EX-10.1



 Exhibit 10.1 

Execution Copy 
  

 
  

AMENDED AND RESTATED ASSET REPRESENTATIONS REVIEW AGREEMENT 

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, 

as Transferor, 
 and 

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., 

as Servicer, 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 
  

 
 American
Express Credit Account Master Trust 
 Dated as of April 1, 2018 

 
  







 Table of Contents 
  

							
	 ARTICLE I. DEFINITIONS
	  	 	2	 
			
	 Section 1.01
	 	 Definitions
	  	 	2	 
		
	 ARTICLE II. ENGAGEMENT; ACCEPTANCE
	  	 	5	 
			
	 Section 2.01
	 	 Engagement; Acceptance
	  	 	5	 
			
	 Section 2.02
	 	 Eligibility of Asset Representations Reviewer
	  	 	5	 
			
	 Section 2.03
	 	 Independence of the Asset Representations Reviewer
	  	 	5	 
		
	 ARTICLE III. DUTIES OF THE ASSET REPRESENTATIONS REVIEWER
	  	 	5	 
			
	 Section 3.01
	 	 Review Scope
	  	 	5	 
			
	 Section 3.02
	 	 Review Notices
	  	 	6	 
			
	 Section 3.03
	 	 Review Materials
	  	 	6	 
			
	 Section 3.04
	 	 Missing or Incomplete Review Materials
	  	 	7	 
			
	 Section 3.05
	 	 The Asset Representations Review
	  	 	7	 
			
	 Section 3.06
	 	 Review Period
	  	 	8	 
			
	 Section 3.07
	 	 Review Reports
	  	 	8	 
			
	 Section 3.08
	 	 Review and Procedure Limitations
	  	 	9	 
			
	 Section 3.09
	 	 Review Systems
	  	 	9	 
			
	 Section 3.10
	 	 Representatives
	  	 	9	 
			
	 Section 3.11
	 	 Dispute Resolution
	  	 	10	 
			
	 Section 3.12
	 	 Records Retention
	  	 	10	 
			
	 Section 3.13
	 	 Regulation AB Information
	  	 	10	 
		
	 ARTICLE IV. PAYMENTS TO ASSET REPRESENTATIONS REVIEWER
	  	 	12	 
			
	 Section 4.01
	 	 Asset Representations Reviewer Fees
	  	 	12	 
			
	 Section 4.02
	 	 Reimbursable Expenses
	  	 	12	 
		
	ARTICLE V. OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER	  	 	12	 
			
	 Section 5.01
	 	 Representations and Warranties of the Asset Representations Reviewer
	  	 	12	 
			
	 Section 5.02
	 	 Limitation of Liability
	  	 	13	 
			
	 Section 5.03
	 	 Indemnification of Asset Representations Reviewer
	  	 	14	 
			
	 Section 5.04
	 	 Indemnification by Asset Representations Reviewer
	  	 	14	 









							
	 ARTICLE VI. REMOVAL, RESIGNATION
	  	 	15	 
			
	 Section 6.01
	 	 Removal of Asset Representations Reviewer
	  	 	15	 
			
	 Section 6.02
	 	 Appointment of Successor
	  	 	15	 
			
	 Section 6.03
	 	Merger or Consolidation of, or Assumption of the Obligations of, Asset the Representations Reviewer	  	 	16	 
			
	 Section 6.04
	 	 Asset Representations Reviewer Not to Resign
	  	 	16	 
			
	 Section 6.05
	 	 Notice of Resignation or Removal
	  	 	17	 
		
	ARTICLE VII. CONFIDENTIAL INFORMATION AND PERSONALLY IDENTIFIABLE INFORMATION	  	 	17	 
			
	 Section 7.01
	 	 Confidential Information
	  	 	17	 
			
	 Section 7.02
	 	 Personally Identifiable Information
	  	 	18	 
			
	 Section 7.03
	 	 Maintenance and Safeguarding
	  	 	19	 
			
	 Section 7.04
	 	 Disclosure by Operation of Law
	  	 	19	 
			
	 Section 7.05
	 	 Remedies
	  	 	19	 
		
	 ARTICLE VIII. OTHER MATTERS PERTAINING TO THE TRUST
	  	 	20	 
			
	 Section 8.01
	 	 Termination of the Trust
	  	 	20	 
		
	 ARTICLE IX. MISCELLANEOUS PROVISIONS
	  	 	20	 
			
	 Section 9.01
	 	 Amendment
	  	 	20	 
			
	 Section 9.02
	 	 Notices
	  	 	20	 
			
	 Section 9.03
	 	 Severability Clause
	  	 	21	 
			
	 Section 9.04
	 	 Counterparts
	  	 	21	 
			
	 Section 9.05
	 	 Governing Law
	  	 	21	 
			
	 Section 9.06
	 	 Relationship of the Parties
	  	 	22	 
			
	 Section 9.07
	 	 Captions
	  	 	22	 
			
	 Section 9.08
	 	 Waivers
	  	 	22	 
			
	 Section 9.09
	 	 Assignment
	  	 	22	 
			
	 Section 9.10
	 	 Benefit of the Agreement
	  	 	22	 
			
	 Section 9.11
	 	 Exhibits
	  	 	22	 
			
	 Section 9.12
	 	 Survival
	  	 	22	 
			
	 Section 9.13
	 	 Nonpetition Covenant
	  	 	23	 









							
	 EXHIBITS
	  			
			
	 Exhibit A
	 	 Covered Representations, Review Materials and Tests
	  	 	A-1	 
			
	 Exhibit B
	 	 Form of Indemnification Agreement
	  	 	B-1	 








 AMENDED AND RESTATED ASSET REPRESENTATIONS REVIEW AGREEMENT 

This AMENDED AND RESTATED ASSET REPRESENTATIONS REVIEW AGREEMENT (this “Agreement”) is made and entered into
as of the 1st day of April, 2018, by and among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC, a Delaware limited liability company (“RFC III”), as Transferor,
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. (“TRS”), a New York corporation, as Servicer (in such capacity, the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company
(“Clayton”), as Asset Representations Reviewer (in such capacity, the “Asset Representations Reviewer”), and acknowledged and accepted by American Express National Bank, a national banking association
(“AENB”), as Account Owner, and The Bank of New York Mellon, as Trustee (the “Trustee”). 

WHEREAS, RFC III and American Express Receivables Financing Corporation IV LLC, a Delaware limited liability company
(“RFC IV”), as Transferors, the Servicer and the Asset Representations Reviewer have previously entered into the Asset Representations Review Agreement, dated as of July 20, 2016 (as amended, supplemented or otherwise modified
from time to time prior to the date hereof, the “Original Agreement”), which Original Agreement was acknowledged and accepted by American Express Centurion Bank (“Centurion”) and American Express Bank, FSB
(“FSB”), as account owners; 
 WHEREAS, pursuant to the Original Agreement, Clayton was engaged as the
Asset Representations Reviewer to perform reviews of certain Accounts and Receivables for compliance with the representations and warranties made by the Representation Parties with respect to the Accounts and Receivables in the American Express
Credit Account Master Trust (the “Trust”); 
 WHEREAS, as of April 1, 2018, (the “Bank/RFC
Merger Date”), (i) Centurion has converted into AENB pursuant to the National Bank Act and regulations of the Office of the Comptroller of the Currency, (ii) FSB has merged with and into AENB pursuant to the Agreement and Plan of
Merger, dated February 23, 2018, between AENB and FSB, and (iii) RFC IV has merged with and into RFC III pursuant to the Agreement of Merger, dated as of March 29, 2018, between RFC III and RFC IV, and the certificate of merger
related thereto filed with the office of the Secretary of State of the State of Delaware and effective as of April 1, 2018; and 

WHEREAS, pursuant to this Agreement, the parties hereto desire to amend and restate the Original Agreement in its entirety in
order to, among other things, reflect (A) the conversion of Centurion into, the merger of FSB with and into, and the assumption of the performance of the covenants and obligations of Centurion and FSB by, AENB, and (B) the merger of RFC IV
with and into, and the assumption of the performance of the covenants and obligations of RFC IV by, RFC III. 
 NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows: 







 ARTICLE I. 

DEFINITIONS 
 The following
terms are defined as follows (except as otherwise agreed in writing by the parties): 

Section 1.01    Definitions. 

Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“60-Day Delinquency Percentage” shall mean, with respect to any
Monthly Period, the “60-Day Delinquency Percentage,” as reported in the Trust’s monthly Distribution Report on Form 10-D with respect to such Monthly
Period. 
 “Account Owner” has the meaning set forth in Section 1.01 of the Pooling and Servicing
Agreement. 
 “Adverse Effect” has the meaning set forth in Section 1.01 of the Pooling and Servicing
Agreement. 
 “AENB” has the meaning stated in the first paragraph hereof. 

“Agreement” has the meaning stated in the first paragraph hereof. 

“Ancillary Agreement” shall mean the Consultation Services Agreement for Reg AB II – Asset
Representations Review Framework Development Services, dated as of July 10, 2015, as amended and supplemented from time to time. 

“Annual Fee” has the meaning stated in Section 4.01(a). 

“Annual Period” shall mean (i) the period from and including the Engagement Date to but excluding the
first anniversary of the Engagement Date, and (ii) the period from an including each anniversary of the Engagement Date to but excluding the immediately succeeding anniversary of the Engagement Date. 

“Asset Representations Reviewer” has the meaning stated in the first paragraph hereof. 

“Bank/RFC Merger Date” has the meaning stated in recitals hereof. 

“Clayton” has the meaning stated in the first paragraph hereof. 

“Client Records” has the meaning stated in Section 3.12. 

“Confidential Information” has the meaning stated in Section 7.01(a). 

