Exhibit 4.5

Dated as of February 9, 2026

Series 2026-1 Supplement

to the

Base Indenture

$250,000,000 Series 2026-1 4.952% Fixed Rate Senior Secured Notes, Class A-2-I

$510,000,000 Series 2026-1 5.481% Fixed Rate Senior Secured Notes, Class A-2-II

between

Jersey Mike’s Funding, LLC,

as Master Issuer

and

Citibank, N.A.,

as Trustee and Series 2026-1 Securities Intermediary

Table of Contents

SERIES 2026-1 SUPPLEMENT, dated as of February 9, 2026 (this “Series Supplement”), by and between JERSEY MIKE’S FUNDING, LLC, a Delaware limited liability company (the “Master Issuer”) and CITIBANK, N.A., a national banking association, as trustee (in such capacity, the “Trustee”) and as Series 2026-1 Securities Intermediary, to the Base Indenture, dated as of December 23, 2019, by and between the Master Issuer and CITIBANK, N.A., as trustee and as securities intermediary (as amended by the First Supplement to the Base Indenture, dated as of December 9, 2021, as amended by the Second Supplement to the Base Indenture, dated as of December 18, 2024, as amended by the Third Supplement to the Base Indenture, dated as of July 24, 2025, as amended by the Fourth Supplement to the Base Indenture, dated as of the date hereof, and as further amended, modified or supplemented from time to time, exclusive of Series Supplements, the “Base Indenture”).

PRELIMINARY STATEMENT

WHEREAS, Sections 2.02 (Notes Issuable in Series), 2.03 (Series Supplement for Each Series) and 13.01 (Without Consent of the Control Party, the Controlling Class Representative or the Noteholders) of the Base Indenture provide, among other things, that the Master Issuer and the Trustee may at any time and from time to time enter into a Series Supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes (as defined in Annex A of the Base Indenture) upon satisfaction of the conditions set forth therein; and

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

NOW, THEREFORE, the parties hereto agree as follows:

DESIGNATION

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Series Supplement, and such Series of Notes shall be designated as Series 2026-1 Class A-2 Notes. On the Series 2026-1 Closing Date, each Tranche within the following Class of Notes of such Series will be issued: (a) Series 2026-1 4.952% Fixed Rate Senior Secured Notes, Class A-2-I (as referred to herein, the “Series 2026-1 Class A-2-I Notes”) and (b) Series 2026-1 5.481% Fixed Rate Senior Secured Notes, Class A-2-II (as referred to herein, the “Series 2026-1 Class A-2-II Notes,” and together with the Series 2026-1 Class A-2-I Notes, the “Series 2026-1 Class A-2 Notes”). For purposes of the Base Indenture and this Series Supplement, the Series 2026-1 Class A-2 Notes and all other Class A Notes issued under the Base Indenture shall collectively be the most senior Class of Notes and shall be deemed to be “Senior Notes” for all purposes under the Base Indenture, including without limitation, for voting purposes. There will be no Class A-1 Notes issued on the Series 2026-1 Closing Date.

ARTICLE I

DEFINITIONS

All capitalized terms used herein (including in the preamble and the recitals hereto) and not otherwise defined herein shall have the meanings assigned to such terms in the Series 2026-1 Supplemental Definitions List attached hereto as Annex A (the “Series 2026-1 Supplemental Definitions List”) as such Series 2026-1 Supplemental Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof. All capitalized terms not otherwise defined herein or therein shall have the meanings assigned thereto in the Base Indenture or Base Indenture Definitions List attached to the Base Indenture as Annex A thereto, as such Base Indenture or Base Indenture Definitions List may be amended, supplemented or otherwise modified from time to time in accordance with the terms of the Base Indenture. Unless otherwise specified herein, all Article, Exhibit, Section or Subsection references herein shall refer to Articles, Exhibits, Sections or Subsections of the Base Indenture or this Series Supplement (as indicated herein). Unless otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2026-1 Class A-2 Notes and not to any other Series of Notes issued by the Master Issuer. The rules of construction set forth in Section 1.04 (Rules of Construction) of the Base Indenture shall apply for all purposes under this Series Supplement.

ARTICLE II

SERIES 2026-1 ALLOCATIONS; PAYMENTS

With respect to the Series 2026-1 Class A-2 Notes only, the following shall apply:

Section 2.01 Allocations with Respect to the Series 2026-1 Class A-2 Notes. On the Series 2026-1 Closing Date, a portion of the net proceeds from the initial sale of the Series 2026-1 Class A-2 Notes will be applied to repay any outstanding amounts under the Series 2019-1 Class A-2 Notes and the Series 2021-1 Class A-2-I Notes in full. The remainder of the net proceeds from the sale of the Series 2026-1 Class A-2 Notes shall be paid to, or at the direction of, the Master Issuer.

Section 2.02 Weekly Allocation Date Applications; Quarterly Payment Date Applications. On each Weekly Allocation Date, the Master Issuer (or the Manager on its behalf) shall deliver a Weekly Manager’s Certificate to the Trustee, which will instruct the Trustee in writing to allocate from the Collection Account all amounts relating to the Series 2026-1 Class A-2 Notes pursuant to, and to the extent that funds are available therefor in accordance with the provisions of, the Priority of Payments.

Section 2.03 Certain Distributions from the Series 2026-1 Distribution Account and the Collection Account. On each Quarterly Payment Date, based solely upon the most recent Quarterly Noteholders’ Report, and in the order of priority of such amounts set forth in the Priority of Payments, the Trustee shall, in accordance with Section 6.01 (Distributions in General) of the Base Indenture, remit to the Series 2026-1 Class A-2 Noteholders from the Series 2026-1 Distribution Account, the amounts deposited in the Series 2026-1 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 2026-1 Class A-2 Notes on such Quarterly Payment Date.

