the resigning Administrative Agent or its Affiliates, then the Master Issuer), during such 30-day period, shall
      appoint a successor administrative agent, subject to the consent of (i) the Master Issuer, at all times other than while an Event of Default has occurred and is continuing (which consent of the Master Issuer shall not be unreasonably withheld or
      delayed) and (ii) the Control Party (which consent of the Control Party shall not be unreasonably withheld or delayed); <u>provided</u> that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold
      percentage of Commitments has been met under this <u>Section 5.07(a)</u>. If for any reason no successor Administrative Agent is appointed by the Investor Groups during such 30-day period, then, effective upon the expiration of such 30-day period,
      the Master Issuer shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2019-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the
      Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a successor administrative
      agent is appointed as provided above, and the Master Issuer shall instruct the Trustee in writing accordingly. After any retiring Administrative Agent&#8217;s resignation hereunder as Administrative Agent, the provisions of <u>Section 9.05</u> and this <u>Article
        V</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">43</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-indent: 117pt; text-align: justify;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Master Issuer may, upon the occurrence of any of the following events (any such event, a &#8220;<u>Defaulting
        Administrative Agent Event</u>&#8221;) and with the consent of Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the
      Commitments, two-thirds of the Commitments, remove the Administrative Agent and, upon such removal, the Investor Groups holding more than 50% of the Commitments in the case of clause (i) above or two-thirds of the Commitments in the case of clause
      (ii) above (<u>provided</u> that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this <u>Section 5.07(b)</u>) shall appoint a successor
      administrative agent, subject to the consent of (x) the Master Issuer, at all times other than while an Event of Default has occurred and is continuing (which consent of the Master Issuer shall not be unreasonably withheld or delayed) and (y) the
      Control Party (which consent of the Control Party shall not be unreasonably withheld or delayed): (i) an Event of Bankruptcy with respect to the Administrative Agent; (ii) if the Person acting as Administrative Agent or an Affiliate thereof is also
      an Investor, any other event pursuant to which such Person becomes a Defaulting Investor; (iii) the failure by the Administrative Agent to pay or remit any funds required to be remitted when due (in each case, if amounts are available for payment or
      remittance in accordance with the terms of this Agreement for application to the payment or remittance thereof) which continues for two (2) Business Days after such funds were required to be paid or remitted; (iv) any representation, warranty,
      certification or statement made by the Administrative Agent under this Agreement or in any agreement, certificate, report or other document furnished by the Administrative Agent proves to have been false or misleading in any material respect as of
      the time made or deemed made, and if such representation, warranty, certification or statement is susceptible of remedy in all material respects, is not remedied within thirty (30) calendar days after knowledge thereof or notice by the Master Issuer
      to the Administrative Agent, and if not susceptible of remedy in all material respects, upon notice by the Master Issuer to the Administrative Agent or (v) any act constituting the gross negligence, bad faith or willful misconduct of the
      Administrative Agent. If for any reason no successor Administrative Agent is appointed by the Investor Groups within 30 days of the Administrative Agent&#8217;s removal pursuant to the immediately preceding sentence, then, effective upon the expiration of
      such 30-day period, the Master Issuer shall make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2019-1 Class A-1 VFN Fee Letter) directly to the
      Funding Agents or the Swingline Lender or the L/C Provider, as applicable, and the Master Issuer for all purposes shall deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable, until such time, if any, as a
      successor administrative agent is appointed as provided above, and the Master Issuer shall instruct the Trustee in writing accordingly. After any Administrative Agent&#8217;s removal hereunder as Administrative Agent, the provisions of <u>Section 9.05</u>
      and this <u>Article V</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>If a Defaulting Administrative Agent Event has occurred and is continuing, the Master Issuer may
      make all payments in respect of the Aggregate Unpaids or under any fee letter delivered in connection herewith (including, without limitation, the Series 2019-1 Class A-1 VFN Fee Letter) directly to the Funding Agents or the Swingline Lender or the
      L/C Provider, as applicable, and the Master Issuer for all purposes may deal directly with the Funding Agents or the Swingline Lender or the L/C Provider, as applicable. </div>
    <div style="text-align: justify; text-indent: 117pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">44</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> </div>
    <br>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.08</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Authorization
          and Action of Funding Agents</u>. Each Investor is hereby deemed to have designated and appointed its related Funding Agent set forth next to such Investor&#8217;s name on <u>Schedule I</u> (or identified as such Investor&#8217;s Funding Agent pursuant to
        any applicable Assignment and Assumption Agreement or Investor Group Supplement) as the agent of such Person hereunder, and hereby authorizes such Funding Agent to take such actions as agent on its behalf and to exercise such powers as are
        delegated to such Funding Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. Each Funding Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any
        fiduciary relationship with the related Investor Group, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Funding Agent shall be read into this Agreement or otherwise exist for such
        Funding Agent. In performing its functions and duties hereunder, each Funding Agent shall act solely as agent for the related Investor Group and does not assume, nor shall it be deemed to have assumed, any obligation or relationship of trust or
        agency with or for the Master Issuer, any of its successors or assigns or any other Person. Each Funding Agent shall not be required to take any action that exposes such Funding Agent to personal liability or that is contrary to this Agreement or
        any Requirement of Law. The appointment and authority of the Funding Agents hereunder shall terminate upon the indefeasible payment in full of the Aggregate Unpaids of the Investor Groups and the termination in full of all the Commitments.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.09</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Delegation
          of Duties</u>. Each Funding Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Funding Agent shall
        not be responsible for the gross negligence, bad faith or willful misconduct of any agents or attorneys-in-fact selected by it in good faith.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.10</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Exculpatory
          Provisions</u>. Each Funding Agent and its Affiliates, and each of their directors, officers, agents or employees shall not be (a) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this
        Agreement (except for its, their or such Person&#8217;s own gross negligence, bad faith or willful misconduct), or (b) responsible in any manner to the related Investor Group for any recitals, statements, representations or warranties made by the Master
        Issuer contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement, or for the value, validity, effectiveness, genuineness,
        enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Master Issuer to perform its obligations hereunder, or for the satisfaction of any condition specified in <u>Article
          VII</u>. Each Funding Agent shall not be under any obligation to the related Investor Group to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to
        inspect the properties, books or records of the Master Issuer. Each Funding Agent shall not be deemed to have knowledge of any Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default unless such Funding Agent has
        received notice of such event from the Master Issuer or any member of the related Investor Group.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">45</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.11</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Reliance</u>.
        Each Funding Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and
        upon advice and statements of the Administrative Agent and legal counsel (including, without limitation, counsel to the Master Issuer), independent accountants and other experts selected by such Funding Agent. Each Funding Agent shall in all cases
        be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of the related Investor Group as it deems appropriate
        or it shall first be indemnified to its satisfaction by the related Investor Group; <u>provided</u> that unless and until such Funding Agent shall have received such advice, such Funding Agent may take or refrain from taking any action, as such
        Funding Agent shall deem advisable and in the best interests of the related Investor Group. Each Funding Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the related Investor Group
        and such request and any action taken or failure to act pursuant thereto shall be binding upon the related Investor Group.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.12</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Non-Reliance
          on the Funding Agent and Other Purchasers</u>. The related Investor Group expressly acknowledges that its Funding Agent and any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates has not made any representations or
        warranties to it and that no act by such Funding Agent hereafter taken, including, without limitation, any review of the affairs of the Master Issuer, shall be deemed to constitute any representation or warranty by such Funding Agent. The related
        Investor Group represents and warrants to such Funding Agent that it has and will, independently and without reliance upon such Funding Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of and
        investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of the Master Issuer and made its own decision to enter into this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.13</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>T</u></font><font style="font-family: 'Times New Roman',Times,serif;"><u>he
          Funding Agent in its Individual Capacity</u>. Each Funding Agent and any of its Affiliates may make loans to, accept deposits from, and generally engage in any kind of business with the Master Issuer or any Affiliate of the Master Issuer as
        though such Funding Agent were not a Funding Agent hereunder.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 5.14</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Successor
          Funding Agent</u>. Each Funding Agent will, upon the direction of the related Investor Group, resign as such Funding Agent. If such Funding Agent shall resign, then the related Investor Group shall appoint an Affiliate of a member of the related
        Investor Group as a successor funding agent (it being understood that such resignation shall not be effective until such successor is appointed). After any retiring Funding Agent&#8217;s resignation hereunder as Funding Agent, subject to the limitations
        set forth herein, the provisions of <u>Section 9.05</u> and this <u>Article V</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Funding Agent under this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ARTICLE VI</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        REPRESENTATIONS AND WARRANTIES</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 6.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>The Master
          Issuer and Guarantors</u>. The Master Issuer and the Guarantors jointly and severally represent and warrant to the Administrative Agent and each Lender Party, as of the date of this Agreement, as of the Closing Date and as of the date of each
        Advance made hereunder, that:</font></div>
    <div><font style="font-family: 'Times New Roman',Times,serif;"> <br>
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">46</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>each of their representations and warranties made in favor of the Trustee or the Noteholders in
      the Indenture and the other Related Documents (other than a Related Document relating solely to a Series of Notes other than the Series 2019-1 Notes) is true and correct (i) if not qualified as to materiality or Material Adverse Effect, in all
      material respects and (ii) if qualified as to materiality or Material Adverse Effect, in all respects, as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case
      such representations and warranties shall be true and correct in all material respects as of such earlier date);</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>no Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default has
      occurred and is continuing;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>neither they nor or any of their Affiliates, have, directly or through an agent, engaged in any
      form of general solicitation or general advertising in connection with the offering of the Series 2019-1 Class A-1 Notes under the 1933 Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the 1933 Act, including,
      but not limited to, articles, notices or other communications published in any newspaper, magazine, or similar medium or broadcast over television or radio or any seminar or meeting whose attendees have been invited by any general solicitation or
      general advertising; <u>provided</u> that no representation or warranty is made with respect to the Lender Parties and their Affiliates; and neither the Master Issuer nor any of its Affiliates has entered into any contractual arrangement with
      respect to the distribution of the Series 2019-1 Class A-1 Notes, except for this Agreement and the other Related Documents, and the Master Issuer will not enter into any such arrangement;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>neither they nor any of their Affiliates have, directly or through any agent, sold, offered for
      sale, solicited offers to buy or otherwise negotiated in respect of, any &#8220;security&#8221; (as defined in the 1933 Act) that is or will be integrated with the sale of the Series 2019-1 Class A-1 Notes in a manner that would require the registration of the
      Series 2019-1 Class A-1 Notes under the 1933 Act;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (e)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>assuming the representations and warranties of each Lender Party set forth in <u>Section 6.03</u>
      are true and correct, the offer and sale of the Series 2019-1 Class A-1 Notes in the manner contemplated by this Agreement is a transaction exempt from the registration requirements of the 1933 Act, and the Base Indenture is not required to be
      qualified under the United States Trust Indenture Act of 1939, as amended;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (f)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>the Master Issuer has made available to the Administrative Agent and each Funding Agent true,
      accurate and complete copies of all other Related Documents (excluding Series Supplements and other Related Documents relating solely to a Series of Notes other than the Series 2019-1 Notes) to which they are a party as of the Closing Date, all of
      which Related Documents are in full force and effect in all material respects as of the Closing Date and no terms of any such agreements or documents have been amended, modified or otherwise waived as of such date, other than such amendments,
      modifications or waivers about which the Master Issuer has informed each Funding Agent, the Swingline Lender and the L/C Provider;</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">47</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 117pt; text-align: justify;"> (g)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>the Master Issuer is not an &#8220;investment company&#8221; as defined in Section 3(a)(1) of the 1940 Act,
      and therefore has no need to rely solely on the exemption from the definition of &#8220;investment company&#8221; set forth in Section 3(c)(1) and/or Section 3(c)(7) of the 1940 Act;</div>
    <div> <br>
    </div>
    <div>
      <div style="text-indent: 117pt; text-align: justify;">(h)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>the Master Issuer and each Guarantor, and their respective directors, officers and employees
        and, to the knowledge of the Master Issuer and each Guarantor, the agents of the Master Issuer and each Guarantor, respectively, have not (i) made any unlawful contribution, gift, entertainment or other unlawful expense relating to political
        activity; (ii) made any direct or indirect unlawful payment to any domestic governmental official or &#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;<u>FCPA</u>&#8221;); (iii) violated any provision of the FCPA, the Bribery Act of 2010 of the United Kingdom or any applicable non-U.S. anti-bribery statute or regulation; or (iv) made any bribe, rebate, payoff, influence payment,
        kickback or other unlawful payment; and the Master Issuer and Guarantors conduct their respective businesses in compliance with the FCPA and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to
        ensure, continued compliance therewith;<br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 117pt;">(i)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>the operations of the Master Issuer and each Guarantor, as applicable, are and have been
        conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions and
        the rules and regulations thereunder (collectively, the &#8220;<u>Money Laundering Laws</u>&#8221;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Master Issuer or any
        Guarantor, as applicable, with respect to the Money Laundering Laws is pending or, to the knowledge of such relevant entity, threatened; and</div>
      <div><br>
      </div>
      <div style="text-indent: 117pt; text-align: justify;">(j)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>neither the Master Issuer nor any Guarantor is currently the target of any&#160; 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;<u>OFAC</u>&#8221;), the U.S. Department of State, the United Nations Security Council, the
        European Union, Her Majesty&#8217;s Treasury (collectively, &#8220;<u>Sanctions</u>&#8221;); nor is such relevant entity located, organized or resident in a country or territory that is the target of Sanctions; and the Master Issuer and each Guarantor will not
        directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of or business
        with any person, or in any country or territory, that currently is the target of any Sanctions or in any other manner that would reasonably be expected to result in a violation by any person (including any person participating in the transaction
        whether as underwriter, advisor, investor or otherwise) of Sanctions.</div>
      <div style="text-indent: 117pt; text-align: justify;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">48</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <br>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 6.02</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>The Manager</u>.
        The Manager represents and warrants to the Administrative Agent and each Lender Party as of the date of this Agreement, as of the Closing Date and as of the date of each Advance made hereunder, that (i) no Manager Termination Event has occurred and
        is continuing and (ii) each representation and warranty made by it in any Related Document (other than a Related Document relating solely to a Series of Notes other than the Series 2019-1 Notes and other than any representation or warranty in <u>Article
          V</u> of the Management Agreement) to which it is a party (including any representations and warranties made by it in its capacity as Manager) is true and correct (a) if not qualified as to materiality or Material Adverse Effect, in all material
        respects and (b) if qualified as to materiality or Material Adverse Effect, in all respects as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case such
        representations and warranties were true and correct in all material respects as of such earlier date).</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 6.03</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Lender
          Parties</u>. Each of the Lender Parties represents and warrants to the Master Issuer and the Manager as of the date hereof (or, in the case of a successor or assign of an Investor, as of the subsequent date on which such successor or assign shall
        become or be deemed to become a party hereto) that:</font></div>
    <div>&#160;</div>
    <div style="text-indent: 117pt; text-align: justify;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>it has had an opportunity to discuss the Master Issuer&#8217;s and the Manager&#8217;s business, management
      and financial affairs, and the terms and conditions of the proposed purchase of the Series 2019-1 Class A-1 Notes, with the Master Issuer and the Manager and their respective representatives;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>it is an &#8220;accredited investor&#8221; and &#8220;qualified institutional buyer&#8221; within the meaning of Rules 501
      and 144A, respectively, under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing
      in, the Series 2019-1 Class A-1 Notes; </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>it is purchasing the Series 2019-1 Class A-1 Notes for its own account, or for the account of one
      or more &#8220;qualified institutional buyers&#8221; within the meaning of Rule 144A under the 1933 Act that meet the criteria described in <u>clause (b)</u> above and for which it is acting with complete investment discretion, for investment purposes only and
      not with a view to a distribution in violation of the 1933 Act, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any
      general solicitation or general advertising within the meaning of the 1933 Act, or the rules and regulations promulgated thereunder, with respect to the Series 2019-1 Class A-1 Notes;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>it understands that (i) the Series 2019-1 Class A-1 Notes have not been and will not be registered
      or qualified under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and may not be
      resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Master Issuer, (ii) the Master Issuer is
      not required to register the Series 2019-1 Class A-1 Notes under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction, (iii) any permitted transferee hereunder must meet the criteria in clause (b)
      above and (iv) any transfer must comply with the provisions of Section 2.08 of the Base Indenture, Section 4.03 of the Series 2019-1 Supplement and <u>Section 9.03</u> or <u>9.17</u>, as applicable, of this Agreement; </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">49</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 117pt;"> (e)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>it will comply with the requirements of <u>Section
        6.03(d)</u> above in connection with any transfer by it of the Series 2019-1 Class A-1 Notes;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 117pt;"> (f)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>it understands that the Series 2019-1 Class A-1 Notes
      will bear the legend set out in the form of Series 2019-1 Class A-1 Notes attached to the Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 117pt;"> (g)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>it will obtain for the benefit of the Master Issuer
      from any purchaser of the Series 2019-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 117pt;"> (h)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>it has executed a Purchaser&#8217;s Letter substantially in
      the form of <u>Exhibit D</u> hereto.</div>
  </div>
  <div><font style="font-family: 'Times New Roman',Times,serif;"> <br>
    </font></div>
  <div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ARTICLE VII</font><br>
    </div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;"> CONDITIONS</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 7.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conditions to
          Issuance and Effectiveness</u>. Each Lender Party will have no obligation to purchase the Series 2019-1 Class A-1 Notes hereunder on the Closing Date, and the Commitments, the Swingline Commitment and the L/C Commitment will not become effective,
        unless:</font></div>
    <div>&#160;</div>
    <div style="text-indent: 117pt; text-align: justify;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>the Base Indenture, the Series 2019-1 Supplement, the Guarantee and Collateral Agreement and the
      other Related Documents shall be in full force and effect;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>on the Closing Date, the Administrative Agent shall have received a letter, in form and substance
      reasonably satisfactory to it, from S&amp;P stating that a long-term rating of &#8220;BBB&#8221; has been assigned to the Series 2019-1 Class A-1 Notes;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>at the time of such issuance, the additional conditions set forth in <u>Schedule III</u> hereto
      and all other conditions to the issuance of the Series 2019-1 Class A-1 Notes under the Indenture shall have been satisfied or waived by such Lender Party.</div>
    <br>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 7.02</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conditions to
          Initial Extensions of Credit</u>. The election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, the initial Borrowing hereunder, and the obligations of the Swingline Lender and the L/C Provider to
        fund the initial Swingline Loan or provide the initial Letter of Credit hereunder, respectively, shall be subject to the satisfaction of the conditions precedent that (a) each Funding Agent shall have received a duly executed and authenticated
        Series 2019-1 Class A-1 Advance Note registered in its name or in such other name as shall have been directed by such Funding Agent and stating that the principal amount thereof shall not exceed the Maximum Investor Group Principal Amount of the
        related Investor Group; (b) each of the Swingline Lender and the L/C Provider shall have received a duly executed and authenticated Series 2019-1 Class A-1 Swingline Note or Series 2019-1 Class A-1 L/C Note, as applicable, registered in its name or
        in such other name as shall have been directed by it and stating that the principal amount thereof shall not exceed the Swingline Commitment or L/C Commitment, respectively; and (c) the Master Issuer shall have paid all fees required to be paid by
        it under the Related Documents on the Closing Date, including all fees required hereunder.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">50</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 7.03</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conditions to
          Each Extension of Credit</u>. The election of each Conduit Investor to fund, and the obligation of each Committed Note Purchaser to fund, any Borrowing on any day (including the initial Borrowing but excluding any Borrowings to repay Swingline
        Loans or L/C Obligations pursuant to <u>Sections 2.05</u>, <u>2.06</u> or <u>2.08</u>, as applicable), and the obligations of the Swingline Lender to fund any Swingline Loan (including the initial one) and of the L/C Provider to provide any
        Letter of Credit (including the initial one), respectively, shall be subject to the conditions precedent that, on the date of such funding or provision, before and after giving effect thereto and to the application of any proceeds therefrom, the
        following statements shall be true (without regard to any waiver, amendment or other modification of this <u>Section 7.03</u> or any definitions used herein consented to by the Control Party unless Investors holding more than (i) if no single
        Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group holds more than 50% of the Commitments, two-thirds of the Commitments (<u>provided</u> that the Commitment of any Defaulting Investor
        shall be disregarded in the determination of whether any threshold percentage of Commitments has been met under this <u>Section 7.03</u>) have consented to such waiver, amendment or other modification for purposes of this <u>Section 7.03</u>); <u>provided</u>,
        <u>however</u>, that if a Rapid Amortization Event has occurred and (other than in the case of <u>Section 9.01(b)</u>) has been declared by the Control Party pursuant to Sections 9.01(a), (b), (c), (d), or (e) of the Base Indenture, consent to
        such waiver, amendment or other modification from all Investors (<u>provided</u> that it shall not be the obligation of the Control Party to obtain such consent from the Investors) as well as the Control Party is required for purposes of this <u>Section
          7.03</u>:</font></div>
    <div>&#160;</div>
    <div style="text-indent: 117pt; text-align: justify;"> (a)<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>(i)&#160;&#160; the representations and warranties of the Master Issuer set out in this Agreement and (ii) the
      representations and warranties of the Manager set out in this Agreement, in each such case, shall be true and correct (A) if qualified as to materiality or Material Adverse Effect, in all respects and (B) if not qualified as to materiality or
      Material Adverse Effect, in all material respects, as of the date of such funding or issuance, with the same effect as though made on that date (unless stated to relate solely to an earlier date, in which case such representations and warranties
      shall have been true and correct as of such earlier date);</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>no Default, Event of Default, Potential Rapid Amortization Event or Rapid Amortization Event shall
      be in existence at the time of, or after giving effect to, such funding or issuance;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>for any Borrowing occurring after the second Quarterly Calculation Date, the DSCR as calculated
      as of the immediately preceding Quarterly Calculation Date shall not be less than 1.50x;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>in the case of any Borrowing, except to the extent an advance request is expressly deemed to have
      been delivered hereunder, the Master Issuer shall have delivered or have been deemed to have delivered to the Administrative Agent an executed advance request in the form of <u>Exhibit A-1</u> hereto with respect to such Borrowing (each such
      request, an &#8220;<u>Advance Request</u>&#8221; or a &#8220;<u>Series 2019-1 Class A-1&#160; Advance Request</u>&#8221;);</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">51</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (e)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>the Senior Notes Interest Reserve Amount (including any Senior Notes Interest Reserve Account
      Deficiency Amount) will be funded and/or an Interest Reserve Letter of Credit will be maintained for such amount as of the date of such draw in the amounts required pursuant to the Indenture after giving effect to such draw;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (f)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>all Undrawn Commitment Fees, Administrative Agent Fees and L/C Quarterly Fees due and payable on
      or prior to the date of such funding or issuance shall have been paid in full; and</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (g)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>all conditions to such extension of credit or provision specified in <u>Sections 2.02</u>, <u>2.03</u>,
      <u>2.06</u> or <u>2.07</u>, as applicable, shall have been satisfied.</div>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 72pt;">The giving of any notice pursuant to <u>Sections 2.03</u>, <u>2.06</u> or <u>2.07</u>, as applicable, shall constitute a representation and warranty by the Master Issuer and the Manager that all
      conditions precedent to such funding or provision have been satisfied or will be satisfied concurrently therewith. </div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ARTICLE VIII</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        COVENANTS</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 8.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Covenants</u>.
        Each of the Master Issuer and the Manager, severally, covenants and agrees that, until all Aggregate Unpaids have been paid in full and all Commitments, the Swingline Commitment and the L/C Commitment have been terminated, it will:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>unless waived in writing by the Control Party in accordance with Section 9.07 of the Base
      Indenture, duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Related Document to which it is a party;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>not amend, modify, waive or give any approval, consent or permission under any provision of the
      Base Indenture or any other Related Document to which it is a party unless any such amendment, modification, waiver or other action is in writing and made in accordance with the terms of the Base Indenture or such other Related Document, as
      applicable;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>reasonably concurrent with the time any report, notice or other document is provided to the
      Rating Agencies and/or the Trustee, or caused to be provided, by the Master Issuer or the Manager under the Base Indenture (including, without limitation, under <u>Sections 8.08</u>, <u>8.09</u> and/or <u>8.11</u> thereof) or under the Series
      2019-1 Supplement, provide the Administrative Agent (who shall promptly provide a copy thereof to the Lender Parties) with a copy of such report, notice or other document; <u>provided</u>, <u>however</u>, that neither the Manager nor the Master
      Issuer shall have any obligation under this <u>Section 8.01(c)</u> to deliver to the Administrative Agent copies of any Quarterly Noteholders&#8217; Reports that relate solely to a Series of Notes other than the Series 2019-1 Notes;</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">52</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>once per calendar year, following reasonable prior notice from the Administrative Agent (the &#8220;<u>Annual
        Inspection Notice</u>&#8221;), and during regular business hours, permit any one or more of such Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns,
      at the Master Issuer&#8217;s expense, access (as a group, and not individually unless only one such Person desires such access) to the offices of the Manager, the Master Issuer and the Guarantors, (i) to examine and make copies of and abstracts from all
      documentation relating to the Collateral on the same terms as are provided to the Trustee under Section 8.06 of the Base Indenture, and (ii) to visit the offices and properties of the Manager, the Master Issuer and the Guarantors for the purpose of
      examining such materials described in <u>clause (i)</u> above, and to discuss matters relating to the Collateral, or the administration and performance of the Base Indenture, the Series 2019-1 Supplement and the other Related Documents with any of
      the officers or employees of, the Manager, the Master Issuer and/or the Guarantors, as applicable, having knowledge of such matters; <u>provided</u>, <u>however</u>, that upon the occurrence and continuation of a Potential Rapid Amortization Event,
      Rapid Amortization Event, Cash Trapping Period, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives or permitted assigns, at the Master
      Issuer&#8217;s expense may do any of the foregoing at any time during normal business hours and without advance notice; <u>provided</u>, <u>further</u>, that, in addition to any visits made pursuant to provision of an Annual Inspection Notice or during
      the continuation of a Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default, the Administrative Agent, any Funding Agent, the Swingline Lender or the L/C Provider, or any of their respective agents, representatives
      or permitted assigns, at their own expense, may do any of the foregoing at any time during normal business hours following reasonable prior notice with respect to the business of the Master Issuer and/or the Guarantors; and <u>provided</u>, <u>further</u>,
      that the Funding Agents, the Swingline Lender and the L/C Provider will be permitted to provide input to the Administrative Agent with respect to the timing of delivery, and content, of the Annual Inspection Notice;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (e)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>not take, or cause to be taken, any action, including, without limitation, acquiring any Margin
      Stock, that could cause the transactions contemplated by the Related Documents to fail to comply with the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(f)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>not permit any amounts owed with respect to the Series 2019-1 Class A-1 Notes to be secured,
      directly or indirectly, by any Margin Stock in a manner that would violate the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X thereof; </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(g)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>promptly provide such additional financial and other information with respect to the Related
      Documents (other than Series Supplements and Related Documents relating solely to a Series of Notes other than the Series 2019-1 Notes), the Master Issuer, the Manager or the Guarantors as the Administrative Agent may from time to time reasonably
      request; and<br>
      <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(h)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>deliver to the Administrative Agent (who shall promptly provide a copy thereof to the Lender
      Parties), the financial statements prepared pursuant to Section 4.01 of the Base Indenture reasonably contemporaneously with the delivery of such statements under the Base Indenture.<br>
    </div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">53</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif;">ARTICLE IX</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
        MISCELLANEOUS PROVISIONS</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.01</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Amendments</u>.
        No amendment to or waiver or other modification of any provision of this Agreement, nor consent to any departure therefrom by the Manager or the Master Issuer, shall in any event be effective unless the same shall be in writing and signed by the
        Manager, the Master Issuer and the Administrative Agent with the written consent of Investor Groups holding more than (i) if no single Investor Group holds more than 50% of the Commitments, 50% of the Commitments or (ii) if a single Investor Group
        holds more than 50% of the Commitments, two-thirds of the Commitments; <u>provided</u> that the Commitment of any Defaulting Investor shall be disregarded in the determination of whether such threshold percentage of Commitments has been met; <u>provided</u>,
        <u>however</u>, that, in addition, (i) the prior written consent of each affected Investor shall be required in connection with any amendment, modification or waiver that (x) increases the amount of the Commitment of such Investor, extends the
        Commitment Termination Date or the Series 2019-1 Class A-1 Notes Renewal Date, modifies the conditions to funding such Commitment or otherwise subjects such Investor to any increased or additional duties or obligations hereunder or in connection
        herewith (it being understood and agreed that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the Commitments of
        any Lender Party), (y) reduces the amount or delays the timing of payment of any principal, interest, fees or other amounts payable to such Investor hereunder or (z) would have an effect comparable to any of those set forth in Section 13.02(a) of
        the Base Indenture that require the consent of each Noteholder or each affected Noteholder; (ii) any amendment, modification or waiver that affects the rights or duties of any of the Swingline Lender, the L/C Provider, the Administrative Agent or
        the Funding Agents shall require the prior written consent of such affected Person; and (iii) the prior written consent of each Investor, the Swingline Lender, the L/C Provider, the Administrative Agent and each Funding Agent shall be required in
        connection with any amendment, modification or waiver of this <u>Section 9.01</u>. For purposes of any provision of any other Indenture Document relating to any vote, consent, direction or the like to be given by the Series 2019-1 Class A-1
        Noteholders, such vote, consent, direction or the like shall be given by the Holders of the Series 2019-1 Class A-1 Advance Notes only and not by the Holders of any Series 2019-1 Class A-1 Swingline Notes or Series 2019-1 Class A-1 L/C Notes except
        to the extent that such vote, consent, direction or the like is to be given by each affected Noteholder and the Holders of any Series 2019-1 Class A-1 Swingline Notes or Series 2019-1 Class A-1 L/C Notes would be affected thereby. The Master Issuer
        and the Lender Parties shall negotiate any amendments, waivers, consents, supplements or other modifications to this Agreement or the other Related Documents that require the consent of the Lender Parties in good faith. Pursuant to <u>Section
          9.05(a)</u>, the Lender Parties shall be entitled to reimbursement by the Master Issuer for the reasonable expenses incurred by the Lender Parties in reviewing and approving any such amendment, waiver, consent, supplement or other modification to
        this Agreement or any Related Document.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">54</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.02</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>No Waiver;
          Remedies</u>. Any waiver, consent or approval given by any party hereto shall be effective only in the specific instance and for the specific purpose for which given, and no waiver by a party of any breach or default under this Agreement shall be
        deemed a waiver of any other breach or default. No failure on the part of any party hereto to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right
        hereunder, or any abandonment or discontinuation of steps to enforce the right, power or privilege, preclude any other or further exercise thereof or the exercise of any other right. No notice to or demand on any party hereto in any case shall
        entitle such party to any other or further notice or demand in the same, similar or other circumstances. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.03</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Binding on Successors and Assigns</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>This Agreement shall be binding upon, and inure to the benefit of, the Master Issuer, the
      Manager, the Lender Parties, the Funding Agents, the Administrative Agent and their respective successors and assigns; <u>provided</u>, <u>however</u>, that neither the Master Issuer nor the Manager may assign its rights or obligations hereunder or
      in connection herewith or any interest herein (voluntarily, by operation of law or otherwise) without the prior written consent of each Lender Party (other than any Defaulting Investor); <u>provided,</u>&#160;<u>further,</u> that nothing herein shall
      prevent the Master Issuer from assigning its rights (but none of its duties or liabilities) to the Trustee under the Base Indenture and the Series 2019-1 Supplement; and <u>provided</u>, <u>further</u> that none of the Lender Parties may transfer,
      pledge, assign, sell participations in or otherwise encumber its rights or obligations hereunder or in connection herewith or any interest herein except as permitted under <u>Section 6.03</u>, <u>Section 9.17</u> and this <u>Section 9.03</u>.
      Nothing expressed herein is intended or shall be construed to give any Person other than the Persons referred to in the preceding sentence any legal or equitable right, remedy or claim under or in respect of this Agreement except as provided in <u>Section
        9.16</u>.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Notwithstanding any other provision set forth in this Agreement, each Investor may at any time
      grant to one or more Program Support Providers a participating interest in or lien on such Investor&#8217;s interests in the Advances made hereunder and such Program Support Provider, with respect to its participating interest, shall be entitled to the
      benefits granted to such Investor under this Agreement.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>In addition to its rights under <u>Section 9.17</u>, each Conduit Investor may at any time
      assign its rights in the Series 2019-1 Class A-1 Advance Notes (and its rights hereunder and under the Related Documents) to its related Committed Note Purchaser or, subject to <u>Section 6.03</u> and <u>Section 9.17(f)</u>, its related Program
      Support Provider or any Affiliate of any of the foregoing, in each case in accordance with the applicable provisions of the Indenture. Furthermore, each Conduit Investor may at any time grant a security interest in and lien on, all or any portion of
      its interests under this Agreement, its Series 2019-1 Class A-1 Advance Note and all Related Documents to (i) its related Committed Note Purchaser, (ii) its Funding Agent, (iii) any Program Support Provider who, at any time now or in the future,
      provides program liquidity or credit enhancement, including, without limitation, an insurance policy for such Conduit Investor relating to the Commercial Paper or the Series 2019-1 Class A-1 Advance Notes, (iv) any other Person who, at any time now
      or in the future, provides liquidity or credit enhancement for the Conduit Investors, including, without limitation, an insurance policy relating to the Commercial Paper or the Series 2019-1 Class A-1 Advance Notes or (v) any collateral trustee or
      collateral agent for any of the foregoing; <u>provided</u>, <u>however</u>, that any such security interest or lien shall be released upon assignment of its Series 2019-1 Class A-1 Advance Note to its related Committed Note Purchaser. Each
      Committed Note Purchaser may assign its Commitment, or all or any portion of its interest under its Series 2019-1 Class A-1 Advance Note, this Agreement and the Related Documents to any Person to the extent permitted by <u>Section 9.17</u>.
      Notwithstanding any other provisions set forth in this Agreement, each Committed Note Purchaser may at any time create a security interest in all or any portion of its rights under this Agreement, its Series 2019-1 Class A-1 Advance Note and the
      Related Documents in favor of any Federal Reserve Bank in accordance with Regulation A of the F.R.S. Board or any similar foreign entity.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">55</font></div>
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    </div>
    <br>
    <div style="text-indent: 99pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.04</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Survival of
          Agreement</u>. All covenants, agreements, representations and warranties made herein and in the Series 2019-1 Class A-1 Notes delivered pursuant hereto shall survive the making and the repayment of the Advances, the Swingline Loans and the
        Letters of Credit and the execution and delivery of this Agreement and the Series 2019-1 Class A-1 Notes and shall continue in full force and effect until all interest on and principal of the Series 2019-1 Class A-1 Notes, and all other amounts
        owed to the Lender Parties, the Funding Agents and the Administrative Agent hereunder and under the Series 2019-1 Supplement have been paid in full, all Letters of Credit have expired or been fully cash collateralized in accordance with the terms
        of this Agreement and the Commitments, the Swingline Commitment and the L/C Commitment have been terminated. In addition, the obligations of the Master Issuer and the Lender Parties under <u>Sections 3.05</u>, <u>3.06</u>, <u>3.07</u>, <u>3.08</u>,
        <u>9.05</u>, <u>9.10</u> and <u>9.11</u> shall survive the termination of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 99pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.05</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Payment of Costs and Expenses;
          Indemnification</u>.</font></div>
    <div>&#160;</div>
    <div>
      <div style="text-align: justify; font-size: 12pt; text-indent: 117pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">(a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><u>Payment
            of Costs and Expenses</u></font><font style="font-size: 10pt;">. The Master Issuer agrees to pay (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments), on the
          Closing Date (if invoiced at least one (1) Business Day prior to such date) or on or before seven (7) Business Days after written demand (in all other cases), all reasonable expenses of the Administrative Agent, each initial Funding Agent and
          each initial Lender Party (including the reasonable fees and out-of-pocket expenses of counsel to each of the foregoing, if any, as well as the fees and expenses of the Rating Agencies) in connection with (i) the negotiation, preparation,
          execution and delivery of this Agreement and of each other Related Document, including schedules and exhibits, whether or not the transactions contemplated hereby or thereby are consummated (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Pre-Closing Costs</u></font>&#8221;), and (ii) any amendments, waivers, consents, supplements or other modifications to this Agreement or any other Related Document as may from time to time hereafter be proposed (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Amendment Expenses</u></font>&#8221;). The Master Issuer further agrees to pay, subject to and in accordance with the Priority of Payments, and to hold the Administrative Agent, each Funding
          Agent and each Lender Party harmless from all liability for (x) any breach by the Master Issuer of its obligations under this Agreement, (y) all reasonable costs incurred by the Administrative Agent, such Funding Agent or such Lender Party in
          enforcing this Agreement and (z) any Non-Excluded Taxes that may be payable in connection with (1) the execution or delivery of this Agreement, (2) any Borrowing or Swingline Loan hereunder, (3) the issuance of the Series 2019-1 Class A-1 Notes,
          (4) any Letter of Credit hereunder or (5) any other Related Documents (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Other Post-Closing Expenses</u></font>&#8221;).&#160; The Master Issuer also agrees to reimburse, subject to and in
          accordance with the Priority of Payments, the Administrative Agent, such Funding Agent and such Lender Party upon demand for all reasonable out-of-pocket expenses incurred by the Administrative Agent, such Funding Agent and such Lender Party in
          connection with (1) the negotiation of any restructuring or &#8220;work-out&#8221;, whether or not consummated, of the Related Documents and (2) the enforcement of, or any waiver or amendment requested under or with respect to, this Agreement or any other
          Related Documents (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Out-of-Pocket Expenses</u></font>&#8221;). Notwithstanding the foregoing, other than in connection with a sale or assignment pursuant to <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.18(a)</u></font>, the Master Issuer shall have no obligation to reimburse any Lender Party for any of the fees and/or expenses incurred by such Lender Party with respect to its sale or assignment of all or
          any part of its respective rights and obligations under this Agreement and the Series 2019-1 Class A-1 Notes pursuant to <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.03</u></font> or <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.17</u></font>.</font></div>
    </div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">56</font></div>
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    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(b) <font style="font-family: 'Times New Roman',Times,serif;"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Indemnification of the Lender
          Parties</u></font>. In consideration of the execution and delivery of this Agreement by the Lender Parties, the Master Issuer hereby agrees to indemnify and hold each Lender Party (each in its capacity as such and to the extent not reimbursed by
      the Master Issuer and without limiting the obligation of the Master Issuer to do so) and each of their officers, directors, employees and agents (collectively, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Indemnified Parties</u></font>&#8221;)
      harmless (by depositing such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and
      reasonable documented costs and expenses incurred in connection therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in
      connection with the offering and sale of the Series 2019-1 Class A-1 Notes), including reasonable documented attorneys&#8217; fees and disbursements (collectively, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Indemnified Liabilities</u></font>&#8221;),
      incurred by the Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to:</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 144pt;"> (i)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>any transaction financed or to be financed in whole or in part, directly or indirectly, with the
      proceeds of any Advance, Swingline Loan or Letter of Credit; or</div>
    <div> <br>
    </div>
    <div style="text-indent: 144pt; text-align: justify;"> (ii)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>the entering into and performance of this Agreement and any other Related Document by any of the
      Indemnified Parties, including, for the avoidance of doubt, the consent by the Lender Parties set forth in <u>Section 9.19</u>;</div>
    <br>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">except for any such Indemnified Liabilities arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party&#8217;s gross negligence, bad
      faith or willful misconduct or breach of representations set forth herein. If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Master Issuer hereby agrees to make the maximum contribution to the payment and
      satisfaction of each of the Indemnified Liabilities that is permissible under applicable law.&#160; The indemnity set forth in this <u>Section 9.05(b)</u> shall in no event include indemnification for special, punitive, consequential or indirect damages
      of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in <u>Section 3.08</u> or for any transfer Taxes with respect to its sale or assignment of all or any part of its respective rights and
      obligations under this Agreement and the Series 2019-1 Class A-1 Notes pursuant to <u>Section 9.17</u>. The Master Issuer shall give notice to the Rating Agencies of any claim for Indemnified Liabilities made under this <u>Section 9.05(b)</u>.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">57</font></div>
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;">(c) <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Indemnification of the Administrative
          Agent and each Funding Agent by the Master Issuer</u></font>.&#160; In consideration of the execution and delivery of this Agreement by the Administrative Agent and each Funding Agent, the Master Issuer hereby agrees to indemnify and hold the
      Administrative Agent and each Funding Agent and each of their officers, directors, employees and agents (collectively, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Agent Indemnified Parties</u></font>&#8221;) harmless (by depositing
      such amounts into the Collection Account to be distributed subject to and in accordance with the Priority of Payments) from and against any and all actions, causes of action, suits, losses, liabilities and damages, and reasonable documented costs and
      expenses incurred in connection therewith (irrespective of whether any such Agent Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the
      offering and sale of the Series 2019-1 Class A-1 Notes), including reasonable documented attorneys&#8217; fees and disbursements (collectively, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Agent Indemnified Liabilities</u></font>&#8221;),
      incurred by the Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Agreement
      and any other Related Document by any of the Agent Indemnified Parties, except for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party by reason of the relevant Agent Indemnified Party&#8217;s gross
      negligence, bad faith or willful misconduct.&#160; If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Master Issuer hereby agrees to make the maximum contribution to the payment and satisfaction of each of the
      Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.05(c)</u></font> shall in no event include indemnification for special,
      punitive, consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 3.08</u></font>. The
      Master Issuer shall give notice to the Rating Agencies of any claim for Agent Indemnified Liabilities made under this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.05(c)</u></font>.</div>
    <div> <br>
    </div>
    <div style="text-indent: 117pt; text-align: justify;">(d) <font style="font-family: 'Times New Roman',Times,serif;"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Indemnification of the
          Administrative Agent and each Funding Agent by the Committed Note Purchasers</u></font>. In consideration of the execution and delivery of this Agreement by the Administrative Agent and the related Funding Agent, each Committed Note Purchaser,
      ratably according to its respective Commitment, hereby agrees to indemnify and hold the Administrative Agent and each of its officers, directors, employees and agents (collectively, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Administrative
          Agent Indemnified Parties</u></font>&#8221;) and such Funding Agent and each of its officers, directors, employees and agents (collectively, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Funding Agent Indemnified Parties</u></font>,&#8221;
      and together with the Administrative Agent Indemnified Parties, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Applicable Agent Indemnified Parties</u></font>&#8221;) harmless from and against any and all actions, causes of action,
      suits, losses, liabilities and damages, and reasonable documented costs and expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of the Master Issuer) (irrespective of whether any such Applicable Agent
      Indemnified Party is a party to the action for which indemnification hereunder is sought and including, without limitation, any liability in connection with the offering and sale of the Series 2019-1 Class A-1 Notes), including reasonable documented
      attorneys&#8217; fees and disbursements (collectively, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Applicable Agent Indemnified Liabilities</u></font>&#8221;), incurred by the Applicable Agent Indemnified Parties or any of them (whether in
      prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Agreement and any other Related Document by any of the Applicable Agent
      Indemnified Parties, except for any such Applicable Agent Indemnified Liabilities arising for the account of a particular Applicable Agent Indemnified Party by reason of the relevant Applicable Agent Indemnified Party&#8217;s gross negligence, bad faith or
      willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, each Committed Note Purchaser, ratably according to its respective Commitment, hereby agrees to make the maximum contribution to the payment
      and satisfaction of each of the Applicable Agent Indemnified Liabilities that is permissible under applicable law. The indemnity set forth in this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.05(d)</u></font> shall in no
      event include indemnification for consequential or indirect damages of any kind or for any Taxes which shall be covered by (or expressly excluded from) the indemnification provided in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section
          3.08</u></font>.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">58</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div> </div>
    <div> </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.06</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Characterization
          as Related Document; Entire Agreement</u>. This Agreement shall be deemed to be a Related Document for all purposes of the Base Indenture and the other Related Documents. This Agreement, together with the Base Indenture, the Series 2019-1
        Supplement, the documents delivered pursuant to <u>Article VII</u> and the other Related Documents, including the exhibits and schedules thereto, contains a final and complete integration of all prior expressions by the parties hereto with respect
        to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings with respect thereto.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.07</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Notices</u>.
        All notices, amendments, waivers, consents and other communications provided to any party hereto under this Agreement shall be in writing and addressed, delivered or transmitted to such party at its address, e-mail address (if provided), or
        facsimile number set forth on <u>Schedule II</u> hereto, or in each case at such other address, e-mail address or facsimile number as may be designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed
        with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted by e-mail, shall be deemed given when received; any notice, if transmitted by facsimile, shall be
        deemed given when transmitted (so long as transmitted on a Business Day, otherwise the next succeeding Business Day) upon receipt of electronic confirmation of transmission.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.08</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Severability
          of Provisions</u>. Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the prohibition or
        unenforceability without invalidating the remaining provisions of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.09</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Tax
          Characterization</u>. Each party to this Agreement (a) acknowledges that it is the intent of the parties to this Agreement that, for accounting purposes and for all federal, state and local income and franchise Tax purposes, the Series 2019-1
        Class A&#8209;1 Notes will be treated as evidence of indebtedness, (b) agrees to treat the Series 2019-1 Class A&#8209;1 Notes for all such purposes as indebtedness and (c) agrees that the provisions of the Related Documents shall be construed to further these
        intentions.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">59</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.10</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>No
          Proceedings; Limited Recourse</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 157.5pt; font-size: 12pt;"> <font style="font-size: 10pt;">(a)</font>&#160; <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Securitization Entities</u></font><font style="font-size: 10pt;">. Each of the parties hereto (other than the Master Issuer) hereby covenants and agrees that, prior to the date that is one year
        and one day after the payment in full of the last maturing Note issued by the Master Issuer pursuant to the Base Indenture, it will not institute against, or join with any other Person in instituting against, any Securitization Entity, any
        bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or state bankruptcy or similar law, all as more particularly set forth in Section 14.13 of the Base Indenture and subject to any
        retained rights set forth therein; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>however</u></font>, that nothing in this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.10(a)</u></font> shall constitute a waiver of any right to indemnification, reimbursement or other payment from the Securitization Entities pursuant to this Agreement, the Series 2019-1 Supplement, the
        Base Indenture or any other Related Document. In the event that a Lender Party (solely in its capacity as such) takes action in violation of this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.10(a)</u></font>, each
        affected Securitization Entity shall file or cause to be filed an answer with the bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Securitization Entity or the
        commencement of such action and raise or cause to be raised the defense that such Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it
        may assert. The provisions of this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.10(a)</u></font> shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by a Lender Party in
        the assertion or defense of its claims in any such proceeding involving any Securitization Entity. The obligations of the Master Issuer under this Agreement are solely the limited liability company obligations of the Master Issuer.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 157.5pt; font-size: 12pt;"><font style="font-size: 10pt;">(b)</font><font style="font-size: 10pt;">&#160; </font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font></u><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>The Conduit Investors</u></font><font style="font-size: 10pt;">. Each of the parties hereto (other than the Conduit Investors) hereby covenants and agrees that it will not,
        prior to the date that is one year and one day after the payment in full of the latest maturing Commercial Paper or other debt securities or instruments issued by a Conduit Investor, institute against, or join with any other Person in instituting
        against, such Conduit Investor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>however</u></font>, that nothing in this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.10(b)</u></font> shall
        constitute a waiver of any right to indemnification, reimbursement or other payment from such Conduit Investor pursuant to this Agreement, the Series 2019-1 Supplement, the Base Indenture or any other Related Document. In the event that the Master
        Issuer, the Manager or a Lender Party (solely in its capacity as such) takes action in violation of this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.10(b)</u></font>, such related Conduit Investor may file an answer with
        the bankruptcy court or otherwise properly contest or cause to be contested the filing of such a petition by any such Person against such Conduit Investor or the commencement of such action and raise or cause to be raised the defense that such
        Person has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert. The provisions of this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.10(b)</u></font> shall survive the termination of this Agreement. Nothing contained herein shall preclude participation by the Master Issuer, the Manager or a Lender Party in assertion or defense of its claims in
        any such proceeding involving a Conduit Investor. The obligations of the Conduit Investors under this Agreement are solely the corporate obligations of the Conduit Investors. No recourse shall be had for the payment of any amount owing in respect
        of this Agreement, including any obligation or claim arising out of or based upon this Agreement, against any stockholder, employee, officer, agent, director, member, affiliate or incorporator (or Person similar to an incorporator under state
        business organization laws) of any Conduit Investor; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font>, <font style="font-family: 'Times New Roman',Times,serif;"><u>however</u></font>, nothing in this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 9.10(b)</u></font> shall relieve any of the foregoing Persons from any liability that any such Person may otherwise have for its gross negligence, bad faith or willful misconduct.</font></div>
    <div> </div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">60</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <br>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.11</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Confidentiality</u>.
        Each Lender Party agrees that it shall not disclose any Confidential Information to any Person without the prior written consent of the Manager and the Master Issuer, other than (a) to their Affiliates, officers, directors, employees, agents and
        advisors, including, without limitation, legal counsel and accountants (it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and instructed to keep it
        confidential), (b)&#160;to actual or prospective assignees and participants, and then only on a confidential basis (after obtaining such actual or prospective assignee&#8217;s or participant&#8217;s agreement to keep such Confidential Information confidential in a
        manner substantially similar to this <u>Section 9.11</u>), (c)&#160;as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of which the Master Issuer or the Manager, as
        the case may be, has knowledge; <u>provided</u> that each Lender Party may disclose Confidential Information as requested by a Governmental Authority or self-regulatory organization or required by any law, rule or regulation or judicial process of
        which the Master Issuer or the Manager, as the case may be, does not have knowledge if such Lender Party is prohibited by law, rule or regulation from disclosing such requirement to the Master Issuer or the Manager, as the case may be, (d) to
        Program Support Providers (after obtaining such Program Support Providers&#8217; agreement to keep such Confidential Information confidential in a manner substantially similar to this <u>Section 9.11</u>), (e)&#160;to any Rating Agency providing a rating for
        any Series or Class of Notes or any Conduit Investor&#8217;s debt or (f) in the course of litigation with the Master Issuer, the Manager or such Lender Party.</font></div>
    <div>&#160;</div>
  </div>
  <div>
    <div style="text-align: justify; text-indent: 72pt;">&#8220;<u>Confidential Information</u>&#8221; means information that the Master Issuer or the Manager furnishes to a Lender Party, but does not include (i) any such information that is or becomes generally
      available to the public other than as a result of a disclosure by a Lender Party or other Person to which a Lender Party delivered such information, (ii) any such information that was in the possession of a Lender Party prior to its being furnished
      to such Lender Party by the Master Issuer or the Manager or (iii) any such information that is or becomes available to a Lender Party from a source other than the Master Issuer or the Manager; <u>provided</u> that with respect to <u>clauses (ii)</u>
      and <u>(iii)</u> herein, such source is not (x) known to a Lender Party to be bound by a confidentiality agreement with the Master Issuer or the Manager, as the case may be, with respect to the information or (y) known to a Lender Party to be
      otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation. </div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Section 9.12</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;"><u>GOVERNING LAW; CONFLICTS WITH INDENTURE</u></font>. <font style="font-weight: bold;">THIS AGREEMENT AND ALL MATTERS ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
          ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY
          JURISDICTION OTHER THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. IN THE EVENT OF ANY CONFLICTS BETWEEN THIS AGREEMENT AND THE INDENTURE, THE INDENTURE
          SHALL GOVERN.</font></font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">61</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Section 9.13</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;"><u>JURISDICTION</u></font>. <font style="font-weight: bold;">ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY OF THE PARTIES HEREUNDER WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR
          (TO THE EXTENT PERMITTED BY LAW) FEDERAL COURT OF COMPETENT JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH
          ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT.</font></font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Section 9.14</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;"><u>WAIVER OF JURY TRIAL</u></font>. <font style="font-weight: bold;">ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN
          RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR
          THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT.</font></font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.15</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Counterparts</u>.
        This Agreement may be executed in any number of counterparts (which may include facsimile or other electronic transmission of counterparts) and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed
        to be an original, and all of which together shall constitute one and the same instrument.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.16</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Third-Party
          Beneficiary</u>. The Trustee, on behalf of the Secured Parties, and the Control Party are express third-party beneficiaries of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.17</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Assignment</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 117pt;"> (a)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Subject to <u>Sections 6.03</u> and <u>9.17(f)</u>, any Committed Note Purchaser may at any
      time sell all or any part of its rights and obligations under this Agreement, the Series 2019-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a party, with the prior written consent (not to be
      unreasonably withheld or delayed) of the Master Issuer, the Swingline Lender and the L/C Provider, to one or more financial institutions (an &#8220;<u>Acquiring Committed Note Purchaser</u>&#8221;) pursuant to an assignment and assumption agreement,
      substantially in the form of <u>Exhibit B</u> (the &#8220;<u>Assignment and Assumption Agreement</u>&#8221;), executed by such Acquiring Committed Note Purchaser, such assigning Committed Note Purchaser, the Funding Agent with respect to such Committed Note
      Purchaser, the Master Issuer, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; <u>provided</u> that no consent of the Master Issuer shall be required for (i) an assignment to another Committed Note Purchaser or
      any Affiliate of a Committed Note Purchaser or if a Rapid Amortization Event or an Event of Default has occurred and is continuing or (ii) a sale or assignment between Affiliates of a Committed Note Purchaser; <u>provided</u>, <u>further</u>, that
      no assignment pursuant to this <u>Section 9.17</u> shall be made to a Competitor.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">62</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Without limiting the foregoing, subject to <u>Sections 6.03</u> and <u>9.17(f)</u>, each
      Conduit Investor may assign all or a portion of the Investor Group Principal Amount with respect to such Conduit Investor and its rights and obligations under this Agreement, the Series 2019-1 Class A-1 Advance Notes and, in connection therewith, any
      other Related Documents to which it is a party to a Conduit Assignee with respect to such Conduit Investor, without the prior written consent of the Master Issuer. Upon such assignment by a Conduit Investor to a Conduit Assignee, (i) such Conduit
      Assignee shall be the owner of the Investor Group Principal Amount or such portion thereof with respect to such Conduit Investor, (ii) the related administrative or managing agent for such Conduit Assignee will act as the Funding Agent for such
      Conduit Assignee hereunder, with all corresponding rights and powers, express or implied, granted to the Funding Agent hereunder or under the other Related Documents, (iii) such Conduit Assignee and its liquidity support provider(s) and credit
      support provider(s) and other related parties, in each case relating to the Commercial Paper and/or the Series 2019-1 Class A-1 Advance Notes, shall have the benefit of all the rights and protections provided to such Conduit Investor herein and in
      the other Related Documents (including, without limitation, any limitation on recourse against such Conduit Assignee as provided in this paragraph), (iv) such Conduit Assignee shall assume all of such Conduit Investor&#8217;s obligations, if any, hereunder
      or under the Base Indenture or under any other Related Document with respect to such portion of the Investor Group Principal Amount and such Conduit Investor shall be released from such obligations, (v) all distributions in respect of the Investor
      Group Principal Amount or such portion thereof with respect to such Conduit Investor shall be made to the applicable Funding Agent on behalf of such Conduit Assignee, (vi) the definition of the term &#8220;CP Funding Rate&#8221; with respect to the portion of
      the Investor Group Principal Amount with respect to such Conduit Investor, as applicable, funded or maintained with commercial paper issued by such Conduit Assignee from time to time shall be determined in the manner set forth in the definition of
      &#8220;CP Funding Rate&#8221; applicable to such Conduit Assignee on the basis of the interest rate or discount applicable to Commercial Paper issued by or for the benefit of such Conduit Assignee (rather than any other Conduit Investor), (vii) the defined terms
      and other terms and provisions of this Agreement and the other Related Documents shall be interpreted in accordance with the foregoing, and (viii) if requested by the Funding Agent with respect to such Conduit Assignee, the parties will execute and
      deliver such further agreements and documents and take such other actions as the Funding Agent may reasonably request to evidence and give effect to the foregoing. No assignment by any Conduit Investor to a Conduit Assignee of all or any portion of
      the Investor Group Principal Amount with respect to such Conduit Investor shall in any way diminish the obligation of the Committed Note Purchasers in the same Investor Group as such Conduit Investor under <u>Section&#160;2.03</u> to fund any Increase
      not funded by such Conduit Investor or such Conduit Assignee.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">63</font></div>
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    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Subject to <u>Sections 6.03</u> and <u>9.17(f)</u>, any Conduit Investor and the related
      Committed Note Purchaser(s) may at any time sell all or any part of their respective rights and obligations under this Agreement, the Series 2019-1 Class A-1 Advance Notes and, in connection therewith, any other Related Documents to which it is a
      party, with the prior written consent (not to be unreasonably withheld or delayed) of the Master Issuer, the Swingline Lender and the L/C Provider, to a multi-seller commercial paper conduit, whose commercial paper is rated at least &#8220;A&#8209;1&#8221; from
      S&amp;P, &#8220;P1&#8221; from Moody&#8217;s and/or &#8220;F1&#8221; from Fitch, as applicable, and one or more financial institutions providing support to such multi-seller commercial paper conduit (an &#8220;<u>Acquiring Investor Group</u>&#8221;) pursuant to a transfer supplement,
      substantially in the form of <u>Exhibit C</u> (the &#8220;<u>Investor Group Supplement</u>&#8221; or the &#8220;<u>Series 2019-1 Class A-1 Investor Group Supplement</u>&#8221;), executed by such Acquiring Investor Group, the Funding Agent with respect to such Acquiring
      Investor Group (including the Conduit Investor and the Committed Note Purchasers with respect to such Investor Group), such assigning Conduit Investor and the Committed Note Purchasers with respect to such Conduit Investor, the Funding Agent with
      respect to such assigning Conduit Investor and Committed Note Purchasers, the Master Issuer, the Swingline Lender and the L/C Provider and delivered to the Administrative Agent; <u>provided</u> that no consent of the Master Issuer shall be required
      for an assignment to another Committed Note Purchaser or any Affiliate of a Committed Note Purchaser and its related Conduit Investor or if a Rapid Amortization Event or an Event of Default has occurred and is continuing. For the avoidance of doubt,
      this <u>Section&#160;9.17(c)</u> is intended to permit and provide for (i) assignments from a Committed Note Purchaser to a Conduit Investor in a different Investor Group and (ii) assignments from a Conduit Investor to a Committed Note Purchaser in a
      different Investor group, and, in each of (i) and (ii), <u>Exhibit C</u> shall be revised to reflect such assignments.</div>
    <div> <br>
    </div>
    <div style="text-indent: 117pt; text-align: justify;"> (d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Subject to <u>Sections 6.03</u> and <u>9.17(f)</u>, the Swingline Lender may at any time assign
      all its rights and obligations hereunder and under the Series 2019-1 Class A-1 Swingline Note, in whole but not in part, with the prior written consent of the Master Issuer and the Administrative Agent, which consent shall not be unreasonably
      withheld or delayed, to a financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Master Issuer, whereupon the assignor shall be released from its obligations
      hereunder; <u>provided</u> that no consent of the Master Issuer shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing; <u>provided</u>, <u>further</u>, that the prior written consent of each Funding
      Agent (other than any Funding Agent with respect to which all of the Committed Note Purchasers in such Funding Agent&#8217;s Investor Group are Defaulting Investors), which consent shall not be unreasonably withheld or delayed, shall be required if such
      financial institution is not a Committed Note Purchaser.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (e)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Subject to <u>Sections 6.03</u> and <u>9.17(f)</u>, the L/C Provider may at any time assign all
      or any portion of its rights and obligations hereunder and under the Series 2019-1 Class A-1 L/C Note with the prior written consent of the Master Issuer and the Administrative Agent, which consent shall not be unreasonably withheld or delayed, to a
      financial institution pursuant to an agreement with, and in form and substance reasonably satisfactory to, the Administrative Agent and the Master Issuer, whereupon the assignor shall be released from its obligations hereunder to the extent so
      assigned; <u>provided</u> that no consent of the Master Issuer shall be required if a Rapid Amortization Event or an Event of Default has occurred and is continuing.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">64</font></div>
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    </div>
    <div style="text-indent: 117pt; text-align: justify;"> (f)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Any assignment of the Series 2019-1 Class A-1 Notes shall be made in accordance with the
      applicable provisions of the Indenture.</div>
    <div><font style="font-family: 'Times New Roman',Times,serif;"><u> <br>
        </u></font></div>
    <div style="text-align: justify; text-indent: 108pt;"> <font style="font-family: 'Times New Roman',Times,serif;">Section 9.18&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Defaulting Investors</u></font>.&#160; (a)&#160; The Master Issuer may, at its sole expense and effort, upon notice to
      such Defaulting Investor and the Administrative Agent, (i) require any Defaulting Investor to sell all of its rights, obligations and commitments under this Agreement, the Series 2019-1 Class A-1 Notes and, in connection therewith, any other Related
      Documents to which it is a party, to an assignee; <font style="font-family: 'Times New Roman',Times,serif;"><u>provided</u></font> that (x) such assignment is made in compliance with <font style="font-family: 'Times New Roman',Times,serif;"><u>Section
          9.17</u></font> and (y) such Defaulting Investor shall have received from such assignee an amount equal to such Defaulting Investor&#8217;s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor
      and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder or (ii) remove any Defaulting Investor as an Investor by paying to such Defaulting Investor an amount equal to such Defaulting
      Investor&#8217;s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder.<br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>In the event that a Defaulting Investor desires to sell all or any portion of it rights,
      obligations and commitments under this Agreement, the Series 2019-1 Class A-1 Notes and, in connection therewith, any other Related Documents to which it is a party, to an unaffiliated third-party assignee for an amount less than 100% (or, if only a
      portion of such rights, obligations and commitments are proposed to be sold, such portion) of such Defaulting Investor&#8217;s Committed Note Purchaser Percentage of the related Investor Group Principal Amount of such Defaulting Investor and all accrued
      interest thereon, accrued fees and all other amounts payable to such Defaulting Investor hereunder, such Defaulting Investor shall promptly notify the Master Issuer of the proposed sale (the &#8220;<u>Sale Notice</u>&#8221;). Each Sale Notice shall certify that
      such Defaulting Investor has received a firm offer from the prospective unaffiliated third party and shall contain the material terms of the proposed sale, including, without limitation, the purchase price of the proposed sale and the portion of such
      Defaulting Investor&#8217;s rights, obligations and commitments proposed to be sold. The Master Issuer and any of its Affiliates shall have an option for a period of three (3) Business Days from the date the Sale Notice is given to elect to purchase such
      rights, obligations and commitments at the same price and subject to the same material terms as described in the Sale Notice. The Master Issuer or any of its Affiliates may exercise such purchase option by notifying such Defaulting Investor before
      expiration of such three (3) Business Day period that it wishes to purchase all (but not a portion) of the rights, obligations and commitments of such Defaulting Investor proposed to be sold to such unaffiliated third party. If the Master Issuer or
      any of its Affiliates gives notice to such Defaulting Investor that it desires to purchase such rights, obligations and commitments, the Master Issuer or such Affiliate shall promptly pay the purchase price to such Defaulting Investor. If the Master
      Issuer or any of its Affiliates does not respond to any Sale Notice within such three (3) Business Day period, the Master Issuer and its Affiliates shall be deemed not to have exercised such purchase option.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">65</font></div>
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    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 117pt;"> (c)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Notwithstanding anything to the contrary contained in this Agreement, if any Investor becomes a
      Defaulting Investor, then, until such time as such Investor is no longer a Defaulting Investor, to the extent permitted by applicable law:</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 144pt;"> (i)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Such Defaulting Investor&#8217;s right to approve or disapprove any amendment, waiver or consent with
      respect to this Agreement shall be restricted as set forth in <u>Section 9.01</u>.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 144pt;"> (ii)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Any payment of principal, interest, fees or other amounts payable to the account of such
      Defaulting Investor (whether voluntary or mandatory, at maturity or otherwise) shall be applied (and the Master Issuer shall instruct the Trustee to apply such amounts) as follows: <u>first</u>, to the payment of any amounts owing by such Defaulting
      Investor to the Administrative Agent hereunder; <u>second</u>, to the payment on a <u>pro</u>&#160;<u>rata</u> basis of any amounts owing by such Defaulting Investor to the L/C Provider or the Swingline Lender hereunder; <u>third</u>, to provide cash
      collateral to the L/C Provider in accordance with <u>Section&#160; 4.03(b)</u> in an amount equal to the amount of Undrawn L/C Face Amounts at such time multiplied by the Commitment Percentage of such Defaulting Investor&#8217;s Investor Group multiplied by
      the Committed Note Purchaser Percentage of such Defaulting Investor; <u>fourth</u>, as the Master Issuer may request (so long as no Default or Event of Default exists), to the funding of any Advance in respect of which such Defaulting Investor has
      failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; <u>fifth</u>, if so determined by the Administrative Agent and the Master Issuer, to be held in a deposit account and released <u>pro</u>&#160;<u>rata</u>
      in order to (x) satisfy such Defaulting Investor&#8217;s potential future funding obligations with respect to Advances under this Agreement and (y) to provide cash collateral to the L/C Provider in accordance with <u>Section 4.03(b)</u> in an amount equal
      to the amount of any future Undrawn L/C Face Amounts multiplied by the Commitment Percentage of such Defaulting Investor&#8217;s Investor Group multiplied by the Committed Note Purchaser Percentage of such Defaulting Investor; <u>sixth</u>, to the payment
      of any amounts owing to the Investors, the L/C Provider or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Investor, the L/C Provider or the Swingline Lender against such Defaulting Investor as a
      result of such Defaulting Investor&#8217;s breach of its obligations under this Agreement; <u>seventh</u>, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Master Issuer as a result of any judgment of a court of
      competent jurisdiction obtained by the Master Issuer against such Defaulting Investor as a result of such Defaulting Investor&#8217;s breach of its obligations under this Agreement; and <u>eighth</u>, to such Defaulting Investor or as otherwise directed
      by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Advances or any extensions of credit resulting from a drawing under any Letter of Credit that has not been reimbursed as an
      Advance pursuant to <u>Section 2.08(a)</u> in respect of which such Defaulting Investor has not fully funded its appropriate share, and (y) such Advances were made or the related Letters of Credit were issued at a time when the conditions set forth
      in <u>Section 7.03</u> were satisfied or waived, such payment shall be applied solely to pay the Advances of, and extensions of credit resulting from a drawing under any Letter of Credit that has not been reimbursed as an Advance pursuant to <u>Section
        2.08(a)</u> owed to, all non-Defaulting Investors on a pro rata basis prior to being applied to the payment of any Advances of, participations required to be purchased pursuant to <u>Section 2.09(a)</u> owed to, such Defaulting Investor until such
      time as all Advances and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Investors pro rata in accordance with the Commitments without giving effect to <u>Section 9.18(c)(iii)</u>. Any payments, prepayments
      or other amounts paid or payable to a Defaulting Investor that are applied (or held) to pay amounts owed by a Defaulting Investor or to post cash collateral pursuant to this <u>Section 9.18(c)(ii)</u> shall be deemed paid to and redirected by such
      Defaulting Investor, and each Investor irrevocably consents hereto.</div>
    <div> <br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-indent: 144pt; text-align: justify;"> (iii)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>All or any part of such Defaulting Investor&#8217;s participation in L/C Obligations and Swingline
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        7.03</u> are satisfied at the time of such reallocation (and, unless the Master Issuer shall have otherwise notified the Administrative Agent at such time, the Master Issuer shall be deemed to have represented and warranted that such conditions are
      satisfied at such time), and (y) such reallocation does not cause the product of any non-Defaulting Investor&#8217;s related Investor Group Principal Amount multiplied by such non-Defaulting Investor&#8217;s Committed Note Purchaser Percentage to exceed such
      non-Defaulting Investor&#8217;s Commitment Amount. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Investor arising from that Investor having become a Defaulting Investor, including
      any claim of a non-Defaulting Investor as a result of such non-Defaulting Investor&#8217;s increased exposure following such reallocation.</div>
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    <div style="text-align: justify; text-indent: 144pt;"> (iv)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>If the reallocation described in clause (iii) above cannot, or can only partially, be effected,
      the Master Issuer shall, without prejudice to any right or remedy available to them hereunder or under law, prepay Swingline Loans in an amount equal to the amount that cannot be so reallocated.</div>
    <div> <br>
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    <div style="text-align: justify; text-indent: 117pt;"> (d)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>If the Master Issuer, the Administrative Agent, the Swingline Lender and the L/C Provider agree
      in writing that an Investor is no longer a Defaulting Investor, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include
      arrangements with respect to any cash collateral), that Investor will, to the extent applicable, purchase that portion of outstanding Advances of the other Investors or take such other actions as the Administrative Agent may determine to be necessary
      to cause the Advances and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Investors in accordance with their respective Commitments (without giving effect to <u>Section 9.18(c)(iii))</u>,
      whereupon such Investor will cease to be a Defaulting Investor; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Master Issuer while that Investor was a Defaulting
      Investor; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Investor to Investor will constitute a waiver or release of any claim of any party
      hereunder arising from that Investor&#8217;s having been a Defaulting Investor.</div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 108pt;">Section 9.19&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Acknowledgement and Consent to Bail-In of EEA Financial Institutions</u>. Notwithstanding anything to the contrary in any
      Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such
      liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:</div>
    <div>&#160;</div>
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      such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and</div>
    <div> <br>
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    <div style="text-align: justify; text-indent: 117pt;">(b)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>the effects of any Bail-In Action or any such liability, including, if applicable: </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 144pt;">(i)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>a reduction in full or in part or cancellation of any such liability;</div>
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      ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights
      with respect to any such liability under this Agreement or any other Transaction Document; or</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 144pt;">(iii)&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>the variation of the terms of such liability in connection with the exercise of the write-down
      and conversion powers of any EEA Resolution Authority.</div>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-indent: 108pt;">For purposes of this <u>Section 9.19</u>: </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 117pt;">&#8220;<u>Bail-In Legislation</u>&#8221; means in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive
      2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time.</div>
    <div>&#160;</div>
    <div style="text-indent: 117pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>EEA Member Country</u>&#8221; means any member state of the European Union, Iceland, Liechtenstein and Norway.</font> </div>
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    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 117pt;">&#8220;<u>EU Bail-In Legislation Schedule</u>&#8221; means the document described as such and published by the Loan Market Association (or any successor person) from
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    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 117pt;">&#8220;<u>Resolution Authority</u>&#8221; means any body which has authority to exercise any Write-down and Conversion Powers.</div>
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    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; text-indent: 117pt;">&#8220;<u>Write-down and Conversion Powers</u>&#8221; means in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time,
      the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">68</font></div>
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    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">Section 9.20</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Patriot Act</u>.
        In accordance with the USA PATRIOT Act, to help fight the funding of terrorism and money laundering activities, any Lender Party may obtain, verify and record information that identifies individuals or entities that establish a relationship with
        such Lender Party. Such Lender Party may ask for the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account. Such Lender
        Party may also ask for formation documents such as articles of incorporation, an offering memorandum, or other identifying documents to be provided.</font></div>
    <div>&#160;</div>
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    <div>&#160;</div>
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    <div> <br>
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    <div> <br>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">69</font></div>
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    <div><br>
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    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers and delivered as of the day and
      year first above written.</div>
    <div>&#160;</div>
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              <div>&#160;</div>
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            <td style="width: 50%;">
              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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            <td style="width: 3%;">
              <div>&#160;</div>
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            <td style="width: 50%;">
              <div>&#160;</div>
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            <td style="width: 3%;">
              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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    <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement</font><br>
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                <div>&#160;</div>
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    <div>&#160;</div>
    <div> <br>
      <br>
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    <div style="text-align: center;"> <font style="font-style: italic;">Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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              <td style="width: 50%;">
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            </tr>
            <tr>
              <td style="width: 50%;">
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              <td style="width: 50%;">
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              <td style="width: 47%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
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              <td style="width: 3%; padding-bottom: 2px;">By:<br>
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              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt">
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            <tr>
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                <div>&#160;</div>
              </td>
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                <div>Name: Martin Snyder</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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              <td style="width: 3%;">
                <div>&#160;</div>
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                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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            </tr>
            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
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              <td style="width: 3%; padding-bottom: 2px;">By:<br>
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                <div style="margin-left: 9pt">
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
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                <div>&#160;</div>
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                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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                <div style="font-family: 'Times New Roman',Times,serif;">CO&#214;PERATIEVE RABOBANK, U.A.,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%; padding-bottom: 2px;">By:<br>
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              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt">
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              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>Name: Martin Snyder</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement</font></div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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              <td colspan="2" rowspan="1" style="width: 3%;">CO&#214;PERATIEVE RABOBANK, U.A.,<br>
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
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              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt">
                  <div style="margin-left: 9pt">
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              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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                <div>Name: Martin Snyder</div>
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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              <td style="width: 47%;">Title: Executive Director</td>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%; padding-bottom: 2px;">By:<br>
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              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt">
                  <div style="margin-left: 9pt">/s/ <font style="font-family: 'Times New Roman',Times,serif;">David Braakenburg</font></div>
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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              <td style="width: 3%;">
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td colspan="2" rowspan="1" style="width: 3%;">
                <div style="font-family: 'Times New Roman',Times,serif;">CO&#214;PERATIEVE RABOBANK, U.A.,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%; padding-bottom: 2px;">By:<br>
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              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt">
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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                <div>Name: Martin Snyder</div>
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
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            <tr>
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        </table>
      </div>
      <div><br>
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      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement</font></div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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      <div>
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        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
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              <td colspan="2" rowspan="1" style="width: 3%;">
                <div style="font-family: 'Times New Roman',Times,serif;">CO&#214;PERATIEVE RABOBANK, U.A.,</div>
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
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              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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              <td style="width: 3%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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              <td style="width: 3%;">
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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              <td style="width: 3%;">
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              <td style="width: 47%;">
                <div>&#160;</div>
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            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
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              <td style="width: 3%;">
                <div>&#160;</div>
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              <td style="width: 47%;">
                <div>&#160;</div>
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            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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        </table>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Series 2018-1 Class A-1 Note Purchase Agreement</font></div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE I TO CLASS A-1<br>
      <u>NOTE PURCHASE AGREEMENT</u></div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">INVESTOR GROUPS AND COMMITMENTS</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z80bfad5f3b5c4085b4d6594782154086">

