Wendy's Funding LLC's series 2022-1 issuance is a $500.00 million corporate securitization of The Wendy's Co. (Wendy's) business. In our analysis, we assumed an additional $100 million of the aggregate class A-2 notes. Founded in 1969 in Columbus, Ohio, Wendy's is a quick-service restaurant (QSR) company in the hamburger sandwich segment, engaged in the business of operating, developing and franchising a system of restaurants. As of Jan. 2, 2022, 94% of Wendy's 6,949 restaurants were franchised, with 328 franchisees operating 6,541 restaurants. With restaurants in all 50 states and 31 foreign countries and U.S. territories, Wendy's global systemwide sales totaled $12.5 billion in 2021. The series 2022-1 senior notes will be the sixth series issued by Wendy's Funding LLC (the