Notwithstanding anything to the contrary herein or in the Base Indenture, except as (i) provided under Section 2.05(f) (Payment of Series 2026-1 Note Principal—Optional Prepayment of Series 2026-1 Class A-2 Notes) or (ii) explicitly directed by the Master Issuer (or the Manager on its behalf) with respect to payments of Quarterly Scheduled Principal Amounts made under Section 2.05(c)(ii) (Payment of Series 2026-1 Note Principal—Payment of Class A-2 Accrued Quarterly Scheduled Principal Amount, Quarterly Scheduled Principal Amounts and Quarterly Scheduled Principal Deficiency Amounts with respect to the Series 2026-1 Class A-2 Notes) on Quarterly Payment Dates with respect to which the Series 2026-1 Non-Amortization Test has been satisfied, each payment in respect of the Series 2026-1 Class A-2 Notes shall be distributed among the Tranches (A) based upon such amounts due with respect to interest on, principal of or otherwise with respect to such Tranches as provided hereunder; provided, that, in each case, any shortfall in such payment amount shall be allocated ratably based on the Series 2026-1 Class A-2 Outstanding Principal Amount of each Tranche; or (B) if not explicitly provided hereunder, ratably based on the Series 2026-1 Class A-2 Outstanding Principal Amount of each Tranche; provided that, in each of the cases set forth under clauses (A) and (B) above, all distributions to Noteholders of a Tranche shall be ratably allocated among the Noteholders within each applicable Tranche based on their respective portion of the Series 2026-1 Class A-2 Outstanding Principal Amount of such Tranche as set forth in the Quarterly Noteholders’ Report.

Section 2.04 Series 2026-1 Class A-2 Notes Interest.

(i) Post-ARD Contingent Interest. From and after the Series 2026-1 Anticipated Repayment Date, as applicable to each Tranche, until the Series 2026-1 Legal Final Maturity Date (or, if earlier, the date on which the Series 2026-1 Class A-2 Outstanding Principal Amount with respect to such Tranche has been paid in full), additional interest (“Series 2026-1 Class A-2 Quarterly Post-ARD Contingent Interest”) shall accrue on such Tranche at a per annum rate equal to the rate determined by the Servicer to be the greater of (A) 5.00% per annum and (B) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the Series 2026-1 Anticipated Repayment Date for such Tranche of the United States Treasury Security having a term closest to ten (10) years, plus (y) 5.00%, plus (z) (1) with respect to the Series 2026-1 Class A-2-I Notes, 1.20% and (2) with respect to the Series 2026-1 Class A-2-II Notes, 1.45%, exceeds (b) such Tranche’s applicable Series 2026-1 Class A-2 Note Rate. In addition, regular interest shall continue to accrue at the Tranche’s Series 2026-1 Class A-2 Note Rate from and after such Tranche’s Series 2026-1 Anticipated Repayment Date. All computations of Series 2026-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be made on the basis of a 360-day year of twelve 30-day months.

(ii) Payment of Series 2026-1 Class A-2 Quarterly Post-ARD Contingent Interest. Any Series 2026-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be due and payable on any applicable Quarterly Payment Date as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.14 (Quarterly Payment Date Applications) of the Base Indenture, in the amount so available. For the avoidance of doubt, Series 2026-1 Class A-2 Quarterly Post-ARD Contingent Interest shall accrue and be payable in addition to the interest accrued on the applicable Tranche at the applicable Series 2026-1 Class A-2 Note Rate. The failure to pay any Series 2026-1 Class A-2 Quarterly Post-ARD Contingent Interest on any Quarterly Payment Date (including on the Series 2026-1 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.

Section 2.05 Payment of Series 2026-1 Note Principal.

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

(ii) Quarterly Scheduled Principal Amounts shall be due and payable with respect to each Tranche on each Quarterly Payment Date prior to the applicable Series 2026-1 Anticipated Repayment Date, commencing on the Quarterly Payment Date in May 2026, in accordance with Section 5.14 (Quarterly Payment Date Applications) of the Base Indenture, in the amount so available during the Quarterly Collection Period related to each such Quarterly Payment Date in accordance with the Priority of Payments, and failure to pay any Quarterly Scheduled Principal Amounts in excess of available amounts in accordance with the foregoing will not be an Event of Default; provided that Quarterly Scheduled Principal Amounts shall only be due and payable on a Quarterly Payment Date with respect to a Tranche if the Series 2026-1 Non-Amortization Test is not satisfied with respect to such Quarterly Payment Date; provided, further that if the Series 2026-1 Non-Amortization Test is satisfied, the Master Issuer may, at its option, prior to the applicable Series 2026-1 Anticipated Repayment Date for such Tranche, pay all or any part of such Quarterly Scheduled Principal Amounts with respect to such Tranche on such Quarterly Payment Date.

(iii) On each Weekly Allocation Date and each Quarterly Payment Date, the Quarterly Scheduled Principal Deficiency Amount, if any, with respect to such Weekly Allocation Date or Quarterly Payment Date shall be allocated or due and payable, respectively, as and when amounts are made available for payment thereof (i) on any related Weekly Allocation Date in accordance with the Priority of Payments and (ii) on such Quarterly Payment Date in accordance with Section 5.14 (Quarterly Payment Date Applications) 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.

(iv) For each Weekly Allocation Date with respect to which the Series 2026-1 Non-Amortization Test was satisfied as of the most recent Non-Amortization Test Date, the Master Issuer may elect not to allocate to the Senior Notes Principal Payment Account an amount equal to the Senior

Notes Accrued Scheduled Principal Payment Amount with respect to the Offered Notes (by electing to deem, as set forth in the related Weekly Manager’s Certificate, the Series 2026-1 Class A-2 Notes Scheduled Principal Payment Amount in respect of the related Quarterly Payment Date to be zero).