        <tr>
          <td valign="bottom" style="vertical-align: top; width: 30%;">
            <div style="text-align: center; font-weight: bold;">Investor Group/</div>
            <div style="text-align: center; font-weight: bold;">Funding Agent</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Maximum</div>
            <div style="text-align: center; font-weight: bold;">Investor Group</div>
            <div style="text-align: center; font-weight: bold;">Principal Amount</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Conduit Lender</div>
            <div style="text-align: center; font-weight: bold;">(if any)</div>
            <div> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 30%;">
            <div style="text-align: center; font-weight: bold;">Committed Note</div>
            <div style="text-align: center; font-weight: bold;">Purchaser(s)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Commitment</div>
            <div style="text-align: center; font-weight: bold;">Amount</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 30%;">
            <div>Co&#246;peratieve Rabobank, U.A., New York Branch</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
            <div>150,000,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 30%;">
            <div>Co&#246;peratieve Rabobank, U.A., New York Branch</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1">
            <div>150,000,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 30%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 30%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 30%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 30%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 30%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 30%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 11%;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center;">Schedule I-1<br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE II TO CLASS A-1<br>
      <u>NOTE PURCHASE AGREEMENT</u></div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">NOTICE ADDRESSES FOR LENDER PARTIES, AGENTS, MASTER ISSUER AND MANAGER</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>CONDUIT INVESTORS</u></div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">N/A</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>COMMITTED PURCHASERS</u></div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Co&#246;peratieve Rabobank, U.A., New York Branch</div>
    <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue</div>
    <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167</div>
    <div><font style="font-family: 'Times New Roman',Times,serif;">Attention:&#160; General Counsel<br>
      </font><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">With a copy by e-mail to: <u>tmteam@rabobank.com</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">And a copy to:</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Susan Williams&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Assistant Vice President&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue, 38th Floor&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Fax:&#160; 914.304.9326&#160;&#160;&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><u>fm.us.bilateralloansfax@rabobank.com</u></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">Schedule II-1<br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>FUNDING AGENTS</u></div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Co&#246;peratieve Rabobank, U.A., New York Branch</div>
    <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue</div>
    <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167</div>
    <div><font style="font-family: 'Times New Roman',Times,serif;">Attention:&#160; General Counsel<br>
      </font><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">With a copy by e-mail to: <u>tmteam@rabobank.com</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">And a copy to:</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Susan Williams&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Assistant Vice President&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue, 38th Floor&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Fax:&#160; 914.304.9326&#160;&#160;&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><u>fm.us.bilateralloansfax@rabobank.com</u></div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>ADMINISTRATIVE AGENT </u></div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Co&#246;peratieve Rabobank, U.A., New York Branch</div>
    <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue</div>
    <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167</div>
    <div><font style="font-family: 'Times New Roman',Times,serif;">Attention:&#160; General Counsel<br>
      </font><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">With a copy by e-mail to: <u>tmteam@rabobank.com</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">And a copy to:</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Susan Williams&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Assistant Vice President&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue, 38th Floor&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Fax:&#160; 914.304.9326&#160;&#160;&#160;&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><u>fm.us.bilateralloansfax@rabobank.com</u></div>
    <div style="font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></div>
    <u> <br>
    </u>
    <div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"><u> <br>
        </u></div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>SWINGLINE LENDER</u></div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Co&#246;peratieve Rabobank, U.A., New York Branch</div>
      <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue</div>
      <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167</div>
      <div><font style="font-family: 'Times New Roman',Times,serif;">Attention:&#160; General Counsel<br>
        </font><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">With a copy by e-mail to: <u>tmteam@rabobank.com</u></div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">And a copy to:</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">Susan Williams&#160;&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Assistant Vice President&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue, 38th Floor&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Fax:&#160; 914.304.9326&#160;&#160;&#160;&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><u>fm.us.bilateralloansfax@rabobank.com</u></div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>L/C PROVIDER</u></div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Co&#246;peratieve Rabobank, U.A., New York Branch</div>
      <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue</div>
      <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167</div>
      <div><font style="font-family: 'Times New Roman',Times,serif;">Attention:&#160; General Counsel<br>
        </font><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">With a copy by e-mail to: <u>tmteam@rabobank.com</u></div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">And a copy to:</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">Sandra Rodriguez</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Vice President&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">245 Park Avenue, 38th Floor&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10167&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Phone:&#160; 212.574.7315<br>
        Fax:&#160; 201.499.5479&#160;&#160;&#160;&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><u>rabonysblc@rabobank.com</u></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>MASTER ISSUER</u></div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Jack in the Box Funding, LLC</div>
      <div style="font-family: 'Times New Roman',Times,serif;">9330 Balboa Avenue</div>
      <div style="font-family: 'Times New Roman',Times,serif;">San Diego, California 92123</div>
      <div><font style="font-family: 'Times New Roman',Times,serif;">Attention: Chief Legal Officer<br>
        </font><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">And a copy to (which shall not constitute notice):</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">White &amp; Case LLP&#160;&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">1221 Avenue of the Americas</div>
      <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10021</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Attention: David Thatch</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Fax: 212.354.8113</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>MANAGER</u></div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Jack in the Box Inc.</div>
      <div style="font-family: 'Times New Roman',Times,serif;">9330 Balboa Avenue</div>
      <div style="font-family: 'Times New Roman',Times,serif;">San Diego, California 92123</div>
      <div><font style="font-family: 'Times New Roman',Times,serif;">Attention: Chief Legal Officer<br>
        </font><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">And a copy to (which shall not constitute notice):</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">White &amp; Case LLP&#160;&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">1221 Avenue of the Americas</div>
      <div style="font-family: 'Times New Roman',Times,serif;">New York, NY 10021</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Attention: David Thatch</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Fax: 212.354.8113</div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: right; font-size: 12pt; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>SCHEDULE III TO CLASS A-1</u></font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
        </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>NOTE PURCHASE AGREEMENT</u></font></div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ADDITIONAL CLOSING CONDITIONS</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">The following are the additional conditions to initial issuance and effectiveness referred to in <u>Section 7.01(c)</u>:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">All corporate proceedings and other legal matters incident to the authorization, form and validity of each of the Related Documents, and all other legal matters relating to the Related Documents and the transactions
          contemplated thereby, shall be satisfactory in all material respects to the Lender Parties, and the Master Issuer and the Guarantors shall have furnished to the Lender Parties all documents and information that the Lender Parties or their counsel
          may reasonably request to enable them to pass upon such matters.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Lender Parties shall have received evidence satisfactory to the Lender Parties and their counsel, that, on or before the Closing Date, all existing Liens (other than Permitted Liens) on the Collateral shall have been
          released and UCC-1 financing statements and assignments and other instruments required to be filed on or prior to the Closing Date pursuant to the Related Documents have been or are being filed.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each Lender Party shall have received opinions of counsel, in each case dated as of the Closing Date and addressed to the Lender Parties, from White &amp; Case LLP, as counsel to the Master Issuer, the Guarantors, the Manager
          and the Parent Companies, and such local, franchise, special and foreign counsel as the Administrative Agent shall reasonably request, dated as of the Closing Date and addressed to the Lender Parties, with respect to such matters as the
          Administrative Agent shall reasonably request (including, without limitation, company matters, franchise matters, non-consolidation matters, security interest matters relating to the Collateral and no-conflicts matters, &#8220;true contribution&#8221;
          matters and, from appropriate special counsel, franchise law matters).</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Lender Parties shall have received an opinion of Dentons US LLP, counsel to the Trustee, dated the Closing Date and addressed to the Lender Parties, in form and substance satisfactory to the Lender Parties and their
          counsel.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Lender Parties shall have received an opinion of in-house counsel to the Back-Up Manager,<font style="font-weight: bold;">&#160;</font>dated the Closing Date and addressed to the Lender Parties, in form and substance
          satisfactory to the Lender Parties and their counsel.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Lender Parties shall have received an opinion of Andrascik &amp; Tita LLC,&#160; counsel to the Servicer, dated the Closing Date and addressed to the Lender Parties, in form and substance reasonably satisfactory to the Lender
          Parties and their counsel.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(f)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">There shall exist at and as of the Closing Date no condition that would constitute an &#8220;Event of Default&#8221; (or an event that with notice or the lapse of time, or both, would constitute an &#8220;Event of Default&#8221;) under, and as
          defined in, the Indenture or a material breach under any of the Related Documents as in effect at the Closing Date (or an event that, with notice or lapse of time, or both, would constitute such a material breach). On the Closing Date, each of
          the Related Documents shall be in full force and effect.</font></div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div style="text-align: center;">Schedule III-1<br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(g)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Manager, the Master Issuer and each Guarantor, shall have furnished to the Administrative Agent a certificate, dated as of the Closing Date, of the Chief Financial Officer of such entity (or other officers reasonably
          satisfactory to the Administrative Agent) that such entity will be Solvent immediately after the consummation of the transactions contemplated by this Agreement; <u>provided</u>, that, in the case of each Securitization Entity, the liabilities
          of the other Securitization Entities with respect to debts, liabilities and obligations for which such Securitization Entity is jointly and severally liable shall be taken into account.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(h)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">None of the transactions contemplated by this Agreement shall be subject to an injunction (temporary or permanent) and no restraining order or other injunctive order shall have been issued; and there shall not have been any
          legal action, order, decree or other administrative proceeding instituted or threatened against the Master Issuer, the Parent Companies, the Guarantors or the Lender Parties that would reasonably be expected to adversely impact the issuance of
          the Series 2019-1 Notes and the Guarantee thereof under the Guarantee and Collateral Agreement or the Lender Parties&#8217; activities in connection therewith or any other transactions contemplated by the Related Documents.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(i)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The representations and warranties of each of the Master Issuer, the Parent Companies, the Manager and the Guarantors (to the extent a party thereto) contained in the Related Documents to which each of the Master Issuer, the
          Parent Companies, the Manager and the Guarantors is a party will be true and correct (i) if qualified as to materiality or Material Adverse Effect, in all respects, and (ii) if not so qualified, in all material respects, as of the Closing Date
          (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct (x) if qualified as to materiality, in all respects, and (y) if not so qualified, in all material respects, as of such
          earlier date).</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(j)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Master Issuer shall have delivered $1,300,000 of the Series 2019-1 Class A-2 Notes to the Initial Purchasers on the Closing Date.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(k)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Lender Parties shall have received a certificate from each of the Master Issuer, the Manager and each&#160; Guarantor, in each case executed on behalf of such Person by any Authorized Officer of the such Person, dated the
          Closing Date, to the effect that, to the best of each such Authorized Officer&#8217;s knowledge, (i) the representations and warranties of such Person in this Agreement and in each other Related Document to which such Person is a party are true and
          correct (A) if qualified as to materiality or Material Adverse Effect, in all respects and (B) if not so qualified, in all material respects, in each case, on and as of the Closing Date (unless stated to relate solely to an earlier date, in which
          case such representations and warranties shall be true and correct (x) if qualified as to materiality or Material Adverse Effect, in all respects, and (y) if not so qualified, in all material respects, in each case, as of such earlier date); (ii)
          such Person has complied with all agreements in all material respects and satisfied all conditions on its part to be performed or satisfied hereunder or under the Related Documents at or prior to the Closing Date; (iii) subsequent to the date as
          of which information is given in the Pricing Disclosure Package (as defined in the Series 2019-1 Class A-2 Note Purchase Agreement), there has not been any development in the general affairs, business, properties, capitalization, condition
          (financial or otherwise) or results of operation of such Person except as set forth or contemplated in the Pricing Disclosure Package or as described in such certificate or certificates that could reasonably be expected to result in a Material
          Adverse Effect; and (iv) nothing has come to such officer&#8217;s attention that would lead such Authorized Officer to believe that the Pricing Disclosure Package, as of the Applicable Time (as defined in the Series 2019-1 Class A-2 Note Purchase
          Agreement), and as of the Closing Date, or the Offering Memorandum as of its date and as of the Closing Date included or includes any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to make
          the statements therein, in light of the circumstances under which they were made, not misleading.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(l)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">On or prior to the Closing Date, the Master Issuer shall have paid to the Administrative Agent (i) the Upfront Commitment Fee (under and as defined in the Series 2019-1 Class A-1 VFN Fee Letter) and (ii) the initial
          installment of Administrative Agent Fees Fee (under and as defined in the Series 2019-1 Class A-1 VFN Fee Letter).</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">(m)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">On or prior to the Closing Date, the Parent Companies, the Manager, the Guarantors and the Master Issuer shall have furnished to the Lender Parties such further certificates and documents as the Lender Parties may reasonably
          request.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
        hereof only if they are in form and substance reasonably satisfactory to counsel for the Administrative Agent.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">For purposes of this <u>Schedule III</u>, &#8220;<u>Parent Companies</u>&#8221; shall have the meaning ascribed to such term in the Series 2019-1 Class A-2 Note
        Purchase Agreement.</div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE IV TO CLASS A-1<br>
        <u>NOTE PURCHASE AGREEMENT</u></div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Letters of Credit</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" id="z96dc6c49d3c5400daa1076fb79074aa1">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Applicant</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Beneficiary</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Facility<br>
                Maturity</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">LC<br>
                Effective<br>
                Date</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">LC<br>
                Expiry<br>
                Date</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; font-weight: bold;">Face Amount</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"> Jack in the Box Funding LLC</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Wells Fargo Bank, N.A. <br>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">8/25/25 <br>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">7/8/19<br>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">6/18/20<br>
              </div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>30,453,415.80</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div>Jack in the Box Funding LLC<br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td style="vertical-align: middle; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>ACE American Insurance Company<br>
                ACE Fire Underwriters Insurance Company<br>
                ACE Indemnity Insurance Company<br>
                ACE Insurance Company of the Midwest<br>
                ACE Property and Casualty Insurance Company<br>
                Agri General Insurance Company<br>
                Atlantic Employers Insurance Company<br>
                Bankers Standard Insurance Company<br>
                Illinois Union Insurance Company<br>
                Indemnity Insurance Company of North America<br>
                Insurance Company of North America<br>
                Pacific Employers Insurance Company<br>
                Chubb Insurance Company of Canada<br>
                Westchester Fire Insurance Company<br>
                Westchester Surplus Lines Insurance Company<br>
                ACE INA Overseas Insurance Company LTD</div>
            </td>
            <td style="vertical-align: top; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>8/25/25<br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td style="vertical-align: top; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>7/8/19<br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td style="vertical-align: top; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>7/8/20<br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>$</div>
            </td>
            <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>28,291,290.00</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Jack in the Box Funding LLC<br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">CITIBANK, N.A., IN ITS CAPACITY AS TRUSTEE<br>
                FOR THE BENEFIT OF THE SENIOR NOTEHOLDERS<br>
                UNDER THE INDENTURE<br>
                AND ITS SUCCESSORS AND ASSIGNS</div>
              <div style="text-align: center;">AND</div>
              <div style="text-align: center;">MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, N.A.,<br>
                IN ITS CAPACITY AS CONTROL PARTY<br>
                ON BEHALF OF CITIBANK, N.A., AS TRUSTEE<br>
                FOR THE BENEFIT OF THE<br>
                SENIOR NOTEHOLDERS UNDER<br>
                THE INDENTURE,<br>
                AND ITS SUCCESSORS AND ASSIGNS</div>
            </td>
            <td style="vertical-align: top; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>8/25/25<br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">7/8/19<br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">7/8/20<br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>$</div>
            </td>
            <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>15,777,930.31</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Jack in the Box Funding LLC<br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td style="vertical-align: middle; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>American Casualty Company of Reading, Pennsylvania</div>
              <div>and/or Transportation Insurance Company</div>
              <div>and/or Continental Casualty Company</div>
            </td>
            <td style="vertical-align: top; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>8/25/25<br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">7/8/19<br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">7/8/20<br>
                <br>
                <br>
                <br>
                <br>
                &#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>$</div>
            </td>
            <td style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>1,555,000.00</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 17.6%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">&#160;&#160;&#160;&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-weight: bold;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-weight: bold;">76,077,636.11</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><font style="font-weight: normal;">Schedule IV-1</font><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%A-%%-->
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">EXHIBIT A-1 TO CLASS A-1<br>
        <u>NOTE PURCHASE AGREEMENT</u></div>
      <div>&#160;</div>
      <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">ADVANCE REQUEST<br>
          <br>
          <br>
          JACK IN THE BOX FUNDING, LLC<br>
        </font><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>SERIES 2019-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1</u></div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO:<br>
        <br>
        <br>
        Co&#246;peratieve Rabobank, U.A., New York Branch, as Administrative Agent</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
        <br>
        Ladies and Gentlemen:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">This Advance Request is delivered to you pursuant to <u>Section 2.03</u> of that certain Series 2019-1 Class A-1 Note Purchase Agreement, dated as of
        July 8, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time, the &#8220;<u>Series 2019-1 Class A-1 Note Purchase Agreement</u>&#8221;), by and among Jack in the Box Funding, LLC, as Master Issuer, Jack in the Box SPV
        Guarantor, LLC, Different Rules, LLC and Jack in the Box Properties, LLC, each as a Guarantor, Jack in the Box Inc., as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline
        Lender named therein, and Co&#246;peratieve Rabobank, U.A., New York Branch, as Administrative Agent (in such capacity, the &#8220;<u>Administrative Agent</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Unless otherwise defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the
        Recitals and <u>Section 1.01</u> of the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The undersigned hereby requests that Advances be made in the aggregate principal amount of $<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;</font>on<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;</font>, 20___.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">[<u>IF THE MASTER ISSUER IS ELECTING EURODOLLAR RATE FOR THESE ADVANCES ON THE DATE MADE IN ACCORDANCE WITH SECTION 3.01(b) OF THE
          CLASS A-1 NOTE PURCHASE AGREEMENT, ADD THE FOLLOWING SENTENCE: The undersigned hereby elects that the Advances that are not funded at the CP Rate by an Eligible Conduit Investor shall be Eurodollar Advances and the related Eurodollar Interest
          Accrual Period shall commence on the date of such Eurodollar Advances and end on but excluding the date [one month subsequent to such date] [two months subsequent to such date] [three months subsequent to such date] [six months subsequent to such
          date].]</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The undersigned hereby acknowledges that the delivery of this Advance Request and the acceptance by the undersigned of the proceeds of the Advances
        requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application of the proceeds therefrom, all conditions set forth in <u>Section
          7.03</u> of the Series 2019-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in <u>Section 6.01</u> of the Series 2019-1 Class A-1 Note Purchase Agreement are true and correct.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The undersigned agrees that if prior to the time of the Advances requested hereby any matter certified to herein by it will not be true and correct at
        such time as if then made, it will immediately so notify both you and each Investor. Except to the extent, if any, that prior to the time of the Advances requested hereby you and each Investor shall receive written notice to the contrary from the
        undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such Advances as if then made.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">Please wire transfer the proceeds of the Advances, </font><font style="font-family: 'Times New Roman',Times,serif;"><u>first,</u></font><font style="font-family: 'Times New Roman',Times,serif;"> $[</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>]</u> to the Swingline Lender and $[<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;</font><u>]</u> to the L/C Provider for application to repayment of outstanding Swingline Loans and Unreimbursed L/C Drawings, as applicable, and, <u>second</u>, pursuant to the following
          instructions:</font></div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">[insert payment instructions]</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">The undersigned has caused this Advance Request to be executed and delivered, and the certification and warranties contained herein to be
          made, by its duly Authorized Officer this ____ day of ______________, 20___.<br>
        </font></div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"> <font style="font-family: 'Times New Roman',Times,serif;"><br>
        </font>
        <table cellspacing="0" cellpadding="0" border="0" id="z64ad4f45cb434a91bd8833bfa2148e49" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td colspan="2" rowspan="1" style="width: 3%;">
                <div>JACK IN THE BOX INC.,<font style="font-family: 'Times New Roman',Times,serif;"></font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td colspan="2" rowspan="1" style="width: 3%;">
                <div style="margin-left: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">as Manager on behalf of the Master Issuer</font> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%; padding-bottom: 2px;">By:<br>
              </td>
              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>Name: <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">Title:<br>
              </td>
            </tr>

        </table>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
        <div><br>
        </div>
        <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%A-1-%%-->
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">EXHIBIT A-2 TO CLASS A-1<br>
        <u>NOTE PURCHASE AGREEMENT</u></div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SWINGLINE LOAN REQUEST</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">JACK IN THE BOX FUNDING, LLC</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>SERIES 2019-1 VARIABLE FUNDING SENIOR NOTES, CLASS A-1</u></div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">TO:</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Co&#246;peratieve Rabobank, U.A., New York Branch, as Swingline Lender</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">Ladies and Gentlemen:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">This Swingline Loan Request is delivered to you pursuant to <u>Section 2.06 </u>of that certain Series 2019-1 Class A-1 Note Purchase Agreement, dated
        as of July 8, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time, the <u>&#8220;Series 2019-1 Class A-1 Note Purchase Agreement&#8221;)</u>, by and among Jack in the Box Funding, LLC, as Master Issuer, Jack in the Box
        SPV Guarantor, LLC, Different Rules, LLC and Jack in the Box Properties, LLC, each as a Guarantor, Jack in the Box Inc., as Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider named therein,
        Co&#246;peratieve Rabobank, U.A., New York Branch, as Swingline Lender (in such capacity, the <u>&#8220;Swingline Lender&#8221;)</u> and Co&#246;peratieve Rabobank, U.A., New York Branch, as Administrative Agent (in such capacity, the &#8220;<u>Administrative Agent</u>&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Unless otherwise defined herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under or as provided in the
        Recitals and <u>Section 1.01</u> of the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The undersigned hereby requests that Swingline Loans be made in the aggregate principal amount of $<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;</font>on<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;</font>, 20___.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The undersigned hereby acknowledges that the delivery of this Swingline Loan Request and the acceptance by the undersigned of the proceeds of the
        Swingline Loans requested hereby constitute a representation and warranty by the undersigned that, on the date of such Advances, and before and after giving effect thereto and to the application of the proceeds therefrom, all conditions set forth
        in <u>Section 7.03</u> of the Series 2019-1 Class A-1 Note Purchase Agreement have been satisfied and all statements set forth in <u>Section 6.01</u> of the Series 2019-1 Class A-1 Note Purchase Agreement are true and correct.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The undersigned agrees that if prior to the time of the Swingline Loans requested hereby any matter certified to herein by it will not be true and
        correct at such time as if then made, it will immediately so notify you. Except to the extent, if any, that prior to the time of the Swingline Loans requested hereby you shall receive written notice to the contrary from the undersigned, each matter
        certified to herein shall be deemed once again to be certified as true and correct at the date of such Swingline Loans as if then made.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-1-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Please wire transfer the proceeds of the Swingline Loans pursuant to the following instructions:</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">[insert payment instructions]</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">A-1-2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The undersigned has caused this Swingline Loan Request to be executed and delivered, and the certification and warranties contained herein to be made, by
        its duly Authorized Officer this ____ day of<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;</font>______________, 20___.</div>
      <div>&#160;</div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;"><br>
          </font>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td colspan="2" rowspan="1" style="width: 3%;">
                  <div>JACK IN THE BOX INC.,</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td colspan="2" rowspan="1" style="width: 3%;">
                  <div style="margin-left: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">as Manager on behalf of the Master Issuer</font> <br>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 47%;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; padding-bottom: 2px;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%; padding-bottom: 2px;">By:<br>
                </td>
                <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 47%;">
                  <div>Name: <br>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 47%;">Title:<br>
                </td>
              </tr>

          </table>
        </div>
        <div style="font-family: 'Times New Roman',Times,serif;"><br>
          <div><br>
          </div>
          <div><br>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-weight: normal; font-style: normal;">A-1-3</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <!--PROfilePageNumberReset%Num%1%B-%%--></div>
      </div>
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">EXHIBIT B TO CLASS A-1<br>
        <u>NOTE PURCHASE AGREEMENT</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ASSIGNMENT AND ASSUMPTION AGREEMENT</font><font style="font-size: 10pt;">, dated as of
          [&#160; ], by and among [____________] (the <font style="font-family: 'Times New Roman',Times,serif;"><u>&#8220;Transferor</u></font>&#8221;), each purchaser listed as an Acquiring Committed Note Purchaser on the signature pages hereof (each, an &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Acquiring Committed Note Purchaser</u></font>&#8221;), the Funding Agent with respect to such Acquiring Committed Note Purchaser listed on the signature pages hereof (each, a &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Funding Agent</u></font>&#8221;), and the Master Issuer, Swingline Lender and L/C Provider listed on the signature pages hereof.</font></div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><u>W I T N E S S E T H:</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, this Assignment and Assumption Agreement is being executed and delivered in accordance with <u>Section 9.17(a)</u> of the Series 2019-1 Class
        A-1 Note Purchase Agreement, dated as of July 8, 2019 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the &#8220;<u>Series 2019-1 Class A-1 Note&#160; Purchase Agreement</u>&#8221;; terms used but not
        otherwise defined herein having the meanings ascribed to such terms therein), by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and
        Swingline Lender named therein, Jack in the Box Inc., as Manager, and Co&#246;peratieve Rabobank, U.A., New York Branch, as Administrative Agent (in such capacity, the &#8220;<u>Administrative Agent</u>&#8221;);</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, each Acquiring Committed Note Purchaser (if it is not already an existing Committed Note Purchaser) wishes to become a Committed Note Purchaser
        party to the Series 2019-1 Class A-1 Note Purchase Agreement; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, the Transferor is selling and assigning to each Acquiring Committed Note Purchaser, [all] [a portion of] its rights, obligations and commitments
        under the Series 2019-1 Class A-1 Note Purchase Agreement, the Series 2019-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect to the percentage of its Commitment Amount specified on <u>Schedule I</u>
        attached hereto;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">NOW, THEREFORE, the parties hereto hereby agree as follows:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Upon the execution and delivery of this Assignment and Assumption Agreement by each Acquiring Committed Note Purchaser, each related Funding Agent, the
        Transferor, the Swingline Lender, the L/C Provider and, to the extent required by <u>Section 9.17(a)</u> of the Series 2019-1 Class A-1 Note Purchase Agreement, the Master Issuer (the date of such execution and delivery, the <u>&#8220;Transfer Issuance
          Date</u>&#8221;), each Acquiring Committed Note Purchaser shall be a Committed Note Purchaser party to the Series 2019-1 Class A-1 Note Purchase Agreement for all purposes thereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The Transferor acknowledges receipt from each Acquiring Committed Note Purchaser of an amount equal to the purchase price, as agreed between the
        Transferor and such Acquiring Committed Note Purchaser (the <u>&#8220;Purchase Price</u>&#8221;), of the portion being purchased by such Acquiring Committed Note Purchaser (such Acquiring Committed Note Purchaser&#8217;s <u>&#8220;Purchased Percentage</u>&#8221;) of (i) the
        Transferor&#8217;s Commitment under the Series 2019-1 Class A-1 Note Purchase Agreement and (ii) the Transferor&#8217;s Committed Note Purchaser Percentage of the related Investor Group Principal Amount. The Transferor hereby irrevocably sells, assigns and
        transfers to each Acquiring Committed Note Purchaser, without recourse, representation or warranty, and each Acquiring Committed Note Purchaser hereby irrevocably purchases, takes and assumes from the Transferor, such Acquiring Committed Note
        Purchaser&#8217;s Purchased Percentage of (x) the Transferor&#8217;s Commitment under the Series 2019-1 Class A-1 Note Purchase Agreement and (y) the Transferor&#8217;s Committed Note Purchaser Percentage of the related Investor Group Principal Amount.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The Transferor has made arrangements with each Acquiring Committed Note Purchaser with respect to (i) the portion, if any, to be paid, and the date or
        dates for payment, by the Transferor to such Acquiring Committed Note Purchaser of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively, the &#8220;<u>Fees</u>&#8221;) [heretofore received] by the Transferor
        pursuant to <u>Section 3.02</u> of the Series 2019-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring Committed Note Purchaser to
        the Transferor of Fees or [__________] received by such Acquiring Committed Note Purchaser pursuant to the Series 2019-1 Supplement from and after the Transfer Issuance Date].</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">From and after the Transfer Issuance Date, amounts that would otherwise be payable to or for the account of the Transferor pursuant to the Series 2019-1
        Supplement or the Series 2019-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor and the Acquiring Committed Note Purchasers, as the case may be, in accordance with their respective interests as
        reflected in this Assignment and Assumption Agreement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Each of the parties to this Assignment and Assumption Agreement agrees that, at any time and from time to time upon the written request of any other
        party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Assignment and Assumption Agreement.</div>
      <div>&#160;<br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">By executing and delivering this Assignment and Assumption Agreement, the Transferor and each Acquiring Committed Note Purchaser confirm to and agree
        with each other and the other parties to the Series 2019-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear
        of any adverse claim, the Transferor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Series 2019-1 Supplement, the Series 2019-1 Class
        A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2019-1 Class A-1 Notes, the Related Documents or any instrument or document furnished pursuant thereto;
        (ii) the Transferor makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Master Issuer or the performance or observance by the Master Issuer of any of the Master Issuer&#8217;s obligations under
        the Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement, the Related Documents or any other instrument or document furnished pursuant hereto; (iii) each Acquiring Committed Note Purchaser confirms that it has received a copy of the
        Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and
        Assumption Agreement; (iv) each Acquiring Committed Note Purchaser will, independently and without reliance upon the Administrative Agent, the Transferor, the Funding Agent or any other Investor Group and based on such documents and information as
        it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2019-1 Class A-1 Note Purchase Agreement; (v) each Acquiring Committed Note Purchaser appoints and authorizes the
        Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as
        are reasonably incidental thereto, all in accordance with <u>Article V</u> of the Series 2019-1 Class A-1 Note Purchase Agreement; (vi) each Acquiring Committed Note Purchaser appoints and authorizes its related Funding Agent to take such action
        as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are reasonably incidental thereto, all in
        accordance with <u>Article V</u> of the Series 2019-1 Class A-1 Note Purchase Agreement; (vii) each Acquiring Committed Note Purchaser agrees that it will perform in accordance with their terms all of the obligations that by the terms of the
        Series 2019-1 Class A-1 Note Purchase Agreement are required to be performed by it as an Acquiring Committed Note Purchaser; and (viii) each Acquiring Committed Note Purchaser hereby represents and warrants to the Master Issuer and the Manager
        that: (A) it has had an opportunity to discuss the Master Issuer&#8217;s and the Manager&#8217;s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Master Issuer and the Manager and their respective
        representatives; (B) it is a &#8220;qualified institutional buyer&#8221; within the meaning of Rule 144A under the 1933 Act and otherwise meets the criteria in <u>Section 6.03(b)</u> of the Series 2019-1 Class A-1 Note Purchase Agreement and has sufficient
        knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2019-1 Class A-1 Notes; (C) it is purchasing
        the Series 2019-1 Class A-1 Notes for its own account, or for the account of one or more &#8220;qualified institutional buyers&#8221; within the meaning of Rule 144A under the 1933 Act that meet the criteria described in <u>clause (viii)(B)</u> above and for
        which it is acting with complete investment discretion, for investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its
        control, and neither it nor its Affiliates has engaged in any general solicitation or general advertising within the meaning of the 1933 Act with respect to the Series 2019-1 Class A-1 Notes; (D) it understands that (I) the Series 2019-1 Class A-1
        Notes have not been and will not be registered or qualified under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering
        within the meaning of the 1933 Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in
        advance to the Master Issuer, (II) the Master Issuer is not required to register the Series 2019-1 Class A-1 Notes, (III) any permitted transferee hereunder must be a &#8220;qualified institutional buyer&#8221; within the meaning of Rule 144A under the 1933
        Act and must otherwise meet the criteria described under <u>clause (viii)(B)</u> above and (IV) any transfer must comply with the provisions of Section 2.08 of the Base Indenture, Section 4.03 of the Series 2019-1 Supplement and Sections 9.03 or
        9.17, as applicable, of the Series 2019-1 Class A-1 Note Purchase Agreement; (E) it will comply with the requirements of <u>clause (viii)(D)</u> above in connection with any transfer by it of the Series 2019-1 Class A-1 Notes; (F) it understands
        that the Series 2019-1 Class A-1 Notes will bear the legend set out in the form of Series 2019-1 Class A-1 Notes attached to the Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend; (G) it will obtain
        for the benefit of the Master Issuer from any purchaser of the Series 2019-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing paragraphs; and (H) it has executed a Purchaser&#8217;s Letter substantially in
        the form of <u>Exhibit D</u> to the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>Schedule I</u></font><font style="font-size: 10pt;"> hereto sets forth (i) the Purchased Percentage
          for each Acquiring Committed Note Purchaser, (ii) the revised Commitment Amounts of the Transferor and each Acquiring Committed Note Purchaser, and (iii) the revised Maximum Investor Group Principal Amounts for the Investor Groups of the
          Transferor and each Acquiring Committed Note Purchaser (it being understood that if the Transferor was part of a Conduit Investor&#8217;s Investor Group and the Acquiring Committed Note Purchaser is intended to be part of the same Investor Group, there
          will not be any change to the Maximum Investor Group Principal Amount for that Investor Group) and (iv) administrative information with respect to each Acquiring Committed Note Purchaser and its related Funding Agent.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">This Assignment and Assumption Agreement and all matters arising under or in any manner relating to this Assignment and Assumption Agreement shall be
        governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice of law or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application
        of the laws of any jurisdiction other than the State of New York), and the obligations, rights and remedies of the parties hereto shall be determined in accordance with such law.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
        BASED HEREON OR ON THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT AND ASSUMPTION AGREEMENT OR THE SERIES 2019-1 CLASS A-1 NOTE PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT,
        COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION HEREWITH OR THEREWITH. ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS
        PROVISION IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS ASSIGNMENT AND ASSUMPTION AGREEMENT.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">B-4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160; </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respective duly authorized officers
        as of the date first set forth above.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="zddd9703ef85e4cf1b09e07c531d8afc4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td colspan="2" rowspan="1" style="width: 3%;"><font style="font-family: 'Times New Roman',Times,serif;">[</font><font style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">], as Transferor</font></td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
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              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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                <div>&#160;</div>
              </td>
            </tr>
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              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%; padding-bottom: 2px;">By:<br>
              </td>
              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">Name:<br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">Title:<br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%; padding-bottom: 2px;">
                <div>By: <br>
                </div>
              </td>
              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>Name: <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">Title:<br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td colspan="2" rowspan="1" style="width: 3%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">[</font><font style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">], as Acquiring Committed
                    Note Purchaser</font> <br>
                </div>
              </td>
            </tr>
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              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
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                <div>&#160;</div>
              </td>
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              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%; padding-bottom: 2px;">By:<br>
              </td>
              <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>Name: <br>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">Title:<br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%;">&#160;</td>
              <td rowspan="1" style="width: 3%;">&#160;</td>
              <td rowspan="1" style="width: 47%;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%;">&#160;</td>
              <td colspan="2" rowspan="1" style="width: 3%;">
                <div><font style="font-family: 'Times New Roman',Times,serif;">[</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;">], as Funding Agent</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%;">&#160;</td>
              <td rowspan="1" style="width: 3%;">&#160;</td>
              <td rowspan="1" style="width: 47%;"><br>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%;">&#160;</td>
              <td rowspan="1" style="width: 3%;">&#160;</td>
              <td rowspan="1" style="width: 47%;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; padding-bottom: 2px;">&#160;</td>
              <td rowspan="1" style="width: 3%; padding-bottom: 2px;">By:<br>
              </td>
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              <td rowspan="1" style="width: 50%;">&#160;</td>
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              <div>&#160;</div>
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            <td style="width: 3%;">
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            <td style="width: 50%;">
              <div>&#160;</div>
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            <td style="width: 3%;">
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            <td style="width: 50%;">
              <div>&#160;</div>
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              <div>&#160;</div>
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            <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
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            <td style="width: 3%;">
              <div>&#160;</div>
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          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
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              <div>&#160;</div>
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        <div>
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                <td style="width: 50%;">
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                <td style="width: 50%;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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                <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>&#160;</div>
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              </tr>
              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td style="width: 3%;">
                  <div>&#160;</div>
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                <td style="width: 47%;">Name:<br>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
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                <td style="width: 47%;">Title:<br>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td style="width: 3%;">
                  <div>&#160;</div>
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                <td style="width: 47%;">
                  <div>&#160;</div>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 47%;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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                  <div>&#160;</div>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
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                <td style="width: 47%;">
                  <div>Name: <br>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 47%;">Title:<br>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
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                <td style="width: 47%;">
                  <div>&#160;</div>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
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                <td style="width: 47%;">
                  <div>&#160;</div>
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              </tr>
              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                  <div><font style="font-family: 'Times New Roman',Times,serif;">CO&#214;PERATIEVE RABOBANK, U.A.,</font><font style="font-family: 'Times New Roman',Times,serif;"></font> <br>
                  </div>
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              </tr>
              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 47%;">&#160;</td>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 47%;">
                  <div>&#160;</div>
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              </tr>
              <tr>
                <td style="width: 50%; padding-bottom: 2px;">
                  <div>&#160;</div>
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                <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 47%;">
                  <div>Name: <br>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 47%;">Title:<br>
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              <tr>
                <td rowspan="1" style="width: 50%;">&#160;</td>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 47%;">&#160;</td>
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              <tr>
                <td rowspan="1" style="width: 50%;">&#160;</td>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 47%;">&#160;</td>
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              <tr>
                <td rowspan="1" style="width: 50%; padding-bottom: 2px;">&#160;</td>
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                <td rowspan="1" style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%;">&#160;</td>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 47%;">Name:<br>
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              <tr>
                <td rowspan="1" style="width: 50%;">&#160;</td>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 47%;">Title:<br>
                </td>
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          </div>
          <div><br>
          </div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <u>ASSIGNMENT AND ASSUMPTION AGREEMENT</u></div>
      <div>&#160;</div>
      <div>&#160;</div>
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        <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">LIST OF ADDRESSES FOR NOTICES<br>
          AND OF COMMITMENT AMOUNTS</div>

