Additionally, Moody's cited the strong international presence of certain brands, namely Dominos, as a benefit to the pool. These franchises have minimal branded competition abroad. In terms of structural issues, the credit rating agency explained that company-owned restaurants must execute franchise agreements with the WBS issuers and remit to the securitizations' royalty payments rather than EBITDA. This structural feature protects from the risk of lost revenue in the event that refranchise some or all of their owned restaurants, Moody's said. A strictly defined servicing fee, sized to cover the essential costs and expenses of the servicers, limits the discretion of servicers to engage in risky projects and enhances margins on transactions and cash flows, the agency added.