(i) During any Rapid Amortization Period, principal payments shall be due and payable on each Quarterly Payment Date on the Series 2026-1 Class A-2 Notes (sequentially, in alphanumerical order of Class A Notes) as and when amounts are made available for payment thereof (x) on any related Weekly Allocation Date in accordance with the Priority of Payments and (y) on such Quarterly Payment Date in accordance with Section 5.14 (Quarterly Payment Date Applications) of the Base Indenture, in the amount so available, together with any Series 2026-1 Class A-2 Make-Whole Prepayment Premium required to be paid in connection therewith pursuant to Section 2.05(e) (Payment of Series 2026-1 Note Principal—Series 2026-1 Class A-2 Make-Whole Prepayment Premium Payments) of this Series Supplement; provided, for avoidance of doubt, that it shall not constitute an Event of Default if any such Series 2026-1 Class A-2 Make-Whole Prepayment Premium is not paid because insufficient funds are available to pay such Series 2026-1 Class A-2 Make-Whole Prepayment Premium, in accordance with the Priority of Payments. Such payments shall be ratably allocated among the Series 2026-1 Class A-2 Noteholders within each applicable Tranche, based on their respective portion of the Series 2026-1 Class A-2 Outstanding Principal Amount of such Tranche and unpaid amounts will continue to be due and payable on later payment dates.

Section 2.06 Series 2026-1 Distribution Account.

Section 2.07 Trustee as Securities Intermediary. (a) The Trustee or other Person holding the Series 2026-1 Distribution Account shall be the “Series 2026-1 Securities Intermediary”. If the Series 2026-1 Securities Intermediary in respect of the Series 2026-1 Distribution Account is not the Trustee, the Master Issuer shall obtain the express agreement of such other Person to the obligations of the Series 2026-1 Securities Intermediary set forth in this Section 2.07 (Trustee as Securities Intermediary).

(i) The Series 2026-1 Distribution Account is an account to which Financial Assets will or may be credited;

(ii) The Series 2026-1 Distribution Account is a “securities account” within the meaning of Section 8-501 of the New York UCC and the Series 2026-1 Securities Intermediary qualifies as a “securities intermediary” under Section 8-102(a) of the New York UCC;

(iii) All securities or other property (other than cash) underlying any Financial Assets credited to the Series 2026-1 Distribution Account shall be registered in the name of the Series 2026-1 Securities Intermediary, indorsed to the Series 2026-1 Securities Intermediary or in blank or credited to another securities account maintained in the name of the Series 2026-1 Securities Intermediary, and in no case will any Financial Asset credited to the Series 2026-1 Distribution Account be registered in the name of the Master Issuer, payable to the order of the Master Issuer or specially indorsed to the Master Issuer;

(iv) All property delivered to the Series 2026-1 Securities Intermediary pursuant to this Series Supplement will be promptly credited to the appropriate Series 2026-1 Distribution Account;

(v) Each item of property (whether investment property, security, instrument or cash) credited to the Series 2026-1 Distribution Account shall be treated as a Financial Asset;

(vi) If at any time the Series 2026-1 Securities Intermediary shall receive any entitlement order from the Trustee (including those directing transfer or redemption of any Financial Asset) relating to the Series 2026-1 Distribution Account, the Series 2026-1 Securities Intermediary shall comply with such entitlement order without further consent by the Master Issuer, any other Securitization Entity or any other Person;

(vii) The Series 2026-1 Distribution Account shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of all applicable UCCs, the State of New York shall be deemed to the Series 2026-1 Securities Intermediary’s jurisdiction and the Series 2026-1 Distribution Account (as well as the “security entitlements” (as defined in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York. The parties further agree that with respect to the Series 2026-1 Distribution Account the law applicable to all the issues in Article 2(1) of The Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary shall be the law of the State of New York;

(viii) The Series 2026-1 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 2026-1 Distribution Account and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the New York UCC) of such other Person, and the Series 2026-1 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 2026-1 Securities Intermediary to comply with entitlement orders as set forth in Section 2.07(b)(vi) (Trustee as Securities Intermediary) of this Series Supplement; and

(ix) Except for the claims and interest of the Trustee, the Secured Parties and the Securitization Entities in the Series 2026-1 Distribution Account, neither the Series 2026-1 Securities Intermediary nor, in the case of the Trustee, any Trust Officer knows of any claim to, or interest in, the Series 2026-1 Distribution Account or any Financial Asset credited thereto. If the Series 2026-1 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 the Series 2026-1 Distribution Account or any Financial Asset carried therein, the Series 2026-1 Securities Intermediary will promptly notify the Trustee, the Manager, the Servicer and the Master Issuer thereof.

Section 2.08 Manager. Pursuant to the Management Agreement, the Manager has agreed to provide certain reports, notices, instructions and other services on behalf of the Master Issuer. The Series 2026-1 Class A-2 Noteholders by their acceptance of the Series 2026-1 Class A-2 Notes consent to the provision of such reports and notices to the Trustee by the Manager in lieu of the Master Issuer. Any such reports and notices that are required to be delivered to the Series 2026-1 Class A-2 Noteholders hereunder will be made available on the Trustee’s website in the manner set forth in Section 4.03 (Reports, Financial Statements and Other Information to Noteholders) of the Base Indenture.

Section 2.09 Replacement of Ineligible Accounts. If, at any time, the Series 2026-1 Distribution Account shall cease to be an Eligible Account (each, a “Series 2026-1 Ineligible Account”), the Master Issuer shall (i) within five (5) Business Days of obtaining Actual Knowledge thereof, notify the Control Party and the Trustee thereof and (ii) within sixty (60) days of obtaining Actual Knowledge thereof, (A) establish, or cause to be established, a new account that is an Eligible Account in substitution for such Series 2026-1 Ineligible Account, (B) following the establishment of such new Eligible Account, transfer or, with respect to the Series 2026-1 Distribution Account maintained at the Trustee, instruct the Trustee in writing to transfer all cash and investments from such Series 2026-1 Ineligible Account into such new Eligible Account and (C) pledge, or cause to be pledged, such new Eligible Account to the Trustee for the benefit of the Series 2026-1 Class A-2 Noteholders, 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. The Trustee shall have no obligation to determine whether the Series 2026-1 Distribution Account is or continues to be an Eligible Account.