        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">[</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
                  <div>], as</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              </tr>

          </table>
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        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Transferor </div>

        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
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                <div>Prior Commitment Amount: <br>
                   </div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                <div>[</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                <div>]</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                <div>Revised Commitment Amount:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                <div>[</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                <div>]</div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                <div>Prior Maximum Investor Group</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
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                <div>Principal Amount:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                <div>[</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                <div>]</div>
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              <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
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              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
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                <div>Group Principal Amount:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                <div>[</div>
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              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                <div>]</div>
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            <tr>
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                <div>Related Conduit Investor</div>
                <div>(if applicable)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                <div>[</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                <div>]</div>
              </td>
            </tr>

        </table>

        <div><br>
           </div>

        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">[</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
                <div>], as</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            </tr>

        </table>

        <div style="margin-bottom: 12pt;"><br>
           </div>

        <div style="margin-bottom: 12pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Acquiring Committed Note Purchaser Address:</font><font style="font-size: 10pt;"><br>
          </font> <font style="font-size: 10pt;"><br>
          </font> <font style="font-size: 10pt;"><br>
          </font>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 88%; font-family: 'Times New Roman',Times,serif;">
                  <div>Attention:</div>
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                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
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                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                    </font> </div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                    </font> </div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                  <div>Telephone:</div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                    </font> </div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                    </font> </div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                    </font> </div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                  <div>Facsimile:</div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 9%;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;">
                  <div>Purchased Percentage of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                     </div>
                  <div>Transferor&#8217;s Commitment: </div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1"><br>
                   </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;"><font style="font-size: 10pt;">[</font><font style="font-size: 10pt;"> <br>
                    </font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                  <div>]%</div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                  <div>Prior Commitment Amount:</div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">$</td>
                <td valign="bottom" style="vertical-align: bottom; width: 9%;" colspan="1"><font style="font-family: 'Times New Roman',Times,serif;">[&#160;</font></td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">]</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;">
                  <div>Revised Commitment Amount:<font style="text-indent: 0px;">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                     </div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                  <div>$</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                  <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">[&#160;</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">]</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;">Prior Maximum Investor Group</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1"><br>
                   </td>
                <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1"><br>
                   </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                  <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                    </font> </div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;" rowspan="1">Principal Amount:<font style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160; <br>
                  </font></td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">$</td>
                <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1" rowspan="1">[&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">]</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;" rowspan="1">Revised Maximum Investor</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;" rowspan="1">Group Principal Amount:<font style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160; <br>
                  </font></td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">$</td>
                <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1" rowspan="1">[&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">]</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;" rowspan="1">Related Conduit Investor</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;" rowspan="1">(if applicable)<font style="text-indent: 0px;">&#160;&#160; <br>
                  </font></td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1" rowspan="1">[</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">]</td>
              </tr>

          </table>
          <font style="font-size: 10pt;"> </font><font style="font-size: 10pt;"><br>
          </font> </div>

        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                  <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">[</div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
                  <div>], as</div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              </tr>

          </table>
        </div>

        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">related Funding Agent</div>

        <div style="margin-bottom: 12pt;"><br>
           </div>

        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Address:</div>

        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Attention:</div>

        <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Telephone:</div>

        <div style="font-family: 'Times New Roman',Times,serif;">Facsimile:</div>
        <div><br>
        </div>
      </div>
      <br>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">B-8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%C-%%-->
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">EXHIBIT C TO CLASS A-1<br>
        <u>NOTE PURCHASE AGREEMENT</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">INVESTOR GROUP SUPPLEMENT</font><font style="font-size: 10pt;">, dated as of
          [________], by and among (i) <font style="font-family: 'Times New Roman',Times,serif;"><u>[</u></font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>______]</u></font>
          (the <font style="font-family: 'Times New Roman',Times,serif;"><u>&#8220;Transferor Investor Group&#8221;),</u></font> (ii) <font style="font-family: 'Times New Roman',Times,serif;"><u>[</u></font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>______]</u></font> (the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Acquiring Investor Group</u></font>&#8221;), (iii) the Funding Agent with respect to the Acquiring Investor
          Group listed on the signature pages hereof (each, a &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Funding Agent</u></font>&#8221;), and (iv) the Master Issuer, the Swingline Lender and the L/C Provider listed on the signature pages
          hereof.</font></div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><u>W I T N E S S E T H:</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, this Investor Group Supplement is being executed and delivered in accordance with <u>Section 9.17(c)</u> of the Series 2019-1 Class A-1 Note
        Purchase Agreement, dated as of July 8, 2019 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the &#8220;<u>Series 2019-1 Class A-1 Note Purchase Agreement</u>&#8221;; terms used but not otherwise defined
        herein having the meanings ascribed to such terms therein), by and among the Master Issuer, the Guarantors, the Manager, the Conduit Investors, Committed Note Purchasers and Funding Agents named therein, the L/C Provider and Swingline Lender named
        therein, Jack in the Box Inc., as Manager, and Co&#246;peratieve Rabobank, U.A., New York Branch, as Administrative Agent (in such capacity, the &#8220;<u>Administrative Agent</u>&#8221;);</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, the Acquiring Investor Group wishes to become a Conduit Investor and [a] Committed Note Purchaser[s] with respect to such Conduit Investor under
        the Series 2019-1 Class A-1 Note Purchase Agreement; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, the Transferor Investor Group is selling and assigning to the Acquiring Investor Group [all] [a portion of] its respective rights, obligations
        and commitments under the Series 2019-1 Class A-1 Note Purchase Agreement, the Series 2019-1 Class A-1 Advance Notes and each other Related Document to which it is a party with respect to the percentage of its Commitment Amount specified on <u>Schedule
          I </u>attached hereto;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">NOW, THEREFORE, the parties hereto hereby agree as follows:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Upon the execution and delivery of this Investor Group Supplement by the Acquiring Investor Group, each related Funding Agent with respect thereto, the
        Transferor Investor Group, the Swingline Lender, the L/C Provider and, to the extent required by <u>Section 9.17(c)</u> of the Series 2019-1 Class A-1 Note Purchase Agreement (the date of such execution and delivery, the <u>&#8220;Transfer Issuance
          Date&#8221;</u>), the Master Issuer, the Conduit Investor and the Committed Note Purchaser[s] with respect to the Acquiring Investor Group shall be parties to the Series 2019-1 Class A-1 Note Purchase Agreement for all purposes thereof.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The Transferor Investor Group acknowledges receipt from the Acquiring Investor Group of an amount equal to the purchase price, as agreed between the
        Transferor Investor Group and the Acquiring Investor Group (the <u>&#8220;Purchase Price&#8221;),</u> of the portion being purchased by the Acquiring Investor Group (the Acquiring Investor Group&#8217;s <u>&#8220;Purchased Percentage&#8221;)</u> of (i) the aggregate
        Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series 2019-1 Class A-1 Note Purchase Agreement and (ii) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor Group
        Principal Amount. The Transferor Investor Group hereby irrevocably sells, assigns and transfers to the Acquiring Investor Group, without recourse, representation or warranty, and the Acquiring Investor Group hereby irrevocably purchases, takes and
        assumes from the Transferor Investor Group, such Acquiring Investor Group&#8217;s Purchased Percentage of (x) the aggregate Commitment[s] of the Committed Note Purchaser[s] included in the Transferor Investor Group under the Series 2019-1 Class A-1 Note
        Purchase Agreement and (y) the aggregate related Committed Note Purchaser Percentage[s] of the related Investor Group Principal Amount.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">C-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The Transferor Investor Group has made arrangements with the Acquiring Investor Group with respect to (i) the portion, if any, to be paid, and the date
        or dates for payment, by the Transferor Investor Group to such Acquiring Investor Group of any program fees, undrawn facility fee, structuring and commitment fees or other fees (collectively, the &#8220;<u>Fees</u>&#8221;) [heretofore received] by the
        Transferor Investor Group pursuant to <u>Section 3.02</u> of the Series 2019-1 Class A-1 Note Purchase Agreement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment, by such Acquiring
        Investor Group to the Transferor Investor Group of Fees or [_______] received by such Acquiring Investor Group pursuant to the Series 2019-1 Supplement from and after the Transfer Issuance Date].</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">From and after the Transfer Issuance Date, amounts that would otherwise be payable to or for the account of the Transferor Investor Group pursuant to the
        Series 2019-1 Supplement or the Series 2019-1 Class A-1 Note Purchase Agreement shall, instead, be payable to or for the account of the Transferor Investor Group and the Acquiring Investor Group, as the case may be, in accordance with their
        respective interests as reflected in this Investor Group Supplement, whether such amounts have accrued prior to the Transfer Issuance Date or accrue subsequent to the Transfer Issuance Date.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Each of the parties to this Investor Group Supplement agrees that, at any time and from time to time upon the written request of any other party, it will
        execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Investor Group Supplement.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The Acquiring Investor Group has executed and delivered to the Administrative Agent a Purchaser&#8217;s Letter substantially in the form of <u>Exhibit D</u>
        to the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">By executing and delivering this Investor Group Supplement, the Transferor Investor Group and the Acquiring Investor Group confirm to and agree with each
        other and the other parties to the Series 2019-1 Class A-1 Note Purchase Agreement as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of the interest being assigned hereby free and clear of any
        adverse claim, the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Series 2019-1 Supplement, the Series
        2019-1 Class A-1 Note Purchase Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Indenture, the Series 2019-1 Class A-1 Notes, the Related Documents or any instrument or document furnished
        pursuant thereto; (ii) the Transferor Investor Group makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Master Issuer or the performance or observance by the Master Issuer of any of the
        Master Issuer&#8217;s obligations under the Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement, the Related Documents or any other instrument or document furnished pursuant hereto; (iii) the Acquiring Investor Group confirms that it has
        received a copy of the Indenture, the Series 2019-1 Class A-1 Note Purchase Agreement and such other Related Documents and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
        Investor Group Supplement; (iv) the Acquiring Investor Group will, independently and without reliance upon the Administrative Agent, the Transferor Investor Group, the Funding Agents or any other Person and based on such documents and information
        as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series 2019-1 Class A-1 Note Purchase Agreement; (v) the Acquiring Investor Group appoints and authorizes the
        Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as
        are reasonably incidental thereto, all in accordance with <u>Article V </u>of the Series 2019-1 Class A-1 Note Purchase Agreement; (vi) each member of the Acquiring Investor Group appoints and authorizes its related Funding Agent, listed on <u>Schedule
          I</u> hereto, to take such action as agent on its behalf and to exercise such powers under the Series 2019-1 Class A-1 Note Purchase Agreement as are delegated to such Funding Agent by the terms thereof, together with such powers as are
        reasonably incidental thereto, all in accordance with <u>Article V</u> of the Series 2019-1 Class A-1 Note Purchase Agreement; (vii) each member of the Acquiring Investor Group agrees that it will perform in accordance with their terms all of the
        obligations that by the terms of the Series 2019-1 Class A-1 Note Purchase Agreement are required to be performed by it as a member of the Acquiring Investor Group; and (viii) each member of the Acquiring Investor Group hereby represents and
        warrants to the Master Issuer and the Manager that: (A) it has had an opportunity to discuss the Master Issuer&#8217;s and the Manager&#8217;s business, management and financial affairs, and the terms and conditions of the proposed purchase, with the Master
        Issuer and the Manager and their respective representatives; (B) it is a &#8220;qualified institutional buyer&#8221; within the meaning of Rule 144A under the 1933 Act and has sufficient knowledge and experience in financial and business matters to be capable
        of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series 2019-1 Class A-1 Notes; (C) it is purchasing the Series 2019-1 Class A-1 Notes for its own account, or for the
        account of one or more &#8220;qualified institutional buyers&#8221; within the meaning of Rule 144A under the 1933 Act that meet the criteria described in <u>clause (viii)(B)</u> above and for which it is acting with complete investment discretion, for
        investment purposes only and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times be and remain within its control, and neither it nor its Affiliates has engaged in any
        general solicitation or general advertising within the meaning of the 1933 Act with respect to the Series 2019-1 Class A-1 Notes; (D) it understands that (I) the Series 2019-1 Class A-1 Notes have not been and will not be registered or qualified
        under the 1933 Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and may not be resold or
        otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an opinion of counsel shall have been delivered in advance to the Master Issuer, (II) the Master Issuer is not
        required to register the Series 2019-1 Class A-1 Notes, (III) any permitted transferee hereunder must meet the criteria described under <u>clause (viii)(B)</u> above and (IV) any transfer must comply with the provisions of Section 2.08 of the Base
        Indenture, Section 4.03 of the Series 2019-1 Supplement and Sections 9.03 or 9.17, as applicable, of the Series 2019-1 Class A-1 Note Purchase Agreement; (E) it will comply with the requirements of <u>clause (viii)(D)</u> above in connection with
        any transfer by it of the Series 2019-1 Class A-1 Notes; (F) it understands that the Series 2019-1 Class A-1 Notes will bear the legend set out in the form of Series 2019-1 Class A-1 Notes attached to the Series 2019-1 Supplement and be subject to
        the restrictions on transfer described in such legend; (G) it will obtain for the benefit of the Master Issuer from any purchaser of the Series 2019-1 Class A-1 Notes substantially the same representations and warranties contained in the foregoing
        paragraphs; and (H) it has executed a Purchaser&#8217;s Letter substantially in the form of <u>Exhibit D</u> to the Series 2019-1 Class A-1 Note Purchase Agreement.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>Schedule I</u></font><font style="font-size: 10pt;"> hereto sets forth (i) the Purchased Percentage
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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">This Investor Group Supplement and all matters arising under or in any manner relating to this Investor Group Supplement shall be governed by, and
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      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
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      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">IN WITNESS WHEREOF, the parties hereto have caused this Investor Group Supplement to be executed by their respective duly authorized officers as of the
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      <div>&#160;</div>
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        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-4</font></div>
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      <div><br>
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      <div>
        <div>
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                  <div>&#160;</div>
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                <td style="width: 3%;">
                  <div>&#160;</div>
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                <td style="width: 47%;">
                  <div>&#160;</div>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
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                <td style="width: 47%;">
                  <div>&#160;</div>
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              </tr>
              <tr>
                <td style="width: 50%; padding-bottom: 2px;">
                  <div>&#160;</div>
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                <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
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              <tr>
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                  <div>&#160;</div>
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                <td style="width: 47%;">Name:<br>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div>&#160;</div>
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                </td>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td style="width: 3%;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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                <td style="width: 50%;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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                  <div>&#160;</div>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td style="width: 3%;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                <td style="width: 3%;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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              <tr>
                <td style="width: 50%; padding-bottom: 2px;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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              </tr>
              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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                <td style="width: 50%;">
                  <div>&#160;</div>
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                  <div>&#160;</div>
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                <td style="width: 50%;">
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                <td rowspan="1" style="width: 50%;">&#160;</td>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 47%;">&#160;</td>
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              <tr>
                <td rowspan="1" style="width: 50%; padding-bottom: 2px;">&#160;</td>
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                <td rowspan="1" style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 50%;">&#160;</td>
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              <tr>
                <td rowspan="1" style="width: 50%;">&#160;</td>
                <td rowspan="1" style="width: 3%;">&#160;</td>
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          <div> <br>
          </div>
          <div> <br>
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          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-5</font></div>
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              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
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          <div> <br>
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          <div>
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

                <tr>
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                    <div>&#160;</div>
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                  <td colspan="2" rowspan="1">CONSENTED AND ACKNOWLEDGED BY THE MASTER ISSUER:</td>
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                  <td style="width: 50%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 3%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 47%;">
                    <div>&#160;</div>
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                <tr>
                  <td style="width: 50%;">
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                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
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                  <td style="width: 3%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 47%;">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 47%;">
                    <div>&#160;</div>
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                <tr>
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                    <div>&#160;</div>
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                  <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
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                </tr>
                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 47%;">Name:<br>
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                </tr>
                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 47%;">Title:<br>
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            <div><br>
            </div>
            <div><br>
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            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-6</font></div>
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      </div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
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                </tr>
                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 47%;">
                    <div>&#160;</div>
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                <tr>
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                    <div>&#160;</div>
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                  <td rowspan="1" style="width: 47%;">&#160;</td>
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                <tr>
                  <td style="width: 50%; padding-bottom: 2px;">
                    <div>&#160;</div>
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                  <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
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                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 47%;">Name:<br>
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                </tr>
                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 47%;">Title:<br>
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                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
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                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 47%;">
                    <div>&#160;</div>
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                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
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                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 47%;">
                    <div>&#160;</div>
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                <tr>
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                    <div>&#160;</div>
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                  <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
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                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
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                  <td style="width: 3%;">
                    <div>&#160;</div>
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                    <div>Name: <br>
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                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
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                    <div>&#160;</div>
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                  <td style="width: 3%;">
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                  <td style="width: 3%;">
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                  <td style="width: 47%;">
                    <div>&#160;</div>
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                  <td style="width: 50%;">
                    <div>&#160;</div>
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                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
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                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 47%;">
                    <div>&#160;</div>
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                  <td style="width: 50%; padding-bottom: 2px;">
                    <div>&#160;</div>
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                  <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div>&#160;</div>
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                </tr>
                <tr>
                  <td style="width: 50%;">
                    <div>&#160;</div>
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                  <td style="width: 3%;">
                    <div>&#160;</div>
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                  <td style="width: 50%;">
                    <div>&#160;</div>
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                  <td rowspan="1" style="width: 50%;">&#160;</td>
                  <td rowspan="1" style="width: 3%;">&#160;</td>
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                  <td rowspan="1" style="width: 50%;">&#160;</td>
                  <td rowspan="1" style="width: 3%;">&#160;</td>
                  <td rowspan="1" style="width: 47%;">&#160;</td>
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                  <td rowspan="1" style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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                  <td rowspan="1" style="width: 50%;">&#160;</td>
                  <td rowspan="1" style="width: 3%;">&#160;</td>
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                  <td rowspan="1" style="width: 50%;">&#160;</td>
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            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-7</font></div>
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            <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE I TO<br>
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              Transferor Investor Group</div>
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                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                    <div>[</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                    <div>]</div>
                  </td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                    <div>Revised Commitment Amount:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                    <div>[</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                    <div>]</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                    <div>Prior Maximum Investor Group</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;">
                    <div>Principal Amount:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                    <div>[</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                    <div>]</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                    <div>Revised Maximum Investor</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;">
                    <div>Group Principal Amount:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1">
                    <div>[</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                    <div>]</div>
                  </td>
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            <div><br>
            </div>
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                <tr>
                  <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">[</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
                    <div>], as</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <div style="margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold; font-size: 10pt;">Acquiring Investor Group</font>
              <div style="font-size: 10pt;"><br>
              </div>
              <font style="font-size: 10pt;"><br>
              </font>
              <table cellspacing="0" cellpadding="0" id="z7639c74aae724524891694fddbe86dc2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; font-family: 'Times New Roman',Times,serif;" rowspan="1">
                      <div>Address:</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 88%; font-family: 'Times New Roman',Times,serif;">
                      <div>Attention:</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                        </font> </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                        </font> </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                      <div>Telephone:</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div><br>
                      </div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                        </font> </div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                        </font> </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                      <div>Facsimile:</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;">
                      <div>Purchased Percentage of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                      </div>
                      <div>Transferor&#8217;s Commitment: </div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1"><br>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;"><font style="font-size: 10pt;">[</font><font style="font-size: 10pt;"> <br>
                        </font></div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div>]%</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 88%; font-family: 'Times New Roman',Times,serif;">
                      <div>Prior Commitment Amount:</div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%;" colspan="1"><font style="font-family: 'Times New Roman',Times,serif;">[&#160;</font></td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">]</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;">
                      <div>Revised Commitment Amount:<font style="text-indent: 0px;">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                      </div>
                    </td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div>$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                      <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">[&#160;</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">]</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;">Prior Maximum Investor Group</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1"><br>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1"><br>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
                      <div style="font-size: 12pt;"><font style="font-size: 10pt;"><br>
                        </font> </div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;" rowspan="1">Principal Amount:<font style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160; <br>
                      </font></td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1" rowspan="1">[&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">]</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;" rowspan="1">Revised Maximum Investor</td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: top; width: 88%; font-family: 'Times New Roman',Times,serif;" rowspan="1">Group Principal Amount:<font style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160; <br>
                      </font></td>
                    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">$</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 9%; font-family: 'Times New Roman',Times,serif;" colspan="1" rowspan="1">[&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" rowspan="1">]</td>
                  </tr>

              </table>
              <font style="font-size: 10pt;"><br>
              </font> </div>
            <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
              <table cellspacing="0" cellpadding="0" id="zc3a0f04153c6446fb893ca1a9a43b2a1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                      <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">[</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
                      <div>], as</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                  </tr>

              </table>
            </div>
            <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">related Funding Agent</div>
            <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Address:&#160; Attention: </div>
            <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Telephone:</div>
            <div style="font-family: 'Times New Roman',Times,serif;">Facsimile:</div>
            <div style="font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
          </div>
          <div><br>
          </div>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">C-8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <!--PROfilePageNumberReset%Num%1%D-%%-->
      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">EXHIBIT D TO CLASS A-1<br>
        <u>NOTE PURCHASE AGREEMENT</u></div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">[FORM OF PURCHASER&#8217;S LETTER]</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">[INVESTOR]<br>
        [INVESTOR ADDRESS]<br>
        Attention: [INVESTOR CONTACT]<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>[Date]</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;"><br>
        <br>
        Ladies and Gentlemen:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Reference is hereby made to the Class A-1 Note Purchase Agreement dated July 8, 2019 (the &#8220;<u>NPA</u>&#8221;) relating to the offer and sale (the &#8220;<u>Offering</u>&#8221;)
        of up to $150,000,000 of Series 2019-1 Variable Funding Senior Notes, Class A-1 (the &#8220;<u>Securities</u>&#8221;) of Jack in the Box Funding, LLC (the &#8220;<u>Master Issuer</u>&#8221;). The Offering will not be required to be registered with the Securities and
        Exchange Commission pursuant to the Securities Act of 1933, as amended (the &#8220;<u>Act</u>&#8221;) under an exemption from registration granted in Section 4(a)(2) of the Act. Co&#246;peratieve Rabobank, U.A., New York Branch is acting as administrative agent
        (the &#8220;<u>Administrative Agent</u>&#8221;) in connection with the Offering.&#160; Unless otherwise defined herein, capitalized terms have the definitions ascribed to them in the NPA. Please confirm with us your acknowledgement and agreement with the following:</div>
      <div>&#160;</div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9fce28641cf648e38bddd1637e6f245e" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(a)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>You are an &#8220;accredited investor&#8221; within the meaning of Rule 501 under the Act and a &#8220;qualified institutional buyer&#8221; within the meaning of Rule 144A under the Act (a &#8220;<u>Qualified Institutional Buyer</u>&#8221;) and have sufficient
                    knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of investing in, and are able and prepared to bear the economic risk of investing in, the Securities.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z550f72b4fbab49739b68ec7dca2e16f8" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(b)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Neither the Administrative Agent nor its Affiliates (i) has provided you with any information with respect to the Master Issuer, the Securities or the Offering other than the information contained in the NPA, which was prepared by
                    the Master Issuer, or (ii) makes any representation as to the credit quality of the Master Issuer or the merits of an investment in the Securities. The Administrative Agent has not provided you with any legal, business, tax or other
                    advice in connection with the Offering or your possible purchase of the Securities.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbc625c8fa7f949f69e3421d81a994c1b" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(c)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>You acknowledge that you have completed your own diligence investigation of the Master Issuer and the Securities and have had sufficient access to the agreements, documents, records, officers and directors of the Master Issuer to
                    make your investment decision related to the Securities. You further acknowledge that you have had an opportunity to discuss the Master Issuer&#8217;s and the Manager&#8217;s business, management and financial affairs, and the terms and conditions
                    of the proposed purchase, with the Master Issuer and the Manager and their respective representatives.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">D-1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div> <br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9feb525155ac41509a95842de8e4ec50" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top;">(d)</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The Administrative Agent may currently or in the future own securities issued by, or have business relationships (including, among others, lending, depository, risk management, advisory and banking relationships) with, the Master
                    Issuer and its affiliates, and the Administrative Agent will manage such security positions and business relationships as it determines to be in its best interests, without regard to the interests of the holders of the Securities.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify;">
        <div>
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                    remain within your control, and neither you nor your Affiliates has engaged in any general solicitation or general advertising within the meaning of the Act, or the rules and regulations promulgated thereunder with respect to the
                    Securities. You confirm that, to the extent you are purchasing the Securities for the account of one or more other Persons, (i) you have been duly authorized to make the representations, warranties, acknowledgements and agreements set
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                  <div>You understand that (i) the Securities have not been and will not be registered or qualified under the Act or any applicable state securities laws or the securities laws of any other jurisdiction and are being offered only in a
                    transaction not involving any public offering within the meaning of the Act and may not be resold or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available and an
                    opinion of counsel on the foregoing shall have been delivered in advance to the Master Issuer, (ii) the Master Issuer is not required to register the Securities under the Act or any applicable state securities laws or the securities
                    laws of any state of the United States or any other jurisdiction, (iii) any permitted transferee under the NPA must be a Qualified Institutional Buyer and (iv) any transfer must comply with the provisions of Section 2.08 of the Base
                    Indenture, Section 4.03 of the Series 2019-1 Supplement and Sections 9.03 or 9.17 of the NPA, as applicable;</div>
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      <div>&#160;</div>
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      <div>&#160;</div>
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                  <div>You understand that the Securities will bear the legend set out in the form of Securities attached to the Series 2019-1 Supplement and be subject to the restrictions on transfer described in such legend;</div>
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      <div>&#160;</div>
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                  <div>Either (i) you are not acquiring or holding the Securities for or on behalf of, or with the assets of, any plan, account or other arrangement that is subject to Section 406 of the Employee Retirement Income Security Act of 1974, as
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                    holding of the Securities will not constitute or result in&#160; a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any applicable Similar Law; and</div>
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        or conflict provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.</div>
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        You agree to notify the Administrative Agent promptly in writing if any of your representations, acknowledgements or agreements herein cease to be accurate and complete. You irrevocably authorize the Administrative Agent to produce this letter to
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              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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              </td>
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                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 47%;">
                <div>&#160;</div>
              </td>
            </tr>
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              <td style="width: 50%;">
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                <div>&#160;</div>
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                <div>&#160;</div>
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                <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>a52009364ex10_2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.2</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div><br>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
    <div>&#160;</div>
    <div> <br>
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    <div> <br>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">GUARANTEE AND COLLATERAL AGREEMENT</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">made by</div>
    <font style="font-size: 12pt;"> </font>
    <div><font style="font-size: 12pt;"><br>
      </font> </div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">DIFFERENT RULES, LLC,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">JACK IN THE BOX PROPERTIES, LLC, and</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">JACK IN THE BOX SPV GUARANTOR, LLC,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">each as a Guarantor,</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">in favor of</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">CITIBANK, N.A.,<br>
      as Trustee</div>
    <font style="font-size: 12pt;"> </font>
    <div style="font-size: 12pt;">&#160;</div>
    <font style="font-size: 12pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Dated as of July 8, 2019</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    </div>
    <div>
      <div><br>
      </div>
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    <div><br>
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    <div><br>
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    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">TABLE OF CONTENTS</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z21455f48c4904cbf9b24b2114b5fab24">

          <tr>
            <td rowspan="1" colspan="3">&#160;</td>
            <td style="width: 6%; text-align: right;" rowspan="1"><u>Page</u><br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">SECTION 1 DEFINED TERMS</td>
            <td style="width: 6%; text-align: right;">1<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>1.1 <br>
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            <td style="width: 88%;">Definitions</td>
            <td style="width: 6%; text-align: right;">1<br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">SECTION 2 GUARANTEE</td>
            <td style="width: 6%; text-align: right;">2<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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            <td style="width: 3%;">2.1<br>
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            <td style="width: 6%; text-align: right;">2<br>
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          </tr>
          <tr>
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            <td style="width: 3%;">2.2<br>
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            <td style="width: 6%; text-align: right;">3<br>
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          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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            <td style="width: 3%;">2.3<br>
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            <td style="width: 88%;">Amendments, etc. with respect to the Master Issuer Obligations</td>
            <td style="width: 6%; text-align: right;">3<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">2.4<br>
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            <td style="width: 6%; text-align: right;">4<br>
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          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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            <td style="width: 6%; text-align: right;">4<br>
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          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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            <td style="width: 6%; text-align: right;">4<br>
            </td>
          </tr>
          <tr>
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            <td style="width: 6%; text-align: right;">5<br>
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              <div>&#160;</div>
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            <td style="width: 6%; text-align: right;">5<br>
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          </tr>
          <tr>
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              <div>&#160;</div>
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              <div>Certain Rights and Obligations of the Guarantors Unaffected <br>
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            <td style="width: 6%; text-align: right;">7<br>
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          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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              <div>Performance of Collateral Transaction Documents <br>
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          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
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              <div>Stamp, Other Similar Taxes and Filing Fees <br>
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            <td style="width: 6%; text-align: right;">9<br>
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          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">3.5<br>
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            <td style="width: 6%; text-align: right;">9<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">3.6<br>
            </td>
            <td style="width: 88%;">
              <div>Perfected First Priority Security Interest in Equity Interests <br>
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            </td>
            <td style="width: 6%; text-align: right;">10<br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">SECTION 4 REPRESENTATIONS AND WARRANTIES</td>
            <td style="width: 6%; text-align: right;">10<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">4.1<br>
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            <td style="width: 88%;">Existence and Power</td>
            <td style="width: 6%; text-align: right;">10<br>
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          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">4.2<br>
            </td>
            <td style="width: 88%;">Company and Governmental Authorization</td>
            <td style="width: 6%; text-align: right;">10<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">4.3<br>
            </td>
            <td style="width: 88%;">
              <div>No Consent <br>
              </div>
            </td>
            <td style="width: 6%; text-align: right;">11<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">4.4<br>
            </td>
            <td style="width: 88%;">
              <div>Binding Effect <br>
              </div>
            </td>
            <td style="width: 6%; text-align: right;">11<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">4.5<br>
            </td>
            <td style="width: 88%;">Ownership of Equity Interests; Subsidiaries</td>
            <td style="width: 6%; text-align: right;">11<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">4.6<br>
            </td>
            <td style="width: 88%;">Security Interests</td>
            <td style="width: 6%; text-align: right;">11<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">4.7<br>
            </td>
            <td style="width: 88%;">Other Representations</td>
            <td style="width: 6%; text-align: right;">12<br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">SECTION 5 COVENANTS</td>
            <td style="width: 6%; text-align: right;">13<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">5.1<br>
            </td>
            <td style="width: 88%;">Maintenance of Office or Agency</td>
            <td style="width: 6%; text-align: right;">13<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">5.2<br>
            </td>
            <td style="width: 88%;">Covenants in Base Indenture and Other Related Documents</td>
            <td style="width: 6%; text-align: right;">13<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">5.3<br>
            </td>
            <td style="width: 88%;">Further Assurances</td>
            <td style="width: 6%; text-align: right;">13<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">5.4<br>
            </td>
            <td style="width: 88%;">Legal Name, Location Under Section 9-301 or 9-307</td>
            <td style="width: 6%; text-align: right;">14<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">5.5<br>
            </td>
            <td style="width: 88%;">Equity Interests</td>
            <td style="width: 6%; text-align: right;">15<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">5.6<br>
            </td>
            <td style="width: 88%;"> Management Accounts </td>
            <td style="width: 6%; text-align: right;">15<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>5.7</div>
            </td>
            <td style="width: 88%;"> Senior Notes Interest Reserve Account </td>
            <td style="width: 6%; text-align: right;">15<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">5.8<br>
            </td>
            <td style="width: 88%;"> Senior Subordinated Notes Interest Reserve Account </td>
            <td style="width: 6%; text-align: right;">15<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">5.9 <br>
            </td>
            <td style="width: 88%;" rowspan="1">Certificated Equity Interests</td>
            <td style="width: 6%; text-align: right;" rowspan="1">15<br>
            </td>
          </tr>
          <tr>
            <td rowspan="1" colspan="3">SECTION 6 REMEDIAL PROVISIONS</td>
            <td style="width: 6%; text-align: right;" rowspan="1">16<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">6.1<br>
            </td>
            <td style="width: 88%;" rowspan="1">Rights of the Control Party and Trustee upon Event of Default</td>
            <td style="width: 6%; text-align: right;" rowspan="1">16<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">6.2<br>
            </td>
            <td style="width: 88%;" rowspan="1">Waiver of Appraisal, Valuation, Stay and Right to Marshaling</td>
            <td style="width: 6%; text-align: right;" rowspan="1">18<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">6.3<br>
            </td>
            <td style="width: 88%;" rowspan="1">Limited Recourse</td>
            <td style="width: 6%; text-align: right;" rowspan="1">19<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">6.4<br>
            </td>
            <td style="width: 88%;" rowspan="1">Optional Preservation of the Securitized Assets</td>
            <td style="width: 6%; text-align: right;" rowspan="1">19<br>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">6.5<br>
            </td>
            <td style="width: 88%;" rowspan="1">Control by the Control Party</td>
            <td style="width: 6%; text-align: right;" rowspan="1">19<br>
            </td>
          </tr>

      </table>
    </div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">i</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div><br>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="zc059689a5bbd4eee8647b730da45f5c5">

        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">6.6<br>
          </td>
          <td style="width: 88%;">The Trustee May File Proofs of Claim</td>
          <td style="width: 6%; text-align: right;">20<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">6.7<br>
          </td>
          <td style="width: 88%;">Undertaking for Costs</td>
          <td style="width: 6%; text-align: right;">20<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">6.8<br>
          </td>
          <td style="width: 88%;">Restoration of Rights and Remedies</td>
          <td style="width: 6%; text-align: right;">21<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">6.9<br>
          </td>
          <td style="width: 88%;">Rights and Remedies Cumulative</td>
          <td style="width: 6%; text-align: right;">21<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">6.10<br>
          </td>
          <td style="width: 88%;">Delay or Omission Not Waiver</td>
          <td style="width: 6%; text-align: right;">21<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">
            <div>6.11</div>
          </td>
          <td style="width: 88%;">Waiver of Stay or Extension Laws</td>
          <td style="width: 6%; text-align: right;">21<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;" rowspan="1" colspan="3">SECTION 7 THE TRUSTEE&#8217;S AUTHORITY</td>
          <td style="width: 6%; text-align: right;">22<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;" rowspan="1" colspan="3">SECTION 8 MISCELLANEOUS</td>
          <td style="width: 6%; text-align: right;" rowspan="1">22<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">
            <div>8.1 <br>
            </div>
          </td>
          <td style="width: 88%;">Amendments</td>
          <td style="width: 6%; text-align: right;">22<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.2<br>
          </td>
          <td style="width: 88%;">Notices</td>
          <td style="width: 6%; text-align: right;">22<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.3<br>
          </td>
          <td style="width: 88%;">Governing Law</td>
          <td style="width: 6%; text-align: right;">24<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.4<br>
          </td>
          <td style="width: 88%;">Successors</td>
          <td style="width: 6%; text-align: right;">24<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.5<br>
          </td>
          <td style="width: 88%;">Severability</td>
          <td style="width: 6%; text-align: right;">24<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.6<br>
          </td>
          <td style="width: 88%;">Counterpart Originals</td>
          <td style="width: 6%; text-align: right;">24<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.7<br>
          </td>
          <td style="width: 88%;">Table of Contents, Headings, etc.</td>
          <td style="width: 6%; text-align: right;">24<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.8<br>
          </td>
          <td style="width: 88%;">Waiver of Jury Trial</td>
          <td style="width: 6%; text-align: right;">24<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.9<br>
          </td>
          <td style="width: 88%;">Submission to Jurisdiction; Waivers</td>
          <td style="width: 6%; text-align: right;">24<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.10<br>
          </td>
          <td style="width: 88%;">Additional Guarantors</td>
          <td style="width: 6%; text-align: right;">25<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.11<br>
          </td>
          <td style="width: 88%;">Currency Indemnity</td>
          <td style="width: 6%; text-align: right;">25<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.12<br>
          </td>
          <td style="width: 88%;">Acknowledgment of Receipt; Waiver</td>
          <td style="width: 6%; text-align: right;">25<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.13<br>
          </td>
          <td style="width: 88%;">Termination; Partial Release</td>
          <td style="width: 6%; text-align: right;">26<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.14<br>
          </td>
          <td style="width: 88%;">Third Party Beneficiary</td>
          <td style="width: 6%; text-align: right;">26<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">8.15<br>
          </td>
          <td style="width: 88%;">Entire Agreement</td>
          <td style="width: 6%; text-align: right;">26<br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;" rowspan="1">&#160;</td>
          <td style="width: 3%;" rowspan="1">8.16<br>
          </td>
          <td style="width: 88%;" rowspan="1">Electronic Communication<br>
          </td>
          <td style="width: 6%; text-align: right;" rowspan="1">26 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 3%;" rowspan="1">&#160;</td>
          <td style="width: 3%;" rowspan="1">8.17<br>
          </td>
          <td style="width: 88%;" rowspan="1">No Bankruptcy Petition Against the Securitization Entities<br>
          </td>
          <td style="width: 6%; text-align: right;" rowspan="1">&#160;27</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
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          <tr>
            <td style="width: 8%;"><u>SCHEDULES</u></td>
            <td style="width: 4%;">
              <div>&#160;</div>
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            <td style="width: 88%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
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            <td style="width: 88%;">
              <div>&#160;</div>
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          </tr>
          <tr>
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              </font></td>
            <td style="width: 4%;"><font style="font-family: 'Times New Roman',Times,serif;">&#8212;</font></td>
            <td style="width: 88%;"><font style="font-family: 'Times New Roman',Times,serif;">Pledged Equity Interests</font></td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
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          <tr>
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            <td style="width: 4%;">
              <div>&#160;</div>
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            <td style="width: 88%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%;">
              <div>&#160;</div>
            </td>
            <td style="width: 4%;">
              <div>&#160;</div>
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            <td style="width: 88%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%;"><font style="font-family: 'Times New Roman',Times,serif;">Exhibit A</font></td>
            <td style="width: 4%;"><font style="font-family: 'Times New Roman',Times,serif;">&#8212;<font style="text-indent: 0px;"> <br>
                </font></font></td>
            <td style="width: 88%;"><font style="font-family: 'Times New Roman',Times,serif;">Form of Assumption Agreement</font></td>
          </tr>