“Covered Representations” shall mean those representations and warranties identified within the “Tests” included in
Exhibit A. 

  
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 “Covered Series” shall mean each Series issued pursuant to a
Supplement to the Pooling and Servicing Agreement with respect to which the Asset Representations Reviewer’s engagement is confirmed under Section. 

“Delinquency Threshold” shall mean, with respect to any Monthly Period, the “Delinquency
Threshold,” as reported in the Trust’s monthly Distribution Report on Form 10-D with respect to such Monthly Period. 

“Disclosing Party” has the meaning stated in Section 7.01(a). 

“Disqualification Event” has the meaning stated in Section 6.01. 

“Eligible Asset Representations Reviewer” shall mean a Person who (i) is not an Affiliate of the Account
Owners, the Transferors, the Servicer, the Trustee or any of their Affiliates and (ii) has not been engaged, and is not Affiliated with a Person that has been engaged, by the Account Owners, Transferors or any underwriter to perform pre-closing due diligence work on the Accounts or the Receivables. 
 “Engagement
Date” shall mean July 20, 2016. 
 “Force Majeure Event” shall mean a failure or delay in the
performance of a party’s obligations as set forth in this Agreement that arise out of or are caused by, directly or indirectly, forces beyond a party’s control, including, without limitation, strikes, work stoppages, accidents, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services. 

“Indemnified Amex Person” has the meaning stated in Section 5.04. 

“Indemnified ARR Person” has the meaning stated in Section 5.03. 

“Original Agreement” has the meaning stated in recitals hereof. 

“Party” shall mean (i) on the one hand, the Asset Representations Reviewer and (ii) on the other
hand, the Transferors and the Servicer, collectively. 
 “PII” and “Personally Identifiable Information”
have the respective meanings stated in Section 7.02(a). 
 “Pooling and Servicing
Agreement” shall mean the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of April 1, 2018, as supplemented by the Supplement relating to each Covered Series. 

“Privacy Laws” has the meaning stated in Section 7.02(a). 

“Receivables Purchase Agreements” has the meaning set forth in Section 1.01 of the Pooling and Servicing
Agreement. 

  
 3 








 “Representation Parties” means the applicable Transferors and Account Owners,
collectively. 
 “Representatives” has the meaning stated in Section 7.01(a). 

“Review” shall mean the completion by the Asset Representations Reviewer of the procedures listed under
“Tests” in Exhibit A for each Review Account and Review Receivable as further described in Article III. 

“Review Accounts” shall mean those Accounts identified by the Servicer as requiring a Review by the Asset
Representations Reviewer following receipt of a Review Notice in accordance with Section 3.02. 
 “Review
Fee” has the meaning stated in Section 4.01(b). 
 “Review Materials” shall mean the
documents, data, and other information required for each “Test” as set forth in Exhibit A. 
 “Review Notice”
shall mean a notice delivered pursuant to Section 4.15 of the Supplement relating to any Covered Series. 

“Review Receivables” shall mean the Receivables relating to the Review Accounts. 

“Review Report” has the meaning stated in Section 3.07. 

“RFC III” has the meaning stated in recitals hereof. 

“RFC IV” has the meaning stated in recitals hereof. 

“Servicer” has the meaning stated in the first paragraph hereof. 

“Tests” shall mean the procedures listed in Exhibit A as applied to the process described in Article III. 

“Test Complete” has the meaning stated in Section 3.05. 

“Test Fail” has the meaning stated in Section 3.05. 

“Test Incomplete” has the meaning stated in Section 3.04. 

“Test Pass” has the meaning stated in Section 3.05. 

“Transaction Documents” shall mean the Pooling and Servicing Agreement and the Receivables Purchase Agreements, as
applicable. 
 “Transferors” has the meaning set forth in Section 1.01 of the Pooling and Servicing Agreement. 

“Trust” has the meaning stated in recitals hereof. 

  
 4 








 “Trustee” has the meaning stated in the first paragraph hereof. 

Any capitalized terms used and not defined in this Agreement shall have the meanings ascribed to such terms in the
Pooling and Servicing Agreement. 
 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01    Engagement; Acceptance. 

The Transferors hereby engage Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Trust.
Asset Representations Reviewer accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. The Transferors hereby confirm such engagement with respect to all Covered
Series outstanding on the date hereof. The Transferors shall confirm such engagement with respect to each additional Covered Series pursuant to the related Supplement. 

Section 2.02    Eligibility of Asset Representations Reviewer. 

The Asset Representations Reviewer is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will
notify the Transferors and the Servicer promptly if it ceases to be an Eligible Asset Representations Reviewer or if any event shall have occurred that would, or may reasonably be expected to, result in it ceasing to be an Eligible Asset
Representations Reviewer. 
 Section 2.03    Independence of the Asset Representations Reviewer. 

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the
Representation Parties, the Servicer or the Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Transferors, the Asset Representations Reviewer will have no
authority to act for or represent the Representation Parties, the Servicer or the Trustee and will not be considered an agent of the Representation Parties, the Servicer or the Trustee. Nothing in this Agreement will make the Asset Representations
Reviewer and any of the Transferors or the Servicer members of any partnership, joint venture or other separate entity or impose any liability as such on any of them. 

ARTICLE III. 
 DUTIES OF
THE ASSET REPRESENTATIONS REVIEWER 
 Section 3.01    Review Scope. 

The review conducted by the Asset Representations Reviewer pursuant to this Agreement is designed to determine whether certain
Accounts and Receivables were not in compliance with the Covered Representations made with respect thereto by the Representation Parties in the Transaction Documents. 

  
 5 








 The Review is not designed to determine any of the following: 

(a)        Reason for delinquency; 

(b)        Creditworthiness of the obligor, either at the time of the Review or as of
the Account or Receivable creation date; 
 (c)        Overall quality of any Review
Account or Review Receivable; 
 (d)        Whether the applicable Servicer has
serviced any Account and/or Receivable in compliance with the Pooling and Servicing Agreement; 

(e)        Whether noncompliance with the representations or warranties constitutes a
breach of the provisions of any of the Transaction Documents; 
 (f)        Whether
the Accounts or Receivables were in compliance with the representations and warranties set forth in the Transaction Documents, except as expressly described in this Agreement; or 

(g)        To establish cause, materiality or recourse in the case of any failed Test
as described in Section 3.05. 
 The Parties acknowledge that certain representations and
warranties made by the Representation Parties in the Transaction Documents contain materiality thresholds, for example, where a breach of the representation or warranty is conditioned upon the failure to comply having an Adverse Effect. The Asset
Representations Reviewer will not make any determination as to materiality, including any determination as to whether any deviation from or noncompliance with the requirements of a particular representation or warranty has or may have an Adverse
Effect. Any such determination will be made by the applicable Representation Party. 
 Section 3.02    Review
Notices. 
 Upon receipt of a Review Notice from the Servicer, the Asset Representations Reviewer will commence a
Review. The Asset Representations Reviewer will not be obligated to commence a Review until a Review Notice is received. Once the Review Notice is issued, the Servicer will provide the Asset Representations Reviewer access to a list of Review
Accounts within 30 days or as soon thereafter as reasonably possible in the event of a Force Majeure Event. 
 The Asset
Representations Reviewer is not obligated to verify (i) whether a Review Notice was required to be delivered under the Pooling and Servicing Agreement or (ii) the accuracy or completeness of the list of Review Accounts provided by the
Servicer. 
 Section 3.03    Review Materials. 

Within 60 days of the delivery of a Review Notice, or as soon thereafter as reasonably possible in the event of a Force
Majeure Event, the Servicer will provide the Asset Representations Reviewer with access to the Review Materials for all Review Accounts and the 

  
 6 








 Review Receivables; provided, however, that if the Servicer requires additional
time to provide one or more documents constituting Review Materials, the Servicer will provide the documentation that it has available within such 60-day period and will continue to gather the balance of the Review Materials. 

All Review Materials will be provided for onsite review at the Servicer’s offices specified in or pursuant to
Section 9.02. The Asset Representations Reviewer agrees to keep all materials reviewed confidential and will not copy or remove any documentation from the Servicer’s premises without prior written approval. The
Servicer may redact or remove Personally Identifiable Information from the Review Materials in a manner that does not change the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall be entitled to rely in good
faith, without independent investigation or verification, that the Review Materials are accurate and complete in all material respects, and not misleading in any material respect. 

Section 3.04    Missing or Incomplete Review Materials. 

Upon receipt of access to the Review Materials, the Asset Representations Reviewer will complete an initial document inventory
to verify there are no systemic documentation errors, including but not limited to consistently missing or incomplete Review Materials. The purpose of this review is to determine if there are systemic issues with documentation. 

If the Asset Representations Reviewer determines that any Review Materials are not accessible, clearly unidentifiable, and/or
illegible, the Asset Representations Reviewer will request in writing that the Servicer provide an updated or replacement copy of such Review Materials. The Servicer will use all reasonable efforts to provide, or cause to be provided, missing or
incomplete Review Materials to the Asset Representations Reviewer or other documents or information to correct the issue of incompleteness or missing information as promptly as practicable and within 30 days of the receipt of such a request by the
Asset Representations Reviewer; provided that the Servicer shall have an additional 30 days to correct any such issues if it notifies the Asset Representations Reviewer in writing that it is working diligently and it believes that
satisfactory materials will be available for review by the Asset Representations Reviewer within an additional 30 days. 