ARTICLE III

FORM OF SERIES 2026-1 CLASS A-2 NOTES

Section 3.01 Issuance of Series 2026-1 Class A-2 Notes. The Series 2026-1 Class A-2 Notes in the aggregate may be offered and sold in the Series 2026-1 Class A-2 Initial Principal Amount on the Series 2026-1 Closing Date by the Master Issuer pursuant to the Series 2026-1 Class A-2 Note Purchase Agreement. The Series 2026-1 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 that are QIBs in reliance on Rule 144A and that are not Competitors and (C) outside the United States, to Persons that are neither a U.S. person (as defined in Regulation S, a “U.S. Person”) in reliance on Regulation S nor Competitors. The Series 2026-1 Class A-2 Notes may thereafter be transferred in reliance on Rule 144A and/or Regulation S and in accordance with the procedure described herein. The Series 2026-1 Class A-2 Notes will be Book-Entry Notes and DTC will be the Depository for the Series 2026-1 Class A-2 Notes. The Applicable Procedures shall apply to transfers of beneficial interests in the Series 2026-1 Class A-2 Notes. The Series 2026-1 Class A-2 Notes shall be issued in minimum denominations of $50,000 and integral multiples of $1,000 in excess thereof.

Section 3.02 Transfer Restrictions of Series 2026-1 Class A-2 Notes. (a) A Series 2026-1 Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; provided, however, that this Section 3.02(a) (Transfer Restrictions of Series 2026-1 Class A-2 Notes) shall not prohibit any transfer of a Series 2026-1 Class A-2 Note that is issued in exchange for a Series 2026-1 Global Note in accordance with Section 2.08 (Transfer and Exchange) of the Base Indenture and shall not prohibit any transfer of a beneficial interest in a Series 2026-1 Global Note effected in accordance with the other provisions of this Section 3.02 (Transfer Restrictions of Series 2026-1 Class A-2 Notes).

THE ISSUANCE AND SALE OF THIS SERIES 2026-1 CLASS A-2 NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION, AND JERSEY MIKE’S FUNDING, LLC (THE “MASTER ISSUER”) HAS NOT BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”). THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE MASTER ISSUER OR AN AFFILIATE THEREOF, (B) IN THE UNITED STATES, TO A PERSON THAT IS NOT A COMPETITOR AND THAT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (“RULE 144A”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION OR (C) OUTSIDE THE UNITED STATES, TO A PERSON THAT IS NEITHER A COMPETITOR NOR A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE 1933 ACT (“REGULATION S”), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH PERSON EXERCISES SOLE INVESTMENT DISCRETION, NONE OF WHICH ARE A U.S. PERSON, IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.

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

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

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

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

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

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

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

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE MASTER ISSUER OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

Section 3.03 Note Owner Representations and Warranties. Each Person that becomes a Note Owner of a beneficial interest in a Series 2026-1 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 2026-1 Note as follows: (a) With respect to any sale of Series 2026-1 Class A-2 Notes pursuant to Rule 144A, it is a QIB pursuant to Rule 144A, and is aware that any sale of Series 2026-1 Class A-2 Notes to it will be made in reliance on Rule 144A. Its acquisition of Series 2026-1 Class A-2 Notes in any such sale will be for its own account or for the account of another QIB.

Section 3.04 Limitation on Liability. None of the Master Issuer, Jersey Mike’s Franchise Systems, LLC, the Trustee, the Servicer, the Back-Up Manager, the Initial Purchasers, any Paying Agent, or any of their respective Affiliates shall have any responsibility or liability for any aspects of the records maintained by DTC or its nominee or any of the Agent Members relating to or for payments made thereby on account of beneficial interests in a Rule l44A Global Note or a Regulation S Global Note. None of the Master Issuer, Jersey Mike’s Franchise Systems, LLC, the Trustee, the Servicer, the Initial Purchasers, any Paying Agent or their respective Affiliates shall have any responsibility or liability with respect to any records maintained by the Noteholder with respect to the beneficial holders thereof or payments made thereby on account of beneficial interests held therein.

ARTICLE IV

GENERAL

Section 4.01 Information. On or before the date that is three (3) Business Days prior to each Quarterly Payment Date, the Master Issuer shall furnish, or cause to be furnished, a Quarterly Noteholders’ Report with respect to the Series 2026-1 Class A-2 Notes to the Trustee, each Rating Agency, the Servicer and each Paying Agent, with a copy to the Back-Up Manager, substantially in the form of Exhibit C hereto, setting forth, inter alia, the following information with respect to such Quarterly Payment Date:

Any Series 2026-1 Class A-2 Noteholder may obtain copies of each Quarterly Noteholders’ Report in accordance with the procedures set forth in Section 4.03 (Reports, Financial Statements and Other Information to Noteholders) of the Base Indenture.

Section 4.02 Exhibits. The annexes, exhibits and schedules attached hereto and listed on the table of contents hereto supplement the annexes, exhibits and schedules included in the Base Indenture.

Section 4.03 Ratification of Base Indenture. As supplemented by this Series Supplement, the Base Indenture is in all respects ratified and confirmed and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument.

Section 4.04 Certain Notices to the Rating Agency. The Master Issuer shall provide to the Rating Agency a copy of each Opinion of Counsel and Officer’s Certificate delivered to the Trustee pursuant to this Series Supplement or any other Related Document.

Section 4.05 Prior Notice by Trustee to the Controlling Class Representative and Control Party. Subject to Section 10.01 (Duties of the Trustee) of the Base Indenture, the Trustee agrees that it shall not exercise any rights or remedies available to it as a result of the occurrence of a Rapid Amortization Event or an Event of Default until after the Trustee has given prior written notice thereof to the Controlling Class Representative and the Control Party and obtained the direction of the Control Party (subject to Section 11.04(e) (Control Party) of the Base Indenture, at the direction of the Controlling Class Representative).

Section 4.06 Counterparts. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.

Section 4.07 Governing Law. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

Section 4.08 Amendments. This Series Supplement may not be modified or amended except (i) with the written consent of the parties hereto and (ii) in accordance with the additional requirements set forth in Article XIII (Amendments) of the Base Indenture.