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    </div>
    <font style="font-family: 'Times New Roman',Times,serif;"><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;</font></font></div>
  <div><font style="font-family: 'Times New Roman',Times,serif;"><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;"> </font></font>&#160;
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">GUARANTEE AND COLLATERAL AGREEMENT</div>
    <div>&#160; <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">GUARANTEE AND COLLATERAL AGREEMENT (as amended, supplemented or otherwise modified from time to time, this &#8220;<u>Agreement</u>&#8221;), dated as of July 8, 2019,
      made by DIFFERENT RULES, LLC, a Delaware limited liability company (the &#8220;<u>Franchisor</u>&#8221;), JACK IN THE BOX PROPERTIES, LLC, a Delaware limited liability company (&#8220;<u>JIB Properties</u>,&#8221; and, together with the Franchisor, the &#8220;<u>Subsidiary
        Guarantors</u>&#8221;), and JACK IN THE BOX SPV GUARANTOR, LLC, a Delaware limited liability company (the &#8220;<u>Holding Company Guarantor</u>,&#8221; and, together with the Subsidiary Guarantors, the &#8220;<u>Guarantors</u>&#8221; and each, a &#8220;<u>Guarantor</u>&#8221;), in favor
      of CITIBANK, N.A., a national banking association, as trustee under the Indenture referred to below (in such capacity, together with its successors, the &#8220;<u>Trustee</u>&#8221;) for the benefit of the Secured Parties.</div>
    <div>&#160;</div>
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    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, Jack in the Box Funding, LLC, a Delaware limited liability company (the &#8220;<u>Master Issuer</u>&#8221;), the Trustee and Citibank, N.A., as securities
      intermediary, have entered into the Base Indenture, dated as of the date of this Agreement (as amended, modified or supplemented from time to time, exclusive of any Series Supplements, the &#8220;<u>Base Indenture</u>&#8221; and, together with all Series
      Supplements, the &#8220;<u>Indenture</u>&#8221;), providing for the issuance from time to time of one or more Series of Notes thereunder; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, the Indenture and the other Related Documents require that the parties hereto execute and deliver this Agreement;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which are hereby
      acknowledged, each Guarantor hereby agrees with the Trustee, for the benefit of the Secured Parties, as follows:</div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECTION 1<br>
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    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">1.1</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Definitions</u>.</font></div>
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        otherwise defined herein, terms defined in the Base Indenture Definitions List attached to the Base Indenture as Annex A thereto or otherwise defined in the Base Indenture and used herein shall have the meanings given to them in such Base Indenture
        Definitions List or elsewhere in the Base Indenture.&#160; All rules of construction set forth in Section 1.04 of the Base Indenture apply to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The following terms
        shall have the following meanings:</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Collateral</u>&#8221; has the meaning assigned to such term in <u>Section 3.1(a)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Master Issuer Obligations</u>&#8221; means all Obligations owed by the Master Issuer to the Secured Parties under the Indenture and the other Related
      Documents.</div>
    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Other Currency</u>&#8221; has the meaning assigned to such term in <u>Section 8.11</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">&#8220;<u>Termination Date</u>&#8221; has the meaning assigned to such term in <u>Section 2.1(d)</u>.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECTION 2<br>
      <br>
      <u>GUARANTEE</u></div>
    <div>&#160;&#160; </div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.1</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Guarantee</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Trustee, for the benefit of the Secured Parties, the prompt and complete payment and performance by the Master Issuer when due (whether at the
        stated maturity, by acceleration or otherwise, but after giving effect to all applicable grace periods) of the Master Issuer Obligations. In furtherance of the foregoing and not in limitation of any other right that the Trustee or any other Secured
        Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Master Issuer to pay any Master Issuer Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment
        or otherwise, each Guarantor hereby jointly and severally promises to and shall forthwith pay, or cause to be paid, to the Trustee for distribution to the applicable Secured Parties in accordance with the Indenture, in cash, the amount of such
        unpaid Master Issuer Obligation. This is a guarantee of payment and not merely of collection.</font></div>
    &#160;&#160;
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Anything
        herein or in any other Related Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under the other Related Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under
        applicable federal and state laws relating to the insolvency of debtors.</font></div>
    &#160;&#160;
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        Guarantor agrees that the Master Issuer Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this <u>Section 2</u> or affecting the rights and
        remedies of the Trustee or any other Secured Party hereunder.</font></div>
    &#160; &#160;
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The
        guarantee contained in this <u>Section 2</u> shall remain in full force and effect until the date (the &#8220;<u>Termination Date</u>&#8221;) on which this Agreement ceases to be of further effect in accordance with <u>Article XII</u> of the Base Indenture,
        notwithstanding that from time to time prior thereto the Master Issuer may be free from any Master Issuer Obligations.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">No
        payment made by the Master Issuer, any of the Guarantors, any other guarantor or any other Person or received or collected by the Trustee or any other Secured Party from the Master Issuer, any of the Guarantors, any other guarantor or any other
        Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Master Issuer Obligations shall be deemed to modify, reduce, release or otherwise
        affect the liability of any Guarantor which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Master Issuer Obligations or any payment received or collected from such Guarantor in respect of
        the Master Issuer Obligations), remain liable hereunder for the Master Issuer Obligations up to the maximum liability of such Guarantor hereunder until the Termination Date.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.2</font><font id="TRGRRTFtoHTMLTab">&#160;&#160; &#160; &#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>No Subrogation</u>.
        Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by the Trustee or any other Secured Party, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or
        any other Secured Party against the Master Issuer or any other Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any other Secured Party for the payment of the Master Issuer Obligations, nor shall any
        Guarantor seek or be entitled to seek any contribution or reimbursement from the Master Issuer or any other Guarantor in respect of payments made by such Guarantor hereunder, until the Termination Date. If any amount shall be paid to any Guarantor
        on account of such subrogation, contribution or reimbursement rights at any time when all of the Master Issuer Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the other Secured
        Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee in the exact form received by such Guarantor (duly endorsed by such Guarantor to the Trustee, if required),
        to be applied against the Master Issuer Obligations, whether matured or unmatured, in such order as the Trustee may determine in accordance with the Indenture.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.3</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Amendments, etc. with
          respect to the Master Issuer Obligations</u>. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for
        payment of any of the Master Issuer Obligations made by the Trustee or any other Secured Party may be rescinded by the Trustee or such other Secured Party and any of the Master Issuer Obligations continued, and the Master Issuer Obligations, or the
        liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,
        compromised, waived, surrendered or released by the Trustee or any other Secured Party, and the Base Indenture and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or
        in part, from time to time, and any collateral security, guarantee or right of offset at any time held by the Trustee or any other Secured Party for the payment of the Master Issuer Obligations may be sold, exchanged, waived, surrendered or
        released (it being understood that this <u>Section 2.3</u> is not intended to affect any rights or obligations set forth in any other Related Document). Neither the Trustee nor any other Secured Party shall have any obligation to protect, secure,
        perfect or insure any Lien at any time held by it as security for the Master Issuer Obligations or for the guarantee contained in this <u>Section 2</u> or any property subject thereto.</font></div>
    <div>&#160;</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.4</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Guarantee Absolute and
          Unconditional</u>. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Master Issuer Obligations and notice of or proof of reliance by the Trustee or any other Secured Party upon the guarantee
        contained in this <u>Section 2</u> or acceptance of the guarantee contained in this <u>Section 2</u>; all Master Issuer Obligations shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or
        waived, in reliance upon the guarantee contained in this <u>Section 2</u> and the grant of the security interests pursuant to <u>Section 3</u>; and all dealings between the Master Issuer and any of the Guarantors, on the one hand, and the Trustee
        and the other Secured Parties, on the other hand, likewise shall be conclusively presumed to have occurred or been consummated in reliance upon the guarantee contained in this <u>Section 2</u> and the grant of the security interests pursuant to <u>Section
          3</u>. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Master Issuer or any of the Guarantors with respect to the Master Issuer Obligations. Each Guarantor understands
        and agrees that the guarantee contained in this <u>Section 2</u> and the grant of the security interests pursuant to <u>Section 3</u> shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the
        validity or enforceability of the Indenture or any other Related Document, any of the Master Issuer Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by
        the Trustee or any other Secured Party, (b) any defense, set-off or counterclaim (other than a defense of full payment or performance) which may at any time be available to or be asserted by the Master Issuer or any other Person against the Trustee
        or any other Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Master Issuer or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the
        Master Issuer for the Master Issuer Obligations, or of such Guarantor under the guarantee contained in this <u>Section 2</u> and the grant of the security interests pursuant to <u>Section 3</u>, in bankruptcy or in any other instance. When making
        any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Trustee or any other Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and
        remedies as it may have against the Master Issuer, any other Guarantor or any other Person or against any collateral security or guarantee for the Master Issuer Obligations or any right of offset with respect thereto, and any failure by the Trustee
        or any other Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Master Issuer, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or
        to exercise any such right of offset, or any release of the Master Issuer, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability
        hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Trustee or any other Secured Party against any Guarantor. For the purposes hereof &#8220;demand&#8221; shall include the
        commencement and continuance of any legal proceedings.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.5</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Reinstatement</u>. The
        guarantee contained in this <u>Section 2</u> shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Master Issuer Obligations is rescinded or must otherwise be restored or
        returned by the Trustee or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Master Issuer or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator
        of, or trustee or similar officer for, the Master Issuer or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.6</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Payments</u>. Each
        Guarantor hereby guarantees that payments hereunder shall be paid to the Trustee without set-off or deduction or counterclaim in immediately available funds in U.S. Dollars at the office of the Trustee.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.7</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u></u></font><font style="font-family: 'Times New Roman',Times,serif;"><u>Information</u>.
        Each Guarantor assumes all responsibility for being and keeping itself informed of the Master Issuer&#8217;s and each other Guarantor&#8217;s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Master
        Issuer Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither the Trustee nor any other Secured Party shall have any duty to advise such Guarantor of information known to
        it or any of them regarding such circumstances or risks.</font></div>
    <div>&#160;</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECTION 3<br>
      <br>
      <u>SECURITY</u></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.1</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Grant of Security Interest</u>.</font></div>
    &#160;&#160;
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;">To
        secure the Obligations, each Guarantor hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in such Guarantor&#8217;s right, title and interest in, to and under all accounts, chattel paper, commercial tort claims,
        deposit accounts, documents, equipment, fixtures, general intangibles, health-care-insurance receivables, instruments, inventory, securities, securities accounts and other investment property and letter-of-credit rights (in each case, as defined in
        the New York UCC), including all of the following property to the extent now owned or at any time hereafter acquired by such Guarantor (collectively, the &#8220;<u>Collateral</u>&#8221;):</font></div>
    <div>&#160;</div>
    <div style="margin-left: 36pt; text-indent: 108pt;"> (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; with respect to the Holding Company Guarantor, the limited liability company membership interests and stock owned by the Holding Company Guarantor that represent the 100% ownership
      interest in the Master Issuer, together with all claims, rights, privileges, authority and powers of the Holding Company Guarantor relating to such Equity Interests or granted to it under the organizational documents of the Master Issuer;</div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: justify; font-size: 12pt; margin-left: 36pt; text-indent: 108pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; with respect to the Franchisor, the Securitization IP and the right to
          bring an action at law or in equity for any infringement, misappropriation, dilution or other violation thereof occurring prior to, on or after the Closing Date, and to collect all damages, settlements and proceeds relating thereto</font><font style="font-size: 10pt;">;</font></div>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: justify; font-size: 12pt; margin-left: 36pt; text-indent: 108pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">(iii)&#160;&#160;&#160;&#160; with respect to the Franchisor, (A) the Securitized Franchisee Notes and
          all Securitized Franchisee Note Payments thereon and (B)(i)&#160;the Contributed Securitized Franchise Agreements and all Securitized Franchisee Payments thereon; (ii)&#160;the Contributed Securitized Development Agreements and all Securitized Franchisee
          Payments thereon; (iii)&#160;the New Securitized Franchise Agreements and all Securitized Franchisee Payments thereon; (iv)&#160;the New Securitized Development Agreements and all Securitized Franchisee Payments thereon; (v)&#160;all rights to enter into New
          Securitized Franchise Agreements and New Securitized Development Agreements; and (vi)&#160;any and all other property of every nature, now or hereafter transferred, mortgaged, pledged, or assigned as security for payment or performance of any
          obligation of the Franchisees or other Persons, as applicable, to the Franchisor under the Securitized Franchise Agreements or the Securitized Development Agreements and all guarantees of such obligations and the rights evidenced by or reflected
          in the Securitized Franchise Agreements or the Securitized Development Agreements</font><font style="font-size: 10pt;">;</font></div>
    </div>
    <div> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 108pt;"> (iv)&#160;&#160;&#160;&#160;&#160;&#160; with respect to the Franchisor, the IP License Agreements, and all related payments thereon (including Company Restaurant IP License Fees) and all rights thereunder<font style="background-color: rgb(255, 255, 255);">;</font></div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 63pt; text-indent: 81pt;"> (v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; with respect to JIB Properties, to the extent not Real Estate Assets: (i) all rights to own and operate the Securitized Company Restaurants and (ii) all Securitized
      Company Restaurant Assets relating to the foregoing <u>clause (i)</u><font style="background-color: rgb(255, 255, 255);">;</font></div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: justify; font-size: 12pt; margin-left: 36pt; text-indent: 108pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">(vi)&#160;&#160;&#160;&#160;&#160; with respect to </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">JIB Properties</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">, (i) with respect to the Securitized
          Owned-Property Franchisee Leases, the Securitized Owned-Property Franchisee Lease Payments received by JIB Properties thereunder, (ii) with respect to Securitized Franchisee </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Back-to-Back</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> Subleases, the Franchisee </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Back-to-Back </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Sublease Payments received by JIB Properties thereunder, and (iii) with respect to any
          Non-Branded Restaurant Leases, the Non-Branded Restaurant Lease Payments received by JIB Properties thereunder; and (iv) with respect to any Non-Securitization Entity Leases (if any), the Non-Securitization Entity Lease Payments received by JIB
          Properties thereunder</font><font style="font-size: 10pt;">;</font></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 108pt;">(vii)&#160;&#160;&#160;&#160;&#160; with respect to JIB Properties, after Mortgages have been properly recorded following a Mortgage Recordation Event, the <font style="background-color: rgb(255, 255, 255);">Securitized Owned Real Property</font>; </div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 108pt;"> (viii)&#160; &#160;&#160; the Accounts and all amounts on deposit in or otherwise credited to the Accounts;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 108pt;">(ix)&#160;&#160;&#160; &#160;&#160; any additional Equity Interests of any Subsidiary or Additional Securitization Entity from time to time acquired by or issued to such Guarantor in any manner, together
      with all claims, rights, privileges, authority and powers of such Guarantor relating to any such Equity Interests or granted to it under any organizational document of any such Subsidiary or Additional Securitization Entity formed or acquired from
      time to time;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 108pt;">(x)&#160;&#160;&#160; &#160; &#160; any Interest Reserve Letter of Credit;</div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: justify; font-size: 12pt; margin-left: 36pt; text-indent: 108pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">(xi)&#160;&#160; &#160; &#160; the books and records (whether in physical, electronic or other form) of
          each of the Securitization Entities, including those books and records maintained by the Manager on behalf of the Securitization Entities relating to the Securitized Franchise Assets, the Securitized Company Restaurant Assets and the
          Securitization IP</font><font style="font-size: 10pt;">;</font></div>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: justify; font-size: 12pt; margin-left: 36pt; text-indent: 108pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">(xii)&#160;&#160; &#160;&#160; the rights, powers, remedies and authorities of the Securitization
          Entities under (i)&#160;each of the Related Documents (other than the Indenture and the Notes) to which they are a party and (ii)&#160;each of the documents relating to the Securitized Franchise Assets to which it is a party</font><font style="font-size: 10pt;">;</font></div>
    </div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: justify; font-size: 12pt; margin-left: 36pt; text-indent: 108pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">(xiii) &#160;&#160; any and all other property of the Securitization Entities now or hereafter
          acquired, including, without limitation, all accounts, chattel paper, commercial tort claims, deposit accounts, documents, equipment, fixtures, general intangibles, health-care-insurance receivables, instruments, inventory, securities, securities
          accounts and other investment property and letter-of-credit rights (in each case, as defined in the New&#160;York UCC)</font><font style="font-size: 10pt;">; and</font></div>
      <br>
      <div style="margin-left: 36pt; text-indent: 108pt;">(xiv) &#160;&#160;&#160; all payments, proceeds, supporting obligations and accrued and future rights to payment with respect to the foregoing;</div>
      <div> <br>
      </div>
    </div>
    <div style="text-align: justify; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>provided</u></font><font style="font-size: 10pt;"> that (A) the Collateral shall exclude the Collateral Exclusions; (B)
        Guarantors will not be required to pledge more than 65% of the Equity Interests (and any rights associated with such Equity Interests) of any foreign Subsidiary of any of the Guarantors that is a corporation for U.S. federal income tax purposes and
        in no circumstance will any such foreign Subsidiary be required to pledge any assets, serve as Guarantor, or otherwise guarantee the Notes; (C)<font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;</font>the security
        interest in (1) the Senior Notes Interest Reserve Account and the related property will only be for the benefit of the Senior Noteholders and the Trustee, in its capacity as trustee for the Senior Noteholders, (2) the Senior Subordinated Notes
        Interest Reserve Account and the related property will only be for the benefit of the Senior Subordinated Noteholders and the Trustee, in its capacity as trustee for the Senior Subordinated Noteholders and (3) each Series Distribution Account and
        the related property thereto will only be for the benefit of the noteholders of the&#160; applicable Series (or Class within such Series) as set forth in the applicable Series Supplement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The
        foregoing grant is made in trust to secure the Obligations and to secure compliance with the provisions of this Agreement.&#160; The Trustee, on behalf of the Secured Parties, acknowledges such grant, accepts the trusts under this Agreement in
        accordance with the provisions of this Agreement, and agrees to perform its duties required in this Agreement. The Collateral shall secure the Obligations equally and ratably without prejudice, priority or distinction (except, with respect to any
        Series of Notes, as otherwise stated in the applicable Series Supplement or in the applicable provisions of the Base Indenture).</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Upon
        the occurrence of a Mortgage Recordation Event, unless such Mortgage Recordation Event is waived by the Control Party (at the direction of the Controlling Class Representative), the Trustee or its agent shall, at the direction of the Control Party,
        record each Mortgage in accordance with Section 8.37 of the Base Indenture and JIB Properties hereby consents to such recording.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The
        parties hereto agree and acknowledge that each certificated Equity Interest and each Mortgage may be held by a custodian on behalf of the Trustee.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.2</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160; &#160; &#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Certain Rights and Obligations of the
          Guarantors Unaffected</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Notwithstanding
        the grant of the security interest in the Collateral hereunder to the Trustee, on behalf of the Secured Parties, the Guarantors acknowledge that the Manager, on behalf of the Guarantors shall, subject to the terms and conditions of the Management
        Agreement, have the right, subject to the Trustee&#8217;s right to revoke such right, in whole or in part, in the event of the occurrence of an Event of Default, (i) to give, in accordance with the Managing Standard, all consents, requests, notices,
        directions, approvals, extensions or waivers, if any, which are required or permitted to be given by any Guarantor under the Collateral Transaction Documents, and to enforce all rights, remedies, powers, privileges and claims of each Guarantor
        under the Collateral Transaction Documents, (ii) to give, in accordance with the Managing Standard, all consents, requests, notices, directions and approvals, if any, which are required or permitted to be given by any Guarantor under any IP License
        Agreement to which such Guarantor is a party and (iii) to take any other actions required or permitted to be taken by a Guarantor under the terms of the Management Agreement.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The
        grant of the security interest by the Guarantors in the Collateral to the Trustee on behalf of and for the benefit of the Secured Parties hereunder shall not (i) relieve any Guarantor from the performance of any term, covenant, condition or
        agreement on such Guarantor&#8217;s part to be performed or observed under or in connection with any of the Collateral Transaction Documents or (ii) impose any obligation on the Trustee or any of the Secured Parties to perform or observe any such term,
        covenant, condition or agreement on such Guarantor&#8217;s part to be so performed or observed or impose any liability on the Trustee or any of the Secured Parties for any act or omission on the part of such Guarantor or from any breach of any
        representation or warranty on the part of such Guarantor.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        Guarantor hereby jointly and severally agrees to indemnify and hold harmless the Trustee and each Secured Party (including its directors, officers, employees and agents) from and against any and all losses, liabilities (including liabilities for
        penalties), claims, demands, actions, suits, judgments, reasonable and documented out-of-pocket costs and expenses arising out of or resulting from the security interest granted hereby, whether arising by virtue of any act or omission on the part
        of such Guarantor or otherwise, including, without limitation, the reasonable out-of-pocket costs, expenses and disbursements (including reasonable attorneys&#8217; fees and expenses) incurred by the Trustee or any Secured Party in enforcing this
        Agreement or any other Related Document or preserving any of its rights to, or realizing upon, any of the Collateral or, to the extent permitted by applicable law, the Securitized Assets; <u>provided</u>, <u>however</u>, that the foregoing
        indemnification shall not extend to any action by the Trustee or any Secured Party which constitutes gross negligence, bad faith or willful misconduct by the Trustee or any Secured Party or any other indemnified Person hereunder. The
        indemnification provided for in this <u>Section 3.2</u> shall survive the removal of, or a resignation by, any Person as Trustee as well as the termination of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.3</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160; &#160; &#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Performance of Collateral
          Transaction Documents</u>. Upon the occurrence of a default or breach (after giving effect to any applicable grace or cure periods) by any Person party to (a) a Collateral Transaction Document or (b) a Collateral Business Document (only if a
        Manager Termination Event or an Event of Default has occurred and is continuing), promptly following a request from the Trustee to do so and at the Guarantors&#8217; expense, the Guarantors agree jointly and severally to take all such lawful action as
        permitted under this Agreement as the Trustee (acting at the direction of the Control Party (acting at the direction of the Controlling Class Representative)) may reasonably request to compel or secure the performance and observance by such Person
        of its obligations to any Guarantor, and to exercise any and all rights, remedies, powers and privileges lawfully available to any Guarantor to the extent and in the manner directed by the Trustee (acting at the direction of the Control Party
        (acting at the direction of the Controlling Class Representative)), including, without limitation, the transmission of notices of default and the institution of legal or administrative actions or proceedings to compel or secure performance by such
        Person of its obligations thereunder.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">If (i) any Guarantor shall have failed, within ten (10) Business Days of receiving the direction of the Trustee (given at the direction of the Control
      Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the Trustee, (ii) any Guarantor refuses to take any such action, as reasonably determined by the Trustee in
      good faith, or (iii) the Control Party (acting at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, in any such case the Servicer may, but shall not be obligated to, take, and the
      Trustee shall take (if so directed by the Control Party (acting at the direction of the Controlling Class Representative)), at the expense of the Guarantors, such previously directed action and any related action permitted under this Agreement which
      the Control Party (acting at the direction of the Controlling Class Representative) thereafter determines is appropriate (without the need under this provision or any other provision under this Agreement to direct the Guarantor to take such action),
      on behalf of the Guarantor and the Secured Parties.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.4</font><font id="TRGRRTFtoHTMLTab">&#160;&#160; &#160; &#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Stamp, Other Similar
          Taxes and Filing Fees</u>. The Guarantors shall jointly and severally indemnify and hold harmless the Trustee and each Secured Party from any present or future claim for liability for any stamp, documentary or other similar tax and any penalties
        or interest and expenses with respect thereto, that may be assessed, levied or collected by any jurisdiction in connection with this Agreement, any other Related Document or the Securitized Assets. The Guarantors shall pay, and jointly and
        severally indemnify and hold harmless each Secured Party against, any and all amounts in respect of all search, filing, recording and registration fees, excise taxes and other similar imposts that may be payable or determined to be payable in
        respect of the execution, delivery, performance and/or enforcement of this Agreement or any other Related Document.&#160; The indemnification provided for in this <u>Section 3.4</u> shall survive the removal of, or a resignation by, any Person as
        Trustee as well as the termination of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.5</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Authorization to File Financing Statements</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        Guarantor hereby irrevocably authorizes the Control Party on behalf of the Secured Parties at any time and from time to time to file or record in any filing office in any applicable jurisdiction financing statements and other filing or recording
        documents or instruments with respect to the Collateral to perfect the security interests of the Trustee for the benefit of the Secured Parties under this Agreement.&#160; Each Guarantor authorizes the filing of any such financing statement, document or
        instrument naming the Trustee as secured party and indicating that the Collateral includes &#8220;all assets&#8221; or words of similar effect or import regardless of whether any particular assets comprised in the Collateral fall within the scope of Article 9
        of the UCC, including, without limitation, any and all Securitization IP.&#160; Each Guarantor agrees to furnish any information necessary to accomplish the foregoing promptly upon the Control Party&#8217;s request. Each Guarantor also hereby ratifies and
        authorizes the filing on behalf of the Secured Parties of any financing statement with respect to the Collateral made prior to the date hereof.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        Guarantor acknowledges that to the extent the Collateral includes certain rights of the Guarantors as secured parties under the Related Documents, each Guarantor hereby irrevocably appoints the Trustee as its representative with respect to all
        financing statements filed to perfect or record evidence of such security interests and authorizes the Control Party on behalf of and for the benefit of the Secured Parties to make such filings as it deems necessary to reflect the Trustee as
        secured party of record with respect to such financing statements.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.6</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Perfected First Priority
          Security Interest in Equity Interests</u>. All certificates, agreements or instruments representing or evidencing the Equity Interests of any Securitization Entity in existence on the date hereof (if any) have been delivered to the Trustee in
        suitable form for transfer by delivery or accompanied by duly executed undated instruments of transfer or assignment in blank and, assuming continuing possession by the Trustee of all such Equity Interests, the Trustee has a perfected first
        priority security interest therein.<br>
        <br>
      </font></div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECTION 4<br>
      <br>
      <u>REPRESENTATIONS AND WARRANTIES</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Each Guarantor hereby represents and warrants, for the benefit of the Trustee and the Secured Parties, as follows as of the date hereof, as of each Series
      Closing Date and, with respect to <u>Section 4.5</u>, as of the date of each Assumption Agreement:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.1</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160; &#160; &#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Existence and Power</u>.
        Each Guarantor (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where
        the character of its property, the nature of its business or the performance of its obligations under the Related Documents make such qualification necessary, and (c) has all limited liability company, corporate or other powers and all governmental
        licenses, authorizations, consents and approvals required (i) to carry on its business as now conducted and (ii) for consummation of the transactions contemplated by this Agreement and the other Related Documents except, in the case of <u>clauses
          (b)</u> and <u>(c)(i)</u>, to the extent the failure to do so would not, individually or in the aggregate, be reasonably likely to result in a Material Adverse Effect.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.2</font><font id="TRGRRTFtoHTMLTab">&#160; &#160; &#160;&#160;&#160;&#160; <u></u></font><font style="font-family: 'Times New Roman',Times,serif;"><u>Company and
          Governmental Authorization</u>. The execution, delivery and performance by each Guarantor of this Agreement and the other Related Documents to which it is a party (a) is within such Guarantor&#8217;s limited liability company, corporate or other powers
        and has been duly authorized by all necessary limited liability company, corporate or other action, (b) requires no action by or in respect of, or filing with, any Governmental Authority which has not been obtained (other than any actions or
        filings that may be undertaken after the Closing Date pursuant to the terms of the Base Indenture or any other Related Document, including actions or filings with respect to the Mortgages) and (c) does not contravene, or constitute a default under,
        any Requirements of Law with respect to such Guarantor or any Contractual Obligation with respect to such Guarantor or result in the creation or imposition of any Lien on any property of any Guarantor (other than Permitted Liens), except for Liens
        created by this Agreement or the other Related Documents, except in the case of <u>clauses (b)</u> and <u>(c)</u> above, as applied to the Contribution Agreements, the violation of which would not reasonably be expected to result in a Material
        Adverse Effect.&#160; This Agreement and each of the other Related Documents to which each Guarantor is a party has been executed and delivered by a duly Authorized Officer of such Guarantor.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.3</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>No Consent</u>. No
        consent, action by or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required for the valid execution and delivery by each Guarantor of this Agreement or
        any Related Document to which it is a party or for the performance of any of the Guarantors&#8217; obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations, declarations or filings (a) as shall have been
        obtained or made by such Guarantor prior to the Closing Date or as are permitted to be obtained subsequent to the Closing Date in accordance with <u>Section 4.6</u> hereof or Section 7.13, Section 8.25 or Section 8.37 of the Base Indenture or (b)
        relating to the performance of any Collateral Business Document, the failure of which to obtain would not reasonably be expected to result in a Material Adverse Effect.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.4</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Binding Effect</u>. This
        Agreement, and each other Related Document to which a Guarantor is a party is a legal, valid and binding obligation of each such Guarantor enforceable against such Guarantor in accordance with its terms (except as may be limited by bankruptcy,
        insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good
        faith and fair dealing).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.5</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Ownership of Equity
          Interests; Subsidiaries</u>. All of the issued and outstanding Equity Interests owned by the Master Issuer or such Guarantor are set forth in <u>Schedule 4.5</u> (as such schedule may be amended from time to time to provide for the inclusion of
        an Additional Securitization Entity in connection with the execution of an Assumption Agreement) to this Agreement, all of which interests have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by
        such Guarantor free and clear of all Liens other than Permitted Liens. No Guarantor has any subsidiaries or owns any Equity Interests in any other Person, other than as set forth in such <u>Schedule 4.5</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.6</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u></font><font style="font-family: 'Times New Roman',Times,serif;"><u>Security Interests</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        Guarantor owns and has good title to its Securitized Assets, free and clear of all Liens other than Permitted Liens; <u>provided</u>, <u>however</u>, that this sentence shall not apply to the Securitized Owned Real Property until six (6) months
        after the Closing Date. Other than the Accounts, the Real Estate Assets and Intellectual Property, the Collateral consists of securities, loans, investments, accounts, commercial tort claims, inventory, equipment, fixtures, health care insurance
        receivables, chattel paper, money, deposit accounts, instruments, financial assets, documents, investment property, general intangibles, letter of credit rights, or other supporting obligations (in each case, as defined in the UCC).&#160; Except in the
        case of the Securitized Owned Real Property, which is subject to Section 8.37 of the Base Indenture or as described on Schedule 7.13(a) of the Base Indenture, this Agreement constitutes 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 (or, (i) with respect to Collateral other than Accounts and Intellectual Property, will be perfected within the timeframe set forth in
        the final sentence of this <u>Section 4.6(a)</u>, (ii) with respect to Collateral constituting Intellectual Property, will be perfected within the timeframe set forth in Section 8.25 of the Base Indenture, and (iii) with respect to Collateral
        constituting Accounts, will be perfected within the timeframe set forth in with Article V of the Base Indenture), and is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from
        each Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors&#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.&#160; Except as set forth in Schedule 7.13(a) of the Base Indenture, the Guarantors have received all consents and
        approvals required by the terms of the Collateral to the pledge of the Collateral to the Trustee hereunder.&#160; Each Guarantor has caused, or shall have caused, the filing of all appropriate financing statements in the proper filing office in the
        appropriate jurisdictions under applicable law in order to perfect the first-priority security interest (subject to Permitted Liens) in the Collateral (other than the Accounts and Intellectual Property) granted to the Trustee hereunder within ten
        (10) days of the date of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Other
        than the security interest granted to the Trustee in the Collateral hereunder or pursuant to the other Related Documents or any other Permitted Lien, none of the Guarantors has pledged, assigned, sold or granted a security interest in the
        Securitized Assets. All action necessary (including the filing of UCC-1 financing statements) to protect and evidence the Trustee&#8217;s security interest in the Collateral (other than the Intellectual Property) in the United States has been duly and
        effectively taken. No security agreement, financing statement, equivalent security or lien instrument or continuation statement authorized by any Guarantor and listing such Guarantor as debtor covering all or any part of the Securitized Assets is
        on file or of record in any jurisdiction, except in respect of Permitted Liens or such as may have been filed, recorded or made by such Guarantor in favor of the Trustee on behalf of the Secured Parties in connection with this Agreement, and no
        Guarantor has authorized any such filing.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">All
        authorizations in this Agreement for the Trustee to endorse checks, instruments and securities and to execute financing statements, continuation statements, security agreements and other instruments with respect to the Collateral and to take such
        other actions with respect to the Collateral authorized by this Agreement are powers coupled with an interest and are irrevocable.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.7</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Other Representations</u>.
        All representations and warranties of or about each Guarantor made in the Base Indenture and in each other Related Document to which it is a party are true and correct (i) as of the date hereof or (ii) if made on a future date (A) if qualified as
        to materiality, in all respects, and (B) if not qualified as to materiality, in all material respects (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct in all respects or in
        all material respects, as applicable, as of such earlier date), and in each case are repeated herein as though fully set forth herein.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECTION 5<br>
      <br>
      <u>COVENANTS</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.1</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Maintenance of Office or
          Agency</u>.&#160; Each Guarantor shall maintain an office or agency (which, with respect to the surrender for registration of, or transfer or exchange or the payment of principal and premium, may be the Corporate Trust Office of the Trustee or the
        Registrar or co-registrar or Paying Agent) where notices and demands to or upon the Guarantors in respect of this Agreement may be served. The Guarantors shall give prompt written notice to the Trustee and the Servicer of the location, and any
        change in the location, of such office or agency. If at any time the Guarantors shall fail to maintain any such required office or agency or shall fail to furnish the Trustee and the Servicer with the address thereof, such notices and demands may
        be made at the address of such Guarantor set forth in <u>Section 8.2</u> hereof.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.2</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Covenants in Base
          Indenture and Other Related Documents</u>. Each Guarantor shall take, or shall refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, by such Guarantor so that no Default or Event of
        Default is caused by the failure to take such action or to refrain from taking such action by such Guarantor or any of its Subsidiaries, including failure to execute Mortgages; <u>provided</u> that, for the avoidance of doubt, such taking or
        refraining from taking action shall result in an Event of Default under the Indenture subject to the applicable cure periods set forth thereunder.&#160; All covenants of each Guarantor made in the Base Indenture and in each other Related Document are
        repeated herein as though fully set forth herein and each Guarantor agrees to comply with such covenants, as applicable.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.3</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160; &#160; &#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Further Assurances</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        Guarantor shall do such further acts and things, and execute and deliver to the Trustee and the Control Party such additional assignments, agreements, powers of attorney and instruments, as are necessary or desirable to obtain or maintain the
        security interest of the Trustee in the Collateral or the Securitized Assets required to be part of the Collateral on behalf of the Secured Parties as a perfected security interest subject to no prior Liens (other than Permitted Liens), to carry
        into effect the purposes of this Agreement or the other Related Documents or to better assure and confirm unto the Trustee, the Control Party, the Noteholders or the other Secured Parties their rights, powers and remedies hereunder including,
        without limitation, the filing of any financing or continuation statements or amendments under the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby, in each case except as set forth on Schedule
        7.13(a) of the Base Indenture and in accordance with Section 8.25(c), Section 8.25(d) or Section 8.37 of the Base Indenture.&#160; If any Guarantor fails to perform any of its agreements or obligations under this <u>Section 5.3(a)</u>, then the Control
        Party may perform such agreement or obligation, and the expenses of the Control Party incurred in connection therewith shall be payable by the Guarantors upon the Control Party&#8216;s demand therefor.&#160; The Control Party is hereby authorized to execute
        and file any financing statements, continuation statements, amendments or other instruments necessary or appropriate to perfect or maintain the perfection of the Trustee&#8217;s security interest in the Collateral or the Securitized Assets required to be
        part of the Collateral.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">If
        any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or instrument shall be deemed to be held in trust and immediately
        pledged and within two (2) Business Days physically delivered to the Trustee hereunder, and shall, subject to the rights of any Person in whose favor a prior Lien has been perfected, be duly endorsed in a manner satisfactory to the Trustee and
        delivered to the Trustee promptly; <u>provided</u> that no Guarantor shall be required to deliver any Franchisee Note.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Notwithstanding
        the provisions set forth in <u>clauses (a)</u> and <u>(b)</u> above, each Guarantor shall not be required to perfect any security interest in any fixtures (other than through a central filing of a UCC financing statement), any Franchisee Note,
        any Excepted Securitization IP Assets or, except as provided in Section 8.37 of the Base Indenture, any real property, leases on real property owned or rents on real property owned.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        Guarantor, upon obtaining an interest in any commercial tort claim or claims (as such term is defined in the New York UCC), shall comply with Section 8.11(d) of the Base Indenture.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        Guarantor shall warrant and defend the Trustee&#8217;s right, title and interest in and to the Securitized Assets, including the right to cause the Securitized Assets to become Collateral, and the income, distributions and Proceeds thereof, for the
        benefit of the Trustee on behalf of the Secured Parties, against the claims and demands of all Persons whomsoever.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.4</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Legal Name, Location
          Under Section 9-301 or 9-307</u>. No Guarantor shall change its location (within the meaning of Section 9-301 or 9-307 of the applicable UCC) or its legal name without at least thirty (30) days&#8217; prior written notice to the Trustee, the Servicer,
        the Manager, the Back-Up Manager and each Rating Agency with respect to each Series of Notes Outstanding. In the event that any Guarantor desires to so change its location or change its legal name, such Guarantor shall make any required filings and
        prior to actually changing its location or its legal name such Guarantor shall deliver to the Trustee and the Servicer (i) an Officer's Certificate and an Opinion of Counsel confirming either (a) in the case of all Collateral (except Securitization
        IP) (x) that all required filings have been made, subject to <u>Section 5.3(c)</u>, to continue the perfected interest of the Trustee on behalf of the Secured Parties in the Collateral under Article 9 of the applicable UCC in respect of the new
        location or new legal name of such Guarantor and (y) such change in location or change in name will not adversely affect the Lien under any Mortgage required to be delivered pursuant to Section 8.37 of the Base Indenture or (b) in the case of the
        Securitization IP, (x) that all required filings have been made subject to <u>Section 5.3(c)</u>, to continue the perfected interest of the Trustee on behalf of the Secured Parties in the Securitization IP under Article 9 of the applicable UCC in
        respect of the new location or new legal name of such Guarantor and (y) such change in location or change in name will not adversely affect the Lien under any Securitization IP pursuant to Section 8.25 of the Base Indenture and (ii) copies of all
        such required filings with the filing information duly noted thereon by the office in which such filings were made.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.5</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Equity Interests</u>. No
        Guarantor shall sell, transfer, assign, pledge, hypothecate or otherwise dispose of any Equity Interest in any other Securitization Entity, except as provided in the Related Documents.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.6</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Management Accounts</u>.
        To the extent that it owns any Management Account (including any lock-box related thereto), each Guarantor shall comply with <u>Section 5.02</u> of the Base Indenture with respect to each such Management Account (including any lock-box related
        thereto).</font></div>
    <div>&#160; <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.7</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Senior Notes Interest
          Reserve Account</u>.&#160; To the extent a Guarantor shall own a Senior Notes Interest Reserve Account, such Guarantor shall comply (and shall cause the Manager to comply) with Section 5.03 of the Base Indenture, to the extent applicable, with respect
        to each the Senior Notes Interest Reserve Account (including any lock-box related thereto), and shall not make any deposits or withdrawals except as provided therein.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.8</font><font id="TRGRRTFtoHTMLTab">&#160;&#160; &#160; &#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Senior Subordinated
          Notes Interest Reserve Account</u>.&#160; To the extent a Guarantor shall own a Senior Subordinated Notes Interest Reserve Account, such Guarantor shall comply (and shall cause the Manager to comply) with Section 5.04 of the Base Indenture, to the
        extent applicable, with respect to each the Senior Subordinated Notes Interest Reserve Account (including any lock-box related thereto), and shall not make any deposits or withdrawals except as provided therein.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.9</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Certificated Equity Interests</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Each
        Guarantor hereby agrees that all certificates, agreements or instruments representing or evidencing the Equity Interests of any Additional Securitization Entity acquired or established by such Guarantor after the date hereof shall immediately upon
        receipt thereof by such Guarantor be held by or on behalf of and delivered to the Trustee in suitable form for transfer by delivery or accompanied by duly executed undated instruments of transfer or assignment in blank, all in form and substance
        satisfactory to the Trustee and the Control Party.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Without
        the prior written consent of the Control Party, no Guarantor shall cause or permit the limited liability company interest, membership interest or partnership interest of any Securitization Entity or Additional Securitization Entity that is a
        limited liability company or partnership to constitute a security governed by Article 8 of the UCC of the jurisdiction in which such Securitization Entity or Additional Securitization Entity is organized unless the applicable Securitization Entity
        or Additional Securitization Entity, if it has not already done so, complies with <u>Section 3.6</u> and/or <u>Section 5.9(a)</u>, as applicable, with respect to such security.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECTION 6<br>
      <br>
      <u>REMEDIAL PROVISIONS</u></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.1</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Rights of the Control Party and Trustee upon
          Event of Default</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Proceedings
          To Collect Money</u>. In case any Guarantor shall fail forthwith to pay any amounts due on this Agreement upon demand, the Trustee at the direction of the Control Party (subject to Section 11.04(e) of the Base Indenture, at the direction of the
        Controlling Class Representative), in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the
        same against any Guarantor and collect in the manner provided by law out of the property of any Guarantor, wherever situated, the moneys adjudged or decreed to be payable.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Other
          Proceedings</u>. If and when an Event of Default shall have occurred and is continuing, the Trustee, at the direction of the Control Party (subject to Section 11.04(e) of the Base Indenture at the direction of the Controlling Class
        Representative) pursuant to a Control Party request shall take one or more of the following actions:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 117pt;"> (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; proceed to protect and enforce its rights and the rights of the other Secured Parties, by such appropriate Proceedings as the Control Party (at the direction of the
      Controlling Class Representative) shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Agreement or any other Related Document or in aid of the exercise of any
      power granted therein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Agreement or any other Related Document or by law, including any remedies of a secured party under applicable law;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 117pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; (A) direct any Guarantor to exercise (and each Guarantor agrees to exercise) all rights, remedies, powers, privileges and claims of any Guarantor against any party to
      any Collateral Transaction Document arising as a result of the occurrence of such Event of Default or otherwise, including the right or power to take any action to compel performance or observance by any such party of its obligations to any
      Guarantor, and any right of any Guarantor to take such action independent of such direction shall be suspended, and (B) if (x) any Guarantor shall have failed, within ten (10) Business Days of receiving the direction of the Trustee (given at the
      direction of the Control Party (at the direction of the Controlling Class Representative)), to take commercially reasonable action to accomplish such directions of the Trustee, (y) any Guarantor refuses to take such action or (z) the Control Party
      (at the direction of the Controlling Class Representative) reasonably determines that such action must be taken immediately, take (or the Control Party on behalf of the Trustee shall take) such previously directed action (and any related action as
      permitted under this Agreement thereafter determined by the Trustee or the Control Party to be appropriate without the need under this provision or any other provision under this Agreement to direct the Guarantors to take such action);</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 117pt;"> (iii)&#160;&#160;&#160;&#160;&#160; institute Proceedings from time to time for the complete or partial foreclosure of this Agreement or, to the extent applicable, any other Related Document, with
      respect to the Collateral and, to the extent permitted by applicable law, any other Securitized Assets; <u>provided</u> that the Trustee shall not be required to take title to any real property in connection with any foreclosure or other exercise of
      remedies hereunder or under such Related Documents and title to such property shall instead be acquired in an entity designated and (unless owned by a third party) controlled by the Control Party; and/or</div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 117pt;">(iv)&#160;&#160;&#160;&#160;&#160; sell all or a portion of the Collateral and, to the extent permitted by applicable law, any other Securitized Assets at one or more public or private sales called and
      conducted in any manner permitted by law; <u>provided</u>, <u>however</u>, that the Trustee shall not proceed with any such sale without the prior written consent of the Control Party (at the direction of the Controlling Class Representative) and
      the Trustee shall provide notice to the Guarantors and each Holder of Senior Subordinated Notes and Subordinated Notes of a proposed sale of Collateral or Securitized Assets, to the extent permitted by applicable law.</div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Sale
          of Securitized Assets</u>. In connection with any sale of the Collateral hereunder (which may proceed separately and independently from the exercise of remedies under the Indenture), Mortgage or under any judgment, order or decree in any judicial
        proceeding for the foreclosure or involving the enforcement of this Agreement or any other Related Document, or any sale of Securitized Assets, to the extent permitted by applicable law:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 117pt;"> (i)&#160;&#160;&#160;&#160;&#160; any of the Trustee, any Noteholder, any Enhancement Provider, any Hedge Counterparty and/or any other Secured Party may bid for and purchase the property being sold, and
      upon compliance with the terms of the sale may hold, retain, possess and dispose of such property in its own absolute right without further accountability;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 81pt; text-indent: 72pt;"> (ii)&#160;&#160;&#160;&#160;&#160; the Trustee (at the direction of the Control Party (at the direction of the Controlling Class Representative)) may make and deliver to the purchaser or purchasers a good
      and sufficient deed, bill of sale and instrument of assignment and transfer of the property sold;</div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 117pt;"> (iii)&#160;&#160;&#160;&#160; all right, title, interest, claim and demand whatsoever, either at law or in equity or otherwise, of any Guarantor of, in and to the property so sold shall be divested;
      and such sale shall be a perpetual bar both at law and in equity against any Guarantor, its successors and assigns, and against any and all Persons claiming or who may claim the property sold or any part thereof from, through or under such Guarantor
      or its successors or assigns; and</div>
    <div> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; text-indent: 117pt;"> (iv)&#160;&#160;&#160;&#160; the receipt of the Trustee or of the officer thereof making such sale shall be a sufficient discharge to the purchaser or purchasers at such sale for his or their
      purchase money, and such purchaser or purchasers, and his or their assigns or personal representatives, shall not, after paying such purchase money and receiving such receipt of the Trustee or of such officer therefor, be obliged to see to the
      application of such purchase money or be in any way answerable for any loss, misapplication or non-application thereof.</div>
  </div>
  <div> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div>&#160;
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Application
          of Proceeds</u>. Any amounts obtained by the Trustee or the Control Party on account of or as a result of the exercise by the Trustee or the Control Party of any right hereunder or under the Base Indenture, (a) shall be deposited into the
        Collection Account and, other than with respect to amounts owed to a depository bank under the related Account Control Agreement, shall be held by the Trustee or the Control Party as additional collateral for the repayment of the Obligations and
        (b) shall be applied first to pay a depositary bank in respect of amounts owed to it under the related Account Control Agreement and then as provided in the priority set forth in Article V of the Base Indenture; <u>provided</u>, <u>however</u>,
        that unless otherwise provided in this <u>Section 6</u> or <u>Article IX</u> of the Base Indenture, with respect to any distribution to any Class of Notes, notwithstanding the provisions of <u>Article&#160;V</u> of the Base Indenture, such amounts
        shall be distributed sequentially in order of alphabetical (as opposed to alphanumerical) designation and pro rata among each Class of Notes of the same alphabetical designation based upon the Outstanding Principal Amount of the Notes of each such
        Class.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Additional
          Remedies</u>. In addition to any rights and remedies now or hereafter granted hereunder or under applicable law (x) with respect to the Collateral, the Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted
        in any applicable jurisdiction and (y) with respect to the other Securitized Assets, the Trustee shall have all of the rights and remedies of an unsecured creditor in any applicable jurisdiction.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(f)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Proceedings</u>.
        The Trustee may maintain a Proceeding even if it does not possess any of the Notes or does not produce any of them in the Proceeding, and any such Proceeding instituted by the Trustee shall be in its own name as trustee. All remedies are cumulative
        to the extent permitted by law.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(g)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Power
          of Attorney</u>. Each Guarantor hereby grants to the Trustee an absolute and irrevocable power of attorney, with full power and authority in the place and stead of such Guarantor and in the name of such Guarantor, upon the occurrence and during
        the continuance of an Event of Default, to take any action and to execute any instrument consistent with the terms of this Agreement, the Base Indenture and the other Related Documents which the Trustee may deem necessary or advisable to accomplish
        the purposes hereof, including, without limitation, to sign any document which may be required by the PTO, United States Copyright Office, any similar office or agency in each foreign country in which any Securitization IP is located, or any other
        Governmental Authority in order to effect an absolute assignment of all right, title and interest in or to any Securitization IP, and record the same.&#160; The foregoing grant of authority is a power of attorney coupled with an interest.&#160; Each
        Guarantor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.2</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Waiver of Appraisal,
          Valuation, Stay and Right to Marshaling</u>. To the extent it may lawfully do so, each Guarantor for itself and for any Person who may claim through or under it hereby:</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">agrees
        that neither it nor any such Person shall step up, plead, claim or in any manner whatsoever take advantage of any appraisal, valuation, stay, extension or redemption laws, now or hereafter in force in any jurisdiction, which may delay, prevent or
        otherwise hinder (i) the performance, enforcement or foreclosure of this Agreement, (ii) the sale of any of the Collateral or Securitized Assets, to the extent permitted by applicable law or (iii) the putting of the purchaser or purchasers thereof
        into possession of such property immediately after the sale thereof;</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">waives
        all benefit or advantage of any such laws;</font></div>
    <div>&#160;&#160; </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">waives
        and releases all rights to have the Collateral and/or the Securitized Assets marshaled upon any foreclosure, sale or other enforcement of this Agreement; and</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">consents
        and agrees that, subject to the terms of this Agreement, all the Collateral and all of the Securitized Assets (to the extent permitted by applicable law) may at any such sale be sold by the Trustee as an entirety or in such portions as the Trustee
        may (upon direction by the Control Party (at the direction of the Controlling Class Representative)) determine.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.3</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Limited Recourse</u>.
        Notwithstanding any other provision of this Agreement or any other Related Document or otherwise, the liability of the Guarantors to the Secured Parties under or in relation to this Agreement or any other Related Document or otherwise, is limited
        in recourse to the assets of the Securitization Entities. Following the proceeds of such assets having been applied in accordance with the terms hereof, none of the Secured Parties shall be entitled to take any further steps against any Guarantor
        to recover any sums due but still unpaid hereunder or under any of the other agreements or documents described in this <u>Section 6.3</u>, all claims in respect of which shall be extinguished. This <u>Section 6.3</u> shall survive the removal of,
        or a resignation by, any Person as Trustee as well as the termination of this Agreement.</font></div>
    &#160;
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.4</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Optional Preservation of
          the Securitized Assets</u>. If the maturity of the Outstanding Notes of each Series has been accelerated pursuant to <u>Section 9.02</u> of the Base Indenture following an Event of Default and such declaration and its consequences have not been
        rescinded and annulled, the Trustee, at the direction of the Control Party (acting at the direction of the Controlling Class Representative), shall elect to maintain possession of such portion, if any, of the Collateral and/or Securitized Assets
        (to the extent permitted by applicable law) as the Control Party (acting at the direction of the Controlling Class Representative) shall in its discretion determine.</font></div>
    &#160; &#160;
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.5</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Control by the Control
          Party</u>. Notwithstanding any other provision hereof, the Control Party (subject to Section 11.04(e) of the Base Indenture, at the direction of the Controlling Class Representative) may cause the institution of and direct the time, method and
        place of conducting any proceeding in respect of any enforcement of the Collateral (or, to the extent permitted by applicable law, other Securitized Assets) or conducting any proceeding in respect of any enforcement of Liens on the Collateral and
        other rights and remedies against other Securitized Assets (to the extent permitted by applicable law) or conducting any proceeding for any contractual or legal remedy available to the Trustee or exercise any trust or power conferred on the
        Trustee; <u>provided</u> that:</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">such
        direction of time, method and place shall not be in conflict with any rule of law, the Servicing Standard, the Base Indenture or this Agreement;</font></div>
    <div>&#160;&#160; </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">the
        Control Party (at the direction of the Controlling Class Representative) may take any other action deemed proper by the Control Party (at the direction of the Controlling Class Representative) that is not inconsistent with such direction (as the
        same may be modified by the Control Party (with the consent of the Controlling Class Representative)); and</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">such
        direction shall be in writing;</font></div>
    <div>&#160;&#160; </div>
    <div style="text-align: justify; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>provided,</u></font><font style="font-size: 10pt;">&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>further</u></font>
        that, subject to <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 10.01</u></font> of the Base Indenture, the Trustee need not take any action that it determines might involve it in liability unless it has received an indemnity
        for such liability as provided in the Base Indenture.&#160; The Trustee shall take no action referred to in this <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 6.5</u></font> unless instructed to do so by the Control Party (at the
        direction of the Controlling Class Representative).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.6</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>The Trustee May File
          Proofs of Claim</u>. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
        disbursements and advances of the Trustee, its agents and counsel) and any other Secured Party (as applicable) allowed in any judicial proceedings relative to any Guarantor, its creditors or its property, and shall be entitled and empowered to
        collect, receive and distribute any money or other property payable or deliverable on any such claim and any custodian in any such judicial proceeding is hereby authorized by each Secured Party to make such payments to the Trustee and, in the event
        that the Trustee shall consent to the making of such payments directly to any other Secured Party, to pay the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
        and any other amounts due the Trustee under <u>Section 10.05</u> of the Base Indenture. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due
        the Trustee under <u>Section 10.05</u> of the Base Indenture out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions,
        dividends, money and other properties which any other Secured Party may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to
        authorize the Trustee to authorize or consent to or accept or adopt on behalf of any other Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any other Secured Party, or to
        authorize the Trustee to vote in respect of the claim of any Secured Parties in any such proceeding.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.7</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u></font><font style="font-family: 'Times New Roman',Times,serif;"><u>Undertaking for
          Costs</u>. In any suit for the enforcement of any right or remedy under this Agreement or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant
        in the suit of any undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys&#8217; fees, against any party litigant in the suit, having due regard to the merits and good faith
        of the claims or defenses made by the party litigant. This <u>Section 6.7</u> does not apply to a suit by the Trustee (or by the Control Party for any contractual or legal remedy available to the Trustee), a suit by a Noteholder pursuant to
        Section 9.09 of the Base Indenture or a suit by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount of all Series of Notes.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.8</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Restoration of Rights
          and Remedies</u>. If the Trustee or any other Secured Party has instituted any Proceeding to enforce any right or remedy under this Agreement or any other Related Document and such Proceeding has been discontinued or abandoned for any reason or
        has been determined adversely to the Trustee or to such other Secured Party, then and in every such case the Trustee and any such other Secured Party shall, subject to any determination in such proceeding, be restored severally and respectively to
        their former positions hereunder, and thereafter all rights and remedies of the Trustee and the other Secured Parties shall continue as though no such Proceeding had been instituted.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.9</font><font id="TRGRRTFtoHTMLTab">&#160; &#160; &#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Rights and Remedies
          Cumulative</u>. No right or remedy herein conferred upon or reserved to the Trustee or to any other Secured Party is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be
        cumulative and in addition to every other right and remedy given under this Agreement or any other Related Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this
        Agreement or any other Related Document, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.10</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Delay or Omission Not
          Waiver</u>. No delay or omission of the Trustee, the Control Party, the Controlling Class Representative or any other Secured Party to exercise any right or remedy accruing upon any Potential Rapid Amortization Event, Rapid Amortization Event,
        Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Potential Rapid Amortization Event, Rapid Amortization Event, Default or Event of Default or an acquiescence therein. Every right and remedy given
        by this <u>Section 6</u> or by law to the Trustee, the Control Party, the Controlling Class Representative or any other Secured Party may be exercised from time to time to the extent not inconsistent with the Indenture or this Agreement, and as
        often as may be deemed expedient, by the Trustee, the Control Party, the Controlling Class Representative or any other Secured Party, as the case may be.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.11</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Waiver of Stay or
          Extension Laws</u>. Each Guarantor covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever
        enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Agreement or any other Related Document; and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or
        advantages of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Trustee, the Control Party or the Controlling Class Representative, but shall suffer and permit the execution of
        every such power as though no such law had been enacted.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECTION 7<br>
      <br>
      <u>THE TRUSTEE&#8217;S AUTHORITY</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Each Guarantor acknowledges that the rights and responsibilities of the Trustee under this Agreement with respect to any action taken by the Trustee or the
      exercise or non-exercise by the Trustee of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Trustee and the other Secured Parties, be governed
      by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Trustee and the Guarantors, the Trustee shall be conclusively presumed to be acting as agent for the Secured Parties
      with full and valid authority so to act or refrain from acting, it being understood that the Trustee (at the direction of the Control Party (at the direction of the Controlling Class Representative)) and the Control Party (at the direction of the
      Controlling Class Representative) directly shall be the only parties entitled to exercise remedies under this Agreement; and no Guarantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECTION 8<br>
      <br>
      <u>MISCELLANEOUS</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.1</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Amendments</u>. None of
        the terms or provisions of this Agreement may be amended, supplemented, waived or otherwise modified except (i) with the written consent of the parties hereto and (ii) in accordance with the additional requirements set forth in <u>Article XIII</u>
        of the Base Indenture.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.2</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Notices</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any
        notice or communication by the Guarantors or the Trustee to any other party hereto shall be in writing and delivered in person, delivered by email (<u>provided</u> that such email may contain a link to a password-protected website containing such
        notice for which the recipient has granted access; <u>provided</u>, <u>further</u>, that any email notice to the Trustee other than an email containing a link to a password-protected website shall be in the form of an attachment of a .pdf or
        similar file) or mailed by first-class mail (registered or certified, return receipt requested), facsimile or overnight air courier guaranteeing next day delivery, to such other party&#8217;s address:</font></div>
    <div>&#160;&#160; </div>
    <div style="margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>If to the Holding Company Guarantor</u></font><font style="font-size: 10pt;">:</font></div>
    <div>&#160;</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">Jack in the Box SPV Guarantor, LLC</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">9330 Balboa Avenue</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">San Diego, CA 92123</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">Attention: General Counsel</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>If to the Franchisor</u></font><font style="font-size: 10pt;">:</font></div>
    <div>&#160;</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">Different Rules, LLC</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">9330 Balboa Avenue</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">San Diego, CA 92123</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">Attention: General Counsel</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div style="margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>If to JIB Properties</u></font><font style="font-size: 10pt;">:</font></div>
    <div>&#160;</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">Jack in the Box Properties, LLC</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">9330 Balboa Avenue</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">San Diego, CA 92123</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">Attention: General Counsel</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div style="text-indent: -36pt; margin-left: 108pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>If to any Guarantor with a copy to (which shall not constitute notice)</u></font><font style="font-size: 10pt;">:</font></div>
    <div>&#160;</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">White &amp; Case LLP</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">1221 Avenue of the Americas</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">New York, NY 10020<br>
      Attention:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;"> </font>David Thatch<br>
      Facsimile: 212-354-8113</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div style="margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>If to the Trustee</u></font><font style="font-size: 10pt;">:</font></div>
    <div>&#160;</div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif;">Citibank, N.A.<br>
      388 Greenwich Street<br>
      New York, NY 10013<br>
      Attention:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;"> </font>Citibank Agency &amp; Trust- Jack in the Box Funding, LLC<br>
      Email: jacqueline.suarez@citi.com or contact Citibank, N.A.&#8217;s customer service desk at (888) 855-9695</div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The
        Guarantors or the Trustee by notice to each other party may designate additional or different addresses for subsequent notices or communications; <u>provided</u>, <u>however</u>, the Guarantors may not at any time designate more than a total of
        three (3) addresses to which notices must be sent in order to be effective.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any
        notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by facsimile shall be deemed
        given on the date of delivery of such notice, (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier, (v) when posted on a password-protected
        website shall be deemed delivered after notice of such posting has been provided to the recipient and (vi) delivered by email shall be deemed delivered on the date of delivery of such notice.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Notwithstanding
        any provisions of this Agreement to the contrary, the Trustee shall have no liability based upon or arising from the failure to receive any notice required by or relating to this Agreement or any other Related Document.</font></div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif; text-align: justify; text-indent: 72pt;">8.3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>. <font style="font-weight: bold;">THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
        WITH, THE LAWS OF THE STATE OF NEW YORK.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.4</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Successors</u>. All
        agreements of each of the Guarantors in this Agreement and each other Related Document to which it is a party shall bind its successors and assigns; <u>provided</u>, <u>however</u>, no Guarantor may assign its obligations or rights under this
        Agreement or any other Related Document, except with the written consent of the Servicer. All agreements of the Trustee in this Agreement shall bind its successors.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.5</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Severability</u>. In
        case any provision in this Agreement or any other Related Document shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.6</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Counterpart Originals</u>.
        This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single agreement.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.7</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Table of Contents,
          Headings, etc.</u> The Table of Contents and headings of the Sections of this Agreement have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or
        provisions hereof.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.8</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Waiver of Jury Trial</u>.
        EACH OF THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER RELATED
        DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.</font></div>
    <div>&#160;&#160; </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.9</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Submission to
          Jurisdiction; Waivers</u>. Each of the Guarantors and the Trustee hereby irrevocably and unconditionally:</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">submits
        for itself and its property in any legal action or proceeding relating to this Agreement and the other Related Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general
        jurisdiction of the courts of the State of New York sitting in New York County, the courts of the United States for the Southern District of New York, and appellate courts from any thereof;</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">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;</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">agrees
        that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Guarantors or the Trustee, as the case may be,
        at its address set forth in <u>Section 8.2</u> or at such other address of which the Trustee shall have been notified pursuant thereto;</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">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</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">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 <u>Section 8.9</u> any special, exemplary, punitive or consequential damages.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.10</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Additional Guarantors</u>.
        Each Additional Securitization Entity that is to become a &#8220;Guarantor&#8221; for all purposes of this Agreement shall execute and deliver an Assumption Agreement in substantially the form of Exhibit A hereto. Upon the execution and delivery by any
        Additional Securitization Entity of such an Assumption Agreement, the supplemental schedules attached to such Assumption Agreement shall be incorporated into and become a part of and supplement the Schedules to this Agreement and each reference to
        such Schedules shall mean and be a reference to such Schedules as supplemented pursuant to each Assumption Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.11</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Currency Indemnity</u>.
        Each Guarantor shall make all payments of amounts owing by it hereunder in U.S. Dollars. If a Guarantor makes any such payment to the Trustee or any other Secured Party in a currency (the &#8220;<u>Other Currency</u>&#8221;) other than U.S. Dollars (whether
        voluntarily or pursuant to an order or judgment of a court or tribunal of any jurisdiction), such payment shall constitute a discharge of the liability of such party hereunder in respect of such amount owing only to the extent of the amount of U.S.
        Dollars which the Trustee or such Secured Party is able to purchase with the amount it receives on the date of receipt (if it can timely exchange such Other Currency on such date) or otherwise on the next following Business Day on which foreign
        currency exchange transactions may be effected for such Other Currency. If the amount of U.S. Dollars which the Trustee or such Secured Party is able to purchase is less than the amount of such currency originally so due in respect of such amount,
        such Guarantor shall indemnify and save the Trustee or such Secured Party, as applicable, harmless from and against any loss or damage arising as a result of such deficiency. This indemnity shall constitute an obligation separate and independent
        from the other obligations contained in this Agreement, shall give rise to a separate and independent cause of action, shall survive termination hereof, shall apply irrespective of any indulgence granted by the Trustee or such Secured Party and
        shall continue in full force and effect notwithstanding any judgment or order in respect of any amount due hereunder or under any judgment or order.</font></div>
    &#160; &#160;
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.12</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Acknowledgment of
          Receipt; Waiver</u>. Each Guarantor acknowledges receipt of an executed copy of this Agreement and, to the extent permitted by applicable law, waives the right to receive a copy of any financing statement, financing change statement or
        verification statement in respect of any registered financing statement or financing change statement prepared, registered or issued in connection with this Agreement.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.13</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Termination; Partial Release</u>.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">This
        Agreement and any grants, pledges and assignments hereunder shall become effective on the date hereof and shall terminate on the Termination Date.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">On
        the Termination Date, the Collateral shall be automatically released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Trustee and each Guarantor shall
        automatically terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Securitized Assets shall revert to the Guarantors. At the request and sole expense of any Guarantor following any such
        termination, the Trustee shall deliver to such Guarantor any Securitized Assets held by the Trustee hereunder, and execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence such termination.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 108pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any
        partial release of Collateral hereunder requested by the Master Issuer or any Guarantor in connection with any Permitted Asset Disposition shall be governed by <u>Section 8.16 and Section 14.17</u> of the Base Indenture.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.14</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Third Party Beneficiary</u>. Each of the Secured Parties and
        the Controlling Class Representative is an express third party beneficiary of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.15</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Entire Agreement.</u></font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">This Agreement, together with the schedule hereto, the Indenture and the other Related Documents, contain a final and complete integration of all prior
      expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and writings with
      respect thereto.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.16</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>Electronic