In the event any missing or incomplete Review Materials are not provided or corrected within this timeframe, the Asset
Representations Reviewer will perform the associated Tests in consideration that such Review Materials are missing or incomplete. With respect to any such missing or incomplete Review Materials, if the Asset Representations Reviewer determines in
good faith, with prior written notice to the Servicer and the Transferors, that it cannot complete a Test due to such missing information or the incompleteness of such information, the Asset Representations Reviewer will record the result of such
Test as incomplete (a “Test Incomplete”). 
 Section 3.05    The Asset
Representations Review. 
 Once the Asset Representations Reviewer has confirmed that sufficient Review Materials are
available to commence the Review, the Asset Representations Reviewer will commence the 

  
 7 








 
Review. For a Review, the Asset Representations Reviewer will perform the applicable procedures listed under “Tests” in Exhibit A for each Covered Representation using the Review
Materials identified in Exhibit A for each Test. The Asset Representations Reviewer will complete the Tests for each Covered Representation only using the Review Materials made available to it. For each Test, the Asset Representations Reviewer will
determine if the Test has been satisfied (a “Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the result of the Test should be recorded as “Test Incomplete” in accordance with
Section 3.04. 
 If a Test with respect to a Review Account or Review Receivable was conducted in connection with a
prior Review, the Asset Representations Reviewer will not repeat the Test on such Review Account or Review Receivable to the extent such Test would be duplicative of the Test conducted in connection with such prior Review unless the Servicer
requests in writing that such Test be repeated. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Test within the Review Report for the current Review. 

Following the delivery of the list of Review Accounts pursuant to Section 3.02, and before the
delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review Receivable is paid in full by the Obligor or reassigned to a Transferor in accordance with the Pooling and
Servicing Agreement. On receipt of such notice, the Asset Representations Reviewer will immediately terminate all Tests of such Review Receivable and related Review Account, and the review of such Review Receivable and related Review Account will be
considered complete (a “Test Complete”). 
 Section 3.06    Review Period. 

The Asset Representations Reviewer will use its best efforts to complete the Review within 60 days of receiving access to all
Review Materials made available under Sections 3.03 and 3.04. If additional Review Materials are provided to the Asset Representations Reviewer under Section 3.04, the review period will be extended for an
additional 30 days from the latest date on which such additional Review Materials are provided. 

Section 3.07    Review Reports. 

Within five (5) Business Days following the completion of the Review, the Asset Representations Reviewer will provide the
Servicer with a report identifying any Test that resulted in a “Test Fail” or “Test Incomplete.” Following the delivery of such report, the Servicer will have fifteen (15) Business Days to provide additional Review Materials
or any other relevant information to the Asset Representations Reviewer, and the Asset Representations Reviewer will consider any applicable Test results in light of such additional Review Materials or information. 

Within 30 days (or 45 days if additional Review Materials are provided in accordance with the immediately preceding paragraph)
following the end of the applicable review period described in Section 3.06, the Asset Representations Reviewer will provide the Transferors, the Servicer and the Trustee with a report providing each Test result (i.e., Test
Pass, Test Fail or Test Incomplete) for each Covered Representation with respect to the Review Accounts and Review Receivables (such report, a “Review Report”). The Review Report will contain a summary of


  
 8 








 the Review results which may be included (in whole or in part) in the Trust’s monthly
Distribution Report on Form 10-D for the applicable Monthly Period. The Asset Representations Reviewer will ensure that the Review Report does not contain any Personally Identifiable Information. 

Section 3.08    Review and Procedure Limitations. 

The Asset Representations Reviewer will have no obligation (i) to determine whether a breach of the terms of any
representation or warranty has occurred, (ii) to determine whether any applicable triggering events for a Review occurred, (iii) to determine which Accounts and/or Receivables are subject to a Review, (iv) to obtain or confirm the
validity of the Review Materials, (v) to obtain missing or incomplete Review Materials, or (vi) to take any action or cause any other party to take any action under any of the Transaction Documents to enforce any remedies for breaches of
any representations or warranties, including the Covered Representations. 
 The Asset Representations Reviewer will only be
required to perform the Tests provided in Exhibit A in consideration of the Review Materials and will have no obligation to perform additional testing procedures on any Review Accounts or Review Receivables or to consider any additional information
provided by any party. The Asset Representations Reviewer will have no obligation to provide reporting or information in addition to that described in Section 3.07. However, the Asset Representations Reviewer may perform
additional testing procedures and may review and report on additional information that it determines in good faith to be material to its performance under this Agreement. 

The Transferors expressly agree that the Asset Representations Reviewer is not advising the Transferors or any Affiliate of
the Transferors or any Certificateholder or any investor or future investor concerning the suitability of the Certificates or any investment strategy. The Transferors expressly acknowledge and agree that the Asset Representations Reviewer is not an
expert in accounting, tax, regulatory, or legal matters, and that the Asset Representations Reviewer does not provide legal advice as to any matter. 

Section 3.09    Review Systems. 

The Asset Representations Reviewer will maintain and utilize an electronic case management system to manage the Tests and
provide systematic control over each step in the Review process and ensure consistency and repeatability among the Tests. 

Section 3.10    Representatives. 

(a)        Servicer Representative. The Servicer will provide reasonable access
to one or more designated representatives to respond to reasonable requests and inquiries made by the Asset Representations Reviewer in its completion of a Review. 

(b)        Asset Representations Review Representative. The Asset
Representations Reviewer will provide reasonable access to one or more designated representatives to respond to reasonable requests and inquiries made by the Servicer, the Transferors, or the Trustee during the Asset Representations Reviewer’s
performance of a Review. 

  
 9 








 (c)        Inquiries Regarding a
Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Servicer, the Transferors or the Trustee until the
earlier of (i) the payment in full of all Covered Series and (ii) one year after the delivery of such Review Report. The Asset Representations Reviewer will have no obligation to respond to requests or inquires made by any other Person.

 Section 3.11    Dispute Resolution. 

If an Account or Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution
proceeding under Section 4.09 of the Pooling and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of the Servicer. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be paid: (i) if the requesting party selects mediation as the resolution
method, as mutually agreed upon by the repurchase party and the requesting party as part of the mediation, and (ii) if the requesting party selects arbitration as the resolution method, in accordance with the final determination of the
arbitrator. 
 Section 3.12    Records Retention. 

Unless otherwise directed by the Servicer, in connection with any Review, the Asset Representations Reviewer will maintain
copies of the Review Materials (to the extent any Review Materials are copied or removed), the Review Report and any internal work papers and correspondence (collectively the “Client Records”) until the earlier of (i) the
payment in full of all Covered Series and (ii) one (1) year after the delivery of such Review Report. At the expiration of the retention period, the Asset Representations Reviewer shall return all Client Records to the Servicer, in electronic
format, or as otherwise instructed by the Servicer. Upon the return of the Client Records, the Asset Representations Reviewer shall destroy any remaining copies of such Client Records and shall have no obligation to respond to inquiries concerning
the Review. 
 Section 3.13    Regulation AB Information 

(a)        The Asset Representations Reviewer shall (x) within 30 calendar days
after prior written request from the Transferors, provide to the Transferors such information regarding the Asset Representations Reviewer as is required for purposes of compliance with Items 1109(b), 1117 and 1119 of Regulation AB in connection
with the Trust’s Annual Report on Form 10-K, and (y) within five (5) Business Days after prior written request from the Transferors, enter into an Indemnification Agreement in substantially the
form of Exhibit B hereto in connection with a Series of Offered Certificates (as such term is defined in the Indemnification Agreement referenced herein). 

(b)        As promptly as practicable following notice to or discovery by the Asset
Representations Reviewer of any material changes to the most recently provided information for purposes of compliance with Items 1109(b), 1117 or 1119 of Regulation AB, provide to the Transferors, in writing, notice of such material changes. 

  
 10 








 (c)        Information regarding the
Asset Representations Reviewer for purposes of compliance with Items 1109(b), 1117 and 1119 of Regulation AB (“Regulation AB Information”) shall include: 

(i)        the Asset Representations Reviewer’s name and form of
organization; 
 (ii)        a description of the extent to which
the Asset Representations Reviewer has had prior experience serving as an asset representations reviewer for asset-backed securities involving credit card receivables; 

(iii)        a description of any affiliation between the Asset
Representations Reviewer and any of the following parties to a securitization transaction to which this Agreement relates, as such parties are identified by name to the Asset Representations Reviewer by the Transferors in the written requests made
to the Asset Representations Reviewer pursuant to clause (a) of this Section 3.13; 
 (A)
      the sponsor; 
 (B)       any depositor; 

(C)       the issuing entity; 

(D)       any servicer; 

(E)       any trustee; 

(F)       any originator; 

(G)       any significant obligor; 

(H)       any enhancement or support provider; 

(I)        any underwriter; 

(J)        any person hired by the sponsor or an underwriter to perform due diligence on
the Receivables; and 
 (K)       any other material transaction party; and 

(iv)        a description of any material pending legal or other
proceedings involving the Asset Representations Reviewer or of which any property of the Asset Representations Reviewer is subject that, individually or in the aggregate as to the Asset Representations Reviewer, would have a material adverse impact
on investors in the Offered Certificates. 
 (d)        In connection with each
Annual Report on Form 10-K and each Distribution Report on Form 10-D with respect to the Offered Certificates filed by or on behalf of the Transferors, the Asset
Representations Reviewer shall be deemed to represent and warrant, as of 

  
 11 








 the date that is fifteen (15) days prior to the date of filing for each Annual Report on Form
10-K with respect to the Regulation AB Information most recently provided by the Asset Representations Reviewer, and as of the related Distribution Date for each Distribution Report on Form 10-D with respect to the Regulation AB Information most
recently provided by the Asset Representations Reviewer, that such Regulation AB Information is materially correct and does not have any material omissions (to the extent Transferors have identified the transaction parties to the Asset
Representations Reviewer), unless the Asset Representations Reviewer has provided an update to such Regulation AB Information. 
 ARTICLE
IV. 
 PAYMENTS TO ASSET REPRESENTATIONS REVIEWER 

Section 4.01    Asset Representations Reviewer Fees. 