Section 4.09 Termination of Series Supplement. This Series Supplement shall cease to be of further effect when (i) all Outstanding Series 2026-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2026-1 Class A-2 Notes that have been replaced or paid) to the Trustee for cancellation, (ii) the Master Issuer has paid all sums payable hereunder and, without duplication, (iii) the conditions set forth in Section 12.01(c) (Termination of the Master Issuer’s and Guarantors’ Obligations—Series Defeasance) of the Base Indenture have been satisfied with respect to the Series 2026-1 Class A-2 Notes; provided that any provisions of this Series Supplement required for the Series 2026-1 Final Payment to be made shall survive until the Series 2026-1 Final Payment is paid to the Series 2026-1 Class A-2 Noteholders. In accordance with Section 6.01(a) of the Base Indenture, the final principal payment due on each Series 2026-1 Class A-2 Note held as a Definitive Note shall only be paid upon due presentment and surrender of such Note for cancellation in accordance with the provisions of such Note at the applicable Corporate Trust Office, which surrender shall also constitute a general release by the applicable Noteholder from any claims against the Securitization Entities, the Manager, the Back-Up Manager, the Servicer, the Trustee and their affiliates.

Section 4.10 Entire Agreement. This Series Supplement, together with the exhibits and schedules hereto and the other Indenture Documents, contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings with respect thereto.

Section 4.11 1934 Act. The Master Issuer hereby represents and warrants, for the benefit of the Trustee and the Noteholders, that payments on the Notes will not depend primarily on cash flow from self-liquidating financial assets within the meaning of Section 3(a)(79) of the 1934 Act.

Section 4.12 Notices. All notices, requests or other communications desired or required to be given under this Agreement shall be in writing and shall be sent according to Section 14.01 (Notices) of the Base Indenture. In addition, any notice or communication to the Rating Agency shall be sent to the following addresses:

Section 4.13 Electronic Signatures and Transmission.

Section 4.14 Calculation of Debt Service Coverage Ratio as of First Quarterly Payment Date. For the purposes of calculating the debt service coverage ratio (“DSCR”) as of the first Quarterly Payment Date after the Series 2026-1 Closing Date, Debt Service on the Series 2026-1 Class A-2 Notes shall be deemed to be the sum of (A) the product of (x) the amount referred to in clause (i) of the definition of “Debt Service” multiplied by (y) a fraction, the numerator of which is 90 and the denominator of which is the actual number of days elapsed during the period commencing on and including the Series 2026-1 Closing Date and ending on but excluding the Initial Quarterly Payment Date, plus (B) the amount referred to in clause (iv) of the definition of “Debt Service”.

[Signature Pages Follow]

IN WITNESS WHEREOF, each of the Master Issuer, the Trustee and the Series 2026-1 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.

ANNEX A

SERIES 2026-1

SUPPLEMENTAL DEFINITIONS LIST

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

“Cede” has the meaning set forth in Section 3.01(a) (Issuance of Series 2026-1 Class A-2 Notes) of the Series 2026-1 Supplement.

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

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

“Class A-2 Quarterly Interest” means, with respect to each Tranche and any Interest Accrual Period for the Series 2026-1 Class A-2 Notes, an amount equal to the sum of (i) the accrued interest at the applicable Series 2026-1 Class A-2 Note Rate on such Tranche’s Series 2026-1 Class A-2 Outstanding Principal Amount (excluding, for the avoidance of doubt, Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount), calculated based on a 360-day year of twelve 30-day months and (ii) the amount of any Class A-2 Quarterly Interest Shortfall Amount for such Tranche for the immediately preceding Interest Accrual Period together with additional interest thereon as set forth in Section 2.04(a) (Series 2026-1 Class A-2 Notes Interest—Series 2026-1 Class A-2 Notes Interest).

“Class A-2 Quarterly Interest Shortfall Amount” has the meaning set forth in Section 2.04(a) (Series 2026-1 Class A-2 Notes Interest—Series 2026-1 Class A-2 Notes Interest) of this Series Supplement.

“Definitive Notes” has the meaning set forth in Section 3.01(c) (Issuance of Series 2026-1 Class A-2 Notes—Definitive Notes) of the Series 2026-1 Supplement.

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

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

“Electronic Transmission” has the meaning set forth in Section 4.13(a) (Electronic Signatures and Transmission) of this Series Supplement.

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

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

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

“Initial Purchasers” means Guggenheim Securities, LLC, SMBC Nikko Securities America, Inc., Barclays Capital Inc., Morgan Stanley & Co. LLC, Rabo Securities USA, Inc. and Blackstone Securities Partners L.P.

“KBRA” means Kroll Bond Rating Agency, LLC (and any successor or successors thereto). “Make-Whole End Date” has the meaning set forth in Section 2.05(e) (Payment of Series 2026-1 Note Principal—Series 2026-1 Class A-2 Make-Whole Prepayment Premium Payments) of the Series 2026-1 Supplement.

“Offering Memorandum” means the offering memorandum for the offering of the Series 2026-1 Class A-2 Notes, dated January 30, 2026, prepared by the Master Issuer.

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

“Outstanding Series 2026-1 Notes” means, all Series 2026-1 Class A-2 Notes theretofore authenticated and delivered under the Base Indenture, except:

provided that (A) 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 Base Indenture, the following Series 2026-1 Class A-2 Notes shall be disregarded and deemed not to be Outstanding: (x) Series 2026-1 Class A-2 Notes owned by the Securitization Entities or any other obligor upon the Series 2026-1 Class A-2 Notes or any Affiliate of any of them and (y) Series 2026-1 Class A-2 Notes held in any accounts with respect to which the Manager or any Affiliate thereof exercises discretionary voting authority; provided, further, that in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or vote, only Series 2026-1 Class A-2 Notes as described under clause (x) or (y) above that a Trust Officer actually knows to be so owned shall be so disregarded; and (B) Series 2026-1 Class A-2 Notes owned in the manner indicated in clause (x) or (y) 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’s right so to act with respect to such Series 2026-1 Class A-2 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.