          Communication</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">The Trustee (in each of its capacities) agrees to accept and act upon instructions or directions pursuant to this Agreement or any documents executed in
      connection herewith sent by unsecured email or other similar unsecured electronic methods; <u>provided</u>, <u>however</u>, that any person providing such instructions or directions shall provide to the Trustee an incumbency certificate listing
      persons designated to provide such instructions or directions (including the email addresses of such persons), which incumbency certificate shall be amended whenever a person is added or deleted from the listing. If such person elects to give the
      Trustee email (of .pdf or similar files) (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee&#8217;s reasonable understanding of such instructions shall be deemed controlling.
      The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee&#8217;s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a
      subsequent written instruction. Any person providing such instructions or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the
      risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.17</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman',Times,serif;"><u>No

          Bankruptcy Petition Against the Securitization Entities</u>.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">Each of the Holders, the Trustee and the other Secured Parties hereby covenants and agrees that, prior to the date which is one (1) year and one (1) day
      after the payment in full of the latest maturing Note, it will not institute against, or join with any other Person in instituting against, any Securitization Entity any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
      or other proceedings, under any federal or state bankruptcy or similar law; <u>provided</u>, <u>however</u>, that nothing in this Section 8.17 shall constitute a waiver of any right to indemnification, reimbursement or other payment from the
      Securitization Entities pursuant to the Indenture or any other Related Document.&#160; In the event that any such Holder or other Secured Party or the Trustee takes action in violation of this Section 8.17, each affected Securitization Entity shall file
      or cause to be filed an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Holder or Secured Party or the Trustee against such Securitization Entity or the commencement of such action and
      raising the defense that such Holder or other Secured Party or the Trustee has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert.&#160; The
      provisions of this Section 8.17 shall survive the termination of the Indenture and the resignation or removal of the Trustee.&#160; Nothing contained herein shall preclude participation by any Holder or any other Secured Party or the Trustee in the
      assertion or defense of its claims in any such proceeding involving any Securitization Entity.</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">[<font style="font-style: italic;">Signature pages to follow</font>]</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">IN WITNESS WHEREOF, each of the Guarantors and the Trustee has caused this Guarantee and Collateral Agreement to be duly executed and delivered by its duly
      authorized officer as of the date first above written.</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="zaf3461fafe9941eb9ca4ee4d161e11a4">

          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td rowspan="1" colspan="2">DIFFERENT RULES, LLC,</td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td rowspan="1" colspan="2">a Delaware limited liability company</td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%; padding-bottom: 2px;">By:<br>
            </td>
            <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt">
                <div style="margin-left: 9pt">
                  <div style="margin-left: 9pt"><font style="font-family: 'Times New Roman',Times,serif;">/s/ Michael J. Snider</font></div>
                </div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;"><font style="font-family: 'Times New Roman',Times,serif;">Name: Michael J. Snider</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;"><font style="font-family: 'Times New Roman',Times,serif;">Title:&#160;&#160; Assistant Secretary</font></td>
          </tr>
          <tr>
            <td style="width: 50%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 47%;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td rowspan="1" colspan="2">JACK IN THE BOX PROPERTIES, LLC,</td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td rowspan="1" colspan="2">a Delaware limited liability company</td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%; padding-bottom: 2px;">By:<br>
            </td>
            <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 9pt">
                <div style="margin-left: 9pt">
                  <div style="margin-left: 9pt"><font style="font-family: 'Times New Roman',Times,serif;">/s/ Michael J. Snider</font></div>
                </div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;"><font style="font-family: 'Times New Roman',Times,serif;">Name: Michael J. Snider</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;"><font style="font-family: 'Times New Roman',Times,serif;">Title:&#160;&#160; Assistant Secretary</font></td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td rowspan="1" colspan="2">JACK IN THE BOX SPV GUARANTOR, LLC,</td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td rowspan="1" colspan="2">
              <div>a Delaware limited liability company <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 47%;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; padding-bottom: 2px;" rowspan="1">&#160;</td>
            <td style="width: 3%; padding-bottom: 2px;" rowspan="1">By:<br>
            </td>
            <td style="width: 47%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
              <div style="margin-left: 9pt">
                <div style="margin-left: 9pt">
                  <div style="margin-left: 9pt"><font style="font-family: 'Times New Roman',Times,serif;">/s/ Michael J. Snider</font></div>
                </div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 47%;" rowspan="1"><font style="font-family: 'Times New Roman',Times,serif;">Name: Michael J. Snider</font></td>
          </tr>
          <tr>
            <td style="width: 50%;" rowspan="1">&#160;</td>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 47%;" rowspan="1"><font style="font-family: 'Times New Roman',Times,serif;">Title:&#160;&#160; Assistant Secretary</font></td>
          </tr>

      </table>
    </div>
    <div> <br>
    </div>
    <br>
    <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Guarantee and Collateral Agreement</font><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">AGREED AND ACCEPTED:</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="zfb459295dc4045d3924e0d2aafddba13">

          <tr>
            <td style="width: 3%;" rowspan="1" colspan="2">
              <div style="font-family: 'Times New Roman',Times,serif;">CITIBANK, N.A., in its capacity as Trustee</div>
            </td>
            <td style="width: 70%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 27%;">
              <div>&#160;</div>
            </td>
            <td style="width: 70%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 27%;">
              <div>&#160;</div>
            </td>
            <td style="width: 70%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%; padding-bottom: 2px;">By:<br>
            </td>
            <td style="width: 27%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="margin-left: 27pt;"><font style="font-family: 'Times New Roman',Times,serif;">/s/ Jacqueline Suarez</font></div>
            </td>
            <td style="width: 70%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;" rowspan="1">&#160;</td>
            <td style="width: 27%;" rowspan="1"><font style="font-family: 'Times New Roman',Times,serif;">Name: Jacqueline Suarez</font></td>
            <td style="width: 70%;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 27%;"><font style="font-family: 'Times New Roman',Times,serif;">Title:&#160;&#160; Senior Trust Officer</font></td>
            <td style="width: 70%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Guarantee and Collateral Agreement</font> </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><u>Schedule 4.5</u></div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PLEDGED EQUITY INTERESTS</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z9dbbffa7d94042e7a7af590e364c2110" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 40.04%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>PLEDGED ENTITY</u></div>
          </td>
          <td style="width: 40.04%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>OWNED BY</u></div>
          </td>
          <td style="width: 19.92%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>PERCENTAGE</u></div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>OWNERSHIP</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.04%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">Jack in the Box Funding, LLC</div>
          </td>
          <td style="width: 40.04%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">Jack in the Box SPV Guarantor, LLC</div>
          </td>
          <td style="width: 19.92%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.04%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">Jack in the Box Properties, LLC</div>
          </td>
          <td style="width: 40.04%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">Jack in the Box Funding, LLC</div>
          </td>
          <td style="width: 19.92%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">100%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.04%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">Different Rules, LLC</div>
          </td>
          <td style="width: 40.04%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">Jack in the Box Funding, LLC</div>
          </td>
          <td style="width: 19.92%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif;">100%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%A-%%-->
    <div> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Exhibit A to<br>
      Guarantee and Collateral Agreement</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">ASSUMPTION AGREEMENT, dated as of <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>, 20<u>&#160;&#160;&#160;</u> (this &#8220;<u>Assumption Agreement&#8221;</u>), made by <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>
      a <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u> (the &#8220;<u>Additional Guarantor&#8221;</u>), in favor of CITIBANK, N.A., as Trustee under the Indenture referred to below (in such capacity, together with its successors, the &#8220;<u>Trustee&#8221;</u>). All capitalized terms
      not defined herein shall have the meaning ascribed to them in the Base Indenture Definitions List attached to the Base Indenture (as defined below) as Annex A thereto.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>W I T N E S S E T H</u></font><font style="font-size: 10pt;">:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, Jack in the Box Funding, LLC (the &#8220;<u>Master Issuer</u>&#8221;), the Trustee and Citibank, N.A., as securities intermediary, have entered into a Base
      Indenture dated as of July 8, 2019 (as amended, restated, supplemented or otherwise modified from time to time, exclusive of any Series Supplements, the &#8220;<u>Base Indenture&#8221;</u> and, together with all Series Supplements, the &#8220;<u>Indenture</u>&#8221;),
      providing for the issuance from time to time of one or more Series of Notes thereunder; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, in connection with the Base Indenture, the Guarantors and the Trustee have entered into the Guarantee and Collateral Agreement, dated as of July
      8, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<u>Guarantee and Collateral Agreement</u>&#8221;) in favor of the Trustee for the benefit of the Secured Parties;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, the Base Indenture requires the Additional Guarantor to become a party to the Guarantee and Collateral Agreement; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and Collateral
      Agreement;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">NOW, THEREFORE, IT IS AGREED:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Guarantee
          and Collateral Agreement</u>. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in <u>Section 8.10</u> of the Guarantee and Collateral Agreement, hereby becomes a party to the Guarantee and Collateral
        Agreement as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor
        thereunder. In furtherance of the foregoing, the Additional Guarantor, as security for the payment and performance in full of the Master Issuer Obligations, does (x) hereby create and grant to the Trustee for the benefit of the Secured Parties a
        security interest in all of the Additional Guarantor's right, title and interest in and to the Collateral of the Additional Guarantor in accordance with the terms of the Guarantee and Collateral Agreement and subject to the exceptions set forth
        therein and (y) jointly and severally, unconditionally and irrevocably hereby guarantees to the Trustee, for the benefit of the Secured Parties, the prompt and complete payment and performance by the Master Issuer when due (whether at the stated
        maturity, by acceleration or otherwise, but after giving effect to all applicable grace periods) of the Master Issuer Obligations. Each reference to a &#8220;Guarantor&#8221; in the Guarantee and Collateral Agreement shall be deemed to include the Additional
        Guarantor. The Guarantee and Collateral Agreement is hereby incorporated herein by reference. The information set forth in <u>Annex 1-A</u> hereto (A) is true and correct as of the date hereof in all material respects and (B) is hereby added to
        the information set forth in <u>Schedule 4.5</u> to the Guarantee and Collateral Agreement and such Schedule shall be deemed so amended. The Additional Guarantor hereby represents and warrants that each of the representations and warranties
        contained in <u>Section 4</u> of the Guarantee and Collateral Agreement applicable to it is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-1</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Representations
          of Additional Guarantor</u>. The Additional Guarantor represents and warrants to the Trustee for the benefit of the Secured Parties that this Assumption Agreement has been duly authorized, executed and delivered by it and constitutes its legal,
        valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of
        equity, regardless of whether considered in a proceeding in equity or at law.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">3.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Counterparts;
          Binding Effect</u>. This Assumption Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which taken together shall constitute a single
        contract. This Assumption Agreement shall become effective when (a) the Trustee shall have received a counterpart of this Assumption Agreement that bears the signature of the Additional Guarantor and (b) the Trustee has executed a counterpart
        hereof. Delivery of an executed counterpart of a signature page of this Assumption Agreement by telecopy or .pdf file shall be effective as delivery of a manually executed counterpart of this Assumption Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Full
          Force and Effect</u>. Except as expressly supplemented hereby, the Guarantee and Collateral Agreement shall remain in full force and effect.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">5.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Severability</u>.
        In case any provision in this Agreement or any other Related Document shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-2</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
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    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">6.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Notices</u>.
        All communications and notices hereunder shall be in writing and given as provided in <u>Section 8.2</u> of the Guarantee and Collateral Agreement. All communications and notices hereunder to the Additional Guarantor shall be given to it at the
        address set forth under its signature below.</font></div>
    <div>&#160;</div>
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        disbursements of outside counsel for the Trustee.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">8.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Governing Law</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.</font></div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
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    <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.</div>
    <div>&#160;</div>
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              <div>[ADDITIONAL GUARANTOR] <br>
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              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
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              <div>&#160;</div>
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            <td style="width: 3%;">
              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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            </td>
            <td style="width: 47%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
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            </td>
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            </td>
          </tr>
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            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
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            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
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            </td>
          </tr>
          <tr>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
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            </td>
          </tr>
          <tr>
            <td style="width: 50%;" rowspan="1">&#160;</td>
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            </td>
          </tr>

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    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">AGREED TO AND ACCEPTED</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">CITIBANK, N.A., in its capacity<br>
      as Trustee</div>
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    <div>&#160;
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              <div>&#160;</div>
            </td>
            <td style="width: 70%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
          </tr>
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            <td style="width: 4%;">Name:<br>
            </td>
            <td style="width: 26%;">
              <div>&#160;</div>
            </td>
            <td style="width: 70%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%;">Title:<br>
            </td>
            <td style="width: 26%;">
              <div>&#160;</div>
            </td>
            <td style="width: 70%;">
              <div>&#160;</div>
            </td>
          </tr>

