Rite Aid Corporation — 8.000% Senior Secured Notes due 2026

• Deliverable Obligation requirement

  Reference Entity

  ✓Pass
  §What the term asks

  The obligation must be an obligation of the Reference Entity named in the trade: issued by it (a co-issuer counts when the co-issuers are jointly and severally liable for the whole amount), or guaranteed by it under a Qualifying Guarantee. When the Reference Entity guarantees another company's bond, Mastermind lists the guarantee findings and leaves the decision to you. A successor needs separate analysis.

  ¶What the documents say

  No. [[ ●]] 3 /[[●]] 4 RITE AID CORPORATION, a Delaware corporation, promises to pay to [Cede & Co.]**, or registered assigns, the principal sum [of [ ] Dollars]* [as set forth on the Schedule of Increases or Decreases annexed hereto]** on November 15, 2026. Interest Payment Dates: January 15 and July 15, commencing on January 15, 2021. Record Dates: January 1 and July 1. * Insert for Definitive Securities. ** Insert for Global Securities. If the Security is to be issued in global form, add the Global Securities Legend from Exhibit 1 to Appendix A and the attachment from such Exhibit 1 captioned “SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY”. 1 Insert for Rule 144A Note 2 Insert for Reg. S Note 3 Insert for Rule 144A Note 4 Insert for Reg. S Note 3

  ≈Result

  Issuer "Rite Aid Corporation" matches the Reference Entity.

  ¶ISINDOC-3 S585

• Deliverable obligation characteristic

  Specified Currency

  ✓Pass
  §What the term asks

  The obligation must be payable in a Specified Currency. Where none is specified, the Standard Specified Currencies apply (CAD, JPY, CHF, GBP, USD and EUR).

  ¶What the documents say

  Subject to Section 2.03, the Trustee shall authenticate Securities for original issue on the Issue Date in the aggregate principal amount of $849,918,000 (the “ Original Securities ”), provided that no Opinion of Counsel shall be required with respect to the Original Securities on the Issue Date. With respect to any Securities issued after the Issue Date (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, Original Securities pursuant to Section 2.07, 2.08, 2.09, 3.06, 4.06 or 4.13 or Appendix A), there shall be established in or pursuant to a Board Resolution, and subject to Section 2.03, set forth, or determined in the manner provided in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of such Securities: (1) whether such Securities shall be issued as part of a new or existing series of Securities and, if issued as part of a new series, the title of such Securities (which shall distinguish the Securities of the series from Securities of any other series);

  ≈Result

  Payable in USD, which is a Specified Currency (USD, EUR, JPY, GBP, CHF, CAD).

  ¶SECTION (cont.)DOC-3 S252¶Members of, or participants in, the Depository (cont.)DOC-3 S560

• Deliverable obligation characteristic

  Maximum Maturity

  ✓Pass
  §What the term asks

  The remaining maturity must not exceed the maximum in the confirmation (30 years is the usual standard).

  ¶What the documents say

  No. [[ ●]] 3 /[[●]] 4 RITE AID CORPORATION, a Delaware corporation, promises to pay to [Cede & Co.]**, or registered assigns, the principal sum [of [ ] Dollars]* [as set forth on the Schedule of Increases or Decreases annexed hereto]** on November 15, 2026. Interest Payment Dates: January 15 and July 15, commencing on January 15, 2021. Record Dates: January 1 and July 1. * Insert for Definitive Securities. ** Insert for Global Securities. If the Security is to be issued in global form, add the Global Securities Legend from Exhibit 1 to Appendix A and the attachment from such Exhibit 1 captioned “SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY”. 1 Insert for Rule 144A Note 2 Insert for Reg. S Note 3 Insert for Rule 144A Note 4 Insert for Reg. S Note 3

  ≈Result

  Matures 2026-11-15: from any Delivery Date after the 2023-10-15 credit event, the remaining maturity is within the 30-year Maximum Maturity.

  ¶ISINDOC-3 S585

• Deliverable obligation characteristic

  Not Subordinated

  ✓Pass
  §What the term asks

  The obligation must not be subordinated to the Reference Obligation (or the Prior Reference Obligation, if applicable). When the Reference Entity owes the bond through a guarantee, a clause subordinating its guarantee counts too; wording that does not clearly name the Reference Entity's guarantee is left for your review.

  ¶What the documents say

  8.000% Senior Secured Notes due 2026

  ≈Result

  The obligation is described as senior (not subordinated).

  ¶RITE AID CORPORATIONDOC-3 S2¶Each party agrees as follows for the benefitDOC-3 S110

• Deliverable obligation characteristic

  Not Bearer

  ✓Pass
  §What the term asks

  The obligation must not be a bearer instrument, unless it is cleared through Euroclear, Clearstream or another recognised clearing system.

  ¶What the documents say

  (a) Global Securities. Securities initially resold pursuant to Rule 144A shall be issued initially in the form of one or more permanent global Securities in definitive, fully registered form (collectively, the “Rule 144A Global Security”), Securities initially resold pursuant to Regulation S shall be issued initially in the form of one or more global securities (collectively, the “Regulation S Global Security”) and, subject to Section 2.4 hereof, Securities transferred subsequent to the initial resale thereof to IAIs shall be issued initially in the form of one or more permanent global securities in definitive, fully registered form (collectively, the “IAI Global Security”), in each case without interest coupons and with the global securities legend and restricted securities legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Securities Custodian, and registered in the name of the Depository or a nominee of the Depository, duly executed by the Company and authenticated by the Trustee as provided in this Indenture. The Rule 144A Global Security, IAI Global Security, and Regulation S Global Security are collectively referred to herein as “Global Securities.” The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided.

  ≈Result

  The obligation is in registered form, not bearer form.

  ¶The Securities will be offered and sold by (cont.)DOC-3 S556¶2.4 Definitive Securities (cont.)DOC-3 S577

• CDSBench check

  Not Contingent

  ✓Pass
  §What the term asks

  The outstanding principal must not be capable of reduction because of a contingency. Under the 2014 Definitions this is handled through the Outstanding Principal Balance rather than as a separate characteristic; Mastermind checks it explicitly.

  ¶What the documents say

  Decided by absence: no clause making principal contingent was found.

  ≈Result

  No clause making principal contingent on an event other than payment was found in the documents.

• Deliverable obligation characteristic

  Transferable

  ✓Pass
  §What the term asks

  The obligation must be transferable to institutional investors without contractual, statutory or regulatory restriction. For loans, the Assignable Loan and Consent Required Loan characteristics apply instead; Mastermind marks this test for review and does not test those yet.

  ¶What the documents say

  Decided by absence: no clause restricting transfer (such as a required issuer consent) was found. Rule 144A and Regulation S legends are disregarded under the Definitions.

  ≈Result

  No clause restricting transfer (such as a required issuer consent) was found in the documents. Rule 144A and Regulation S legends are disregarded under the Definitions.

• CDSBench check

  Record completeness

  ✓Pass
  §What the term asks

  Mastermind's own check that the facts needed for the tests above were found in the documents. It is not an ISDA term.

  ¶What the documents say

  Not a clause test: this checks what the record contains.

  ≈Result

  All core facts present.

Decision support, not legal advice and not a Credit Derivatives Determinations Committee determination.