“Par Call Amount” has the meaning set forth in Section 2.05(e) (Payment of Series 2026-1 Note Principal—Series 2026-1 Class A-2 Make-Whole Prepayment Premium Payments) of the Series 2026-1 Supplement.

“Permanent Regulation S Global Notes” has the meaning set forth in Section 3.01(b) (Issuance of Series 2026-1 Class A-2 Notes—Temporary Regulation S Global Notes and Permanent Regulation S Global Notes) of the Series 2026-1 Supplement.

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

“Plan Fiduciary” has the meaning set forth in Section 3.03(l) (Note Owner Representations and Warranties) of the Series 2026-1 Supplement.

“Prepayment Notice” has the meaning set forth in Section 2.05(g) (Payment of Series 2026-1 Note Principal—Notices of Optional Prepayments) of the Series 2026-1 Supplement.

“Prepayment Record Date” means, with respect to the date of any Series 2026-1 Prepayment, the last day of the calendar month immediately preceding the date of such Series 2026-1 Prepayment unless such last day is less than ten (10) Business Days prior to the date of such Series 2026-1 Prepayment, in which case the “Prepayment Record Date” will be the last day of the second calendar month immediately preceding the date of such Series 2026-1 Prepayment.

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

“Quarterly Scheduled Principal Amount” means, with respect to any Quarterly Payment Date, (i) with respect to the Series 2026-1 Class A-2-I Notes, $625,000 and (ii) with respect to the Series 2026-1 Class A-2-II Notes, $1,275,000; provided that amounts paid to the Series 2026-1 Class A-2 Noteholders in respect of the Series 2026-1 Class A-2 Outstanding Principal Amount (x) in respect of amounts allocated pursuant to priority (i)(D) of the Priority of Payments shall reduce the respective Quarterly Scheduled Principal Amounts ratably and (y) as optional prepayments pursuant to Section 2.05(f) (Payment of Series 2026-1 Note Principal—Optional Prepayment of Series 2026-1 Class A-2 Notes) shall reduce all remaining Quarterly Scheduled Principal Amounts with respect to the applicable Tranche ratably. Series 2026-1 Class A-2 Notes that are cancelled pursuant to Section 2.14 (Cancellation) of the Base Indenture shall reduce the applicable Quarterly Scheduled Principal Amounts prior to the applicable Series 2026-1 Anticipated Repayment Date ratably based on the Outstanding Principal Amount of such Series 2026-1 Class A-2 Notes. For purposes of the Base Indenture, Quarterly Scheduled Principal Amounts shall be deemed to be “Scheduled Principal Payments”.

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

“Rating Agency” means S&P, KBRA and any respective successor or successors thereto. Solely with respect to the Series 2026-1 Class A-2 Notes, in the event that at any time the rating agency rating the Series 2026-1 Class A-2 Notes does not include S&P and/or KBRA, references to rating categories of S&P and/or KBRA in this Series Supplement shall be deemed instead to be references to the equivalent categories of such other rating agency as then is rating the Notes as of the most recent S&P and/or KBRA date on which such other rating agency and S&P and/or KBRA published ratings for the type of security in respect of which such alternative rating agency is used.

“Refinancing Prepayments” means prepayments of principal of the Series 2026-1 Class A-2 Notes made with funds that are the proceeds of the incurrence of additional Indebtedness by the Manager or its direct and indirect Subsidiaries (including the Securitization Entities) or with amounts drawn pursuant to any Class A-1 Notes.

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

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

“Remaining Par Call Amount” means, as of any date of determination, with respect to the Series 2026-1 Class A-2 Notes, prior to giving effect to any prepayments of the Series 2026-1 Class A-2 Notes made on such date, the difference (not less than zero) between (x) the Par Call Amount allocable to the Series 2026-1 Class A-2 Notes and (y) the aggregate principal amount of the Series 2026-1 Class A-2 Notes prepaid on any date before such date of determination as optional prepayments and mandatory prepayments due to the distribution of Asset Disposition Proceeds (excluding, for the avoidance of doubt, any Offered Notes Quarterly Scheduled Principal Amount, Offered Notes Quarterly Scheduled Principal Deficiency Amount, mandatory prepayments due to the distribution of Indemnification Amounts or Insurance/Condemnation Proceeds, mandatory prepayments from the Cash Trap Reserve Account, mandatory prepayments arising from a Rapid Amortization Event and cancellations of repurchased Series 2026-1 Class A-2 Notes).

“Required Balance” means, with respect to any Weekly Collection Period, the product of (1) the percentage set forth in the table below for each Weekly Collection Period in 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 Notes Accrued Quarterly Scheduled Principal Amounts, (f) the Subordinated Notes Principal Payment Account, the Subordinated Notes Accrued Quarterly Scheduled Principal Amounts and (g) the Senior Notes Post-ARD Contingent Interest Account, the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount.

“Restricted Period” means, with respect to any Series 2026-1 Class A-2 Notes sold pursuant to Regulation S, the period commencing on the Series 2026-1 Closing Date and ending on the 40th day after the Series 2026-1 Closing Date.

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

“Rule 144A Global Notes” has the meaning set forth in Section 3.01(a) (Issuance of Series 2026-1 Class A-2 Notes) of the Series 2026-1 Supplement.

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

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

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

“Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period, an amount equal to the sum of (i) the product of (1) the applicable Weekly Allocation Percentage and (2) the aggregate of each interest amount designated hereunder as a “Senior Notes Quarterly Post-ARD Contingent Interest Amount” for purposes of the Base Indenture (collectively, the “Designated SNQPCIA”) due on the Quarterly Payment Date in the next succeeding Quarterly Collection Period and (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Shortfall for such Weekly Allocation Date, until such Designated SNQPCIA shall have been allocated in full. For purposes of the Base Indenture, the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount shall be deemed to be a “Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount”.