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    <div>&#160;</div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><u>Annex 1-A</u></div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">GUARANTOR OWNERSHIP RELATIONSHIPS</div>
    <div>&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>ENTITY</u></div>
          </td>
          <td style="width: 34%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>OWNED BY</u></div>
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          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>SUBSIDIARIES</u></div>
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        </tr>
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          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 34%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>a52009364ex10_3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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  <div>
    <div style="text-align: right;"> <font style="font-weight: bold;">Exhibit 10.3</font><br>
    </div>
    <div style="text-align: right;"> <br>
    </div>
    &#160;
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">Dated&#160;as of July 8, 2019</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">Management Agreement</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center;">between</div>
    <div style="text-align: center;"> <br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Jack in the Box Funding, LLC</div>
    <div style="text-align: center;">as Master Issuer</div>
    <div style="text-align: center;"> <br>
    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">The other Securitization Entities Party</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Hereto from Time to Time</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Jack in the Box Inc.</div>
    <div style="text-align: center;">as the Manager</div>
    <div>&#160;</div>
    <div> <br>
      <br>
    </div>
    <div style="text-align: center;">and</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Citibank, N.A.</div>
    <div style="text-align: center;">as the Trustee</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
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      <div id="DSPFPageBreak" style="page-break-after: always;">
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    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;">Table of Contents</font><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-weight: bold;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" id="zb290d068cc3e45d4afe1eeeb45d0e314" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
          <td style="width: 10%; vertical-align: top; text-align: right;" rowspan="1"><font style="font-weight: bold;">&#160;Page </font><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article I Definitions</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2<br>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 1.1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Certain Definitions</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 1.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Other Defined Terms</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 1.3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Other Terms</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 1.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Computation of Time Periods</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">13</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
          <td style="width: 10%; vertical-align: top; text-align: right;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article II Administration and Servicing of Securitized Assets</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Jack in the Box to Act as Manager</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Accounts</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Records</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Administrative Duties of Manager</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.5</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">No Offset</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.6</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Compensation and Expenses</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">18</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.7</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Indemnification</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.8</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Nonpetition Covenant</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.9</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Franchisor Consent</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.10</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Appointment of Sub&#8209;managers</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.11</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Insurance/Condemnation&#160;Proceeds</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.12</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Permitted Asset Dispositions</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.13</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Letter of Credit Reimbursement Agreement</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 2.14</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Manager Advances</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 80%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 10%; vertical-align: top; text-align: right;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article III Statements and Reports</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#160;&#160;&#160; 22<br>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 3.1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Reporting by the Manager</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 3.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Appointment of Independent Auditor</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 3.3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Annual Accountants&#8217; Reports</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 3.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Available Information</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">24</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 80%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 10%; vertical-align: top; text-align: right;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article IV The Manager</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#160;&#160;&#160; 25 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 4.1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Representations and Warranties Concerning the Manager</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 4.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Existence; Status as Manager</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 4.3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Performance of Obligations</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 4.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Merger and Resignation</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 4.5</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Notice of Certain Events</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">32</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 4.6</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Capitalization</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">33</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 4.7</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Maintenance of Separateness</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">33</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
          <td style="width: 10%; vertical-align: top; text-align: center;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article V Representations, Warranties and Covenants</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#160;&#160;&#160; 34 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 5.1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Representations and Warranties Made in Respect of New Assets</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">34</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 5.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Assets Acquired After the Closing Date</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 5.3</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Securitization IP</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 5.4</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Required Consent Agreements and Supply Agreements</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 5.5</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Allocated Note Amount</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 5.6</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Specified Non&#8209;Securitization Debt Cap</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 5.7</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Competition</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 5.8</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Restrictions on Liens</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Article VI Manager Termination Events</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#160;&#160;&#160;&#160; 38 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 6.1</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Manager Termination Events</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div>Section 6.2</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Manager Termination Event Remedies</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">40</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">(i)</font></div>
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        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 84%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 8%; vertical-align: top; text-align: right;" rowspan="1"><font style="font-weight: bold;">Page <br>
            </font></td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 84%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 6.3</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Manager&#8217;s Transitional Role</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">40</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 6.4</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Intellectual Property</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 6.5</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Third Party Intellectual Property</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 6.6</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">No Effect on Other Parties</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 6.7</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Rights Cumulative</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">42</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
          <td style="width: 8%; vertical-align: top; text-align: center;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div style="margin-right: 19.3pt;">Article VII Confidentiality</div>
          </td>
          <td style="width: 8%; vertical-align: top; text-align: right;">&#160;&#160;&#160; 42 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 7.1</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Confidentiality</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">42</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 84%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 8%; vertical-align: top; text-align: right;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>ArticleVIII Miscellaneous Provisions</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.1</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Termination of Agreement</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.2</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Survival</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.3</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Amendment</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.4</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Governing Law</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.5</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Notices</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">43</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.6</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Acknowledgement</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">44</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.7</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Severability of Provisions</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">44</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.8</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Delivery Dates</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">44</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.9</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Limited Recourse</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">44</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.10</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Binding Effect; Assignment; Third Party Beneficiaries</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.11</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Article and Section Headings</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.12</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Concerning the Trustee</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.13</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Counterparts</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.14</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Entire Agreement</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.15</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Waiver of Jury Trial; Jurisdiction; Consent to Service of Process</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">45</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Section 8.16</div>
          </td>
          <td style="width: 84%; vertical-align: top;">
            <div style="margin-right: 19.3pt;">Joinder of Additional Securitization Entities</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="text-align: right;">46</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: -40.5pt; margin-right: 19.3pt; margin-left: 40.5pt; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify;">Exhibit&#160;A&#8209;1 &#8211; Power of Attorney For Franchisor</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Exhibit&#160;A&#8209;2 &#8211; Power of Attorney For Securitization Entities</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Exhibit A-3 &#8211; Power of Attorney For Additional Securitization Entity</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Exhibit&#160;B &#8211; Form of Additional Securitization Entity Joinder</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Schedule&#160;2.1(f) &#8211; Manager Insurance</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">(ii)</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">MANAGEMENT AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">This MANAGEMENT AGREEMENT, dated as of July 8, 2019 (as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, this &#8220;<u>Agreement</u>&#8221;), is
      entered into by and among JACK IN THE BOX FUNDING, LLC, a Delaware limited liability company (the &#8220;<u>Master Issuer</u>&#8221;), JACK IN THE BOX SPV GUARANTOR, LLC, a Delaware limited liability company (together with its successors and assigns, the &#8220;<u>Holding
        Company Guarantor</u>&#8221;), DIFFERENT RULES, LLC, a Delaware limited liability company (together with its successors and assigns, the &#8220;<u>Franchisor</u>&#8221;), JACK IN THE BOX PROPERTIES, LLC, a Delaware limited liability company (together with its
      successors and assigns, &#8220;<u>JIB Properties</u>&#8221;) and each Additional Securitization Entity that shall join this Agreement pursuant to Section 8.16 hereof (each, a &#8220;<u>Securitization Entity</u>&#8221; and, together with the Holding Company Guarantor, the
      Franchisor and JIB Properties, the &#8220;<u>Guarantors</u>&#8221; and, together with the Master Issuer, the &#8220;<u>Securitization Entities</u>&#8221;), JACK IN THE BOX INC., a Delaware corporation, as Manager (in its individual capacity and as Manager, together with its
      successors and assigns, &#8220;<u>Jack in the Box</u>&#8221;) and CITIBANK, N.A., a national banking association, not in its individual capacity but solely as the indenture trustee (together with its successor and assigns, the &#8220;<u>Trustee</u>&#8221;).&#160; Capitalized
      terms used herein but not otherwise defined herein shall have the meanings assigned to such terms or incorporated by reference in Annex&#160;A to the Base Indenture (as defined below).</div>
    <div>&#160;</div>
    <div style="text-align: center;">RECITALS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">WHEREAS, the Master Issuer has entered into the Base Indenture, dated as of the date hereof, with the Trustee (as amended, restated, supplemented, or otherwise modified from time to time in
      accordance with the terms thereof, exclusive of any Series Supplements, the &#8220;<u>Base Indenture</u>&#8221; and, together with all Series Supplements, the &#8220;<u>Indenture</u>&#8221;), pursuant to which the Master Issuer issued the Series 2019-1 Variable Funding
      Senior Notes, Class A&#8209;1 and the Series 2019-1 Senior Notes, Class A&#8209;2 and may issue additional series of notes from time to time (collectively, the &#8220;<u>Notes</u>&#8221;) on the terms described therein;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">WHEREAS, the Master Issuer has granted to the Trustee on behalf of the Secured Parties a Lien in the Collateral owned by it pursuant to the terms of Indenture, subject to Collateral Exclusions;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">WHEREAS, the Guarantors have guaranteed the obligations of the Master Issuer under the Indenture, the Notes and the other Related Documents and have granted to the Trustee on behalf of the Secured
      Parties a Lien in the Collateral owned by each of them pursuant to the terms of the Guarantee and Collateral Agreement dated as of the date hereof (as the same may be amended, restated, supplemented, or otherwise modified from time to time in
      accordance with the terms thereof, the &#8220;<u>Guarantee and Collateral Agreement</u>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">WHEREAS, from and after the date hereof, all New Assets shall be originated or acquired by the Securitization Entities following the Closing Date;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">WHEREAS, each of the Securitization Entities desires to engage the Manager, and each of the Securitization Entities desires to have the Manager enforce such Securitization Entity&#8217;s rights and powers
      and perform such Securitization Entity&#8217;s duties and obligations under the Managed Documents (as defined below) and the Related Documents to which it is party in accordance with the Managing Standard (as defined below);</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">WHEREAS, each of the Securitization Entities desires to have the Manager enter into certain agreements and acquire certain assets from time to time on such Securitization Entity&#8217;s behalf, in each
      case in accordance with the Managing Standard;</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
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    </div>
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">WHEREAS, each of the Securitization Entities desires to appoint the Manager as its agent for, among other things, providing comprehensive Intellectual Property services, including developing, filing
      for registration, clearance, maintenance, protection, enforcement, licensing, and recording transfers of the Securitization IP in accordance with the Managing Standard and as provided in Section 2.1(c) and Section 4.3(b);</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">WHEREAS, each of the Securitization Entities desires to enter into this Agreement to provide for, among other things, the managing of the respective rights, powers, duties and obligations of the
      Securitization Entities under or in connection with the Securitized Assets and the Related Documents, all in accordance with the Managing Standard; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">WHEREAS, the Manager desires to enforce such rights and powers and perform such obligations and duties, all in accordance with the Managing Standard.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">NOW THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows:</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ARTICLE I<br>
      <br>
      DEFINITIONS</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;"><font style="font-weight: bold;">Section 1.1</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Certain Definitions</u></font>.&#160;
      For all purposes of this Agreement, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in Annex&#160;A to the Base Indenture.&#160; In addition, the following terms shall have the following meanings:</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt;"> &#8220;<u>Advance Interest Rate</u>&#8221; means a rate equal to the Prime Rate plus 3.0% per annum. </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Agreement</u>&#8221; has the meaning set forth in the preamble.</div>
    <div style="text-indent: 45pt;">
      <div><br>
      </div>
      <div style="text-indent: 54pt;">&#8220;<u>Annual Accountants&#8217; Report</u>&#8221; has the meaning set forth in <u>Section 3.3</u>. </div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Base Indenture</u>&#8221; has the meaning set forth in the recitals.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Cash Collateralized Letters of Credit</u>&#8221; means any letter of credit that is 100% cash collateralized.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Change in Management</u>&#8221; shall occur if more than 50% of the Leadership Team is terminated and/or resigns within 12&#160;months after the date of the occurrence of a Change of Control; <u>provided</u>,
      in each case, that termination and/or resignation of such officer will not include (i)&#160;a change in such officer&#8217;s status in the ordinary course of succession so long as such officer remains affiliated with Jack in the Box Inc. or its Subsidiaries as
      an officer or director, or in a similar capacity, (ii)&#160;retirement of any officer or (iii)&#160;death or incapacitation of any officer. </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Change of Control</u>&#8221; means an event or a series of events by which:</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="text-indent: 36pt;">
      <div style="text-align: justify; text-indent: 36pt; margin-left: 54pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>individuals who on the date hereof constituted the Board of Directors of Jack in
        the Box Inc., together with any new directors whose election by the Board of Directors or whose nomination for election by the equity holders of Jack in the Box Inc. was approved by a majority of the directors then still in office who were either
        directors or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors of Jack in the Box Inc. then in office; or</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 54pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>any &#8220;person&#8221; or &#8220;group&#8221; (as such terms are used for purposes of Sections&#160;13(d) and
        14(d) of the 1934&#160;Act) is or becomes the &#8220;beneficial owner&#8221; (as such term is used in Rule&#160;13d&#8209;3 under the 1934&#160;Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Jack in the Box Inc.</div>
      &#160; </div>
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    </div>
    <br>
    <div style="text-align: justify; text-indent: 54pt; font-family: 'Times New Roman',Times,serif;">For purposes of this definition, a Person shall not be deemed to have beneficial ownership of voting power of Voting Stock subject to a stock purchase
      agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Code</u>&#8221; means the U.S. Internal Revenue Code of 1986, as amended.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Competing</u>&#8221; means owning, operating or franchising a restaurant (and/or the underlying land or building on which such restaurant operates) under the Jack in the Box Brand in any location(s)
      within the United States for so long as any Notes are Outstanding under the Indenture.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Confidential Information</u>&#8221; means trade secrets and other information (including, without limitation, know how, ideas, techniques, recipes, formulas, customer lists, customer information,
      financial information, personal information, business methods and processes, marketing plans, specifications, and other similar information as well as internal materials prepared by the owner of such information containing or based, in whole or in
      part, on any such information) that is confidential and proprietary to its owner and that is disclosed by one party to an agreement to another party thereto whether in writing or disclosed orally, and whether or not designated as confidential.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Consumer Analytics Services</u>&#8221; means services related to consumer intelligence and analytics, including, without limitation, (a) facilitating the analysis of the potential impact on sales of
      having Branded Restaurants in close proximity; (b) promoting promotional or test items related to new products, services or equipment; (c) developing new products and services (or modifying any existing products and services) to be offered in
      connection with the Securitized Restaurant Business and the other assets of the Securitization Entities; (d) in connection with the Securitized Restaurant Business, developing, modifying, amending and disseminating (i)&#160;specifications for restaurant
      operations, (ii)&#160;the JIB Manuals and (iii) menu items.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Controlled Group</u>&#8221; means any trade or businesses (whether or not incorporated) that, together with any Securitization Entity, is treated as a single employer under Section 414(b) or (c) of the
      Code (and Sections&#160;414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Current Practice</u>&#8221; means, in respect of any action or inaction, the practices, standards and procedures of the Non&#8209;Securitization Entities as performed on or that would have been performed
      immediately prior to the Closing Date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Defective New Asset</u>&#8221; means any New Asset that does not satisfy the applicable representations and warranties of Article V hereof on the New Asset Addition Date for such New Asset.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Discloser</u>&#8221; has the meaning set forth in Section 7.1.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Disentanglement</u>&#8221; has the meaning set forth in Section 6.3(a).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Disentanglement Period</u>&#8221; has the meaning set forth in Section 6.3(c).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Disentanglement Services</u>&#8221; has the meaning set forth in Section 6.3(a).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Employee Benefit Plan</u>&#8221; means any &#8220;employee benefit plan,&#8221; as such term is defined in Section&#160;3(3) of ERISA, established, maintained or contributed to by the Manager, or with respect to which
      the Manager has any liability.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt;">&#8220;<u>ERISA</u>&#8221; means the Employee Retirement Income Security Act of 1974, as amended.</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>ERISA Event</u>&#8221; means (a) a &#8220;reportable event&#8221; within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Single Employer Plan (other than those events
      as to which the thirty day notice period is waived); (b) the failure to meet the minimum funding standard of Section 412 of the Code or Section 302 of ERISA with respect to any Single Employer Plan (whether or not waived in accordance with Section
      412(c) of the Code) or the failure to make by its due date a required installment under Section 430 of the Code and Section 302(e) of ERISA with respect to any Single Employer Plan; (c) the provision by the administrator of any Single Employer Plan
      pursuant to Section 4041(a)(2) of ERISA of a written notice of intent to terminate such Single Employer Plan in a standard termination described in Section 4041(b) of ERISA or a distress termination described in Section 4041(c) of ERISA; (d) the
      complete or partial withdrawal by the Manager, or any company in the Controlled Group of the Manager, from any Single Employer Plan with two or more contributing sponsors or the termination of any such Single Employer Plan, in each case, which
      results in liability pursuant to Section 4063 or 4064 of ERISA; (e) formal written notice from the PBGC of its intent to commence proceedings to terminate any Single Employer Plan; (f) the imposition of liability on the Manager, or any company in the
      Controlled Group of the Manager, pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (g) receipt from the Internal Revenue Service of notice of the failure of any Single Employer Plan to qualify
      under Section 401(a) of the Code or the failure of any trust forming part of any Single Employer Plan to qualify for exemption from taxation under Section 501(a) of the Code; (h) the imposition of a lien in favor of the PBGC or a Plan pursuant to
      Section 430(k) of the Code or pursuant to Section 302(f) of ERISA with respect to any Single Employer Plan or (i) the complete or partial withdrawal by the Manager or any member of its Controlled Group from any Multiemployer Plan that has resulted or
      could reasonably be expected to result in a material liability to the Manager under ERISA.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Finance and Accounting Services</u>&#8221; means services related to finance and accounting, including, without limitation, (a) providing certain financing arrangements to Franchisees including
      discretionary short-term bridge financing for purchase of restaurants;&#160; (b) preparing and filing any tax returns and tax reports required to be prepared by any Securitization Entity; (c) paying or causing to be paid or discharged, in each case from
      funds of the Securitization Entities, any and all taxes, charges and assessments attributable to and required to be paid under applicable Requirements of Law by any Securitization Entity; (d) making Manager Advances in its sole discretion; (e)
      administering the Marketing Fund and the Management Accounts; and (f) arranging for or providing accounting and financial reporting services. </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Franchisor</u>&#8221; has the meaning set forth in the preamble.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Guarantee and Collateral Agreement</u>&#8221; has the meaning set forth in the recitals.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Guarantors</u>&#8221; has the meaning set forth in the preamble.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Holding Company Guarantor</u>&#8221; has the meaning set forth in the preamble.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Indemnitee</u>&#8221; has the meaning set forth in Section 2.7(a).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Indenture</u>&#8221; has the meaning set forth in the recitals.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Independent Auditors</u>&#8221; has the meaning set forth in Section 3.2.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>IP Services</u>&#8221; means the services provided on behalf of the Franchisor and the Master Issuer with respect to the Securitization IP, including performing the Franchisor&#8217;s obligations as licensor
      under the IP License Agreements and the Master Issuer&#8217;s obligations with respect to the Securitization IP under the Indenture; exercising the Franchisor&#8217;s rights under the IP License Agreements (and under any other agreements pursuant to which the
      Franchisor licenses the use of or discloses any Securitization IP), including all rights and obligations with respect to Trademarks included in the Securitization IP; and acquiring, developing, managing, maintaining, protecting, enforcing, defending,
      licensing, sublicensing and undertaking such other duties and services as may be necessary in connection with the Securitization IP, on behalf of the Franchisor, in each case in accordance with and subject to the terms of this Agreement (including
      the Managing Standard, unless the Franchisor determines, in its sole discretion, that additional action is necessary or desirable in furtherance of the protection of the Securitization IP, in which case the Manager shall perform such IP Services and
      additional related services as are reasonably requested by the Franchisor), the Indenture, the other Related Documents and the Managed Documents, as agent for the Franchisor and/or Master Issuer, as applicable, including the following activities:</div>
    <div style="text-align: justify; text-indent: 54pt;"> <br>
    </div>
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    </div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div style="margin-left: 54pt; text-indent: 36pt; text-align: justify;">(a)&#160; assessing clearance, patentability, registrability and the risk of potential infringement of or by any After-Acquired Securitization IP; </div>
    <div style="text-indent: 63pt; margin-left: 54pt;">
      <div>&#160;</div>
      <div style="text-indent: 36pt; text-align: justify;">(b)&#160;filing, prosecuting and maintaining applications and registrations for the Securitization IP in the Franchisor&#8217;s name in applicable jurisdictions, including timely filings, actions, payments
        and/or responses (including to office actions and any adversarial, ex parte or <font style="font-style: italic;">inter partes</font> proceedings affecting validity or enforceability) as may be required; </div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; text-align: justify;">(c)&#160;monitoring third&#8209;party use, disclosure and registration of Intellectual Property, as applicable, and taking actions the Manager deems appropriate to oppose or contest the use, disclosure and
        any application or registration for Intellectual Property, as applicable, that could reasonably be expected to infringe, misappropriate, dilute or otherwise violate the Securitization IP or the Franchisor&#8217;s rights therein; </div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; text-align: justify;">(d)&#160;recording and confirming the Franchisor&#8217;s legal title in and to any or all of the Securitization IP, including the recording of appropriate instruments in the PTO and United States Copyright
        Office, obtaining written assignments of, and executing, as applicable, transfers, non-disclosure obligations and other agreements necessary to secure and protect rights in and to, the Securitization IP; </div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; text-align: justify;">(e)&#160;protecting, policing, and, in the event that the Manager becomes aware of any unlicensed copying, imitation, infringement, dilution, misappropriation, unauthorized use or other violation of the
        Securitization IP (including any breach or violation of any of the IP License Agreements (including the quality control provisions thereof) and any Related Documents), or any portion thereof, enforcing such Securitization IP, including
        (i)&#160;monitoring licensee use of licensed Trademarks and the quality of its goods and services offered in connection therewith; (ii) taking reasonable measures to maintain confidentiality and to prevent non&#8209;confidential disclosures of Trade Secrets
        and other confidential information of the Franchisor; (iii) preparing and responding to cease&#8209;and&#8209;desist, demand and notice letters, and requests for a license; and (iv)&#160;commencing, prosecuting and/or resolving claims or suits involving imitation,
        infringement, dilution, misappropriation, the unauthorized use or other violation of the Securitization IP, and seeking monetary and equitable remedies as the Manager deems appropriate in connection therewith; <u>provided</u> that the Franchisor
        shall join as a party, as necessary, to any such suits to the extent necessary to maintain standing; </div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; text-align: justify;">(f)&#160;performing such functions and duties, and preparing and filing such documents, as are required under the Indenture or any other Related Document to be performed, prepared and/or filed by the
        Franchisor, including executing and recording with the applicable Governmental Authority financing statements (including continuation statements) or amendments thereof or supplements thereto or grants of security interests or any similar
        instruments as the Securitization Entities or the Control Party may, from time to time, reasonably request (consistent with the obligations of the Franchisor to perfect the Trustee&#8217;s Lien only in the United States) granted by the Franchisor to the
        Trustee under the Related Documents that are intended to evidence such security interests in the Securitization IP; </div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
    </div>
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    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; margin-left: 54pt; text-indent: 36pt;">(g) paying or causing to be paid or discharged, from funds of the Securitization Entities, any and all taxes, charges and assessments that may be levied, assessed or imposed upon
        any of the Securitization IP or contesting the same in good faith;</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 54pt; text-indent: 36pt;">(h) obtaining licenses of third-party Intellectual Property for use and sublicense in connection with the Securitized Restaurant Business and the other assets of the
        Securitization Entities; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 54pt; text-indent: 36pt;">(i) managing passwords for, content on, administration of, and access to social media accounts, website hosting accounts, mobile app accounts and other similar online accounts.</div>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>IT Services</u>&#8221; means information technology services, including, without limitation, (a) certain technology-related services under technology agreements with Franchisees; (b) implementing new
      software solutions; and (c) acquiring, providing and/or installing IT equipment, including computers, web-based mobile device, point-of-sale system, kitchen display equipment, speed of service equipment, network infrastructure equipment and order
      confirmation system.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Jack in the Box</u>&#8221; has the meaning set forth in the preamble.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>JIB Franchise Incentive Contributions</u>&#8221; has the meaning set forth in <u>Section 2.4(b)(v)</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>JIB Maintenance Payments</u>&#8221; has the meaning set forth in <u>Section 2.4(b)(iii)</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>JIB Manuals</u>&#8221; means the Jack in the Box System standards, specifications, and procedures, as they may be renamed, amended and expanded and consolidated by the Franchisor (or the Manager on
      behalf of the Franchisor) from time to time, that relate to the management and operating systems and controls and uniform standards, specifications and procedures for the purchase, preparation and sale of food and beverage products and the operation
      of quick service restaurants, and a distinctive building design, decor and color scheme, as prescribed from time to time by Jack in the Box for the operation of a Franchised Restaurant.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>JIB Properties</u>&#8221; has the meaning set forth in the preamble.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>JIB Purchase Options</u>&#8221; has the meaning set forth in <u>Section 2.4(b)(vi)</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>JIB Remodeling Incentive Payments</u>&#8221; has the meaning set forth in <u>Section 2.4(b)(iv)</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>JIB Tenant Improvement Payments</u>&#8221; has the meaning set forth in <u>Section 2.4(b)(ii)</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Leadership Team</u>&#8221; means the persons holding the following offices immediately prior to the date of the occurrence of a Change of Control: the Chief Executive Officer, the Chief Financial
      Officer, the Controller, the Treasurer, the Chief Legal and Risk Officer, the Chief Investor Relations and Corporate Communications Officer, the Chief Development Officer, the Chief Information Officer, any Executive Vice President, any Senior Vice
      President, any person that reports directly to the Chief Executive Officer or Chief Financial Officer or any other position that contains substantially the same responsibilities as of any of the positions listed above or reports to the Chief
      Executive Officer; <u>provided</u><font style="font-style: italic;">&#160;</font>that from time to time an Authorized Officer of Jack in the Box Inc. may, upon written notice to the Control Party and the Trustee, change the list of offices comprising the
      Leadership Team so long as such list (x)&#160;at all times includes, at a minimum, the Chief Executive Officer and Chief Financial Officer (or differently-titled successor offices performing substantially the same functions as the Chief Executive Officer
      and/or Chief Financial Officer, as the case may be) and (y)&#160;at no time exceeds twenty (20) officers; <u>provided</u>, <u>further</u>,<font style="font-style: italic;">&#160;</font>that any changes to such list notified to the Control Party and the
      Trustee during the period beginning on the date that is ninety (90) days preceding the announcement of a Change of Control and ending on the date that is twelve (12) months following the occurrence of a Change of Control shall be disregarded for
      purposes of this definition.</div>
    <div style="text-indent: 54pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Legal Services</u>&#8221; means legal services, including, without limitation, (a) preparing and filing franchise disclosure documents with respect to New Securitized Development Agreements and New
      Securitized Franchise Agreements to comply, in all material respects, with applicable Requirements of Law; (b) complying with franchise industry&#8209;specific government regulation and applicable Requirements of Law; (c) arranging for legal services with
      respect to the Securitized Assets, including with respect to the enforcement of the Managed Documents; (d)&#160;assessing and mitigating risks with respect to the Securitization Entities; (e)&#160;conducting internal audits of the Securitization Entities
      required under the Managed Documents; (f) calculating and compiling information required in connection with any report or certificate to be delivered pursuant to the Related Documents; (g) performing the duties and obligations of, and exercising and
      enforcing the rights of, the Securitization Entities under the Related Documents, including performing the duties and obligations of each applicable Securitization Entity under the IP License Agreements; and (h) legal assistance with performing the
      duties and obligations and enforcing the rights of the Securitization Entities under the Managed Documents, including entering into new Managed Documents from time to time.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Managed Document</u>&#8221; means any contract, agreement, arrangement or undertaking relating to any of the Securitized Assets, including, but not limited to, the Contribution Agreements, the
      Securitized Franchise Agreements, the Securitized Development Agreements, the Securitized Franchisee Notes, the Securitized Leases and the IP License Agreements.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Manager</u>&#8221; means Jack in the Box Inc., in its capacity as manager hereunder, unless a successor Person shall have become the Manager pursuant to the applicable provisions of the Indenture and
      this Agreement, and thereafter &#8220;Manager&#8221; shall mean such successor Person.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Manager Advance</u>&#8221; means any advance of funds made by the Manager to, or on behalf of, a Securitization Entity in connection with the operation of the Securitized Restaurant Business and other
      Securitized Assets.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Manager Termination Event</u>&#8221; has the meaning set forth in Section 6.1(a).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;"><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;</font>&#8220;<u>Managing Standard</u>&#8221; means standards that (a)&#160;are consistent with Current Practice or, to the extent of changed circumstances,
      practices, technologies, strategies or implementation methods, consistent with the standards as the Manager would implement or observe if the Securitized Assets were owned by the Manager at such time; (b)&#160;are consistent with Ongoing Practice;
      (c)&#160;will enable the Manager to comply in all material respects with all of the duties and obligations of the Securitization Entities under the Related Documents and the Managed Documents; (d)&#160;are in material compliance with all applicable
      Requirements of Law; and (e)&#160;without limiting any of the foregoing, with respect to the use and maintenance of the Securitization Entities&#8217; rights in and to the Securitization IP, are consistent with the standards imposed by the IP License
      Agreements.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Marketing Fund</u>&#8221; means the marketing fund developed and established for the purpose of promoting and executing Marketing Programs and Activities relating to the Branded Restaurants and
      directing, preparing and/or placing advertising, promotions and/or communications to build the brand, in each case, on a regional or national basis.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Marketing Programs and Activities</u>&#8221; means the marketing programs and activities, including without limitation, preparing and conducting digital, social, television, radio, magazine, and
      newspaper advertising campaigns; purchasing radio, television, digital, social, magazine, newspaper and other media for the distribution of advertising campaigns; advertising through direct mail and outdoor billboards; preparing and conducting
      marketing/brand surveys and research, which may include awareness and usage surveys, focus groups, marketing surveys and consumer feedback surveys; public relations activities; research, development and testing of products, packaging, and concepts;
      brand positioning and marketing activation; preparing and executing email and internet-based marketing programs; employing advertising, public relations, and branding agencies and other professional consultants; and providing point-of purchase,
      collateral and other marketing materials to the restaurants operated under the Jack in the Box System.</div>
    <div style="text-align: justify; text-indent: 54pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Marketing Services</u>&#8221; means marketing services, including, without limitation, (a) providing consultation and advice related to merchandising and local store marketing; (b) developing and
      executing programs for the Jack in the Box Brand; and (c) directing, preparing and/or placing advertising, promotions and communications to build the Jack in the Box Brand, including (i) preparing and conducting digital, social, television, radio,
      magazine and newspaper advertising campaigns, (ii) purchasing various media for the distribution of&#160; advertisements, (iii) conducting marketing and brand surveys and research, (iv) conducting research, development and testing of products, packaging
      and concepts, (v) employing advertising, public relations and branding agencies or other professional consultants and (vi) providing marketing materials to restaurants.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Master Issuer</u>&#8221; has the meaning set forth in the preamble.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Multiemployer Plan</u>&#8221; means any Pension Plan that is a &#8220;multiemployer plan&#8221; as defined in Section 3(37) or 4001(a)(3) of ERISA.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>New Asset Addition Date</u>&#8221; means, with respect to any New Asset, the earliest of (i)&#160;the date on which such New Asset is acquired by the applicable Securitization Entity, (ii)&#160;the later of
      (a)&#160;the date upon which the closing occurs under the applicable contract giving rise to such New Asset and (b)&#160;the date upon which all of the diligence contingencies, if any, in the contract for purchase of the applicable New Asset expire and the
      Securitization Entity acquiring such New Asset no longer has the right to cancel such contract and (iii)&#160;if such New Asset is a New Securitized Franchise Agreement, New Securitized Development Agreement, New Securitized Lease or New Securitized
      Franchisee Note, the date on which the related Securitization Entity begins receiving payments from the applicable Franchisee in respect of such New Asset.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>New Assets</u>&#8221; means a New Securitized Company Restaurant, New Securitized Franchise Agreement, a New Securitized Development Agreement, New Real Estate Asset or New Securitized Franchisee Note
      or any other Securitized Asset contributed to, or otherwise entered into, acquired or created by, the Securitization Entities after the Closing Date or any other asset(s) reasonably related to, incidental to, or useful in the judgment of the Manager
      in accordance with the Managing Standard, in connection with any of the foregoing.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Non-Securitization Entity Company Restaurants</u>&#8221; means Branded Restaurants the Non-Securitization Entities may own and operate in the United States either that (1) cannot be contributed on the
      Closing Date due to contractual restrictions, legal requirements or other unforeseen circumstances or (2) may be temporarily held in order to refranchise them</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Notes</u>&#8221; has the meaning set forth in the recitals.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Ongoing Practice</u>&#8221; means, in respect of any action or inaction, practices, standards and procedures that are at least as favorable or beneficial as the practices, standards and procedures of
      any Non&#8209;Securitization Entities as performed with respect to any assets similar to those owned by a Securitization Entity that is owned or operated by such Non&#8209;Securitization Entity. </div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Pension Plan</u>&#8221; means any &#8220;employee pension benefit plan,&#8221; as such term is defined in Section&#160;3(2) of ERISA, which is subject to Title&#160;IV of ERISA and to which any company in the same
      Controlled Group as the Master Issuer has liability, including any liability by reason of having been a substantial employer within the meaning of Section&#160;4063 of ERISA for any time within the preceding five years or by reason of being deemed to be a
      contributing sponsor under Section&#160;4069 of ERISA.</div>
    <div style="text-indent: 54pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Post&#8209;Opening Services</u>&#8221; means the services required to be performed under the applicable Securitized Franchise Documents by the applicable Securitization Entities after the opening of a
      Securitized Franchised Restaurant, in each case in accordance with and subject to the terms of this Agreement (including, for the avoidance of doubt, the Managing Standard), the Indenture, the other Related Documents and the Managed Documents,
      including, as may be required under the applicable Securitized Franchise Document, (a)&#160;providing such Franchisee access to certain basic training materials; (b) providing information on the preparation of products and other procedures; (c)&#160;providing
      training on new procedures and, if necessary, training materials to assist such Franchisee in training its employees; (d)&#160;providing such Franchisee consultation and advice from time to time concerning the operation of the restaurant, merchandising
      and local store marketing, as the Manager deems appropriate; (e)&#160;providing required additional or refresher training programs; (f) administering the value card programs of Jack in the Box; and (g) such other Post&#8209;Opening Services as are required to
      be performed under applicable Securitized Franchise Documents; <u>provided</u> that such Post&#8209;Opening Services provided by the Manager under this Agreement will not include any &#8220;add&#8209;on&#8221; type corporate services provided by a Non&#8209;Securitization Entity
      to a Franchisee, whether pursuant to the related Securitized Franchise Agreement or otherwise, the cost of which is not included in the royalties payable to the Franchisor under the related Securitized Franchise Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Power of Attorney</u>&#8221; means the authority granted by a Securitization Entity to the Manager pursuant to a Power of Attorney in substantially the form set forth as <u>Exhibit&#160;A&#8209;1</u> or <u>Exhibit
        A-2</u> hereto.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Pre&#8209;Opening Services</u>&#8221; means the services required to be performed under the applicable Securitized Franchise Documents by the applicable Securitization Entities prior to the opening of a
      Securitized Franchised Restaurant, in each case in accordance with and subject to the terms of this Agreement (including, for the avoidance of doubt, the Managing Standard), the Indenture, the other Related Documents and the Managed Documents,
      including, as required under the applicable Securitized Franchise Document, (a)&#160;providing the applicable Franchisee with standards for the design, construction, equipping and operation of such Securitized Franchised Restaurant and the approval of
      locations meeting such standards; (b)&#160;providing such Franchisee with a set of existing prototypical plans for the Franchisee&#8217;s selected prototype building which are to be used by the Franchisee&#8217;s approved architect for site adaptation purposes when
      developing the new restaurant&#8217;s permit and construction documents (for non-traditional locations, specifications and standards instead of prototypical plans); (c)&#160;providing such Franchisee with specifications for equipment, signs and fixtures,
      opening inventory, supplies and other materials needed to open the Securitized Franchised Restaurant; (d) providing a list of approved suppliers for all items where approved suppliers are required;&#160;(e) providing training to the franchise operator and
      restaurant manager; (f) providing access to or copies of confidential standards, policies, procedures and other manuals; and (g) providing such Franchisee with such other assistance in the pre&#8209;opening, opening and initial operation of such
      Securitized Franchised Restaurant, as is required to be provided under applicable Securitized Franchise Documents; <u>provided</u> that such Pre&#8209;Opening Services provided by the Manager under this Agreement will not include any &#8220;add&#8209;on&#8221; type
      corporate services provided by a Non&#8209;Securitization Entity to a Franchisee, whether pursuant to the related Securitized Franchise Agreement or otherwise, the cost of which is not included in the royalties payable to the Franchisor under the related
      Securitized Franchise Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Procurement Services</u>&#8221; means services relating to the supply chain, distribution and procurement, including, without limitation, (a) facilitating Franchisees&#8217; purchase of food, chemicals,
      uniforms and package items from approved suppliers or provide approval for procurement from a source other than an existing approved supplier; (b) inspecting the approved suppliers&#8217; facilities for announced and unannounced inspections and
      independently evaluating and testing the products from suppliers; (c) negotiating price and other contract terms with suppliers; (d) conducting food safety and product quality testing, inspections and remediation activities; (e) ensuring that
      suppliers to the Jack in the Box System meet quality control standards and arranging for the Securitization Entities to enter into necessary supply agreements; and (f) establishing and/or providing quality control services and standards for food,
      equipment, suppliers and distributors in connection with the Securitized Restaurant Business and monitoring compliance with such standards.</div>
    <div style="text-indent: 54pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Real Estate Services</u>&#8221; means acquiring, developing, managing, maintaining, protecting, enforcing, defending, leasing and undertaking, or causing to be undertaken, such other duties and
      services as may be necessary in connection with the Real Estate Assets on behalf of JIB Properties, in each case in accordance with and subject to the terms of this Agreement (including, for the avoidance of doubt, the Managing Standard), the
      Indenture, the other Related Documents and the Managed Documents, as agent for JIB Properties, including, without limitation, (a) providing access to the project management system as needed for the exchange of plans, specifications and other
      resources between the architect(s) and Jack in the Box; (b) providing approval of potential sites for restaurants; (c) providing a list of approved real estate brokers in major markets; (d) facilitate purchase of furniture, d&#233;cor and signage from
      approved suppliers; (e) taking those actions that are required under the Related Documents and Requirements of Law to maintain continuous perfection (where applicable) and priority (subject to Permitted Liens and the exclusions from perfection
      requirements under the Indenture, the Guarantee and Collateral Agreement and the Related Documents) of any Securitization Entity&#8217;s and the Trustee&#8217;s respective interests in the Collateral; and (f) preparing and delivering Mortgages after the
      occurrence of a Mortgage Preparation Event .</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Recipient</u>&#8221; has the meaning ascribed to such term in Section 7.1.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Required Consent Agreements</u>&#8221; means the certain supply agreements, service agreements and lease agreements related to the Securitized Assets that require consent of the applicable counterparty
      for an assignment to the applicable Securitization Entity without triggering a default thereunder.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Restaurant and Franchise Development Services</u>&#8221; means services relating to the development of restaurants and franchises, including, without limitation, (a) making or causing the collection of
      amounts owing under the terms and provisions of each Managed Document and the Related Documents, including managing (i)&#160;the applicable Securitization Entities&#8217; rights and obligations under the Securitized Franchise Agreements and the Securitized
      Development Agreements (including performing Pre&#8209;Opening Services and Post&#8209;Opening Services) and (ii)&#160;the right to approve amendments, waivers, modifications and terminations of (including extensions, modifications, write&#8209;downs and write&#8209;offs of
      obligations owing under) Securitized Franchise Documents and other Managed Documents (which amendments to Securitized Franchise Agreements may be effected by replacing such Securitized Franchise Agreement with a New Securitized Franchise Agreement on
      the then&#8209;current form of the applicable Securitized Franchise Agreement) and to exercise all rights of the applicable Securitization Entities under such Securitized Franchise Documents and other Managed Documents; (b) performing due diligence with
      respect to, selecting and approving new Franchisees, performing due diligence with respect to and approving extensions of credit to Franchisees pursuant to New Securitized Franchisee Notes and providing personnel to manage the due diligence,
      selection and approval process; (c) preparing New Securitized Franchise Agreements, New Securitized Development Agreements and New Securitized Franchisee Notes (and related documents), including, among other things, adopting variations to the forms
      of agreements used in documenting such agreements and preparing and executing documentation of assignments, transfers, terminations, renewals, site relocations and ownership changes, in all cases, subject to and in accordance with the terms of the
      Related Documents; and (d) evaluating and approving assignments of Securitized Franchise Agreements, Securitized Development Agreements and New Securitized Franchisee Notes (and related documents) to third&#8209;party franchisee candidates or existing
      Franchisees.</div>
    <div style="text-indent: 54pt; text-align: justify;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;
      <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Securitization Entities</u>&#8221; has the meaning set forth in the preamble. </div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Securitization IP</u>&#8221; has the meaning set forth in the Base Indenture.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Securitization Transaction</u>&#8221; has the meaning set forth in the Base Indenture.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Securitized Company Restaurant Services</u>&#8221; means the services required to perform all of the duties and obligations of JIB Properties in connection with the operations and ownership of the
      Securitized Company Restaurants, including, without limitation, (a)&#160;collecting revenues generated by the Securitized Company Restaurants; (b)&#160;maintaining appropriate levels of property and casualty insurance and performing any other activities
      necessary or desirable for the operation of the Securitized Company Restaurants and the development, acquisition and disposition of Securitized Company Restaurants, in each case as permitted or required under the Related Documents; (c)&#160; causing all
      revenue generated from the operation of the Securitized Company Restaurants to be deposited into the applicable Securitized Company Restaurant Account in accordance with the terms of the Indenture; (d)&#160;on and after the Closing Date, withdrawing
      available amounts on deposit in the applicable Securitized Company Restaurant Account to pay the Restaurant Operating Expenses that are incurred or committed to be paid by JIB Properties relating to the operation of the Securitized Company
      Restaurants, such as the cost of goods sold, labor, repair and maintenance expenses to the extent not capitalized, insurance (including self&#8209;insurance), litigation and settlement costs relating to the Securitized Assets, applicable Company Restaurant
      IP License Fees and lease payments to third-party landlords; (e)&#160;hiring, training and managing employees (or supervising the hiring, training and management of the same) and negotiating with vendors, suppliers, distributors and other third parties on
      behalf of JIB Properties in connection with the operation of Securitized Company Restaurants; (f)&#160;selecting and acquiring Securitized Company Restaurant Assets, such as furnishings, cooking equipment, cooking supplies and computer equipment, on
      behalf of JIB Properties and disposing of such Securitized Company Restaurant Assets in accordance with the terms of this Agreement and the other Related Documents; (g)&#160;implementing renovation projects at Securitized Company Restaurants on behalf of
      JIB Properties; (h)&#160;developing and implementing new menu items to be served at Securitized Company Restaurants; and (i) performing the duties and obligations and enforcing the rights of JIB Properties pursuant to the terms of the Managed Documents to
      which it is a party.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Services</u>&#8221; means the servicing and administration by the Manager of the Securitized Assets, in each case in accordance with and subject to the terms of this Agreement (including the Managing
      Standard), the Indenture, the other Related Documents and the Managed Documents for the applicable Securitization Entity, including, without limitation: (a) Consumer Analytics Services; (b) Finance and Accounting Services; (c) IP Services; (d) IT
      Services; (e) Legal Services; (f) Marketing Services; (g) Pre-Opening Services; (h) Post-Opening Services; (i) Procurement Services; (j) Restaurant and Franchise Development Services; (k) Securitized Company Restaurant Services; (l) Real Estate
      Services; (m)&#160;exercising the rights, duties and powers necessary or desirable to administer the Securitized Assets (including contract rights attached to such Securitized Assets) unless otherwise restricted by this Agreement, the Indenture and the
      other Related Document; and (n) performing such other services as may be necessary or appropriate from time to time and consistent with the Managing Standard and the Related Documents in connection with the Securitized Assets.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Single Employer Plan</u>&#8221; has the meaning set forth in the Base Indenture.</div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Specified Non&#8209;Securitization Debt</u>&#8221; has the meaning set forth in <u>Section 5.6</u>. </div>
    <div>&#160;</div>
    <div style="text-indent: 54pt; text-align: justify;">&#8220;<u>Specified Non&#8209;Securitization Debt Cap</u>&#8221; has the meaning set forth in <u>Section 5.6</u>.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Sub&#8209;manager</u>&#8221; has the meaning set forth in Section 2.10.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Sub&#8209;managing Arrangement</u>&#8221; means an arrangement whereby the Manager engages any other Person (including any Affiliate) to perform certain of its duties under this Agreement excluding the
      fundamental corporate functions of the Manager; <u>provided</u> that (i)&#160;master franchise arrangements with Franchisees and temporary arrangements with Franchisees with respect to the management of one or more Branded Restaurants immediately
      following the termination of the former Franchisee thereof, and (ii)&#160;any agreement between the Manager and third&#8209;party vendors pursuant to which the Manager purchases a specific product or service shall not be considered to be a Sub&#8209;managing
      Arrangement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Term</u>&#8221; shall have the meaning set forth in Section 8.1.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Termination Notice</u>&#8221; has the meaning set forth in Section 6.1(b).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Trade Secrets</u>&#8221; has the meaning set forth in the Base Indenture.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Transition Plan</u>&#8221; has the meaning set forth in the Back-up Management Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Trustee</u>&#8221; has the meaning set forth in the preamble.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Voting Stock</u>&#8221; means Equity Interests of the class or classes pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of
      the Board of Directors, managers or trustees of a corporation (irrespective of whether or not at the time Equity Interests of any other class or classes will have or might have voting power by reason or the happening of any contingency).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 54pt;">&#8220;<u>Weekly Management Fee</u>&#8221; means, with respect to each Weekly Allocation Date, the amount determined by <font style="font-style: italic;">dividing</font>:</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">
      <div style="text-indent: 36pt; margin-left: 54pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>an amount equal to the <u>sum</u> of (A)&#160;a $17,000,000 base fee, <u>plus</u> (B)(1) $15,000 for each Securitized Franchised Restaurant and
        Non-Securitization Entity Company Restaurant and (2) $33,000 for each Securitized Company Restaurant;</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; margin-left: 54pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font></font>52;</div>
    </div>
    <div style="text-align: justify;"><u> <br>
      </u></div>
    <div style="text-align: justify;"><u>provided</u> that the Weekly Management Fee will be adjusted on each Weekly Allocation Date to reflect any change to the number of Securitized Franchised Restaurants, Securitized Restaurants and Non-Securitization
      Entity Company Restaurants as set forth in the related Weekly Manager&#8217;s Certificate (which change will be effective on and after the first day of the Weekly Collection Period immediately following delivery of the related Weekly Manager&#8217;s Certificate,
      it being agreed that the Manager shall update the number of Securitized Franchised Restaurants, Securitized Restaurants and Non-Securitization Entity Company Restaurants as often as reasonably practicable but at least once in each Four-Week Fiscal
      Period); <u>provided</u>, <u>further</u>, that (X) each of the amounts set forth in <u>clauses&#160;(i)(A)</u> and <u>(i)(B)</u> will be subject to successive 2.0% annual increases on the first day of the Quarterly Collection Period that commences
      immediately following each anniversary of the Closing Date and that the incremental increased portion of such fees will be payable only to the extent that the sum of the amounts set forth in <u>clauses&#160;(i)(A)</u> and <u>(i)(B)</u> as so increased
      will not exceed 35% of the aggregate Retained Collections over the preceding four (4) Quarterly Collection Periods or (Y) a new formula may be designated by the Master Issuer in writing to the Trustee, so long as (a) the Master Issuer certifies in
      writing to the Trustee and the Control Party that (i) the formula was determined in consultation with the Back-Up Manager, and (ii) the Master Issuer discloses the formula in each Quarterly Noteholders&#8217; Report and (b)&#160;each of the Trustee and the
      Control Party has received written confirmation from the Master Issuer that the Rating Agency Condition with respect to each Series of Notes Outstanding has been satisfied with respect to such new formula.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 1.2</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Other Defined Terms</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Each term defined in the singular form in Section 1.1 or elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in
      this Agreement and each term defined in the plural form in Section 1.1 or elsewhere in this Agreement shall mean the singular thereof when the singular form of such term is used herein.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>The words &#8220;hereof&#8221;, &#8220;herein&#8221;, &#8220;hereunder&#8221; and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular
      provision of this Agreement, and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Unless as otherwise provided herein, the word &#8220;including&#8221; as used herein shall mean &#8220;including without limitation.&#8221;</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(d)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>All accounting terms not specifically or completely defined in this Agreement shall be construed in conformity with GAAP.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(e)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Where the character or amount of any asset or liability or item of income or expense is required to be determined, or any accounting computation is required to
      be made, for the purpose of this Agreement, such determination or calculation shall be made, to the extent applicable and except as otherwise specified in this Agreement or the other Related Documents, in accordance with GAAP.&#160; When used herein, the
      term &#8220;financial statement&#8221; shall include the notes and schedules thereto.&#160; All accounting determinations and computations hereunder shall be made without duplication.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 1.3</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Other Terms</u></font>.&#160; All terms
      used in Article&#160;9 of the UCC as in effect from time to time in the State of New York, and not specifically defined herein, are used herein as defined in such Article&#160;9.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 1.4</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Computation of Time Periods</u></font>.&#160;
      Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word &#8220;from&#8221; means &#8220;from and including&#8221; and the words &#8220;to&#8221; and &#8220;until&#8221; each means &#8220;to but excluding.&#8221;</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ARTICLE II<br>
      <br>
      ADMINISTRATION AND SERVICING OF SECURITIZED ASSETS</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 2.1</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Jack in the Box to Act as Manager</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Engagement of the Manager</u>.&#160; The Manager is hereby authorized by each Securitization Entity, and hereby agrees, to perform the Services (or refrain from
      the performance of the Services) subject to and in accordance with the Managing Standard and the terms of this Agreement, the other Related Documents and the Managed Documents.&#160; With respect to the IP Services, the Manager shall perform such IP
      Services in accordance with the Managing Standard, unless the Franchisor determines, in its sole discretion, that additional action is necessary or desirable in furtherance of the protection of the Securitization IP in which case the Manager shall
      perform such IP Services and additional related services as are reasonably requested by the Franchisor.&#160; The Manager, on behalf of the Securitization Entities, shall have full power and authority, acting alone and subject only to the specific
      requirements and prohibitions of this Agreement and in accordance with the Managing Standard, the Indenture and the other Related Documents and the Managed Documents, to take, or refrain from taking, any such actions, and to do any and all things in
      connection with performing the Services that the Manager may deem necessary or desirable.&#160; Without limiting the generality of the foregoing, but subject to the provisions of this Agreement, including Section 2.8, the Indenture and the other Related
      Documents, the Manager, in connection with performing the Services, is hereby authorized and empowered to execute and deliver, in the Manager&#8217;s own name (in its capacity as agent for the applicable Securitization Entity) or in the name of any
      Securitization Entity (pursuant to the applicable Power of Attorney), on behalf of any Securitization Entity any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments,
      with respect to the Securitized Assets, including, without limitation, consents to sales, transfers or encumbrances of a franchise by a Franchisee or consents to assignments and assumptions of the Franchise Agreements by any Franchisee in accordance
      with the terms thereof.&#160; For the avoidance of doubt, the parties hereto acknowledge and agree that the Manager is providing Services directly to each applicable Securitization Entity.&#160; Nothing in this Agreement shall preclude the Securitization
      Entities from performing the Services or any other act on their own behalf at any time and from time to time.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Actions to Create and
        Perfect Security Interests</u>.&#160; Subject to the terms of the Indenture, including any applicable Series Supplement, and the Related Documents, the Manager shall take those actions that are required under the Related Documents and Requirements of
      Law to maintain continuous perfection (where applicable) and priority (subject to Permitted Liens) of any Securitization Entity&#8217;s and the Trustee&#8217;s respective interests in the Securitized Assets to the extent required by the Indenture and the
      Guarantee and Collateral Agreement.&#160; Without limiting the foregoing, the Manager shall file or cause to be filed with the appropriate government office the financing statements on Form UCC&#8209;1, assignments of financing statements on Form UCC&#8209;3, any
      filings related to the Securitization IP as required by Section&#160;8.25(c) and (d) of the Base Indenture and other filings required to be filed in connection with the Indenture and the other Related Documents.&#160; Upon the occurrence of a Mortgage
      Preparation Event, the Manager shall cause the preparation of fully executed Mortgages for recordation against the Real Estate Assets (excluding the Securitized Company Restaurant Third&#8209;Party Leases and Securitized JIB Back-to-Back Leases) and within
      ninety (90)&#160;days of such Mortgage Preparation Event shall deliver such Mortgages to the Trustee in accordance with Section&#160;8.37 of the Base Indenture, to be held for the benefit of the Secured Parties in the event a Mortgage Recordation Event
      occurs.&#160; In accordance with Section&#160;8.37 of the Base Indenture, the Trustee shall be reimbursed for any and all reasonable costs and expenses in connection with such Mortgage Recordation Event, including all Mortgage Recordation Fees pursuant to and
      in accordance with the Priority of Payments.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Ownership of Manager&#8209;Developed IP</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 135pt; text-align: justify;">(i)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Manager acknowledges and agrees that all Securitization IP, including any Manager&#8209;Developed IP arising during the
      Term, shall, as between the parties, be owned by and inure exclusively to the Franchisor.&#160; Any copyrightable material included in such Manager&#8209;Developed IP shall, to the fullest extent allowed by law, be considered a &#8220;work made for hire&#8221; under
      applicable copyright law (including within the meaning of Section&#160;101 of the U.S.&#160;Copyright Act of 1976, as amended) and owned by the Franchisor.&#160; The Manager hereby irrevocably assigns and transfers, without further consideration, all right, title
      and interest in and to all Manager&#8209;Developed IP (and all goodwill connected with the use of and symbolized by Trademarks included therein) to the Franchisor.&#160; Notwithstanding the foregoing, the Manager&#8209;Developed IP to be transferred to the Franchisor
      shall include rights to use third party Intellectual Property only to the extent (but to the fullest extent) that such rights are assignable or sublicensable to the Franchisor.&#160; All applications to register Manager&#8209;Developed IP shall be filed in the
      name of the Franchisor.</div>
    <div>&#160;</div>
    <div style="text-indent: 135pt; text-align: justify;">(ii)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>The Manager agrees to cooperate in good faith with the Franchisor for the purpose of securing and preserving the
      Franchisor&#8217;s rights in and to the applicable Manager&#8209;Developed IP, including executing any documents and taking any actions, at the Franchisor&#8217;s reasonable request, or as deemed necessary or advisable by the Manager, to confirm, file and record in
      any appropriate registry the Franchisor&#8217;s sole legal title in and to such Manager&#8209;Developed IP (as described in <u>Section 2.1(c)(i)</u>), it being acknowledged and agreed that any expenses in connection therewith shall be paid by the Franchisor.&#160;
      The Manager hereby appoints the Franchisor (with respect to the Securitization IP) as its attorney&#8209;in&#8209;fact authorized to execute such documents in the event that Manager fails to execute the same within twenty (20)&#160;days following the Franchisor&#8217;s
      written request to do so (it being understood that such appointment is a power coupled with an interest and therefore irrevocable) with full power of substitution and delegation.</div>
    <div style="text-indent: 117pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(d)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font></font><u>Grant of Power of Attorney</u>.&#160; In order to provide the Manager with the authority to perform and execute its duties and obligations as set forth herein, the
      Securitization Entities shall execute and deliver on the Closing Date a Power of Attorney in substantially the form set forth as <u>Exhibit&#160;A-1</u> (with respect to the Franchisor) and <u>Exhibit A-2</u> (with respect to the Securitization
      Entities) hereto to the Manager, which Powers of Attorney shall terminate in the event that the Manager&#8217;s rights under this Agreement are terminated as provided herein. The Securitization Entities shall deliver, at the request of the Manager, one or
      more additional Power of Attorney in substantially the form set forth in <u>Exhibit A-1</u> or <u>Exhibit A-2</u>, as applicable, from time to time as may be necessary to perform the Services.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(e)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"><u></u></font></font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Franchisee Insurance</u>.&#160; The Manager acknowledges that, to the extent that it or any of its Affiliates is named as a &#8220;loss payee&#8221; or &#8220;additional insured&#8221;
      under any insurance policies of any Franchisee, it shall use commercially reasonable efforts to cause it to be so named in its capacity as the Manager on behalf of the applicable Securitization Entity, and the Manager shall promptly (i)&#160;deposit or
      cause to be deposited to the applicable Concentration Account any proceeds received by it or by any Securitization Entity or any other Affiliate under such insurance policies (other than amounts described in the following <u>clause&#160;(ii)</u>) and
      (ii)&#160;disburse to the applicable Franchisee any proceeds of any such insurance policies payable to such Franchisee pursuant to the applicable Securitized Franchise Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(f)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Manager Insurance</u>.&#160; The Manager shall maintain adequate insurance consistent
      with the type and amount maintained by the Manager as of the Closing Date, subject, in each case, to any adjustments or modifications made in accordance with the Managing Standard.&#160; Such insurance shall cover each of the Securitization Entities, as
      an additional insured, to the extent that such Securitization Entity has an insurable interest therein.&#160; All insurance policies maintained by the Manager on the Closing Date are listed on <u>Schedule&#160;2.1(f)</u> hereto.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(g)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Value Card Sales and Redemption</u>.&#160; The Manager shall be responsible for administering the value card programs of the Jack in the Box Brand and shall
      collect the proceeds of the initial sale of value cards that are sold on the internet, to third-parties for distribution, at Securitized Restaurants, at third-party retail locations or at other value card vendors in one or more accounts in the name
      of the Manager (or an Affiliate thereof). Following the redemption of any value card or portion thereof at any Securitized Restaurant, the Manager shall oversee the delivery of the redeemed amount to the applicable Securitized Restaurant and the
      reimbursement of any third party advancing funds to the owner of the Securitized Restaurant as part of the redemption process.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-weight: bold;">Section 2.2</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Accounts</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Collection of Payments; Remittances; Collection Account</u>.&#160; The Manager shall maintain and manage the Management Accounts (and certain other accounts from
      time to time) in the name of, and for the benefit of, the Securitization Entities.&#160; The Manager shall (on behalf of the Securitization Entities) (i)&#160;cause the collection of Collections in accordance with the Managing Standard and subject to and in
      accordance with the Related Documents and (ii)&#160;make all deposits to and withdrawals from the Management Accounts in accordance with this Agreement (including the Managing Standard), the Indenture and the applicable Managed Documents.&#160; The Manager
      shall (on behalf of the Securitization Entities) make all deposits to the Collection Account in accordance with terms of the Indenture.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Deposit of Misdirected Funds; No Commingling; Misdirected Payments</u>.&#160; The Manager shall promptly deposit into a Concentration Account, the Collection
      Account or such other appropriate account within three (3)&#160;Business Days immediately following Actual Knowledge of the Manager of the receipt thereof and in the form received with any necessary endorsement or in cash, all payments in respect of the
      Securitized Assets incorrectly deposited into another account.&#160; In the event that any funds not constituting Collections are incorrectly deposited in any Account, the Manager shall promptly withdraw such amounts after obtaining Actual Knowledge
      thereof and shall pay such amounts to the Person legally entitled to such funds.&#160; Except as otherwise set forth herein or in the Base Indenture, the Manager shall not commingle any monies that relate to Securitized Assets with its own assets and
      shall keep separate, segregated and appropriately marked and identified all Securitized Assets and any other property comprising any part of the Securitized Assets, and for such time, if any, as such Securitized Assets or such other property are in
      the possession or control of the Manager to the extent such Securitized Assets or such other property is included in the Securitized Assets, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or,
      following termination of the Indenture, the applicable Securitization Entity).&#160; Additionally, the Manager, promptly after obtaining Actual Knowledge thereof, shall notify the Trustee in the Weekly Manager&#8217;s Certificate of any amounts incorrectly
      deposited into any Indenture Trust Account and arrange for the prompt remittance by the Trustee of such funds from the applicable Indenture Trust Account to the Manager.&#160; The Trustee shall have no obligation to verify any information provided to it
      by the Manager in any Weekly Manager&#8217;s Certificate and shall remit such funds to the Manager based solely on such Weekly Manager&#8217;s Certificate.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font></font><u>Investment of Funds in Management Accounts</u>.&#160; The Manager shall have the right to invest and reinvest funds deposited in any Management Account constituting a
      &#8220;securities account&#8221; within the meaning of Section 8-501 of the New York UCC in Eligible Investments maturing no later than the Business Day preceding each Weekly Allocation Date.&#160; All income or other gain from such Eligible Investments will be
      credited to the related Management Account, and any loss resulting from such investments will be charged to the related Management Account.&#160; The Investment Income (net of losses and expenses) available on deposit in the Management Accounts will be
      withdrawn on each Weekly Allocation Date for deposit to the Collection Account for application as Collections on such Weekly Allocation Date.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-weight: bold;">Section 2.3</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Records</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>The Manager shall, in accordance with the Managing Standard, retain all material data (including computerized records) relating directly to, or maintained in
      connection with, the servicing of the Securitized Assets at its address indicated in Section 8.5 (or at an off&#8209;site storage facility reasonably acceptable to the Securitization Entities, the Servicer and the Back&#8209;Up Manager) or, upon thirty
      (30)&#160;days&#8217; notice to the Securitization Entities, each Rating Agency, the Back&#8209;Up Manager, the Trustee and the Servicer, at such other place where the servicing office of the Manager is located (<u>provided</u> that the servicing office of the
      Manager shall at all times be located in the United States), and shall give the Trustee, the Back&#8209;Up Manager and the Servicer access to all such data in accordance with the terms and conditions of the Related Documents; <u>provided</u><font style="font-style: italic;">, </font><u>however</u>, that the Trustee shall not be obligated to verify, recalculate or review any such data.&#160; The Manager acknowledges that the Franchisor shall own the Intellectual Property rights in all such data.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>If the rights of Jack in the Box Inc., as the initial Manager, shall have been terminated in accordance with Section 6.1 or if this Agreement shall have been
      terminated pursuant to Section 8.1, Jack in the Box Inc., as the initial Manager, shall, upon demand of the Trustee (based upon the written direction of the Control Party), in the case of a termination pursuant to Section 6.1, or upon the demand of
      the Securitization Entities, in the case of a termination pursuant to Section 8.1, deliver to the Successor Manager, or destroy at the request of the demanding party or its designee, all data in its possession or under its control (including
      computerized records) necessary or desirable for the servicing of the Securitized Assets.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 2.4</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Administrative Duties of Manager</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font></font><u>Duties with Respect to the Related Documents</u>.&#160; The Manager, in accordance with the Managing Standard, shall perform the duties of the applicable Securitization
      Entities under the Related Documents except for those duties that are required to be performed by the equity holders, stockholders, directors, or managers of such Securitization Entity pursuant to applicable law.&#160; In furtherance of the foregoing, the
      Manager shall consult with the managers or the directors, as the case may be, of the Securitization Entities as the Manager deems appropriate regarding the duties of the Securitization Entities under the Related Documents.&#160; The Manager shall monitor
      the performance of the Securitization Entities and, promptly upon obtaining Actual Knowledge thereof, shall advise the applicable Securitization Entity when action is necessary to comply with such Securitization Entity&#8217;s duties under the Related
      Documents.&#160; The Manager shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates, notices and opinions as it shall be the
      duty of the Securitization Entities to prepare, file or deliver pursuant to the Related Documents.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Duties with Respect to the Securitization Entities</u>.&#160; In addition to the duties of the Manager set forth in this Agreement or any of the Related
      Documents, the Manager, in accordance with the Managing Standard, shall perform such calculations and shall prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all such documents,
      reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver pursuant to applicable law, including, for the avoidance of doubt, securities laws and franchise
      laws.&#160; Pursuant to the directions of the Securitization Entities and in accordance with the Managing Standard, the Manager shall administer, perform or supervise the performance of such other activities in connection with the Securitization Entities
      as are not covered by any of the foregoing provisions and as are expressly requested by any Securitization Entity and are reasonably within the capability of the Manager.&#160; The Manager shall provide notice to the Servicer as soon as practicable if an
      administrative action in excess of $5,000,000 is taken in any fiscal quarter in connection with clauses (i) through (v) below.</div>
    <div>&#160;</div>
    <div style="text-indent: 135pt; text-align: justify;">(i)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Tenant Improvement Allowances</u>.&#160; The Manager shall be responsible for collecting and administering tenant
      improvement allowances and similar amounts received from landlords with respect to the Securitized Leases and the New Securitized Leases.&#160; Any such amounts received from landlords will be collected and maintained in one or more accounts by the
      Manager, and shall be utilized by the Manager as required by the relevant Securitized Lease or for improvements, renovations or other capital expenditures in respect of real property subject to the Securitized Leases and the New Securitized Leases
      or, to the extent any such funds represent a reimbursement of such expenditures previously made by the Manager, may be retained by the Manager.&#160; The Manager shall administer such amounts in accordance with the Managing Standard. </div>
    <div>&#160;</div>
    <div style="text-indent: 135pt; text-align: justify;">(ii)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>JIB Tenant Improvement Payments</u>.&#160; After the Closing Date, the Manager will not agree to make any JIB Tenant
      Improvement Payments in connection with any Securitized Franchisee Back-to-Back Sublease or Securitized Owned-Property Franchisee Lease unless (i)&#160;Jack in the Box Inc. has elected to fund the related JIB Tenant Improvement Payment by making a
      voluntary capital contribution to JIB Properties in accordance with the terms of the Master Real Estate Agreement or (ii) the Residual Amount is available (or will be available) to fund the applicable JIB Tenant Improvement Payment as determined by
      the Manager in accordance with the Managing Standard.</div>
    <div>&#160;</div>
    <div style="text-indent: 135pt; text-align: justify;">(iii)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>JIB Maintenance Payments</u>.&#160; The Manager will not agree to make any JIB Maintenance Payments beyond what is
      required to be paid under any Securitized Franchisee Back-to-Back Sublease or Securitized Owned-Property Franchisee Lease unless (i) Jack in the Box Inc. has elected to fund the related JIB Maintenance Payment by making a voluntary capital
      contribution to JIB Properties in accordance with the terms of the Master Real Estate Agreement or (ii) the Residual Amount is available (or will be available) to fund the applicable JIB Maintenance Payment as determined by the Manager in accordance
      with the Managing Standard.</div>
    <div style="text-indent: 135pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 135pt; text-align: justify;">(iv)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>JIB Remodeling Incentive Payments</u>.&#160; The Manager will not agree to make any JIB Remodeling Incentive Payments
      beyond what is required to be paid under any purchase agreement associated with the sale of certain restaurants unless (i) Jack in the Box Inc. has elected to fund the related JIB Remodeling Incentive Payment by making a voluntary capital
      contribution to the Franchisor in accordance with the terms of the Master Real Estate Agreement or (ii) the Residual Amount is available (or will be available) to fund the applicable JIB Remodeling Incentive Payment as determined by the Manager in
      accordance with the Managing Standard.</div>
    <div>&#160;</div>
    <div style="text-indent: 135pt; text-align: justify;">(v)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>JIB Franchise Incentive Contributions</u>.&#160; The Manager will not agree to make any such JIB Franchise Incentive
      Contributions beyond what is required to be paid under the applicable Securitized Franchise Agreement unless (i) Jack in the Box Inc. has elected to fund the related JIB Franchise Incentive Contribution by making a voluntary capital contribution to
      the Franchisor in accordance with the terms of the Master Real Estate Agreement or (ii) the Residual Amount is available (or will be available) to fund the applicable JIB Franchise Incentive Contribution as determined by the Manager in accordance
      with the Managing Standard.</div>
    <div>&#160;</div>
    <div style="text-indent: 135pt; text-align: justify;">(vi)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>JIB Purchase Options</u>.&#160; After the Closing Date, the Manager will not agree to exercise any JIB Purchase Options on
      properties related to Securitized Company Restaurant Third-Party Leases or Securitized JIB Back-to-Back Leases unless (x) Jack in the Box Inc. has elected to fund the related JIB Purchase Option by making a voluntary capital contribution to JIB
      Properties in accordance with the terms of the Master Real Estate Agreement, (y) the Residual Amount is available (or will be available) to fund the applicable JIB Purchase Option as determined by the Manager in accordance with the Managing Standard
      or (z) the exercise of such option constitutes a permitted investment in Eligible Assets sourced from funds representing Insurance/Condemnation Proceeds or Asset Disposition Proceeds in accordance with the Indenture, to the extent funds are available
      after the reimbursements and prepayments are made pursuant to Section 5.12(i)(A) through (C) of the Base Indenture.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font></font><u>Records</u>.&#160; The Manager shall maintain appropriate books of account and records relating to the Services performed under this Agreement, which books of account and
      records shall be accessible for inspection (i) by the Securitization Entities during normal business hours and upon reasonable notice and (ii) by the Trustee, the Back&#8209;Up Manager, the Servicer and the Controlling Class Representative in accordance
      with <u>Section 3.1(d)</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(d)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font> </font><u>Election of Controlling Class Representative</u>.&#160; Pursuant to Section&#160;11.01(d) of the Base Indenture, if two CCR Candidates both receive votes from Controlling Class
      Members holding beneficial interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class with respect to which votes were submitted, the Manager shall choose the Controlling Class Representative from one of
      such CCR Candidates.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 2.5</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>No Offset</u></font>.&#160; The payment
      obligations of the Manager under this Agreement shall not be subject to, and the Manager hereby waives, in connection with the performance of such obligations, any right of offset that the Manager has or may have against the Trustee, the Servicer or
      the Securitization Entities, whether in respect of this Agreement, the other Related Documents or any document governing any Securitized Asset or otherwise. </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 2.6</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Compensation and Expenses</u></font>.&#160;
      As compensation for the performance of its obligations under this Agreement, the Manager shall receive the Weekly Management Fee and the Supplemental Management Fee, if any, on each Weekly Allocation Date out of amounts available therefor under the
      Indenture on such Weekly Allocation Date in accordance with the Priority of Payments.&#160; In addition to the foregoing fees, the Manager is entitled to receive (i) Excluded Amounts received from&#160; Franchisees relating to corporate services provided by
      the Manager to the Franchisees, including repairs and maintenance, value card administration, employee training, point-of-sale system maintenance and support, upfront onboarding fees and maintenance of other information technology systems and (ii)
      equivalent amounts from JIB Properties for corporate services provided by the Manager to JIB Properties similar to those received from Franchisees pursuant to <u>clause (i)</u>.&#160; The Manager is required to pay from its own funds all expenses it may
      incur in performing its obligations hereunder.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="font-weight: bold;">Section 2.7</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Indemnification</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;&#160;&#160;&#160;&#160; </font>The Manager agrees to indemnify and hold harmless each of the Securitization Entities, the Trustee, the Back&#8209;Up Manager and the Servicer (both in its capacity as
      Servicer and as Control Party) and their respective members, officers, directors, managers, employees and agents (each, an &#8220;<u>Indemnitee</u>&#8221;) for all claims, losses, penalties, fines, forfeitures, liabilities, obligations, damages, actions, suits
      and related costs and judgments and other costs, fees and reasonable expenses, including reasonable and documented fees, out&#8209;of&#8209;pocket charges and disbursements of counsel (other than the allocated costs of in&#8209;house counsel), that any of them may
      incur as a result of (i)&#160;the failure of the Manager to perform or observe its obligations under this Agreement or any other Related Document to which it is a party in its capacity as Manager, (ii)&#160;the breach by the Manager of any representation,
      warranty or covenant under this Agreement or any other Related Document to which it is a party in its capacity as Manager; or (iii)&#160;the Manager&#8217;s bad faith, negligence or willful misconduct in the performance of its duties under this Agreement and
      the other Related Documents; <u>provided</u><font style="font-style: italic;">,</font><u> however</u>, that there shall be no indemnification under this Section 2.7(a) in respect of losses on the value of any Securitized Assets for a breach of any
      representation, warranty or covenant relating to any New Asset provided in Article V so long as the Manager has complied with Section 2.7(b) and Section 2.7(c) hereunder; <u>provided</u><font style="font-style: italic;">,</font>&#160;<u>further</u>, that
      the Manager shall have no obligation of indemnity to an Indemnitee to the extent any such claims, losses, penalties, fines, forfeitures, liabilities, obligations, damages, actions, suits and related costs and judgments and other costs, fees and
      reasonable expenses are caused by the bad faith, gross negligence, willful misconduct, or breach of this Agreement by such Indemnitee (unless caused by the Manager with respect to a Securitization Entity).&#160; In the event the Manager is required to
      make an indemnification payment pursuant to this Section 2.7(a) the Manager shall promptly pay such indemnification payment directly to the applicable Indemnitee (or, if due to a Securitization Entity, shall deposit such indemnification payment
      directly to the Collection Account).</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event of a breach of any representation, warranty or covenant relating to any New Asset provided in Article V that is not remedied within thirty (30)&#160;days of the Manager
      having obtained Actual Knowledge of such breach or written notice thereof, the Manager shall promptly notify the Trustee and the Servicer and either (x)&#160;repurchase all of the Securitized Franchise Assets, Securitized Company Restaurants (and the
      related Securitized Company Restaurant Assets) or Real Estate Assets relating to such Securitized Restaurant for an amount equal to the related Indemnification Amount or to pay the Indemnification Amount to the applicable Securitization Entity and
      (y)&#160;reimburse the applicable Securitization Entity for the expenses related to defending or enforcing its rights in such Securitization IP; <u>provided</u>, that if the applicable breach affects only a portion of the Securitized Franchise Assets,
      Securitized Company Restaurants (and the related Securitized Company Restaurant Assets) or Real Estate Assets relating to a Securitized Restaurant, without Material Adverse Effect on the cash flow generated by the unaffected Securitized Franchise
      Asset, Securitized Company Restaurant (and the related Securitized Company Restaurant Assets) or Real Estate Asset, the Manager shall only be required to repurchase or pay the Indemnification Amount with respect to the affected portion of such
      Securitized Franchise Asset, Securitized Company Restaurant (and the related Securitized Company Restaurant Assets) or Real Estate Asset.&#160; Upon confirmation by the Trustee or the Servicer of the payment by the Manager of the Indemnification Amount to
      the Collection Account with respect to any Securitized Franchise Asset, Securitized Company Restaurant (and the related Securitized Company Restaurant Assets) or Real Estate Asset in accordance with the preceding sentence and all amounts, if any,
      owing at such time under Section 2.7(c) below, the applicable Securitization Entity shall, to the extent permitted by applicable law and subject to receipt of necessary landlord consents, assign all such Securitized Franchise Assets, Securitized
      Company Restaurants (and the related Securitized Company Restaurant Assets) or Real Estate Assets to the Manager and the Manager shall accept assignment of such Securitized Franchise Assets, Securitized Company Restaurants (and the related
      Securitized Company Restaurant Assets) or Real Estate Assets from the relevant Securitization Entity.&#160; Such Securitization Entity shall, in such event, make all assignments of such Securitized Franchise Assets, Securitized Company Restaurants (and
      the related Securitized Company Restaurant Assets) and Real Estate Assets necessary to effect such assignment, as applicable.&#160; Any such assignment by any Securitization Entity shall be without recourse to, or representation or warranty by, such
      Securitization Entity and such Securitized Franchise Assets, Securitized Company Restaurants (and the related Securitized Company Restaurant Assets) and Real Estate Assets shall no longer be subject to the Lien of the Indenture.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition to the rights provided in Section 2.7(b), the Manager agrees to indemnify and hold each Indemnitee harmless if any action or proceeding (including any
      governmental investigation and/or the assessment of any fines or similar items) shall be brought or asserted against such Indemnitee in respect of a material breach of any representation, warranty or covenant relating to any New Asset provided in
      Article V to the extent provided in Section 2.7(a).</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(d)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any Indemnitee that proposes to assert the right to be indemnified under this Section 2.7 shall promptly, after receipt of notice of the commencement of any action, suit or
      proceeding against such party in respect of which a claim is to be made against the Manager, notify the Manager of the commencement of such action, suit or proceeding, enclosing a copy of all papers served.&#160; In the event that any action, suit or
      proceeding shall be brought against any Indemnitee, such Indemnitee shall notify the Manager of the commencement thereof and the Manager shall be entitled to participate in, and to the extent that it shall wish, to assume the defense thereof, with
      its counsel reasonably satisfactory to such Indemnitee (which, in the case of a Securitization Entity, shall be reasonably satisfactory to the Control Party as well), and after notice from the Manager to such Indemnitee of its election to assume the
      defense thereof, the Manager shall not be liable to such Indemnitee for any legal expenses subsequently incurred by such Indemnitee in connection with the defense thereof; <u>provided</u><font style="font-style: italic;">&#160;</font>that the Manager
      shall not enter into any settlement with respect to any claim or proceeding unless such settlement includes a release of such Indemnitee from all liability on claims that are the subject matter of such settlement; and <u>provided</u><font style="font-style: italic;">, </font><u>further</u>, that the Indemnitee shall have the right to employ its own counsel in any such action the defense of which is assumed by the Manager in accordance with this Section 2.7(d), but the fees and
      expenses of such counsel shall be at the expense of such Indemnitee unless (i)&#160;the employment of counsel by such Indemnitee has been specifically authorized by the Manager, (ii)&#160;the Manager is advised in writing by counsel to such Indemnitee or the
      Control Party that joint representation would give rise to a conflict of interest between such Indemnitee&#8217;s position and the position of the Manager in respect of the defense of the claim, (iii)&#160;the Manager shall have failed within a reasonable
      period of time to assume the defense of such action or proceeding and employ counsel reasonably satisfactory to the Indemnitee in any such action or proceeding or (iv)&#160;the named parties to any such action or proceeding (including any impleaded
      parties) include both the Indemnitee and the Manager, and the Indemnitee shall have been advised by counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the Manager (in
      which case, the Indemnitee notifies the Manager in writing that it elects to employ separate counsel at the expense of the Manager, the reasonable fees and expenses of such Indemnitee&#8217;s counsel shall be borne by the Manager and the Manager shall not
      have the right to assume the defense of such action or proceeding on behalf of such Indemnitee, it being understood, however, that the Manager shall not, in connection with any one such action or proceeding or separate but substantially similar or
      related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for such fees and expenses of more than one separate firm of attorneys at any time for the Indemnitee).&#160; The provisions of
      this Section 2.7 shall survive the termination of this Agreement or the earlier resignation or removal of any party hereto; <u>provided</u><font style="font-style: italic;">, </font><u>however</u>, that no Successor Manager shall be liable under
      this Section 2.7 with respect to any Defective New Asset or any other matter occurring prior to its succession hereunder.&#160; Notwithstanding anything in this Section 2.7 to the contrary, any delay or failure by an Indemnitee in providing the Manager
      with notice of any action shall not relieve the Manager of its indemnification obligations except to the extent the Manager is materially prejudiced by such delay or failure of notice.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 2.8</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Nonpetition Covenant</u></font>.&#160;
      The Manager shall not, prior to the date that is one year and one day, or if longer, the applicable preference period then in effect, after the payment in full of the Outstanding Principal Amount of the Notes of each Series, petition or otherwise
      invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against any Securitization Entity under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
      or other similar official of such Securitization Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of such Securitization Entity.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 2.9</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>&#160;</u></font><font style="font-weight: bold;"><u>Franchisor Consent</u></font>.&#160;
      Subject to the Managing Standard and the terms of the Indenture, the Manager shall have the authority, on behalf of the applicable Securitization Entities, to grant or withhold consents of the &#8220;franchisor&#8221; required under the Securitized Franchise
      Documents.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 2.10</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Appointment of Sub&#8209;managers</u></font>.&#160;
      The Manager may enter into Sub&#8209;managing Arrangements with third parties (including Affiliates) (each, a &#8220;<u>Sub&#8209;manager</u>&#8221;) to provide the Services hereunder; <u>provided</u>, other than with respect to a Sub&#8209;managing Arrangement with an Affiliate
      of the Manager, that no Sub&#8209;managing Arrangement shall be effective unless and until (i)&#160;the Manager receives the consent of the Control Party, (ii)&#160;such Sub&#8209;manager executes and delivers an agreement, in form and substance reasonably satisfactory to
      the Control Party, to perform and observe, or in the case of an assignment, an assumption by such successor entity of the due and punctual performance and observance of, the applicable covenants and conditions to be performed or observed by the
      Manager under this Agreement; <u>provided</u> that such Sub&#8209;managing Arrangement shall be terminable by the Control Party upon a Manager Termination Event and shall contain transitional servicing provisions substantially similar to those provided in
      Section 6.3 and intellectual property provisions substantially similar to those provided in Section 6.4, (iii)&#160;a written notice has been provided to the Trustee and the Back&#8209;Up Manager and (iv)&#160;such Sub&#8209;managing Arrangement, or assignment and
      assumption by such Sub&#8209;manager, satisfies the Rating Agency Condition.&#160; Such Sub-managing Arrangements may include engaging a Non-Securitization Entity as its Sub-manager for purposes of making available to the applicable Securitization Entity any
      rights, assets and services under a Required Consent Agreement, as set forth in <u>Section 5.4</u> hereof. The Manager shall not enter into any Sub&#8209;managing Arrangement which delegates the performance of any fundamental business operations such as
      responsibility for the franchise development, operations and marketing strategies for the Jack in the Box Brand to any Person that is not an Affiliate without receiving the prior written consent of the Control Party.&#160; The Manager may delegate to any
      Sub-manager administration of any Management Account, provided that prior to accepting instructions from such Sub-manager regarding any such Managed Account, the Trustee may require that such Sub-manager provide all applicable know-your-customer
      documentation required by the Trustee. Notwithstanding anything to the contrary herein or in any Sub&#8209;managing Arrangement, the Manager shall remain primarily and directly liable for its obligations hereunder and in connection with any Sub&#8209;managing
      Arrangement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 2.11</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Insurance/Condemnation&#160;Proceeds</u></font>.&#160;&#160;Upon&#160;receipt&#160;of&#160;any&#160;Insurance/Condemnation

      Proceeds, the Manager (on behalf of the Securitization Entities), in accordance with Section&#160;5.11(a)(vi) of the Base Indenture, shall deposit or cause the deposit of such Insurance/Condemnation Proceeds to the Insurance Proceeds Account; <u>provided</u>
      that up to $1,000,000 of Insurance/Condemnation Proceeds in each calendar year may be excluded from payment into the Insurance Proceeds Account and will be treated as Collections for deposit into the Collection Account.&#160; At the election of the
      Manager (on behalf of the applicable Securitization Entity) (as notified by the Manager to the Trustee, the Servicer, and the Back&#8209;Up Manager promptly after receipt of the Insurance/Condemnation Proceeds) and so long as no Rapid Amortization Event
      shall have occurred and be continuing, the Manager (on behalf of the Securitization Entities) may reinvest such Insurance/Condemnation Proceeds in Eligible Assets and/or to repair or replace the assets in respect of which such proceeds were received
      within the applicable Casualty Reinvestment Period or otherwise direct such proceeds in the manner permitted by the Base Indenture; <u>provided</u> that&#160;in the event the Manager has purchased Eligible Assets or has repaired or replaced the assets
      with respect to which such Insurance/Condemnation Proceeds have been received prior to the receipt of such Insurance/Condemnation Proceeds, such Insurance/Condemnation Proceeds shall be used to reimburse the Manager for any expenditures in connection
      with such repair or replacement.</div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 2.12</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Permitted Asset Dispositions</u></font>.&#160;

      The Manager (acting on behalf of the Securitization Entities), in accordance with Section 8.16 of the Base Indenture and the Managing Standard, may dispose of property of the Securitization Entities from time to time.&#160; To the extent required by the
      Base Indenture, upon receipt of any Asset Disposition Proceeds from any Permitted Asset Disposition, the Manager (on behalf of the Securitization Entities), in accordance with Section 5.11(a)(v) of the Base Indenture, shall deposit or cause the
      deposit of such Asset Disposition Proceeds to the Asset Disposition Proceeds Account.&#160; At the election of the Manager (on behalf of the applicable Securitization Entity) and so long as no Rapid Amortization Event shall have occurred and be
      continuing, the Manager (on behalf of the Securitization Entities) may reinvest such Asset Disposition Proceeds in accordance with the Base Indenture.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 2.13</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Letter of Credit Reimbursement
          Agreement</u></font>.&#160; In the event that Jack in the Box or another Non-Securitization Entity has deposited cash collateral as security for its obligations under the Letter of Credit Reimbursement Agreement into a bank account maintained in the
      name of the Master Issuer, (i)&#160;any Non-Securitization Entity fails to make any payment to the Master Issuer when due under the Letter of Credit Reimbursement Agreement, the Manager shall withdraw the amount of such delinquent payment from such bank
      account within one Business Day of the due date of such payment under the Letter of Credit Reimbursement Agreement and deposit such amount into the Collection Account, and (ii)&#160;if the amount on deposit in such account exceeds an amount equal to 105%
      of the <u>sum</u> of (x)&#160;the aggregate exposure under all outstanding letters of credit under the Letter of Credit Reimbursement Agreement <u>plus</u> (y)&#160;the aggregate amount then due to the Master Issuer under Section&#160;4 and Section&#160;5 of the
      Letter of Credit Reimbursement Agreement, the Manager shall withdraw the amount of such excess from such account and pay such excess to the applicable Non-Securitization Entity.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 2.14</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Manager Advances</u></font>.&#160; The
      Manager may, but is not obligated to, make Manager Advances to, or on behalf of, any Securitization Entity in connection with the operation of the Securitized Franchised Restaurant Business, the Securitized Company Restaurant Business and the
      business of the Securitization Entities.&#160; Manager Advances will accrue interest at the Advance Interest Rate and shall be reimbursable on each Weekly Allocation Date in accordance with the Priority of Payments.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ARTICLE III<br>
      <br>
      STATEMENTS AND REPORTS</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 3.1</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Reporting by the Manager</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;&#160; </font><u>Reports Required Pursuant to the Indenture</u>.&#160; The Manager, on behalf of the Securitization Entities, shall furnish, or cause to be furnished, to the Trustee, all
      reports and notices required to be delivered to the Trustee by any Securitization Entity pursuant to the Indenture (including pursuant to Article IV of the Base Indenture) or any other Related Document.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font></font><u>Delivery of Financial Statements</u>.&#160; The Manager shall provide the financial statements of Jack in the Box Inc. and the Securitization Entities as required under
      Section 4.01(g) and (h) of the Base Indenture.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Franchisee Termination Notices</u>.&#160; The Manager shall send to the Trustee, the Servicer and the Back&#8209;Up Manager, as soon as reasonably practicable but in no
      event later than fifteen (15)&#160;Business Days of the receipt thereof, a copy of any notices of termination of one or more Securitized Franchise Agreements sent by the Manager on behalf of the Franchisor to any Franchisee unless (i)&#160;the related
      Securitized Franchised Restaurant(s) generated less than $500,000 in royalties during the immediately preceding fiscal year or (ii)&#160;the related Securitized Franchised Restaurant(s) continue to operate pursuant to a New Securitized Franchise Agreement
      between the Franchisor or the Manager on its behalf and such Franchisee.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(d)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Notice Regarding Securitized Leases</u>.&#160; In the event that any Securitization Entity, or the Manager on behalf of any Securitization Entity, receives any
      written notice from a lessor of any Securitized Lease regarding the lack of payment or alleging any breach, violation or default under the applicable Securitized Lease or action be taken to remedy a material breach, violation or default, excluding
      any such notice in respect of non&#8209;monetary breach, violation or default as to which the Manager is contesting or expects to contest in good faith, the Manager shall promptly, but in any event within fifteen (15)&#160;Business Days from such receipt,
      notify the Trustee and the Servicer, unless cured within such period.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(e)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font> </font><u>Additional Information; Access to Books and Records</u>.&#160; The Manager shall furnish from time to time such additional information regarding the Securitized Assets or
      compliance with the covenants and other agreements of Jack in the Box Inc. and any Securitization Entity under the Related Documents as the Trustee, the Back&#8209;Up Manager or the Servicer may reasonably request, subject to compliance with applicable
      law.&#160; The Manager shall, and shall cause each Securitization Entity to, permit, at reasonable times upon reasonable notice, the Servicer, the Controlling Class Representative and the Trustee or any Person appointed by any of them as its agent to
      visit and inspect any of its properties, examine its books and records and discuss its affairs with its officers, directors, managers, employees and independent certified public accountants, and up to one such visit and inspection by each of the
      Servicer, the Controlling Class Representative and the Trustee, or any Person appointed by them shall be reimbursable as a Securitization Operating Expense per calendar year, with any additional visit or inspection by any such Person being at such
      Person&#8217;s sole cost and expense; <u>provided</u>, <u>however</u><font style="font-style: italic;">&#160;</font>that during the continuance of a Warm Back&#8209;Up Management Trigger Event, a Rapid Amortization Event, a Default, or an Event of Default, or to
      the extent expressly required without the instruction of any other party under the terms of any Related Documents, any such Person may visit and conduct such activities at any time and all such visits and activities shall constitute a Securitization
      Operating Expense.&#160; Notwithstanding the foregoing, the Manager shall not be required to disclose or make available communications protected by the attorney&#8209;client privilege.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(f)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Leadership Team Changes</u>.&#160; The Manager shall promptly notify the Trustee, the Back&#8209;Up Manager and the Servicer of any termination or resignation of any
      Persons included in the Leadership Team that occurs within 12&#160;months following a Change of Control.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(g)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font></font><u>Instructions as to Withdrawals and Payments</u>. The Manager, on behalf of the Securitization Entities, shall furnish, or cause to be furnished, to the Trustee or the
      Paying Agent, as applicable, written instructions to make withdrawals and payments from the Collection Account or any other Base Indenture Accounts or any Series Account, as contemplated herein, in the Base Indenture or in any Series Supplement.&#160; The
      Trustee and Paying Agent shall follow any such written instructions in accordance with the terms and conditions of the Base Indenture and any applicable Series Supplement.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 3.2</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Appointment of Independent Auditor</u></font>.&#160;
      On or before the Closing Date, the Securitization Entities shall appoint a firm of independent public accountants of recognized national reputation that is reasonably acceptable to the Control Party to serve as the independent auditors (&#8220;<u>Independent
        Auditors</u>&#8221;) for purposes of preparing and delivering the reports required by Section 3.3.&#160; It is hereby acknowledged that the accounting firm of KPMG LLP is acceptable for purposes of serving as Independent Auditors.&#160; The Securitization Entities
      may not remove the Independent Auditors without first giving thirty (30)&#160;days&#8217; prior written notice to the Independent Auditors, with a copy of such notice also given concurrently to the Trustee, each Rating Agency, the Control Party, the Manager (if
      applicable) and the Servicer.&#160; Upon any resignation by such firm or removal of such firm, the Securitization Entities shall promptly appoint a successor thereto that shall also be a firm of independent public accountants of recognized national
      reputation to serve as the Independent Auditors hereunder.&#160; If the Securitization Entities shall fail to appoint a successor firm of Independent Auditors within thirty (30)&#160;days after the effective date of any such resignation or removal, the Control
      Party shall promptly appoint a successor firm of independent public accountants of recognized national reputation that is reasonably satisfactory to the Manager to serve as the Independent Auditors hereunder.&#160; The fees of any Independent Auditors
      shall be payable by the Securitization Entities.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 3.3</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Annual Accountants&#8217; Reports</u></font>.&#160;