(a)        Annual Fee. 

As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee
(the “Annual Fee”) equal to the amount separately agreed to by the parties hereto with respect to each annual period prior to the termination of this Agreement. The Annual Fee will be initially payable on the date of this Agreement
and then payable annually on each anniversary of the date of this Agreement upon receipt of a detailed invoice. 

(b)        Review Fee. 

Following the completion of a Review and delivery of the Review Report and a detailed invoice, the Asset Representations
Reviewer shall be entitled to a fee equal to the amount separately agreed to by the parties hereto (the “Review Fee”). 

Section 4.02    Reimbursable Expenses. 

The Transferors, or the Account Owners at the direction of the Transferors, will reimburse the Asset Representations Reviewer
for its reasonable travel expenses incurred in connection with a Review no later than 30 days following the submission to the Servicer and the Transferors of a detailed invoice. 

ARTICLE V. 
 OTHER
MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 
 Section 5.01    Representations and Warranties
of the Asset Representations Reviewer. 
 The Asset Representations Reviewer hereby makes the following representations
and warranties as of the Engagement Date and as of the Bank/RFC Merger Date: 

(a)        Organization and Good Standing. The Asset Representations Reviewer
is a Delaware limited liability company duly formed and validly existing in good standing under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned
and such business is presently conducted, and 

  
 12 








 has the power, authority and legal right to perform its obligations under this Agreement. 

(b)        Due Qualification. The Asset Representations Reviewer is duly
qualified to do business and is in good standing as a foreign corporation or other foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in which the ownership or lease of its
properties, if any, or the conduct of its activities, including the execution, delivery and performance of this agreement, requires such qualification, license or approval except where the failure to so qualify or obtain licenses or approvals would
not have a material adverse effect on its ability to perform its obligations as Asset Representations Reviewer under this Agreement. 

(c)        Due Authorization. The execution, delivery, and performance by the
Asset Representations Reviewer of this Agreement, and the other agreements and instruments executed or to be executed by the Asset Representations Reviewer as contemplated hereby, have been duly authorized by the Asset Representations Reviewer by
all necessary action on the part of the Asset Representations Reviewer. 

(d)        Binding Obligation. This Agreement constitutes a legal, valid and
binding obligation of the Asset Representations Reviewer, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally from time to time in effect or by general principles of equity. 

(e)        No Conflict and No Violation. The execution and delivery of this
Agreement by the Asset Representations Reviewer, the performance by the Asset Representations Reviewer of the transactions contemplated by this Agreement and the fulfillment by the Asset Representations Reviewer of the terms hereof and thereof
applicable to the Asset Representations Reviewer will not (A) conflict with, or be a breach or default under, any indenture, guarantee or other agreement or instrument to which the Asset Representations Reviewer is a party, (B) violate the
organizational documents of the Asset Representations Reviewer or (C) conflict with or violate any Requirements of Law applicable to the Asset Representations Reviewer. 

(f)        No Proceedings. There are no proceedings or investigations pending
or, to the best knowledge of the Asset Representations Reviewer, threatened against the Asset Representations Reviewer before any Governmental Authority seeking to prevent the consummation of any of the transactions contemplated by this Agreement or
seeking any determination or ruling that, in the reasonable judgment of the Asset Representations Reviewer, would materially and adversely affect the performance by the Asset Representations Reviewer of its obligations under this Agreement. 

(g)        Eligible Asset Representations Reviewer. The Asset Representations
Reviewer is an Eligible Asset Representations Reviewer. 
 Section 5.02    Limitation of Liability. 

Neither the Asset Representations Reviewer nor any of the directors, officers, employees or agents of the Asset Representations Reviewer in
its capacity as Asset Representations 

  
 13 








 Reviewer shall be under any liability to any Person for any action taken or for refraining from
the taking of any action in good faith in its capacity as Asset Representations Reviewer pursuant to this Agreement, or for errors in judgment, whether arising from express or implied duties under this Agreement; provided, however, that this
provision shall not protect the Asset Representations Reviewer or any such Person against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of
reckless disregard of obligations and duties hereunder. The Asset Representations Reviewer and any director, officer, employee or agent of the Asset Representations Reviewer may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person (other than the Asset Representations Reviewer) respecting any matters arising hereunder. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential loss or
damage (including loss of profit) even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

Section 5.03    Indemnification of Asset Representations Reviewer. 

To the fullest extent permitted by law, the Transferors will, or will cause the Account Owners to, indemnify and hold harmless
the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified ARR Person”), from and against any and all liabilities, obligations, losses, damages, penalties, taxes, claims, actions,
investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) (“Indemnifiable Amounts”) of any kind and nature whatsoever which may be imposed on, incurred by, or asserted at any time
against an Indemnified ARR Person (whether or not also indemnified against by any other person) resulting from the performance of its obligations under this Agreement, but excluding any Indemnifiable Amounts resulting from (i) the Indemnified
ARR Person’s willful misconduct, bad faith or negligence or (ii) the Indemnified ARR Person’s breach of any of its representations or warranties in this Agreement. 

Section 5.04    Indemnification by Asset Representations Reviewer. 

To the fullest extent permitted by law, the Asset Representations Reviewer shall indemnify and hold harmless the Transferors,
the Account Owners, the Servicer and the Trustee, and each of their officers, directors, employees, and agents (each an “Indemnified Amex Person”), from and against any and all Indemnifiable Amounts of any kind and nature whatsoever
which may be imposed on, incurred by, or asserted at any time against an Indemnified Amex Person (whether or not also indemnified against by any other person) which arose out of the negligence, willful misconduct or bad faith of the Asset
Representations Reviewer in the performance of its obligations and duties under this Agreement or the Asset Representations Reviewer’s material breach of any of its representations or warranties or obligations in this Agreement; provided,
however, that the Asset Representations Reviewer shall not be liable for or required to indemnify an Indemnified Amex Person from and against any Indemnifiable Amounts arising or resulting from (i) the Indemnified Amex Person’s own willful
misconduct, bad faith or negligence, or (ii) the inaccuracy of any representation or warranty made by the Indemnified Amex Person. 

  
 14 








 ARTICLE VI. 

REMOVAL, RESIGNATION 

Section 6.01    Removal of Asset Representations Reviewer. 

Each of the following events shall constitute a “Disqualification Event”: 

(a)        the Asset Representations Reviewer (i) no longer meets the eligibility
requirements in Section 2.02 or (ii) will no longer meet the eligibility requirements in Section 2.02 upon the occurrence of an event that is reasonably likely to occur; 

(b)        any breach or failure by the Asset Representations Reviewer in any material
respect of its representations, warranties, covenants or agreements set forth in this Agreement or in the Ancillary Agreement; 

(c)        an Insolvency Event occurs with respect to the Asset Representations Reviewer; and 

(d)        the Asset Representations Reviewer becomes a competitor of, or an Affiliate
of a competitor of, the Transferors, the Servicer, the Account Owners or any of their Affiliates. 
 Upon the occurrence of
a Disqualification Event set forth in clause (a) above, the Transferors shall, and upon the occurrence of a Disqualification Event set forth in clause (b), (c) or (d) above, the Transferors may but shall not be required to, remove the
Asset Representations Reviewer and promptly appoint a successor Asset Representations Reviewer by written instrument, in duplicate, one copy of which instrument shall be delivered to the Asset Representations Reviewer so removed and one copy to the
successor Asset Representations Reviewer. Any removal of the Asset Representations Reviewer shall not take effect until a successor Asset Representations Reviewer is assigned in accordance with Section 6.02. 

The Asset Representations Reviewer shall promptly notify the Servicer and the Transferors upon its receipt of knowledge of the
occurrence of any Disqualification Event. 
 Section 6.02    Appointment of Successor. 

Upon any removal of the Asset Representations Reviewer in accordance with Section 6.01 or any
permitted resignation of the Asset Representations Reviewer in accordance with Section 6.04, the Transferors shall appoint a successor Asset Representations Reviewer by an instrument signed by the Transferors, the Servicer
and such successor Asset Representations Reviewer, and acknowledged by the Account Owners and the Trustee. 
 If a successor
Asset Representations Reviewer has not been appointed within 30 days after the written notice of the Asset Representations Reviewer’s resignation or the delivery of the written instrument with respect to its removal, the Asset Representations
Reviewer or the Trustee may apply to any court of competent jurisdiction to appoint a successor Asset Representations Reviewer to act until such time, if any, as a successor Asset Representations Reviewer has been appointed as above provided. 

  
 15 








 If the Asset Representations Review resigns or is removed, the Asset
Representations Reviewer will cooperate with the Transferors and the Servicer and take all actions reasonably requested to assist the Transferors and the Servicer in making an orderly transition of the Asset Representations Reviewer’s rights
and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and
preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Transferors, the Servicer or the successor Asset Representations Reviewer. 