“Senior Notes Accrued Quarterly Post-ARD Contingent Interest Shortfall” means (a) for the first Weekly Allocation Date with respect to any Quarterly Collection Period, zero, and (b) for any other Weekly Allocation Date with respect to such Quarterly Collection Period the amount, if any, by which (i) the aggregate amount allocated to the Senior Notes Post-ARD Contingent Interest Account with respect to the Series 2026-1 Class A-2 Notes on each preceding Weekly Allocation Date with respect to such Quarterly Collection Period was less than (ii) the Senior Notes Accrued Quarterly Post-ARD Contingent Interest Amount for all such preceding Weekly Allocation Dates.

“Series 2026-1 Anticipated Repayment Date” has the meaning set forth in Section 2.05(b) (Payment of Series 2026-1 Note Principal—Series 2026-1 Anticipated Repayment Date) of the Series 2026-1 Supplement. For purposes of the Base Indenture, the Series 2026-1 Anticipated Repayment Date shall be deemed to be a “Series Anticipated Repayment Date”.

“Series 2026-1 Class A-2 Initial Principal Amount” means the aggregate initial outstanding principal amount of the Series 2026-1 Class A-2 Notes, which is $760,000,000.

“Series 2026-1 Class A-2 Make-Whole Premium Calculation Date” has the meaning set forth in Section 2.05(g) (Payment of Series 2026-1 Note Principal—Notices of Optional Prepayments) of the Series 2026-1 Supplement.

“Series 2026-1 Class A-2 Make-Whole Prepayment Premium” means, with respect to a Series 2026-1 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 2026-1 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 2026-1 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 2026-1 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 2026-1 Prepayment Date to and including the Make-Whole End Date with respect to such Tranche, assuming that (x) principal payments of Quarterly Scheduled Principal Amounts are made pursuant to the then-applicable schedule of payments (giving effect to any ratable reductions in the Quarterly Scheduled Principal Amounts due to optional and mandatory prepayments, including prepayments in connection with a Rapid Amortization Event and cancellations of repurchased Notes prior to the date of such repayment), (y) Quarterly Scheduled Principal Amounts (or ratable amounts thereof based on the principal of such Tranche (or portion thereof)

being prepaid) are to be made with respect to such Tranche (or portion thereof to be prepaid) on each Quarterly Payment Date prior to such Make-Whole End Date and (z) the entire remaining unpaid principal amount of such Tranche (or portion thereof) is paid on such Make-Whole End Date minus (ii) the Outstanding Principal Amount of such Tranche (or portion thereof) being prepaid minus (iii) any Remaining Par Call Amount allocable to the Series 2026-1 Class A-2 Notes or (B) if such Series 2026-1 Class A-2 Prepayment occurs on or after the Make-Whole End Date with respect to the applicable Tranche, zero. For the purposes of the calculation of the discounted present value in clause (A)(i) above, such present value shall be determined by the Manager, on behalf of the Master Issuer, using a discount rate equal to the sum of: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis), on the Series 2026-1 Class A-2 Make-Whole Premium Calculation Date, of the United States Treasury Security having a maturity closest to the relevant Make-Whole End Date plus (y) 0.50%. For purposes of the Base Indenture, Series 2026-1 Class A-2 Make-Whole Prepayment Premium shall be deemed to be “unpaid premiums and make-whole prepayment premiums” for purposes of the Priority of Payments.

“Series 2026-1 Class A-2 Note Purchase Agreement” means the Purchase Agreement, dated as of January 30, 2026, by and among Guggenheim Securities, LLC, as Representative of the Initial Purchasers,

the Master Issuer, the Guarantors, Holdings and Jersey Mike’s Franchise Systems, LLC, as amended, supplemented or otherwise modified from time to time.

“Series 2026-1 Class A-2 Note Rate” means (i) with respect to the Series 2026-1 Class A-2-I Notes, 4.952% per annum and (ii) with respect to the Series 2026-1 Class A-2-II Notes, 5.481% per annum.

“Series 2026-1 Class A-2 Noteholder” means the Person in whose name a Series 2026-1 Class A-2 Note is registered in the Note Register.

“Series 2026-1 Class A-2 Notes” has the meaning set forth in “Designation” of the Series 2026-1 Supplement.

“Series 2026-1 Class A-2 Outstanding Principal Amount” means, when used with respect to any date, an amount equal to (a) the Series 2026-1 Class A-2 Initial Principal Amount, minus (b) the aggregate amount of principal payments (whether a Quarterly Scheduled Principal Amount, a prepayment, a purchase and cancellation, a redemption or otherwise) made to Series 2026-1 Class A-2 Noteholders with respect to Series 2026-1 Class A-2 Notes on or prior to such date. For purposes of the Base Indenture, the Series 2026-1 Class A-2 Outstanding Principal Amount shall be deemed to be an “Outstanding Principal Amount”.

“Series 2026-1 Class A-2 Prepayment” has the meaning set forth in Section 2.05(e) (Payment of Series 2026-1 Note Principal—Series 2026-1 Class A-2 Make-Whole Prepayment Premium Payments) of the Series 2026-1 Supplement.

“Series 2026-1 Class A-2 Quarterly Post-ARD Contingent Interest” has the meaning set forth in Section 2.04(b)(i) (Series 2026-1 Class A-2 Notes Interest—Series 2026-1 Class A-2 Quarterly Post-ARD Contingent Interest). For purposes of the Base Indenture, the Series 2026-1 Class A-2 Quarterly Post-ARD Contingent Interest shall be deemed to be a “Senior Notes Quarterly Post-ARD Contingent Interest Amount”.

“Series 2026-1 Closing Date” means February 9, 2026. For purposes of the Base Indenture, the Series 2026-1 Closing Date shall be deemed the “Series Closing Date” with respect to the Series 2026-1 Class A-2 Notes.

“Series 2026-1 Distribution Account” means account no. 14727100 entitled “Jersey Mikes Funding LLC - Series 2026-1 Class A-2 Distribution Account - 14727100” maintained by the Trustee pursuant to Section 2.06(a) (Series 2026-1 Distribution Account—Establishment of the Series 2026-1 Distribution Account) of the Series 2026-1 Supplement or any successor securities account maintained pursuant to Section 2.06(a) (Series 2026-1 Distribution Account—Establishment of the Series 2026-1 Distribution Account) of the Series 2026-1 Supplement. For purposes of the Base Indenture, the Series 2026-1 Distribution Account shall be deemed to be a “Series Distribution Account”.