      The Manager shall furnish, or cause to be furnished to the Trustee, the Servicer and each Rating Agency, within one hundred twenty (120)&#160;days after the end of each fiscal year of the Manager, commencing with the fiscal year ending on or about
      September 30, 2019,&#160; (i)&#160;a report of the Independent Auditors (who may also render other services to the Manager) or the Back&#8209;Up Manager summarizing the findings of a set of agreed&#8209;upon procedures performed by the Independent Auditors or the Back&#8209;Up
      Manager with respect to compliance with the Quarterly Noteholders&#8217; Reports for such fiscal year (or other period) with the standards set forth herein, and (ii)&#160;a report of the Independent Auditors or the Back&#8209;Up Manager to the effect that such firm
      has examined the assertion of the Manager&#8217;s management as to its compliance with its management requirements for such fiscal year (or other period), and that (x)&#160;in the case of the Independent Auditors, such examination was made in accordance with
      standards established by the American Institute of Certified Public Accountants and (y)&#160;except as described in the report, management&#8217;s assertion is fairly stated in all material respects.&#160; In the case of the Independent Auditors, the report will
      also indicate that the firm is independent of the Manager within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants (each, an &#8220;<u>Annual Accountants&#8217; Report</u>&#8221;).&#160; In the event such Independent
      Auditors require the Trustee to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 3.3, the Manager shall direct the Trustee in writing to so agree as to the procedures
      described therein; it being understood and agreed that the Trustee shall deliver such letter of agreement (which shall be in a form satisfactory to the Trustee) in conclusive reliance upon the direction of the Manager, and the Trustee has not made
      any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 3.4</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Available Information</u></font>.&#160; The
      Manager, on behalf of the Securitization Entities, shall make available the information requested by prospective purchasers necessary to satisfy the requirements of Rule&#160;144A under the 1933&#160;Act, as amended.&#160; The Manager shall deliver such
      information, and shall promptly deliver copies of all Quarterly Noteholders&#8217; Reports and Annual Accountants&#8217; Reports, to the Trustee as contemplated by Section 4.01 of the Base Indenture, to enable the Trustee to redeliver such information to
      purchasers or prospective purchasers of the Notes as contemplated by Section 4.04 of the Base Indenture.</div>
    <div style="text-indent: 72pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ARTICLE IV<br>
      <br>
      THE MANAGER</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 4.1</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Representations and Warranties
          Concerning the Manager</u></font>.&#160; The Manager represents and warrants to each Securitization Entity, the Trustee and the Servicer, as of the Closing Date (except if otherwise expressly noted), as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>Organization and Good Standing</u>.&#160; The Manager (i)&#160;is a corporation, duly formed and organized, validly existing and in good standing under the laws of the
      State of Delaware, (ii)&#160;is duly qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the performance of its obligations under the
      Related Documents make such qualification necessary and (iii)&#160;has the power and authority (x)&#160;to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted and (y)&#160;to perform its
      obligations under this Agreement, except in each case referred to in <u>clause&#160;(ii)</u> to the extent that a failure to do so would not reasonably be expected to result in a Material Adverse Effect on the Manager.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160; &#160;&#160; &#160;&#160;&#160; &#160;&#160; &#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Power and Authority;
        No Conflicts</u>.&#160; The execution and delivery by the Manager of this Agreement and its performance of, and compliance with, the terms hereof are within the power of the Manager and have been duly authorized by all necessary corporate action on the
      part of the Manager.&#160; Neither the execution and delivery of this Agreement, nor the consummation of the transactions herein, nor compliance with the provisions hereof, shall conflict with or result in a breach of, or constitute a default (or an event
      which, with notice or lapse of time, or both, would constitute a default) under, any order of any Governmental Authority or any of the provisions of any Requirement of Law binding on the Manager or its properties, or the charter or bylaws or other
      organizational documents of the Manager, or any of the provisions of any material indenture, mortgage, lease, contract or other instrument to which the Manager is a party or by which it or its property is bound or result in the creation or imposition
      of any Lien upon any of its property pursuant to the terms of any such indenture, mortgage, leases, contract or other instrument, except to the extent such default, creation or imposition would not reasonably be expected to result in a Material
      Adverse Effect on the Manager, the Securitized Assets, or the Securitization Entities.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; &#160; &#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Consents</u>.&#160;
      Except (i)&#160;for registrations as a franchise broker or franchise sales agent as may be required under state franchise statutes and regulations, (ii)&#160;to the extent that a state or foreign franchise law requires filing and other compliance actions by
      virtue of considering the Manager as a &#8220;subfranchisor&#8221;, (iii)&#160;for any consents, licenses, approvals, authorizations, registrations, notifications, waivers or declarations that have been obtained or made and are in full force and effect and (iv)&#160;to
      the extent that a failure to do so would not reasonably be expected to result in a Material Adverse Effect on the Manager, the Securitized Assets or the Securitization Entities, the Manager is not required to obtain the consent of any other party or
      the consent, license, approval or authorization of, or file any registration or declaration with, any Governmental Authority in connection with the execution, delivery or performance by the Manager of this Agreement, or the validity or enforceability
      of this Agreement against the Manager.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(d)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Due Execution and
        Delivery</u>.&#160; This Agreement has been duly executed and delivered by the Manager and constitutes a legal, valid and binding obligation of the Manager enforceable against the Manager in accordance with its terms (subject to applicable insolvency
      laws and to general principles of equity).</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(e)&#160;<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>No Litigation</u>.&#160;
      There are no actions, suits, investigations or proceedings pending or, to the Actual Knowledge of the Manager, threatened against or affecting the Manager, before or by any Governmental Authority having jurisdiction over the Manager or any of its
      properties or with respect to any of the transactions contemplated by this Agreement (i)&#160;asserting the illegality, invalidity or unenforceability, or seeking any determination or ruling that would affect the legality, binding effect, validity or
      enforceability of this Agreement or (ii)&#160;which would reasonably be expected to result in a Material Adverse Effect on the Manager, the Securitized Assets or the Securitization Entities.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(f)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160; &#160;&#160; &#160; &#160;&#160; &#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;&#160; </font><u>Compliance with
        Requirements of Law</u>.&#160; The Manager is in compliance with all Requirements of Law except to the extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to result in a Material Adverse Effect on the Manager,
      the Securitized Assets or the Securitization Entities.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(g)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160; &#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>No Default</u>.&#160; The
      Manager is not in default under any agreement, contract, instrument or indenture to which the Manager is a party or by which it or its properties is or are bound, or with respect to any order of any Governmental Authority, except to the extent such
      default would not reasonably be expected to result in a Material Adverse Effect on the Manager or the Securitized Assets; and no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such
      agreement, contract, instrument or indenture, or with respect to any such order of any Governmental Authority.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(h)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160; &#160; &#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Taxes</u>.&#160; The
      Manager has filed or caused to be filed and shall file or cause to be filed all federal tax returns and all material state and other tax returns that are required to be filed except where the failure to do so would not reasonably be expected to
      result in a Material Adverse Effect.&#160; The Manager has paid or caused to be paid, and shall pay or cause to be paid, all taxes owed by the Manager pursuant to said returns or pursuant to any assessments made against it or any of its property (other
      than any amount of tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of the Manager).</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(i)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Accuracy of
        Information</u>.&#160; No written report, financial statements, certificate or other information furnished (other than projections, budgets, other estimates and general market, industry and economic data) to the Servicer by or on behalf of the Manager
      in connection with the transactions contemplated hereby or pursuant to any provision of this Agreement or any other Related Document (when taken together with all other information furnished by or on behalf of the Manager to the Servicer), contains
      any material misstatement of fact as of the date furnished or omits to state any material fact necessary to make the statements therein not materially misleading in each case when taken as a whole and in the light of the circumstances under which
      they were made; and with respect to its projected financial information, the Manager represents only that such information was prepared in good faith based on assumptions believed to be reasonable at the time.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(j)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160; &#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Financial Statements</u>.&#160;
      As of the Closing Date, the audited consolidated financial statements in the annual report on Form 10-K of Jack in the Box for the fiscal year ended September 30, 2018 incorporated by reference in the offering memorandum for the Notes (i)&#160;present
      fairly in all material respects the financial condition of Jack in the Box and its Subsidiaries as of such date, and the results of operations for the period then ended and (ii)&#160;were prepared in accordance with GAAP (except as otherwise stated
      therein) applied consistently through the periods involved.</div>
    <div>&#160;</div>
    <div style="text-indent: 81pt; margin-left: 9pt; text-align: justify;">(k) &#160;<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>No
        Material Adverse Change</u>.&#160; Since September 30, 2018, there has been no development or event that has had or would reasonably be expected to result in a Material Adverse Effect on the Manager or the Securitized Assets.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(l)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160; &#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>ERISA</u>.&#160; During
      the five-year period prior to the date on which this representation is made or deemed made with respect to any Pension Plan, no ERISA Event has occurred which would reasonably be expected to have a Material Adverse Effect. Except as would not
      reasonably be expected to have a Material Adverse Effect, (i) no Multiemployer Plan is insolvent (as defined in Section 4245 of ERISA) and (ii) no non-exempt prohibited transaction (as defined in Section 406 of ERISA or Section 4975 of the Code) has
      occurred with respect to any Employee Benefit Plan, other than transactions effected pursuant to a statutory or administrative exemption. Except as would not reasonably be expected to result in a Material Adverse Effect, each such Employee Benefit
      Plan that is intended to be qualified under Section&#160;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.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(m)&#160;<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>No Manager Termination
        Event</u>.&#160; No Manager Termination Event has occurred or is continuing, and, to the Actual Knowledge of the Manager, there is no event which, with notice or lapse of time, or both, would constitute a Manager Termination Event.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(n)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font> </font><u>Location of Records</u>.&#160;
      The offices at which the Manager keeps its records concerning the Securitized Assets are located at the addresses indicated in Section 8.5.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(o)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>DISCLAIMER</u>.&#160; EXCEPT
      FOR THE MANAGER&#8217;S REPRESENTATIONS AND WARRANTIES SET FORTH HEREIN AND IN ANY OTHER RELATED DOCUMENT, THE MANAGER MAKES NO WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTORY OR OTHERWISE, WITH RESPECT TO THE SUBJECT
      MATTER HEREOF TO ANY OTHER PARTY, AND EACH PARTY EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTIES, INCLUDING WARRANTY OF TITLE, NON&#8209;INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(p)&#160;<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font>Due Qualification</u>.
      Except for registrations as a franchise broker or franchise sales agent as may be required under state or foreign franchise statutes and regulations and except to the extent that a state or foreign franchise law requires filing and other compliance
      actions by virtue of the Manager&#8217;s performance of Services on behalf of Franchisor in connection with Franchisees and the Securitized Franchise Agreements, the Manager has obtained or made all material licenses, registrations, consents, approvals,
      waivers and notifications of creditors, lessors and other Persons, in each case, in connection with the execution and delivery of this Agreement by the Manager, and the consummation by the Manager of all the transactions herein contemplated to be
      consummated by the Manager and the performance of its obligations hereunder except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 4.2</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Existence; Status as Manager</u></font>.&#160;

      Jack in the Box Inc., as the Manager, shall (a)&#160;keep in full effect its existence under the laws of the state of its incorporation, (b)&#160;maintain all rights and privileges necessary or desirable in the normal conduct of its business and the
      performance of its obligations hereunder except to the extent that failure to do so individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect and (c)&#160;obtain and preserve its qualification to do business
      in each jurisdiction in which the failure to so qualify either individually or in the aggregate would reasonably be expected to result in a Material Adverse Effect.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 4.3</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Performance of Obligations</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><u>Performance</u>.&#160;
      The Manager shall perform and observe all of its obligations and agreements contained in this Agreement and the other Related Documents in accordance with the terms hereof and thereof and in accordance with the Managing Standard.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><u>Special Provisions as
        to Securitization IP</u>.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(i)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; </font>The Manager acknowledges and agrees that the Franchisor has the right and
        duty to control the manner in which the Securitization IP is used in order to maintain the validity and enforceability of and its ownership of the Securitization IP, including controlling the quality of the goods and services offered in connection
        with the Trademarks included in the Securitization IP.&#160; The Manager shall not take any action contrary to the express written instruction of the Franchisor with respect to:&#160; (A)&#160;the promulgation of standards with respect to the use of the
        Trademarks included in the Securitization IP and the operation of Securitized Restaurants, including quality of food, cleanliness, appearance, and level of service (or the making of material changes to the existing standards), (B)&#160;the promulgation
        of standards with respect to new businesses, products and services which the Franchisor approves for inclusion in the license granted under any IP License Agreement (or other license agreement or sublicense agreement for which the Manager is
        performing IP Services), (C)&#160;the nature and implementation of means of monitoring and controlling adherence to the standards, (D)&#160;the terms of any Securitized Franchise Agreements or other sublicense agreements relating to the quality standards
        which licensees must follow with respect to businesses, products, and services offered under the Trademarks included in the Securitization IP and the usage of such Trademarks, (E)&#160;the commencement and prosecution of enforcement actions with respect
        to the Trademarks included in the Securitization IP and the terms of any settlements thereof, (F)&#160;the adoption of any variations on the Jack in the Box Brand which are not in use on the date hereof, or other new Trademarks to be included in the
        Securitization IP, (G)&#160;the abandonment of any Securitization IP and (H)&#160;any uses of the Securitization IP that are not consistent with the Managing Standard.&#160; The Franchisor shall have the right to monitor the Manager&#8217;s compliance with the
        foregoing and its performance of the IP Services and, in furtherance thereof, the Manager shall provide the Franchisor, with respect to Securitization IP, at the Franchisor&#8217;s written request from time to time, with copies of Securitized Franchise
        Documents and other sublicenses, samples of products and materials bearing the Trademarks included in the Securitization IP used by Franchisees and other licensees and sublicensees. Nothing in this Agreement shall limit the Franchisor&#8217;s rights or
        the licensees&#8217; obligations under the IP License Agreements or any other agreement with respect to which the Manager is performing IP Services.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(ii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Franchisor hereby grants to the Manager a non&#8209;exclusive, royalty&#8209;free
        license to use and sublicense the Securitization IP solely in connection with the performance of the Services under this Agreement. In connection with the Manager&#8217;s use of any Intellectual Property included in the Securitization IP pursuant to the
        foregoing licenses, the Manager agrees to adhere to the quality control provisions and sublicensing provisions, with respect to sublicenses issued hereunder, which are contained in each IP License Agreement, as applicable to the product or service
        to which such Intellectual Property pertains, as if such provisions were incorporated by reference herein.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 126pt;">(1)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Preservation of Quality</u>.&#160; The Manager agrees that all uses of any Trademarks included in the Securitization IP, and all materials, products and services offered by or on behalf of the Franchisor, in connection with
        such Trademarks or pursuant to this <u>Section 4.3(b)</u>, shall, unless otherwise approved or directed by Franchisor, (i) be under the control of Franchisor; (ii) comply with all applicable laws;&#160; (iii) comply with and be of a high quality that
        is at least as high as those standards and reputation for quality of those comparable materials, products and services being offered under the such Trademarks as of the Closing Date; and (iv) not be used in connection with any goods or services
        that materially deviate from quality control standards and specifications promulgated by Franchisor from time to time for such materials, products and services.</div>
      <div>&#160;</div>
    </div>
    <div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 126pt;">(2)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Inspections</u>.&#160; The Manager will ensure that the nature and quality of the materials, products and services offered by or on behalf of the Manager in connection with <u>Section 4.3(b)</u> hereof meet the quality
          standards described in <u>Section 4.3(b)(ii)(1)</u>, including performing reasonable inspections of the materials, products and services provided by the Manager in connection with <u>Section 4.3(b)(ii)(1)</u> hereof.&#160; Upon Franchisor&#8217;s
          reasonable request, the Manager shall provide Franchisor or its designee with samples of materials, products and services provided under <u>Section 4.3(b)(ii)(1)</u> hereof and Franchisor or its designee shall have the right upon reasonable
          notice to inspect any facility where such materials, products and services are provided, manufactured, handled or stored.</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 126pt;">(3)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Cessation of Injurious Activity</u>.&#160; If Franchisor determines, in its reasonable judgment, that any business, product, service, advertising or promotional program or material used or planned to be used by the Manager
          may be or is directly or indirectly injurious or prejudicial to or would reasonably be expected to tarnish the image of or disparage any of the Trademarks included in the Securitization IP, the goodwill arising therefrom or Franchisor&#8217;s rights
          thereto, or otherwise does not meet the standards described in <u>Section 4.3(b)(ii)(1)</u>, then the Manager shall cease such use within a reasonable period of time following the receipt of notice from Franchisor.&#160; The Manager further
          acknowledges that its failure to adhere to the quality standards as required by this Agreement in any material respect is a material breach of this Agreement, subject to the provisions of <u>Section 6.1(a)</u>, and shall entitle the Franchisor
          to injunctive relief against the Manager and other equitable remedies.</div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Independent Contractor</u>.&#160;
      In performing its obligations as manager hereunder the Manager acts solely as an independent contractor of the Securitization Entities, except to the extent the Manager is deemed to be an agent of the Securitization Entities by virtue of engaging in
      franchise sales activities, as a broker, or receiving payments on behalf of the Securitization Entities, as applicable.&#160; Nothing in this Agreement shall, or shall be deemed to, create or constitute any joint venture, partnership, employment, or any
      other relationship between the Securitization Entities and the Manager other than the independent contractor contractual relationship established hereby.&#160; Nothing herein shall be deemed to vest in the Manager title to, or ownership or property
      interest in, any of the Securitization IP.&#160; Except as otherwise provided herein or in the other Related Documents, the Manager shall not be, nor shall be deemed to be, liable for any acts or obligations of the Securitization Entities, the Trustee,
      the Back&#8209;Up Manager or the Servicer.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(d)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>&#160;</u></font><u>Right to Receive Instructions</u>.&#160; Without limiting the Manager&#8217;s obligations under Section 4.3(b) above, in
      the event that the Manager is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement, the other Related Documents or any Managed Documents, or any such provision is, in the good
      faith judgment of the Manager, ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement, any other Related Document or any Managed Document permits any
      determination by the Manager or is silent or is incomplete as to the course of action which the Manager is required to take with respect to a particular set of facts, the Manager may make a Consent Request to the Control Party for written
      instructions in accordance with the Indenture and the other Related Documents and, to the extent that the Manager shall have acted or refrained from acting in good faith in accordance with instructions, if any, received from the Control Party with
      respect to such Consent Request, the Manager shall not be liable on account of such action or inaction to any Person; <u>provided</u> that the Control Party shall be under no obligation to provide any such instruction if it is unable to decide
      between alternative courses of action.&#160; Subject to the Managing Standard, if the Manager shall not have received appropriate instructions from the Control Party within ten days of such notice (or within such shorter period of time as may be specified
      in such notice), the Manager may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Related Documents, as the Manager shall deem to be in the best interests of the Noteholders and the
      Securitization Entities.&#160; The Manager shall have no liability to any Secured Party or the Controlling Class Representative for such action or inaction taken in reliance on the preceding sentence except for the Manager&#8217;s own bad faith, negligence or
      willful misconduct.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(e)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><u>Limitation on Manager&#8217;s
        Duties and Responsibilities</u>.</div>
    <div style="text-indent: 72pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(i)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;

        </font>The Manager shall not have any duty or obligation to manage, make any payment in respect of, register, record, sell, reinvest, dispose of, create, perfect or maintain title to, or any security interest in, or otherwise deal with the
        Securitized Assets, to prepare or file any report or other document or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Manager is a party, except as expressly provided
        by the terms of this Agreement or the other Related Documents and consistent with the Managing Standard, and no implied duties or obligations shall be read into this Agreement against the Manager.&#160; The Manager nevertheless agrees that it shall, at
        its own cost and expense, promptly take all action as may be necessary to discharge any Liens (other than Permitted Liens) on any part of the Securitized Assets which result from valid claims against the Manager personally whether or not related to
        the ownership or administration of the Securitized Assets or the transactions contemplated by the Related Documents.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(ii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Except as otherwise set forth herein and in the other Related Documents, the Manager shall have no responsibility under this Agreement other than to render the Services in good faith and consistent with the Managing
        Standard.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(iii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Manager shall not manage, control, use, sell, reinvest, dispose of or
        otherwise deal with any part of the Securitized Assets except in accordance with the powers granted to, and the authority conferred upon, the Manager pursuant to this Agreement or the other Related Documents.</div>
      <div>&#160;</div>
    </div>
    <div style="text-indent: 90pt; text-align: justify;">(f)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Limitations on the
        Manager&#8217;s Liabilities, Duties and Responsibilities</u>.&#160; Subject to Section 2.7 and except for any loss, liability, expense, damage, action, suit or injury arising out of, or resulting from, (i)&#160;any breach or default by the Manager in the
      observance or performance of any of its agreements contained in this Agreement or any other Related Document to which it is a party in its capacity as Manager, (ii)&#160;the breach by the Manager of any representation, warranty or covenant made by it
      herein or in any other Related Document to which it is a party in its capacity as Manager or (iii)&#160;acts or omissions constituting the Manager&#8217;s own bad faith, negligence or willful misconduct, in the performance of its duties hereunder or under any
      other Related Documents to which it is a party in its capacity as Manager, neither the Manager nor any of its Affiliates (other than any Securitization Entity), managers, officers, members or employees shall be liable to any Securitization Entity,
      the Noteholders or any other Person under any circumstances, including, without limitation:</div>
    <div>&#160;
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(i)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>for any action taken or omitted to be taken by the Manager in good faith in accordance with the instructions of the Trustee or the Control Party;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(ii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font>for

        any representation, warranty, covenant, agreement or Indebtedness of any Securitization Entity under the Notes, any other Related Documents or the Managed Documents, or for any other liability or obligation of any Securitization Entity;</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <br>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(iii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>for the validity or sufficiency of this Agreement or the due execution hereof by
        any party hereto other than the Manager, or the form, character, genuineness, sufficiency, value or validity of any part of the Securitized Assets (including, without limitation, the creditworthiness of any Franchisee, lessee or other obligor
        thereunder), or for, or in respect of, the validity or sufficiency of the Related Documents;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(iv)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>for any action or inaction of the Trustee, the Back&#8209;Up Manager or the Servicer
        or for the performance of, or the supervision of the performance of, any obligation under this Agreement or any other Related Document that is required to be performed by the Trustee, the Back&#8209;Up Manager or the Servicer; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(v)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>for any error of judgment made in good faith that does not violate the
        Managing Standard.</div>
      <div>&#160;</div>
    </div>
    <div style="text-indent: 90pt; text-align: justify;">(g)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160; </font></font><u>No Financial Liability</u>.&#160;
      No provision of this Agreement (other than Section 2.6, 2.7, 4.3(e)(i) and 4.3(f)) shall require the Manager to expend or risk its funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the
      Manager shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not compensated by the payment of the Weekly Management Fees and is otherwise not reasonably assured or provided
      to the Manager.&#160; Further, the Manager shall not be obligated to perform any additional services not enumerated or otherwise contemplated hereunder, unless the Manager determines that it is more likely than not that it shall be reimbursed for all of
      its expenses incurred in connection with such performance.&#160; The Manager shall not be liable under the Notes and shall not be responsible for any amounts required to be paid by the Securitization Entities under or pursuant to the Indenture.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(h)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font> </font><u>Reliance</u>.&#160; The
      Manager may, reasonably and in good faith, conclusively rely on, and shall be protected in acting or refraining from acting when doing so, in each case in accordance with any signature, instrument, notice, resolution, request, consent, order,
      certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and believed by it to be signed by the proper party or parties other than its Affiliates.&#160; The Manager may reasonably accept a certified copy of a
      resolution of the board of directors or other governing body of any corporate or other entity other than its Affiliates as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect.&#160; As
      to any fact or matter the manner or ascertainment of which is not specifically prescribed herein, the Manager may in good faith for all purposes hereof reasonably rely on a certificate, signed by any Authorized Officer of the relevant party, as to
      such fact or matter, and such certificate reasonably relied upon in good faith shall constitute full protection to the Manager for any action taken or omitted to be taken by it in good faith in reliance thereon.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(i)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Consultations with
        Third Parties; Advice of Counsel</u>.&#160; In the exercise and performance of its duties and obligations hereunder or under any of the Related Documents, the Manager (A)&#160;may act directly or through agents or attorneys pursuant to agreements entered
      into with any of them; <u>provided</u> that the Manager shall remain primarily liable hereunder for the acts or omissions of such agents or attorneys and (B)&#160;may, at the expense of the Manager, consult with external counsel or accountants selected
      and monitored by the Manager in good faith and in the absence of negligence, and the Manager shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such external counsel or
      accountants with respect to legal or accounting matters.</div>
    <br>
    <div style="text-indent: 72pt;"><font style="font-weight: bold;">Section 4.4</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Merger and Resignation</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><u>Preservation of
        Existence</u>.&#160; The Manager shall not merge into any other Person or convey, transfer or lease substantially all of its assets; <u>provided</u>, <u>however</u>, that nothing contained in this Agreement shall be deemed to prevent (i)&#160;the merger
      into the Manager of another Person, (ii)&#160;the consolidation of the Manager and another Person, (iii)&#160;the merger of the Manager into another Person or (iv)&#160;the sale of substantially all of the property or assets of the Manager to another Person, so
      long as (A)&#160;the surviving Person of the merger or consolidation or the purchaser of the assets of the Manager shall continue to be engaged in substantially the same lines of business as the Manager and shall have the capacity to perform its
      obligations hereunder with at least the same degree of care, skill and diligence as measured by customary practices with which the Manager is required to perform such obligations hereunder, (B)&#160;in the case of a merger, consolidation or sale, the
      surviving Person of the merger or the purchaser of the assets of the Manager shall expressly assume the obligations of the Manager under this Agreement and expressly agree to be bound by all other provisions applicable to the Manager under this
      Agreement in a supplement to this Agreement in form and substance reasonably satisfactory to the Trustee and the Control Party and (C)&#160;with respect to such event, in and of itself, the Rating Agency Condition has been satisfied.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Resignation</u>.&#160; The
      Manager shall not resign from the rights, powers, obligations and duties hereby imposed on it except upon determination that (A)&#160;the performance of its duties hereunder is no longer permissible under applicable law and (B)&#160;there is no reasonable
      action that the Manager could take to make the performance of its duties hereunder permissible under applicable law.&#160; Any such determination permitting the resignation of the Manager pursuant to <u>clause&#160;(A)</u> above shall be evidenced by an
      Opinion of Counsel to such effect, delivered to the Trustee, the Back&#8209;Up Manager and the Control Party.&#160; No such resignation shall become effective until a Successor Manager shall have been appointed by the Control Party (acting at the direction of
      the Controlling Class Representative) and shall have assumed the responsibilities and obligations of the Manager in accordance with Section 6.1(b).&#160; The Trustee, the Securitization Entities, the Back&#8209;Up Manager, the Control Party, the Servicer and
      each Rating Agency shall be notified of such resignation in writing by the Manager.&#160; From and after such effectiveness, the Successor Manager shall be, to the extent of the assignment, the &#8220;Manager&#8221; hereunder.&#160; Except as provided above in this
      Section 4.4 the Manager may not assign this Agreement or any of its rights, powers, duties or obligations hereunder.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Term of Manager&#8217;s
        Obligations</u>.&#160; Except as provided in Section 4.4(a) and Section 4.4(b), the duties and obligations of the Manager under this Agreement shall commence on the date hereof and continue until this Agreement shall have been terminated as provided in
      Section 6.1 or Section 8.1, and shall survive the exercise by any Securitization Entity, the Trustee or the Control Party of any right or remedy under this Agreement (other than the right of termination pursuant to Section 6.1), or the enforcement by
      any Securitization Entity, the Trustee, the Servicer, the Back&#8209;Up Manager, the Control Party, the Controlling Class Representative or any Noteholder of any provision of the Indenture, the Notes, this Agreement or the other Related Documents.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 4.5</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Notice of Certain Events</u></font>.&#160; The
      Manager shall give written notice to the Trustee, the Back&#8209;Up Manager, the Servicer and each Rating Agency promptly upon the occurrence of any of the following events (but in any event no later than five (5)&#160;Business Days after the Manager has Actual
      Knowledge of the occurrence of such an event):&#160; (a)&#160;the occurrence of an ERISA Event, that individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect; (b)&#160;a Manager Termination Event, an Event of Default, a
      Hot Back&#8209;Up Management Trigger Event (as defined in the Back&#8209;Up Management Agreement), a Class A-1 Notes Amortization Event, a Warm Back&#8209;Up Management Trigger Event (as defined in the Back&#8209;Up Management Agreement) or Rapid Amortization Event or any
      event which would, with the passage of time or giving of notice or both, would become one or more of the same; or (c)&#160;any action, suit, investigation or proceeding pending or, to the Actual Knowledge of the Manager, threatened against or affecting
      the Manager, before or by any court, administrative agency, arbitrator or governmental body having jurisdiction over the Manager or any of its properties either asserting the illegality, invalidity or unenforceability of any of the Related Documents,
      seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of any of the Related Documents or that would reasonably be expected to result in a Material Adverse Effect.</div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 4.6</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Capitalization</u></font>.&#160; The
      Manager shall have sufficient capital to perform all of its obligations under this Agreement at all times from the Closing Date and until the Indenture has been terminated in accordance with the terms thereof.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 4.7</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Maintenance of Separateness</u></font>.&#160;

      The Manager covenants that, except as otherwise permitted by the Related Documents:</div>
    <div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 90pt;">(a)<font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab"> &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;&#160; &#160;&#160; </font></font>the books
        and records of the Securitization Entities shall be maintained separately from those of the Manager and each of the other Non-Securitization Entities; </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 90pt;">(b)<font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160; &#160;&#160; &#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>the Manager shall
        observe (and shall cause each of the other Non-Securitization Entities to observe) corporate and limited liability company formalities in its dealings with any Securitization Entity; </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 90pt;">(c)<font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160; &#160; &#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>all financial
        statements of Jack in the Box Inc. as the Manager that are consolidated to include any Securitization Entity and that are distributed to any party shall contain notes clearly stating that (i)&#160;all of such Securitization Entity&#8217;s assets are owned by
        such Securitization Entity and (ii)&#160;such Securitization Entity is a separate entity and has separate creditors; </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 90pt;">(d)<font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160; &#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>except as
        contemplated under <u>Section 2.1(g)</u> and <u>Section 2.4(b)(iii)</u> of this Agreement or otherwise set forth in the Base Indenture, the Manager shall not (and shall not permit any of the other Non-Securitization Entities to) commingle its
        funds with any funds of any Securitization Entity; <u>provided</u> that the foregoing shall not prohibit the Manager or any successor to or assignee of the Manager from holding funds of the Securitization Entities in its capacity as Manager for
        such entity in a segregated account identified for such purpose; </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 90pt;">(e)<font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160; &#160; &#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font>the Manager shall
        (and shall cause each of the other Non-Securitization Entities to) maintain arm&#8217;s length relationships with each Securitization Entity, and each of the Manager and each of the other Non-Securitization Entities shall be compensated at market rates
        for any services it renders or otherwise furnishes to any Securitization Entity, it being understood that the Weekly Management Fee, the Supplemental Management Fee and this Agreement are representative of such arm&#8217;s length relationship; </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 90pt;">(f)<font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab"> &#160;&#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font>the Manager shall not
        be, and shall not hold itself out to be, liable for the debts of any Securitization Entity or the decisions or actions in respect of the daily business and affairs of any Securitization Entities and the Manager shall not permit any Securitization
        Entities to hold the Manager out to be liable for the debts of such Securitization Entity or the decisions or actions in respect of the daily business and affairs of such Securitization Entity; <u>provided</u> that the foregoing shall not prohibit
        the Manager from maintaining liability in respect of any Contributed Securitized Company Restaurant Third-Party Leases or Contributed Securitized JIB Back-to-Back Lease for which the related third-party landlord has failed or refused as of the
        Closing Date to release the Manager thereunder; and </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 90pt;">(g)<font style="font-size: 5.14pt;" id="TRGRRTFtoHTMLTab"> &#160; &#160;&#160; &#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font>upon an officer or other responsible party of the Manager obtaining Actual Knowledge that any of the foregoing provisions in this <u>Section 4.7</u> has been breached
        or violated in any material respect, the Manager shall promptly notify the Trustee, the Back&#8209;Up Manager, the Control Party and each Rating Agency of same and shall take such actions as may be reasonable and appropriate under the circumstances to
        correct and remedy such breach or violation as soon as reasonably practicable under such circumstances. </div>
      <div>&#160;</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="font-weight: 400; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE V<br>
      <br>
      REPRESENTATIONS, WARRANTIES AND COVENANTS</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 5.1</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160; &#160; &#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Representations and Warranties Made in
          Respect of New Assets</u></font>.&#160; The Manager may cause the applicable Securitization Entity to enter into or acquire the New Assets after the Closing Date and will make the following representations and warranties for the respective New Assets
      as required in this <u>Section 5.1</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>New Securitized
        Franchise Agreements</u>. As of the applicable New Asset Addition Date with respect to a New Securitized Franchise Agreement acquired or entered into on such New Asset Addition Date, the Manager shall represent and warrant to the Securitization
      Entities, the Trustee and the Servicer that:&#160; (i)&#160;such New&#160;Securitized Franchise Agreement does not contain terms and conditions that are reasonably expected to result in (A)&#160;a material decrease in the amount of Collections or Retained Collections,
      taken as a whole, (B)&#160;a material adverse change in the nature, quality or timing of Collections, taken as a whole, or (C)&#160;a material adverse change in the types of underlying assets generating Collections, taken as a whole, in each case when compared
      to the amount, nature or quality of, or types of assets generating Collections that would have been reasonably expected to result had such New Securitized Franchise Agreement been entered into in accordance with the then&#8209;current Securitized Franchise
      Documents; (ii)&#160;such New Securitized Franchise Agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may
      be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); (iii)&#160;such New Securitized Franchise Agreement complies in all
      material respects with all applicable Requirements of Law; (iv)&#160;the Franchisee related to such New Securitized Franchise Agreement is not, to the Actual Knowledge of the Manager, the subject of a bankruptcy proceeding; (v)&#160;royalty fees payable
      pursuant to such New Securitized Franchise Agreement are payable by the related Franchisee at least monthly; (vi)&#160;except as required by applicable Requirements of Law, such New Securitized Franchise Agreement contains no contractual rights of
      set&#8209;off; and (vii)&#160;except as required by applicable Requirements of Law, such New Securitized Franchise Agreement is freely assignable by the applicable Securitization Entities.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>New Securitized
        Development Agreements</u>. As of the applicable New Asset Addition Date with respect to a New Securitized Development Agreement acquired or entered into on such New Asset Addition Date, the Manager shall represent and warrant to the Securitization
      Entities, the Trustee and the Servicer that:&#160; (i)&#160;such New Securitized Development Agreement does not contain terms and conditions that are reasonably expected to result in (A)&#160;a material decrease in the amount of Collections or Retained Collections,
      taken as a whole, (B)&#160;a material adverse change in the nature, quality or timing of Collections, taken as a whole, or (C)&#160;a material adverse change in the types of underlying assets generating Collections, taken as a whole, in each case when compared
      to the amount, nature or quality of, or types of assets generating Collections that would have been reasonably expected to result had such New Securitized Development Agreement been entered into in accordance with the then&#8209;current Securitized
      Franchise Documents; (ii)&#160;such New Securitized Development Agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such
      enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); (iii)&#160;such New Securitized Development Agreement
      complies in all material respects with all applicable Requirements of Law; (iv)&#160;the Franchisee related to such New Securitized Development Agreement is not, to the Actual Knowledge of the Manager, the subject of a bankruptcy proceeding; (v)&#160;except as
      required by applicable Requirements of Law, such New Securitized Development Agreement contains no contractual rights of set&#8209;off; and (vi)&#160;except as required by applicable Requirements of Law, such New Securitized Development Agreement is freely
      assignable by the applicable Securitization Entities.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font>New&#160; Securitized Company
        Restaurant Assets</u>.&#160; As of the applicable New Asset Addition Date, with respect to each Securitized Company Restaurant Asset acquired on such New Asset Addition Date, the Manager represents and warrants to the Securitization Entities, the
      Trustee and the Servicer that:&#160; (i)&#160;the applicable Securitization Entity owns full legal and equitable title to each such Securitized Company Restaurant Asset, free and clear of any Lien (other than Permitted Liens) and (ii)&#160;the addition of such
      Securitized Company Restaurant Asset could not be reasonably expected to have a Material Adverse Effect.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(d)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>New Securitized
        Franchisee Notes</u>.&#160; As of the applicable New Asset Addition Date with respect to a New Securitized Franchisee Note acquired or entered into on such New Asset Addition Date, the Manager shall represent and warrant to the Securitization Entities,
      the Trustee and the Servicer that:&#160; (i)&#160; such agreement is genuine, and is the legal, valid and binding obligation of the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may
      be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); (ii)&#160;such agreement complies in all material respects with all
      applicable Requirements of Law; (iii)&#160;the Franchisee related to such agreement is not the subject of a bankruptcy proceeding; and (iv)&#160;except as required by applicable Requirements of Law, such agreement is freely assignable by the applicable
      Securitization Entities.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(e)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>New Securitized Owned
        Real Property</u>.&#160; As of the applicable New Asset Addition Date with respect to New Securitized Owned Real Property acquired on such date, the Manager shall represent and warrant to the Securitization Entities, the Trustee and the Servicer that:&#160;
      (i)&#160;JIB Properties holds fee simple title to the premises of such New Securitized Owned Real Property, free and clear of all Liens (other than Permitted Liens); (ii)&#160;such New Securitized Owned Real Property is either (x) leased to a Franchisee or a
      Non&#8209;Securitization Entity (in the case of a Non-Securitization Entity Company Restaurant) or (y) subject to a Company Synthetic Lease Payment (in the case of a Securitized Company Restaurant); (iii)&#160;JIB Properties is not in material default in any
      respect in the performance, observance or fulfillment of any obligations, covenants or conditions applicable to such New Securitized Owned Real Property, the violation of which could create a reversion of title to such New Securitized Owned Real
      Property to any Person; (iv)&#160;to the Manager&#8217;s Actual Knowledge, the use of such New Securitized Owned Real Property complies in all material respects with all applicable legal requirements, including building and zoning ordinances and codes and the
      certificate of occupancy issued for such property, except where a failure to comply would not reasonably be expected to have a Material Adverse Effect; (v)&#160;neither JIB Properties nor, to the Actual Knowledge of the Manager, any Person leasing such
      property from JIB Properties, is in material default under any lease of such property and no condition or event exists, that, after the notice or lapse of time or both, would constitute a material default thereunder by JIB Properties or, to the
      Actual Knowledge of the Manager, by any other party thereto, except where such default would not reasonably be expected to have a Material Adverse Effect; (vi)&#160;no condemnation or similar proceeding has been commenced nor, to the Actual Knowledge of
      the Manager, is threatened in writing with respect to all or any material portion of such New Securitized Owned Real Property that was not considered in the acquisition of such New Securitized Owned Real Property; (vii)&#160;all material certifications,
      permits, licenses and approvals, including certificates of completion and occupancy permits required for the legal use, occupancy and operation of the Branded Restaurant on such New Securitized Owned Real Property, if such property is open for
      business, have been obtained and are in full force and effect, except as would not reasonably be expected to have a Material Adverse Effect; and (viii)&#160;the Manager has paid, caused to be paid, or confirmed that all taxes required to be paid by JIB
      Properties in connection with the acquisition of such New Securitized Owned Real Property have been paid in full from funds of the Securitization Entities.</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(f)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font><u>New Securitized Leases</u>.&#160;
      As of the applicable New Asset Addition Date with respect to New Securitized Leases acquired or entered into on such New Asset Addition Date, the Manager shall represent and warrant to the Securitization Entities, the Trustee and the Servicer that:&#160;
      (i)&#160;no material default by JIB Properties, or to the Actual Knowledge of the Manager, by any sub-lessee or any other party, exists under any provision of such lease, and no condition or event exists, that, after the notice or lapse of time or both,
      would constitute a material default thereunder by JIB Properties or, to the Actual Knowledge of the Manager, by any sub-lessee or any other party, except where such default would not be reasonably expected to have a Material Adverse Effect; (ii)&#160;to
      Manager&#8217;s Actual Knowledge, such New Securitized Lease, and the use thereof, complies in all material respects with all applicable legal requirements, including local building and zoning ordinances and codes and the certificate of occupancy issued
      for such property, except where such failure to comply would not be reasonably expected to have a Material Adverse Effect; (iii)&#160;neither JIB Properties, nor, to the Actual Knowledge of the Manager, the related sub&#8209;lessee has committed any act or
      omission affording any Governmental Authority the right of forfeiture against such property; (iv)&#160;no condemnation or similar proceeding has been commenced nor, to the Actual Knowledge of the Manager, is threatened in writing with respect to all or
      any material portion of such New Securitized Lease that was not considered in the leasing of such New Securitized Lease; (v)&#160;all policies of insurance (a)&#160;required to be maintained by JIB Properties under such lease and (b)&#160;to the Actual Knowledge of
      the Manager, required to be maintained by the Franchisee under the related sublease, if applicable, are valid and in full force and effect, except where a failure to maintain such insurance would not be reasonably expected to have a Material Adverse
      Effect; <u>provided</u> that such representation will be deemed accurate if JIB Properties has contractually obligated the Franchisee party to such New Franchised Restaurant Leases to maintain insurance with respect to such New Franchised Restaurant
      Lease in a manner that is customary for business operations of this type; and (vi)&#160;all material certifications, permits, licenses and approvals, including certificates of completion and occupancy permits required for the legal use, occupancy and
      operation of the Branded Restaurant on such New Securitized Lease, if such property is open for business, have been obtained and are in full force and effect.&#160; The Manager shall not permit any New Securitized Lease entered into or acquired with
      respect to a property not included in the Securitized Assets on the Closing Date to (i) require any Non-Securitization Entity to provide a guaranty of any obligation of any Securitization Entity or (ii) include any event of default under such lease
      on the part of any Securitization Entity due to a bankruptcy of any Non-Securitization Entity.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 5.2</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Assets Acquired After the Closing Date</u></font>.&#160;
      (a)&#160;&#160;The Manager shall cause the applicable Securitization Entity to enter into or acquire each of the following, to the extent entered into or acquired after the Closing Date:&#160; (a)&#160;all New Securitized Franchise Agreements, New Securitized
      Development Agreements and New Securitized Franchisee Notes, (b)&#160;all After&#8209;Acquired Securitization IP, (c)&#160;all New Securitized Company Restaurants and the related New Securitized Company Restaurant Assets, and (d) all New Real Estate Assets.&#160; The
      Manager may, but shall not be obligated to, cause the Securitization Entities to enter into, develop or acquire assets other than the foregoing from time to time.&#160; Unless otherwise agreed to in writing by the Control Party, the entry into,
      development or acquisition of assets by the Securitization Entities will be subject to all applicable provisions of the Indenture, this Agreement, the IP License Agreements and the other relevant Related Documents.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Unless otherwise agreed to
      in writing by the Control Party, any contribution to, or development or acquisition by, any Securitization Entity of assets obtained after the Closing Date described in Section 5.2(a) shall be subject to all applicable provisions of the Indenture,
      this Agreement (including the applicable representations and warranties and covenants in Article II and V of this Agreement), the IP License Agreements and the other Related Documents.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 5.3</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Securitization IP</u></font>.&#160; All
      Securitization IP shall be owned solely by the Franchisor and shall not be assigned, transferred or licensed out by the Franchisor to any other entity other than as contemplated by the Related Documents, including any reasonable extensions of the
      Securitization Entities&#8217; business determined by the Manager in accordance with the Managing Standard.</div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 5.4</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Required Consent Agreements and Supply
          Agreements</u></font>.&#160; If any Required Consent Agreements are not contributed to a Securitization Entity on the Closing Date, the Manager, or any other Non-Securitization Entity (as sub-manager of the Manager), shall manage these Required
      Consent Agreements and all related rights and assets thereunder on behalf of, and will hold any such assets in trust for, the applicable Securitization Entity in the operation of the Securitized Restaurant Business until such consents are received.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 5.5</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Allocated Note Amount</u></font>.&#160; The
      Manager shall recalculate the Allocated Note Amount attributable to each Contributed Asset and any Securitized Asset arising or entered into after the Closing Date that is contributed by a Non-Securitization Entity as of each date on which the
      Manager or other applicable Non&#8209;Securitization Entity is required to reacquire such assets in accordance with the Contribution Agreement or this Agreement.&#160; The Allocated Note Amount determined by the Manager in such manner shall be (i)&#160;recorded in
      the books and records of the Manager and (ii)&#160;reported to the Servicer.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 5.6</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Specified Non&#8209;Securitization Debt Cap</u></font>.&#160;
      Following the Closing Date, Jack in the Box Inc. shall not, and shall cause the other Non&#8209;Securitization Entities to not, incur any additional Indebtedness for borrowed money (such additional Indebtedness, &#8220;<u>Specified Non&#8209;Securitization Debt</u>&#8221;)
      if, after giving effect to such incurrence (and any repayment of Specified Non&#8209;Securitization Debt on such date), such incurrence would cause the aggregate outstanding principal amount of the Specified Non&#8209;Securitization Debt of the
      Non&#8209;Securitization Entities as of such date to exceed $75,000,000 (the &#8220;<u>Specified Non&#8209;Securitization Debt Cap</u>&#8221;); <u>provided</u> that the Specified Non&#8209;Securitization Debt Cap shall not be applicable to Specified Non&#8209;Securitization Debt that
      is (i)&#160;issued or incurred to refinance the Notes in whole, (ii)&#160;in excess of the Specified Non&#8209;Securitization Debt Cap if (a) the creditors (excluding (x)&#160;any creditor with respect to an aggregate amount of outstanding Indebtedness less than $100,000
      and (y)&#160;any Indebtedness incurred by any Person prior to such Person becoming a Non&#8209;Securitization Entity) under and with respect to such Indebtedness execute a non&#8209;disturbance agreement with the Trustee, as directed by the Manager and in a form
      reasonably satisfactory to the Servicer and the Trustee, that acknowledges the terms of the Securitization Transaction including the bankruptcy remote status of the Securitization Entities and their assets and the Secured Parties&#8217; first priority
      interest therein and (b) after giving pro forma effect to the incurrence of such Indebtedness (and any repayment of existing Indebtedness and any related acquisition or other transaction occurring prior to or substantially concurrently with the
      incurrence of such Indebtedness), the Holdco Leverage Ratio (as calculated without regard to any Indebtedness that is subject to the Specified Non-Securitization Debt Cap) is less than or equal to 7.00x, (iii) considered Indebtedness due solely to a
      change in accounting rules that takes effect subsequent to the Closing Date but that was not (or, if such obligations were not outstanding at the time of such change in accounting rules, would not have been) considered Indebtedness prior to such
      date, (iv) in respect of any obligation of any Non-Securitization Entity to reimburse the Master Issuer for any draws under any one or more letters of credit or (v) with respect to any Cash Collateralized Letters of Credit.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 5.7</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Competition</u></font>.&#160; The Manager
      shall not, and shall not permit Non&#8209;Securitization Entities owned by it to, purchase or franchise Branded Restaurants or other assets similar to the Securitized Assets or own or operate properties on which Branded Restaurants operate with the
      intention of Competing with the Securitization Entities; <u>provided</u> the foregoing shall not limit the Manager or the Non&#8209;Securitization Entities from operating (i) Non-Securitization Entity Company Restaurants that could not be contributed on
      the Closing Date due to contractual restrictions or legal requirements or other unforeseen circumstances, (ii) Non-Securitization Entity Company Restaurants temporarily held with the intention of refranchising such restaurants, (iii) real property
      purchased and temporarily held with the intention of consummating a sale-lease back transaction or (iv) any other asset intended at the time of acquisition of such asset to be contributed to the Securitization Entities; <u>provided</u>, <u>further</u>,
      that the foregoing will not limit the Manager or the Non-Securitization Entities from operating any brand (other than the Jack in the Box Brand) prior to such brand becoming a Future Brand.</div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 5.8</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Restrictions on Liens</u></font>.&#160; The
      Manager shall not, and shall not permit any of its Subsidiaries to, create, incur, assume, permit or suffer to exist any Lien (other than Liens in favor of the Trustee for the benefit of the Secured Parties and any Permitted Lien set forth in <u>clauses&#160;(a)</u>,
      <u>(h)</u>&#160;or <u>(k)</u>&#160;of the definition thereof) upon the Equity Interests of any Securitization Entity.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ARTICLE VI<br>
      <br>
      MANAGER TERMINATION EVENTS</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 6.1</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Manager Termination Events</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Manager Termination
        Events</u>.&#160; Any of the following acts or occurrences shall constitute a &#8220;<u>Manager Termination Event</u>&#8221; under this Agreement when declared (or automatically without declaration in the case of <u>clauses (vi)</u> or <u>(vii)</u> below) by any
      of the Securitization Entities, the Back&#8209;Up Manager, the Servicer or the Trustee (in the case of the Trustee, acting at the direction of the Control Party):</div>
    <div style="text-indent: 72pt;"> <br>
    </div>
    <div style="text-indent: 72pt;">
      <div style="text-indent: 36pt; margin-left: 90pt; text-align: justify;">(i)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>any failure by the Manager to remit a payment required to be deposited from a (x) Concentration Account to the Collection Account or any other Indenture Trust Account or (y) Securitized Company Restaurant Account to a
        Concentration Account or any other Indenture Trust Account, in each case, within three (3)&#160;Business Days (unless such payment requires an international funds transfer, in which case such funds must be deposited to the applicable account within five
        (5)&#160;Business Days of receipt) of the later of (a)&#160;its Actual Knowledge of its receipt thereof and (b)&#160;the date such deposit is required to be made pursuant to the Related Documents; <u>provided</u> that any inadvertent failure to remit such a
        payment shall not be a breach of this <u>clause&#160;(i)</u>&#160;if in an amount less than $5&#160;million and cured within three (3)&#160;Business Days of a Manager Termination Event under this <u>clause&#160;(i)</u>&#160;(unless such payment requires an international funds
        transfer, in which case such may be cured within five (5)&#160;Business Days of a Manager Termination Event under this <u>clause&#160;(i)</u>) after the Manager obtains Actual Knowledge thereof (it being understood that the Manager shall not be responsible
        for the failure of the Trustee to remit funds that were received by the Trustee from or on behalf of the Manager in accordance with the applicable Related Documents);</div>
      <div style="text-indent: 36pt; margin-left: 72pt;"> <br>
      </div>
      <div style="text-indent: 36pt; margin-left: 90pt; text-align: justify;">(ii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>
        </font>the Interest&#8209;Only DSCR as calculated as of any Quarterly Calculation Date is less than 1.20x;</div>
      <div style="text-indent: 36pt; margin-left: 72pt;"> <br>
      </div>
      <div style="text-indent: 36pt; margin-left: 90pt; text-align: justify;">(iii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>any failure by the Manager to provide to the Trustee the certificates or reports required by Section 4.01(b), (c), (d), (f) or (g) of the Base Indenture (subject to applicable grace periods set forth within each such
        section);</div>
      <div style="text-indent: 36pt; margin-left: 72pt;"> <br>
      </div>
      <div style="text-indent: 36pt; margin-left: 90pt; text-align: justify;">(iv)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>a material default by the Manager in the due performance and observance of any provision of this Agreement or any other Related Document to which it is party and the continuation of such default uncured for a period of
        thirty (30) days after it has been notified thereof by any Securitization Entity or the Control Party, or otherwise obtained Actual Knowledge of such default; <u>provided</u>, <u>however</u>, that as long as the Manager is diligently attempting
        to cure such default, such cure period shall be extended by an additional period as may be required to cure such default, but in no event by more than an additional forty-five (45) days; and <u>provided</u>, <u>further</u>, that any default
        related to a Defective New Asset pursuant to the terms of this Agreement shall be deemed cured for purposes hereof upon payment in full by the Manager of liquidated damages in an amount equal to the Indemnification Amount to the Collection Account;</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div>
        <div style="font-family: 'Times New Roman',Times,serif;"> <br>
        </div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(v)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">
            </font></font>any material breach by the Manager of any representation or warranty (or to the extent any representation or warranty is already qualified by materiality or the definition of Material Adverse Effect, any breach of such
          representation or warranty) set forth in this Agreement or any other Related Document or any certificate, report or writing delivered pursuant thereto and the continuation of such default uncured for a period of thirty (30) days after it has been
          notified thereof by any Securitization Entity or the Control Party, or otherwise obtained Actual Knowledge of such default; <u>provided</u>, <u>however</u>, that as long as the Manager is diligently attempting to cure such default, such cure
          period shall be extended by an additional period as may be required to cure such default, but in no event by more than an additional forty-five (45) days;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(vi)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>an Event of Bankruptcy with respect to the Manager;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(vii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>any final, non&#8209;appealable order against the Manager decreeing the dissolution of the Manager that is in effect for more than ten (10)&#160;days;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(viii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>
          </font>a final, non&#8209;appealable judgment for an amount in excess of $50&#160;million (exclusive of any portion thereof which is insured) is rendered against the Manager, and is not paid, discharged or stayed within sixty (60)&#160;days of the date when due;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(ix)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>an acceleration of more than $50&#160;million of the Indebtedness of the Manager, which Indebtedness has not been discharged or which acceleration has not been rescinded and annulled;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(x)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">
            </font></font>this Agreement or a material portion thereof ceases to be in full force and effect or enforceable in accordance with its terms (other than in accordance with the express termination provisions thereof) or the Manager asserts as
          much in writing;</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(xi)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>a failure by any Non&#8209;Securitization Entity to comply with the Specified Non&#8209;Securitization Debt Cap, and such failure has continued for a period of forty&#8209;five (45)&#160;days after the Manager has been notified in writing by
          any Securitization Entity, the Control Party, the Back&#8209;Up Manager or the Trustee, or otherwise has obtained Actual Knowledge of such non&#8209;compliance; or</div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(xii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>
          </font>the occurrence of a Change in Management with respect to the Manager following the occurrence of a Change of Control.</div>
      </div>
      <br>
    </div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font>If a Manager Termination
      Event has occurred and is continuing, the Control Party (acting at the direction of the Controlling Class Representative) may (i)&#160;waive such Manager Termination Event (except for a Manager Termination Event described in <u>clauses&#160;</u>(vi)&#160;or (vii)
      above) or (ii)&#160;direct the Trustee to terminate the Manager in its capacity as such by the delivery of a termination notice (a &#8220;<u>Termination Notice</u>&#8221;) to the Manager (with a copy to each of the Securitization Entities, the Back&#8209;Up Manager and
      each Rating Agency); <u>provided</u> that the delivery of a Termination Notice will not be required in respect of any Manager Termination Event relating to the Manager Termination Events described in <u>clauses&#160;</u>(vi) or (vii) above.&#160; If the
      Trustee, acting at the direction of the Control Party (acting at the direction of the Controlling Class Representative), delivers a Termination Notice to the Manager pursuant to this Agreement (or automatically upon the occurrence of any Manager
      Termination Event relating to the Manager Termination Events described in <u>clauses&#160;</u>(vi) or (vii) above), all rights, powers, duties, obligations and responsibilities of the Manager under this Agreement and the other Related Documents (other
      than with respect to the payment of Indemnification Amounts or its obligations with respect to Disentanglement), including with respect to the Accounts or otherwise, will vest in and be assumed by the Successor Manager appointed by the Control Party
      (acting at the direction of the Controlling Class Representative).&#160; If no Successor Manager has been appointed by the Control Party (acting at the direction of the Controlling Class Representative), the Back&#8209;Up Manager shall serve as the Successor
      Manager and shall work with the Servicer to implement the Transition Plan (as defined in the Back&#8209;Up Management Agreement) until a Successor Manager (other than the Back&#8209;Up Manager) has been appointed by the Control Party (acting at the direction of
      the Controlling Class Representative).</div>
    <div style="text-indent: 90pt; text-align: justify;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">39</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font>From and during the
      continuation of a Manager Termination Event, each Securitization Entity and the Trustee (acting at the direction of the Control Party) are hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Manager, as
      attorney&#8209;in&#8209;fact or otherwise, all documents and other instruments (including any notices to Franchisees deemed necessary or advisable by the applicable Securitization Entity or the Control Party), and to do or accomplish all other acts or take other
      measures necessary or appropriate, to effect such vesting and assumption.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 6.2</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Manager Termination Event Remedies</u></font>.&#160;
      If the Trustee, acting at the written direction of the Control Party (acting at the direction of the Controlling Class Representative), delivers a Termination Notice to the Manager pursuant to Section 6.1(b) (or automatically upon the occurrence of
      any Manager Termination Event described in <u>clauses&#160;</u>(vi) or (vii) of Section 6.1(a)), all rights, powers, duties, obligations and responsibilities of the Manager under this Agreement (other than with respect to the obligation to pay any
      Indemnification Amounts) and the other Related Documents, including with respect to the Securitized Assets, the Indenture Trust Accounts, the Management Accounts, the Marketing Fund or otherwise shall vest in and be assumed by the Successor Manager
      without incurring any additional cost.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 6.3</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Manager&#8217;s Transitional Role</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;"> &#160; &#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Disentanglement</u>.&#160;