Section 6.03    Merger or Consolidation of, or Assumption of the Obligations of,
Asset the Representations Reviewer. 
 Any Person (a) into which the Asset Representations Reviewer is merged or
consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements
in Section 2.02, will be the successor to the Asset Representations Reviewer under this Agreement. The Asset Representations Reviewer shall promptly notify the Servicer and the Transferors upon the occurrence of any event described in the
preceding sentence. 
 If the Asset Representations Reviewer is not the surviving entity, such successor shall expressly
assume, by an agreement supplemental hereto, executed and delivered to the Transferors, the Servicer, and the Trustee in a form satisfactory to the Transferors, the Servicer, and the Trustee, the performance of every covenant and obligation of the
Asset Representations Reviewer, as applicable hereunder (to the extent that any right, covenant or obligation of the Asset Representations Reviewer, as applicable hereunder, is inapplicable to the successor entity, such successor entity shall be
subject to such covenant or obligation, or benefit from such right, as would apply, to the extent practicable, to such successor entity); and, upon the request of the Transferors, the Servicer, and/or the Trustee, the Asset Representations Reviewer
shall have delivered to the Transferors, the Servicer, and the Trustee an officer’s certificate of the Asset Representations Reviewer to the effect that such consolidation, merger, conveyance or transfer and such supplemental agreement comply
with this Section 6.03, that the successor Asset Representations Reviewer meets the eligibility requirements in Section 2.02, and that all conditions precedent herein provided for relating to such transaction have been complied with and an
Opinion of Counsel that such supplemental agreement is legal, valid and binding with respect to the Asset Representations Reviewer. 

Section 6.04    Asset Representations Reviewer Not to Resign. 

The Asset Representations Reviewer shall not resign from the obligations and duties hereby imposed on it hereunder except:

 (a)        upon the determination that (i) the performance of its duties
hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which the Asset Representations Reviewer could take to make the performance of its duties hereunder permissible under applicable law; or 

  
 16 








 (b)        on or after the fifth
anniversary of the Engagement Date, upon one (1) year’s written notice from the Asset Representations Reviewer to the Transferors, the Servicer and the Trustee. 

Any determination permitting the resignation of the Asset Representations Reviewer pursuant to clause (a) above shall be
evidenced as to clause (i) above by an opinion of counsel to the Asset Representations Reviewer and as to clause (ii) by an officer’s certificate of the Asset Representations Reviewer, each to such effect delivered to the Transferors,
the Servicer, and the Trustee. 
 No such resignation pursuant to this Section 6.04 shall become
effective until a successor Asset Representations Reviewer shall have assumed the responsibilities and obligations of the Asset Representations Reviewer in accordance with Section 6.02 hereof. 

Section 6.05    Notice of Resignation or Removal. 

Upon any resignation or removal of, or appointment of a successor to, the Asset Representations Reviewer pursuant to this
Article VI, the Transferors shall give prompt written notice thereof to the Trustee, the Servicer and the Rating Agencies then rating the Certificates (which, in the case of any such appointment of a successor, shall consist of prior written
notice thereof to the Rating Agencies then rating the Certificates). 
 ARTICLE VII. 

CONFIDENTIAL INFORMATION AND PERSONALLY IDENTIFIABLE 

INFORMATION 

Section 7.01    Confidential Information. 

(a)        Confidential Information Defined. For the purposes of this
Agreement, “Confidential Information” means nonpublic proprietary information of the Representation Parties, the Servicer or their Affiliates (collectively, the “Disclosing Party”) that is disclosed to the Asset
Representations Reviewer, including but not limited to business or technical processes, formulae, source codes, object code, product designs, sales, cost and other unpublished financial information, customer information, product and business plans,
projections, marketing data or strategies, trade secrets, intellectual property rights, know-how, expertise, methods and procedures for operation, information about employees, customer names, business or
technical proposals, and any other information which is or should reasonably be understood to be confidential or proprietary to the Disclosing Party. The foregoing definition of Confidential Information applies to: (i) all such information,
whether tangible or intangible and regardless of the medium in which it is stored or presented; and (ii) all copies of such information, as well as all memoranda, notes, summaries, analyses, computer records, and other materials prepared by the
Disclosing Party or any of its employees, agents, advisors, directors, officers, and subcontractors (collectively “Representatives”) that contain or reflect the Confidential Information. 

(b)        Use of Confidential Information. The Asset Representations Reviewer
acknowledges that, during the term of this Agreement, it may be exposed to or acquire 

  
 17 








 Confidential Information of the Disclosing Party or its Affiliates. The Asset Representations
Reviewer shall hold the Confidential Information of the Disclosing Party in strict confidence and will not disclose such information except to its Representatives who have a need to know such information for the purpose of effecting the terms and
conditions of this Agreement and who have entered into an agreement with the Asset Representations Reviewer with confidentiality restrictions materially equivalent to those contained herein. The Asset Representations Reviewer shall be responsible
for the breach of this Agreement by any of its Representatives. The Asset Representations Reviewer will protect the Disclosing Party’s Confidential Information using the same degree of care that it uses to protect its own information of like
import, but in no event with less than a commercially reasonable standard of care. 

(c)        Exceptions.    Confidential Information shall
not include, and this Agreement imposes no obligations with respect to, information that: 

(i)          is or becomes part of the public domain other than by
disclosure by the Asset Representations Reviewer or any of its Representatives in violation of this Agreement; 

(ii)          was disclosed to the Asset Representations Reviewer prior to
the effective date of this Agreement without a duty of confidentiality; 

(iii)          was obtained from a third party not known after reasonable
inquiry to be under a duty of confidentiality. 
 Section 7.02    Personally Identifiable Information. 

(a)        Definition. “Personally Identifiable Information,” or
“PII,” means (i) individually identifiable information from or about an identified or identifiable individual, or any information that is combined with such individually identifiable information, including information that can
be used to authenticate that individual or access an account, or (ii) information protected as personal data under any applicable laws, regulations, rules and guidance pertaining to privacy, data processing, data protection, data security,
encryption, and confidentiality 
 (b)        Use of Personally Identifiable
Information.     To the extent the Asset Representations Reviewer receives Personally Identifiable Information in the performance its obligations hereunder, the Asset Representations Reviewer agrees that it will not use any
Personally Identifiable Information except to the extent necessary to carry out its obligations under the Agreement and for no other purpose. The Asset Representations Reviewer will not disclose, or provide access to, any Personally Identifiable
Information to any Person other than (i) to the Asset Representations Reviewer personnel who require such Personally Identifiable Information to perform a Review, (ii) with the prior consent of the Representation Parties or the Servicer or
(iii) as required by applicable law. When permitted, the disclosure of or access to Personally Identifiable Information will be limited to the specific information necessary for the individual to complete the assigned task. 

  
 18 








 Section 7.03     Maintenance and Safeguarding. 

In order to safeguard Confidential Information of a Disclosing Party and to assure that the Asset Representations Reviewer
complies with certain data security provisions and anti-corruption standards, the Servicer has entered into an Ancillary Agreement with the Asset Representations Reviewer which covers information protection contract requirements as well as certain
anti-corruption standards. To the extent the Asset Representations Reviewer receives Confidential Information or Personally Identifiable Information in the performance of services under this Agreement, the Asset Representations Reviewer’s
receipt and maintenance of such information shall be subject to the provisions of the Ancillary Agreement. Upon the request of the Disclosing Party, the Asset Representations Reviewer shall return all Confidential Information or Personally
Identifiable Information to the Disclosing Party provided to it pursuant to this Agreement. 
 Section 7.04
    Disclosure by Operation of Law. 
 If the Asset Representations Reviewer is requested to
disclose all or any part of any Confidential Information or PII under a subpoena, or inquiry issued by a court of competent jurisdiction or by a judicial or administrative agency or legislative body or committee, the Asset Representations Reviewer
shall (i) to the extent permitted by law, promptly notify the Representation Parties and the Servicer of the existence, terms and circumstances surrounding such request; (ii) consult with the Representation Parties and the Servicer on the
advisability of taking legally available steps to resist or narrow such request and cooperate with the Representation Parties and the Servicer on all steps they consider advisable; and (iii) if disclosure of the Confidential Information or PII,
as applicable, is required or deemed advisable by the Representation Parties, exercise commercially reasonable efforts to obtain an order, stipulation or other reliable assurance that confidential treatment shall be accorded to such portion of the
Confidential Information or PII, as applicable, to be disclosed. The Transferors shall reimburse, or shall cause the Servicer to reimburse, the Asset Representations Reviewer for reasonable legal fees and expenses incurred in connection with the
Asset Representations Reviewer’s effort to comply with this section. 
 Section 7.05     Remedies.

 The Parties agree that an actual or threatened breach of this Article VII by the Asset Representations Reviewer or
its Representatives may cause irreparable damage to the Disclosing Party and that damages may not be an adequate remedy for any such breach. Accordingly, the Disclosing Party shall be entitled to seek injunctive relief to restrain any such breach,
threatened or actual, without the necessity of posting bond, in addition to any other remedies available to the Disclosing Party at law or in equity. 

  
 19 








 ARTICLE VIII. 

OTHER MATTERS PERTAINING TO THE TRUST 

Section 8.01     Termination of the Trust. 

This Agreement will terminate on the earlier of (i) the mutual agreement of the Parties, (ii) the payment in full of
all Covered Series and (iii) the termination of the Trust pursuant to Section 12.01 of the Pooling and Servicing Agreement. 

ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.01     Amendment. 

This Agreement may not be changed orally, but only by an instrument in writing signed by the Asset Representations Reviewer,
the Transferors and the Servicer in accordance with this Section 9.01; provided, however, that no amendment shall be effective unless the Transferors shall have provided prior notice of the substance of such amendment to
the Trustee and each Rating Agency. The Transferors, the Asset Representations Reviewer and the Servicer may, from time to time, review and modify the Tests and Review Materials described on Exhibit A. Any such modification shall be effected under
this Section 9.01. 
 Section 9.02     Notices. 