“Series 2026-1 Distribution Account Collateral” has the meaning set forth in Section 2.06(b) (Series 2026-1 Distribution Account—Series 2026-1 Distribution Account Constitutes Additional Collateral for Series 2026-1 Class A-2 Notes) of the Series 2026-1 Supplement.

“Series 2026-1 Final Payment” means the payment of all accrued and unpaid interest on and principal of all Outstanding Series 2026-1 Notes.

“Series 2026-1 Final Payment Date” means the date on which the Series 2026-1 Final Payment is made.

“Series 2026-1 Global Notes” means, collectively, the Regulation S Global Notes and the Rule 144A Global Notes.

“Series 2026-1 Ineligible Account” has the meaning set forth in Section 2.09 (Replacement of Ineligible Accounts) of the Series 2026-1 Supplement.

“Series 2026-1 Legal Final Maturity Date” means, the Quarterly Payment Date occurring in February 2056. For purposes of the Base Indenture, the Series 2026-1 Legal Final Maturity Date shall be deemed to be a “Series Legal Final Maturity Date”.

“Series 2026-1 Non-Amortization Test” means a test that will be satisfied on any Quarterly Payment Date only if both (i) the Senior ABS Leverage Ratio is less than or equal to 5.00x as calculated on the Quarterly Calculation Date immediately preceding such Quarterly Payment Date and (ii) no Rapid Amortization Event has occurred and is continuing. For purposes of the Base Indenture, the Series 2026-1 Non-Amortization Test shall be deemed to be a “Series Non-Amortization Test”.

“Series 2026-1 Note Owner” means, with respect to a Series 2026-1 Note that is a Book-Entry Note, the Person that is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency that holds such Book-Entry Note, or on the books of a Person maintaining an account with such Clearing Agency (directly or as an indirect participant, in accordance with the rules of such Clearing Agency).

“Series 2026-1 Prepayment” means a Series 2026-1 Class A-2 Prepayment or any other prepayment in respect of the Series 2026-1 Class A-2 Notes pursuant to Section 2.05(e) (Payment of Series 2026-1 Note Principal—Series 2026-1 Class A-2 Make-Whole Prepayment Premium Payments), Section 2.05(f) (Payment of Series 2026-1 Note Principal—Optional Prepayment of Series 2026-1 Class A-2 Notes) and Section 2.05(k) (Payment of Series 2026-1 Note Principal—Distributions of Series 2026-1 Class A-2 Optional Prepayment).

“Series 2026-1 Prepayment Amount” means the aggregate principal amount of the applicable Tranche(s) of Notes to be prepaid on any Series 2026-1 Prepayment Date, together with all accrued and unpaid interest thereon to such date.

“Series 2026-1 Prepayment Date” means the date on which any prepayment on the Series 2026-1 Class A-2 Notes is made pursuant to Section 2.05(d) (Payment of Series 2026-1 Note Principal—Series 2026-1 Mandatory Payments of Principal), Section 2.05(f) (Payment of Series 2026-1 Note Principal—Optional Prepayment of Series 2026-1 Class A-2 Notes) or Section 2.05(j) (Payment of Series 2026-1 Note Principal—Indemnification Amounts; Insurance/Condemnation Proceeds; Asset Disposition Proceeds) of this Series Supplement, which shall be, with respect to any Series 2026-1 Prepayment pursuant to Section 2.05(f) (Payment of Series 2026-1 Note Principal—Optional Prepayment of Series 2026-1 Class A-2 Notes) of this Series Supplement, the date specified as such in the

applicable Prepayment Notice and, with respect to any Series 2026-1 Prepayment in connection with a Rapid Amortization Period or Asset Disposition Proceeds, the immediately succeeding Quarterly Payment Date.

“Series 2026-1 Securities Intermediary” has the meaning set forth in Section 2.07(a) (Trustee as Securities Intermediary) of the Series 2026-1 Supplement.

“Series 2026-1 Senior Notes Accrued Quarterly Interest Amount” means, for each Weekly Allocation Date with respect to a Quarterly Collection Period and the Interest Accrual Period beginning during such Quarterly Collection Period, an amount equal to the Senior Notes Accrued Quarterly Interest Amount for such Weekly Allocation Date. For purposes of the Base Indenture, the “Series 2026-1 Senior Notes Accrued Quarterly Interest Amount” shall be deemed to be a “Senior Notes Accrued Quarterly Interest Amount”.

“Series 2026-1 Senior Notes Quarterly Interest Amount” means, with respect to each Quarterly Payment Date, the aggregate amount of Senior Notes Accrued Quarterly Interest Amounts with respect to the related Quarterly Collection Period (assuming that the Senior Notes Accrued Quarterly Interest Shortfall for each applicable Weekly Allocation Date is equal to zero). While not otherwise used herein, for purposes of the Base Indenture, the Series 2026-1 Senior Notes Quarterly Interest Amount shall be deemed to be a “Senior Notes Quarterly Interest Amount”.

“Series 2026-1 Supplement” means the Series 2026-1 Supplement, dated as of the Series 2026-1 Closing Date by and among the Master Issuer, the Trustee and the Series 2026-1 Securities Intermediary, as amended, supplemented or otherwise modified from time to time.

“Series 2026-1 Supplemental Definitions List” has the meaning set forth in Article I of the Series 2026-1 Supplement.

“Similar Law” means any federal, state, local or non-U.S. law that is substantially similar to the provisions of Title 1 of ERISA or Section 4975 of the Code.

“Temporary Regulation S Global Notes” has the meaning set forth in Section 3.01(b) (Issuance of Series 2026-1 Class A-2 Notes—Temporary Regulation S Global Notes and Permanent Regulation S Global Notes) of the Series 2026-1 Supplement.

“U.S. Person” has the meaning set forth in Section 3.01 (Issuance of Series 2026-1 Class A-2 Notes) of the Series 2026-1 Supplement.

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