      Following the delivery of a Termination Notice to the Manager pursuant to Section 6.1(b) or Section 6.2 above or notice of resignation of the Manager pursuant to Section 4.4(b), the Manager shall cooperate with the Back&#8209;Up Manager and the Control
      Party in connection with the implementation of the Transition Plan (as defined in the Back&#8209;Up Management Agreement) and the complete transition to a Successor Manager, without interruption or adverse impact on the provision of Services (the &#8220;<u>Disentanglement</u>&#8221;).&#160;
      The Manager shall cooperate fully with the Successor Manager and otherwise promptly take all actions required to assist in effecting a complete Disentanglement and shall follow any directions that may be provided by the Back&#8209;Up Manager and the
      Control Party.&#160; The Manager shall provide all information and assistance regarding the terminated Services required for Disentanglement, including data conversion and migration, interface specifications, and related professional services.&#160; All
      services relating to Disentanglement (&#8220;<u>Disentanglement Services</u>&#8221;), including all reasonable training for personnel of the Back&#8209;Up Manager, the Successor Manager or the Successor Manager&#8217;s designated alternate service provider in the
      performance of the Services, will be deemed a part of the Services to be performed by the Manager.&#160; So long as the Manager continues to provide the Services (whether or not the Manager has been terminated as the Manager) during the Disentanglement
      Period, the Manager shall continue to be paid the Weekly Management Fee.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Fees and Charges for
        the Disentanglement Services</u>.&#160; Upon the Successor Manager&#8217;s assumption of the obligation to perform the Services, the Manager shall be entitled to reimbursement of its actual costs for the provision of any Disentanglement Services.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160; &#160;&#160; &#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font> </font><u>Duration of Obligations</u>.&#160;
      The Manager&#8217;s obligation to provide Disentanglement Services shall continue during the period commencing on the date that a Termination Notice is delivered and ending on the date on which the Successor Manager or the re&#8209;engaged Manager assumes all of
      the obligations of the Manager hereunder, and, in any event, within eighteen (18) months after the date of the Manager&#8217;s termination due to a Manager Termination Event (the &#8220;<u>Disentanglement Period</u>&#8221;).</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">40</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-indent: 90pt; text-align: justify;">(d)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Sub&#8209;managing
        Arrangements; Authorizations</u>.</div>
    <div>&#160;</div>
    <div style="text-indent: 126pt; text-align: justify;">(i)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>With respect to each
      Sub&#8209;managing Arrangement and unless the Control Party elects to terminate such Sub&#8209;managing Arrangement in accordance with Section 2.10, the Manager shall:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 90pt;">(x)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>assign to the Successor Manager (or such Successor Manager&#8217;s designated alternate
      service provider) all of the Manager&#8217;s rights under such Sub&#8209;managing Arrangement to which it is party used by the Manager in performance of the transitioned Services; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 90pt;">(y)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>procure any third party authorizations necessary to grant the Successor Manager (or
      such Successor Manager&#8217;s designated alternate service provider) the use and benefit of such Sub&#8209;managing Arrangement to which it is party (used by the Manager in performing the transitioned Services), pending their assignment to the Successor Manager
      under this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 126pt; text-align: justify;">(ii)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>If the Control Party
      elects to terminate such Sub&#8209;managing Arrangement in accordance with Section 2.10, the Manager shall take all reasonable actions necessary or reasonably requested by the Control Party to accomplish a complete transition of the Services performed by
      such Sub&#8209;manager to the Successor Manager, or to any alternate service provider designated by the Control Party, without interruption or adverse impact on the provision of Services.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 6.4</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Intellectual Property</u></font>.&#160; Within
      thirty (30)&#160;days of termination of this Agreement for any reason, the Manager shall deliver and surrender up to the Franchisor (with a copy to the Successor Manager and the Servicer) any and all products, materials, or other physical objects
      containing the Trademarks included in the Securitization IP or Confidential Information (including Trade Secrets) of the Franchisor and any copies of copyrighted works included in the Securitization IP in the Manager&#8217;s possession or control, and
      shall upon termination of this Agreement, cease and terminate all current and future use and disclosure of any and all Securitization IP, including any Trade Secrets therein; <u>provided</u> that (for the avoidance of doubt) any rights granted to
      Jack in the Box Inc. and/or the other Non&#8209;Securitization Entities as licensees pursuant to the IP License Agreements shall continue pursuant to the terms thereof notwithstanding the termination of this Agreement and/or Jack in the Box Inc.&#8217;s role as
      Manager.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 6.5</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Third Party Intellectual Property</u></font>.&#160;
      The Manager shall assist and fully cooperate with the Successor Manager or its designated alternate service provider in obtaining any necessary licenses or consents to use any third party Intellectual Property then being used by the Manager or any
      Sub&#8209;manager.&#160; The Manager shall assign, and shall cause each Sub&#8209;manager to assign, any such license or sublicense directly to the Successor Manager or its designated alternate service provider to the extent the Manager, or each Sub&#8209;manager as
      applicable, has the rights to assign such agreements to the Successor Manager.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 6.6</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>No Effect on Other Parties</u></font>.&#160;
      Upon any termination of the rights and powers of the Manager from time to time pursuant to Section 6.1 or upon any appointment of a Successor Manager, all the rights, powers, duties, obligations, and responsibilities of the Securitization Entities or
      the Trustee under this Agreement, the Indenture and the other Related Documents shall remain unaffected by such termination or appointment and shall remain in full force and effect thereafter, except as otherwise expressly provided in this Agreement
      or in the Indenture.</div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">41</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 6.7</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Rights Cumulative</u></font>.&#160; All rights
      and remedies from time to time conferred upon or reserved to the Securitization Entities, the Trustee, the Servicer, the Control Party, the Back&#8209;Up Manager and the Noteholders or to any or all of the foregoing are cumulative, and none is intended to
      be exclusive of another or any other right or remedy which they may have at law or in equity.&#160; Except as otherwise expressly provided herein, no delay or omission in insisting upon the strict observance or performance of any provision of this
      Agreement, or in exercising any right or remedy, shall be construed as a waiver or relinquishment of such provision, nor shall it impair such right or remedy.&#160; Every such right and remedy may be exercised from time to time and as often as deemed
      expedient.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><font style="font-weight: bold;">ARTICLE VII</font>
      <div><br>
      </div>
      CONFIDENTIALITY</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 7.1</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Confidentiality</u></font>.&#160; (a)&#160; Each of
      the parties hereto acknowledges that during the Term of this Agreement such party (the &#8220;<u>Recipien</u>t&#8221;) may receive Confidential Information from another party hereto (the &#8220;<u>Discloser</u>&#8221;).&#160; Each such party (except for the Trustee, whose
      confidentiality obligations shall be governed in accordance with the Indenture) agrees to maintain the Confidential Information of the other party in the strictest of confidence and shall not, except as otherwise contemplated herein, at any time,
      use, disseminate or disclose any Confidential Information to any Person other than (i)&#160;its officers, directors, managers, employees, agents, advisors or representatives (including legal counsel and accountants) or (ii)&#160;in the case of the Manager and
      the Securitization Entities, Franchisees and prospective Franchisees, suppliers or other service providers under written confidentiality agreements that contain provisions at least as protective as those set forth in this Agreement.&#160; The Recipient
      shall be liable for any breach of this Section 7.1 by any of its officers, directors, managers, employees, agents, advisors, representatives, Franchisees and prospective Franchisees, suppliers or other services providers and shall immediately notify
      Discloser in the event of any loss or disclosure of any Confidential Information of the Discloser and shall, at the expense of the Manager, reasonably assist and cooperate with Discloser with respect to any investigation, disclosures to affected
      parties, and other remedial measures as requested by Discloser.&#160; Each party agrees to protect the confidentiality, integrity and availability of Confidential Information it receives, and shall not use any less than the same degree of care that it
      uses to protect its own Confidential Information.&#160; Upon termination of this Agreement, Recipient shall return to the Discloser, or at Discloser&#8217;s request, destroy all documents and records in its possession containing the Confidential Information of
      the Discloser.&#160; Confidential Information shall not include information that:&#160; (A)&#160;is already known to Recipient without restriction on use or disclosure prior to receipt of such information from the Discloser; (B)&#160;is or becomes part of the public
      domain other than by breach of this Agreement by, or other wrongful act of, the Recipient; (C)&#160;is developed by the Recipient independently of and without reference to any Confidential Information of the Discloser; (D)&#160;is received by the Recipient
      from a third party who is not under any obligation to maintain the confidentiality of such information; or (E)&#160;is required to be disclosed by applicable law, statute, rule, regulation, subpoena, court order or legal process, <u>provided</u> that the
      Recipient shall promptly inform the Discloser of any such requirement and cooperate with any attempt by the Discloser to obtain a protective order or other similar treatment.&#160; It shall be the obligation of Recipient to prove that such an exception to
      the definition of Confidential Information exists.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Notwithstanding anything
      to the contrary contained in Section 7.1(a), the parties hereto may use, disseminate or disclose Confidential Information (other than Trade Secrets) to any Person in connection with the enforcement of rights of the Trustee or the Noteholders under
      the Indenture or the Related Documents; <u>provided</u>, <u>however</u>, that prior to disclosing any such Confidential Information:</div>
    <div> <br>
    </div>
    <div>
      <div style="text-indent: 36pt; margin-left: 90pt; text-align: justify;">(i)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font></font>to

        any such Person other than in connection with any judicial or regulatory proceeding, such Person shall agree in writing to maintain such Confidential Information in a manner at least as protective of the Confidential Information as the terms of <u>Section
          7.1(a)</u> and Recipient shall provide Discloser with the written opinion of counsel that such disclosure contains Confidential Information only to the extent necessary to facilitate the enforcement of such rights of the Trustee or the
        Noteholders; or</div>
      &#160;
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">42</font></div>
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: justify; text-indent: 36pt; margin-left: 90pt;">(ii)<font style="text-indent: 0px; font-size: 5.14pt;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>to any such Person or entity in connection with any judicial or regulatory proceeding, Recipient shall (x)&#160;promptly notify Discloser of each such requirement and identify the documents so required thereby so that
          Discloser may seek an appropriate protective order or similar treatment and/or waive compliance with the provisions of this Agreement; (y)&#160;use reasonable efforts to assist Discloser in obtaining such protective order or other similar treatment
          protecting such Confidential Information prior to any such disclosure; and (z)&#160;consult with Discloser on the advisability of taking legally available steps to resist or narrow the scope of such requirement.&#160; If, in the absence of such a
          protective order or similar treatment, the Recipient is nonetheless required by law to disclose any part of Discloser&#8217;s Confidential Information, then the Recipient may disclose such Confidential Information without liability under this
          Agreement, except that the Recipient shall furnish only that portion of the Confidential Information which is legally required.</div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">ARTICLE VIII<br>
      <br>
      MISCELLANEOUS PROVISIONS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.1</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u></font><font style="font-weight: bold;"><u>Termination of Agreement</u></font>.&#160;

      The respective duties and obligations of the Manager and the Securitization Entities created by this Agreement shall commence on the date hereof and shall, unless earlier terminated pursuant to Section 6.1, terminate upon the earlier to occur of
      (x)&#160;the final payment or other liquidation of the last Securitized Asset included in the Securitized Assets or (y)&#160;satisfaction and discharge of the Indenture pursuant to Section&#160;12.01 of the Base Indenture (the &#8220;<u>Term</u>&#8221;).&#160; Upon termination of
      this Agreement pursuant to this Section 8.1, the Manager shall pay over to the applicable Securitization Entity or any other Person entitled thereto all proceeds of the Securitized Assets held by the Manager.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.2</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Survival</u></font>.&#160; The provisions of
      Section 2.1(c), Section 2.7, Section 2.8, <u>Section 4.3(f)</u>, Section 8.4, Section 8.5, Section 8.9, Article VI, Article VII and this Section 8.2 shall survive termination of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.3</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Amendment</u></font>.&#160; None of the terms
      or provisions of this Agreement may be amended, supplemented, waived or otherwise modified except (i) with the written consent of parties hereto and (ii) in accordance with the additional requirements set forth in Article XIII of the Base Indenture.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.4</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Governing Law</u></font>.&#160; THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF NEW YORK) WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.5</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Notices</u></font>.&#160; All notices, requests
      or other communications desired or required to be given under this Agreement shall be in writing and shall be sent by (a)&#160;certified or registered mail, return receipt requested, postage prepaid, (b)&#160;national prepaid overnight delivery service,
      (c)&#160;e-mail (of a .pdf or other similar file), telecopy or other facsimile transmission (following with hard copies to be sent by national prepaid overnight delivery service) or (d)&#160;personal delivery with receipt acknowledged in writing, to the
      address set forth in Section&#160;14.01 of the Base Indenture.&#160; If the Indenture or this Agreement permits reports to be posted to a password&#8209;protected website, such reports shall be deemed delivered when posted on such website.&#160; Any party hereto may
      change its address for notices hereunder by giving notice of such change to the other parties hereto, with a copy to the Control Party.&#160; Any change of address of a Noteholder shown on a Note Register shall, after the date of such change, be effective
      to change the address for such Noteholder hereunder.&#160; All notices and demands to any Person hereunder shall be deemed to have been given either at the time of the delivery thereof at the address of such Person for notices hereunder, or on the third
      day after the mailing thereof to such address, as the case may be.</div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">43</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 8.6</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Acknowledgement</u></font>.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(a)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Notwithstanding the grant
      of the security interest in the Collateral under the Indenture and the Guarantee and Collateral Agreement to the Trustee, on behalf of the Secured Parties, the Securitization Entities acknowledge that the Manager, on behalf of the Securitization
      Entities shall, subject to the terms and conditions herein, have the right, subject to the Trustee&#8217;s right (acting solely upon the direction of the Control Party) to revoke such right, in whole or in part, in the event of the occurrence of an Event
      of Default, (i) to give, in accordance with the Managing Standard, all consents, requests, notices, directions, approvals, extensions or waivers, if any, which are required or permitted to be given by any Securitization Entity under the Collateral
      Transaction Documents, and to enforce all rights, remedies, powers, privileges and claims of each Securitization Entity under the Collateral Transaction Documents, (ii) to give, in accordance with the Managing Standard, all consents, requests,
      notices, directions and approvals, if any, which are required or permitted to be given by any Securitization Entity under any license agreement to which such Securitization Entity is a party and (iii) to take any other actions required or permitted
      to be taken under the terms of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Without limiting the
      foregoing, the Manager hereby acknowledges that, on the date hereof, the Securitization Entities shall pledge to the Trustee under the Indenture and the Guarantee and Collateral Agreement, as applicable, all of such Securitization Entities&#8217; right and
      title to, and interest in, this Agreement and the Collateral, and such pledge includes all of such Securitization Entities&#8217; rights, remedies, powers and privileges, and all claims of such Securitization Entities&#8217; against the Manager, under or with
      respect to this Agreement (whether arising pursuant to the terms of this Agreement or otherwise available at law or in equity), including (i)&#160;the rights of such Securitization Entities and the obligations of the Manager hereunder and (ii)&#160;the right,
      at any time, to give or withhold consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or the obligations in respect of the Manager hereunder to the same extent as such
      Securitization Entities may do.&#160; The Manager hereby consents to such pledges described above, acknowledges and agrees that (x)&#160;the Control Party shall be third&#8209;party beneficiaries of the rights of such Securitization Entities arising hereunder and
      (y)&#160;the Trustee and the Control Party may, to the extent provided in the Indenture and the Guarantee and Collateral Agreement, enforce the provisions of this Agreement, exercise the rights of such Securitization Entities and enforce the obligations
      of the Manager hereunder without the consent of such Securitization Entities.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 8.7</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Severability of Provisions</u></font>.&#160;
      If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement and such invalidity
      or unenforceability shall in no way affect the validity or enforceability of such remaining provisions, or the rights of any parties hereto.&#160; To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of
      this Agreement invalid or unenforceable in any respect.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.8</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Delivery Dates</u></font>.&#160; If the due
      date of any notice, certificate or report required to be delivered by the Manager hereunder falls on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the next succeeding day that
      is a Business Day.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.9</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Limited Recourse</u></font>.&#160; The
      obligations of the Securitization Entities under this Agreement are solely the limited liability company obligations of the Securitization Entities.&#160; The Manager agrees that the Securitization Entities shall be liable for any claims that it may have
      against the Securitization Entities only to the extent that funds or other Collateral are available to pay such claims pursuant to the Indenture and that, to the extent that any such claims remain unpaid after the application of such funds and other
      Collateral in accordance with the Indenture, such claims shall be extinguished.</div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">44</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.10</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Binding Effect; Assignment; Third Party
          Beneficiaries</u></font>.&#160; The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto.&#160; Any assignment of this Agreement without the written consent of the
      Control Party shall be null and void.&#160; Each of the Back&#8209;Up Manager and the Servicer (in its capacities as Control Party and Servicer) is an intended third party beneficiary of this Agreement and may enforce the Agreement as though a party hereto.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.11</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Article and Section Headings</u></font>.&#160;

      The Article and Section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.12</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Concerning the Trustee</u></font>.&#160;
      In acting under this Agreement, the Trustee shall be afforded the rights, privileges, protections, immunities and indemnities set forth in the Indenture as if fully set forth herein.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.13</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Counterparts</u></font>.&#160; This
      Agreement may be executed by the parties hereto in several counterparts (including by facsimile or other electronic means of communication), each of which when so executed shall be deemed to be an original and all of which when taken together shall
      constitute but one and the same agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.14</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Entire Agreement</u></font>.&#160; This
      Agreement, together with the Indenture and the other Related Documents and the Managed Documents constitute the entire agreement and understanding among the parties with respect to the subject matter hereof.&#160; Any previous agreement among the parties
      with respect to the subject matter hereof is superseded by this Agreement, the Indenture, the other Related Documents and the Managed Documents.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">Section 8.15</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Waiver of Jury Trial; Jurisdiction;
          Consent to Service of Process</u></font>.&#160; (a)&#160;&#160;The parties hereto each hereby waives any right to have a jury participate in resolving any dispute, whether in contract, tort or otherwise, arising out of, connected with, relating to or incidental
      to the transactions contemplated by this Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(b)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>The parties hereto each
      hereby irrevocably submits (to the fullest extent permitted by applicable law) to the non&#8209;exclusive jurisdiction of any New York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or
      proceeding arising out of or relating to this Agreement or any Related Documents, and the parties hereto hereby irrevocably agree that all claims in respect of such action or proceeding shall be heard and determined in such New York state or federal
      court.&#160; The parties hereto each hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection each may now or hereafter have, to remove any such action or proceeding, once commenced, to another court on the grounds of <font style="font-style: italic;">forum non conveniens</font> or otherwise.</div>
    <div>&#160;</div>
    <div style="text-indent: 90pt; text-align: justify;">(c)<font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Each party to this
      Agreement irrevocably consents to service of process in the manner provided for notices in Section 8.5.&#160; Nothing in this Agreement shall affect the right of any party to this Agreement to serve process in any other manner permitted by law.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-indent: 72pt; text-align: justify;"><font style="font-weight: bold;">Section 8.16</font><font id="TRGRRTFtoHTMLTab" style="font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;"><u>Joinder of Additional Securitization
          Entities</u></font>.&#160; In the event the Master Issuer forms an Additional Securitization Entity pursuant to Section&#160;8.34 of the Base Indenture, such Additional Securitization Entity shall execute and deliver to the Manager and the Trustee (i)&#160;a
      Joinder Agreement substantially in the form of <u>Exhibit&#160;B</u> and (ii)&#160;a Power of Attorney in the form of <u>Exhibit&#160;A&#8209;3</u> and such Additional Securitization Entity shall thereafter for all purposes be a party hereto and have the same rights,
      benefits and obligations as a Securitization Entity party hereto on the Closing Date.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;[The remainder of this page is intentionally left blank.]</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
  </div>
  <div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">46</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>JACK IN THE BOX INC.,</div>
    <div>a Delaware corporation, as Manager</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>By:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.25pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>&#160; &#160; /s/Michael J. Snider</u><br>
      Name: Michael J. Snider<br>
      Title:&#160;&#160; Assistant Secretary</div>
    <div> <br>
    </div>
    <div> &#160; </div>
    <div> <br>
    </div>
    <div>JACK IN THE BOX FUNDING, LLC,</div>
    <div>a Delaware limited liability company, as Master Issuer</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>By:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.25pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>&#160; &#160; /s/Michael J. Snider</u><br>
      Name: Michael J. Snider<br>
      Title:&#160;&#160; Assistant Secretary</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> JACK IN THE BOX SPV GUARANTOR, LLC, </div>
    <div>a Delaware limited liability company, as a Securitization Entity</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>By:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.25pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>&#160; &#160; /s/Michael J. Snider</u><br>
      Name: Michael J. Snider<br>
      Title:&#160;&#160; Assistant Secretary</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Management Agreement</font><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>DIFFERENT RULES, LLC,</div>
    <div>a Delaware limited liability company, as a Securitization Entity</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>By:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.25pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>&#160; &#160; /s/Michael J. Snider</u><br>
      Name: Michael J. Snider<br>
      Title:&#160;&#160; Assistant Secretary</div>
    <div>&#160;</div>
    <div>&#160; </div>
    <div>&#160;</div>
    <div>JACK IN THE BOX PROPERTIES, LLC,</div>
    <div>a Delaware limited liability company, as a Securitization Entity</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>By:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.25pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>&#160; &#160; /s/Michael J. Snider</u><br>
      Name: Michael J. Snider<br>
      Title:&#160;&#160; Assistant Secretary</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Management Agreement</font> </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>CITIBANK, N.A., not in its individual capacity, but<br>
      solely as Trustee</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>By:<font id="TRGRRTFtoHTMLTab" style="font-size: 5.67pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>&#160; &#160; &#160; /s/Jacqueline Suarez</u><br>
      <font id="TRGRRTFtoHTMLTab" style="font-size: 5.67pt;"></font>Name: Jacqueline Suarez<br>
      <font id="TRGRRTFtoHTMLTab" style="font-size: 5.67pt;"></font>Title:&#160;&#160; Senior Trust Officer</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-style: italic;">Signature Page to Management Agreement</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%A-1-%%-->
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><u> Exhibit A-1<br>
      </u></div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></div>
    <div style="text-align: center;"><u> <br>
      </u></div>
    <div style="text-align: center;"><u>POWER OF ATTORNEY OF FRANCHISOR</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">KNOW ALL PERSONS BY THESE PRESENTS, that in connection with the Management Agreement, dated as of the Closing Date (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<u>Management
        Agreement</u>&#8221;; all capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Management Agreement), among Jack in the Box Funding, LLC, a Delaware limited liability company (the &#8220;<u>Master Issuer</u>&#8221;), Jack
      in the Box SPV Guarantor, LLC, a Delaware limited liability company, Different Rules, LLC, a Delaware limited liability company, Jack in the Box Properties, LLC, a Delaware limited liability company (collectively, the &#8220;<u>Securitization Entities</u>&#8221;),
      Jack in the Box Inc. and Citibank, N.A. as Trustee, the undersigned Franchisor hereby appoints Jack in the Box Inc. (the &#8220;<u>Manager</u>&#8221;) and any and all officers thereof as its true and lawful attorney in fact, with full power of substitution, in
      connection with the IP Services described below being performed with respect to the Securitization IP, with full irrevocable power and authority in the place of the Franchisor, and in the name of the Franchisor or in its own name as agent of the
      Franchisor, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the foregoing, subject to the Management Agreement, including, without limitation, the full
      power to perform:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160; assessing clearance, patentability, registrability and the risk of potential infringement of or by any
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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>filing, prosecuting and maintaining applications and registrations for the Securitization IP in the
      Franchisor&#8217;s name in applicable jurisdictions, including timely filings, actions, payments and/or responses (including to office actions and any adversarial, ex parte or <font style="font-style: italic;">inter partes</font> proceedings affecting
      validity or enforceability) as may be required;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>monitoring third&#8209;party use, disclosure and registration of Intellectual Property, as applicable, and
      taking actions the Manager deems appropriate to oppose or contest the use, disclosure and any application or registration for Intellectual Property, as applicable, that could reasonably be expected to infringe, misappropriate, dilute or otherwise
      violate the Securitization IP or the Franchisor&#8217;s rights therein;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(d)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>recording and confirming the Franchisor&#8217;s legal title in and to any or all of the Securitization IP,
      including obtaining written assignments of, and executing, as applicable, transfers, non-disclosure obligations and other agreements necessary to secure and protect rights in and to, the Securitization IP;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(e)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>protecting, policing, and, in the event that the Manager becomes aware of any unlicensed copying,
      imitation, infringement, dilution, misappropriation, unauthorized use or other violation of the Securitization IP (including any breach or violation of the IP License Agreements (including the quality control provisions thereof) and any Related
      Documents), or any portion thereof, enforcing such Securitization IP, including (i)&#160;monitoring licensee use of licensed Trademarks and the quality of its goods and services offered in connection therewith; (ii) taking reasonable measures to maintain
      confidentiality and to prevent non&#8209;confidential disclosures of Trade Secrets and other confidential information of the Franchisor; (iii) preparing and responding to cease&#8209;and&#8209;desist, demand and notice letters, and requests for a license; and
      (iv)&#160;commencing, prosecuting and/or resolving claims or suits involving imitation, infringement, dilution, misappropriation, the unauthorized use or other violation of the Securitization IP, and seeking monetary and equitable remedies as the Manager
      deems appropriate in connection therewith; <u>provided</u> that the Franchisor shall join as a party, as necessary, to any such suits to the extent necessary to maintain standing;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(f)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>performing such functions and duties, and preparing and filing such documents, as are required under the
      Indenture or any other Related Document to be performed, prepared and/or filed by the Franchisor, including executing and recording with the applicable Governmental Authority financing statements (including continuation statements) or amendments
      thereof or supplements thereto or grants of security interests or any similar instruments as the Securitization Entities or the Control Party may, from time to time, reasonably request (consistent with the obligations of the Franchisor to perfect the
      Trustee&#8217;s Lien only in the United States) granted by the Franchisor to the Trustee under the Related Documents that are intended to evidence such security interests in the Securitization IP;</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">A-1-1</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(g)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>paying or causing to be paid or discharged, from funds of the Securitization Entities, any and all
      taxes, charges and assessments that may be levied, assessed or imposed upon any of the Securitization IP or contesting the same in good faith;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(h)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>obtaining licenses of third&#8209;party Intellectual Property for use and sublicense in connection with the
      Securitized Restaurant Business and the other assets of the Securitization Entities; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(i)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>managing passwords for, content on, administration of, and access to social media accounts, website
      hosting accounts, mobile app accounts and other similar online accounts.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">THIS POWER OF ATTORNEY IS GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Dated:<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold;">[</font>__________<font style="font-weight: bold;">]</font>, 2019</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>DIFFERENT RULES, LLC</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">&#160;&#160; ___________________________________________________________ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><br>
    </div>
    <div style="margin-left: 2.8pt;">By:</div>
    <div style="margin-left: 2.8pt;">Name:</div>
    <div style="margin-left: 2.8pt;">Title:</div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">A-1-2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div>&#160;
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;" id="z6f65b4afa62b4519868fa228a03125ff">

          <tr>
            <td style="width: 20%;">
              <div>STATE OF <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">[</u></font>__________<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">]</u></font> <br>
              </div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: left;"><font style="font-size: 5.14pt;">&#160;</font>)</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: left;">)</div>
            </td>
            <td style="width: 75%;">
              <div>ss.: <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20%;">
              <div>COUNTY OF <font style="font-weight: bold;">[</font>__________<font style="font-weight: bold;">]</font> <br>
              </div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: left;">)</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">On the <font style="font-weight: bold;">[</font><u>&#160;&#160; </u><font style="font-weight: bold;">]</font> day of <font style="font-weight: bold;">[</font>______<font style="font-weight: bold;">]</font>, 2019, before me
      the undersigned, personally appeared ___________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in
      his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>&#160;</div>
    <div>[<u>&#160; &#160; &#160;&#160; </u>]</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div style="margin-left: 2.8pt;"><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">_____________________________________________________________________________________
        &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></div>
    <div style="margin-left: 2.8pt;">Notary Public</div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">A-1-3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%A-2-%%-->
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><u> Exhibit A-2<br>
      </u></div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></div>
    <div style="text-align: center;"><u> <br>
      </u></div>
    <div style="text-align: center;"><u>POWER OF ATTORNEY OF THE SECURITIZATION ENTITIES</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">KNOW ALL PERSONS BY THESE PRESENTS, that in connection with the Management Agreement, dated as of the Closing Date (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<u>Management
        Agreement</u>&#8221;; all capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Management Agreement), among Jack in the Box Funding, LLC, a Delaware limited liability company (the &#8220;<u>Master Issuer</u>&#8221;), Jack
      in the Box SPV Guarantor, LLC, a Delaware limited liability company, Different Rules, LLC, a Delaware limited liability company, Jack in the Box Properties, LLC, a Delaware limited liability company (collectively, the &#8220;<u>Securitization Entities</u>&#8221;),
      Jack in the Box Inc. and Citibank, N.A., as Trustee, each of the Securitization Entities hereby appoints Jack in the Box Inc. (the &#8220;<u>Manager</u>&#8221;) and any and all officers thereof as its true and lawful attorney in fact, with full power of
      substitution, in connection with the Services (as defined in the Management Agreement) being performed with respect to the Securitized Assets, with full irrevocable power and authority in the place of each Securitization Entity and in the name of
      each Securitization Entity or in its own name as agent of each Securitization Entity, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the foregoing, subject
      to the Management Agreement, including, without limitation, the full power to:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>perform such functions and duties, and prepare and file such documents, as are required under the
      Indenture and the other Related Documents to be performed, prepared and/or filed by the Securitization Entities, including:&#160; (i)&#160;recording such financing statements (including continuation statements) or amendments thereof or supplements thereto or
      other instruments as the Trustee and the Securitization Entities may from time to time reasonably request in order to perfect and maintain the Lien in the Collateral granted by the Securitization Entities to the Trustee under the Related Documents in
      accordance with the UCC; and (ii)&#160;executing grants of security interests or any similar instruments required under the Related Documents to evidence such Lien in the Collateral;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>sign, prepare and deliver to the Trustee fully executed Mortgages in accordance with Section 8.37 of the
      Base Indenture; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>take such actions on behalf of each Securitization Entity as such Securitization Entity or Manager may
      reasonably request that are expressly required by the terms, provisions and purposes of the Management Agreement; or cause the preparation by other appropriate Persons, of all documents, certificates and other filings as each Securitization Entity
      shall be required to prepare and/or file under the terms of the Related Documents.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This power of attorney is coupled with an interest.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">THIS POWER OF ATTORNEY IS GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Dated: &#160;&#160; <font style="font-weight: bold;">[</font>__________<font style="font-weight: bold;">]</font>, 2019</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">A-2-1</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div>JACK IN THE BOX FUNDING, LLC, as Master Issuer</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">&#160; ______________________________________________________________________________ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><br>
    </div>
    <div style="margin-left: 2.8pt;">By:</div>
    <div style="margin-left: 2.8pt;">Name:</div>
    <div style="margin-left: 2.8pt;">Title:</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>JACK IN THE BOX SPV GUARANTOR, LLC, as a<br>
      Securitization Entity</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><br>
    </div>
    <div style="margin-left: 2.8pt;"> _______________________________________<br>
    </div>
    <div style="margin-left: 2.8pt;">By:</div>
    <div style="margin-left: 2.8pt;">Name:</div>
    <div style="margin-left: 2.8pt;">Title:</div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div>&#160;</div>
    <div>DIFFERENT RULES, LLC, as a<br>
      Securitization Entity</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">&#160; _____________________________________________________________________________ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><br>
    </div>
    <div style="margin-left: 2.8pt;">By:</div>
    <div style="margin-left: 2.8pt;">Name:</div>
    <div style="margin-left: 2.8pt;">Title:</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>JACK IN THE BOX PROPERTIES, LLC, as a<br>
      Securitization Entity</div>
    <div> <br>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">&#160;______________________________________________________________________________&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><br>
    </div>
    <div style="margin-left: 2.8pt;">By:</div>
    <div style="margin-left: 2.8pt;">Name:</div>
    <div style="margin-left: 2.8pt;">Title:</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">A-2-2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;" id="ze82822f6da824a3f9d6c531047224968">

          <tr>
            <td style="width: 25%;">
              <div>STATE OF <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">[</u></font>__________<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">]</u></font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;</font>
                <br>
              </div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: left;"><font style="text-indent: 0px; font-size: 5.14pt;">&#160;</font>)</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: left;">)</div>
            </td>
            <td style="width: 75%;">
              <div>ss.: <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;">
              <div>COUNTY OF <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">[</u></font>__________<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">]</u></font>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: left;"><font style="text-indent: 0px; font-size: 5pt;">&#160;</font>)</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">On the <font style="font-weight: bold;">[</font><u>&#160; </u><font style="font-weight: bold;">]</font> day of <font style="font-weight: bold;">[</font>__________<font style="font-weight: bold;">]</font>, 2019, before me
      the undersigned, personally appeared ___________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in
      his capacity, and that by his signature on the instrument, the individual, or the Person upon behalf of which the individual acted, executed the instrument.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>[&#160; &#160; &#160; &#160;&#160; ]</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 2.8pt;"><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">__________________________________________________________________
        &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></div>
    <div style="margin-left: 2.8pt;">Notary Public</div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">A-2-3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%A-3-%%-->
    <div style="text-align: right;"><u>Exhibit A-3</u><br>
    </div>
    <div style="text-align: center;"><u> <br>
      </u></div>
    <div style="text-align: center;"><u>POWER OF ATTORNEY OF ADDITIONAL SECURITIZATION ENTITY</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">KNOW ALL PERSONS BY THESE PRESENTS, that in connection with the Management Agreement, dated as of the Closing Date (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<u>Management
        Agreement</u>&#8221;; all capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Management Agreement), among Jack in the Box Funding, LLC, a Delaware limited liability company (the &#8220;<u>Master Issuer</u>&#8221;), Jack
      in the Box SPV Guarantor, LLC, a Delaware limited liability company, Different Rules, LLC, a Delaware limited liability company, Jack in the Box Properties, LLC, a Delaware limited liability company (collectively, the &#8220;<u>Securitization Entities</u>&#8221;)
      and [____________________] (the &#8220;<u>Additional Securitization Entity</u>&#8221;), Jack in the Box Inc. and Citibank, N.A., as Trustee, the Additional Securitization Entity hereby appoints Jack in the Box Inc. (the &#8220;<u>Manager</u>&#8221;) and any and all officers
      thereof as its true and lawful attorney in fact, with full power of substitution, in connection with the Services (as defined in the Management Agreement) being performed with respect to the Securitized Assets, with full irrevocable power and
      authority in the place of the Additional Securitization Entity and in the name of the Additional Securitization Entity or in its own name as agent of the Additional Securitization Entity, to take any and all appropriate action and to execute any and
      all documents and instruments that may be necessary or desirable to accomplish the foregoing, subject to the Management Agreement, including, without limitation, the full power to:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(a)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>perform such functions and duties, and prepare and file such documents, as are required under the
      Indenture and the other Related Documents to be performed, prepared and/or filed by the Additional Securitization Entity, including:&#160; (i)&#160;recording such financing statements (including continuation statements) or amendments thereof or supplements
      thereto or other instruments as the Trustee and the Additional Securitization Entity may from time to time reasonably request in order to perfect and maintain the Lien in the Collateral granted by the Additional Securitization Entity to the Trustee
      under the Related Documents in accordance with the UCC; and (ii)&#160;executing grants of security interests or any similar instruments required under the Related Documents to evidence such Lien in the Collateral;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(b)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>sign, prepare and deliver to the Trustee fully executed Mortgages in accordance with Section 8.37 of the
      Base Indenture; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(c)<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>take such actions on behalf of the Additional Securitization Entity as such Additional Securitization
      Entity or Manager may reasonably request that are expressly required by the terms, provisions and purposes of the Management Agreement; or cause the preparation by other appropriate Persons, of all documents, certificates and other filings as the
      Additional Securitization Entity shall be required to prepare and/or file under the terms of the Related Documents.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This power of attorney is coupled with an interest.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">THIS POWER OF ATTORNEY IS GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Dated: &#160;&#160; <font style="font-weight: bold;">[</font>__________<font style="font-weight: bold;">]</font>, 20[__]</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">A-3-1</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div>&#160;</div>
    <div>[___________________], as the Additional Securitization Entity</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>&#160;</div>
    <div><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">&#160;______________________________________________________ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><br>
    </div>
    <div style="margin-left: 2.8pt;">By:</div>
    <div style="margin-left: 2.8pt;">Name:</div>
    <div style="margin-left: 2.8pt;">Title:</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">A-3-2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div>&#160;
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;" id="zda81786315924893ae7f7eb33a865416">

          <tr>
            <td style="width: 25%;">
              <div>STATE OF <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">[</u></font>__________<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">]</u></font><font style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;</font>
                <br>
              </div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: left;"><font style="text-indent: 0px; font-size: 5.14pt;">&#160;</font>)</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: left;"><font style="text-indent: 0px; font-size: 5.14pt;">&#160;</font>)</div>
            </td>
            <td style="width: 75%;">
              <div>ss.: <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;">
              <div>COUNTY OF <font style="font-weight: bold;"><u style="border-bottom: 1px solid;">[</u></font>__________<font style="font-weight: bold;"><u style="border-bottom: 1px solid;">]</u></font> <br>
              </div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: left;">)</div>
            </td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"> <br>
    </div>
    <br>
    <div>&#160;</div>
    <div style="text-align: justify;">On the <font style="font-weight: bold;">[</font><u>&#160; </u><font style="font-weight: bold;">]</font> day of <font style="font-weight: bold;">[</font>__________<font style="font-weight: bold;">]</font>, 20[__], before
      me the undersigned, personally appeared ___________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same
      in his capacity, and that by his signature on the instrument, the individual, or the Person upon behalf of which the individual acted, executed the instrument.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>[&#160; &#160; &#160; &#160;&#160; ]</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div style="margin-left: 2.8pt;"><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">___________________________________________________________________
        &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></div>
    <div style="margin-left: 2.8pt;">Notary Public</div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">A-3-3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%B-%%-->
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;"><u> Exhibit B<br>
      </u></div>
    <div style="text-align: center;"><u> <br>
      </u></div>
    <div style="text-align: center;"><u>JOINDER AGREEMENT</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">JOINDER AGREEMENT, dated as of____________________, 20______ (this &#8220;<u>Joinder Agreement</u>&#8221;), made by ______________ a ____________ (the &#8220;<u>Additional Securitization Entity</u>&#8221;), in favor of JACK
      IN THE BOX INC., a Delaware limited liability company, as Manager (the &#8220;<u>Manager</u>&#8221;), and CITIBANK, N.A., as Trustee (in such capacity, together with its successors, the &#8220;<u>Trustee</u>&#8221;). All capitalized terms not defined herein shall have the
      meaning ascribed to them in the Management Agreement (as defined below).</div>
    <div>&#160;</div>
    <div style="text-align: center;"><u>W I T N E S S E T H</u>:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, Jack in the Box Funding, LLC, a Delaware limited liability company (the &#8220;<u>Master Issuer</u>&#8221;), the Trustee and Citibank, N.A., as securities intermediary, have entered into a Base
      Indenture dated as of July 8, 2019 (as amended, restated, supplemented or otherwise modified from time to time, exclusive of any Series Supplements, the &#8220;<u>Base Indenture</u>&#8221; and, together with all Series Supplements, the &#8220;<u>Indenture</u>&#8221;),
      providing for the issuance from time to time of one or more Series of Notes thereunder; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, in connection with the Base Indenture, the Master Issuer, the other Securitization Entities party thereto from time to time, the Manager and the Trustee have entered into the Management
      Agreement, dated as of July 8, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<u>Management Agreement</u>&#8221;); and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Additional Securitization Entity has agreed to execute and deliver this Joinder Agreement in order to become a party to the Management Agreement;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, IT IS AGREED:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">1.<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Management Agreement</u>.&#160; By executing and delivering this Joinder Agreement, the Additional
      Securitization Entity, as provided in Section 8.16 of the Management Agreement, hereby becomes a party to the Management Agreement as a Securitization Entity thereunder with the same force and effect as if originally named therein as a Securitization
      Entity and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities thereunder of a Securitization Entity thereunder.&#160; Each reference to a &#8220;Securitization Entity&#8221; in the Management Agreement shall be
      deemed to include the Additional Securitization Entity.&#160; The Management Agreement is hereby incorporated herein by reference.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">2.<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Counterparts; Binding Effect</u>.&#160; This Joinder Agreement may be executed in counterparts (and by
      different parties hereto on different counterparts), each of which shall constitute an original, but all of which taken together shall constitute a single contract.&#160; This Joinder Agreement shall become effective when each of the Additional
      Securitization Entity, the Manager and the Trustee has executed a counterpart hereof.&#160; Delivery of an executed counterpart of a signature page of this Joinder Agreement by telecopy shall be effective as delivery of a manually executed counterpart of
      this Joinder Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">3.<font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u>Full Force and Effect</u>.&#160; Except as expressly supplemented hereby, the Management Agreement shall
      remain in full force and effect.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-weight: bold;"><u>Governing Law</u>.&#160; THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-weight: bold;">[</font>The remainder of this page is intentionally left blank.<font style="font-weight: bold;">]</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date first above written.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>[ADDITIONAL SECURITIZATION ENTITY]</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><br>
    </div>
    <div style="margin-left: 2.8pt;"> _____________________________________<br>
    </div>
    <div style="margin-left: 2.8pt;">By:</div>
    <div style="margin-left: 2.8pt;">Name:</div>
    <div style="margin-left: 2.8pt;">Title:</div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div>&#160;</div>
    <div>AGREED TO AND ACCEPTED</div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div>&#160;</div>
    <div>JACK IN THE BOX INC., as Manager</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><br>
    </div>
    <div style="margin-left: 2.8pt;"> _____________________________________<br>
    </div>
    <div style="margin-left: 2.8pt;">By:</div>
    <div style="margin-left: 2.8pt;">Name:</div>
    <div style="margin-left: 2.8pt;">Title:</div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div>&#160;</div>
    <div>CITIBANK, N.A., in its capacity<br>
      as Trustee</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><br>
    </div>
    <div style="margin-left: 2.8pt;"> _____________________________________<br>
    </div>
    <div style="margin-left: 2.8pt;">By:</div>
    <div style="margin-left: 2.8pt;">Name:</div>
    <div style="margin-left: 2.8pt;">Title:</div>
    <div style="margin-left: 2.8pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">B-2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: center;"><u>SCHEDULE&#160;2.1(F)</u></div>
    <div>&#160;</div>
    <div style="text-align: center;"><u>MANAGER INSURANCE</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">See attached.</div>
    <div>&#160;</div>
  </div>
  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">B-3</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>a52009364ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <h1 style="text-align: right; list-style-position: inside; font-size: 14pt;"><b> <font style="font-size: 10pt;">Exhibit 99.1</font><br>
        </b></h1>
      <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;"> <b>Jack in the Box Inc. Completes $1.3 Billion Securitized Financing Transaction</b> </h1>
      <div class="bw-release-body">
        <div class="bw-release-table-js bw-release-story">
          <p>SAN DIEGO--(BUSINESS WIRE)--July 8, 2019--Jack in the Box Inc. (NASDAQ: JACK) (the &#8220;Company&#8221;) today announced that one of its indirect, limited-purpose subsidiaries (the &#8220;Master Issuer&#8221;) has completed the sale of $575 million of its Series
            2019-1 3.982% Fixed Rate Senior Secured Notes, Class A-2-I (the &#8220;Class A-2-I Notes&#8221;), $275 million of its Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class A-2-II (the &#8220;Class A-2-II Notes&#8221;), and $450 million of its Series 2019-1
            4.970% Fixed Rate Senior Secured Notes, Class A-2-III (the &#8220;Class A-2-III Notes&#8221; and, together with the Class A-2-I Notes and Class A-2-II Notes, the &#8220;2019 Notes&#8221;). Interest payments on the 2019 Notes are payable on a quarterly basis. The
            anticipated repayment dates of the Class A-2-I Notes, the Class A-2-II Notes and the Class A-2-III Notes are August 2023, August 2026 and August 2029, respectively, unless earlier prepaid to the extent permitted under the indenture that will
            govern the 2019 Notes. The 2019 Notes were issued by the Master Issuer in a privately placed securitization transaction. </p>
          <p> The net proceeds of the sale of the 2019 Notes are expected to be used to repay all of the existing indebtedness under the Company&#8217;s senior credit facility, to pay the transaction costs and to fund the reserve accounts associated with the
            securitized financing facility, and for working capital purposes and for general corporate purposes, which may include a return of capital to the Company&#8217;s equity holders. </p>
          <p> The Master Issuer also entered into a purchase agreement under which it will issue up to $150 million of its Series 2019-1 Variable Funding Senior Secured Notes, Class A-1 (the "Class A-1 Notes"), which will allow the Master Issuer to borrow
            amounts from time to time on a revolving basis. </p>
          <div> </div>
          <p> This press release does not constitute an offer to sell or the solicitation of an offer to buy the 2019 Notes or any other security. The 2019 Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the
            "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. </p>
          <p> <b>About Jack in the Box Inc.</b> </p>
          <p> Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174; </sup>restaurants, one of the nation&#8217;s largest hamburger chains, with more than 2,200 restaurants in 21
            states and Guam. For more information on Jack in the Box, including franchising opportunities, visit www.jackinthebox.com. </p>
          <div> </div>
          <p> <b>Safe Harbor Statement</b> </p>
          <p> This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may be identified by words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;forecast,&#8221; &#8220;goals,&#8221;
            &#8220;guidance,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;would&#8221; and similar expressions. These statements are based on management&#8217;s current expectations, estimates, forecasts and projections about our business and the industry in which we
            operate. These estimates and assumptions involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. Factors that may cause our actual results to differ materially from any forward-looking
            statements include, but are not limited to: the success of new products, marketing initiatives and restaurant remodels and drive-thru enhancements; the impact of competition, unemployment, trends in consumer spending patterns and commodity
            costs; the company's ability to reduce G&amp;A and operate efficiently; the company&#8217;s ability to achieve and manage its planned growth, which is affected by the availability of a sufficient number of suitable new restaurant sites, the
            performance of new restaurants, risks relating to expansion into new markets and successful franchisee development; litigation risks; risks associated with disagreements with franchisees; supply chain disruption; food-safety incidents or
            negative publicity impacting the reputation of the company's brand; the company&#8217;s ability to obtain additional financing and increase its debt leverage; and stock market volatility. These and other factors are discussed in the company&#8217;s annual
            report on Form 10-K and its periodic reports on Form 10-Q filed with the Securities and Exchange Commission, which are available online at http://investors.jackinthebox.com or in hard copy upon request. The company undertakes no obligation to
            update or revise any forward-looking statement, whether as the result of new information or otherwise. </p>
        </div>
        <div class="bw-release-contact">
          <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
          <p> <b>Investor Contact: </b><br>
            Carol DiRaimo, (858) 571-2407 <br>
            Rachel Webb, (858) 571-2683 </p>
          <p> <b>Media Contact: </b><br>
            Brian Luscomb, (858) 571-2291 </p>
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