All notices hereunder shall be given by United States certified or registered mail, by facsimile or by other telecommunication
device capable of creating written record of such notice and its receipt. Notices hereunder shall be effective when received and shall be addressed to the respective parties hereto at the addresses set forth below, or at such other address as shall
be designated by any party hereto in a written notice to each other party pursuant to this section. 
 If to the Asset
Representations Reviewer, to: 
 Via electronic mail to:
ARRNotices@clayton.com 

And to: 
 Clayton Fixed Income
Services LLC 
 2638 South Falkenburg Road 

Riverview, Florida 33578 

Attention: SVP 
 With a copy
to: 
 Clayton Fixed Income Services LLC 

1500 Market Street, West Tower Suite 2050 

Philadelphia, Pennsylvania 19102 

  
 20 








 Attention: General Counsel, Clayton Holdings LLC 

If to the Transferors, to: 

American Express Receivables Financing Corporation III LLC 

4315 South 2700 West, 
 Room
1100 
 Mail Code 02-01-46 

Salt Lake City, Utah 84184 
 If
to the Servicer, to: 
 American Express Travel Related Services Company, Inc. 

200 Vesey Street, 51st Floor 

New York, New York 10285 

Attention: General Counsel 
 If
to the Trustee, to: 
 The Bank of New York Mellon 

101 Barclay Street, Floor 7 West 

New York, New York 10286 

Attention: Corporate Trust Administration – Asset Backed Securities 

Section 9.03     Severability Clause. 

Subject to Section 7.03, this Agreement constitutes the entire agreement among the Asset
Representations Reviewer, the Transferors and the Servicer. All prior representations, statements, negotiations and undertakings with regard to the subject matter hereof are superseded hereby. 

If any term or provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be
invalid or unenforceable, the remaining terms and provisions of this Agreement, or the application of such terms or provisions to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected
thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

Section 9.04     Counterparts. 

This Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an
original, and all such counterparts shall constitute one and the same instrument. 
 Section 9.05     Governing
Law. 
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT


  
 21 








 
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 9.06     Relationship of the
Parties. 
 The Asset Representations Reviewer is an independent contractor and, except for the services which it agrees
to perform hereunder, the Asset Representations Reviewer does not hold itself out as an agent of any other party hereto. Nothing herein contained shall create or imply an agency relationship among Asset Representations Reviewer and any other party
hereto, nor shall this Agreement be deemed to constitute a joint venture or partnership between the parties. 
 Section 9.07
    Captions. 
 The captions used herein are for the convenience of reference only and not part
of this Agreement, and shall in no way be deemed to define, limit, describe or modify the meanings of any provision of this Agreement. 

Section 9.08     Waivers. 

No term or provision of this Agreement may be waived or modified unless such waiver or modification is in writing, signed by
the party against whom such waiver or modification is sought to be enforced. 
 Section 9.09
    Assignment. 
 This Agreement may not be assigned by the Asset Representations Reviewer
except as permitted under Section 6.03 hereof. 
 Section 9.10     Benefit of the
Agreement. 
 This Agreement is for the benefit of and will be binding on the parties to this Agreement and their
permitted successors and assigns. No other Person will have any right or obligation under this Agreement. 
 Section 9.11
    Exhibits. 
 The exhibits to this Agreement are hereby incorporated and made a part hereof
and are an integral part of this Agreement. 
 Section 9.12     Survival. 

The following sections of this Agreement shall survive the termination of this Agreement: Sections 3.08, 3.11, 3.12,
5.02, 5.03, 5.04, and Articles VII and IX. 

  
 22 








 Section 9.13     Nonpetition Covenant. 

To the fullest extent permitted by applicable law, notwithstanding any prior termination of this Agreement, none of the
Transferors, the Servicer or the Asset Representations Reviewer shall, prior to the date which is one year and one day after the termination of the Pooling and Servicing Agreement with respect to the Trust or any Transferor, acquiesce, petition or
otherwise invoke or cause the Trust or any Transferor to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against the Trust or any Transferor under any Federal or state bankruptcy, insolvency or
similar law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any Transferor, or any substantial part of its property, or ordering the winding-up or liquidation of the affairs of the Trust or any Transferor. 

  
 23 








 IN WITNESS WHEREOF, the Transferors, the Servicer and the Asset Representations Reviewer have
caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written. 
  

					
		 	 AMERICAN EXPRESS RECEIVABLES

FINANCING CORPORATION III LLC

as Transferor

		
		 	
By:  /s/ David J. Hoberman          
                                      

		 		 	    Name: David J. Hoberman

		 		 	    Title:   President

		
		 	 AMERICAN EXPRESS TRAVEL RELATED

SERVICES COMPANY, INC.,

as Servicer

		
		 	
By:  /s/ David L. Yowan           
                                         
 

		 		 	    Name: David L. Yowan

		 		 	    Title:   Treasurer

		
		 	 CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

		
		 	 By:  /s/ Robert
Harris                                        
                 

		 		 	    Name: Robert Harris

		 		 	    Title:   Secretary










					
	Acknowledged by:	  	
		
	 AMERICAN EXPRESS NATIONAL BANK,

as Account Owner
	  	
		
	By  /s/ Denise D. Roberts                            
               	  	
		 	     Name:  Denise D. Roberts	  	
	 	     Title:   Chief Financial Officer and Treasurer	  	
		
	 THE BANK OF NEW YORK MELLON,
 as
Trustee
	  	
		
	By  /s/ Michael D. Commisso                           
           	  	
		 	     Name:  Michael D. Commisso	  	
		 	     Title:    Vice President	  	








 EXHIBIT A 

Covered Representations, Review Materials and Tests 
  

									
	 Item#  

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	(1)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)

 
 and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (a) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account is a credit or other charge account or line of credit (if, with respect to the line of credit, the
full receivable balance is not due upon receipt of a monthly billing statement (excluding the billing statement with respect to the final payment of such balance) and the line of credit contains a code designation in the related securitization field
as described in Section 2.01 of the Pooling and Servicing Agreement or Section 2.01(c) of the applicable Receivables Purchase Agreement, as applicable) in existence and maintained by the applicable Account Owner.	  	 •  List of Acceptable Card Programs

 
 •  Month End Data Report

 
 •  Charge Off Report

 
 •  Selection Reports, or successor reports, for additions from July 2009
forward
  
 •  The Pooling and Servicing Agreement, as in effect as of each
applicable account selection date (with respect to any applicable account selection date, a “Historical Pooling and Servicing Agreement”)
	  	 i) For each addition from July 2009 forward:

 
 a.  Review the list of Card Programs
from the applicable Selection Report
  

i.   Verify that all Card Programs added were allowable based on the List of Acceptable Card
Programs
  
 ii.  Verify that the
total count added from each Card Program reconciles to the total balance of the addition
  

1. Compare the count added from the Card Programs to the Month End Data Report for the applicable account selection date

 
 2. If a discrepancy in the count exists, review the Charge Off
Report
  
 3. Verify that the


  
  

	*	Subject to availability in accordance with any applicable document retention policies. 


  
 A-1 









									
	 Item#  

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	 	  	 	  	 	  	 	  	 discrepancy is accounted for based on count

 
 b. Verify that each account added contains
an acceptable securitization code
  

i.   Review the Month End Data Report for the month preceding, and the month of, the applicable
account selection date
  

ii.  Ensure that the account was not coded as securitized prior to the applicable account selection
date
  
 iii.  Verify that the Month
End Data Report for the applicable account selection date lists the appropriate Account Owner
  

c.  If the above tests are confirmed, then Test Pass

 
 ii)  For each addition prior to July
2009:

	 	  	 	  	 	  	 	  	  

a.  Compare the definition of Eligible Account in the applicable Historical Pooling and Servicing
Agreement to the stated representations under the column “Summary of Representation(s)”
  

b. Verify that the applicable section of the definition has not changed

 



  
 A-2 









									
	 Item#  

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	 	  	 	  	 	  	 	  	
c.  If the above tests are confirmed, then Test Pass

 

	(2)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)

 
 and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (b) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account is payable in U.S. Dollars.	  	 •  Selection Reports, or successor reports, for additions from July 2009 forward

 
 •  Each Historical Pooling and Servicing Agreement
	  	 i) For each addition from November 2015 forward:

 
 a.  Review the applicable Selection
Report to verify that amounts due are coded in U.S. Dollars
  

b. If the above test is confirmed, then Test Pass

 
 ii) For each addition prior to November 2015:

 

	 	  	 	  	 	  	 	  	 a.
    Compare the definition of Eligible Account in the applicable Historical Pooling and Servicing Agreement to the stated representations under the column “Summary of Representation(s)”

 
 b.     Verify that the applicable section of
the definition has not changed
  
 c.     If
the above tests are confirmed, then Test Pass
  

	(3)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)

 
 and
  

applicable Receivables Purchase
	  	 As of the applicable account selection date, each Account has an
Obligor that has not been confirmed by the Account Owner or Servicer in its computer files as being involved in a voluntary or
  
	  	 •  Rejection Criteria for additions from July 2009
forward
  
 •  Selection Reports, or successor reports, for additions from
July
	  	 i) For each addition from July 2009 forward:

 
 a.     Review the Rejection Criteria to verify
that the criteria included coding to exclude accounts with



  
 A-3 









									
	 Item#

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	 	  	 Agreement, Section 4.02(a)(vi)

 
 in each case with respect to clause (c) of the definition of “Eligible
Account”
	  	involuntary bankruptcy proceeding.	  	 2009 forward

 
 •  Each Historical Pooling and Servicing Agreement
	  	 Obligors in bankruptcy

 
 b.     If the above test is confirmed, then
Test Pass
  
 ii) For each addition prior to July 2009:

 
 a.  Compare the definition of
Eligible Account in the applicable Historical Pooling and Servicing Agreement to the stated representations under the column “Summary of Representation(s)”
  

b. Verify that the applicable section of the definition has not changed

 
 c.  If the above tests are
confirmed, then Test Pass
  

	(4)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)

 
 and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (d) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account has an Obligor who has provided as his or her most recent billing address an address located in the United States or its territories or
possessions or Canada or a United States military address; provided, however, that as of any date of determination, up to 3% of the Accounts (calculated by number of Accounts) may have Obligors who have provided as their billing addresses, addresses
located outside of such jurisdictions.	  	 •  Rejection Criteria for additions from July 2009 forward

 
 •  Selection Reports, or successor reports, for additions from July 2009
forward
  
 •  Each Historical Pooling and Servicing Agreement
	  	 i) For each addition from July 2009 forward:

 
 a.  Review the Rejection Criteria to
verify that the criteria included coding to exclude accounts with billing addresses located outside of the United States or one of its territories
  

b. If the above test is confirmed, then Test Pass

	 	  	 	  	 	  	 	  	  

ii) For each addition prior to July 2009:
  

a.   Compare the definition of Eligible Account in the applicable Historical Pooling and Servicing Agreement
to



  
 A-4 









									
	 Item#  

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	 	  	 	  	 	  	 	  	 the stated representations
under the column “Summary of Representation(s)”
  

b.   Verify that the applicable section of the definition has not changed

 
 c.   If the above tests are confirmed, then Test Pass

 

	(5)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)

 
 and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (e) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account, if such account is a credit card or charge card account, has not been identified as an account with respect to which a related card
has been lost or stolen.	  	 •  Rejection Criteria for additions from July 2009 forward

 
 •  Selection Reports, or successor reports, for additions from July 2009
forward
  
 •  Each Historical Pooling and Servicing Agreement
	  	 i)   For each addition from July 2009 forward:

 
 a.  Review the Rejection Criteria to verify that the criteria
included coding to exclude accounts flagged as lost or stolen
  

b.  If the above test is confirmed, then Test Pass
  

ii) For each addition prior to July 2009:
  

a.  Compare the definition of Eligible Account in the applicable Historical Pooling and Servicing
Agreement to the stated representations under the column “Summary of Representation(s)”

	 	  	 	  	 	  	 	  	  

b. Verify that the applicable section of the definition has not changed

 
 c.  If the above tests are
confirmed, then Test Pass
  



  
 A-5 









									
	 Item#  

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	(6)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vi)

 
 and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vi)
  

in each case with respect to clause (h) of the definition of “Eligible Account”
	  	As of the applicable account selection date, each Account does not have receivables that are Defaulted Receivables or that have been identified by the Account
Owner or Servicer as having been incurred as a result of the fraudulent use of a related credit or charge card.	  	 •  Rejection Criteria for additions from July 2009
forward
  
 •  Selection Reports, or successor reports, for additions from
July 2009 forward
  
 •  Each Historical Pooling and Servicing
Agreement
	  	 i) For each addition from July 2009 forward:

 
 a.  Review the Rejection Criteria to
verify that the criteria included coding to exclude accounts flagged as fraudulent
  

b. Review the Rejection Criteria to verify that the criteria included coding to exclude Defaulted Receivables
coded for write off
  
 c.  If the
above tests are confirmed, then Test Pass
  
 ii) For each addition prior to July
2009:
  
 a.Compare the definition of Eligible Account in the
applicable Historical Pooling and Servicing Agreement to the stated representations under the column “Summary of Representation(s)”
  

b. Verify that the applicable section of the definition has not changed

 
 c.If the above tests are confirmed, then Test Pass

 

	(7)	  	Pooling and Servicing Agreement, Section 2.04(a)(vii)	  	As of the applicable account selection date, each Receivable then existing in the related Accounts has	  	N/A	  	i) Confirm that each account added is an Eligible Account based on the results of the related Tests for the items
(1)


  
 A-6 









									
	 Item#  

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	 	  	 and

 
 applicable Receivables Purchase Agreement, Section 4.02(a)(vii)

 
 in each case with respect to clause (a) of the definition of “Eligible
Receivable”
  
	  	arisen in an Eligible Account	  	 	  	 through (6) above

ii) If confirmed, then Test Pass

	(8)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)

 
 and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
  

in each case with respect to clause (b) of the definition of “Eligible Receivable”
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts was created in compliance in all material respects with all
Requirements of Law applicable to the Account Owner of such Eligible Account and pursuant to an Account Agreement that complies in all material respects with all Requirements of Law applicable to such Account Owner, in either case, the failure to
comply with which would have an Adverse Effect	  	 •   Overview, Scope and Roles & Responsibilities
documentation related to Policies and Procedures (“P&Ps”) for regulatory compliance change management activities
  

•   Compliance-related documentation evidencing the high-level steps of
end-to-end occurrences of regulatory compliance change management activities for the Selection(s) (as defined below)

 
 •   Selection Reports, or successor reports, for additions from July
2009 forward
	  	 i) Select one or more regulatory changes or new
regulations from within the scope of the Corporate-Wide Compliance Risk Management Policy during the review period (each, a “Selection”)
  

ii) Review the P&Ps effective as of the Review Notice Date and any prior versions of P&Ps that were effective after November 2015 based on the
Selection(s)
  
 iii) Verify that regulatory compliance change management activities in
connection with the Selection(s) set forth in the applicable documentations include:
  

a. the identification of potential changes;
  

b. the change analysis; and
  

c. the determination of appropriate action, if any
  

iv) Verify that regulatory compliance change management activities in connection with the Selection(s) as
set



  
 A-7 









									
	 Item#  

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	 	  	 	  	 	  	 	  	 forth in the applicable documentations were
materially followed by the compliance department as designed
  
 v) Confirm that any
updated P&Ps were communicated and made available to relevant stakeholders, as appropriate, in accordance with internal governance processes
  

vi) If the above tests are confirmed, then Test Pass
  

	(9)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)

 
 and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
  

in each case with respect to clause (c) of the definition of “Eligible Receivable”
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts with respect to which all material consents, licenses,
approvals or authorizations of, or registrations or declarations with, any Governmental Authority required to be obtained, effected or given in connection with the creation of such Receivable or the execution, delivery and performance by such
Account Owner of the Account Agreement pursuant to which such Receivable was created, have been duly obtained, effected or given and are in full force and effect	  	 •   State or Federal organizational documents, as
applicable
  
 •   Operating Certificates

 
 •   Selection Reports, or successor reports, for additions from July
2009 forward
	  	 i) Locate the applicable Operating
Certificates
  
 ii) Conduct an interview with the appropriate American Express
employee regarding the outcome of any recent audits or reviews conducted by a Governmental Authority
  

iii) Confirm that no Governmental Authority has taken any action against American Express that would prevent it from executing, delivering or performing its
obligations under the Account Agreements subject to the applicable Selection Reports, or that any such action has been resolved in a manner that would not prevent American Express from executing, delivering or performing its obligations under such
Account Agreements
  



  
 A-8 









									
	 Item#  

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	 	  	 	  	 	  	 	  	 iv) Confirm that no other evidence exists to
indicate that any consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority that are required are not valid or have been revoked

 
 v) If the above tests are confirmed, then Test Pass

 

	(10)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)

 
 and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
  

in each case with respect to clause (d) of the definition of “Eligible Receivable”
	  	 As of the applicable account selection date, each Receivable then
existing in the related Accounts as to which at the time of the transfer of such Receivable to the Trust, a Transferor or the Trust will have good and marketable title thereto, free and clear of all Liens (other than any Lien for municipal or other
local taxes of a Transferor or an Account Owner if such taxes are not then due and payable or if such Transferor or such Account Owner is then contesting the validity thereof in good faith by appropriate proceedings and has set aside on its books
adequate reserves with respect thereto)
  
	  	 •  UCC Lien Searches

 
 •  The chronological list of American Express associated entity names

 
 •  UCC Filings

 
 •  Selection Reports, or successor reports, for additions from July 2009
forward
	  	 i) Locate the applicable UCC Lien Searches and the
applicable UCC filings
  
 ii) Confirm that all initial and additional UCC filings are
listed on the UCC Lien Searches
  
 iii) Verify that the Debtor is listed as American
Express or appears on the chronological list of American Express associated entity names
  

iv)If the above tests are confirmed, then Test Pass

	(11)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)

 
 and
  

applicable Receivables Purchase
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts is the legal, valid and binding payment obligation of the
Obligor thereon, enforceable against such Obligor in accordance with its terms, except as	  	N/A	  	 i) Confirm that there were no issues identified
under the Tests for the item (9) above and that such Tests resulted in Test Pass
  

ii) Confirm that each account added is



  
 A-9 









									
	 Item#  

 
	  	
Covered Representation(s)      

 
	  	
Summary of Representation(s)      

 
	  	 Review Materials*
  
	  	
Tests
  

	 	  	 Agreement, Section 4.02(a)(vii)

 
 in each case with respect to clause (f) of the definition of “Eligible
Receivable”
	  	 such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity)
  
	  	 	  	 an Eligible Account based on the results of the
Tests for the item (7) above
  
 iii) If the above tests are confirmed, then Test
Pass

	(12)	  	 Pooling and Servicing Agreement, Section 2.04(a)(vii)

 
 and
  

applicable Receivables Purchase Agreement, Section 4.02(a)(vii)
  

in each case with respect to clause (k) of the definition of “Eligible Receivable”
	  	As of the applicable account selection date, each Receivable then existing in the related Accounts constitutes either an “account” or a “general
intangible” under and as defined in Article 9 of the UCC as then in effect in any state where the filing of a financing statement is then required to perfect the Trust’s interest in the Receivables and the proceeds thereof	  	 •   UCC Filings

 
 •   Selection Reports, or successor reports

 
 •   Transaction Documents
	  	 i) Verify that the receivable is a right to
payment of a monetary obligation, whether or not earned by performance, arising out of the use of a credit or charge card or information contained on or for use with the card, as described under Article 9-102
of the Delaware UCC
  
 ii) Confirm that each account added is an Eligible Account
based on the results of the Tests for the item (7) above
  
 iii) Verify that the
UCC Filings list the appropriate parties as set forth in the relevant Transaction Documents
  

iv)If the above tests are confirmed, then Test Pass
  



  
 A-10 








 EXHIBIT B 

FORM OF INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT, dated as of
[                    ], 20[      ], is between American Express Receivables Financing Corporation III
LLC, as Transferor, (the “Transferor”), American Express Travel Related Services Company, Inc. (“TRS”), as Servicer, and Clayton Fixed Income Services LLC (the “Asset Representations Reviewer”).

 BACKGROUND 

The Transferor has engaged the Asset Representations Reviewer in connection with the American Express Credit Account Master
Trust (the “Trust”) pursuant to the Asset Representations Review Agreement (as defined below). 
 Clayton
has provided to the Transferor information required by Regulation AB pursuant to Section 3.13 of the Asset Representations Review Agreement for use in the Preliminary Prospectus and the Prospectus in connection with the issuance of Series
20[      ]-[      ] [Fixed][Floating] Rate Asset Backed Certificates, and has agreed to provide indemnification to the Transferor for such information. 

In consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows: 
 ARTICLE I.  DEFINITIONS 

Section 1.1        Certain Defined Terms.    The
following terms shall have the meanings set forth below, unless the context clearly indicates otherwise. Capitalized terms used herein but not defined below shall have the meanings given in the Asset Representations Review Agreement. 

“Agreement” means this Indemnification Agreement, as the same may be amended in accordance with the terms
hereof. 
 “Asset Representations Review Agreement” means the Amended and Restated Asset Representations
Review Agreement, dated April 1, 2018, among American Express Receivables Financing Corporation III LLC, as Transferor, American Express Travel Related Services Company, Inc., as Servicer, and Clayton Fixed Income Services LLC, as Asset
Representations Reviewer, as such agreement may be amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

“Clayton Information” means the information attached hereto as Exhibit A. 

“Offered Certificates” means the Series
20[      ]-[      ] [Fixed][Floating] Rate Asset Backed Certificates offered pursuant to the Preliminary Prospectus. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, estate,
trust, unincorporated association, any other entity, any federal, state, county or 

  
 B-1 








 
municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Preliminary Prospectus” means the preliminary prospectus, dated
[                    ], 20[      ], relating to the offering of the Offered Certificates. 

“Prospectus” means the prospectus, dated
[                    ], 20[      ], relating to the offering of the Offered Certificates. 

“Securities Act” means the provisions of the Securities Act of 1933, 15 U.S.C. Sections 77a et seq.,
and any regulations promulgated thereunder, as may be amended or modified from time to time. 
 “Securities Exchange
Act” means the provisions of the Securities Exchange Act of 1934, 
 15 U.S.C. Sections 78a et seq., and any regulations
promulgated thereunder, as may be amended or modified from time to time. 
 ARTICLE II.  REPRESENTATIONS AND WARRANTIES 

Section 2.1        Representations and Warranties from Each
Party.    Each party hereto represents and warrants that: 

(a)        it has all requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement; 
 (b)        this Agreement has been
duly authorized, executed and delivered by such party; and 
 (c)        assuming
the due authorization, execution and delivery by each other party hereto, this Agreement constitutes the legal, valid and binding obligation of such party. 

Section 2.2        Representations and Warranties from the Asset
Representations Reviewer. The Asset Representations Reviewer represents and warrants to the Transferor that as of the dates of the Preliminary Prospectus and the Prospectus, respectively, there were no material pending legal or other proceedings
involving the Asset Representations Reviewer or of which any property of the Asset Representations Reviewer is subject that, individually or in the aggregate as to the Asset Representations Reviewer, would have a material adverse impact on investors
in the Offered Certificates. As promptly as possible following notice to or discovery by the Asset Representations Reviewer of any event or circumstance that would make the representation and warranty in the previous sentence untrue, the Asset
Representations Reviewer shall provide the Transferor notice of such event or circumstance. 
 ARTICLE III.  INDEMNIFICATION

 Section 3.1        Indemnification.    To the
fullest extent permitted by law, the Asset Representations Reviewer agrees to indemnify and hold harmless each Transferor and its officers, directors, shareholders, employees, agents and each Person, if any, who controls each such Transferor within
the meaning of either Section 15 of the Securities Act or Section 20 of the 

  
 B-2 








 
Securities Exchange Act from and against, any and all liabilities, obligations, losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements
(including reasonable legal fees and expenses) (“Indemnifiable Amounts”) of any nature resulting from or directly related to (i) any untrue statement of a material fact contained in the Clayton Information, (ii) any
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading or (iii) a breach of any of the representations and
warranties of the Asset Representations Reviewer contained in Section 2.2 of this Agreement, in each case solely to the extent that such Indemnifiable Amounts are not incurred as a result of the Transferor’s willful misconduct,
misfeasance, bad faith, fraud or negligence. In no event shall the Asset Representations Reviewer be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Asset Representations Reviewer has been advised of the likelihood of such loss or damage and regardless of the form of action. 

Section 3.2        Notification; Procedural
Matters.    Promptly after receipt by any indemnified party under Section 3.1 of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made
against any indemnifying party under Section 3.1, notify the indemnifying party in writing of the claim or the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not
relieve it from any liability which it may have under Section 3.1 except to the extent it has been materially prejudiced by such failure; provided further, however, that the failure to notify the indemnifying party
shall not relieve it from any liability which it may have to any indemnified party other than under Section 3.1. In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate therein and, to the extent that, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, the indemnifying party
elects to assume the defense thereof, it may participate with counsel reasonably satisfactory to such indemnified party; provided, however, that if the defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party or parties shall reasonably have concluded that there may be legal defenses available to it or them and/or other indemnified parties that are different from or additional to those available to the
indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon
receipt of notice from the indemnifying party to such indemnified party of its election so to assume the defense of such action and approval by the indemnified party of such counsel, the indemnifying party shall not be liable to such indemnified
party under this paragraph for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel (plus any local counsel) in
connection with the assertion of legal defenses in accordance with the proviso to the immediately preceding sentence, (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party shall have authorized the employment of counsel for the indemnified party at the expense of the indemnifying party. No party
shall be liable for contribution with respect to any action or claim settled without its consent, which consent shall not be unreasonably withheld. In no event shall the indemnifying 

  
 B-3 








 
party be liable for the fees and expenses of more than one counsel (in addition to any local counsel) representing an indemnified party separate from its own counsel for all indemnified parties
in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. 

ARTICLE IV.  GENERAL 

Section 4.1        Successors.    This Agreement shall
inure to the benefit of and be binding upon the parties hereto, their affiliates and their respective successors and assigns and the officers, directors, shareholders, employees, agents and controlling Persons referred to in Article III
hereof and their respective successors and assigns, and no other Person shall have any right or obligation hereunder. 

Section 4.2        GOVERNING LAW.    THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 4.3        
Acknowledgement.        The Asset Representations Reviewer hereby acknowledges and agrees that the Clayton Information has been used in the Preliminary Prospectus and the Prospectus. 

Section 4.4        Miscellaneous.    Neither this
Agreement nor any term hereof may be changed, waived, discharged or terminated except by a writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. This Agreement may be signed in any number
of counterparts, each of which shall be deemed an original, which taken together shall constitute one and the same instrument. 

Section 4.5        Notices.    All communications
hereunder shall be in writing and shall be deemed to have been duly given when delivered to (a) in the case of the Transferor, American Express Receivables Financing Corporation III LLC, 4315 South 2700 West, Room 1100, Mail Code 02-01-46, Salt Lake City, Utah 84184, Attention: President, with a copy to American Express Travel Related Services Company, Inc., as administrator, American Express Tower,
200 Vesey Street, New York, New York 10285, Attention: Treasurer; (b) in the case of TRS, American Express Travel Related Services Company, Inc., American Express Tower, 200 Vesey Street, 51st Floor, New York, New York 10285, Attention: General
Counsel and (c) in the case of the Asset Representations Reviewer, Clayton Fixed Income Services LLC, 1700 Lincoln Street, Suite 2600, Denver, Colorado 80203, Attention: SVP, Surveillance; with a copy to Clayton Fixed Income Services LLC, 100
Beard Sawmill Road, Ste. 200, Shelton, Connecticut 06484, Attention: General Counsel; or, in each case, to such other address as to which the applicable party has notified the other parties in writing pursuant to this Section. 

Section 4.6        Waiver of Jury Trial.    EACH PARTY
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY 

  
 B-4 








 
DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 

Section 4.7        Submission to Jurisdiction;
Waivers.    Each of the parties hereto hereby irrevocably and unconditionally: 
 SUBMITS FOR ITSELF AND ITS
PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, 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, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; AND 

CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, 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. 

Section 4.8        Benefit of Agreement.    This
Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. No other Person will have any right or obligation under this Agreement. 

* * * * * 

  
 B-5 








 IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly
authorized officers as of the date first above written. 
  

			
	AMERICAN EXPRESS RECEIVABLES
	 FINANCING CORPORATION III LLC
 as
Transferor



 
			
		
	By:	 	 
		 	Name:
		 	Title:


 
			
	
	 AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,

as Servicer



 
			
		
	By:	 	 
		 	Name:
		 	Title:


 
			
	
	 CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer





			
		
	By:	 	 
		 	Name:
		 	Title:



  
 B-1 








 Exhibit A 

CLAYTON INFORMATION 
 Item
1109(b)(1)-(2): 
 [            ] 

Item 1117: 

[            ] 

Item 1119: 

[            ] 

  
 A-1